New-York tribune., 1909-11-12
will prohibit railroads from issuing addl

VIII E4Olibll -bOAl iSSIlllS &QQl~
tional stock or bonds except with tho
approval OF the commission after an eS-
PLANTATION and investigation. BY this
means IL is hoped that oyercapitaliza-
ton will be made impossible and that
little chance viii be left for the rail-
roads to pay out in dividends money
which should be devoted 10 the extern
sion of existing roads or 10 the improve
ment OF roadbed or rolling stock.
a further evil OF the overissue of stocks
and bonds which IL is proposed 10 cor
rect by this amendment is the increase
OF the fixed charges 10 a point where II
would be impossible for the commission
TO insist on equitable rates 20 shippers
without at least apparent injustice TO
investors in the securities OF the road.
As an offset 10 what the railroads may
regard as excessive federal supervision
in this respect the advocates OF the
Presidents policy maintain that the in
creased stability OF railroad securities
and the greater public confidence in
them which must result from such su-
pervision will Ear more than compensate
for any Inconvenience which might ac-
crue 20 honest railroad management.
In addition 10 these amendments in
the law which have as their object
more drastic regulation OF railroad rates.
another provision will be added. II the
Presidents programme is carried ont. by
which railroads will be- permitted to
make traffic agreements and to enter
into contracts with respect to joint rates.
nrnz-ineH ghaHy racafx~.a he O4 Ee
commission. In this way the operation
Of the antitrust law against traffic
agreements will he abolished. and in
place Of an absolute prohibition there will
be substituted q requirement that such
agreements shall meet the approval OF a
properly constituted tribunal.
THE COMMISSIONS WORK.
Despite the vexatious delays which
have frequently confronted the commits
sion in the federal courts, that body has
performed yeoman service for the public
since the enactment OF the Hepburn law.
as il did. in fact, under the narrower
clauses OF the interstate commerce act.
From the passage of the latter law, in
1857. until 1899. SIS cases were filed on
OF these 452 were decided in favor Of
the complainant prior to September.
1906. and II were decided thereafter.
making 4T3 for eighteen years. In tho
same time 403 cases were dismissed.
many because of the delay in litigation.
From the date the Hepburn law took ef-
feet until September. 1907. SS7 cases
were filed and only 26 were dismissed,
but many are still pending in the courts.
From 1907 10 1905 AS cases were ifed,
and OF these only 2i6 have been decided
and 16 dismissed. while the remainder
are still pending, and both the railroads
and the shippers are forced TO await the
result. From September, 1905, TO Au-
gust 81. 1903, there was a remarka bio
increase in the nun Der Of cases filed
with the commission. One thousand and
eighty-three was the exact number, and
this serves 20 show the increasing use
fulness Of the commission and the better
understanding Of its functions among
shippers Eight hundred and twenty
six cases have been decided BY the COM
mission since the passage OF the Hep
burn law. as against SIS in the eighteen
years preceding that act
The total number OF prosecutions
brought in the courts 10 enforce the in
terstate commerce law under the Hep
burn act amounted TO 80 per cent more
than the total number brought in the
eighteen years previous Under Prssi-
dent Roosevelt'S administration the De-
partment Of Justice secured 126 indict-
-r-,f Of
victions. ? acauittsls. suits nolle
pressed. demurrers sustained in five. in
dictnents dismissed in 3 and "a are still
pending.
a fair conception OF the work done by
the commission is hardly possible with
out some reference to the results at
tanned In those cases in which formal
complaint Is not made nor proceedings
OF a formal nature pursued by the COM
mission There is no public record OF
the work accomplished in securing the
voluntary adjustment by carriers Of
questions in dispute. nor IS IL possible 20
appreciate the value Of the results thus
attained. In 1907 more than 43oo COM
plants Of this character were filed with
the commission. as against 503 in 1905
and 1902 in 1905, showing an increase
OF more than 400 per cent. on such COM
plants reparation was allowed 10 in
Jured shippers IN 561 cases, amounting
20 upward Of 100000. All these adjust
ments were secured by means OF friendly
intervention. These complaints relate 70
every conceivable subject connected with
the rates, practices and service of inter
state carriers
MORE EFFECTIVE COMMISSION.
To make the commission more eftsc-
tive is the sole aim Of the President. He
desires defniteness, clesrness and sim
plicity in stating transportation charges.
uniformity IN applying rates so stated
and stable conditions. Besides the work
OF the commission already mentioned, IL
Is worth while 10 note that I'm the twelve
months which ended with November so.
1907 there were filed with the commits
sion 22o9s2 copies Of tariff publications,
all containing changes in rates. and
about 100000 notices Of concurrence in
tariffs. II Is authoritatively asserted
that the reformation OF the railroad
tariffs Of the country and their publiea-
tion in such shape that the legal rate
can be ee silly ascertained by a person OF