The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-15
NOT HIS FAULT
Says PRESIDENT
Has No Idea Of Waging War
Against Railroads That
Obey Laws.
WILL NOT CHANGE ATTITUDE
Railway Presidents Will Hold
Conference at White House
Next Week..

WASHINGTON, March 14.-For moro
than forty-eight hours the White
House and Treasury Department have
been flooded with appeals for Prest-
dent Roosevelt and Secretary CorteI-
you to take some action to avoid the
Threatened Disaster in the financial
world. 1t can be stated authorita-
lively that President Roosevelt Will
not change his attitude toward the
railroads. though 1t Is admitted that
the administration has no intention OF
entering on an extremely radical at-
tack on the railway corporations,
While 1t is known that the visit OF II.
Z. Morgan to the White House last Mon
day night to induce the President to is
sue reassuring statement to tho coun-
try IN regard to the administration at
titude towards the railroads, and the an
parent failure OF the financier's appeal
has had much to do with the panic con-
ditions that, swept over Wall Street to-
day. President Roosevelt has repeatedly
said that he Is not an enemy OF the
railroads, and that those that obey the
laws have nothing to fear from the gov
ernment. While 1t has not been def
nitely decided. the President may issue
a statement outlining his attitude after
Newman, Mellen and Hughitt. 4
Conference Next Week.
The conference with the four railroad
mngnates, which was granted by the
President at the request OF Mr.. More<n,
will be held the early part OF next week.
1t Is understood by those close to the
President that the railway officials viii
urge Mr.. Roosevelt to take some steps
to "allay the public anxiety now threat
enng to obstruct railroad investments
and construction and as to the rela-
tions between the railroads and the gov
ernment."
Since Mr.. Morgans visit to the White
House, the President has held numerous
conferences with Chairman Knapp and
members OF tho Interstate Commerce
Commission In order that he may be In
better position to present the admlnis-
trations side OF the question when ne
meets the railroad presidents next week.
The administration is firmly con-
WINGED that the unrest In financial cir
cles has been brought on by the ar
guments advanced by the railroad in
tercsts In trying to prevent hostile
Legislation" in the various States and
not by tho attitude that the Federal
government has taken oenforce the
laws regulating the common carriers
~ iI' i'oiAiH'H" "NSN Nv was AZ w."
city recently, and President A. b.
Sticl<ney, OF Chicago Great Western,
who called ut the White House to-day
have expressed the Same opinion.
Is Not Responsible for Panic.
Tho President is rortlfyng himself
with regard to all tn efacts the Inter-
state Commerce Commission has dis
closed during Ms various investiga-
tlons. In this way he will be able
to meet argument with argument anr
fact with fact. The President It 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 tho
last Ave months''--wlthin which the
new law was operatlv ca THAT time
"the railroads have shown increased
earnings and some of them unusual
dividends"
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 ratio legislation,
either by Federal or State governments,
Is not the cause of tho panic conditions.
The President, too, has referred sig
nihcantly to another part OF his message,
IN which he said; ut must not be sup
posed, however, that with the passage
of these laws II viii be possible to stop
progress along the line Of increasing the
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