Vashon Island news. [volume] (Vashon, Wash.) 1907-19??, 1907-07-05
CONTROL
RAILROAD man URGES THAT IT
is NECESSARY.
Head of Rock Island Syltem Ex-
presses Himself as in favor of
Direct Federal Supervision of
Capitalization, Publicity and
Adjustment of Differences.

Capitalization, Publicity and
Adjustment of Differences.
New York, June pa plan 80 turn
the present current of railroad agita-
ton from destructive into construc-
tive channels Is presented by b. Il.
Yoakum, chairman of the executive
board of the Chicago, Rock Island &
Pacific railway, in an article in the
forthcoming issue of Worlds Work.
Mr.. Yoakum expresses himself as
il favor of direct federal control of
railroad capitalization, publicity OF
railroad accounts and operations, and
a complete and fair adjustment of the
interests of the public, the railroad
and the government. He says:
1.-The railroad must fall in line with
the democratic institutions Of this
country. The public demands that
the railroads shall be SO regulated by
| law as to prevent further injustice in
their management or discrimination
in their conduct. The government
is shaping It's administrative policy
to that end. As a railroad manager
and as an individual | heartily in
dorss the policy and shall do all l can
to promote such course The prob
lem Of feir adjustment between the
railroads and the people through the
government is problem Of greater
responsibility than any other problem
Of the generation. We must lay aside
all personal ambition and our private
prejudice and seek first the good of
all the people, which is also the good
of all the railroads.
Elimination of the Rebate
The Hepburn act is effective, and
is both just and wise. ! believe in
the principle of the act, which is that
there shall be uniformity Of charges
without illegal discrimination or un-
lawful devices to one class of shippers
or communities as against another.
| believe that the rebate is thing
of the past, as principle, even
though in the very nature of things
there will probably never be abso-
lutte perfection in this matter any
more than there can be perfection in
the matter of mail delivery, army ad-
ministration, or any other organized
administrative function involving such
a large percentage of our population.
II believe that the capitalization of
the railroads should be directly under
federal law, which would provide fed
eral authority to construct and operate
railroad, the purpose of which is to
engage ia interstate traffic either over
its own rails or through connecting
lines.
Uniformity in Accounts
II believe that there should be uni
formity in accounts, and / am glad
to see the efforts now being made in
that direction by the government.
When the end is accomplished the an
nual reports of the railroads will be a
proper and Legitimate basis for public
confidence, as they should be.
II think that our accoEnts should
be subject to inspection by the govern
ment, as openly and as freely as the
ssGsounts of national bank are now
subject to the inspection of examiners,
but all information pertaining to the
railroads business should be pretec-
ted against improper use. Such pub
licity will be found the ultimate safe
guard Of the laws looking toward fair
rates and equitable dealings, and will,
at the same time, afford to the inves-
tor another proper test of value for
the securities he buys or owns.
Mr.. Yoacum believeo that railroad
pools should not be legslized, but that
traffic associations should be permit
ted under government supervision.
Railroads and Politics
II do not believe that railroads
should enter into politics. and look
confidently for the time when rail-
roads will not be forced to go to a
state or federal capital to save them
selves from dangerous legislation.
That time viii come when the people
and the railroads bring to the settle
ment of their differences the same
common sense that they bring to the
settlement of their private disagree
ments
RAILROAD managers will not stand
in the way OF just Legislation merely
because such legislation might have
an adverse effect on railroad securi-