Evening star., 1935-12-15
Industrial and Financial
Leaders Uniting for War
on Changes.
ATTACKS ON ROOSEVELT
RECALL T. RS FIGHT
"Let Us Alone" Slogan of Busi-
ness Gains Ground as U. S.
Enters Recovery Period.
BY CHARLES F. SPEARE.

NEW YORK, December 14.-The
stock market has not been making the
progress in December that it had
achieved in previous months. How
ever favorable the factors bearing on
it, it cannot advance indefinitely, and
it is sensitive to adverse conditions
when it has had so long and so pro-
nounced a rise as that since March.
On the other hand. the funda-
mental strength of the business situA
alton shows no sign of weakening.
The latest statistics of production in
the durable trades give evidence Of a
constant release of orders for build
ing construction, railroad equipment,
agricultural implements and automo-
bile manufacture, out of which more
employment is created and from
which larger pay rolls are disbursed.
Retail sales for the holiday promise
to be the heaviest in five years.
The French currency situation Is
easier No more gold has been taken
from France this week. Still the Bank
of France finds it necessary TO MAIN
tain a high rate of discount in spite
of the offering by the French Govern
ment of a new issue of internal bonds
at rates strikingly in contrast with
those recently placed on issues of the
United States Treasury and the Brit
ish nation.
Growing Revolt Cited.
The present-day observer of the
spirit of resistance to the policies of
the Roosevelt administration may we'll
speculate on the effect Of this on the
business world in the next six months.
Industrialists, manufacturers and
leaders of finance are rapidly uniting
to tear down the framework of the
New Deal. They are depending on
the United States Supreme Court to
assist them.
Having passed out of the period Of
reform, following the crisis of 1893,
this country entered few months
ago, an era of recovery. Now it is
witnessing a degree of revolt against
the social and economic philosophy
of Washington resembling that di-
rected against Theodore Roosevelt 80
years ago. The slogan of business
then, as now, was "let us alone" 1t
was the laissez faire doctrine that was
demanded. Bitter hate. conscious
calumny and ridicule were directed
against the disciples of the Square
Deal, as today they are toward those
who espouSe the cause of the New
Deal.
There are so many battles fought
and pending by the present admins
tration that resemble those of a gen.
Grafton ago that it seems worth while
to give some space to the state of
mind of the industrialistS and rail-
road leaders during the presidency of
Theodore Roosevelt. His job was
simple one compared with that of
Franklin D Roosevelt There had
been no devastating war or financial
panic to burden him in office. There
was no unemployment problem of
consequence at no time during his
sincumbency did the national debt ex-
ceed $1,000, 900 900, and it varied less
than $50,00O,00O in those years.
The public utilities were relatively
unimportant. In 1906 the investments
of the life insurance companies in the
power and light industry were only At
per cent of their total assets, while
those in the railroads were nearly IS
per cent.
But there was an aristocracy of
wealth that defied any meddling with
what it regarded as its inalienable
rights. 1t was with this element, ''the
malefactors of great wealth." as 1T.
R." characterized them, that he had
his winning battle.
Fight on 1. C. c. Law.
The interstate commerce law start
ed the fight before Roosevelt came on
the scene. Mark Sullivan, in Our
Times, describes how the railroads
entered upon a long siege of legal
attacks upon the new law, questioning
the constitutionality of the whole Of it
and each of its parts" This sounds
like the briefs of the public utilities
in 1885 in resisting the Reyburn-
Wheeler act involving the holding
companies.
Under 1T. r." legal action was in
CONTINUED on Fourth Page.)