New-York tribune., 1911-11-29
ROOSEVELT DEAL
WITH INTERESTS
wharton Barker Says New York
Money King" Now Dead,
Told Him of Bargain Short
" Before 1904 Election.
ON RAILROAD QUESTION
Wall Street Frightened Roose-
welt and Abandoned Support
of Parker, 1t Is Alleged
Senate Committee Sur
prised by the Story.

DrlS6u ny VIC SIOAJ'
Washington, Nov. 2S. - Wharton
Barker. Of Philadelphia. surprised the
senate Committee on Interstate Com
.rno-ee to-day, when he testified that
Nev York banker told him in 1904 that
.the financial interests would support
President Roosevelt for reelection be-
cause he had made a bargain with
,hem "on the railroad question"
Mr. Rarker's statement came in the
course of a vigorous attack on the
"nonev trust" In which he alleged also
that President Roosevelt had known of
,be impending panic Of 1907 several
months before IT happened, but took no
action TO prevent il. lie declared that
H. Aldrich monetary plan was not the
work Of ex-senator Aldrich, but of MIR.
Warburc. Of Kuhn, Loeb & Co. Of New
York. and that a fund of S1,OOOOOO had
leon started 10 insure it's adoption.
Three or four weeks before the cleo
tor in 1904" Mr.. Barker said, Il was
walking down Broadway, when / met
ono .r the most distinguished money
k.rcs in New York, man now dead.
Hc said TO me, We are going to elect
Roosevelt I expressed surprise, and
asked if he had given up the support of
Tarker. He said yes, that they had
nightcned Roosevelt so he had made a
bargain with them"
Members Of the committee looked
someVhat incredulous. and Mr.. Barker
Gdded.
~ wish Mr. Roosevelt were here"
81 wish he were" said Senator Town
send. 'it would be interesting
Bargain on Railroad Question"
Mr.. Barker said the financial giant"
whom he declined to name, told him that
Roosevelt had made a bargain on the
railroad question" Mr.. Barker con-
t.nued.
He is TO holer all he wants TO-, he
told me. but by and by a railroad bill
will be- brought in by recommendation Of
the President, cutting off rebates ana
free passes which suits us, who own the
railroads. permitting the railroads to
make pooling arrangements and proyid-
ms for maximum rates.
The railroad man added, Mr. Barker
said. that under the latter authority It
would be possible to add from S300.OOO'-
s,O TO S4OO.OO0.000 TO the total freight
charges paid by the American public.
II told him / didn't believe Roosevelt
had made any such agreement" said Mr.
Barker. but when the annual message
Of 1905 went to Congress he recon-
mended most of those things. I wrote
tB President Roosevelt and told him
what heard and that 1 had thought the
AN lied. but now I must believe he had
ut. 1t was the only letter OF mine Mr.
:oosevelt ever failed to answer"
Members Of the committee asked Mr.
Barker 10 give the name of the financieI
who had told him the Roosevelt story.
% cannot 90 it," said Mr. Barker, "but
subsequently somebody was alleged &c
have stolen some correspondence be
tween Mr.. Hartman and the President
telling Of S250.OOO put up for election
expenses in the city of New York"
Tale Of the Panic of 1907.
referring to the panic of 1907, Mr.
Barker said a man who was present at
q conference at j. 2. Morgan's house in
May came TO him in Philadelphia and
wanted him 10 use his influence with
President Roosevelt TO stop a plan that
hal ueen mapped out he alleged. by the
financial leaders The man was a cap
tam in the Rough Riders, he said and
hal used his own influence with the
President, but without avail.
The plan" said Mr.. Barker, "contcm-
plated the curtailment Of loans, the with
draNal of credits. the putting away Of
money 10y those interested where they
could get il when they needed II TO stop
the panic and the enforcement Of the va
nous state laws regarding the holding
@, cash reserves 10y the banks and trust
companies"
Nr Barker said that in October, when
ne financial uphesyal reached its height,
he urged President Roosevelt to distrib-
U,s tho &t45O1On0 of cash in the
Treasury among the banks of Chicago,
Philadelphia Boston an other large
cities
He a8ntad 70 Go IT," Inc said. "hut
he called in Mr.. Knox. Mr Cortelyou
'nl Nr Boot and instead Of depositing
90 fhe outside cities ne plunged the
vnn'e amount into Wall street. It
bros. th" country but it saved the
gamblers"
2lr. Barker declared that those who
b ked the Aldrich monetary plan had
begun d propaganda" in which it was
proposed 20 spend S10OOGOO to secure
Us Endorsement Of the proposed legisla-
ton
YESTERDAY banker in Philadelphia
1rted To- collect that city's share of the
mon 100000" ne said.
Power Of the "Money Trust"
lie added that the great money oil
sarciy' Of New York controlled all lines
Of finance, industry and transportation,
and that 30 legislation designed to break
up the trusts would strike at the root of
'he trouble.
Few people appreciate how by control
81 the money Of trust companies saw
lngs banks and national and state banks
This money trust has throttled indi-
Fldua enterprise" he said.
lie urged q law that would compel ma
tions banks 10 hold their legal reserve
IN cash. instead Of having the power to
redeposit part Of it in the banks Of Rev
York