Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-24
PRESIDENTS BIG TASK.


PRESIDENTS BIG TASK.
1t is believed that the President
sees signs of his long campaign for
the prevention of stock watering and
the swlndling of investors bearing
fruit. At the same time he Is i'm.
pressed with the economy changes
this might bring. He is confronting
n stock market which shows signs OF
sagging into stagnatlon, with posi-.
bic disaster to business in its train,
and he does not intend to do anything
which will cause an increase of bust
ness troubles. He Is not as thorough
ly convinced as some financiers are
that the drop in stocks Is entirely the
result of natural causes or of expos.
ures, but he firmly believes that the
question of railroad abuses has taken
deep hold on the public mind, and
must be settled.
He is studiously engaged In map.
ping out policy for Congress next
winter, and the care with which he is
doing 1t shows that he appreciates
the danger of making false step.
With confidence shaken in railroad
securities by the Hartman exposure
on the one hand and William j.
Bryan's triumphal lecture tour on the
other, the President undoubtedly sees
that he has before him task of in
tricate detail and gigantic proportions
If he would restore stock stability and
avoid what might at the next election
be a vote Of approval Of the govern.
ment ownership idea.
One thing can be announced with
certainty, and that Is that the Presl-
dent has concluded that the stock
watering of the past cannot be rene.
died. The government must let by
cones be bygones, much as the admin.
istration would like to punish the
overissuance of stocks and bonds. The
securities that have been issued have
for the most part passed into the
hands of innocent purchasers, and the
government is powerless to do any.
thing as to those gigantic manipula.
tons which marked the Chicago &c
Altoa deal, the refinancing of the
Rock Island, the operations of Mr.. j.
j. Hill In connection with his railroads
and similar transactions.
D..
But such things can be stopped and
made impossible, and the President is
confident that the people will support
him in advocating the passage by the
next Congress OF law which would
permit any corporation doing an in.
terstate business that desires to issue
new stocks or bonds to have the plan
approved by some central board i'm
washington on disclosing the pur-
poses for which the issue is to be
made. The President is very strong.
~ OF the opinion that had Congress-
adopted his recommendation con.
tained In his last annual message ~.
this point very long step would have
been taken in disarming the suspicion
Oh raiiroad stocks and bonds that now
exists In Wall street. Tho fact that
the government has reached the co ).
cluslon That 1t cannot restore to the
properties the securities that were is.
sued for the purpose of making a few
millions for each member of a svndi.
cate over night does not mean thar T.
Is willing to say to Mr.. Hartman ard
his associates, Go and sin no more !,
IL may be that there will be sui :;
against tho Hartman manipulators.
put these will be for violation of the
sherman antitrust law and the inter.
state commerce law. However. that
IS not yet ccriain, but at the same
time the determination by the gov.
eFnment that ii can do nothing Inf
expose these abuses of railroad proD.
erues as to exploits In the mast and
urge law to prevent their recur.
renee In the future it Is believed will
go Tar toward restoring confidence.
he decision as TO the futility of an
attempt TO squeeze out the water
ooes not mean any new departure on
thc part of the President regarding
railroads. He is not abandoning INV
program, but there are signs that MIR,
Roosevelt realizes that he needs the,
very best advice from practical mon