The Washington times., 1905-02-20
STONE OPPOSES
TOWNSEND BILL
'Let Well Enough Alone, "
Says L. & n. Attorney.
GEORGIA PEACH MAN HEARD
Declares That Great Obstacles Have
Been Put in Way of Industry
by High Rates.

The Senate Committee on Interstate
Commerce soday heard Col. Henry S.
Store. counsel 2f the Louisville ana
Nashville Railroad Company, and L. A.
Dean. representing the fruit growers of
northern Georgis.
The former opposed all legislation
looking to regulating railroad rates.
saying he believed in letting well
enough alone" Senators Dolliver New
lands, Carmack aid Foster of Louisi-
ana did not entirely agree with the
witness sweeping statement. and piled
him with questions which brought our
interesting replies. Al one point Colonel
Stone started to withdraw but he was
detained few minutes longer TO answer
further questions.
Opposed House Bill.
Colonel Stone argued that the issch-
| Townsend bill, If enforced meant an
| end TO competition. 'All places" said
he, want not only similar rates but
they want all railroads 20 have the
| same rate to the same point" He
| thought this would not be good for
trade
He could not see why rates fixed by
| the Government could not be evaded
| just as readily as rates made by the
railroads.
The Louisville and Nashville railroad
/ has never broken the law" declared
! Colonel Stone, with emphasis. "and
/ President Smith has authorized me to
say that nothing along these lines can
be made too severe looking to the en-
| forcemeat Of tf2e law. Our books are
! always open to the Government"
! lie then gave biography of Presi-
! dent Smith, telling of his great expe-
-. q ar.,y1 he
Louisville and Nashville's stock of
! ST, 5l0, 90, worth 25 cents on tfe dollar
| when Smith took hold. is now worth
| $140. COO. CO., witness said.
Colonel Stone declared that Smith S
views were therefore entitled TO greater
! Consideration than the views OF theor-
: lists
Senator Dolliver took up the maximum
! rate question and said Western manu-
a, tul trs thought they ought TO have
equal rates 10 t3e Southern markets.
competition between Boston and At
| laEta, but this did not convince the Iowa
Senator that it was risht
/ We would like somebody to inquire
| into the rCasonabsencss of this situa-
| tion, commented Mr.. Dolliver.
Railroad Commissions.
Senator Newlands inquired about the
State railroad commissions in the vari-
| Gus States
Witness declared rates fixed by the
| commission in some States were net
enough to pay operating expenses. as III
Hines, for inst tnce
'Di1 you object In that case2" asked
| Mr.. NcwlaaGs
| No, VIC did not" admitted witness
/ Mr. NeWiands continued Il sharp ex-
/ animation, and asked witness whether
| tie purpose of combinations is not to
! elifninat te competition.
| Witness denied this, and explained it
! in lengthy manner. saying it was for
| the interest Of the people as well as
| for the railroad stockholders. The
! Senator said he could easily under
stand tho last part Of the answer. But
! he thought Congress ought to Ieeis-
/ late so as to protect the people at
/ large.
National Incorporation.
/ Mr. Newlands guided his inquiries
| toward his national Incorporation bill
and asked the witness whether that
would not help in the solution of the
problem.
Il think that's wholly impraeticable. .
said Colonel Stone.
Q.-Why SO?
/ A-Because the roads could not be
compelled TO enter into an fneorpora-
| tion on business within a State"
| Q.-Don't you think 1t would be wise
provision?
A.-Not unless the Government guar
antees the dividends to stock holders