The Washington times., 1911-05-26
FEDERAL CONTROL
OF CAPITALIZATION
OF ROADS SOUGHT
Stocks and Bonds Commits
sion Will Be Asked for
Early Report.

With the purpose of pressing forward
" the issue of Federal control of capitalI-
cation of interstate carrying corpora
lions. resolution will be introduced in
the House. calling on the Stocks and
Bonds Commission to make a report al
the earliest possible date.
This commission was provided for
during the consideration OF the railroad
legislation of 1910. 1t was directed to
make study of conditions surrounding
the capitalization of carriers, looking to
the development of legislation for Fed
eral regulation. President Taft, under
direction of Congress, named the COM
mission. President Arthur 7. Hadley,
of Yale, is its chairman, and the MEM
bership includes Interstate. Commerce
Commissioner Meyer and Secretary of
the Interior Fisher.
The commission has held a number of
meetings, and has kept its work very
much to itself. 1t is understood that
in the ordinary course of events 1t
would be ready 10 make report in time
to be laid before Congress at the next
session.
Federal Capitalization Control.
No foreshadowing of this report has
been indulged by any of the commits
sion's members, but it is generally under
stood that the document will be, on the
whole, pretty satisfactory from the
point of view of people who believe that
the Federal Government should as
sumo control over this matter of issuing
capitalization.
The personnel of the commission and
the generally known views of its men,
bers constitutes the chief ground for this
belief. In addition 10 this. however,
various people who have some knOwl-
edge of the hearings that have been
held have estimated that the commits
sion's mind strongly tended toward the
% idea of rigorous control.
In making a request for an early re-
port, the members of Congress who
will back up the contemplated resolu-
ton will urge that the whole capitaliza-
tion question ought TO be taken up at
the next session of Congress. They eX-
pect that 1t will require much time and
a lengthy debate. AS a groundwork
of accumulated facts and recommends
tions by experts, therefore, it is wished
10 have the commissions report in print
and before the public, in ample time to
enable interested public men to study
and consider 1t before the next session
opens.
Asked for Recommendations.
It is understood that the commission
will be asked not only to report the
facts it has developed, but recommended
tions as to legislation which. in the
opinion of the commission, would meet
the needs of the situation.
With this report before them pro-
gressiVes purpose to frame a measure
for presentation at the beginning of the
next session and to press this bill with
all vigor. They are moved to this urg-
ency by the belief that on the eve
of a Presidential election there will be
difficulty In framing effective excuses
for delays.
The record which members make with |
regard to such a bill will be watched |
by the country, and in all probability, !
it is thought, IL the measure does not |
forced to commit the parties TO spe-
cific declarations on the whole sub |
ject.
To Bind Both Parties.
In short, the effort to secure an early |
Congressional consideration at the next |
session is part of a program of TAX
ing advantage of political exigencies |
to get both parties at least committed |
to legislation.
Should the report of the commission |
not reach Congress till we'll into the |
next session, there would be great diff
ficulty in formulating legislation around |
which public demand could be crystal
ized in time to secure its effect in the
platform declaration of 1912. In that
event, il is feared, the whole subject
might be pushed along for another
Presidential term without action.
The means for delaying legislation of
such large import are realized; the in
for accellerating it are
likewise recognized, and are to be
brought into play just so far as posst-
BILE.