The sun., 1916-11-25

end stocks put out By q Great linz q
Isiiroed relate TO The improvcment Of
the whole line and not TO % much Of II
- ~ vStAin the State which may seek
to regufete.
Hsw Obstacles Have Arisen.
Nineteen States or 70 many Of them
az nave within their borders a part Of the
!he OF this railroad may prescribe nine
.een Inherent conditions upon which the
ISSUES may be made. or eighteen may
ssree without conditions and the other
one impose conditions 80 harsh that they
would burden all the other states and In
terstate commerce % well to meet them.
But TINS State may say that no issue
OF securities a be made. II may b
tnat the new money IL needed for I'm
proving the whole line Of road for the
benent Of the commerce Of the whole
country. but that one State must con-
sent or the plan falls"
MI. Thom rave an illustration Of the
obstacles encountered by the New York
Central Railroad. which has not over
twenty miles Of line In Illinois. II was
taxed. $500. 900 by the State Or Illinois
as a condition Of the consent of that
state to issue certain Aecurities. He
asked why the States Of New York. Ohio,
Indiana and the others through which
the o runs could not with a. much
reason exercise the same right.
cites Another 0lsri,. rr.~,,..
III they did" he said, commerce a. A
whole would be most GENEROUSLY our
commerce must helm 10 hear the hurd.n
OF his tax placed ,pon IN. road hv ~.
state Of Illinois. contrary 10 their v,er,s
Of the Justice Of such a tar
AS another u,ustration NJ ,b. ,.,
ilct Of State action the New Hsv.n In
the summer of 1919 Arranged Tor On.
sale OF 1870 o 600 of convsr,ih,. horS.
part of the issue TO he used 10 r.s,,nS
maturing obligations ana tina balance a.
be used to provide needed pubiic fsc,i,.
ties.
'The States Of Rhode r.,a nd ana Cor.
recticut gave their aoprovsI. hut tNs a..
proyal of Massachusett co,,ia M, ~ ~
tanned because Inc Isws 80 ~. SEA-.
were held not 70 suthor,.. snch 90 ;.s,S
The result was That 49,. ,..,s ,.u.s s"s
tho con,eouent in.h,ii,v - ~. soss ..
furnish the n-rono..d r.S. s"s,,;,,ss ~
the wav ~ ns,y scw,n,..r - "S-
termins,. 4. ~i.r.siv ...an,.w. .su
sreat- conrs.,Ion 80 hhv~sr"." .n0
runt,or 20 .no INFER
v.hnt. ~ N.., r~-,.. - --.
r%..ton. "" N~"u anu s~ur'ou"o'hs
~
-
~e cre~ stsseses.
Mr.. Thorn ~.v. ~, .r,,h., ...,.,,.
instance ~ ,he h,rSn,. 60 a..,s 49,
put unor o,ho,. ~ .hs Az,
reruiation ths .,,,y 81, 100 =.
OF New ,Icrssv .nI
IT am NOT here n "av -,h..h.. ,,...
s,.tute. 49,. ~ ~,
tro;n crsn,. la ".o". lul'
crau. ,,r. .me eA.IA t,e,n
hv ~. CO." "~so .een nousnt r'sh'
20. s.. passns .nenn' out they al.
on,,. ,h.n.nw e's. psss no'
s,,iu,ss S"s s,"o ,Soon.s ~. ncv,ns 'ne
oUhv,o Virginia. maryland Delaware,
These two State laws impose an ex-
pense on the roads affected Of 81. 700. 900
annually. or an amount that represents
the interest charge on $4,000 900 at s
per cent. which might otherwise be used
Tor improvements for the whole line.
"Ihe OF the other States
mentioned 10 burdened with this ex-
pense. which Is a charge upon them.
They DO not want the law. or at least
have not shown enough interest to pass
u. what Hsht has one state to burden
tho or another state with a
huee charge IKE this to carry out a
policy IN which the ourdened states do
mot paUicipate IN which they nave
mr. tn M NA M NhtA hAR