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 UNIVERSITY 
 
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EEGULATION OF RAILWAY RATES. 
 HEARINGS 
 
 COMMITTEE ON INTERSTATE COMMERCE, 
 
 SENATE OF THE UNITED STATES, 
 
 DECEMBER 16, 1904, TO FEBRUARY 23, 19p5, 
 
 ON BILLS TO AMEND THE INTERSTATE COMMERCE ACT. 
 
 PRIVATE CAR-IilNE SYSTEMS. 
 
 APPENDIX. 
 
 RESOLUTIONS, PETITIONS, MEMORIALS, AND LETTERS OF LEGISLA- 
 TURES, BOARDS OP TRADE, CHAMBERS OF COMMERCE, AND 
 OTHERS. 
 
 PARTIAL LIST OF BONDS AND STOCKS OF RAILROADS HELD BY 
 SAVINGS BANKS, INSURANCE COMPANIES, AND OTHER INSTI- 
 TUTIONS IN 1900. 
 
 BILLS RELATING TO INTERSTATE COMMERCE AND THE INTERSTATE 
 COMMERCE COMMISSION, FIFTY-EIGHTH CONGRESS. 
 
 Pages 1-771. 
 
 WASHINGTON: 
 
 GOVERNMENT PRINTING OFFICE. 
 
 1905. 
 
S8th OONSBBSS, 3d Sl^BSION'. 
 
 INTERSTATE COMMERCE COMMITTEE, 
 SENATE OF THE UiaTED STATES. 
 
 STEPHEN B. KLKINS, of West Virginia, Chairman. 
 
 SHBL«Y M. CULLOM, of Illinois. 
 
 NELSON W. ALDRICH, of Rhode Island. 
 
 JOHN KBAN, of New Jersey. 
 
 JONATHAN P. DOLLIVEE, of Iowa. 
 
 JOSEPH B. FORAKER, of Ohio. 
 
 MOSES E. CLAPP, of Minnesota. 
 
 JOSEPH H. MILLARD, of Nebraska. 
 
 BENJAMIN R. TILLMAN, of South Carolina. 
 
 ANSELM J. MoLAURIN, of Mississippi. 
 
 EDWARD W. CARMACK, of Teiuiessee. 
 
 MURPHY J. FOSTER, of Louisiana. 
 
 FRANCIS G. NEWLANDR, of Nevada. 
 
 Colin H. LrviNOSTONE, 
 
 Clerk to the Committee. 
 
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CONTENTS 
 
 Testimony relative to the regulation of railway rates: Page. 
 
 Bacon, Edward F 5 
 
 Burr, R. Hudson 40 
 
 Cowan, S. H 50 
 
 Crocker, Charles H 126 
 
 Davenport, Daniel 369 
 
 Dean, L. A J 264 
 
 Fish, Stuyvesant 269 
 
 Hines, Walker D. (analysis of Esch-Townsend bill) 235 
 
 Hooker, James J 129 
 
 Mackenzie, Murdo 119 
 
 Nimmo, Joseph, jr 151 
 
 Perry, E. F 268 
 
 Smith, MiltonH 225 
 
 Staples, Charles F 29 
 
 Stone, Henry L 243 
 
 Testimony relative to private car line systems: 
 
 • Ferguson, E. M 311 
 
 Waxelbaum, J. J 392 
 
 Hesolutiong, petitions, memorials and letters of legislatures, boards of trade, 
 
 • chambers of commerce, and, others 405 
 
 Partial list of bonds and stocks of railroads held by savings banks, insur- 
 ance companies, and other institutions in 1900 493 
 
 Bills relating to interstate commerce and the Interstate Commerce Commission, 
 
 'Fifty-eighth Congress 711 
 
 .Report upon the bill H. R. 18588 (by Mr. Townsend) 737 
 
 3 
 
REGULATION OF RAILWAY RATES. 
 
 U. S. Senate Committee on Interstate Commekce, 
 
 December 16, 190 A. 
 
 STATEMENT OF MR. EDWARD P. BACON. 
 
 The Chairman. Please state your full name, Mr. Bacon; where you 
 reside, your business, and whom you represent here to-day. 
 
