Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-05-31
UNFALTERING COURAGE REQUIRED
TO SOLVE PRESENT DAY PROBLEMS
Every Act of the Administration Against Predatory Corpora
ions, Says Mr.. Roosevelt, Not Only Warranted, But Re-
quired to Prevent an Outbreak of the Very RadiCaiSm
Some of Its Critics Profess So Much to Fear.
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the small investor, d%iscourages thrift
and puts a premium on gambling ana
business trickery.
There is an essential difference be-
tween private and quasi-publtc prop
crty which justifies setting somewhere
q limit beyond which the ~accurlulat-
ing value in u~uasi-public properties.
due to the necessity Of a gnaWing com
munity, shall not be capitalized.
one Of the most important features
of the Hepburn Act is its having given
the commission absolute control Owe
the accounts of railways. The com
mission has just issued an order to the
effect that on July 1 next all the rail-
ways of the country subject to the
Jurisdiction of the commission must
standardiZc their accounting meth
DDS, and the commission is now organ
izing a bureau Of special examiners,
whose duty II viii be, among other
things. to see that the books of the
carriers are kept i'm conformity with
the rules lad down by the commission
Thus the means are already at hand
and the machinery already created
which. when perfected, will put the
public i'm position to know the facts,
so that the small investor can eNer-
else an intelligent Judgment when en-
trusting his money to the promoters
of great railway enterprises. we nope
as one of the chief means Tor better
ment Of conditions to secure as com
plete publicity in the affairs of rail
roads aus now obtains with regard t.
national banks.
There need be no fear IN the part Of
investors that this movement for ma
tf,,4I ut1t,afNfGiAn aud EnntInI over
railways will be for their detriment.
If they doubt this, let them study
the. history of the railWay-control
movement i'm such a state as Iowa. 1t
would be hard to find anywhere a
more prosperous OF more Intelligent
community; a community of thriving
farmers and thriving to~Wnspeople.
Iowa did its share i'm the work OF
building railroads when the business
was one that demanded men of the ut
most daring and resorcelulness; men
like the gallant soldier and real cap
tain Of industry, GrenVille NJ. Dodge,
men who ran risks and performed
feats for which it was difficult TO
make the reward too high, mon VINO
stakcd everything on the chances OF a
business which today happily involves
such hazards. Iowa was at length
forced to undertake the work of reg
ulating the railways within her bord-
crs. There was great OutcrN against
il. IT was proclaimed that such effort
would ruin roads already butt, ana
prevent building more. But Iowa pro-
with the task, and il resulted
in ruin and stagnatlon, but IN M
creased safety and profit to the hon
investor. Instead of putting roads
INTO the hands Of receivers, il was fol-
lowed by a prosperity that rescued
many of them from rcceivershius.
No state. Of curse, can do for the
railways what the national govern
mcut has already done for the banks
that government should do some
thing analogous for the railways. Ma
.iOual bank stocks are bought ana sold
largely on the certificate of character
which the government, as a result Of
It's examinations and supervision. gives
90 them. To give another illustration
lOWa'S experience. h the ma
.iOndt banking law was amended to
allow small banks TO take out national
'hartcrs, great numbers of the state
of that state were organized IN
% national institutions. The invest
nE public was ready to back with un-
United confidence the institutions on
which the federal government a set
he seal of its confidence and approx
d. The railways have not been given
his certificate of character, under the
of the national government. and
therefore, many people who invest
recly i'm the shares of banks are zee
uctant to buy railroad securities
live them the same guarantees as to
abroad securities which we now give
hem as to national bank shares, and
Nc would presently see these people
INVESTING i'm railroads, and thus open
ng a new reservoir from which To-
capital now so much needed for