The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-04-03

| silent on lne SUBJECT, but after forty
eight hours he did discuss the railroad
topic with some volubiIity. He made
| it plain that he had not departed from
/ his original position in the slightest
He has some sympathy with the out
cry of the big railroad systems agains,
| aggressive and oppressive legislation
| by the States. He thinks the federal
government should have absolute con-
| troll of rates. A case involving that
point is now before the Supreme Court
Of the United States. The President
hopes that the decision will be favor
able to his contention. He has gath
cred all the legal precedents and eta
lions on the question and informed
himself very fully pro and con.
In the midst of the arrangements for
the railroad presidents to come down
to Washington panic started on the
New York Stock exchange and this
panic has given the President a very
bad scare. Stocks began to tumble
Wednesday, while the newspapers
We're filled with dispatches about the
plans of the railroad presidents. 1t
was one of the worse days for stocks
in many years but was followed by a
worse day, Thursday, which will be re-
membered quite as long in Washington
as in New York. For the market had
gone to such a depth that extensive
failures were feared, which might pre-
cipitate general panic.
The President and his new Secretary
of the Treasury, George B. Cortelyou,
kept an ear to the New York long dis
lance telephone much of that day.
Practically the governments entire re-
sources, available for relief, were turn
ed over to New York. Before the day
was gone Secretary Cortelyou had an
nounced three specific methods of re-
lei. one was to permit about SIS,-
U0O,OU0 OF circulation, which had been
ordered retired, to remain in use, an
other was the immediate purchase of
$24,OOO,0O of government tours, inter-
est TO be reckoned up to July /, and
the third expedient was to deposit Gus
toms receipts in National Banks.
All this constituted a very important
days work. After it had been done,
following numerous conferences at the
White House, Mr.. Cortelyou, deeply
perturbed, but outwardly calm, rested
on his oars. He hoped that the crisis
had been passed and that he had
weathered the first serious gale as the
governments leading financial officer.
The relief proved effective. The mar
ket steadied but the experience has
left Washington fiuttering with excite
ment. The President believes that the
panic was started in the hope of giving
him a good lesson. If he saw values
crashing and the country on the verge
of a panic perhaps he would curtail
his anti-corporation activity. But
Whatever the original idea may have
been the bears found as they attacked
the market that prices yielded more
readily than they had ever dreamed
would be the case and a panic was on
that none of the money kings
could control. AS far as Wall Street
itself was concerned the President did
not care a fig. The maneuvers of the
money kings did not concern him. But
he was alarmed lest there come a real |
panic affecting the business interests
Of the country at large and because of |
that alarm he passed several anxious |
days.
An unfounded story has been in cir
that there was pact between |
the Pres.dent and j. Pierpont Morgan |
to undo E. H. Hartman, for whom |
The President has no affection what
lent told Morgan that Hartman
would have to get out of business and |
hat if Morgan would send his lieu
tenants into the street in an effort to
freak Hartman the President would |
stand behind them with the resources
# the United States Treasury and pre-.
Tent a panic. The statement has no
clement of truth as far as the Presi
lent or Secretary Cortelyou is con-
.erned
The smoke of the Wall street con-
iict had hardly lifted before the four
abroad Presidents. named By Mr..
Morgan. had gathered together in a
secret New York place and conferred :
lbout coming to Washington. Bush
is of twaddle about their mission
lere were written in the newspapers,
III of which, of course indicated the
popular interest in the matter. It
urned out that they We're Ioath to
.ome and finally they decided not to
ONE for the present. That was be-
.ause they did not feel like coming
lere and making representations as
hey did not think they were author
zed to represent anybody. Much was
aid about their expecting an invita-
ion from the President but the Presi-
lent never had any idea of inviting
hem, had agreed only to receive them
f they came over to Washington, and
lid not wish to be put in the attitude
f asking them here. 1t was noised
bout that if they came they would
hear some very plain talk
rom the President. He had not
hanged his views and would probably
improve the opportunity to give the !
IA gnates a sound lecture. :
ERNEST G.. WALKER.
(To Be Continued.) II
I'D