The Sentinel=record., 1913-12-12
BY INTERSTATE COMMERCE COM. MISSION IS ADVOCATED BY
 GOV. COX OF OHIO.
CITES NEW HAVEN INCIDENT
Would Have Commission Pass on Sc. curities of Railways and Stock ls- sued in Small Denominations and Sold to the People.

New York, Dec. 11.-Vesting of au- thority to pass on issues of railway securities in the federal interstate commerce commission rather than 10 state commissions, was urged as a means of restoring financial health to railways, by Gov. James M. Cox of Ohio, in an address here tonight be fore fine Railway Business Association Regulation Of rates also should be left with the interstate commerce commission. he maintained, and these rates should be revised also when changing conditions of railroads de- mand them.
 No man in good conscience" said Gov. Cox, will avow the pTopriety of a wildcat policy in the issuance Of isecurity No community in America will produce the man who will at tempt to justify the practices which have shaken the confidence of the conservative thought of New England
 "The whole country stands appall- ed, a great property builded on the resource, thrift and pioneer morals of New England. has been drained of it's very blood and bone through methods that inspired the divine command: Thou shalt not steal' Of the 22000 stockholders, half are women, many are estates and trustees, circum- stance which speaks the confidence Of those now dead. What excuse has government to offer those who lived secure in the thought that it protected the defenseless? What word have the states responsible for his outrage to utter in explanation? I feel sure the federal government in its present hands will not remain dumb to the constitutional command of absolute control over interstate commerce"
 He suggested that railways issue their securities in small denomina- tions so that stocks and bonds i'll time might come to be owned by large number of small investors and there by produce public, but not govern mental ownership of railways"
 Gov. Cox characterized as obsolete the policy of maintaining states rights in regulation of interstate rail- way systems He criticized those who blame governmental regulation for all the recent ills of the railway business, and declared sane regulations will become the ultimate salvation of the business"
 Gov. Cox said railways abused thelr powers in the past when there was lit tie government regulation, but urged that 'past sins be forgotten" and that the new order be built on an entirely new basis
 He suggested tine 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 regulates rates within the state as d general model fer. 3 natiohal law. which would give the interstate com merce commissio nauthority over roads in all parts of the country, such as the Ohio commission had within the state
 The governor declared that public prejudice against railways had deye!- open in recent years because of rep rehensibe administrative policies or some companies" The amount of se- curities listed on the New York Stock Exchange by steam railroads in 1912 was the smallest in ten years, ne said.
 Commenting on a remedy, he said.
 First of all, we might as well rec ognize at the outset that puritanical severity is not going to do any good. The thing to do is to restore the pa tient and then prescribe and enforce a diet and behavior which will pre- vent recurrent illness. The man who stands for progressiveness in gov ernment bases his idea on the theory that all things are changing; that man and his motives must fall into inevit- able subjection to laws of evolution.
 'Railroad men everywhere admit that new day in the affairs of this industry has arrived and that the old order has been replaced, first, by the impossibiity of extensive exploitation and adventure and, second, by new moral code, which seems to be finding adoption everywhere.
 q introduce, therefore, entirely re- gardless of the objections which have ibeen raised to the plan, the suggestion