The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-02-06

uons, revenues. expenses. gross and net
earnings. etc. For this he has been
preparing a uniform system Of reports.
80 that the statement of every company
shall mean exactly the same as that OF
every other company. Al present there
Is no uniformity about THESE reports,
and they are VIGOROUSLY misleading. and
az times unfair Moreover, at present
there IS 10 requirement that they be
Issued. When HarTlmau-the other Har-
rlman this time-was getting ready for
MS Famous killing In Onion Paclnc
stocks last fail he deliberately suspend
ed tor a long time the publication or
statements for the road. lie mas able
mus 10 cover up the facts about Us
shoWlngi the public got one impression
about the roads condition and outlook.
while the insiders knew that a contrary
condition existed Trading on this ia
side information. the insiders made mil
lions by betraying their own sharehOld-
ers.
Would Remedy the Evil.
Under a system Of monthly sworn
statements TO the Interstate Commerce
Commission, prepared exactly as DR..
Adams proposes 70 require, and giving
an accurate statement OF facts without
amendment, addition. or suppression, IL
Is calculated that possibility Of stock
market manipulation will be greatly
lessened. The law pr0N jdes that no
other statement may be given out than
that which the commission prescribes.
NOW. there IS beginning TO be some
quiet worry about the commission head
quarters about the big responsibility
that is involved in the handling OF
these monthly reports. Later on there
viii probably De required. quarterly and
semi-aunual consolidated reports. The
reports viii have much the relation TO
the stock market that the Government
crop statistics have 10 the operations
Of the cotton exchanges and the wheat
pit. Advance information IS likely to
be sought just as diligently and BY as
devious processes as IL has been at
times sought from the crop-repOrting
service Of the Government. There is this
difference, however that the reports
OF the railroads 10 the commission must
be their only reports. They can't make
one statement 10 the commission and
another one 10 the stock market Man
ipulation will be dincult in the ex-
IRENE.
Possibilities Of a Leak.
The commission authorities realize
that the problem Of how 10 handle these
immensely significant reports from the
railroads is difficult and delicate. II
the commission were 10 receive them
nrst, and. after convincing itself that
they were regular and accurate. then
announce them 10 the public. there
would be instantly transferred 10 com
mission headquarters a stock market
interest that would place the sedate and
mild-mannered commission al the Vor-
tex OF very maelstrom OF conflicting
speculative interests. trying 10 learn
as much as possible about the contents
Of these reports. The railroad officials
or insiders might take advantage OF
this condition TO permit '1eaks." which
would mislead the public or give spe-
cial advantage 70 insiders; or there
might be efforts at corruption such as
were made in connection with the cot
ton statistics.
Altogether. the situation is a difficult
one 10 handle. The commission and DR..
Adams are determined. however. 10
avoid the possibility OF getting the COM
missions reports mixed I'd with the
stock market operators. and before the
first monthly statement IS furnished TO
the commission under the new Law and
regulations the method OF handling this
phase VIII be decided. It has already
been the subject OF a good deal of quiet
consideration.
1t had been expected that the begin
ming OF the year 1897 would be marked
by the Inauguration of this new sys-
was not ready. and the new feature has
not vet been inaugurated. There will.
however, not be much more delay.