Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-11-17
HEPBURN p SESSION
Iowa COng1, - Gives Views of
Work OF National Body.
SHOULD CONTROL STOCK GAMBLING
Government May Use Taxing Power
to This Useful End.
TOO MUCH PAPER BY COMPANIES
Corporations of Country Generally
0vercapitalized.
FOR WATERWAYS IMPROVEMENT
His Attitude in Opposing River and
HnrbOr Appropriations I'm Past
Explained by Iowa
Man,
Corporations of Country Generally
0vercapitalized,
FOR WATERWAYS IMPROVEMENT

CLARINDA, Ia. Nov. l6-(special)-
Congressman w. p. Hepburn of Iowa is
In favor OF regulating Issues OF stocks and
bonds Of corporations doing an interstate
business He also favors the prevention Of
gambling in railroad stocks by taxing all
sales where delivery is not made within
a reasonable time.
The congressman's views were made
public here today in an interview in which
he spoke of the winters work ahead of
congress. Colonel Hepburn's position as
chairman Of the COMMITTEES on interstate
and foreign commerce make his utterances
Of wide interest at this time.
II regard it as extremely probable" said
Colonel Hepburn, that there will be en-
acted this winter legislation to secure the
regulation of the issues Of stocks and
bonds of corporations doing interstate bust
ness. Certainly there ought to be such
regulation and control. The president and
attorney general are satisfied that congress
has the necessary power and we certainly
know that the question of power cannot be
decided until the legislation has been had.
II also regard 1t as most desirable that
the taxing power OF the government should
DC uSeu " prevent kdIlDlluB III IdliTOdu
stocks by taxing all sales where delivery
is not made within such reasonable time
as to indicate that the transaction was
bona fde and not for speculation. so long
as there is buying and selling on margins
and without the intention of actual deliv-
cry of the stock speculation will absorb
the resources of the banks and take money
from legitimate enterprises which need It,
Stock Spectators pay high rates for money
and their offers are so attractive to the
city banks that the latter are induced to
make loans outside the channels Of legl-
innate business This not only tends to
involve the banks in speculation but 1t
withdraws the money from legitimate busi-
ness enterprises.
Railroads OvercRpttalized.
80 far as the general public is con-
cerned regard the legislation alluded to
above as the most important new business
that viii come up before the next session.
The power OF the government TO regulate
interstate commerce and TO reduce rates
that are complained OF having been estab-
lished and the Interstate Commerce com
mission having been clothed with authority
to review and change the rates established
by the railroads 1t is evident that the COM
mission, in order to act intellgently, must
know what a Just and reasonable rate is
and that the valuation of the roads is one
OF the elements entering into the question.
That the railroads OF the United States
are over-capitalized seems TO be generally
conceded and preliminary to the enact
ment OF legislation regulating and control-
ing their stock and bond issues there should
be investigation in this direction.
ITO supplement the law enacted at the
last session Of congress with respect to the
regulation of railroad rates there should
be further legislation regulating and con-
trolling the amount of stocks and bonds
which the roads may issue, and OF course,
this cannot be inteligently and effectively
done until the real value Of the roads has
been ascertained, at least approximately |
This Is a matter of great and far-reaching |
Importance to the people of the country |
and am sure congress will give It careful !
consideration.
Speculation Has Gone Toe Far.
"I am firmly convinced also that there !
should be legislation that will take the |
out OF the hands OF the sreculat- |
ors and make investments in raj oa st cls !
and bonds as safe as investments in other
classes OF securities. It is nothing short |
Of marvellous that there should be in |
vestments in railroad stocks at all under |
present conditions and this situation should |
be remedied not only because It is desir-
able that the railroads should be a safe |
investment for the funds of the people, but /
also because the whole country suffers
when the railroads are subject to the |
Of stock gamblers.
Another matter OF Importance that will
be taken up, in my opinion. this winter, is
that OF equalizing the pensions granted
under the age pension act. Under this
act the pensioner gets Sl2 a month at the
age OF 65, SIS per month at the age Of $40
and SEQ per month at the age OF IS. In my
judgment this age limit is too high and
veterans should receive so a month at the
age OF 6s or 20, or whenever incapacitated
in the latter case regardless OF age"
There has been some discussion. Colonel
Hepburn. Of your attitude on river I'm
As to River Improvement.
There has been considerable misunde.-
standing as to my position" replied Colonel
Hepburn. II have never been opposed to
proper and reasonable appropriations to
secure the Improvement Of rivers and har-
bors. I have opposed a number OF river
and harbor bills because they included un-
or impossible schemes OF i'm
nrovenent Twenty-seven years ago there
was a scheme for the Improvement OF the
river which was sanctioned by
congress.
1t was abandoned after 100000 had
been appropriated and expended and this
sum was practically a total loss
An engineer who would propose the scheme
low would be laughed to scorn and yet It
received the favorable attention OF con
sress and huge appropriations and those
who opposed IL were severely criticised II
involved the building OF levees in the lower
and was found 10 be impractf-
able. Even II II had been practicable.
however 1t would have added nothing TO
navigation, but would have merely pro-
ected the overlooked lands along the
liver, q desirable aim, but one that should
ltand ON it's own merits and not on the
alse claim OF improvement for tho uur-
,0ses Of navigation.
FayOFs Any Reasonable PInz.
THE idea OF the south is TO improve the
I