The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-16
A beautiful woman is picture which
drives all beholders nobly mad.-Emer'
son.
Roosevelt or Hartmann,

8s Roosevelt or Hartman!
The recent great disturbance in the
stock market has caused not only
much grief but much wonderment,
The speculative classes have been
Specializing as to what is the cause
OF these collapses, and all sorts of
reasons have been assigned. The most
4 satisfactory explanation to the suf-
ferers from the fall in stocks of their
troubles. is found in the legislation,
both national and State, inimical to
railroads; the spirit OF which, as al
legged and believed by many, is I'M
personated by Mr.. Roosevelt. 1t is
very common to hear him bitterly as \
sailed for these stock slumps, which
are thought to represent the decline
OF credit and the necessary impairment
Of the ability of railroads to make
further Developments
s.. Another view is that the impair
4 mont or the credit OF railroads and of
their good standing in the estimation
OF the people at large is better en-
( planned by the high finance" of Mr..
t. H. Hartman and his associates,
and we distinctly incline to this iat-
ter belief. 1t is too long a story to
be told in an editorial of such
4 moderate length that it would be read,
OF how the breach has widened be-
tween the railroads and the people,
and what extraordinary measures
we've necessary to bring about y
j proper understanding between them;
y " Go, ti,Np
that such Il breach existed, and that
3 such an understanding would not be
Il arrived at except by an extraordinary
change of attitude on tho part OF the
railroads and widely diffused Informs
'Stion among the people. The idea that
4 the ownership OF railroad property
involved no more limitations than that
of private property, and that the main
object of railroads was private profit,
was so common in the minds OF man
d ayers and stockholders that public
duties ard obligations were too often
ig,,orcd, and it had become necessary
to have better understanding on
the rart of railroads, their owners
(. and their managers, OF their public
duties. great process of clarifying
ideas in this respect has been i;oing
on recently, and we think, on tbs
whole, not only for the good of the
public, but ON the &, railroads. TIL.
movement to- accomplish these results
has been started and in n larg,
measure guided by Mr.. Roosevelt, an,
we believe that in that ne has ron
dered great public service, and tina
the final results of che establishment
s OF n proper condition between the rail
roads and the public will be ratural
for the good of the railroads as wei
IA as of the public. Had Mr.. Roosevelt
not perceived the true situation an
adopted course which would bot
regulate the railroads and regulate III
popular sentiment, there might hav
been created n much worse ccndi,,o
for the railroads than that which tn
M greatest pessimist now believes to exits
So far from condemning Mr. Roost
welt, he has in the main, in our opr
ion, shown great wisdom ana for,
VI sight. and If in the future
Will exhibit firm purpose
deal Justly and fairly between II
III railroads and the people he w
have secured the most beneficial r
S4 suits for both. and will merit u
thanks of one not less than of II
other.
lt On the other hand the startlil
developments made in the Union T.
cidc and Southern Pacific Railroads
their unexpected dividends and man
H.. a.
est distrust and disgust amo
all fair-minded people at home a
abroad However Mr.. Hartman M
undertake to explain his conduct
i&sR will remain as monument
III cynical sciishness and the abb
of fiduciary duty. 1T was incc
81 : sistent with the sober and q
cere way in which great pubic
I'm stitutions such as the Union Pac
and Southern Pacific Railroads sho
{I be managed We felt then, ana ,
Nv Judgment has been only confirm
that the inflated prices based upon
expected dividends was n menace
the good credit OF all railroads.
VIZ The present stock storm VIII bl
over and the air Will be clearer So
FIJI sharp iaasons had to be learned,
the new scholars have doubtless m
some progress In this school OF
yeIsity. We believe on the whole
the outlook for the railroads
he vastly bettered by every proc
however rapid II may be, that is N
x towards an adjustment OF their r
tons with the people upon reasons
and Just grounds The American |