The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-05-31
"RA|LROADS" IS
HIS THEME
President Outlines His Pol
icy at Memorial Day
Celebration.
HE FAvORS POOLING
Believes in More Regulation" of
Roads, But Warns Against Too
Arbitrary Laws.

Indianapolis. May SO.-Presidcnt
Roosevelt will not modify his railroad
policy to please Wall street.
lie said so in his Memorial day ad-
dress here today.
Not only that. but he said plainly
he proposed to go still further in the
way of demanding of congress more
laws which will give the federal gov
ernment more power to regulate rail-
roads.
On the other hand. the president
made concessions to the railroads
which will doubtless be viewed with
favor in Wall street
First, he said he believed the rail-
roads should be permitted to make
traffic agreements" subject to law and |
publicity. In other words. he would |
legalize pooling, and that is what the
railroads have been clamoring for ever
since the interstate commerce law was
| passed in 1887.
Railroads Not OvercapitaIixed.
In the second place, the president
said that the railroads of today, taken
as a whole. are not overcapitalized.
He declared the stock of some railroads
was hopelessly and dishonesty water
ed. but, taken collectively the rail
more than the face value of their Sc
curities
Again the president advised against
i'll advised legislation by states which
would jeapordize not only the present
investment of the stockholders but pre-
vent the railroad companies from bor
rowing the millions they must have to
keep pace with the development of the
nation.
Existing securities" said the presi-
dent. should be tested by the laws IN.
existence at the time of their issue. The
nation would no more injure securities
of the national wealth than it would
consider a proposition to repudiate
the national debt"
Must Keep Out of Politics.
President Roosevelt also gives plain
warning to the railroads to keep out
of politics and to stop meddling with
the legislatures. He says:
Some months ago the railroad presi-
dents, alarmed at the apathy of the in
vestigating public toward new issues of
railway securities, intimated to Presi-
dent Roosevelt that inasmuch as his
policy had had much to do with fright
ening the public, he ought to make a
public statement as to his future pur-
/
pose.
Wouldn't Change His Policy.
In other words the railroad presi-
dents wanted Mr.. Roosevelt to reassure
the men who invest in stocks and
bonds. Mr.. Roosevelt refused to make
any statement at that time. Even the
rich mems panic" ono day last March,
started it is claimed by spectators
themselves for the sole purpose Of
frightening the president into
change of policy, did not move him.
He absolutely refused to be swerved
from his course.
Finally it was intimated that the
president would outline mis- policy in
his address at the opening of tine
Jamestown exposition, but he let that
opportunity pass.
His address here today is the one the
railroad presidents have been waiting
for with much impatience. They know
now where the president stands. He
refuses to be swerved from his policy.
He will prosecute the violators of law
as vigorous as ever He will fight
rebates, Determinations and overcapi-
talizaticn. But he resents legislation
by the state that would go to extremes
and thus cut down the revenues of the
dividends. and from borrowing the
money they must have.
Must Keep Out of Politics.
Let the local attorneys OF the big
; roads keep out of politics. Let the
big railroad man scrupuousIy refrain
from any effort to influence politics OF
government save is it is the duty of
every good citizen IN legitimate ways
to try to influence politics and govern
ments."
Raps the Spectators.
Finally President Roosevelt paid his
respects 10 the spectators in railroad
securities. He said:
Those railway owners and
managers who have enriched them
selves by loading their properties with
securities representing little or no val
ue deserve our strongest condemna-
ton"
And again he uttered this significant
warning:
= Most certainly there will be no re-
taxation by the government authorities
IN the effort TO get at any great rail
road wrecker-any man who, by clever
swindling devices. robs investors. op-
: presses wage workers, and does in
+ justice to the general public"
b No scheme of Vengeance.
!. President Roosevelt said the admin
s istration has no enemies to punish. NJ
S friends to favor He summed up hi
r position in these words:
> LAS a matter of course. We shall pun
.e ish any criminal whom we can con
J. Wet under the law. but we have 4
Intention OF confounding the innocen