The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1907-07-06
Federal CONTROL
RAILROAD MAN URGES THAT IT
IS NECESSARY.
Head of Rock Island System Elk
presses Himself a. In Favor of
Direct Federal Supervision of
Capitalization, Publicity and
Adjustment of Differences.

Capitalization, Publicity and
Adjustment of Differences.
New York, June ga plan to turn
the present current of railroad agita-
ton from destructive into construc-
tive channels is presented by B. f.
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
in 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:
'The railroad must fall in line with
the democratic institutions of this
country. The public demands that
the railroads shall be 80 regulated by
law as to prevent further injustice in
their management or discrimination
in their conduct. The government
is shaping its administrative policy
to that end. As railroad manager
and as an individual heartily in
dorse the policy and shall do all I can
to promote such a course. The prob
lem of fair adjustment between the
railroads and the people through the
government is q 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. I 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 q thing
of the past, as a principle, even
though in the very nature Of things
there will probably never be abeo-
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
q railroad, the purpose Of which is to
engage in interstate traffic either over
its own rails or through connecting
lines.
Uniformity in Accounts
II believe that there should be uni
in accounts, and l 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 q
proper and Legitimate basis for public
as they should be.
81 think that our accounts should
be subject to inspection by the govern
ment, as openly and as freely as the
accounts 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 believes that railroad
pools should not be legalized, but that
traffic associations should be permit
ted under government supervision.
II do not believe that railroads
should enter into politics, and I look
confidently for the time when rail-
roads will not be forced to go to q
state or federal capital to save them
selves from dangerous legislation.
That time will 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.
ties in the market.
''The leading financial interests in
New York and other money centers,
are coming to realize that the only
true basis Of public confidence In "a
and our securities must be found in
closer and more cordial relations be-
tween the people and the railroads
and that the strong arm Of the COVER
nment is necessary to accomplish the
most satisfactory results.''
Earthquake in New Hampshire
Portsmouth. N. H., July EARTH
tremblings that shook houses percep-
tibly at intervals were felt here Sat-
urday. Windows shook and ratified
and bric-a-brac clattered from the
shelves. Sometimes half an hour
would elapee between vibrations. but