Morgan County republican. (Versailles, Mo.) 1906-1914, 1910-03-10

withstand the pressure, and that there
will be some kind Of legislation this
session which will preserve the min.
eral fuel lands remaining in the public
domain to the public.
Railroads Renew Activity.
The railroad interests Of the coun-
try are ~endeavoring to win back what
little ground was lost by the bill
passed In the Roosevelt administra.
ton restricting the court review OF
orders issued by the Interstate com
merce commission by comforting pow.
ers upon the proposed court of com.
merce over the rulings OF the inter-
state commerce commission beyond
that now exercised by the circuit
courts. When Attorney General Wick
ersham was before the senate com-
mittee on interstate commerce and
this proposition was stated to him.
he disclaimed any intention Of increas-
ing the Jurisdiction Of the commerce
court and proposed ar amendment de-
claring that 1t should have only the
same Jurisdiction as the circuit courts
ho" pOSrcbb al CdSGo uhioihS uhu'h
rulings made by the interstate com.
merce commission.
This amendment was objected TO by
Senator Aldrich. This objection dis
closed enough to c%orroborate the sus
picion which is general that the organ.
ization In congress-. instead Of trying
to put through the measure that will
carry out the policy Of the president
to strengthen the interstate
law. intends to make the new legisla-
ton as favorable as II IL possible 70
the railroads.
ls Wlckersham's Bill.
In the two days which he vas be-
fore the committee, Attorney General
Wickersham acknowledged RESPONSE
bility for all of the provisions Of the
so-called administration bill and he
felt Mt liberty to change them entirely
and insert new matter without refer
ence to what the president may
think OF such a proceeding. This at.
titude Of the attorney general shows
clearly that the president is not d.
rectly connected with the bill. The
Progressive senators were pleased to
learn this. as there are many provi-
sions in the proposed law that they
do not favor and will feel compelled
to fight upon the floor. They a do
this with better grace now that they
know that the president has had
nothing to do with the preparation Of
the details Of the bill. A campaign
has been started to show that under
the proposed bill 1t will be impossible
to get capital to invest in pioneer rail,
roads for the reason that new roads
under the bill will have to have dollar
for dollar in the treasury for the
amount subscribed to their stock
However, the facts are that in the in.
vesting OF new roads under the system
which prevails the money Is Sc.
cured in Wall street. Wall street
looks over the proposition and II there
Is real demand for a railroad and a
| possibility TO earn dividends there Is
no trouble about getting the money.
Stock Watering Possibilities.
The proposed bill permits n rail
road to purchase another which Is not
a competing line and to Issue stock
to the par value of the stock OF the
rcad which 1t may purchase. An ex
ample Of this would be found in that
the Chicago & Northwestern road
the stock Of which is selling at 1877
could purchase the Wabash road
which is not a competitor Of the North
western, the stock of which Is sell
ing at about 20. This Is an example
merely taken that the Goulds would
be willing to sell the Wabash. The
Wabash has $103, 0O0. 900 Of par value
Capitalization. II the Northwestern
should purchase 1t the Northwestern
system would be enabled 10 Issue $103.
O0O, 900 OF new capitalization which
with the Northwestern stock selling a
1O5, would have a market value o.
$154, 500, 900, while the Wabash road
upon the market value of Its stock a
Fl. is only $2l $50, 900. This is a fall
example of the stock watering posi-
bilities that the proposed bill affords
Bad Features OF Measure.
There are some good features In tn,
bill, but the bad features give enor
nous advantages to the railroads ant
weaken the protection now afforded I,
the public. The most Objectionable
feature OF the entire bill is that legal
izing traffic agreements. and permit
ting them to go into effect without tn,
approval of the interstate commerce,
commission. This gives such enor
nous advantages to the railroads tina
It becomes q question II It does no