Evening journal., 1905-10-05
ROOSEVELT ONCE
MORE IN HARNESS
Stand-Patters on Tariff and
Railroad Rates Will Hear
Something
INTEREST IN INSURANCE PROBE
BY wiIliam Wolf smith.

Washington. d. c. oct. 5-Now that
President Roosevelt Is back and in har-
ness the "standpatters" win probably
hear something to their disadvantage.
This applies equally to the "stand-pat-
ters' on the tariff and the "stand-pat-
ters" on railroad legislation. The presl-
dent win not settle down to the work of
the winter until after his Southern trip.
but In the meantime he will have or-
portunity 10 consult with the leading men
of his party and ascertain what chance
there is that Congress will act ON the
recommendations in his annual message,
now fairly sketched out.
That Congress viii revise the tariff at
the coming session is scarcely possible
and, of course revision at the short ses-
sion is almost out Of the question. Con-
sequently those opposed.so tarin revision
have the upper hand for the present The
railroads and their friends are not so
well situated. however. The feeling that
there must be legislation of some sort
designed 10 correct at least the more
glaring evils of determinations and re-
bates is as intense today as il was last
winter. Notwithstanding the campaign
of education carried on so assiduously
throughout the summer. the common peo-
pie see IN the consolidation of railroads.
the extension of lines and the millions
spent in terminals and new trackage. ac-
companled by vast issues of securities
that the already enormous power welded
by the railroads is increasing rapidly.
That power political as well as hnan-
ciaL is being concentrated in the hands
of very limited number of men. masters
Of great railroad systems and. presaging
the future on the experience of the past.
il powerful railroads here and there can
control the politics of "A state it is reason
able to assume that combination n
those and other roads can dominate the
national legislature.
No one begrudges James j. Hin the
forty or fifty millions NE has made while
making the western deserts bloom. or the
benefit which Messrs. Morgan and Spen-
Ger may receive from the reiuyenated
Southern Railroad, but there are serious
objections TO Messrs Hin and Morgan
combining their interests to double OF
quadruple their fortunes by eliminating
competition and at the expense of the
people at large. This applies with great
er force TO those gamblers whose proda-
tory operations in the stock market have
nothing 10 distinguish them morally from
their wagers on horse racing aud their
playing at cards. faro and roulette of
which We hear so much.
While in New York yesterday. / visited
the financial district to ascertain If pos
sible what effect the testimony brought
out by the Armstrong Committee pursu.
ing the life insurance inquiry, was having
on the prospects of the companies invol
we'd and life Insurance in general The fur.
ther / pursued my inquiries the moro ]
was struck with the force of the PROPOSE
tion that Wall street regards the ten
dency Of the counsel for the committee
Mr. Hughes, to probe into the dealings be-
tween the insurance companies and bond
dealers. with great displeasure. not be-
cause there is anything to conceal but
because the manner in which the ques-
tions are put and the publicity given the
inquiry is likely to create the impression
that great houses such as J. p. Morgan a
Co. Kuhn. Loeb & Co.. and others hav,
been engaged in disrepuiable practices
with the insurance companies.
Men like Jacob II. Schim and George w
Perkins. it was claimed. were invited tc
become directors of the Insurance com.
panies, not for their personal benefit. but
because in this capacity their intimate
knowledge of financial conditions and tn,
opportunity afforded them through thel
connections with the great banking
houses, to correctly judge the value o
an investment would be Of service 10 tn,
company and to its policy holders Instead
Of any of the banking houses so far men.
toned, undertaking TO force their Sc
curities on the life Insurance companie.
the shoe has apparently been ON the other
foot
Confined almost exclusively 10 invest.
ments in bonds and mortgages the insur.
ance companies sought expert advice from
bondholders just as they employed IN,
most active and most capable solicitors
and TO that end solicited such men as
Mr. Schin to act as directors For SINH
lar reasons the value of the services OF
Mr. Perkins to the New York Life greatly
increased when he became associated
with the firm of J. p. Morgan * co.
Although city administration is to be
elected i'm New York in two months very