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Railroad companies--Finance

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Letter from Leslie M. Shaw to Theodore Roosevelt

Letter from Leslie M. Shaw to Theodore Roosevelt

Leslie M. Shaw is glad that President Roosevelt will be meeting with a committee of railroad men. Shaw notes that “at least three-fourths of the accumulated wealth of the United States has been unearned,” referring to value increases of land and real property over time. The difficulty is in how to “adjust matters that every man who has contributed capital or effort toward the development of our country shall have his fair share of the results of American effort.” Shaw identifies the corporate evils in the railroad industry as rooted in granting rebates and special privileges, and corporate control of corporations.

Collection

Library of Congress Manuscript Division

Creation Date

1907-03-14

Letter from William H. Taft to Theodore Roosevelt

Letter from William H. Taft to Theodore Roosevelt

Secretary of War Taft reviews the history of a proposed meeting between President Roosevelt and representatives of railroad interests. Banker Harry Bowly Hollins, being “fearful of a financial panic through the country,” believed that public confidence could be restored by President Roosevelt meeting with representatives of the railroads about their adherence to the Rate Bill. At first, it was thought the meeting should be with railroad presidents, but subsequently, a meeting with J. Pierpont Morgan was deemed to be better. Having discussed the proposal with Roosevelt, Taft relayed the latter’s doubts about the usefulness of such a meeting, but that he was willing to meet with Morgan, as long as everyone understood it was not at his request.

Collection

Library of Congress Manuscript Division

Creation Date

1907-03-11

Letter from Paul Morton to Theodore Roosevelt

Letter from Paul Morton to Theodore Roosevelt

Now that he has retired as Secretary of the Navy, Paul Morton makes a statement concerning the Atchison, Topeka, and Santa Fe Railroad Company and Colorado Fuel and Iron Company rebate case. Morton outlines the agreement between the parties and his own involvement in securing injunctions against the companies. Morton stresses his long history as a railroad man and his commitment to transparency and fairness.

Collection

Library of Congress Manuscript Division

Creation Date

1905-06-05

Letter from Theodore Roosevelt to Paul Morton

Letter from Theodore Roosevelt to Paul Morton

President Roosevelt has received Paul Morton’s letter concerning rebates given to the Colorado Fuel Company when Morton was vice president of the Atchison, Topeka, and Santa Fe Railroad. As Morton’s letter indicates, he was “ignorant of the existence of such rebates” and had explicitly prohibited rebates. Roosevelt acknowledges that years prior, Morton alone was someone who gave testimony that helped stop “the system of rebates as it then existed,” and this showed Roosevelt he was “a man whose word could be trusted absolutely.” Because of this fact, the president wanted to have Morton enter his cabinet in the Navy Department, which he did serving the past year. Upon accepting Morton’s recent resignation from office, Roosevelt wishes him and former president Grover Cleveland success at the Equitable Life Assurance Society. Roosevelt believes Morton and Cleveland will do an excellent job.

Collection

Library of Congress Manuscript Division

Creation Date

1905-06-12

Letter from Douglas Robinson to Theodore Roosevelt

Letter from Douglas Robinson to Theodore Roosevelt

Douglas Robinson wishes President Roosevelt a happy New Year and tells him that he took Theodore Roosevelt, Jr. to his box to check the bonds. Robinson has heard that Edith Roosevelt is inviting them to visit next month. Robinson says that he and Roosevelt both have troubles, although Roosevelt’s are larger. Robinson’s problems are related to the receivership of the Third Avenue Railway company. Roger Foster will argue before the Supreme Court whether or not Judge Lacombe had the authority to name a receiver in the case. Robinson encloses a clipping of Lacombe’s statement on the matter.

Collection

Library of Congress Manuscript Division

Creation Date

1908-01-09

Judge Lacombe appoints F. W. Whitridge receiver

Judge Lacombe appoints F. W. Whitridge receiver

Judge Emile Henry Lacombe has appointed Frederick W. Whitridge receiver for the Third Avenue Railway company. Lacombe commends receivers in general and believes that the criticism often levied against them is unfair. He believes Whitridge, who was nominated by a board member, is a good choice for the position.

Collection

Library of Congress Manuscript Division

Creation Date

1908-01