The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-24
RESIDE TIE SUBJECT.

BESIDE THE SUBJECT.
pr. 1ladley's Commission on Railroad
Securities is hard at work, and we are
sure that. under his direction, 1t will
do its work thoroughly and well. 1T
has taken testimony from II large num-
her OF witnesses during the last week
or ton days, and while a great deal of
The information 1t has obtained appears
to<ho aiiunde, it viii doubtless be
Z turned 20 good account by the Com
mission in announcing its conclusions.
Tho purpose for which the Commission
MAS created is to ascertain the value
of railroad securities and 10 suggest
the best way to regulate the issuing
of such securities for the projections
OF the investing public and in tho in
terest of the railroads themselves.
AS we understand II has noth-
ing TO do with the question of
railroad regulation and control further
than such regulation and control
shall he affected by the special
inquiry the Commission is maxi
ing Some of the men who have !
appeared before the Commission have
exceeded the speed limit, SO to say. In
t)cir observations, as, for example, (
ID the case of Brother Jacob H. schiff, /
Who offered the Commission sundry
observations about Government owner
ship of tho railroads, which did not
seem to be wholly germane to the sub
j4ct under consideration. protesting
t(at lie was not an advocate of the New
iisngured on the Sth of November, this
Mise old fnancier ayowed that the In
ferstate Commerce Commission is the
only authority that should have any
voice In the control of railroads doing
an interstate business, and he con-
Guided in proverbial form thus: 1--WE
cannot serve two masters and prosper
We suppose Mr.. schiff meant to say
regulation" not Control" because
9here is u vital difference between the
two. Control means, in fact owner
ship without responsibility; regulation.
TO which the railroads do not object,
and which they really want, means the
enactment and enforcement of laws
when WIZ give 'ieih 'fee pdtu !"
tile management or their own business
and protect them from the interference
" iiip4'esi0upie t'o''ie' 'i'a nv. .
should attempt to regulate the bond
issues of the railroad companies
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- i'o'''' 'lppo''
s''S = ''''' N-''s - -
sV'ts So'''t.''s . - ''s $3.50 = go
ptopS''S o. 'H'.''SeN iias'n = 'e''''
iiis examination MS pt'Sou 10 "ts own
satisfaction 'ilat Tue SalNe o 'iie prop
ef'les OIL ti''s system SioSe's ai'pio~t-
mates S'VV'oVV,oVu' ne o0'k Notue
OF the same pfopeflies' as es'ifia'ea
by inc oihcefs oil me eohpahE' IS
S425'oop,ooo. "nether or not they
have undefYalWed to escape taxation
we do not know certainly they have
not been overyalued for purposes OF
Capitalization, There is doubtless a
great deal of water in some railroad
securities, but not more in proportion
Khan ehcre is in the Invisible visible
supply OF cotton for example. in which
sign the prices of the staple are large
ly controlled Ii is the same thing
with pork and wheat and corn and al,
the other products OF the field; Yet
there has been no fnsistent demand
that the Government shall interfere
with tho business affairs OF the peo-
pie, the men who SOW and reap ana
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-pTs1-4 w w. So. ti'' uus'' .
~ lne consumers INTO tAeir Farms
In . recent number Financial Amor
sea makes some ycr,, rert,nan+ com.