 Mr. Bacon. My full name is Edward F. Bacon; I reside at Milwau- 
 kee; 1 am engaged in the grain business in that city. 
 
 I appear before you, gentlemen, as the chairman of the executive 
 committee of the Interstate Commerce Law Convention which was 
 held in St. Louis October 28 and 29 last, that being the second meet- 
 ing of that convention, the first meeting having been held November 
 20, 1900. That convention consisted of 300 delegates, from more than 
 170 different organizations. The convention was called for the pur- 
 pose of expediting legislation for amendment to the interstate-com- 
 merce act to enlarge the powers of the Interstate Commerce Commis- 
 sion so as to give the act greater effectiveness. A petition was adopted 
 by the convention for the enactment of such legislation, a copy of 
 which petition has been sent to each member of this committee and of 
 the House Committee on Interstate and Foreign Commerce. 
 
 Senator Cullom. Will you state whether you are going to speak 
 to any bill before this committee ? 
 
 Mr. Bacon. 1 had not desired so to do. In fact, I have not appeared 
 for the purpose of presenting any argument, but simply to present the 
 matter generally for your consideration, with the earnest desire on 
 the part of the convention I represent that some legislation to this 
 effect be immediately enacted. 
 
 Senator Tillman. In other words, the President has sent us one 
 message and you bring another from the people? 
 
 Mr. Bacon. We bring one from the people — from all the people. I 
 do not here represent a particular class — not the shippers alone, but 
 I represent the entire community, consumers and producers, as well as 
 shippers, the consumers and producers being in fact much more 
 largely interested in this subject than the shippers themselves by 
 reason of the fact that the freights paid by shippers are simply paid 
 by them as middle men, and the increased cost, if any, is passed over 
 to the people in the increased price the consumers pay for the agricul- 
 tural or marketable products of the country. 
 
 I wish particularly to say that it seems to our committee — and it was 
 so expressed at the convention — that there have been ample hearings 
 on this question before the committees of Congress during the past 
 
 5 
 
6 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 five years, first in regard to the Cullom bill, presented in the Fifty- 
 sixth Congress, and also in the Fift;^-seventh Congress, in regard to 
 the Nelson-Corliss bill and the Elkins bill, and in the present Con- 
 gress on the Quarles-Cooper bill, or Cooper-Quarles bill, as it should 
 properly be called. It has been fully investigated in each of those 
 three Congresses — the Fifty-sixth, Fifty-seventh, and Fifty-eighth. 
 Extensive hearings were held by this committee as far back as the 
 Fifty-sixth Congress, hearings occupying a considerable length of 
 time — I do not recall now exactly how long — but the subject was gone 
 into very thoroughly. People appeared here from all parts of the 
 country, representing shippers, and presented their views in relation 
 to the legislation desired. In the 1 if ty-seventh Congress extensive 
 hearings were held before the Interstate Commerce Committees of 
 both the Senate and House," and in the House committee the hearings 
 extended over a period of two months and a half, some twenty-five 
 hearings having been held. People were here from all parts of the 
 country to present their views at those hearings, which were probably 
 more complete and full than those in regard to any other plan ever 
 presented before these committees. 
 
 In addition to that the Industrial Commission held hearings for 
 three and a half years upon the subject of the industries of the coun- 
 try and the transportation problem, and that Commission presented a 
 full report to Congress of those hearings, in the course of which this 
 subject was gone into exhaustively in the sittings of that Commission 
 in the different centers of the country, covering probably more than 
 a year's time. The results of that investigation are available to this 
 committee, and to the House committee as well, of course, in regard 
 to the consideration of the subject. 
 
 What I desire x'articularly to emphasize is that our side desires no 
 further hearings. We feel that the subject has been exhausted. We 
 do not wish to be put to the expense and delay of repeating or reiter- 
 ating the testimony previously presented. The conditions have not 
 materially changed since the full hearings of the Fifty-seventh Con- 
 gress, and consequently there is nothing new to be offered. We rest 
 our case upon what we have already adduced at those hearings, reserv- 
 ing simply the right to offer anything necessary in rebuttsu of what 
 may be offered by the other side in regard to the question. 
 
 1 shall now be pleased to answer any questions. 
 
