The weekly Iberian. (New Iberia, La.) 1894-1946, 1907-03-23
WASHINGTON LETTER.
lFrom our Regular Correspondent

There is much gossip and specr
latiOn about the proposed confer
ence of the President and the rail
road mangnates aud all sorts o
rumOrs are afOat. According t.
the most reliable the Railroad Pre-
sidents are by no means unanim
GUS in what they believe they
should demand OF the President
and there are doubtless many
cross purposes at work. The Pre-.
sident has tho advantage of the
railroad omen in that when he
speaks he will be speaking for but
one mind while any one who at
tempts to voice the wishes of the
railroads will DO pretty snre to
offend some of them. As an evil
denc1 of the lack OF uDanimi.y in
the railroads the action Of Presi-
dent McCrea Of the Pennsylvania
who refuses TO come unless per.
sonaIIy invited BY the President is
cited. President Mellen of the
New York and New Haven
aud Presiden: Newman If
the New York Central have al.
ready said they would come to
Washington for the conference
At the White House it il said that
the President will not send any IN
vitaii0ns and that he is going
steadily ahead with his + .iiroad
policy BESIDES indicating that
he is standing pat" in his pre-
sen: policy he is openly adyocat-
ing more and strictrr Legislation
affecting the roads. He made !,
clear yesterday that he had nryc,
been more in earnest than he Il
now IN advocating the regulation
of the capitalization and assess
ment OF the actual value Of rail.
road properties.
The narrowly averted panic III
New York has not intimidated the
President. It ia presumed that
he shares with others the belief
that 1t was more stock juggling
such as Mr.. Hartman disclosed
In h's testimony before the Inter-
state Commerce Commission, but
Nj. Roosevelt is shrewd enough
to see that such . manipulation of
values cannot be usea long to de-
eeive, tho people. The public
he's arm faith In the *dministra-
lion and it will take more than
'ne panic to convince it that the
avs which were recently enacted
~ Congress can react to the de
'tructton Of the nations proaperl-
y.
Secretary Cortelyou, who came '
Q the head OF the Treasury De t
'artment with probably a. little I
|nancial experience ~ any man {
vho ever took the place il having p
'lsnty Of high finance on bis hands d
hes0 daye. Problems that would q
ave kept Secretary Shaw up late g
caring have come up for solution Il
Y 4r. Cortelyou. j.
Twice within two days he has x
ID to cope to relief Of the money q
larket and y hat the effect If such IL
rompt assistance will BE-, and 81
hstber Il will encourage the rail- b,
Iads 70 bring about q tew more nj
sch pAnics ~ that which occurred 81
! Wall Street this week remains ID
30 seen. The Secretary kept 10 to
ose tonch With the money mark.
u New York VII day Wednes- "
y and Thursday and when h+
- that the bottom Of things vac
hing ont be IO0seDed up to the
soant Of s6O, dOO. 900. The Adj
lnIstration 10 suspicious that The ~
smeudo0s drop 10 stocks il due GU
The nashiasiious Ut the rail be'
lds Who are eager 10 give th+ DO
pssseios that tho Government me-
respoonble far sach rsnicky the
! 0n0srtain conditions IL the bel
~ market because If tho dras. l6e
lexis)aei0a against railroads cid
corpoeatioas which It has fav- vii
4. Bot Notwithstanding this tur
e order that legitimate inter No
might not suiEer, the unlock.
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