New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-19
Should Result in Buying
of Supplies and Equip
ment.
WESTERN ROADS
NOW ARE HOPEFUL
Good Effect on Foreign In
vestors and Security
Buyers.

sion of the Interstate commerce CoH-
mission, while not granting the full ad-
vance asked for by. the Eastern roads
would still accord substantial relief to
the business situation.
o. +. Butteriield, general solicitor OF
the New York Central system, said:
"The decision does not permit lake
and-rail advances, and this, in our view,
is a very serious drawback. The lake
and-rail rates have a tendency to con-
troll the all-rail rates. Therefore we
may not be able to take advantage of
the all-rail rate advances. IL is dis
appointing that the advances did not
include bituminous coal and iron ore.
] should judge that this traffic would be
fully up to 80 per cent of the total
traffic on the New York Central system.
"The railroads expect to proceed i'm
mediately to put into operation, as
soon rs the commission grants the au-
thority. those specific rate advances of
more than per cent which the COM
mission mas pointed out should be
made on commodities on which the
rate was obviously out Of proportion to
ether commodities. Among these are
packing house commodities. grain and
grain products. Schedules had been
, filed on these, and the rates were TO go
into effect on December 10. but all we're
suspended pending further hearing"
George F. Brownell, vice-presldent
and general solicitor Of the Erie Rail-
road, said: ''ln broad scope the in
crease as granted shows in my opinion
that the Interstate Commerce Commits
sion had realized that the relief which
it previously had thought could be
gained from other measures than in
creased freight tariffs had been made
impossible by the results of the war
and existing conditions. IL appears
from what ! have read Of the decision
that it is not the intention of the COM
mission to prevent the railroads from
putting into effect the ten specific in
oreases which it recommended in hand
ing down its decision last July.
"A favorable feature of the decision
is that il not only applies to intra-
state traffic, where certain advances
were granted in July, but it also ex-
tends to interstate traffic outside of
the official classification territory as
well as covering those points"
81 feel very much pleased over the
decision" said Otto T. Barnard, presi-
dent of the New York Trust Company.
at counts for something in the right
direction. The railroads need more,
but / think they should be thankful for
what they got"
George A. Post, president Of the
Railway Business Association, thought
the decision would make holders of Sc
curities feel more confident.
at will increase their respect for the
railroads" he said. at proves that the
commission has taken cognizance of
the condition of the railroads. The
whole idea will bulk favorably on the
imagination of the people. The de-
cision comes when traffic and business
are at their lowest ebb, and for this
reason it will be more greatly appre-
ciated. We do not expect an avalanche
of orders fer railway supplies and
equipment, but conditions will UNI
doubtedly improve. The railroads have
been economizing for so long time
that they cannot but purchase now in
view of the revival which is bound to
follow"
A. j. Hemphill, president of the
Guaranty Trust Company, said:
while in my judgment the railroads
should have an increase OF more than 5
per cent to put them in a ST ong posi-
ton, | am confident that the decision
will be favorably received OF. the whole
and have a beneficial effect upon bust
ness. ] am sorry there was MI
norisy report. II was unfortunate, too,
shat the coal roads, particularly the
soft coal carrying roads, were left out
Of the benefit. This is a big business
on the Baltimore & Ohio and the
Chesapeake & Ohio.
ain my judgment, the greatest good
Will come from the knowledge that
the commissioners have at last come
/ to realize the crisis which the rail-
roads have been facing for some time
and have put themselves on record as
being willing TO help solve problems
confronting the carriers. The senti-
mental benefit in this way and the con-
! f.dence which investors and business
/ men should get from the decision will
DO more than anything else to start
/ things off in the right way"
Lawrence Chamberlin, of Kountze
Brothers, who was one of the repre-
sentatives of the Investment Bankers
Association to testify before the COM
mission, said:
THE decision should create. renewed
confidence in American railway securi
ties both here and in Europe and
should stimulate the buying of rail-
way equipment. II should afford the
railroads an opportunity TO put their
properties in better condition"
"The decision is highly encourag-
/ ing" said W. c. Van Antwerp, of the
governing committee of the New York
/ Stock Exchange. 81 am hopeful that
the full text OF the commissions ruling
/ will leave a way open for a further
consideration Of bituminous coal rates.
The alexandria, features of the de-
c!sion must also be carefully consid-
cred when the full text is available,
because these rates are of great i'm
portance.
"The big thing just now, as il seems
TO me, is TO relieve this overworked and
underpaid commission of part of its
labors. We are asking them to act as
Judge. Jury, prosecuting attorney and
executioner and we are expecting them
I TO do all these things and be fair. They
cannot do it and they should not be
asked to do it. No tribunal in the
world exercises a greater power over
the industrial life of nation than the
Interstate Commerce Commission. Its
Importance TO America cannot be exag-
gerated.
"If We are to expect the commission
10 exercise a judicial function, we
should relieve it of its inquisitorial
and prosecuting functions. 1t would
seem to be common fairness to the
commission, the public and the car
riers either TO give the commission
sole power to determine just and rea-
sonable rates and to do nothing else
or to select another tribunal for that
purpose"
Elation in Chicago.
Chicago, Dec. 1s:-Railroad men were