 The Chairman. The Nelson bill was before us. What bill do you 
 rely upon and stand by now — the Quarles Senate bill ? 
 
 Mr. Bacon. Yes, sir. That is identical with the Cooper House bill. 
 
 The Chairman. The Nelson bill was considered by this committee, 
 and here is the Quarles bill, being Senate bill No. 2439. 
 
 Mr. Bacon. I ought to have said that the Quarles bill simply renews 
 the Elkins bill which was before the Fifty -seventh Congress, with the 
 omission of the pooling sections which that bill contained and the 
 discriminative section which has been superseded by the bill enacted in 
 February, 1903, known as the Elkins anti-rebate law. 
 
 The Chairman. The Nelson bill was discussed quite at length before 
 this committee, and hearings were had. I do not think we have had 
 any direct hearings upon the Quarles bill, have we ? 
 
 Mr. Bacon. I think the chairman did not understand my last remark, 
 that the Quarles bill is simply a i-enewal of the Elkins bill. Did the 
 Chairman understand that? 
 
DUTIES AND POWERS OF INTEBSTATB COMMERCE COMMISSION. 7 
 
 The Chairman. Yes; 1 understood that part. The question now 
 before us is in regard to making operative the orders made by the 
 Interstate Commerce Commission upon the party or parties against 
 whom they are issued. 
 
 Mr. Bacon. That is simply a repetition of what was in the Elkins 
 bill before the committee two years ago. 
 
 Senator Cullom. As I am not familiar with what the bill contains 
 at all, I should be glad to have Mr. Bacon discuss it section by section, 
 if he will do so. 
 
 The Chairman. Mr. Bacon has very intelligently discussed the 
 original bill, and incidentally, I suppose, a good deal of what is in the 
 Quarles bill; but 1 think it would be well for the committee to hear 
 Mr. Bacon in a general way, as suggested by the Senator from 
 Illinois. 
 
 Mr. Bacon. I will do so with pleasure. I will say that there is 
 nothing contained in the Quarles bill which was not contained in the 
 Elkins bill which was before you two years ago. As originally intro- 
 duced, that bill was amended at the suggestion of our committee by 
 the parties at whose instance it was introduced — the Pennsylvania Rail- 
 road Company — and was adopted by the committee which I represent 
 as a substitute for the Nelson-Corliss bill, which had been considered 
 by this committee. 
 
 Senator Cullom. If you have the bill before you perhaps it would 
 be well to confine your remarks to the bill before the committee, if 
 you can do so. 
 
 Mr. Bacon. I will premise that the Nelson bill, which was before 
 you at the same time that the Elkins bill was, contains the same pro- 
 visions in regard to the power of the Interstate Commerce Commission 
 in regard to revising rates that the Quarles bill contains. The purpose — 
 the sole purpose, I may say — of this Quarles bill is to clothe the Com- 
 mission with the specific authority 
 
 The Chairman. Please state what authority. 
 
 Senator Cullom. State the provisions of the bill — what power it 
 carries. 
 
 Mr. Bacon. When a rate has been found, after complaint and 
 investigation, to be unreasonable or discriminative, the power to 
 change that rate or to make any regulation affecting the rate is given 
 the Commission, and that that changie shall go into immediate effect 
 pending appeal or review by the courts. Provision is made in the 
 bill for review of the order of the Commission, upon the application of 
 a carrier. 
 
 The Chairman. That is, the Interstate Commerce Commission. 
 
 Mr. Bacon. That is what I mean. 
 
 Senator Dolliver. In what respect does that differ from the present 
 law? 
 
 Mr. Bacon. The present law provides that upon a hearing and find- 
 ing of a rate to be unreasonable or unjust, which is the term used in 
 the act, it shall so declare, and shall notify the carrier to cease and 
 desist from the continuance of such violation of the act. The carrier 
 is left free to make such change in that rate condemned by the Com- 
 mission as it may choose. It has sometimes occurred — often, in fact — 
 that, instead of making a change of rate to meet the intent and require- 
 ments of the case, it has made only a slight change, in that way tech- 
 nically complying with the requirements of the act. 
 
8 DUTIES AND POWERS OF INTERSTATE COMMERCTi' COMMISSION. 
 
 Senator Dollivek. Have you in mind any case in which that hap- 
 pened ? 
 
