The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-31
The Interstate Commerce Commits
sion the Obstacle to Rail-
road Prosperity.

road Prosperity.
In the remarkable and generally
encouraging survey Of business con-
ditons which The SUN printed yes
terday morning one hopeful feature
was conspicuous only by absence.
There Is little or nothing that can
be called %prismatic in the outlook for
the railroads OF the United States
for the profitable operation and
proper expansion of their lines. for
the maintenance and improvement Of
their equipment In the interest Of the
public. And yet 1t has been held
for years as a truism that the pros
perity Of the railroads affords anu in
the nature Of things ought to afford
the most accurate indication Of the
prosperity of business in general.
For a dozen years now the railroads
Of the United States have been sub
jected by progressive legislation to
that very process Of s~trangulation by
over-regulation against which WooD-
Row WILSON, when president Of Prince
ton University, warned the country
in these impressive words:
s napuiou far ron,,,t,.o tsuitotton
seems to have taken possession of the
country of late but II came upon 1t so
suddenly, so much more like an impulse
OF impatience than like a deliberate
purpose. that there Is every indication
that the careful thinking upon which It
should have been founded will succeed
It after 1t has spent its force. rather
than accompany and give form and d.
rection to II.
w have forbidden discrimination In
freight rates by railroad companies
and have tried to detect and prevent
them. We have gone further still and
endeavored to prescribe passenger rates
as we'll. undertaking to look inside rail-
way business and determine through
public commissions what rates IL Is
equitable for them to charge.
Governmental control, which we are
undertaking so extensively with so
light a heart. .sets up not a reign OF law.
but a reign of discretion and individual
judgment on the part Of governmental
officials.
Such methods OF regulation. 1t may
be safely predicted, will sooner or later
be completely diseredited by exper-
fence"
We invite the most careful and
candid attention to these wise words
Of President WILSON, uttered in 1905.
Most Of those who are anxious to see
our railroads earning reasonable re-
turns on the investment OF the mill
ions of individuals who own stock in
them or hold their bonds; most who
desire that for the sake OF national
development railroad securities shall
again become attractive to the citi-
zen with money to invest, will agree
with President WILSON and with THE
SUN that in the case of the Interstate
Commerce Commission the regulation
Of business has at last been COM
pletely dlscredited. The time which
President WILSON predicted has come;
the time when the assion for regula,
tive legislation has spent its force
and when the careful thinking upon
which It should have been founded
must now begin in order to avert
colossal disaster.
The main obstacle in the way Of
the prosperity of the American rail-.
roads to-day Is the attempt on the
part Of the Interstate Commerce Com
mission to exercise minutely and spe-
officially in the multitudinous cases
before It an affirmative power In the
matter Of rate fixing. The functions
Of the commission have grown grad
ually from the confines Of the leglti
mate to the extreme limit OF the i'm
possible. No one VINO Is not more or
less familiar with the yolumlnous out
put of literature recording the actlyi-
ties OF the commission can have the
slightest Idea of the degree attained
Is the evil Of governmental control
so clearly fDrcScnn and described by
Mr., WILSON Souu" years ago. The
conihInc' wis 'om 80 HE practical rail-
roul wam'",". of ;uo country would
be hadrq1 Sc mo ,'o '0.A which these
-