The National tribune. [volume] (Washington, D.C.) 1877-1917, 1907-04-04
RAILROAD INDUSTRIES.
The President Much Disturbed Over the
Business Situation Strong Pressure
Upor Him to Relax His Course To.
ward the Railroads -Appraising the
Railroads.

Events have been moving rapidly at
the White House with reference to rali-
road and industrial conditions. Inc
dangers of a serious business depresslonl
have not passed. The President is ae-
voting much of his time to watchinsl
and to reading signs and 10 stuu! ing
out what is best for him TO DO. Many
of his visitors come to talk on thosel
topics.
The Wall Street troubles have sub
sided. at least temporarily. The Treas
ury Department went to great lenstns
to relieve the money market IN ne"
York. 1t directed that customs recelpts
in practically all cities, including new
York, be deposited IN Natlonal pahks,
instead of in Sub-Treasuries. This made
more money available for borrowing.
Secretary Cortelyou was loath to eXer-
else this power, conferred by Congress
only a few days before Congress ad-
journed. Probably it was fortunate that
Congress did that. No one knows YET
how permanent the relief from TINS ana
other expedients will be. Some of the
cabinet. notably Secretary Root and
Secretary Cortelyou, believe that thel
market will gradually become steadler,
and that the President will have no fur
Their reason for worry in that quarter at
present.
Others of the Presidents Cabinet fear
there will be more trouble, and that
nothing can be done to check q perlod
of contraction of credits. A visit from
q delegation of the Illinois Manufactur-
ers' Association a few days ago empha-
sized that business men in that state
were having trouble with credits. The
banks were curtailing. There was al
ready considerable embarrassment. me
same story is being told from many
lot nd cifiaS High rates of interest
are demanded, and if money can be had
at all ii is often at prohibitive rates.
Many letters and kilograms have been
pouring in upon the President describ-
ing such conditions.
The Business World Wants Pence.
He is reluctant to voice any suc.i con-
dition in a public speech, but has been
much urged to say something to assure
the business world to dispel the finan-
cial distress. After much deliberation
he has decided not to make speech at
Springfield, Ill. 1t is claimed that the
railroads are largely responsible for the
distrust. They have been unable to
borrow money for new improvements,
because of high rates of interest and
the lack of confidence in railroad Sc
curities. The railroad officials say the
President is to blame, as he has pushed
his campaign for railroad reform so
drastically that he has frightened in
Sestors.
The days have been trying ones for
the President. He has almost sweat
blood. The politicians have been drop
ping in to warn him, in the time of his
af1iction, that If the panic comes he
might as well take a sponge and wipe
of the slate. His popularity will go,
as the people feel the pinch OF hard
times, Just as the popularity Of Presi-
dent Cleveland was dissipated. He
would find it difficult to make Congress
perform the coming Winter, because the
cry would be for Just as little legislation
as possible prior to Presidential cleo
ton.
No wonder the President has been
torn with anxiety under such represen-
tations. OF course, the Republicans
have boosted of being the party of pros
perity, taking their chances against a
period Of depression sure to come SOON
er or later. II 1t should come before
the next Presidential election the Re-
publican Party would be blamed, and
the Republican Party would blame
Roosevelt 1t should be said in passing
that the President already blames the
railroads. He thinks If they had taken
his advice and done as he wanted them
to do there would be nothing to find
fault about now.
So the funny predicament of the
President and his party affords amuse-
ment for all except those who are feel
ing the financial pinch. Perhaps 1t VIII
all blow over soon. and thus be remem-
bered for only day. But the clouds
on tine horizon are causing plenty Of
worry, and some of the pessimists say
worse days are coming.
Possible Curtailment Of Plans.
It looks as tho the President were
ready to curtail some Of his legislative
plans There are indications that he
will drop his proposition for a general
appraisement Of railroads. The Presi-
dent was very enthusiastic about this a
couple of months ago, and gave orders
to the Interstate Commerce Commission
to go ahead with plans for his guidance.
He would then formulate a scheme to
be placed before Congress. This pur-
pose undoubtedly caused wide appre-
hension, for many of the railroads are
greatly oyercapitalized, and II this were
shown by an official appraisement the
effect would greatly depress railroad
Stocks and bonds and cause wide alarm
among the holders Of those securities
But this will not be attempted, and II
the President asks Congress to do much
Of anything in that direction II will be
to enact some provision to prevent over
capitalization in the future.
But 1t has become lively question
whether the President will try to do
anything at all this Winter in the mat
ter of railroad reform legislation. The
railroads and business men have stirred
him SO profoundly that he is more timid
than at any time since he became Presi-
dent. To be sure, the President Is still
sticking to his old doctrines. He is not
likely to admit that he has been check
ed. II the signs of coming depression
pass and the sky clears the President
will probably go on with his program
rs heretofore, only he will be little
more careful.
He has been making an earnest eff
fort to get at the bottom of the trou-
bles. He is constantly calling men Of
large business experience here for con-
eultation. Among his latest visitors was
President Marvin Hughitt, of the Chi
cago & Northwestern Road, in whom
he has great confidence. In the Badger
State railroads have been appraised, and
the effect is said to have been good
The President has heard a lot on that
subject from Senator La Toilette, who
originated the idea of general appraise-
ment of railroads and tried to get put
on the railroad-rate law as an amend
ment.
Appraising the Railroads.
But 1t looks as tho the President was
not likely to follow Senator La Toilette
and the appraisement scheme. What
ever Is done in that direction-if any
thing is done-will be by more conserv-
alive hands. Senator Dolliver, of Iowa,