Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-20
OF UNREST
President Disposed to Meet
Railroads Half Way.
ISAAC SELIGMAN'S VIEWS
Will Help to Allay Lack of Confidence
Now.
ISAAC SELIGMAN'S VIEWS
PUBLIC SENTIMENT
As to Depriving the States Of Their
Right to Legislate for
Interstate Roads.

The Presidents concern as to the financial
situation in New York and elsewhere was
shown in a conference he had today with
Isaac Seligman of the banking house OF
J. and w. Seligman & Co. Of New York
Further significance was added to the con-
ference by the fact that the President Is
understood to have sent for Mr. Seligman
and that he will probably send for other
heads Of large New York banking institu-
lions during the next week or SO. He has
already talked with James Speyer of the
house of Speyer Co. Of New York and
with several minor figures In the financial
world.
Jacob Schiff. manager Of the large house
Of Kuhn. Loeb & Co. of New York, Is now
starting north from Aiken. 8. c., where he
has been spending part of the winter, and
it is regarded as probable that he will stop
over in Washington for talk with the
President.
When Mr. Seligman left the President
and was asked about the conference, he
said: THE President is disposed to meet
the railroads halfway and to do anything
he can to allay the feeling OF unrest ana
lack of confidence that Is prevalent. But
he doesn't see what he can do. The Presl-
dent says he is not responsible for the
action Of state legislatures that have been
hammering the railroads, and regrets that
this should be so. The President has re-
ceiyed a number of suggestions from rail-
road presidents, but does not see how ne
can act upon them. There Is no unanlmlty
in these suggestions, however.
80 far as the immediate financial situa-
ton is concerned, 1 think Secretary Cor
telyou has 1t splendidly In hand. l am
going over to see him now
Presidents Concern.
The Presidents evident desire to allay
lack of confidence, while at the same time
avoiding the impression of receding from
his attitude toward the railroads, has been
plainly shown in a number of interviews
recently. He has talked more freely to
public men and to newspaper correspond
ents than he ever did on any other sub
ject since his administration began. He
has found it difficult to make himself clear
to all. however. as one man puts one con-
struction his remarks and another an
entirely different construction. The state
ment Of Mr.. Seligman is somewhat more
pointed as representing the President,
than any which has yet come out 1t in
dicates a disposition on the part or the
President to help the railroads all that he
can without being considered as yielding
his purposes to ask from Congress at Its
next session supplementary legislation
that will round out the present rate law
At the same time the President is feeling
public sentiment as to depriving the states
Of their right to legislate as to railroads
doing an interstate business.
Constitution Must Be Changed.
Judson C. Clements Of Georgia. who
has been a member of the interstate
commerce commission for years, does
not agree with Commissioner Harlan of
the same body that the commission has
power to handle railroad cases that are,
in many instances. now handled by the
states However desirable it might be
to turn over to the federal government
,ol. I.,~ H. "a rofl
roads," said Mr.. Clements. Il do not see
how 1t can be done without changing
the Constitution. So far as intrastate
business is concerned. the Constitution
unquestionably gives the right to the in
dividual states" Mr.. Clements did not
care to discuss the matter In detail re-
garding it as an extremely important and
delicate one.
Hot After Wall Street.
While the President is trying to convey to
the country, without having to do so
through some official statement, assurances
that he is not going % pound the good"
railroads, and is only after the bad ones.
on of his strongest supporters west
Is considering the advisabiity of seeking
legislation that will entirely rid the country
of Wall street. Representative Campbell of
KansaJ is the man who intends to give some
study to the possibilities of running Wall
street out of business. He was White
House visitor today, and carefully picked
his words as he said: whether or not the
interstate clause of the Constitution goes
far enough to prohibit gambling in the pro-
ductior and transportation Of the country
do not know, but it is worth thinking over.
The whole thing is a great gambling scheme
from beginning to end. Ne actual stock is
delivered in the majority of the transac-
tions on the exchange, and l do not believe
that it is proper that the values of stocks
ami bonds should be played with by gam
bIers."
A Letter From Gov. Johnson.
Gov Johnson of Minnesota has forwarded
to the President a copy of the letter he re-
Gently sent to governors of states suggest
Ing a national conference, with a view to
reaching a common understanding as to the
powers to be exerted by the states in the
event of any extension of federal authority
in railroad regulations. The President will
probably reply to Gov. Johnson. and may
make the reply one of Importance.
CAUSES MUCH SURPRISE.