Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-24
FOR LAW
T0LEGAL|zE
POOLING
SETH LOW BELIEVES IT
WOULD BE TO PUBLIC GOOD
Nations Business Grown Too
Great to Be Longer Con-
Quoted by Small Units, De-
CIareS Ex-Mayor of New York
IBy Morning Je-rnal Special HH.sa.ea wire.

! ~'NN' ~ - '''NN ~ ~ ~ w ' VI N
IBy Morning Je-rnaI Special Leased Wire I
Chicago. oct 23.-The second day
lof the convention of the National
Civic federation was devoted to the
consideration of the corporation, its
construction and regulation"
A plea for the passage of a law
which would permit combinations be-
tween railroads after the terms Of
their proposed agreement had been
submitted to the interstate commerce
commission and had been approved
by that body was made by Seth Low
former mayor of New York in an ad-
dress on National Control of Rail-
roads" He believes that such agree
ments. he said. If perfectly understood
by the public at the time of making
made with the authority of the public
and subject to retsion by the same
lauthority in case of need-may reas-
onably be expected to work in the
public interest. 1T is the things that
are done in secret without public
knowledge, and often without regard
| to the public interest. from which the
! public suffers" said Mr.. Low. "In
| an age like this, when the large unit
/ is demonstrating its economy in ev-
/ erything: when the steamships are
! larger than ever before; when loco
motives are more powerful than eyer
| before: when every sort of combina-
tion in mechanics is on a scale greater
than ever dreamed of in any previous
epoch; it is not only idle to suppose
that the industries and transportation
Systems Of the country can be success
fully conducted i'm small units. but il
is also manifestly to the advantage Of
the public to have them so conducted.
The large corporation has demon-
strated its efficiency. and its economy.
too strongly TO leave any room for
doubt that i'm a country like ours, II
the people are to be we'll served
there must be large combinations in
the transportation service, as else
where. The problem is how to securs
the benefit of such Combinations, with
out suffering the evils which they are
also capable of developing. The only
answer that has been suggested. out
side of government ownership and Opt
GRAFTON, is government control; and
that control ought TO be so devised
as both TO permit and to encourage
combinations and joint agreements be-
tween railroads whenever these are in
the public interest. The two things
that are necessary to make such reg
ulation effective are, first of all. rec
Ogntion that the railroad service of
the country IL really part of the
public service. although IL is conducted
through private agencies; and, secondly,
that the object of government control
of the private agencies doing this
business, is not to limit their activities,
but to make sure that all their actiVi-
ties are conceived. first and last in the
public interest This is really the
democratization of business"
Mr. Low said the small private in
vestor Is coming more and more to
demand otrailroad directors the same
sort of self-a abnegation that the law
demands Of a private trustee as to-
wards his ward The tremendous in
crease In the movement OF merchan-
disc has 50 far Qutstripped present IA
ciIities that the railroads themselves
and the public as well want them TO !
enlarge But the railroads find II |
difficult to get the necessary money
said Mr.. Low. "and the public will not /
furnish IT, Back of all this there lie /
TWO influences which certainly have to !,
be reckoned with. The plain man un- |
derstands that business enterprises /
and good service are entitled to fair /
earnings What he does not under |
stand is. In what respect railroad busi- |
ness so far differs from any other /
business that those upon the inside /
can honestly and honorably become |
multi-milllOnaires while those upon 1
th,. outside so often find themselves /
the owners Of worthless stock. He OBJ |
serves that the directors Of savings 1
banks do not become rich In a day. /
He suspects. therefore. that the many /
millions Of the few have I'm many cases,
been made at the expense or those /
for whom these few have been trus-
tees. He thinks that there has been I
fr. hnurhE % HfTnntfnn
widespread loss of the sense Of trus-
teeship The law allows trustee \
reasonable compensation; but Il does
not allow the personal enrichment Of
the trustee at the expense oi the ward.
Whence the demand Tor government .
control on the side Of railroad hnan-
ciering.
'The demand heard iu some quar-
ters that railroads shall belong to the
government and be operated by the
government presumably does not
spring from any special desire 20 nave
the government do this business 81
rectiy instead Of through private agen-
cies. but IL springs principally from
the notion that IN no other way can
railroad service be- stamped with the
public quality that means absolute
equality Of treatment 81 big and little
shippers and big and little places.
Personally. I do not believe that pub
]
either the only ways. or the best ways, 4
to obtain the desired results. u rests
very largely with railroad directors
and managers themselves whether
the country D. driven into public own
ership and operation uf the raul
roads. At the same time if the private
OF railroads Is % be IN
definitely continued. government regu-
lafiom both Of government unance3
and % railroad service. is absolutely
essential u may BE- taken for granted
that the public will insist. uncea -ingly. 7
on having the public quality. - equal
treatment for an. pred0minate in All
the reiafisns Of the railroads % the
public a. distinguished from the
bushes quality Of Discrimination on
the basis 81 the volume 81 business.
Government regulation may indeed
Lead 90 the non-prHductiun 90 multi
millionaire. a. a hY-prpducf uf rail-
roadinF. but DC ought also O. mean