 Mr. Bacon. Several cases; yes. 
 
 Senator Dollivee. 1 should be glad to have a memorandum of the 
 cases in which that happened. 
 
 Mr. Bacon. I shall be very glad to furnish you with it. 
 
 Complying with Senator Cullom's request, 1 will say that this oppor- 
 tunity for review is provided in this bill for the purpose of expediting 
 proceedings and avoiding the necessity of serving injunctions and such 
 processes to prevent the carrying into effect of the orders of the Com- 
 mission, the review being a quicker process. 
 
 Itisfurther'providedthatthis review shall take precedence over any 
 except criminal cases, and any appeal from the circuit court to the 
 Supreme Court shall also take precedence over any except criminal 
 cases. 
 
 It is also provided that the order of the circuit court shall be in force 
 and effect pending appeal to the Supreme Court; that if the circuit 
 court affirms the order of the Commission, nothing shall suspend the 
 operation of that order. It is provided, however, that the circuit court 
 may suspend such order pending the hearing of the case before that 
 court, in order that the railways may have the opportunity, in case of 
 manifest injustice, to have the operation of the order of the Commis- 
 sion suspended. But after the circuit court has acted and affirmed 
 the order of the Commission, the order is in full force until reversed 
 by the Supreme Court. 
 
 Then there is a section providing that if the carrier refuses to com- 
 ply with the order of the Commission when in force it shall be sub- 
 jected to a penalty of |5,000 for each day's continuance of noncom- 
 pliance. 
 
 Those points cover the provisions of the bill in full. 
 
 I shall be glad to answer any further questions. 
 
 Senator Tillman. I understand that you represent the shippers' 
 interests. Are you willing to have suspended the order granted by 
 the Commission pending investigation ? 
 
 Mr. Bacon. We are not onlj^ willing, but we expressly desire it. 
 
 Senator Tillman. In other words, you do not agree with the Presi- 
 dent. The President says such order shall remain in effect until the 
 court itself rescinds its action. 
 
 Mr. Bacon. The President did not go into details. 
 
 Senator Tillman. We simply have to read what he said. 
 
 Mr. Bacon. He announced his purposes and desires, but the bill 
 goes more into detail, and provides for the review by the circuit court 
 in order that if there be manifest injustice in the order of the Commis- 
 sion it may be suspended so that the railways shall not be wrongfully 
 dealt with. 
 
 Senator Cullom. Complaint is made by the people in some locali- 
 ties that the rates from their places to some shipping point — Chicago, 
 for instance, if it is out West — are too high. The Commission goes to 
 that place, investigates the subject, hears testimony, and finally deter- 
 mines that the rates were too high, and so orders; then they also make 
 an order providing for what they regard as a reasonable rate below 
 the former rate. Does that order take effect, under this bill, imme- 
 diately upon issuance? 
 
 Mr. Bacon. It takes effect unless the carriers apply to the circuit 
 
DUTIES AND POWERS OF INTEKSTATE COMMEECE COMMISSION. 9 
 
 court for a review of the order of the Commission. It takes eflfect 
 within thirty days. 
 
 Senator Cdllom. But it does not take eflfect for thirty days. 
 
 Senator Clapp. It takes eflPect in thirty days after notice, and in sixty 
 days after notice in case of application for review. 
 
 Senator Dolliver. Then the mere application for review would 
 postpone for thirty days? 
 
 Mr. Bacon. That must be made within thirty days. 
 
 Senator Cullom. Otherwise it will take eflfect at the end of thirty 
 days? 
 
 Mr. Bacon. Yes; unless application is made for review. 
 
 Senator Cullom. Then if no application is made for review, it 
 remains in force until the court hears the case and decides that the 
 order is or is not unreasonable. 
 
 Mr. Bacon. It remains in force at the end of thirty days if no appli- 
 cation is made for review. 
 
 Senator Dollivek. Why is that thirty days put in there? It seems 
 to me that would be a very brief time. 
 
 Mr. Bacon. That thirty days is simply to give time to the carriers 
 to make up their case; the probability is that they would be able to 
 do that in ten days. 
 
