The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-28
PUBLIC IS ALARMED
Over Capitalization of Control
Among Railroads.
GREATER POWER FOR THEI. c. C..
Wall St. Journal Discusses Situation
- Says Public Alarm Will Be
... Reelected in Congress.

James J. Hills Northern Securities
company is credited in Wall street with
being one of the chief causes arousing the
public to a demand for congressional pro-
lection in the shape Of enlarged powers
for the Interstate commerce commission.
The Wall Street Journal says: The peo-
pie are taking alarm over recent events
and will demand some kind of protection
from congress-" BY recent events" Is
meant the organization Of big railway
corporations combining various systems
under one influence, one Of which is the
Northern Securities company. %.
The Wall Street Journal notes that all
the railway men and others say in oppo-
sition to the principle of giving the COM
mission enlarged powers may be true. but
that they must remember that 1t is a con
dition and not theory which must be
met The Journal says: $685.
l. The one thing that is certain Is that the
public will not at all events, permit abso-
lutte control by private individuals, few in
number, of the transportation industry. They
are not prepared to see few men absolutely
dominating the railroad systems OF the United
States unless those men are employees OF the
government. On the other hand the rail-
roads are being forced by circumstances into
combinations, the evolution of which is one
large combination. In order to avoid what
| thoughtful people admit to be great evil
very clear that some further measure of gov
eminent control must be extended over the
railroads and it is equally clear that with
this measure Of control should go some meas
ure of protection for the railroads to enable
them to preserve their efficiency.
If the rate making power is too great to be
entrusted to a small body Of men, such as
the interstate commerce commission, can 1t
be safely entrusted to a small bad y. of men
at all? And yet, the circumstances Of the in
dustry are to-day such to force concentra-
ton Of this very power in the hands of a
few men, and those men head great financial
interests deeply concerned not only in rail-
roads but other branches Of industry whose
prosperity is bound up with that of the rail-
roads.
Is it not clear that only the government can
entirely satisfy the public demand for pro-
lection In making rates? Suppose a furthe,
consolidation on large scale Of the eastern
railroads to take place under the auspices OF
capitalists already so largely identified with
them. Suppose competitor Of the United
States Steel corporation compelled to do bust
with these railroads, ia opposition to
that corporation, directed as it is by in
terests in control of the railroad situation.
What guarantee would such a competitor have
that the rate making power vested in men
controlling the railroads and the steel corpo-
ration would not be used against his inter-
ests? It will be said that he could trust to
the honesty and fair dealing Of dominant in
terests. II this Is so why could he not trust
to the honesty and fair dealing Of govern
ment official?
The Journal emphasizes the statement
that those who are studying the situation
must wake up to the fact that the people
of the country are really alarmed, and
that this sentiment will be reflected in
con gress.