Daily press. [volume] (Newport News, Va.) 1896-current, 1908-02-01

country have BEEN ahnormallv low.
| The operating expenses OF our rail-
! roads. notably the wages paid railroad
employees. have greatly Increased.
These and other causes may In nuy
| given case Justify, an advance in rates.
and. II so, the advance should be per
United and approved. hut there may
be and doubtless are cnses where this
is not true. and our lnw should he 40
| framed that the government. as the
representative OF the whole people, can
protect the individual against unlaw-
FIJI exnction for the use OF these pub
lie highways. The Interstate commerce
| commission should be provided with
the means 10 make n physical vnlun-
Hon of any road AS TO which Il deems
| this valuation necessary. In some form
tho federal government should c1er-
cise supervision over the financial OPP
erntions of our Interstate railroads. In
no other way can justice be done be-
tween the private owners OF those
properties mud the public which pay
| their charges. When once an Inflated
capitalization has gone upon the mar
ket and has become fixed III value It's
practical matter IL Is then often ALSO
lntely necessary to take account OF the
thousands OF innocent stockholders
who have purchased their stock III good
faith. The usual result OF such infln
ton ~ 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 be undone, but they can
I've prevented with safety and with JUS
ticc. When combinations OF interstate
, railways must obtain government sane
ton; when II is no longer possible for
| an interstate railway to Issue stock or
| bonds save in the manner approved by
! the federal governments: when that gov
errment makes sure that the proceeds
or every stock and bond Issue go into
the Improvement of the property and
not the enrichment OF some individual
or syndicate; when, whenever il be-
comes material for guidance In the reg
ulative notion of the government, the
physical vnlue OF one OF these proper
ties 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 or the re-
| cent past.
Greater Powers For Commission.
I think that the federal government
| must also assume a certain measure or
control over the physical operation OF
| railways in the handling Of interstate
| trnffic. The commission now has au-
thority TO establish through routes and
Joint rates. In order TO make this
provision effective and in order to
promote In times OF necessity tho prop
er movement OF traffic. think It must
| also have authority TO determine the
conditions upon which cars shall be in
| terchanged between different inter
state railways. II Is also probable that
the commission should have authority
In particular instances 70 determine
the schedule upon which perishab BILE
J commodities shall he moved
| In this connection | desire 10 repent
| my recommendation that railways be
| permitted TO form traffic associations
for the purpose of comforting about
and agreeing upon rates. regulations
and practices affecting interstate bust
| ness ia which the members OF the as
sociation are mutually interested. This
does not mean that they should be
| given the right to pool their earnings
| or their traffic. The law requires thut
rates shall be so adjusted ~ not to
| discriminate between individuals. 10.
| calities or different species OF traffic.
Ordinarily rates by all competing lines
| must be the same. AS applied to prHc-
teal conditions. the railway operations
| OF this country cannot he conducted
according to law without what is
| equivalent 10 conference and agree
ment. The articles under which such
] associations operate should he approx
ed by the commission. All their oper-
atoms should be open TO public inspec-
ton. and the rates. regulations and
practices upon which they agree
should be subject to disapproval by
the commission.
| I urge this last provision with the
same carnestncss that do the others
This country provides It's railway IA.
cllities by private capital. Those facil-
tiles will not be adequate unless the
capital employed IL assured OF lust
treatment and an adequate return. In
fixing the charges of our railroads |
believe that considering the interests
Of the public alone, II is better to al.
| low too liberal rather than too scanty
| earnings. for otherwise there is grave
danger that our railway development
4 may not keep pace with the demand
for transportation. But the funda
mental idea that these railways are
public highways must be recognized
md they must be open to the whole
public upon equal terms and upon rca
| son bio tnrrac