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STORY OF THE PANIC.
I have placed before you the record evidence that less than one hundred men own and control railroads, traction, shipping, cable, telegraph, telephone, express, mining, coal, oil, gas, electric light, copper, cotton, sugar, tobacco, agricultural implements, and the food products, as well as banking and insurance. Does anyone question the overcapitalization of these consolidated corporations which cover the business of the country ? Does anyone doubt the community of interest that binds these men together ? Does anyone question their vital interest in maintaining their overcapitalization and protecting their stocks and bonds ? Does anyone doubt their hostility to the declared policies of President Roosevelt, and the progressive movement throughout the country, and their readiness, nay, their determination, to make an end of it at any cost ? Was this not made abundantly manifest during the summer of 1907 ? The White House was not far wrong when it gave out the information that a great fund had been pledged to block any third-term possibility.
To get the true perspective of more recent events, let us go back a little. If we would find the underlying cause for the convulsions that have taken place on the stock exchange, culminating in this demand for emergency currency and the acceptance of railway bonds as a basis for currency issue, follow the operations of these men and the great groups they have formed as traced in Wall street for the last three years. It is a blending of the control of business and legislation and politics.