Omaha daily bee., 1907-05-23
ON RAILROAD SITUATION
Commissioner Says Capital Issues Should
Be Supervised.
GOVERNMENT REGULATION ON TRlAi
Il Is Not Possible to Fix Rates -
that a Given Per Cent Shall he
Returned To share Holders
Other Questions.

NEW YORK, May 22-The National As
sociation Of Manufacturers OF the United
states went on record today as IN favor
OF revision of the tarin at the earliest
opportunity and the negotiation OF more
reciprocity treaties.
A lively debate preceded this vote upon
the report Of the committee on tarir and
! reciprocity The committee based It's
/ recommendations on a poll OF the 1000
/ members OF the association. OF the total
number replying 50 per cent declare for
/ immediate revision while % per cent ex-
I pressed hands of" sentiment. Eight
/ per cent believed that the time for re-
vision had not arrived and the other II
( per cent expressed Indifference.
/ The mass OF resolutions adopted by tho
association on this the closing day OF its
| convention. included Endorsement OF tho
I open shop. industrial education, the i'm
! provement Of the consular service. coms
mendation OF the national river and harbos
/ congress, urging the president to withhold
| his approval Of the new German agree
ment until testimony be obtained re-
/ garding lts possible effects upon domestic
/ labor and industry, and opposition to ali
I illegal combinations, either of capital or
/ labor.
/ Campaign of Education.
/ This last resolution was given added
/ force by the conventions declared de-
/ termination TO raise 81, $4,000 20 carry out
a campaign Of education concerning dicta.
! torial combinations. or this President Van
| Cleve said:
I'VE shall endeavor TO assist in educat-
/ ing the public in industrial righteousness.
We shall be just as ready to oppose un-
B. In vrfs
those OF combinations OF labor We are
/ opposed to all forms Of Industrial oppres-
sion. And, II anybody undertakes to COM
7 pei any one TO submit TO such oppression
we shall endeavor to assist the party so
assailed. We shall In particular endeavur
to sustain public officials who try to en-
/ force the laws
The association reelected James w. Van
Cleve Of st. Louis, president, and F. H.
stillman Of New York. treasurer. The
| convention closed tonight with a banquet.
PrOuty on Railroads.
Charles Prouty. me.nber OF the Interstata
Commerce commission, addressing the Ma
! tional Manufacturers association today
said the government should exercise soma
direct control over the capital accounts OF
the railroads and that It is probable In
terstate railways should be valued by the
government MT. EFDuty SAID
Government regulation Is itself on trial.
/ Regulation must be sufficiently strong to
choke the cry for national operation I
am not asking that additional powers be
conferred upon the Interstate Commsrcs
commission. We must create a department
| OF railways, which should be charged with
that part OF railway regulation which -
properly administrative and executive
The railway companies should not ba
deprived OF their property ny reduction in
their rates until they have been given a
fair hearing before some disintersafed
tribunal, but the duty OF beginning a conn
plant rests upon the government and
should not be cast upon private individuals.
1T is probable that interstate railways
should be valued by the national govern
ment.
The government should exercise some
direct control over the capital accounts.
II is not possible TO hx rates 50 that q
given per cent will be returned to the
stockholders. Mr.. Harrimans operations in
Chicago Alton did not directly AFFECT
rates upon that railroad system, but they
did create a condition which is for all tima
a perpetual inducement to the imposition
OF unjust charges.
Vested Interests Sacred
What has been done cannot be cor
rected. All that has become a vested inter-
est would be both unjust and unwise To
disturb, but with respect to the future We
can prevent repetition OF the past. When
Mr. Hartman, by dealings like those In
Chicago & Alton. enriches himself TO the
extent OF many millions he has not created
that money; he has merely transferred u
from the possession OF someone else to
himself
Railroad securities ought TO be favorfts
investment for the savings OF the small
and great alike. II is not a feeling OF
} apprehension that the people will conhscato
! any railroads which prevents permanent In
, vestment IN railroad stocks. but rather uns
p certainty as 20 the future OF those stocka
{ When II once becomes certain that no rail-
road stock or bond can be issued without
% the consent OF the government and that
I every dollar which comes from their sale
shall be legitimately invested IN the prop
Z erty. and when no interstate railroad can
buy a dollar In the stock OF any railroad
, without the consent OF the government
, railroad securities win be much more likely
E 70 assume their proper plaSs in public eon-
= hdence.
p ANY comprehensive scheme OF legtsln-
! ton should give 20 the railways the right
20 force and maintain trafhc associations
and 20 discuss and agree upon competitive