New-York tribune., 1907-04-19

the highest as well as the lowest in the land?"
WAN as are a tHaf fan we 10 are dc fba we should dor
The principal reasons advanced by those who are
advocating that additional steps be taken IN the ne
so-caled regulation of railroads appear 70 DC
1 Because OF discrimination praeticed, prin-
cpaly in the granting Of rebates which are be-
lieVed 10 result in eXorbitant pronls- -, - ..1,od
connection with the financing of railroad capital
Let US take them in order: a., 80. 5 NTH
f lT" h u raiIrnsds must take their share Of the
bsn,a for the former existence of such practice.
but share only, as part OF the oannIs
AS 10 this evil ii cannot be disputed that the ra5
roads themselves were always opP0SeG pPe3t 70 - break
contributed their part In the Mokelioai' M of ,re FL
it up which eliminated in the passage ot fnyced L1
will effectuaIly prevent any railroad company, even
il so disposed, from paying rebates ~ Sraaf
I anu 3es' bad b been made by the railroads them
selves in abandoning the pTacuS,ania ceased in
1900 a matter entirely OF its own PoiicS' - Po'
It has been said-and. strange TO say IN a sneef
ing waythat the draft OF the f.ihns .Iis l railroad
ten IN the offices Of the Penns!dIa-I ,tS NAM,
While this IS not true, our company, h, VIII ag ~
be ashamed Of? Does II nor PIose P not anproved of
that the practice of rebating was nov 3if CO., cav
truly in nv own have never l%oqnu % sGn ,
eral freight agent or tIathc ol to- eradicatc
r. and Iongingiv look forward to the time wnei ~
Could G he asnsSed 1t is true that some felt that
s,cb a t,ns IyopIJ never come-beeving the prac-
tce unalteraby xed as feyie % but there was
no one who did not hope for its END. II Is io" PS'
p FXorhitant rates and exorbitant profits; Ihey l9
do not exist do not mean TO say thaI tsIT tIo 3aS
Eases ~ this is not true how could the country
tho business prosperity OF Which IS 7i,.iS m so
egeav UP prospred %tI in the ias few years! The
general condition of business anairs alone = @ul
g. DISQUALIFICATION watering Of stock ana vbo gs1
honest financing; & rescb the conclusion that
railroads this country are not wv -.
lied; the contrary their GapitallzaIod Id .yatnr
which originally in the securiuSs t Ut itber bv
roads has been long since sluee]eu 80 creasa in
bankruptcy and reorganization or by increase ~
An ,mportant clement OF this subject is the fact
that instead Of paying out earnings IN ue 10TH u
Of nearly an railroads to turn large sums back
into the properties in the form OF % neasssfv for
oyrnsInent inyestigaton at the same time. If the
So,.enrnenf detern1ines to pursue that course, ~
seems imperative that the reasons loI "I y.
purposes of should be plainly stated SO al H., % f ~
be misunderstood and convey the rear ttt ~ tle Tt NJ
step after obtaining such infoTmau9h- n anT case
would he to scale such capitalization down or re-
gnSe ~ i1% nre % The neopIe Who have bought these
securities in good faith and paid TOT 'helh y" pi''
ent values.
The ..watered" securities Mr.. Thayer contin-
ued. merely represented the speculative chances
which the investor took in putting his money
into speculative railroad, and in innumerable
Instances he not only never realized on tne
water hut lost the actual cash besides He ala
not DENY that there had been dishonest methods
IN Nnancine some railroad transactions, but
asked if any line Of business was free from
s1,ch methods and il the federal government II
self had not been vigorously criticised IoF HI1
legged dishonesty In financial methods. lie sald
he would venture to assert that the proportion
OF dishonesty among railroad hnahciers or
among the rank and file OF the men dlrectLy
charged with the management OF railroads was
less than in any other line Of business in this
country. 49,
ciers dictated the policy Of railroads as 10 rates
and details Of management, and In closing sald
the railroad situation was misunderstood, ana
he believed that If the full facts could only 10
presented integently 10 the people there "ouId
he an entire change OF sentiment, and there
would be no such pressure OF legislation as that
which now confronted the railroads.
Mr. PIERCES SPEECH.