The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1914-01-13

the Savannah News in further explain
alton:
The first is the antagonistic atti-
tude assumed by railroad commits |
sioners of states that have laws au-
| thorizing supervision of the financial
affairs of roads within their respective
| Jurisdictions; the second is the hostil-
ity investors are manifesting to new
railroad securities, and the third is
that government supervision would
likely insure an increase in freight
rates"
And these points we find emphasized
by the railroad men quoted in the Chi
cago Tribune. President Markham, of
the Illinois Central, and Nudge, of the
Rock Island are in hearty accord with
General Counsel Burton Hanson, of
the Chicago, Milwaukee & st. Paul
talking in the absence of President
Earling), when he says:
If the issuance Of stocks and bonds
by railway companies is to be subject
to government control and regulation,
it is desirable that such control and
regulation reside in one central body
having general supervision Of the mat
ter, like the Interstate Commerce
Commission, rather than in the states,
as is now the case
President Smith. of the New York
Central, and Harrison, of the South
orn, are agreed that the review Of
railroad financial plans by public au-
thority, under a conservative Federal
law" would give additional public
confidence to railroad securities hav-
inc intrinsic merit" and would be
beneficial to all interested in restor-
ing confidence" Other railroad presi-
dents. like Mr.. George w. Stevens, Of
the Chesapeake & Ohio, Mr., e. j.
Chamberlin of the Grand Trunk, and
Mr.. S. M. FELTON,, of the Chicago Great
J. Western, are quoted in approval Of
the proposition. So. too, is President
Underwood, of the Eric, though he
would have the control vested in n
j new board rather than in the lover
J. worked" Interstate Commerce Com
60 mission. President Mohler, Of the
r Union Pacific, and Worthingtou, of the
e Chicago & Alton. are, ON the other
e. hand, inclined to look askance at the
suggestion Of financial control.
o. An interesting construction is put
e upon the reported gladnes with which
q railway managers accepted the idea of
+ having the Interstate Commerce Com
/ mission control railway stock and bond
D issues" by the Newark News when it
- calls it the appeal to a superior pow
70 or TO come between them and the rail
ways they have in charge and the high
T. financiers in whose hands SO many are
Il helpless. US That is. regulating rail
way securities is regulating financiers
r. rather than regulating railroads.
= Rightly, in the judgment Of The News,
d these partical railroad men put the
l blame for their present troubles "on
. large and powerful class Of finan-
i ciers and fiscal agents, together with
n the inside manipulators of the same
s. class" As this thought is carried
e further:
Il Just now the Interstate Commerce
0 Commission is hesitating over an in.
d crease of rates to permit more secur.
Il ity issues. which the Frisco and New
: Haven cases are proving that those
1t who had control of the financing ant
l. those charged with running the rail
70 road not only were not the same, bu
lie ought to have been fighting if the rail
L road interest was to be considered
Z The fact is that the question Of mo
" dern railroad regulation is one wher
10 the interest Of the railroad and the in
'e tercst of the public are one and tn
l. same. and the common enemy is tn
fiscal agent, inside manipulation, o
promoter, who has usurped railwa
- control, ousted the railway man, an
bent the railroads from public servic
Id to terminals in his own pocket, an
Up from common carriers to beaDts O
L burden for his private schemes.
rs Seeing no immediate chance for re
s. Installing the railway manager in con
v troll, the public and the railroad seek
L. superior power which will curb tn
Ly financial manipulation And they hav
le the moral support of the best elemen
lg Of bankers, those who are far-sighte
d, enough TO be content with their tru
&c sphere Of activity and usefulness"
s. 1t is the opinion of the Chicago Tri
at hune's Washington representative tina
lie while the Interstate Commerce Com
he missions decision to advance rate
a. win not be conditioned on the rail
as roads acceptance of financial contro