The Penn's Grove record., 1907-03-22
PRESIDENTS conferences
OVER RAILROAD CONTROL
Discussing Situation With Various
Governors and Magnates.
VIEWS ON WALL STREET FURRY
b. f. Yoakum First to See Roosevelt
Rock Islands Head, Like Har-
r;man, Sees in Federal Control
Lesser of Evils.

Washington, D. C.. - President
Roosevelt began a series of confer
ences regarding the policy of the
Government toward the railroads
when he had an hours talk with B.
T. Yoakum. Chairman of the Board
of Directors Of the Chicago, Rock
Island and Pacific Railroad.
President Mellen, of the New York,
New Haven and Hartford Railroad,
also had a conference on railroad
matters with the President.
No decision has been reached as
to whether President McCrea, of the
Pennsylvania; Hughitt, of the Chi
cago and Northwestern, and New
man, of the New York Central, will
come here for a conference, but it is
the Presidents purpose to- discuss
this matter thoroughly with the Gov
errors of several States, and other
persons who are posted on railroad
matters.
President Roosevelt is determined
to secure further legislation, which
will give the Government more pow-
er over the railroads, and the rail-
road presidents themselves are ready
to agree to it if by so doing they can
bring to all end the hostile legisla-
ton by the States, which has, they
say, caused depreciation in railroad
stocks and bonds, and made it diff
cult to borrow money for better
ments.
But Roosevelt and the railroad
presidents are not in thorough ac-
cord as to what action shall be taken
to end the agitation. The President
franchise law, providing for the issu-
ance of licenses to corporations, in
Guiding railroads, and another law
which will result in squeezing the
water out of railroad securities and
protect the public against the high
finance methods of the railroads.
The railroad presidents want Pres
ident Roosevelt to issue a statement
which will cause a change in the at
titude of the people and State Legis-
latures toward the railroads, and also
desire him to use his influence to
end unfavorable legislation by the
States. With this end in view Chair
man Yoakum called at the White
House to assure the President that so
far as his road is concerned it ear
nestly desires to cooperate with the
Government in the enforcement of
the new rate law, the Elkins Anti
Rebate law and the Sherman Anti
Trust law. Mr.. Yoakum said there
would be no objection to further Fed
eral legislation, especially if it be
such as to guarantee 70 the railroads
stable freight rates and protect them
from hostile legislation by the States.
The view is entertained here that
with the unprecedented prosperity of
the country and the large patronage
the railroads are receiving, the
5hrinkage in values which is recorded
in Wall Street must be the result of
speculative tactics which have abnor-
mally bulled the market, and that Sc
eurities are merely returning to their
normal value because the manipulate
ors have been unable to maintain an
unnatural imitation. The President
and his advisers make nc pretense to
a deep insight into Wall Street meth
DDS, but it has occurred to them that
perhaps the present shrinkage is not
an altogether unmiXed evil, and it is
a perfectly safe inference that a ma
terially greater shrinkage would not
produce anything approaching a
panic among the men in charge of
the affairs of the nation.