The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-02
james j. Hill, Railway Magnatc, and
james III. EckeIs, Financier,
Guests of the President.
LATTER SEEKING INFORMATION
AS TO THE NEEDS OF THE GREAT
COMMERCE. OF THE PACIFIC.
Mr.. Roosevelt Also Is Supposed to
Have Discussed Certain Fea-
lures of the Trust Question.

Special to the indianapolis Journal.
WASHINGTON, Nov. l. = President
Roosevelt tonight had at dinner two dis
tinguished members of the financial
community, whose presence at the White
House caused a wide range of speculation
in Washington. They were James J. Hill,
president of the Great Northern Railroad
and James H. Eckels, OF Chicago. formerly
controller OF the currency. OF the two
men Mr.. Hill was the more conspicuous,
because OF his connections and beliefs.
During the last two sessions of Congress
Mr.. Hill has bitterly opposed the Hanna
Frye shipping subsidy bill, contending in
favor of bill that would build up new
cargo carrying lines of steamships across
the Pacific ocean, rather than granting
high subsidies to existing fast passenger
already a sufficient number of ships of all
nations to carry the commerce.
Mr.. Roosevelt himself has lately ex-
pressed the opinion that the shipping sub
sidy bill that will meet his approval will
be the bill that provides for new steamship
lines to carry the commerce Of the middle
West. the great Northwest and Pacific
coast TO the markets that are open for 1t
welt is in perfect accord with Mr.. Hill. and
il is to be presumed that their conversa-
tion this evening was in the line of the de-
velOpment of the commerce of the Pacific
ocean. Mr.. Hill himself has within recent
years established a steamship line between
the west coast of the United States and the
Orient that is to-day upon a paying basis
without a subsidy. and he believes that
IT.
other parts of the Orient might be estab-
lished, TO the development of the country
west of the Mississippi river. In this Presi-
dent Roosevelt being in spirit Western
man and understanding the possibilities of
the West, is in sympathy with Mr.. Hill.
Mr.. Roosevelt is not in a frame of mind
at the present time to recommend or to
suggest the passage of the Frye subsidy
bill, which granted the bulk of the total
subsidy to be paid by the United States to
existing fast steamship lines on the Allan
tic and 20 per cent of the total subsidy to
Atlantic commerce. while only 90 per cent.
was to go to the Pacific. where the COM
mercial possibilities are much greater than
they are or can be between Europe and the
United States. In this respect the fact of
President Roosevelt inviting Mr.. Hill TO
dinner with him Is extremely Slgnlncant
and augurs well for the real expansion of
the commerce OF the country i'm territory
where the expansion, not trade relation, is
probable.
The presence OF Mr.. Eckels at the dinner
with Mr.. Hill lent color to the belief that
the subject of trusts was discussed. Both
Mr.. Hill and Mr.. Eckels are mild believers
in public statements from quasi-public cor
porations. Mr.. Hill, it must be remem-
bered. Is the business associate of ]. Pier
pont Morgan in the great railroad deals
that the king OF finance is trying TO effect
west. He is also connected with Mr..
Morgan i'm some of the strictly
trust operations that have so enor-
mously entered into modern business in
the last five years. The principal corpora
tion formed by Mr.. Morgan in that period,
public statements of its earnings and ex-
penses. Ii is understood that Mr. Morgan
and his associates are firm believers in
the theory that great corporations owe il
10 their stockholders and 10 the public to
AXE statements of their business progress
at frequent intervals. Therefore, while
blind pools may fear the supposed inten-
tiOn of the President TO ask for legislation
in favor Of publicity for trusts, the trusts
founded on business principles are really
in favor OF that scheme.
There Il a report in Washington tonight
that Mr.. Hill asked President Roosevelt
some questions about the isthmian canal.
This is all ased on the supposition that
Mr.. Morgan the associate OF Mr.. Hill in
business. has a scheme on foot for financ-
provided the United States government