Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-12-29
D0LLV[R'S BILL
WILL Be PUSHED
iowa Senator Has Measure to
Control capitalization of
Railroads
NOT A RAID ON THE LINES
Measure Designed to Make Safe Sc.
curities Offered to Invsstors-Dis-
cussion Shows That Friends Of Bill
Have Started somethins-Ha. Ap-
provaI of Taft and Roosevelt.
Especial Correspondence.

Especial Correspondence.
Washington, Dec. 29-"This measure
doesn't represent a raid on the rails
roads," declared Senator Dolliver, talk
ing of his bill for control Of the capi-
talization of railroads. The measure
has been causing much comment, be-
cause it is known to be in line with the
ideas of the president elect as well as
with those Of Mr.. Roosevelt.
within the next ten or twef
years." went on Senator Dolliver, "frt
five to ten billions Of dollars will hav,
to be expended in Improvement Of the
transportation facilities Of the country
The money must be raised by selling
securities to investors. Far from maxi
ing it harder to sell such issues, this
legislation proposes to establish such
public confidence in the intrinsic values
of these securities, as will make peo-
pie feel safe in buying them. The man
who is asked to invest in securities will
feel the more disposed to do so when
he has assurances that substantial
values are represented"
The discussion Of the Dolliver bill
suggests how great a change has ov-i
ertaken public opinion concerning the
power and the desirability of the gov
ernment undertaking regulation OF such
affairs. So recently as the discussion
in congress OF the Hepburn act, 1t was
impossible to get serious consideration
Of a proposal for making valuation
Of the railroads, or for controlling their
issues of capitalization. Today all this
is changed, and the indications point
strongly to the probability that ones
more republican administration will
borrow important parts Of the demo-
basis of a legislative program.
Must Run Gauntlet.
The Dolliver bill, however, must run
the gauntlet Of the upper house COM
mittee on interstate commerce. That
committee has latterly become almost
as much a graveyard Of progressive
measures, as has the house committed
on judiciary. There are now pending
in 1t a number of measures Of tbs
first Importance. One is the Fulton
bill, providing that the interstate com
mission shall have power to suspend
the taking effect of rate or tariff
Of rates, pending inquiry as to its reas-
onableness. The bill came over from
last session, when determined effort
was made to get the committee to re-
port on It. Senator Fulton claims
that he was assured the measure would
be reported before the holiday recess.
but the report was not forthcoming
So he proposes after the recess, with.
out further delay, to force an issue,
He will press resolution to discharge
the committee, and intends to have
vote or know the reason why not.
laFsIIette's Bill in Committee.
Senator LaFollette's bill for a valu1a- :
tion of the railroads Of the whole couna
try, in scientific, uniform and sysa
tematic way, is also in the committee.
It came near getting report last sAs-
sion, but the opposition managed all
ways to break the quorum when therq
was serious danger Of such action, ana
so It is still in committee. The Wise
consin man has in mind to adopt the
same tactics as those Of Senator Full
ton, and force affairs II It Is possible.
Now comes the Dolliver bill, which
Is in the same class SO far as relatej
to its appeal to the senatorial con-
servatives. It Is not likely to attract
them to sit up o. nights in the effort
to get 1t reported to the senate. In
fact the committees calendar is get-
ting so full Of bills which are under
the conservative ban, that the holds
ing Of meeting is . right dangerous
business, from the standpoint Of thosa
statesmen who consider themselves
particularly safe and sane.
Will Be Something Deins.
But the proponents Of these bii1f
don't propose to allow action to bt
much longer delayed. They are quietl.
framing up matters to start some req
trouble. and they promise that aSte
the recess there will be something doi
ing every day until the committee acte
They are not so fnsistent on gettne
favorable reports. as on getting their
bills back before the senate.
In connection with this natAar Of
controlling railroad capitalization, n Is
noted by the advocates Of internal wa
terways that some startling changes
Of opinion have been wrought osnona
railroad men in the last year or twol
Thus James J. Hill used to be strong
for big expenditure for waterways.
He said they were necessary to sup
plement the railroads. But moro re-
Gently he has declared It reckless.
foolish and almost criminal policy" to
issue bonds for such work It happens
that advocates OF the half-Ad1hon bond
issue are ready to 4uoss Mr.. Hill
against himself. They have q powers
ful following in congress. end t1sey re-
call some very strong expressions o1
lMr Taft in favor Of bond issues for
this very purpose. While the matter is
not hkely to get much attention this
winter. 1t rs expected to be ct the trent
duraQg the ns1t long sesstsa g een-
sres&