The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-04-04
FAIR PLAY FOR ROADS.
Roosevelt Issues Statement to Re-
store Confidence.

w dSnlnBtOIl, ApII IL COillpOoC
the shattered nerves of the frightened
railroad presidents, TO restore public
confidence in railroad securities and
to prevent further hostile action by
the state legislatures President
Roosevelt today issued his tatement
regarding the railroad situation for
which frantic appeals have been made
by leading fnanciers and railroad
magnates-
This statement is in the form of a
letter to c. H. Smith, president of
the Illinois Manufacturers associa-
ton, who invited the president to de-
liver his views at Springfield, and
consists of extracts from the presi-
dents utterances on this subject as ex-
pressed in his messages to congress
and in his public addresses.
President Roosevelt gives assuran-
ces that the railroads that obey the
law have nothing to fear from him,
but he will continue to prosecute
those that do not
He reiterates his doctrine of a
square deal for the railroads and de-
clares that the roads have in the
main done we'll He is not hostile
to corporations, he says, and declares
that they have come to stay and tina;
the people should recognize in ample
fashion the immense good effected by
corporate agencies.
He rs strong in his declaration
against the government ownership OF
railroads, but he has not weakened
in the slightest degree in his belief
in supervision of the roads by the fed
eral government. What the president
wants is a square deal for the rail-
roads, the shippers and the public.
Lack of federal supervision and
control, according to the president, is
fertile in abuses of every kind and
puts a premium upon management
President Roosevelt has not changed
his policy in the slightest degree and
his position is exactly as has been
outlined in the dispatches since his
conference with J. Pierpont Morgan.
who made arrangements for the many
conferences with railroad officials and
6nanciers that have occurred recently.
One of the worst abuses growing
out of the lack of government control
is overcapitalization, the president in
sists, and he will recommend to con-
gress law that he hopes will result:
in preventing the further watering OF
railroad stocks and bonds.
He refers to the impossibility OF
securing effective legislation by the
stat. legislatures and says that by
some method, whether by national
license law or otherwise, the federal
government must exercise more con-
troll over the railroads. He wants a
law passed that will disclose to the
stockholders what is done with the
proceeds of bond sales.
In all of his conferences with J.
Pierpont Morgan and the other finan-
ciers the president has requested
them to read his speeches and mes
sages, as these will show exactly
where he stands on the railroad ques-
ton.
His statement is regarded as an ex-
tremely temperate one and it is cal
culated to have the desired effect OF
improving the situation
The president rsached conclusion
not to accept the Illinois associations
invitation because he thought it un-
wise TO assume responsibility for ap-
pearing to rush to the rescue of the
stock market. That such an interpre-
tation would be put upon any reassur.
ing speech he might make, by Wall
street interests that are seeking to
force rise in stock quotations the
president believed. He wished to
avoid the appearance of doing any
such thing and accordingly decided
merely to call attention to his former
public utterances on the subject oil
/ rai1roads