Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-12-11
Railroads..

kair0a0S.
Few after moments reflection will
say that it is the province Of the national
government to deprive the owners of
shares of railroad stock of their rights;
but on the contrary, that it is the gov
ernment's duty to protect railroad stock
holders in their rights as surely as other
citizens are protected in their property
eminent ownership of railroads will
hardly say that the government should first
rob the thousands of people in this coun-
try, who own from one to thousand
shares Of railroad stock, of their property
in order to assume direction thereof. More
over, however, much one may believe in
the ultimate ownership of railroads by
government he must surely agree that
present legislation shall be the best, the
most equitable that we can make it along
the lines already laid down. Again it
is the manifest duty of the government to
increase rather than hamper the facilities
afforded the public for communication,
for shipment of products, for safety to life
ana to property in transit. 1t seems to be
just as much the duty of the government
to avoid injurious stimulation of compe-
tition as to neglect to restrain monopoly
from destroying competition. 1t is said
,Nfth n inf
state commerce act that it stimulates
competition to the extent that one or more
of the councillors must be crushed out,
together with the facilities for transpor-
tation, convenience to the public, and the
property invested. That this clause of
the law is injurious in its operations
seems to be quite generally conceded.
few, some of whom including Bryan,
the "boy orator, are believed to be talk
ing for demagogical effect. oppose it.
Judge Reagan through whose influence
the clause was put in the law now favors
the amendment before Congress. Con
gresham Reed was never accused of being
"a monopolist, nor of being afraid to take
a position on question under discussion.
He not only favors the amendment but
presents arguments in its favor that have
vet TO be answered. The amendment
would allow the railroads to form pool
and the contract entered into to be under
the supervision of the interstate COM
merce commission, and be subject to final
review by the United States supremce
court While upon this question it would
be stran &c if there We're not honest differ
ences of opinion assuredly the role of the
demagogue is to oppose it and the man
who favors it because ne believes it just
and business like will come in for the
demagogue's revling.
One thing is certain, something ought
to be done to prevent our railroads, which
come into competition for freight with
the Canadian Pacific from being subjected
to that foreign competitors mercies. The
C. p. r. r. is a foreign and heavily sub
sidized road that is afforded every facility
which unlimited capital can give 1t can
cut the threats of competing lines between
the Atlantic and the Pacific, with impun-
ity while the interstate commerce law rs
it now is, aids it in the operation.
The railroads of this country have had
a struggle for several years, some of them
to maintain their existence. While it is
true that in some cases there is more than
suspicion that the stockholders interests
are subordinate to those of the manipula
tors there is no reason why the government
should impose additional burdens upon
the stockholders. Instead remedy to pro
tect them should be sought.
Statistics already received from $40
companies operating 1i9, 559,21 miles of
line, show slight falling off from last
year. Notwithstanding the Worlds Fair
business which was distributed in both
years, the reports of neither are flattering to
the railroad investor. The report says ::
of all railways will exceed fifty million
dollars. The dividend paid aggregated
500, i64, 961 as compared with SOC, AGA,
1870 for 1898. After deduction of dividends
there is deficit Of s2S, 032, 621. This
fact shows that some dividends We're either
paid out of accumulated surplus of past
years. or their payment has neeessitated
an increase in current Indebtedness Re
CARELESS of decrease in traffic there has
been a decline in rates during the year.
the average receipts per passenger per mile
being /. $40 cents compared with ,. los in
1898, while average receipts per ton per
mile were S66 cent, compared with .S7S
in 1898.
MAINE GOSSIP,