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The sources cited do not support the claim. Please note that in 'The Pre-War Business Cycle: 1907 to 1914' (Columbia U Press, 1968), William Charles Schluter states plainly that "It is alleged by some that the active trust prosecutions and anti-trust legislation that took place at that time, and the impairment of business confidence by Taft's strict adherence to Roosevelt's policies, were the causes of the decline of the security market. It is true that these factors did operate during the year 1909, but they had practically no effect upon the activity in the security
market." at 58-59. He notes that the depression impacted the US first, and had a delayed affect elsewhere with a different collection of causes. He attributes the cause in the US to a decline the stock market led by industrial and railway stocks, high time money rates, and low bank reserves -- in essence, a liquidity squeeze. See chapter III. John J Magyar (talk) 10:32, 22 June 2023 (UTC)Reply
