The Washington times., 1907-08-18

and entire separation q the financial
control and boards OF directors will be
the demand.
The third proposition to be urged VIII
be proper authority for pooling contracts
between railways. subject 70 hIing with
the Interstate Commerce Commission
and the approval Of that body.
In the fourth instance I believe Con-
gress Will be asked 70 Iegalize associa-
uoEs organized cor the establishment OF
rates and the issuance Of tariffs. ths
same 20 be regulated by the Interstate
Commerce Commission.
Restriction CT Securities.
For the fifth enactment I regard ths
restriction in future or the amount Of
securities issued for the extension of
existing lines and the building OF new
ones as almost certain. Il is not the
public Idea that this should mean that
s per cent or. 10 per cent Is the limit as
TO profits, hut after proper investiga-
ton by competent board Of engineers
appointed by the Government, the right
measure q reward be named IN the az
gregate Of securities authorized Fol-
lowing this policy, Il IS not expected
that an.' demand viii be urged as 70
the valuation OF existing roads.
The public realize that this means an
enormous cost both to them and the
railways. and IS not likely 10 insist up
on f. II is only claimed that whatever
hazard and enterprise are entitled 70 re-
ceive in the exploitation and develop
nent OF the country should be determin-
ed by men OF charged responsibility 70
81
and that the ability OF wall Street 20
foist upon the public unfair and IN
reasonable issues BY questionable
wisdom and honesty.
Classification Meetings.
have been told BY a prominent busi-
ness man that a. the classification meet
ing. at Charleyoix. Mich. in July last,
there were seventy-two men represent
ing manufacturing and mercantile con-
Germs. They were there 10 seek changes
in the c!asses OF freight and 20 receive
the resulting rate reductions. II is u,Ore
and more becoming a burden uPcn the
railways 70 listen 20 the numerous pres
entatiOrs that result from this large
representation, and 10 do so interferes
materially with the progress OF other
important business.
I made a suggestion 70 some proni-
nent shippers and railroad men. the first
time six months ago. and again since
the Charlevoix meeting. 10 establish a
new bureau Ny idea IS that il could
be organized with a capital OF 100000
and placed IN charge OF two or three
competent railway men Their business
would be TO look after the more import
ant questions that come up for consid-
GRAFTON. Ike the equalization OF rate
bases, the adjustment Of car service
matters. the handling OF important
Claims, and the presentation Of any mat
ters that might have 20 90 before the
Federal O. State comm issions
They should be empowered 70 employ
the necessary clerks and whatever legal
aovice might be required. The stock
should be taken by such concerns as
night wish % become members and TO
whatever amount each interest sees ft.
4 card OF rates should be published
showing a regular charge for service
performed and IN that way the IRE
sponsible method OF contingent fees or
percentages would be eliminated snd
agencies operating upon these charges
would be discoUntenanced. Il would be
permissible for any one 10 use rhe
bureau, and the same fee would be
charged for Ike service 10 al once-ns
handling their business through this
channel.
Subscription TO Stock.
The subscription 10 the stock would BE-
for the purpose OF giving the bureau
sufficient capital 70 conduct fits business
along broad lines The managers vo,ld
not be expected to give any attention 10
the details OF the current business Of IN
divIdual concerns, but would co-oDerara
With the traffic departments OF large
institutions along the lines suggested.
and In the presentation OF questions 70
the railways could combine the doru-
ments IN such a way as to economics
very greatly in the time occupied in
these conferences.
From a financial standpoint. esti-
mating the cost OF individual reo-A-
sentation al the classification rneetin1s
II the rate OF 500 for each individusl.
ne financial saving would be an fmr5--
ant consideration. particularly so as the
number OF representatives as business
s now handled seems likely 70 Increase
l have not thought out the question
n all Its ramifications vet. but leading
business men 10 whom have outlined
such a plan say il appeals 70 their ideas
n the way OF a desirable reform
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