The Cairo bulletin., 1907-03-13
RATE LEGISLATION
PAVING WAY FOR
PANIC SAYS
ST|CKNEY
ROADS OF COUNTRY WILL BE
BANKRUPT BY NEW STATE
LAWS HE DECLARES
ROOSEVELT NOT BLAMED
Hostile Rcgulations--Says Agri-
tation VIII Make Hundreds
of Thousands Idle.

Minneapolis. March 12.--presile nt
James ]. Hill Of the Great Northcrm
railroad before the legislative com
mittee today declared without quail
ication that he would be only to,
willing to have the United States
government take over hts road He
predicted. however that IL the gov
ernmcnt went into the railroad bns's
ness ii would find white elephant
on It's hands and would very soon thy
TO find some means of dispDsing OF III
Washington, Mrach IA. u.
Sticknsy OF st. Paul president Of The
Great Western railroad tonight n an
interview discussing the railroad
situation said;
The people are now laying 4 feun
dation. firm and strong. for tie-
mendous panic
Stickney said he does not believe
the crisis will be reached wits The
next two years, but he took theposi-
ton that II will certainly come and
will be even more disastrous than thr
panic of 1898 "a. He declared that II
the presen railroad agitation is kept
| up, all the RAILWAYS are threatened
with bankruptcy and that IN 1909
Great unrest in the financial world,
President Stickney says II not due ~
the policy of President Roosevelt but
is brought about by hostile leg's 'sla-
ItIou by state legislatures !.
Stickney centended that the only
solution of the railroad problem II 10
grant all the power TO regulate roads
10 The federal government.
Wants New Commerce Commission
He urged the establishment Of q
derart ment Of Interstate commerce.
its head to be members of the cahi-
net. He asserted that the pro 'ent m
terstatc commerce commission Is a
failure because the power to ac. Is
placed in the hands OF too many men.
lie said he believed far better re-
suits could be secured II the entire
matter were placed in charge Of
cabinet officer with power to enforce
The laws now on the statute books.
Stickncy's visit here al this tinse,
following 50 closely that Of Il. II.
Hartman and the hurried trip of J.
plerpcnt Morgan, canscd eonslleF-
able comment In official circles To-
night Stckney says he has no ap-
uointmcnt 10 see the president bnl he
iniimatcd he might call at TIE White
House before he leaves for the west.
UphoIds Rooseve!t's Action.
II am in favor Of al Presden'
Roosevelt. by his public acts. stands
up for TO this time In respect 10 to
regulation of railroads and their
rates" said st.ckney. "but the logs
latures 4 diifcIent states have taken
the matter mp where the president
left of and seem TO be vieing win
each other to reduce rates and make
other regulations in regard to the
me hods Of conducting rallroaa busi-
ness which are entirely inconsistent
with each other and Of regulation or
tho federal government
This has brought about cos
diion II affairs which thFeitens a's=
aster in the Immediate future. Rail
ways already are finding the grca' est
difficulty in obtaining sufficient capt
tai to complete improvements now
under way and TO pay for additional
rolling stock which has already been
contracted for"
Roads Will Be Bankrupt.
The railroads Of the country VII
he forced into bankruptcy. 5 icsney
predicted. unless the revenues In
crease greatly over the past year,
'a"The decrease in the aver q
rates ri only a mill per torn a mile
no said ~wcald wipe oHt all diyidenfs
aud further decrease Of a mill snA
a third Of a mill per ton mi'e wonli
be equivalent to an interests on
iheir bonds and other Indebtedness
"Dusing the past six months wages
n an employees which constitutes
about co per cent Of the operating ex-
Denses Of railways. have been in
creased fully ten per cent and unless
railway rates can be increased 10 per
eent % cover this increase Of wages
he leading railroads viii be f0rsed
into bankrnp,cy-