The sun., 1916-11-03
President at WaldOrf.AstOria
Says It Is Foe Of Pro-
g~ressive Action.
ARISTOCRACY IN BUSINESS
lie Tells Why lie Has Not Con-
suited Captains Of Ameri-
can Finance.

wv VellNtIfu
campaigning In thl, city. He criticised u
a. a foe OF progressive action ana 'oid
why. as President, he has not been In
the habit of calling Wall street men
into consultation.
The speech was made at n luncheon
Of the Wilson business Mems National
League nj the waldorf Astoria. Nearly
1000 Persons attended. RliinE not only
the main loor Of the ball ROOM. but both
balconies. The President had a hearty
reception and he was frequently Inter
supted by cheering M such cries ne
sThst's the stun 70 and hit 'em again 90
IFS definition Of Wall Street followed
me statement: The real trouble With
American business-and I am not say
ine this In any spirit OF Indictment
IN that II has been under the direction
Of too small a body of men" Then
he continued:
I'VE have a shorthand expression for
that small body. Wa call It wall
Street,"
The President paused q moment while
. ripple Of laughter rnn through the
room. Resumins, he said:
"Now that isn't fair. because there are
men In and about wall street who have
u great deal Of vision and wisdom and
public spirit, M who don't intend TO
do anything but public service In the
things they are undertaking.
49, $780, --- A--
1T IL not a fair term. but We rave
adopted II and we will have to use Il.
because there are other men In Wall
Street h have no vision who have
M thought except Of their own interest
who have no care for any part Of Gov
eminent except to control II: who are
not Interested unless they are consulted
who do not believe II IL safe to do any.
thing without consulting them who do
not believe there IL anybody outside their
own circle who knows enough to con-
duct anything that exceeds the limits
Of a single parish"
Further In his speech Mr.. Wilson said
This has been going on In this coun-
try for a long time. 70 that the lead
ing business men. and the leading law.
yers whO counsel the leading business
men. have refused 10 rave anything TO
do with the progressive processes OF
. progressive legislation, with the result
that men who understood business less
perfectly than they do have been Obliged
10 make shift to do the thing. without
Their advice. less well than they might
have done II with their advice. And
no they have doubly lost--they have
lost their Influence and they have lost
the opportunity TO dc a great public
ervice.
wall street "SubtIe Genius"
II have been told AGAIN and AGAIN that
II was "A mistake for me not to call into
counsel In public anairw the men who
constitute what sc have agreed to call
Wall Street. n ! have again and
again said this 'If they would come in
a spirit of cooperation they would be-
more than welcome. hut they ALWAYS
come In n spirit Of resistance not only
out advising alterations In the plans
which would defeat the plans Am
speaking by the book. This Is not gen
eraliIation. They have n subtle genius
Tor proposing seemingly immaterial
which would eventually lead 10
the defeat OF the main objects o.; the
LEGISLATION proposed.
why. the amount Of genius that Is
expended in this country in resi.tjns
hopeful changes IL one OF the greatest
indictments on the score of waste that
this country has laid itself open n.
Brains have been burned out acting az
brakes"
That's a hot one 80 shouted a man in
the upper balcony.
The greatest applause came when the
president referred to the Federal re-
serve law.
Wall street Seeks Control,
Ar aristocracy is Just as bad for bust
ness as 1t Is for government" he said,
Tina Is the reason ! was 90 much in
terested In the Federal reserve net. Tina.
has broken up the business of limited
control. ! do not wonder at the excite-
ment 1t created. I do not wonder at the
covert opposition 1t has excited. be-
sieve in my heart that one OF the main
objects Of this campaign is to regather
the threads of control SO they shall not
ne distributed az they are now distrib-
uted."
One OF the interesting features OF the
luncheon was not noted by many OF those
who attended. Whether by design or
otherwise Secretary OF the Treasury Nc
Adoo and William F. McCombs, former
Democratic national chairman, we're
seated side by side at the speakers
table. Men who were close to them did
uo' " 'heW Nhdke Hannf, Dut observed
that they conyersed together.
Charles r. Crane. president Of the
league. presided. Among others at the
head table were Ambassador James w.
Gerard. Gov. Fielder OF New Jersey,
Jacob II. Schln. Mayor Mitchell. Emmett
ONeal. Samuel Seabury. Secretary 10.
seph i. Tumulty, ey-Gov. William Il
Douglas OF Massachusetts. John d.. RYAN.
FORMER Ambassador Henry NJ. Morgen-
THAI. George Foster Peabody and Dr..
Cary 7. Grayson. the Presidents physi-
clan.
Mrs. Wilson. Miss MARGARET Wilson
and Miss Helen Woodrow Homes, niece of
Mr.. Wilson. occupied "A table in one OF the
balconies with Chairman Vance McCor-
mick. Senator Ollie James of kentucky
also was at one Of the balcony tables.
busy Day for the President.
" was a busy day for the President.
Arriving Mt Grand Central Termina, at
. o'clock with Mrs. Wilson, Miss Wilson.
Miss Bones, Secretary Tumulty and DIR.
Grayson, ne was received by his brother.
Joseph Wilson col II. NJ. House and
Chairman Mccc mick. lie stopped to
shake hands with his engineer n was
soon surrounded by a score Of other
railroad workers. whom he greeted cor
daily. When he appeared in the termi.
nal ~concourae many In tho largo crowd
OF early morning commuters cheerod.
The party was driven At once to tho
foot OF East T~weniy-third street and
was taken in IA tender to the yacht May.
hover. Soon after arrival Mrs. Wilson