 Senator Dou^ivek. Then would it not be better, in case of appeal, 
 to require them to determine in a briefer time whether they are going 
 to make an appeal ? 
 
 Mr. Bacon.. That would certainly suit our interests. We made that 
 thirty days so as to be beyond criticism. 
 
 Senator Cullom. If there is no appeal to the court within thirty 
 days, this order takes effect, as I understand? 
 
 Mr. Bacon. It takes effect and the carrier is cut off from appeal. 
 
 Senator Cullom. Is there no way to get the matter before the 
 court then ? 
 
 Mr. Bacon. That ends it, if there is no application for review. 
 
 The Chairman. But such order may be revoked by the Commission 
 itself at any time after full hearing; that is, if the railroad company 
 says it wants to be heard further, the Commission may revoke or sus- 
 pend its order. 
 
 Mr. Bacon. That refers to some period in the future, because the 
 conditions may change within a year after the determination was made, 
 and the carrier may have good reasons for asking a revocation or 
 suspension of the order. 
 
 Senator Cullom. The Commission has control afterwards? 
 
 Mr. Bacon. Yes, sir. A carrier may go before the Commission 
 and ask for a new hearing under changed conditions, no matter when 
 it may be. 
 
 Senator Cullom. If a new rate should take effect at once, would not 
 the shippers be satisfied to let the railroad appeal to thecourt at any time 
 they choose, without limit, so as to have it determined whether that 
 rate was reasonable or not ? 
 
 Mr. Bacon. What would be the advantage of that, Senator? 
 
 Senator Cullom. The rate when made would be in force as made by 
 the Commission, and the people would get the advantage of that exist- 
 ing rate until the court should decide at any time afterwards. Do you 
 not think that would be fair and reasonable? 
 
10 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Bacon. It seems to me that the allowance of thirty days is 
 ample time for their consideration and determination as to whether 
 they want the case reviewed. 
 
 Senator Cullom. You want the matter settled ? 
 
 Mr. Bacon. Most assuredly we want it settled. 
 
 Senator Tillman. If the (jommission is not allowed or authorized 
 to change existing rates without examination and thorough investiga- 
 tion, why should the court be allowed to suspend an order of the 
 Commission without examination ? 
 
 Mr. Bacon. It is not. 
 
 Senator Tillman. Indeed it is, unless I misunderstand the English 
 language. 
 
 Mr. Bacon. It can only suspend upon application and hearing. 
 
 Senator Tillman. But it is still allowed to investigate. The investi- 
 gation proceeds after suspension. 
 
 Mr. Bacon. But it can not order a suspension until an opportunity 
 is given both parties for a hearing on an application for suspension of 
 the order. 
 
 Senator Tillman. How long must that hearing last? It might 
 make its ruling take effect immediately if it saw fit. 
 
 Mr. Bacon. But it is supposed that the court will proceed in the 
 matter honestly and seriously. I think that is fairly to be presumed. 
 
 Senator Tillman. You would not like to have a time limit upon the 
 court; you want it to be calm and serene in its consideration of these 
 matters ? 
 
 Mr. Bacon. It seems to me that a time limit would be rather an 
 imputation upon the honesty of the court. However, that is a matter 
 for determination by you gentlemen. I have sometimes found it 
 necessary to push back with one hand while 1 pull forward with 
 another. It has been the desire of our committee from the first to 
 maintain a moderate and rational view of this legislation, avoiding 
 extremists and radicals. We desire to be moderate and conservative. 
 
 Senator Dolliver. Have your committee considered the legal limi- 
 tations upon our right to put conditions upon the power of the court 
 to supersede the orders of the Commission ? I notice that Mr. Kernan, 
 who appears to have been one of the witnesses in the hearings in the 
 last Congress, suggests an amendment to that portion of your bill 
 which lays down the conditions upon which the circuit court shall sus- 
 pend an order of the Commission, but suggests that those conditions be 
 stricken out on the ground that they would be unconstitutional, and 
 he adds: 
 
 You can not enact worse legislation than that. 
 
 Has your organization had that matter carefully considered? 
 
 Mr. Bacon. That matter was thoroughly gone over before the House 
 Committee on Interstate and Foreign Commerce, and the report of 
 the hearings on that subject elucidates that point very fully, I think. 
 
