Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-09-09
SEVERAL IN IOWA GET BEHIND
SCHEME FOR BOOSTING RAIL.
WAY STOCK VALUES,
sTcck Broker APPEAL
WILL NOT MOVE cuMMiNS
Senator, While Admitting Railroads
Need Some Relief, Il Opposed to
Wall Street Scheme to Secure Raise
IN Ratss-Interstate Board indignant
u Effort to Override Authority.
sp.es., to r,mes-Republican.

Special to Times-Repubncan
Des Afoines. Sept. s.-Senator Cum
MINIS has received more than hundred
letters from Iowa constituents, in
-spired by the stock broker appeal &c
the banks TO get behind an eNtraor-
binary scheme for boosting railway
q stock values, and some OF these are
actually from reasonably conservative
and otherwise sensible bankers. The
senator viii not join in the movement
Eyes. I have received quite q Mum
Der of letters concerning the resolution
10 have congress instruct the inter
state commerce commission 70 reverse
!. its recent decision in regard TO rail
rates. he said These letters are due
10 the circular from J. s Bache &
Co, of New York. calling on bankers
to approve this plan Of getting re-
lief for the railroads. Some Of the
bankers merely enclose the circular
with their approval; others Write let
ters. A great many Of these letters
nave been received by members Of
congress from all paris Of The coun-
Try.
81. is amazing 70 ne thai any one
should approve such course Of action.
1t would be just as appropriate in
every respect for congress 70 pass
resolution instructing the supreme
court OF the United States that i had
made aw rong decision in some great
case and 20 reverse Itself. The in
proprie-y OF such action would be
manifest al once
Commerce Board Judgment.
According 10 dispe rches % the east
err papers from Washington the mem
oers Of the interstate commerce COM
mission are indignant over ms effort 70
override their authority and 20 have
congress take the rate matter ont Of
their hands Senator Cumulins last
week brought the matter up IN con
gress and called attention - the Bacae
circular which went - $4,000 bankers
10 enlist their influence back d The
movement. HIS disclosure ~ he MAJ
ter created q sensation II Inc senate.
The entire circular was printed II
this correspond erce two weeks ago,
when copies OF the circular were re-
practically al OF wt,ou, united il con-
demn.ng the ps--ers.oa OF govern
ment functions.
Admits Roads Need Help.
Senator Cummins does not, N tasins
an attitude against me Wall street
stock broker scheme NJ raising rates,
place himself n an attitude 81 antas-
onisnn to the interests OF the railroads.
he believe. they should have some
help and that Il VIII be necessary 10
give them some help IN some way
Il realize fully he sad, -:ha- the
situation with the railroads !s going 70
become very serious 4 tho war con-
tiuues. They really need help. but i
IL not because Of low rates. But aere
is a situation: The railroads now have
PERHAPS $500 ESQ eog OF overdue bonds
and other securities and as mitch more
viii become due the next year. The
New York Central for instance. has
out a large amount OF short time pa
per. which they expected 70 take up
with bonds before This time. But the
European market FOR bonds IS closed.
TIE exchanges are al closed and there
can be 10 sales except 2 few n private
Fae New York banks hold large guam
titles o. this railroad paper Is COL
lateral Il can rot be realized or. The
danger 81 that situation can be seen
at q glance.
Vow I am convinced something
may hare 20 ne done, perhaps By con-
gress. but congress car rot order 2
judicial body 10 revise It's conclusions
and raise rates which would continue
indefinitely. 10 meet an emergency 81
-his Kind We have done Eorne.t IN z
lor s.stence n help the cotton grow
ket cut off We may hare to find
handle their financial situation. and 4
that proves 70 pc necessary no do1o;
it VIII re done
To Speak IN North Iowa.
Senator Cumrnins expects 70 fiji ar
engagement or two II northern Iowa
this week, al Spencer. Storm Lake
Emmetsburg and elsewhere He mar
remain and deliver number O.
speeches on political questions.
The senator is IN ana condition 70,
a campaign and IS quite eager 70 get
into the fray and speak out plainly
about things al Washington. II is no
certain when any OF the congressional
delegation can be back into the cam.
paign. There IL some expectancy tina
congress VIII be permitted TO adjourn
before election time
Chairman Hawson, ot TIE state com.
mittee, is out on his tour Of the gtats
holding the district conferences for III,
purpose OF finding out the politica
situation and getting the worker
started right.