Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-08-31
BANKERS or STATE NOT IN
cLtNEp TO LINE UP WITH
RAILROADS.
REFUSE TO ENDORSE PLAN
TO GEORGE CONGRESS
Railroad Supply Companies Found to
BE Instrumental in Launching Effort
to vitiats Authority Of interstate
Commerce cemmission-Polities in
the Game.
,ecial to Times Republican.

Special to Times Republican.
Des Moines. Aug. 31.-The bankers OF
Des Moines have not been over Jealous
to comply with the demand Of the Wall
street stock brokers to get action for
pressure on the Iowa members of con-
gress to aid in the scheme to have con-
gress rather than the interstate COM
merce commission decide on the rea-
sonableness Of freight rates. One bank
er stated yesterday that he believed
that not single bank Of the city
would indorse the movement and write
the letters as outlined in the circular,
details Of which were given in this
correspondence last Tuesday. The
Iowa bankers do not feel dependence
on the eastern influences.
Light on Movement.
It transpires that the letter signed
by J. 8. Bache & Co., Of the New York
stock exchange, was sent to some 9TH
ers than bankers in This part Of the
country by e. B. Leigh, president OF
the Chicago Railway Equipment Com
pany. with approval. This is looked
upon as somewhat suspicious. That
the political movement should proceed
from a firm of stock brokers and firm
interested in sale Of railway equipment
would indicate that the controversy
has been far removed from one of good
railroad management. An introduce
tory part Of the letter to the bankers,
not previously quoted, also throws
light on the character of the move
ment.
The European war makes it urgent
ly necessary to protect our security
holders by an emergency measure
which will benefit every cieizen Of the
United States directly and indirectly.
The bankers Of the country have great
est influence with their congressman
and constituents. This letter is being
sent to $4,000 bankers thruout the
United States. We would like to adj
| dress each one individually but the
short time before congress adjourns
! makes it impossible to do this. Con-
sequently we trust that each one will
consider the letter personal and that
we may receive a prompt reply"
Would Kill Rate Hearings.
| 1t is stated that the concurrent res
olution which J. S. Bache & Co. refer
to as one to be pushed thru congress
has not yet been introduced, but that 1t
contemplates directing the interstate
| commerce commission 70 overlook its
judicial findings and to authorize ;ad-
vances in freight rates to all the rail-
! roads. This probably would mean
abandonment of the plan of the>west-
| ern railroads to make separate show
ing Of the inadequacy of their rates.
In this connection it is recalled that
all thru the period Of investigation and
proper inquiry by the interstate COM
merce commission into the reasonable
ness Of the rates In eastern territory,
| it was constantly asserted and reiter
ated that President Wilson and his adj
| ministration favored che advance and
were doing what could be done to in
| duce the commission to grant the adj
vances asked. There is no doubt what
ever that the administration was in
league with the people making the eff
fort to have the raise ordered without
an investigation or any judicial de-
termination of the issues: and it is
very probable that the administration
would also sanction this latest move to
have the matter treated as from a poll
teal standpoint rather than judicial
and to force congress to take it out of
the hands of the commission and ac-
cept full responsibility for the de-
manded advance.