Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-15
PRESIDENT WILL STAND PAT
Considers Administration in No Way
Responsible for slump.

Considers Administration in No Way
Responsible for slump.
WASHINGTON March 14.-Fpr more
than forty-eight hours the White house
and treasury department have been flooded
with appeals for President Roosevelt and
Secretary Cortelyou to take some action to.
avert the threatened disaster in the
financial world 1t can be stated author
itatlvely. however that President Roose-
welt will not change his attitude toward
the railroads, though It is admitted that the
administration has no intention Of enter
ing on an extremely radical attack on the
railway corporations.
While Il is known that the visit OF ].
Plerpont Morgan to the White house hast
Monday night to induce the president to
issue a reassuring statement to the coun-
try in regard to the administrations atti-
tude toward the railroads. and he apparent
failure of the fnanciers appeal. has had
much to do with the panicky conditions
that swept over Wall street today. Presi-
dent Roosevelt has repeatedly said that he
is not an enemy of the railroads, and that
those that obey the laws have nothing
20 fear from the government. While 1t has
not been definitely decided, the president
may issue a statement outlining his at
titude after he has conferred with Messrs
McCrea, Newman, Mellen and Hughitt on
the railroad situation.
The conference with the four railroad mag
mates, which was granted by the president
at the earnest request OF Mr. Morgan.
will be held early next week II is gem
orally understood by those close to the
president that the railway officials will
urge Mr.. Roosevelt to take some steps to
'allay the public anxiety now threatening
to obstruct railroad investments and con-
struction and as to the relations between
the railroads and the government"
Since Mr.. Morgans hurried trip to the
White House the president has held nu-
.merous conferences with Chairman Knapp
and members of the Interstate Commerce
commission in order that he may be in a
better position to present the administra-
TONS side of the question when he meets
the railroad presidents next week.
The administration is firmly convinced
that the great unrest in financial circles
has been brought on by the arguments
advanced by the railroad interests in try
ing to prevent hostile legislation in
various states and not by the attitude that
the federal government has taken to en-
force the laws regulating the common car
riers. e. H. Hartman, when he was in
the city recently. and President A. B.
sticlSrey Of the Chicago Great Western,
who called at the White House today, have
expressed the same opinion.
Although believing that the conditions in
New York are due to nothing for which
the administration is responsible the presi-
dent believes that he has done everything
that can consistently be done to give re-
lief to the money market. The order is
sued by Secretary Cortelyou yesterday, fol-
lowed by the order of today prevents the
withdrawal of large sums belonging to the
government and provides the way for use
of additional funds in Wall street. The
first order put a quietus on the rumor that
the treasury was to Immediately withdraw
the additional deposits put in the banks
last October. amounting to S80O00,O00. To-
day Mr.. Cortelyou issued an order that the
81, 10000 Of additional currency taken out
by the national banks could be held by
them without substituting federal for the
state and other bonds with which # is now
secured. This It is pointed out, will pre-
vent sharp demand for government bonds
for deposit as security.
Another step which will put about 81 900
900 day in circulation. is the deposit Of
customs receipts in the repositories, as
provided under the new currency act. The
secretary also has notified bondholders that
he will redeem, with interest to July /,
when they will mature, any bonds of the
4 per cent funded loan OF 1907 to an amount
not exceeding $25,OOO,OOO. These bonds may
be presented at once.