Arizona republican., 1908-01-05
ADMISSION
of FAILURE
BY Late Advocates of the
Hepburn Bill
The Law is All and Worse
Than Foraker Said 1t
Was.

Washington. Jan. 4.-(SpeciaL)-By
the admissions to those who so
strongly advocated the passage of the
Hepburn bill. Senator Foraker's posi-
ton when the measure was before
congress is vindicated. Practically the
same boards of trade and shippers as
sociation which-stormed the capitol
two years ago in support OF the Hep
burn law now declare that in its Op-
Grafton this measure has been fail
ure.
Representatives of the different
shippers associations, especially from
the west and northwest, are prepar-
ing 10 move on Washington after the
holidays. They viii come demanding
new railway rate legislation on the
ground that the Hepburn act has not
afforded them the relief that they
sought when they advocated its pas
sage. Under the Hepburn act II is
claimed that railway rates have ac-
tually advanced under the operation
Of the Hepburn measure and the in
terstate commerce commission has
been more dilatory in rendering its
decisions than the courts For over "A
year the commissions files have been
loaded with complaints from shippers
and very few decisions and practically
none Of Importance have been handed
down.
In asking for new railway rate leg
islation the shippers win demand it
upon practically the same ground on
which they urged the passage Of the
Hepburn bill. They want moro prompt
action on the part Of the federal au-
thorities and to be furnished with
some power which they can Use To
prevent the railroads from advancing
their rates. In response to the petit
tions and letters from the shippers Of
the country quite number Of bills
which it is thought would strengthen
the Hepburn bill. has already been
introduced by senators and members
Of congress. These bills embrace a
number Of plans for the relief Of the
shippers and while II s. not probable
that congress will pass any legislation
at this session they express the dissat-
isfacticn of the shippers at the Hep
burn law and brand it as a failure.
The strangest feature OF the situa-
ton is that while the Hepburn bill has
increased the earnings OF the railways
il has created distrust in the value Of
railway securities. AS long ago as the
earnings Of railways are virtually in
the hands of board Of seven politi-
clans at Washington, investors do not
seem inclined to have the confidence
in railway securities. The fact that
the interstate commerce commission
has not exercised the rate making
power which is conferred upon it by
the Hepburn bill does not seem to be
an assurance to the small investors.
The large financierS realize that the
intersJat" commerce commission will
not dare to exercise the rate making
power to any great detriment to the
seem to fear that the interstate COM
merce commission is apt at any time
to take some action which will cut
the income of the railroads Of the
country in two.
This distrust at the supposed dam
gers which lurk in the Hepburn bill
is having an important effect upon the
business conditions of the country. It
is making it very difficult to the rail-
roads to dispose Of securities to small
investors and thus all improvements
and extensions have been stopped.
None OF the large systems are at
tempting to float any issues of bonds
or stocks. but are simply using the
money which they can spare out of