The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-05-23
Strongly Urges Government
Regulation of Capital Ac-
counts of All Lines.
ADDRESSES NATIONAL
MANUFACTURERS IN SESSION
Resolution Expressing Sympa.
thy With United Railways of
San Francisco Passed.

NEW YORK, May 22,-Chsrle5
Proutv member of the Interstate com
mercc commission, addressing the Ma
tionaI Manufacturers association to-
day, said the government should exer-
else some direct control over the cap
ital accounts Of the railroads and that
II ia probable interstate railways should
be valued by the government Mr..
Prouty said:
Government regulation is itself on
trial Regulation must be sufficiently
strong to choke the cry for national
operation. | am not asking that addi-
tional powers be conferred npon the
interstate commerce commission, We
must create q department of railways
which should be charged with that part
of regulation which is properly admin.
istrative and executive.
"The railway company should not
be deprived of its property by reduc~
tion in its rate until it shall be given
a fair hearing before some disinterest-
ed tribunal, but the duty of beginning
a complaint rests upon the govern
ment, and should not be cast by pri-
vate individuals.
"It is probable the interstate rail
ways should be valued by the national
government The government should
exercise some direct control over the
capital accounts It is not possible
to fix rates so that a gwen per cent
will be returned to the stockholders
Mr. Hartman S options in Chicago and
Alton does not directly affect rates on
that system, but they did create sys-
tenn which for all time is a perpetual
inducemept TO the imposition of unjust
charges. What has been done cannot
be corrected. All that has become a
vested interest would be both unjust
and unwise to disturb, but with respect
tn the future we can prevent a repe-
man, by dealings like those in Chicago
and Alton. enriches himself to the ex-
tent OF many millions, he has not ere
ated that money; he has merely trans
ferred 1T from the possession. Of some
one else TO himself.
What Prevents Investment.
Railroad securities ought to be a
favorite investment for the savings Of
the small and great alike. It is not
feeling of apprehension that the peo'
pie will confscate any railroads which
prevents permanent investment ia rail
road stocks, but rather uncertainty as
20 the future of these stocks. When it
becomes certain that railroad stocks or
bonds can be issued without the con
sent Of the government and that every
dollar which comes from their sales
shall be legitimately invested in the
property, and when no interstate rail
road can buy dollar in the stock OF
another railroad without the consent Of
the government, railroad securities will
be much more likely to assume their
proper place in public confidence.
ANY comprehensive scheme of legis.
lation should give to the railroads the
right to force and maintain traffic as
sociations and to discuss and agree up,
on competitive rates
A resolution expressing sympathy
with the United Railways of San Fran
cisco IN their present strike was adopt
ed. The association adopted resolu-
tions commending the work of the Ma
tional Rivers and Harbors congress and
endorsing any movement that may lead
to larger aud regular appropriations
upon the part of the government until
the harbors shall have been deepeued
and the system of inland WATERWAYS
comprehensively improved
Captain Henry A. Castle of ST Paul,
formerly sixth auditor of the treasury,
spoke on "needed postal REFORM He
said there is too much Capitalization
of the business of the postoffice de
partment at Washington. He declared
also that the franking privilege, which
now costs the government $4,000 900
year, is abused.