New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-05


as 70 character and capacity and In honor OF any
But on the other hand. IL there IS an indefinite
certainty that everything that that commission
does IS going 60 be referred to another commission,
bifity Is somewhere lost between the two and that
me me-, commissioners strive as they may. cannot pro
eH f fe failure 70 produce results 90 b NOT &
even be up. 70 the standard Of the archangels to
which my friend Mr. Choate has referred.
taken into consideration ana think that not the
least Of them is this; Would you. would care to
everything We did for the solution Of the problem
spirit Of most surprising exaggeration, said there
was not page or a line-I quote his %ords-ot.
and that there should be right of appeal on every
order be II what it might, that that commission
senses. with capacity and not dominated solely by
eFe hs OF ave ee 4T Is gS9g 70 'Ks a
where he may soon become the subject OF Odium
ment. when. a matter Of fact, he can accom-
plish nothing particularly II you adopt this
been offered yoG. and which does not mean review
IN reality but merely the prolongation of these pro.
for eternity, practically for timer That is what re-
view means. 1t means indefinite procrastination IL
means complete. thorough and absolute paralysis Of
this commission and it means more than that; It
means opening the Jugular and wasting the blood
from the veins Of that bill II that proposition
made in good faith and were couched in somewhat
delt upon The chief reason for putting it in
there however. is that without It there is dep
Now. gentlemen. see the humOuggery. OF that
tically all of the sections which invest this COM
mission with real power in respect Of the control
After having eliminated those from the BILL that
the very sections which they complain OF would be
by the commission they then provide for the judi
nate these sections you DO not need any judicial
review because you have got virtually nothing LETT
TO DO here except clerical work and such work as
which the company shall capitalize and recapitalize
Nov. While On that topic i 't VIII come to this
question OF property. Mr.. Shepard with his usual
iect OF property on tie assumption that you did aid
Is public in character and private in fits char
acter The property which is being dealt with here
with the p Siai5 " Is properly
Does any one pretend that a man has a right
That right Of property is strictly limited they
Which they were Chartered to use it. and II they
do not then they become subordinate TO the SOW
powers for the purposes Of performing. a public
In that sense Is IN plain language. talk OF non
erty in another sense We appeared here in on
position 70 the bill from the point of view OF the
on the New York Stock Exchange The shareholder
by those shares Of stock whch hs
holds-he takes them subject to the limitations
property Is first utilizable for the very purposes
Tor which the company had given the property
equipment OF railroad corporation as represented
Dy Ger tSSt OF stock Which 6y the way
i've share OF the assets OF the concern after all
Now, the market places a certain value upon those
shares, and under certain conditions when specu-
Strong Optimistic time. that Value goes up in the
air It acquires a high paper value: and In times
goes down It loses a part OF this paper value.
New york New Haven & Hartford stockholders
and bOndholders venture to say that none OF
through margins. has suffered in any way by
sms 1bat @ba Sss aceSrred there Is 5cident
as claimed IN some quarters to the possible pass
Ihat occurred in wall Street was due to the
fact OF lack OF confidence in our railroad arch
cur society. the interruptions respectable, who
have brought us 70 this state -,
ceTned one gentleman said you are first creating Ing
saws IN your new Commission you are creating an
other board OF directors Then say in reply 70
rectors, and by your proposed judicial proceeding
20 review. you are making third board OF al
you are creating fourth board. and II after that
win have fifth board Of directors"
take It that Of you gentlemen are taken
thew viii not divert you from the path laid out by
those who prepared and drafted this PHI: You You
drafted this bin, and the work is wen done Five
judicial functions should be better able 70 deter
mine what the real requirements OF these situa-
lions are than I'VE experts, business men. with
suitable tenure and ample pay, could do The FIRST
I'VE men. the five men composing the APpenate
Division OF the state. how could they oeng al
ready overworked; undertake these aGGiLlona az
financial control. these should Ike 10 nave Dis
cussed -, -. 49, ,,,,, &, ,h,. RIM
IN respect TO those matters makes for the public
good, and satisfied with the provisions IN this
bin with regard to public accounting Tor the reg
uaton OF accounting certainly MAKES TOT tde pun
he OF Union
election OF 1904 where there perfect publicity
ing the remarkable and deplorable spectacle OF me
controversy between the President or me O1ltee
States and the president ora ralFoaa TPOtlpaS
TO a contribution OF 10000 10 the PresIuehuai
campaign inne esst So fop pnbcation and because
OF that necessity the commissioners "oulu 90
a could not have occurred. and under these conql-
lions II cannot occur in the future II your DIAL DO
pgsST T AM non You that you retain m the bill
secuoI n ~ go ~ another CORPORATIONS stock
urge thai you retain that as it now stands
Taking up the holding OF stocks Of railroads by
other railroad companies, NJ. WINS said;
We did not proceed far on that line until New
Jersey became insane on the ;o % The state
Then we had our law changed, and IN lsSz me la%
teie these steps: II was not before that Never
theless dean Of our bar STOOD mere ,sS,
Of fftv years ago. which is not Just or losIcai
statement The shareholder IS asSTeb b,,s - real
Pesn with RESPONSIBILITIES. AS said, in 1882 the
law was changed Did public opinion Sha9se tb IN
5000 MA the Legislature knowingly chanse ING
iisSS2 10 NOT a BIT of it. The Legislature changed
The law because IL was to the interest ana poHey
- Csnauncev NJ Depcw that the law shoulo be
changed The Legislature was so constituted tnat
n gave him law. In other words, laws were nor
oniy made but given TO your railroad companies;
erj n was given the New York CentIal iL4lIptlu
company and hope you VIII adnere 70 me S OrueE
practice The Legislature having mace tne law az
h is let a reform Legislature, better infotheas,
norc fnfelIIgent LEGISLATURE unInake inc !aW anu
90 bacL 70 where il was. Having committed the
evil do away with the evil
-. e ris annech which annealed 70