Evening journal., 1908-01-06
INTERSTATE
COMMERCE WORK
CONTINUED from First PaRe)

CONTINUED from First Page.)
been able to afford prompt relief when
the facts disclosed appeared to warrant
Ia corrective order.
Car Shortage Still Exists
In our last annual report mention
was made Of the car shortage prevail
ing at that time and the consequent
distress in certain parts Of the coun-
try. The inability of tie commission
to afford any effective relief was point
ed out, and * was further stated that
the commission was not prepared 20
recommend a definite scheme OF legls-
lative action. While the car shortage
lis not at present so acute as a year
ago, IL still exists In some sections. and
the general question Of the. provision
OF adequate transportation facilities
unQuestionably merits serious consid-
GRAFTON by the Congress.
One railroad president has estimated
that during the period from 1895 20
1905 the traffic offered for carriage in
the United States increased 10 per
cent, while during the same period
the instrumentalities for handling this
traffic increased only 20 per cent.
The time has come when some rea-
sonable regulation should be imposed
upon the issuance Of securities by rail-
ways engaged in Interstate commerce.
We are aware that in the construction
Of new lines of railway. developing
new territory, it has been necessary in
many instances to sell railway securi-
ties at large discount, and to sell bonds
with stock bonuses. But this principle
does not apply to old-established rail-
way systems having good credit. Such
railways should be prevented from in
hatng their securities for merely
speculative purposes.
The desire 10 provide a uniform sys-
tenn Of accounts for all transportation
agencies. coupled with the fact of
dividend jurisdiction. has forced the
question of cooperation between Fed
eral and state commissions into the
foreground as a question of practical
administration.
State and Government Work Together
The general conclusion at which this
commission has arrived IN reviewing
the work accomplished by It's division
Of statistics and accounts. so far as the
relation OF Federal and state authority
is concerned. seems worthy OF the es-
pecial attention Of Congress. The
duties imposed by law upon Federal
and State railway commissions require
the exercise on their part Of distinctly
administrative functions as we'll Hs
functions semijudicial IN their charac.
ter: and there is no reason. either iT
the nature Of the case or IN the atti-
tude thus far manifested by the States
why a definite scheme OF administra.
tion may not be worked out In which
the activities Of the states and OF th'
Federal Government shall each b'
Complementary 20 the other. Whethe
or not additional legislation win h'
needed 70 realize this idea of harmoni
Gus Administrative supervision, su
pervision I'm which the interests Of tn
locality. be they technically state o.
Interstate in character, shall be ad
, ministered by local agencies while tn
I interests which AFFECT the country as
whole shall be administered by tn
} Federal commission. is a matter re
specting which this commission a
present refrains from expressing al
opinion. IL Is believed. however. tina
a comprehensive and purposeful analy
sis Of the entire situation win max
clear the necessity Of some formal co
3 operation between the official represen
I tatives OF the States and Of the Fed
b eral Government for the development
5 of an effective organization for admin
= istrauve supervision over railway man
larement.