Bisbee daily review., 1907-03-16
yOAKUM INVITES
 GOVERNMENT CONTROL
Rock Island Follows Hartman In Warming Up to President and Interstate Commerce Commission.

WASHINGTON. March 14.-B. F. Yoakum, president Of the Board of Directors of the Rock Island-Frisco System. who ranks with E. H. Harri- man as one of the leading railroad men of the country, followed the lat ker's example today by coming to Washington and talking railroad mat ters over with the President and mem- bers of the Interstate Commerce Con- mission.
 Yoakum joins with Hartman in evincing an incdination to take the public into his confidence. The at titude of these two magnates shows a manifest disposition on the part of the railroads to cooperate with the Federal Government, to invite Fed eral regulation, to assist in the en- forcement of the railroad-rate law. The railroads want protection from the adverse legislation by States, which threaten3 to reduce the earning capacity and asset values of stocks | and bonds. There are indications of concerted action by the roads to cen tralize powers of control by placing ample authority in the hands of the Government to determine the question of rates.
 No Complaint.
 "The new law is all right" said MT. Yoakum. "The railroads have no l complaint to make about it. Speak ing personally. firmly believe that there should be a centralization of power in the hands of the railroads.
 "Rebating is a thing of the past and the railroads are glad of it. This | is due to the fact that under the new | law the Interstate Commerce Com 1 mission has power to enforce the law and the roads have a real desire to | observe the law.
 While I do not speak for anyone | but myself, there should be centrali- zation of power in the hands of the | Federal Government for. the control of railroads. am not prepared to state whether I favor a further strengthen | ing of the present law, but the Federal Government should be in position to protect the roads from the action of l State legislatures which enact legis- ! lation unfavnrable to the railroads, such as the law providing for the re- | duction Of passenger and freight 1 rates.
 I mean that there should be such ] cordial cooperation between the rail ! roads and the federal Government as l To restore confidence in the railroads | and stop unfavorable legislation. It is i possible for one State to upset the in | terstate rates by the enactment of a law applying in the one State, and such action causes the readjustment l of through rates.
 This unfavorable legislation dis turbs the financial status and makes 1 it difficult for the railroads to secure funds with which to increase their facilities"
 Railroads Partly Responsible.
 Tt is useless to deny" he contin- ued, that the railroads thmeselves are responsible for some of the agitation against the roads by not furnishing cars for the prompt transportation of freight.
 ''The roads are not entirely respon- sible for this, as the companies which manufacture cars cannot secure mate rial and labor in sufficient quantities to fill the orders they now have.
 ''The attacks by the State Legisla- lures make 1t difficult for the rail roads to raise capital. If these attacks shoould stop, there would be no trou- ble about securing capital and market ing our securities abroad and at home.
 These attacks will be stopped when the state Legislatures are convinced that the national law is sufficient to
 meet the situation, and that the laws are being observed by the railroads.
 "Of course, 1t will take time to re
 store confidence, but this condition
 will be brought about. believe there
 will be less trouble in the future
 about raising money for the exten'
 sion of equipment, as confidence is
 already being restored. The railroads will do the best they can to furnish
 the puslic with enough cars with
 which to transport freight"
 Mir Yoakum would not discuss his
 conference with the President. except
 to say that it dealt with general rail
 road matters, and that he came away
 convinced of a better understanding
 of the Presidents views than before
 He is satisfied that the President has no desire to disturb business interests and only wants the roads to obey'the
 laws. This. he says, the roads under his control will do.