The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1910-03-09

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 an amendment de-
claring that 1t should have only the
same jurisdiction as the circuit courts
now possess in cases arising under
rulings made by the interstate com
merce commission.
This amendment was objected to by
Senator Aldrich. This objection dis
closed enough to corroborate 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 commerce
law, intends to make the new leglsla-
ton as favorable as it is possible to
the railroads.
Is understands Bill.
In the two days which he was be-
fore the committee, Attorney General
Wicl-ersham acknowledged RESPONSE
bilty for all of the provisions OF the
secalled administration bill and he
felt at 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 prOv1-
sions in the proposed law that they
do not favor and will feel compelled
to fight upon the floor. They can do
this with better grace now that they
know that the president has mad
nothing to do with the preparation OF
the details of the bill. A campaign
has been started to show that under
the proposed bill it 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 now the money Is Sc
cured in Wall street. Wall street
looks over the proposition and if there
is real demand for railroad and
possibility to earn dividends there is
no trouble about getting the money.
Stock Watering Possibilities.
The proposed bill permits one rail-
road to purchase another which is not
a competing line and to issue stock
to the par value of the stock of the
road which it may purchase. An ex-
ample of this would be found in that
the Chicago & Northwestern road,
the stock of which is selling at 157,
could purchase the Wabash road,
which is not a competitor of the North.
western, the stock of which is sell
ing at about %. This is an example
merely taken that the Goulds would
be willing to sell the Wabash. The
Wabash has $103,000,000 of par value
Capitalization. If the Northwestern
should purchase it the Northwestern
system would be enabled to issue $780,
100000 of new capitalization which,
with the Northwestern stock selling at
1O5, would have a market value of
$154,5OO,OOO, while the Wabash road,
upon the market value of it's stock at
21, is only $21,630,0OO. This is a fair
example of the stock watering posi-
bilities that the proposed bill affords.
Bad Features Of Measure.
There are some good features in the
bill, but the bad features give enor-
nous advantages to the railroads and
weaken the protection now afforded to
| 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 the
| approval of the interstate commerce
commission. This gives such enor-
nous advantages to the railroads that
it becomes question if it does not
outweigh every provision in favor OF
the public, and if it does not virtually
nullify the rate-regulation provisions
of the present law.
The indications are that the history
of the tariff legislation may be repeat
ed In the action which will be taken
upon this measure. 1t looks as though
the control Of the legislation is to be
surrendered to Senator Aldrich anG
that he is to be allowed to shake Il
up in the same way in which he shoot
up the tariff law. However, there il
~ ~.