The Barre daily times. (Barre, Vt.) 1897-1959, 1907-03-15
Presidents Policy Is to be-
Continued
TO PERFECT RATE BILL
Must Be an Accurate Valuation of the
Roads capitalization Must BE
Restrained Within Proper
Grounds.

Washington. March f5.--No date has
yet been fixed for the conference between
the president and the railroad men. The
latter have not agreed a. to the exact
personnel OF the gathering, and doubt
less are making preparations so that
they can present united front when
they give their side Of the question at
the White House, 1T was stated In de.
spatches Wednesday that there would be
no letnp il the presidents railroad pol
licy Tliqt statement can be reiterated
today in the most emphatic terms. The
condition of the stock market Of the
country generally will not avail to cause
the president to abandon in any detail
1.-The programme he has mapped out. He
/ il determined that the railroad rate bill
of last year must be perfected by other
legislation, and he proposes 10 agitate
the question between now and the CON
rening Of the sixtieth Congress. There
must be an authorization for the govern
ment TO obtainsan accurate valuation of
1.-THE railroads, and in addition the federal
government must have the power To limit
| the capitalization Of the railroads with
| in proper bounds The president will
be content with nothing less, and ii looks
| as II he might have the cooperation OF
the railroads, If they render assistance
| in this direction it will be through no
love for the president, but because they
have been brought 10 see that II pays
to be wise III time
Prevalent in official circles here yes.
terday was a suspicion that certain rail-
/ road interests are deliberately manipu.
lating the stock market for the purpose
| Of alarming the president about the
general financial situation to the point
lof yielding TO the railroads in certain
| important points. OF course no official
expression OF such suspicion Is made,
but II is fact That the suspicion exists.
| IT Is regarded as singular that this com
motion in Wall street should come Just
on the eve OF the conference with the
president for which tho railroads have
asked. Certainly the shaky condition Of
the market is calculated TO create the
lsympathetic atmosphere for the railroads,
and already the president is being i'm
lportuned IN some quarters not To 3kick
the railroads when they are down."
Wall street yesterday sent urgent in
quiries here as 10 when the president
will come To the relief of the railroads
and make public some statement that
will ease the situation. X was said at
the White House yesterday that the
president contemplated making no state.
ment until after the conference. IN the
meantime his secretary Of the treasury,
Mr. Ctorelyou, is watching closely the
trend of events in the financial world.
Thus far he is not impressed with the
belief that the market Is essentially I'M.
sound at the bottom, but in the present
condition of public opinion ne realizes
that even we'll manipulated bear raid
might get away from those who are In
control Of il and that innocent investors
and business interests generally might
be hurt In the crash that would follow,
While the secretary may not feel called
upon TO grant any active measure OF
Telief, 1t Is not bis purpose as was shown
by his action Of Wednesday, to with.
draw what measure of support the treas
Jury is now extending. He announced
yesterday that receipts of customs Offices
would be deposited in banks instead OF
being shipped to snb-treasuries. II was
within the discretion OF the secretary
also TO take similar action with respect
to the July fours so as to bring
measure Of relief TO tight money mar
ket.
But on one point Secretary Cortelyou
is determined, and that is that whatever
measures OF relief are extended, this will
be done through orderly and routine
processes He is inherently opposed to
shortcuts and to any plans that sayors
Of dumping money into Wall street to-
relieve conditions that might have been
foreseen. Appeals from the financial in.
terests affected, no matter how desper-
ate, win not avail until Mr.. Corteiyou
becomes convinced that the business of
the country generally is to be adversely
affected II present conditions in the
market grow worse and approximations
spread it IL very probable that the treas
ury viii be found doing all that IL IN
It's power within certain weIl-defned
limits To prevent banks and small in
yestors from getting hurt But none
OF the large and generous schemes de-
vised by Secretary Shaw need be looked
for at this time. Doubtless some of Sec.
rotary Shaw's policies win necessarily be
continued until more propitious time
for their abandonment arrives, for Mr..
Cortelyou realizes hat he has been
caught early in his administration in a
stock market furry, with its attendant
anxiety, and he is bent upon moving
cautiously and upon making thorough
soundings before taking decided steps.
President Roosevelt told Mr.. Cortel
you, when he made him secretary Of the
treasury, that he should have an Also
lutely free hand in his management OF
The department. The president does not
lay claim TO being hnancier and It is
extremely improbable that he viii be
disposed to influence or alter any course
the secretary OF the treasury may Ieter-
mine to follow in this crisis.
Governor Deneen and Attorney Gen.
eral Stead of Illinois have received an
invitation from the president TO meet
him next Monday afternoon. Evidently
the president desires to get all the infor-
nation about the actual railroad situa.
ton In the middle west, and desires 10
have this information before he sits down
with the railroad presidents. II IA an.
sumed that the Alton bond issue 81
S32000,0oO, Of which Hartman testified
before the interstate commerce commits
sion, win be taken up with Governor
Deneen and the attorney, general. II
Is we'll understood that for several DAYS
the administration has felt that this Is.
sue should DO set aside II was reported
yesterday that several other governors
had been invited here for conference,
but II was said At The White House that
Deneen is the only one 50 far asked to
come.