The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-03-29

or the Interstate Commission and OF
lawyers at the Department of Justice
is hardly divided. II is accepted as
fundamental that before pooling can
be permitted there must be change in
boil the sherman law and the act 10
regulate commerce. Both at present
prohibit such a practice.
On the third point, that Of delegating
to the Federal Government all the au-
JhoTity CT railroad regulation and eX-
Guiding the States from this field even
as concerns intra-state traffic, there is
every indication that the courts viii
soon have chance TO decide whether
more law is needed 10 solve the prob
lem. In some OF the Southern States
there are laws requiring that traffic
moving from point 20 point entirely
within the State shall move at least
fifty miles a day. In order that this
minimum movement may be possible,
some q the roads claim they have been
compelled to neglect Interstate freight,
for failure 10 move which nc penalty IS
prescribed. This is held 10 be clear
case Of interference by the State with
Interstate commerce. and therefore
liable 20 be OveTrUled by the Federal
courts under the commerce clause or
the Constitution. Likewise, il IS alleged
that rates on intra-state traffic have
been made so low in some States that
those or interstate freight Will have 10
be advanced to make up for the losses.
The Chicago Great Western has al
ready secured a temporary injunction
IN Minnesota to prevent the enforce
ment of a schedule of freight rates
against which this allegation Is made.
Future Program Delicate.
But the question Of the future pro-
gram is regarded as delicate and diff
cult. There is small disposition among
tho people in authority 10 press any
program with such unnecessary VigOT
as viii cause the troubles OF Wall
Street to become the troubles OF the
country II is realized that there is
possibility Of this How great is that
possibility IS considered very uncertain
For one thing, the men responsible for
future policies would Ike 20 know ia
what extent the recent slump In stocks
was due TO genuine apprehension of In
yestors, and 20 what extent il was man
+. featured for the purpose Of giving The
Administration a scare.
SO far as concerns making a vaIua-
ton of the railroads. the apprehcnsiOus
which Wall street claims 10 feel are
not generally shared rs those who have
C0gnseled with the President. They be-
. lieve in the nrst place the amount Of
water in securities has been greatly
cverestimated and that a valuation
I would prove this, and in the next place
there is a general desire that Valu-
alton be made on such basis Of present
GoIll-llrL tl1t hdlldAlbllE as ADtllu llld iLt
Il a starting point from which 20 In
aUEITate a policy Of Government TeEu.
latiOu OF capitalization issues. All the
disposition is 10 accept the past as Il
stands, TO admit that securities now iT
the hands OF holders must be neither
inVaEdated nor depressed in value by
any governmental policy. After that is
secured they feel that to give legisla-
tive assurance that no further issues
should be made without Government
sanction would be an assurance of the
safety Of such investments and would
increase their safe values.