The Cairo bulletin., 1905-01-16
PRESIDENT SPLAN
IS SOCIALISM
Henry Clews Says Interstate
Commission Should Not
HAVE THE AUTHORITY
TO FIX RAILROAD REBATES.
SAYS TARIFF WILL BE RE.
VlSED-TALks ABOUT
THE MARKET.
Special 10 The Bulletin.

DPoCidi ~ ne bulletin,
a New York, Jan. 1.-The securit
markets have been more irregula
: than expected the last few DAYS !
! few stocks, however, such as North
ern Securities, the Pacifics and tn,
local fractions, showed exceptiona
streng h, and gave the general mar
ket decidedly more buoyancy towards
the close. There was no change what
ever in general conditions to war
rant a downward movement for rail
road prosperity sufrered no interrup
ton ard general business is satisfac
tory
Reasons For HesItancy.
The reasons for hesitancy in the
carly par of week were not difacnlt
to find. IN the first place, prices OF
stocks are already high and sustain.
ga chiefly by the fact that money Is
very cheap and finds much the best
returns in stocks Again, the January
rise seems to have been partly antici.
pa-ed in December. Further, stocks
I have for several months been steadi-
/ iy passing from strong into weaker
hands. Gold exports have also ex,
erted a depressing influence, nearly
800 OOO,OO00 having left us since the
present movement began. 1t IS true
we are in a position to easily spare
this amount, and i. has gone where
1t VIII do most good; yet there is
prospect Of more following, and such
an onllx usually causes more con.
Germ than necessary. The most 30
tent influence, however, in checking
the rise was professionally the fear
OF prospective railroad and tariff leg
isla ion especially the former. All
sorts of radical measures are being
proposed which have not the remotest
chance Of ever becoming law; but
their effect upon the sensitive machn.
cry of finance is depressing. and until
the outcome can be clearly foreseen
they are likely to act as a sharp re.
sraint upon Wall street operations.
Railroad Rebate Question.
JUS now very active campaign of
discussion is being carried on regard.
ing the railroad rebate system and
private car abuses Probably no one
should be more glad to see these evils
abolished than the railroads them.
selves. and railroad managers are
more likely to cooperate with than
to antagonize President Roosevelt
in the obtaining Of such legislation.
The president seems much in earnest
about securing equal treatment to all
shippers alike, to which there can be
no objection from either owners or
users Of railroads. A great deal of I'm.
easiness, however. is shown at re.
ports that the president will also seek
to have the inters ate commerce com
mission, which has for years been
begging for increased power, clothed
with authority to fix rates for trans.
poriatiOn on railroads. Ii such an ey.
tension of government interference
were seriously contemplated there
would indeed be cause for approhen
sion. II is one thing for the govern.
mcnt TO say unreasonable rates shall
not be charged. and quite another for
it to actually fix rates. In the first
case il can only insist uDon what is
fair to both carrier and shipper, while
in the other it might, if it chose. name
rate that would ruin the railroads
and ornate a midi .,...,,a 1s.t---f
in values, the end Of which could not
be foreseen. There is already dan.
gerous tendency towards the enlarge
ment Of the functions of government.
and a halt should be called without
delay.
A Step Toward Socialism.
This fixing Of rates would be a big
step in the direction Of socialism and
ownership, or even prac
teal confiscation should the rate
making body so decide. Such power
would be intolerable in a free country
like the United States, and would
quickly create state Of affairs vast
~ worse than is now endured. For
tunately. the president. while in ent
upon obtaining some sort of relief
from railroad abuses through legisla
ton. is not committed TO the socialis
tic idea of the government fixing the
rate. In his recent public utterances
on the subject he has said. while il
would be undesirable, if not imprac-
ucable. to clothe the commission with
general authority to FIX railroad rates
do believe the commission should be
vested with the power 10 decide, sub.
Jet 10 judicial review, what shall be
a reasonable rate" There is nothing
radical in this statement; and. if il
still represents the presidents views.
there is absolutely no cause for TN.
easiness on that score.
As TO Tariff Revision.
Another source Of unnecessary ap-
pTehension is the tariff There is no
doubt thar public sentiment demands