New-York tribune., 1907-02-24
The Financial World.


Another haunting terror dancing upon the bear
biograph is the attitude of national and State
officials toward railroads and other corporations
Against this may he quoted the intelligent in
terest of important labor orsaniza lions, who
strongly protest against any indiscriminate cam
paign of corporation prosecution wages cannot
he maintained if earnings are rutnieSSiy cut
down: and alert politicians will not be slow "a
take cCgnizanCe of this demonstration
Railroad rate questions so violently agttate1-
in certain quarters. seem chiefly academic
There is no complaint from any section OF undue
hardship-freight rates are Cohceueu fetSoIao ole-
in fact lower than ever before known While
commodities and wages have rushed upward.
railroad rates have remained stationary or ara.
reduced No attempt has been made 70 sub
iect the public to unjust tolls. And this is the
important feature of the present situation bota
from business and ethical points of view
one current feature Of discussion in the busl-
ness world more entertaining than inspiritiES.
shows disposition on the part or Conspicuous
railway managers To make i'll Hatured COM
plants Some Of these go so far in their intem-
nera ncs-seIecting for assault the motives and
methods of President ROOseVelt-sS 10 deprive
them of value as intelligent or fair criticism. II
irate Outbursts arc intended for effect on public
sentiment their utterers show Inability 10 COM
prehend the public's mood; Tor II is uuIortunate-i
ly of record that where there has been broad
official corporation investigation, pad tnlngsi
have been brought 10 light ttelaIlNely tne dls't re-
coura sing disclosures it is true, are not OF thS
Importance which can warrant that Whotesas
Indictment OF American business ddmlnIstra-
ton so much proclaimed in the columns Of our
chrome newspapers. Yet candid men are bound.
to recognize two distinctive facts in the situa-
ton one is. that in every investigation that
has been fairly pursued there have been revela-+.
tiOns indicating beyond any manner OF doubt
that some influential railway managers have
acted on the theory that they themselves were
the corporations their own profits Of pre-eu1i-
nent importance-and too frequently as seque'.
10 this theory. has shown me operation 1L prdc~
tfces and performances which rude observers 90
nor feel themselves ungenerouS In characteriZinS
as graft But the second fact, per contra. IS JUST
fr,fFi i've Df
on the part Of those who are critcal-tor what -
ever the shortcomings, whatever the disclosed
official levies it is beyond question taat illo-
eraI unfair. exaggerated, actually mean, mis-
Judgment has prevailed I'm quarters Holsly
claiming 20 champion the PunUc IAleleS,. LPoh
the proven disloyaity OF relauNelE al rev eNecu-
tives has been founded a sweeping lHdiclIlent
Of our whole business world This passes TOOL
ishness is crimiUality- between tA- IdilIoads
OF the country the shippers Of the country and
the couutry's investors there ought 70 he 10
conflict mat can involve aUght that is unfair
The dishouorable railway manager Is not the
typical railway manager. All of us know II;
and outcry 10 the contrary - bunconloe
Still I'm further candoT. signs not 70 be mis-"
read show in very large degree that some ral-
way interests themselves responsive l0r
adverse criticisU-for II IS @ n2',--,7ss - e.5 o-.
clally 10 strut that superiority 50 mlch aiiec5ed
by managers proIeSsedl} coIllei'lp1u'uS Gt ne
theory that the public can have any risnt %
inquire into the administration ot corporations
which exist hy the pUbIic's license. 70 Is THIS
very Bourbonism in high official quarters WAlta
has largely challenged an iuimical public DIS
position And they who question thlS are mere
" qu. -reIlers with fact The corporation N1-F
j5ea ne rut 10 get out Of the way
T,I,o , PeDnsvlvauia railway exhibit In
* Tl.--1' 80, -. e. ,.,-lia ri--z 7-sufrit-
Eesl!sdl. l.oH ro I{-5. - 80 f.- --sr that
.,-e "a --,-.rs.f4r some disclosures
I-'l-IS-- W." -'t. -.--,-..r-..v- INSIDERS.
49, 80 t.- E - - rr-- rI-,- were shocked
dCh'Io" Iu0f. ms . 49, -, ,,~'-aa,7af ra nix
r.ecassitated reforms with curio virtue prote--a-
- It-,',,.,-cr fr- rTo~,Tls,rre-S or lack 2
tboroughness. the PENNSYLVANIA investigation
al "A Ia q
- 4uHt1 g q - 80. .f7..f4r 1-rara-Ce5
y - 1I'% w.. -. a,-~-,..s1 s.rr1gI rharkfuI-
Sl-oI'1 ~ ~. Iir-.,,.i -r,r,rf, f-1ufr,- came.
-, a., b s,.I,-51sf i5 very far from
f 80 H. t,,,estis,a+i,r,s deserve c0udeuua-
- "
,..- ,,.-,- fs tho rorr,~.tio0 view. t1a
~ -, a.. 49, frt- ef-act-anF the public view
-. ~ h, GOING ID, rreyaU S.te-s
- 'i,' - "-f.re. .,7r+rgI of mis- fact And
~. NoI - ,lisI~i,f-,,- disclosure comes through
i-,...ss.ts-,ty,,, ire effect iS augmented Ly the
,,,,hrtl,s r..Iizarfor that the truth is come
- -, - mn, Iarr, ar rra coruorstIouS them
1,'' ..-...j-t.,,
P''"'''-'
5 ..,..- .,--,-.1 ,s,,jl-s
tHeS WI" SUM Sul...'' " l- - 80 ,--,,r,.----r srlrzr-
vision do not n@Es @ al,,.. - lu s,r- NJ -
St'i'','. a''"l.lI .'7-'.' - f-,.s4- I'D, i- r,..
the SAlPpti '"tS' '"' - ---,t,,- - +,-
interest 'i tv lliNeS,'L' 49, 49, prsi-
example. 'T.'t.ls J.-.t. .i , I-r.5 --.rr,
ttuC INouS7' CIV .. ,-.., ,,,--',,-f.'- --.s-ss
strenuous t,'l',.''.'N ~ r..-,f-si
pl"'I"-'.tt. 81. w y ..' +, ,,r,- -f. Pres
ie-iS".S ~ ,', & - - ,,-.,,lrr sr.4 ,-,rus
cI-I W, I-, ,,.7- " - ,r..,r fe-,4r.,ri1r that
,'S'-ss,- ,'t- 5,.,,;r,- go e4.li-r f,-.g-Iss
tt-T 0'.tiS -, - - r..F r-, ..,, ~a-
,utl- {+ I,,Sf., s" jts,Tns,,~gs fisr.szF not
-. F MS T,ri7,,er f,1sitv but 0f trc rest -
suit is vhlt2 Certainly This: that millions and
Tens of millions of dollars per year hitherto d.
-,FT., rF. mus