The National tribune., 1907-09-26
RAILROAD LEGISLATION.
Continued from page one)

his European data into his annual mes
sage to Congress. His agents have no
all reported yet, and he is uncertai.
just what they viii furnish him. HI
does not intend, however. that Speake
Cannon or Col Pete Hepburn shal
catch him at disadvantage.
The methods of fin2nciering Euro
pean roads are being carefully studied
by these rival camps of Investigators
Figures pertaining to railroad securi'
ties have been gathered, The Govern
ments over there and also private cor
porations have raised enormous suns
of money ct different times toward the
construction and equipment of rail-
roads. The President and likewise hi:
leaders in the National House have
been desrous of ascertaining what term.
the Governments have prescribed fol
such investments, and also what safe.
guards were imposed for the protection
Cf the public in the investments in pri'
'yate enterprises.
The appraiSement or valuation o.
railroads is still live question with tn;
President. He wants Information abou
the experience of European roads with
that question, and before Congress
meets he expects to have that informa-
ton on his broad mahogany desk.
AS far as can he learned, the Inter
Stale Commerce Commission has had
quest. Heretofore when the President
has wanted to know something on a
pa: ticular railroad question he has sent
for Commissioner Knapp or Commis-
sioner Lane or Commissioner Prouty
He is understood to have preferred his
request to the German ambassador, in
dependently of the Interstate Com
merce Commission, and to have sent hi:
special agents abroad also without con-
Sulting the Commission.
1t has been a custom for Congress al
most every year 10 ask the Interstate
Commerce Commission to dig out more
or less Information during the Summer
recess touching railroad matters. Some
of the Commissioners would have been
very glad to have taken trip abroad
to investigate. but Speaker Cannon did
not suggest il. and the Commissioners
had TO pay their own vacation expenses
1t is said that Col. Hepburn gave no
intimation to members of the Commits
sion that he was going for a Summer
of European railway study.
The Speakers Attitude.
Speaker Cannon has already served
notice virtually that he does not favor
further railroad legislation at the COM
ing session of Congress. The President,
however, has gone SO far that it is not
seen how he can well turn back or how
he can acquiesce in Speaker Cannon s
position that Congress stand pat on the
railroad issue. 1t has been supposed
generally that Congress would be in a
mood to meet the President fully half
way on railroad legislation, having had
ample experience with him during the
enactment of the railroad-rate bill
Instead of this the President and his
party leaders in Congress seem to be
taking ground in advance, which prob
ably means renewal of strife that has
often ragged between the Capitol and
the White House. The Republican lead
ers see the certainty of numerous rail-
road cases being brought before the
Supreme Court this Winter for testing
the constitutionality of Congressional
enactments, and they want to await the
decisions of the court. That affords
them a good argument for delay. Fur
thetmore, the railroads are in serious
shape because of the difficulty in secur-
ing capital for extensions and improve
ments. They have to pay six per cent
and even seven per cent to get money.
which is an unusually high rate. The
financial stress is so great in railroad
circles that officials want to be let alone
by Congress for awhile.
Speaker Cannon and his followers
therefore reason that this is bad time
to further hamper the railroads by Fed
eril legislation prescribing how stocks
ana bonds shall be put upon the market
and how the public shall be protected
from misrepresentation. They see no
good in agitation for an appraisement
of railroads at this time. Such things
w3uld simply increa Sc the apprehension
in financial circles, and make it increas-
ingiy difficult for the railroads to get
money, which would mean employment
for fewer men and more probability OF
a semblance of hard times next year in
the midst Of the Presidential election.
But unless the President goes ahead
al full tilt against corporations, both
bS prosecutions in the courts and by
seeking stronger laws from Congress.
he will not be living up to the spirit of
bis Proyincetown speech. He must have
spme hot shot for the corporations in
lis annual message, and he must keep
congress working under high pressure
during the Winter, or the radical wing
Of his party Will think he is falling short
tif his; promises.
Possibly n Hard Row to Hoe.
The indications are that the Presi-
dent will have very hard row to hoe
with the railroads. They are now in a
better position to fight him than they
were two years ago. There is reform
legislation on the statute books, and
shey will claim that this should first be
Shoroly tested. They are already be-
ginning to discharge employees, and it
rs propheSied by well-informed men
that before many months many big
trunk lines and large railway systems
will begin a policy of retrenchment
wages for railroad employees have been
pushed up to point where it is claimed
she legitimate net profits of the ROADS
are being taken. Those employees VINO
have immediate charge of valuable rail
road property may be able TO demand
their present rate of wages for some
time A railroau president would hesi-
tate long time before he would place
his express trains in charge OF incom-
fpetent men because they could be hired
for smaller wages
( Put there are hundreds of thousands
of men in subordinate positions whose
wages the railroads will be reducing as
soon as the time seems opportune. Tha
big labor leaders see this coming, and
fthey say the troublous period with or
gained labor has only just begun. The
organizations of railroad employees are
now very strong-stronger than they
iever were. A prominent official, who
swent thru the great railroad troubles OF
1888 and 1894, recalled the other day
that the American Railway Union went
into its campaign against the reduction
of wages 30-odd thousand strong. and
came out of ii with about 10000 men
I'VE are rapidly coming 10 the same