New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-22
INTERSTATE COMMkRCE.

| Recent proof of the opinion Of investors
| regarding the Interstate Commerce bill ought
| to have fair consideration in Congress. Law
making bodies cannot afford to frame statutes
upon which the prosperity of great nation
must depend in entire disregard of the con-
| yic,ons of those who are Immediately affected,
aud whose action will be governed, not by the
theories of politicians, but by their own con-
victious If investors think this measure fatal
to their interest, they will make haste to sell.
| If they believe that the measure is likely to
bankrupt some railroads, though no one can
yet tell " hich, investors will take the precau-
| ton to tighten their holdings. Selling of
| securities by a large number of investors will
have an effect upon prces,..upon the ability of
| companies to dispose of bonds, and hence upon
railroad building and other industrial under
takings upon the demand for iron and many
other products, upon the course of gold and of
foreign exchanges, and thus at last upon the
prosperity of the whole country in all its inter-
ests Congressman may believe that investors
are foolish That makes no difference. The
sales of exceedingly foolish men affect the
money market and the general prosperity as
much as the purchases of the wisest Congress
men.
Inc point winch Influences luNeSUoTS lnOst ~
the prohibition of higher charges for short than
for long haus. Many Congressman do not
seem to understand that there is a necessary
difference in cost between the two kinds of ser
vices If the railroads charge according to
actual cost in every case, they must charge
higher rates for the local than for the through
traffic. If they do not they must tax the
through traffic unreasonably, and the producers
and consumers who are affected by il, in order
to carry the local freight at less than cost.
Canadian roads will not do this. Water routes
will not Consequently such requirement.
would drive large part of the through freight
to the Canadian roads or the water routes, and
would be disastrous to some American lines.
The fact that to other competing lines it would
be less disastrous is but another objection to
the measure it discriminates unfairly in favor
of some and against other railroads
A through freight train runs without stops at
local stations. Every such stoppage wears
rails, wheels, brakes and all rolling stock,
wastes fuel and steam and loses time. The
local freight must go by local trains, which
incur all this added cost. The through train
starts with full cars and ends with full cars.
There is neither delay cost for shifting.
The local train, if it starts with all cars full
cannot take on additional freight that may be
waiting at the first any other station. Ii it
starts with 200 tons, delivering freight at
different stations, it may take on an equal
amount, or much less, or none. Hence it can
not run with full cars that is, part of the
quantity of freight which its engine can draw
has to pay all the cost, and that cost IL far
higher than the cost of running through train
over the same distance. Investors know these
facts. Legislation which disregards them is
apt to appear to investors not only foolish, but
wantonly unjust, and in effect confiscation of
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