New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-11
"RAILR0AD LAWS BAD"
STUYVES4NT FISH'S TIEW,
Rate Regulation You'd Chech, De
ceIoDment. He Says.

stuEvesart Fish addressed the members q the
graduating class ~ The School Of Applied Science.
Columbia University. yesterday afternoon on
Some Phases or the American Railroad Problem "
After going iato the history Of ra.IroadnE in Eng
land and America Air. Fish took up the question
Of railroad legislation. and criticised the recent ac-
ton OF Congress in giving The Interstate Commerce
Commission tie power TO fix railroad rates He
sad.
~, AiteE Gel.75z Of sch vain effort TO establish
sDc man. arser tlSfr-s ~ &c Iate OF interest
ebe1dorei before The adoption OF our present
torN 9t government since which time prices have
~ - - l4t -lre play y the law OF supply
shd Cehane- II Is 10 nay mind very astonishing
ward Tor n Viii e~-+-Sy-- Is. S'-l-Gi sep BACK
ve!opE1enJ of me West and South through the es-
iaoAsar.ent II new joh5ing centres.
II "otI- also seem that under the new law we
az 70 nave valuation Of the railroads for the
tIEPose q ascertal4ing whether or not any OF
rsii-os5 ss.Sy - me enc 81 nNiHe Just rates for
yaiuaton i such valuation we're POSSIBLE. which
Tsntal agency Of a just rate were possible, which
zen: sniItl5cally; me result viii probably be
he capital Of existing iies We are are ne ana Win
ron he Law Of ies recfsel,- the Sc hely 10 nave
ts a. nae LON Ii't part OF The law Of 1857 for
since 1857 10 railroads have been built for share
shy msgnltnce during the last twenty years have
zen 1lrecty or indirectly the large systems then
Mr. Fish said thar. while up 70 1850 "a roads were
largely overcaptalized. since that time they had
gone through process Of Observation-Disclosures so
that now they are not overvalued. He based his
statement or statistics showing that the increas Sc
n units q service the railroads rendered the pub
Ac had been l3- per cent, while the increase in
stocks and bonds had been only about 20 per cent.
he held that The amount % service rendered should
e the basis Of judgment. Mr.. Fish said further:
From the d. that ! was graduated from Col,lra-
ia College 10 this have been continuously inter
railroad companies. and have read somewhat extern
sively The Fub5ect. As z result OF such exDeri-
ence have no hes!-aECy IL saying that no railroad
fortune was ever made through enhancing rates
oW.fssing shippers or T1thstanding the genera
every dishonest railroad fortune has been made not
= eIPTess-ng shippers, but by robbing the stock
Nj Fish said the capitalization Of railroads could
nave 10 bearing On the rates charged. The valua-
uon he said. must be based on earning power IN
one way or another, so that the predication of
rates On valuation was simply working around
Il circle Regarding corporations generally he
sai6.
Al Corporations federal and state are technical
3 sFnlclal persons ana citizens created by law.
3 long they conform thereto. they have the
.yLI- al THEN lawful functions. They & neces
:ary means our civilization were known to our
laws 81 Colonial times ana have been ever since.
- people We have quarrel against corpora
IONS. as such.
ar Fish said he thought Congress had the power
q regulating commerce among the several states,
e vel as between them. This he said, the
Hight the makers Of the Constitution intended TO
convey He said: IT seems 10 me that our worthy
president M Roosevelt IS likely to find
means OF bringing about what he seems TO desire
N'olgh this clause the Constitution than through
t-s' relating 70 post routes"