New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Saturday, October 81, 1917

A week hence the Eastern rail-
roads will lay their case for higher
pay before the Interstate Commerce
Commission. II is TO be hoped that
they will, for the once, rest their
plea more upon a foundation of solid
fact and less upon hysterical, if
somewhat vague, predictions of i'm
pending disaster. Railroad men will
tell you that it is necessary TO ex-
aggerate the plight of the carriers
in order 10 Offset the exaggerations
nut forth by those who habitual-
" oppose rate advances. 1t isn't.
The railroads have always acted
upon that theory, and they have
never succeeded in winning more
than a relatively small part Of their
demands. II is an insult TO the in
teIigence of the Interstate Com
merce Commission TO suppose that
such methods could influence its de-
cision. They never have, and they
never will. The railroads have
many things in their favor this time,
including popular sentiment. If they
will tell the straight story, which is
appealing enough, they should win.
Here is an extract from Wall
Street market letter which is worth
Drinting because the opinions ex-
dressed therein are held by many
Wall Street persons, including some
who should know better;
As far as any direct results were
obtained, the hearing before the In
terstate Commerce Commission on
Wednesday a week ego was tasco'
As near as we can learn, only one
railroad president was at the hear
ing Other roads sent thir traffic
REPRESENTATIVES,, and these were in
structed 70 ask the commission TO
straighten out some trivial hold-ups
Of rate advances on livestock, etc.
They requested 70 have the hearings
on these delayed sixty days, and the
hearings adjourned.
There was no forceful, direct ap-
plication TO have the 10 per cent in
crease Immediately taken up. II ap-
pears that the members Of the COM
mission we're anxious 70 begin hear
ings reopening the case. But the
railroads made no move in this d.
rec;ion.
Possibly the railroad managers
have been discouraged by the COM
Missions methods of delay, dragging
This question on for years, hamper
ing II with obstructive tactics, al
owing shippers 10 place insuperaoie
objection m the way Of every effort
Of the roads, and meantime allow
ing disaster TO overtake the whole
system, as il has done.
Perhaps the railroad managers,
seeing the transportation business
OF the country hCpelessly doomed
20 slowly approaching destruction
through the methods Of the commits
sion, have given up hope and prefer
now 20 let the blame fall where 1t
belongs, on The heads Of the regu-
lators.
Whatever Of disaster comes now
lies 40 the door Of the commission.
They have destroyed the credit Of
the railroads. They have thrown
forty-fve thousand miles Of railroad
into bankruptcy.
II is said that the commissioners
are now anxious 20 remedy the sit
ustion, to make amends for their
past transgressions. But this is a
deathbed repentance. IL is too late.
Let ell the maledictions Of business
and the country fall upon their
heads. They are the only ones TO
blame for the destruction, physical
and financial, Of the efficiency Of the
transportation system Of the United
States.
Except that the commission has
not pursued obstructive tactics, that
disaster has not overtaken the whole
system. that the transportation bust
ness Of the country is not hopeless
~ doomed to slowly approaching de-
struction," that the credit of the
railways has not been destroyed,
that transportation efficiency has
not been destroyed, but increased in
stead, and that the commission has
not thrown a single mile of railroad
into bankruptcy, this statement is
perfectly fair. Perhaps it hasn't oc-
cured to the writer of the market
letter that he is doing his bit"
toward injuring railroad credit.
A pronounced upturn in prices on
the Stock Exchange conceded with
the closing of the Liberty Loan cam
paiW. Assurance that the offering
had been fully subscribed was large
ly responsible for the recovery,
which embraced all divisions Of the
list The buying came mainly from
Professional traders, who have been
making the market during the last
week in the absence Of public par
ucipation. Much of it was in the
nature Of short covering, but there
were also many substantial commit
nents on the long side. The Street is
discussing hopefully the chances for
an active and rising market, now