The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-03-27
INGALLS, TAKES AN OPTIMISTIC VIEW
SITUATION IS WORKING OUT NICELY
THROUGHOUT THE ENTIRE COUNTRY

think, can be called the chief causes
of this panic.
The president. alone, could not
have caused such panic as We have
Just experienced, yet his attitude I'M
doubtedly contributed largely TO the
public distrust. At a critical time
he leaped on his horse and announe-
ed his Quixotic intention of over rid
ing capital and industry. In New
York d great many of the financiers
declare that Roosevelt was the sole
cause of the panic, while others lay
the blame entirely on Wall street.
The speculative spirit that swept
over the country and made itself evil
dent especially in the west has con-
tributed 10 the present conditions.
Enterprises were begun recklessly
from which the investors could not
hope to realize for years TO come.
and when the crash came there was
nowhere to turn, nothing TO do In
many cases but to abandon what had
already cost so dearly.
AT time like this the railroads
are hit the hardest. Railroads are
the biggest spendthrifts in the coun-
try. They never have any money.
What they get they are constantly
expanding in new ventures. Thus 1t
is that when railroads are economic
ing there are necessarily dull times.
Just now the railroads east and west
are cutting down expenses in every
way possible. Construction work is
stopped. Men are laid OF Dividends
are cut down. Trains are taken on.
They are spending just as little as
possible and waiting for the shower
to pass. ~
This policy of retrenchment is
made absolutely necessary by pre-
vailing conditions. The first thing
that had TO be done was to stop all
construction work, or all except that
which was absolutely necessary.
Bonds deprecated in value. Notes
and obligations had to be met to pre-
serve the credit of the roads. There
was nothing to be done except to re-
duce expenses.
"One thing that all the railroads
the wages of the men. | belieye that
the SlIlht Vi tnt ftlO
men is only local labor trouble. ]
cannot think that IL was precipitated
as part of a general movement to
reduce wages of the men. In fact,
know that the policy of the rail-
roads is TO keep the wages of the
men M as long as possible. / do not
mean by that that the railroads are
not letting out every man they can
get along without. They have no
heart when Ii comes to that question.
But they are doing their best tonpre-
serve the wages of the men. Next
fall il may be necessary to cut the
| wages, but | hope not We look for
the conditions to improve with re-
adjustment of business interests a
new election and new policies.
"Mr. Harriman's troubles are the
result of an unfortunate quarrel with
the president. There is altogether
too much politics in the dispute. Mr..
Hartman is strong man, but he
lacks tact. He follows a determined
policy that makes enemies for him.
However he seems to be weathering
the gale all right.
| The promising candidates for the
presidency are Bryan and Taft. Both
will undoubtedly be nominated with
but little opposition. Bryan will cas-
| lily get the votes of two-thirds of the
delegates at Denver.
| Taft's strongest opponent Will he
| Governor Hughes. who will have the
support of the New York delegation.
Governor Hughes will not control
| enough votes IN win him thp uomi N a :
ton, and the contest will be brief.
The race between Bryan and Taft
will be close. Bryan this year has
an excellent show to carry New York.
Hearst got nearly as many votes for
governor as Hughes, and | can't see
why Bryan cannot get as many or
more votes in New York than
| Hearst"