The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-11-09
REGULATION Of
RAILROAD STOCK
Next Congress May Consider
Observation-Disclosures
Report Ready

WdeuluSIOus NOV. S.-Wnen Pre0s
ident Taft returns to Washington
ing him the report of his stock and
bonds commission. The report, com.
pleted few days ago at a final con-
ference fthe commission. has been
forwarded to the white house.
1t presents the conclusions and
recommendations Of the commission,
which was established under the rail-
road law Of 1910. as to proper meas
ures for regulation Of the capitalize
The question has been one Of the
most insistent before congress for
several years. It Is understood that
the commission will recommend the
enactment of federal legislation
whose substantial effect will be to
create general federal control Of the
whole subject.
Whether it will be proposed to do
this through federal incorporation OF
carriers In interstate commerce or
through. the federal license plan il not
known, and members Of the commits
sion, have nssn extremely reticent on
the subject. They take the position
that their report is for the president,
and that whatever publicity 1t re-
ceives must be determined by him aft
er he has received 1t.
The commission took large
amount Of testimony. rather infor-
the problem of control Of capitaliza-
ton.
Thus Chairman Clements of the in
terstate commerce commission. who
was the first witness called and who
testified at length, made clear that
the regulative experiences of the COM
mission had convinced it that control
Of capitalization was very necessary.
and that with 1t should go a provis-
ion for national valuation of the
railroads.
Both these things have been repeat
edly recommended by the commits
sion, and it's present personnel is
known to be more vigorously in favor
Of these proposals than ever before.
President Arthur T. Hadley Of Yale
is chairman of the commission on
stocks and bonds. The other mem
bers are Frederick N. Judson Of ST.
the Interior Walter L. Fisher and In
terstate Commissioner B. H. Meyer.
The generally accepted views of
these gentlemen on the question of
capital and regulation. together with
their writings in the past and the
character of testimony taken by them
constitutes the chief basis for the
strong belief among public men that
they have included in their report
a Recommendation for effective regu-
lation.
Presidents Position.
President Taft's own position in
favor of such regulation has been in
dicated in various public utterances.
and also was crystallized into certain
provisions contained In the Taft
Wickersham railroad bill Of 1910.
These provisions were bitterly at
tackled by the progressive senators on
the ground that they would be inef-
fective, and, in fact. would not as
sure real control.
In the end, compromise was reach.
ed by providing for the Hadley COM
mission to investigate and report la
ter, and striking out the capitaliza-
ton provisions Of the measure.
Since he named the membership
Of the commission. he has called two
Of its members. Messrs Fisher and
ministration. These two, moreover.
are looked upon as leaders in the de-
mand for regulative legislation.
Should this whole subject be hand
ed along to congress at the coming
session, with a demand for strong
progressive legislation, It would sim
ply add to the immense burden Of de-
mands for work which will be impos-
ed upon congress that will not ad-
journ till a few days before the ma
tional political conventions.
The subject would instantly be-
come one Of the ;iveliest political in
terest. on which vast amount of
jockeying. backing and filling. would
be inevitable.
The play for political advantage
would be likely to have no small CT
feet In making up the issues In the
NrasI6ontfal IN m naign