The Washington herald., 1907-11-05

A conference between President Roose-
welt and two fnanciers. representing some
OF the largest interests in the United
States, was the notable event at the
White House yesterday
The visitors were r. II. Carey. chair
man Of the executive committee Of the
United States Steel Corporation, and
Henry c. Frick, a large stockholder and
q director in that organization, and al
though they came conspicuously and left
the White House in silence, it is pre-
sumed that their visit here WAS volun-
tary and not by invitation of the Presi-
dent They came to talk over the finan-
cial situation.
r Their presence at the White House IS
comparable to the effort which. was
made many weeks ago to induce Presi-
dent Roosevelt to say something that
would reassure the country in connec-
ton with his attitude toward the COM
mon carriers and other large corpora
tions Of the United States
In the former case, the Presidents re-
ply was found in his speech at Province
town and on his trip to the Mississippi
River, utterances which did not give the
fullest satisfaction TO the men who have
felt a serious uneasiness over the fnan-
cial and Industrial outlook.
Statement Denied.
In the present instance there was also
q desire that the President should make
some statement that would reassure the
country. but the situation which led TO
this movement was felt TO be rather more
acute than that which caused the earlier
effort, for the financial conditions have
become disturbed. and the strictly none
tary phases of the situation have become
a matter of concern.
II was also reported that the immediate
cause Of the visit Of Mr.. Gary and Mr..
Frick at this time was the desire OF the
steel corporation to know if the purchase
by it of the Tennessee Coal and Iron
Company would call forth hostile action
by the Federal government Every official
in Washington who is in a position to
give information on this phase of the
conference, declined 10 discuss the mat
ter in any way, or even 10 admit that the
subject was discussed at all. 1t is under
stood that the President would not give
a conclusive answer to such a question in
advance. and the fact that the Attorney
General was not a party 10 the confer
ence confirms this view.
VIII Revise His Message.
AS a result of the conference at the
White House yesterday it is possible to
repeat the assertion on excellent author
fly that there will be no special session
of Congress to consider the financial sit
uation or for any other purpose. and that,
unless the President changes his mind, he
will make no statement TO the country in
regard to the matters which are troubling
the financial world. There was one i'm
portant outcome Of the visit however.
and that was the statement of the Presi-
dent that he would Immediately rewrite
that portion OF his annual message TO
Congress relating to the financial legisla-
ton.
Mr.. Roosevelt viii substitute something
Of a more definite nature, possibly recon-
mending some specific means Of relieving
the finances Of the country. This promise
was given to the Presidents visitors yes
terday.
Mr Gary and Mr.. Frick arrived at the
White House before noon yesterday
morning. and they remained with the
President an hour and "a half. while Vice
President Fairbanks and several Sena-
tors. who were casual morning callers.
waited IN the aute-rOom. The fnanciers
were driven TO the White House in a
somewhat dilapidated cab. and they had
been in the Presidents office some time
before many persons about the White
House became aware Of their presence.
Before the conference had proceeded very
far, Secretary Root was summoned 10
the White House and he remained until
Messrs. Gary and FriCk went away Sec
retary Of the Treasury Cortelyou was
not present during the interview.
II Is believed that Mr.. Roots pres
ence at the conference had to do es-
pecially with regard TO what particular
things the President shall say I'm his
message.
Secretary Roots Advice.
It Is believed that President Roosevelt
showed a willingness yesterday to be
guided. 70 a large extent. by the advice
OF Secretary Root and that the para
graphs Of the forthcoming message TO
Congress dealing with the financial con-
dltions will show the influence of that
statesman in the administration.
So far as anything Of a reassuring ma
ture regarding the Presidents antitrust
policy is concerned. It is believed that
Mr.. Roosevelt's visitors received nothing
The President feels that he can add moth
ing to and subtract nothing from the
statements that he has made in his mes
sage to Congress and in hispublic speeches
and writings in regard to his policy to-
ward great corporations engaged in inter
state business. There was some specula-
tion yesterday as 70 tho attitude Of the
administration toward the United States
Steel Corporation, or so-called steel trust.
in view of the visit Of Messrs. Gary and
Frick here. Some time ago the Bureau OF
Corporations began an investigation Of
the steel corporation, but with what re-
suit is not known here. It was freely
limited yesterday that no prosecution OF
that corporation need be expected, but a
confirmed statement one way or the other
Is wanting. It has been said within the
last day or two that the steel corpora
tion had on hand an enormous cash fund
which might be applied to the relief of
the money situation. II would be regard
ed by financiers and by all persons inter
ested in bringing about a better feeling
of confidence in the business outlook as
very Unwise for the government to bring
suit against the steel corporation under
the antitrust laws. even If such a suit
were feasible; and from all information
that could be obtained in Washington yes
terday there is no intention on the part
Of the administration Of doing so.
Nothing but Surmise.
There Is nothing but surmise as to
what the President will say In his mes
sage next month regarding the financial
and business situation. Whatever il may