New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-31

the railroad corporations making them. These
g. SHoulu Oh course De Iildue PuoilC ia
the minutest detail, and should be subject to
securing the previous assent Of the Interstate
Commerce Commission.
REGULATION HAS COME TO STAY.
The movement TO regulate railways by law
has come TO stay. The people Of this country
have made up their minds-and wisely made up
their minds-to exercise closer control over all
kinds of public service corporations, including
railways: Every honestly managed railway VIII
gain and not lose by the policy. The men more
anxious TO manipulate stocks than to make the
management Of their roads efficient and honest
are the only ones who have cause TO oppos0 II.
We who believe in steady and healthy progress
stand unalterably for the of the widest
publicity and Of fair dealing on the part of rail-
roads with stockholders, passengers and ship
pers. We ask the consent of no man in carrying
out this policy; but gladly welcome the aid
and in securing its enactment and the faithful
observance of its wise provisions.
NOTHING REVOLUTIONARY SOUGHT.
We seek nothing revolutionary. We ask for
such laws as in their essence now obtain In the
staid old Commonwealth Of Massachusetts,; such
laws as now obtain in England. The purpose of
those Of us who so resolutely believe in the new
policy, in its thorough carrying out and in its
progressive development is in no sense punitive
or vindictive.
We would be the first to protest against any
form Of eonfiscaton of property, and whether we
protested not, ! may add that the Supreme
Court could be trusted in any event to that
there should be nothing done under the euise of
regulating roads to destroy property without
Just compensation or without due process of
law.
AS matter of course. we shall punish any
criminal whom we can convict under the law;
but we have no intention OF confounding the in
nocent many and the guilty few by any ILL
judged and sweeping scheme of vengeance Our
aim Is primarily TO prevent these abuses in the
future. Wherever evildoers be, they shall
be brought to jnstice; and criminal, high
low. whom We can reach will receive immunity.
innocent should
be teoparded by legislation or executive action:
we sanction no legislation which would fall
heavily on them, instead of on the original
wrongdoers or benefciaries of the wrong.
NO LAW TO CHECK DEVELOPMENT
There must be no such rigid laws as will pre-
vent the development OF the country, and such
development only be had If investors are
offered an ample reward for the risk they take.
We would be the first to oppose any unreason-
able restrictions being placed upon the issuance
of stocks and bonds, for such would simply
railroad must ultimately stand on it's credit. But
this does not prevent our demanding that there
be lodged in the government power TO exercise
Jealous against the imitation of securities
and all the evils that come in it's train.
The man who builds great railway and those
who invest In it render a great public service;
for adequate transportation facilities a vital
necessity to the country. We favor full and
ample return TO such men; but we do not favor
a policy OF exploiting the many for the benefit
Of the few. We favor the railway man who
operates his railway upon a straightforward and
basis,
permanent investment. and who has interest
in its future; against only the man VINO
cares nothing for the property after his specu
lative deal in its securities has been closed. We
favor the railway manager who keeps in close
touch with the people along his line rather than
in close touch with the speculative market; who
operates his line with a view to the advantage
he legitimately get out of his railway d
permanent investment by giving fair return
10 the stockholders and TO the public good SER
vice with reasonable rates; who does not oper-
ate mis- road with a view to the temporary specu-
latiye advantage which Will follow capitaliZing
an uncertain future and unloading the securities
on the public We wish 10 make 81 10 the inter
est of the investor 70 put his money into the
honest development Of the railroads. and there
fore we wish TO discriminate against the man
Who while enriching himself. lays upon the
future owners and patrons of the road, and above
sll upon the honest men whose duty IT may be-
come &c operate the road, burden OF additional
debt without adding correspondngly TO its act
ual worth.
WHAT is ASKED OF RAILROAD PREsI-
DENTS.
Much is said about the inability of railway
presidents to agree among themselves to
what policy should be advocated and what plans
followed in the effort work out the problems
which now present themselves In so far as
the law is concerned. all ask OF them is will
ingness to comply fully with its spirit, and
readiness TO move along the lines indicated by
those who are charged with administering II.
Our policy is built upon experience, and our pri-
mary purpose is TO insure the future against the
mistakes and delinquencies Of the past
WILD TALK OF CONGRATULATIONS.
There has been much wild talk TO the ex-
tent of the oVercapitaliZation of our railroads
The census reports on the commercial value OF
the railroads Of the country. together with the
reports made 10 the Interstate Commerce Com
mission by the railroads their cost OF
struction. tend 20 show that a whole the rail-
road property Of the country is worth much
the securities representing It, and that in the
consensus Of opinion of investors the total value
OF stock and bonds is greater than their total
face value, notwithstanding the water that has
been Injected in particular places The huge
value of terminals, the immense expenditures in
recent years in double tracking improving
grades. roadbeds and structures have brought
the total investments 10 point where the opin-
ion that the real value is greater than the face
value is probably true.
No general statement such as this can be
cepted having more than general value;
there are many exceptions; hut the evidence
seems ample that the great mass of railroad
securities rest upon safe and solid foundations
If they fail in any degree to command complete
public confidence 1t is because isolated instances
OF uncomfortable stock watering and kindred
offences arouse suspicion. which naturally ex-
tends all other corporate securities so long