Railroads--Finance

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

Creator(s)

Shaw, Leslie M. (Leslie Mortier), 1848-1932

Andrew Carnegie accepts President Roosevelt’s invitation and sets a date for their luncheon. Carnegie congratulates Roosevelt on Archibald B. Roosevelt’s recovery. Roosevelt now has time for other matters. Issuance of capital stock to finance railroads needs to be regulated. Carnegie will show Roosevelt his speech for the Peace Conference and hopes to receive suggestions. He thinks that he will have greater success if Elihu Root goes to the Hague with him.

Collection

Library of Congress Manuscript Division

Creation Date

1907-03-12

Creator(s)

Carnegie, Andrew, 1835-1919

Railroad executive William C. Brown tells Chairman of the Isthmian Canal Commission Theodore P. Shonts that he is happy Shonts will be coming to New York. He reminisces about a train trip taken with then vice-presidential candidate Theodore Roosevelt, and discusses the paths their careers have taken. Brown expresses his support for federal and state railroad regulations, but is concerned that poor public confidence surrounding abuses and corruption by railroad executives in the past, is impacting the financing of railroad improvements. Brown hopes President Roosevelt will “call attention to the fact that the railroads are an important and inseparable part of the wealth of this Nation.”

Collection

Library of Congress Manuscript Division

Creation Date

1907-01-28

Creator(s)

Brown, W. C. (William Carlos), 1853-1924

President Roosevelt discusses with James Creelman his opinion on George Paish’s article about the American economy struggling due to too many railroads. Roosevelt will not respond immediately to Paish because he will be delivering a speech on the topic.

Collection

Library of Congress Manuscript Division

Creation Date

1907-05-22

Creator(s)

Roosevelt, Theodore, 1858-1919

President Roosevelt notes the suggestions in Leslie M. Shaw’s letter as pertaining to monopolies. Furthermore, Shaw provided a helpful hint regarding the need to apply the same regulations to other industries which will be enforced over the railroads.

Collection

Library of Congress Manuscript Division

Creation Date

1907-03-15

Creator(s)

Roosevelt, Theodore, 1858-1919

President Theodore Roosevelt thinks John A. Sleicher is “right about my meeting those railroad men.” The railroad men need to announce that they accept and will work with the government regulation. They are being cooperative now, but it would have been better had they thought to do this a year ago.

Collection

Library of Congress Manuscript Division

Creation Date

1907-03-12

Creator(s)

Roosevelt, Theodore, 1858-1919

Henry Lee Higginson offers President Roosevelt his opinions and critiques about current economic policies in the United States, especially pertaining to the Treasury Department and to railroads. Higginson believes the Treasury should circulate more money and is against the policy of holding it out of circulation. He also believes that railroad owners and investors should be able to reap the benefits of the risks they take in investing in railroad stock.

Collection

Library of Congress Manuscript Division

Creation Date

1907-04-24

Creator(s)

Higginson, Henry Lee, 1834-1919

Francis, Bro. & Co. provides an overview of the Terminal Railroad Association of St. Louis and the investment bonds available for it.

Collection

Library of Congress Manuscript Division

Creation Date

1906-03-15

Creator(s)

Francis, Bro. & Co.

The directors of the Chicago National Bank report to Comptroller of the Currency, William Barret Ridgely, on the status of several of their outstanding loans and bond purchases, mostly concentrated in railroads and mining. (The bank would fail in December of that year.)

Collection

Library of Congress Manuscript Division

Creation Date

1905-07-12

Creator(s)

Smyth, John M., 1843-1909; McNally, Fred G. (Frederick George), 1865-1907; Best, William, 1841-1919; Walsh, John R., 1836 or 1837-1911; Blount, Frederick M., 1853-1928

On December 10, 1919, Governor Calvin Coolidge hosts five New England governors in a conference on transportation and fuel conditions. At the State House in Boston the governors pledge support of coal regulation and continuing financial aid for New England’s railroads after their return to private control in peacetime. Attending the conference are Governors Coolidge, Massachusetts; Percival W. Clement, Vermont; Robert Livingston Beeckman, Rhode Island; John H. Bartlett, New Hampshire; Carl E. Milliken, Maine; and Marcus H. Holcomb, Connecticut. Views of governors on upper portico of the state house and posed in Governor Coolidge’s office.

Collection

Library of Congress Motion Picture, Broadcasting and Recorded Sound

Creation Date

1919

Creator(s)

Carver, H. P. (Harry P.), -1952

John Byrne apologizes and explains to President Roosevelt why he did not submit a list of names for possible appointment to a Commission to deal with railroad financial systems. Byrne states that the selection was more difficult than he first thought and that great care must be taken with the Commission idea so as not to offend Congress and reflect unfavorably on the Administration.

Collection

Library of Congress Manuscript Division

Creation Date

1903-12-26

Creator(s)

Byrne, John, 1842-1905

Report on expenditure for improvements, additions, and equipment for several railroad lines.

Collection

Library of Congress Manuscript Division

Creation Date

1903-10-02

Creator(s)

Unknown

The creation of the Northern Securities Company is another step towards the consolidation of the nation’s railroad system. The new entity is almost a monopoly west of the Mississippi River. If railroad consolidation and organization continues the government will be in a perfect position to assume control.

Collection

Library of Congress Manuscript Division

Creation Date

1901-11-14

Creator(s)

Unknown