Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1908-02-05

common carriers. The interstate com
merce commission should be empowered
TO pass upon any rate or practice on its
own initiative. Moreover. it should be
provided that whenever the commission
has reason to believe that a proposed
advance in rate ought not to be made
without investigation, it should have
authority TO issue an order prohibiting
the advance pending examination by
the commission.
Would Squeeze Out Water
The interstate commerce commission
should be provided with the means to
make a physical valuation of any road
as to which it deems this valuation nee
essary. In some form the federal gov
eminent should exercise supervision
over the financial operations of our in.
terstate railroads. In no other way can
Justice be done between the private
owners of those properties and the pub
lie which pay their charges. When once
an inflated capitalization has gone upon
the market and has become fixed in
value. its existence must be recognized.
AS a practical matter it is then often
absolutely necessary to take account of
the thousands of innocent stockholders
who have purchased their stock in gooo
faith The usual result of such infia-
ton is. therefore. to impose upon the
public an unnecessary but everlasting
tax, while the innocent purchasers of
the stock are also harmed. and only
few spectators are benefited. Such
wrongs when once accomplished can
with difficulty he undone; but they can
be prevented with safety and with JUS
tice.
'When combinations of interstate
railways must obtain government sane
ton, when it is no longer possible for
an interstate railway to issue stock or
bonds, save in the manner approved by
the federal government; when that gov
eminent makes sure that the proceeds
of every stock and bond issue go into
the Improvement of the property and
not the enrichment of some individual
or syndicate; when, whenever it be
comes material for guidance in the reg
ulative action of the government. the
physical value of one of these prop
critics is determined and made known
there will be eliminated from railroad
securities that element of uncertainty
which lends to them their speculative
quality and which has contributed much
to the financial stress of the recent
past.
Must Be Just to Roads
"I think that the federal government
must also assume a certain measure of
control over the physical operation of
railways in the handling of interstate
traffic. The commission now has author
ity to establish through routes and
joint rates I'm order to make this pro-
vision effective and in order to promote
in times of necessity the proper move
ment of traffic. | think it must also
have authority to determine the condi-
tons upon which ears shall be inter
changed between different interstate
railways.
1t is also probable that the commits
sion should have authority, in particu
lar instances, to determine the schedule
upon which perishable commodities
shall be moved.
Here follows recommendation that
railways be permitted to form traffic
associations to agree upon rates and reg
ulations and reference is made to for
mer recommendations regarding the too
sweeping provisions of the Sherman an
and amplified.
Hits Stock Gambling.
al do not know whether it is pos
sible. but if possible it is certainly de-
sirable, that i'll connection with meas
ures to restrain stock watering and
overcaptalization there should be meas
ures taken to prevent at least the
grosser forms of gambling in securities
and commodities, such as making large
sales of what men do not possess and
'cornering the market. Legitimate pur
chases of commodities and of stocks and
securities for investment have no con
nection whatever with purchases of
stocks or other securities or commodi-
ties on a margin for speculative and
gambling purposes. There is no moral
difference between gambling at cards
or in lotteries or on the race track and
gambling in the stock market. One
method is just as pernicious to the body
polite as the other in kind, and in de
gree the evil worked is far greater But
it is far more difficult subject with
which to deal The great bulk of the
business transacted on the exchanges is
not only legitimate. but is necessary TO
the Working OF our nouern INDUSTRIAL
system. and extreme care would have
to be taken not TO interfere with this
business in doing away with the
bucketshop' type of operation. :.
Attacks "oil" Defense
81 inclose herewith a statement is.
sued by the chief of the bureau of cor
pOratiOns in answer TO certain state
ments (Which | also inclose) made by
and on behalf of the agents of the
Standard Oil corporation and letter
of the attorney general containing an
answer TO certain statements, also in
closed, made by the president of the
Santa Fee Railway company. The Stand
ard Oil corporation and the railway
company have both been found guilty
by the courts of criminal misconduct;
both have been sentenced TO pay heavy
fines, and each has issued and published
broadcast these statements. asserting
their innocence and denouncing as i'm
proper the action of the courts and
-iuries in eonvicting them of guilt These
statements are very elaborate, are very
ingenious and are very untruthful in
important particulars.
Here follow letters Illustrating the