The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-03-15
NO BACK DOWN.
Wall Street FURRY Does Not
Affect the President.
Regards 1t as a Move of Rail-
road Interests.
TREASURY WILL HELP
Steps Taken to Relieve the
Monetary Stringency.
Further Than That the Admin
istratiOn will Not Go.


and treasury department have been
flooded with appeals for President
Roosevelt and Secretary Cortelyou to
take some action to avert the threat
ened disaster" in the financial and rail-
road world. 1t can be stated author1ta-
lively, however, that President Roose-
veIt will not change his attitude toward
the railroads, though it is admitted that
the administration has no intention of
entering on an extremely radical attack
on the railway corporations.
While it is known that the visit OF
J. Pierpont Morgan to the White house
last Monday night to induce the presl-
dent to issue a reassuring statement TO
the country in regard to the admins
tration's attitude toward the railroads.
and the apparent failure OF the nhan-
ciers' appeal has had much TO 90 with
the panicky conditions that swept over
| Wall street President Roosevelt has re-
peatedly said that he is not an enemy
| of the railroads, and that those tnat
| obey the laws have nothing TO Iear
! from the government Whlle II mas not
been definitely decided, the president
NAV issue a statement outlining his
! attitude after he has conferred with
| Presidents McCrea, Newman, Mellen
and Hughitt on the railroad situation
The conference with the four railroad
nagnates which was granted by the
| president at the earnest request of Mr.
| Morgan. will be held early next week
1t is generally understood by those close
| to the president that the railway ofi-
cials will urge Mr.. Roosevelt to take
| some steps to 'allay the public anxiety
| now threatening to obstruct railroad IN
| vestments and construction and as TO
| the relations between the railroads ana
| the government
the White House, the president has
held numerous conferences with
| Chairman Knapp and members or the
| interstate commerce commission IN
| order that he may be in better posi-
| ton to present the administration
\ side of the question when he meets tne
railroad presidents next week
! The administration is firmly con-
vinced that the great unrest IN nnan-
cial circles has been brought on by the
| arguments advanced by the railroad
] interests in trying to prevent "hostlle
| LEGISLATION in the various states, and
not by the attitude that the federal
/ government has taken to enforce the
ia us regulating the common carriers.
e H Hartman, when he was in TINS
! city recently, and President "A b.
! Stickney, of the Chicago Great West
| ern, who called at the White House,
have expressed the same opinion.
In his interviews with the members
| of the interstate commerce commits
sion the president is fortifying h1mself
| with regard to all the facts that body
/
| LEGATIONS In this way he will be able
| to meet argument with argument and
| fact with fact. The president 1t is
| known, takes the same position as
| sumed when he sent his message to
! congress- last December and called at
| tention TO the fact that during the
| last five months with which the new
law was operative at that time, the
| railroads have shown increased earn
ings and some of them unusual div1-
This. the president believes, refutes
the claims of the railroads at the time
that the new law would ruin them,
and emphasizes the fact that rate leg
| islation either by federal or state gov
ernments is not the cause OF the pres
ent panicky conditions.
| The president, too, has referred sig
nificantly to another part of his mes
sage in which he said, 1t must not pc
supposed, however. that with the pas
sage of these laws it will be possible to
stop progress along the line OF 1ncreas-
ing the power of the national govern
ment over the use OF capltdl III inter-
state comm cree.
In pointing out these and other pas
sages from his recent message to those
with whom he has talked, the presi-
dent has indicated that he has taken
no backward steps in his views as to
the advisability of making the regula-
tions and laws still stronger along GER
tain lines.
Although bel1eVlng lIlal the coHul-
tions in New York are due to nothing
for which the administration is re-
sponsihle, the president believes he
has done everything that consistently
can be done to give relief to the money
market.
The orders issued by Secretary
Cortelyou prevent the withdrawal OF
large sums belonging to the govern
1nent and provide the way for the use
Of additional funds in Wall street. The
6rst order put quietus on the rumo
that the treasury was to Immediately
withdraw the additional deposits put
in the banks last October, amounting
to $50, 100000.
MT Cortelyou issued an order that
the S16,oOO,000 of additional currency
taken out by the national banks could
he held bv them without substituting
federal for the state and other bonds
with which it is now secured. This. it
is pointed out, will prevent sharp de-
mand for government bonds for de-
posit as security.
Another step which will put 81, 600.
600 a dav into circulation is the de-
nosit of customs receipts in the de-
nositaries as provided under the new
currency act. The secretary also has
notified bondholders that he will re-
deem. with interest to July 1. when
they will mature, any bonds of the
per cent funded loan of 1907, to an
amount not exceeding $25.000,00
These bonds may be presented at once
No Word From Railway Men.
Washington March 15.-The presi-
dent is still without word from the
railway officials, who it is said, are
Morgan's suggestion, to talk about the
relations between the railroads and the
government
Two early visitors to the White