The Birmingham age-herald., 1913-12-12
RAILROADS WANT TO
IMPROVE, DECLARES
PRESIDENT ELLIOTT
Continued From Page one)


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thrift and pioneer morals of New Eng
land mas been drained of its very blood
ana bone, through methods that inspired
the divine command. Thou shalt moi
steal. or the % 600 stockholders half are
women many are estates and trustees
circumstance which speaks the conf.
denee of those now dead. What excuse
had the government to offer those who
lived secure in the thought that it pro-
tested the defenseless? What word have
the states responsible for this outrage
to utter In explanation? 1t would have
been impossible of accomplishment in any
progressive state. [ feel sure the fed
eral government, in it's present hands
will not remain dumb to the constitu-
tional command of absolute control owe.
Interstate commerce"
He suggested that railways issue their
securities in small denominations so that
stocks and bonds I'm time might come 20
be owned by a large number of smali
investors, and thereby produce public
but not governmental ownership of rail-
ways"
Says Policy Obsolete
Governor Cox characterized as obsolete
the policy of maintaining states rights
In regulation OF Interstate railway sys-
tems He criticised those who blame
governmental regulation for all the re-
cent Ills of the railway business. and
declared sane regulation will become the
ultimate salvation of the business.H
| Governor Cox said railways abused their
powers in the past when there was little
| government regulation, but urged that
| past sins be forgotten" and that the
| new order be built on an entirely new
| basis.
He suggested the Ohio public utilities
! law, by which the state commission passes
on all issues of railway securities, COM
pels reports of the expenditure OF funds
raised by the sale of securities and reg
ulates rates within the state. as a general
model for a national law which would
give the interstate commerce commission
authority over roads i'm all parts of the
country such as the Ohio commission
has within the state.
The governor declared that public preju-
dice against railways has developed in
recent years because of ''reprehensible
administrative policies of some compa-
MES" The amount of securities listed ON
the New York Stock exchange by steam
railroads in 1912 was the smallest In 10
years, he said.
Comments on Remedy
Commenting on remedy, he said:
First of all, we might as we'll recos-
nize at the outset that a puritanical se-
verify is not going to do any good. The
thing to do is to restore the patient and
then prescribe and enforce diet and
behavior which will prevent recurrent
illness. The man who stands for pro-
Sressiveness in government bases his idea
or the theory that all things are chang
ing; that man and his motives must fall
into inevitable subsection to laws of evo-
luton.
Railroad men everywhere admit that
a new day In the affairs of this indus
try has arrived and that the old order
has been replaced, first. by the mpos-
sibility of extensive exploitation and adj
venture. and, second, by a new moral
code, which seems to be finding adop-
tior everywhere
II introduce. therefore. entirely regard
less Of the objections which have been
raised to the plan, the suggestion that
ultimate relief will never come until the
interstate commerce commission passes
on the issuance of securities.
There is no question whatsoever but
that the railroads would be given at once
the desired raise in rates. If the govern
ment were assured that the increased rev.
enue would be applied properly"