Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-13

vast that they mean nothing to the average
man. At the same time business in the
country has been booming. The railroads
have more than they can do The infer
ence was plain that the falling values
should be laid to adverse legislation and
sentiment and not to physical conditions.
Coincidently with these losses the rail-
roads have been compelled to increase
wages. It'is estimated that wages of en-
ployes constitute 60 per cent of the expense
of operating railroads. There has been an
increase of about 10 per cent on the great
trunk lines The railroads were catching
these conditions were intolerable and if
they continued would affect the prosperity
of the country.
President Stickney, in an interview pub
predicts that if they continue an industrial
crisis will ensue which will affect the
whole country and put the existing good
times back on the basis of the lean days
of 1893 and 1895.
There was no indication Of cessation
of adverse public sentiment. On the con-
trary, 1t promised to increase. The Harri-
man investigation made things worse. The
Union Pacific and Chicago and Alton deals
made the public suspicious of all big rail-
road enterprises. Investors were afraid
that rotten conditions might prevail In
other systems and they withdrew support
from the market. London got frightened
and dumped American shares. Berlin said
We were rotten to the core and advised the
thrifty Germans to fight shy of American
stocks. Prices went down with rush
after the Hartman investigation.
Appeals to the President.
Mr.. Hartman was threatened with fur
Their inquisition. The interstate commerce
commission intimated it might hale him be-
fore the courts and under the decision of
the Supreme Court in the paper trust and
tobacco trust cases make him answer the
questions he refused to answer at the first
hearing. He rushed over to Washington to
try to put on the lid. He stayed around
several days, giving out interviews, but
apparently accomplishing nothing. He did
not get a chance to talk business with the
President.
Things were getting worse in New York
after he went back, the end of last week.
Mr.. j. Pierpont Morgan, who has fashion
Of going after things in more DIRECT way,
got into his private car and came over
Monday night to see the one man who
could render practical aid at this time
President Roosevelt. He asked for an in
terview between the President and the
financers and that the President should
aid in allaying public fear and hostility to
the railroads. The President agreed, and
the talk will come off in due time.
The question that Wall street now is ask
ing is, What can the President do to stop
the tide? 1t is pointed out that the states
have already acted through their legisa-
lures and the laws are in force. What can
he do about 1t?
Reliance on the President.
The general opinion among the financiers
| is said to be that If the President will issue
| a statement, or make speech somewhere,
| differentiating between good railway regu-
/ lation'' and bad and radical railroad regu-
| lation'' and appealing for cessation of fren-
i zied clamor against the roads, asserting at
! the same time that the government Is not
| hostile to the good roads and the good
| railroad men, the effect will be beneficial
| That is what is expected to come out OF
| the conference. If so, it is hoped that the
present downward tendency will be checked
| But the game will not be ended. There
| is yet to follow discussion Of the future OF
| railroad regulation as between state and
federal governments. There is the sugges.
| ton now being put forward by railroad
| presidents that the government should su.
| persede the states and deprive them OF
| some of the powers they are now exertine
| over the roads, when these questions are
| asked: How is it to be done, by constitu-
tional amendment, or by what means? And
| does not that lead up to Mr.. William j.
| Bryans position for governmental owner.
ship? There is wide field opened up al
| once.