 I will say that our committee is constituted of business men, with 
 the exception of one lawyer. Mr. Kernan appeared for the New York 
 Produce Exchange, and argued in favor of the proposed legislation. 
 And I will say that the only lawyer on our committee is not satisfied 
 with what you might call the conservative qualities of the measure 
 which the committee, as a whole, has recommended being observed, 
 avoiding the more extreme or more radical. 
 
DUTIES AND POWEBS OP INTERSTATE COMMERCE COMMISSION. 11 
 
 Senator Newlands. Are you a lawyer yourself? 
 
 Mr. Bacon. I am not a lawyer; I am a business man. 
 
 Senator Newiands. Are you familiar with the rules the courts have 
 laid down as to the determination of what shall be a just and reasona- 
 ble rate? 
 
 Mr. Bacon. I have followed the cases to some extent as they have 
 arisen under the workings of the interstate-commerce act. 
 
 Senator Newlands. I am not very familiar with them, but I under- 
 stand that they have determined that a rate must be reasonable and 
 not oppressive, and that you must have in view a return upon the capi- 
 tal that has been invested. 
 
 Mr. Bacon. The Supreme Court has specifically decided that the 
 revenues of a railroad company must be sufficient to afford a fair return 
 upon the actual capital invested. 
 
 Senator Newlands. Have these decisions ever determined what a 
 fair return, in the shape of interest, shall be? 
 
 Mr. Bacon. Each particular case has been taken up individually 
 and considered on its own merits, and no definite percentage of inter- 
 est or return upon the money invested has been indicated by the court 
 as proper and right, so far as T have observed, but the court has decided 
 that point in a general way — that it must be a fair return on the invest- 
 ment. That is something that may vary in different periods. 
 
 Senator Newlands. Has any court, to your knowledge, ever laid 
 down a rule for determining the capital or value upon which the fair 
 return, in the shape of interest, is to be computed i 
 
 Mr. Bacon. No rule has been laid down, but different processes 
 have been pursued in determining the cases before the courts — some- 
 times one method, sometimes two or three combined; but no rule has 
 been laid down. 
 
 Senator Newlands. Take, for instance, a continuous system of rail- 
 ways extending from the Atlantic coast to the Pacific coast, embrarang 
 perhaps as many distinct railroads as there are States through which 
 it passes, each one of these railroads being subject to control by a 
 local commission as to domestic rates, and also being under control by 
 the Interstate Commerce Commission as to interstate rates: 1 ask how 
 would it be possible, in each individual case before the Interstate Com- 
 merce Commission under this act, to determine the effect of a given 
 rate upon the capital or value invested in each one of these roads ? 
 
 Mr. Bacon. A case might be very complicated, as you suggest; still, 
 it is not beyond human wisdom to arrive at a satisfactory conclusion. 
 It may involve considerable time and the consideration of many figures, 
 but it is not beyond human capacity, certainly. 
 
 Senator Newlands. Do you not think that with the number of cases 
 before the Interstate Commerce Commission, involving both classifi- 
 cations and specific rates, and also with the number of cases that may 
 be under consideration before each one of the local commissions as to 
 domestic rates, there would be considerable confusion as to whether or 
 not a proper return upon capital or value could be had as a result of 
 these changes? 
 
 Mr. Bacon. I do not think there would be any difficulty of that kind. 
 The cases are easily susceptible of solution with proper time and con- 
 sideration to be given them. But it is my judgment that with this 
 authority conferred upon the Interstate Commerce Comnlission it would 
 
12 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 operate very fairly toward the prevention of the exaction of discrimi- 
 native or unreasonable rates. 
 
 Senator Newlands. We all agree that that is what we want to have 
 accomplished. The only question is as to the method. 
 
 Senator Quakles. It would have to be worked out by the courts. 
 
 Senator Newlands. Yes; but in these cases we would have_ perhaps 
 ten different circuit courts operating at the same time in suits insti- 
 tuted by each one of these railroads, incorporated under the laws of 
 different States, and each one of them complaining of a particular 
 interstate rate fixed by the Interstate Commerce Commission. It 
 strikes me that this would be likely to produce a great deal pf confu- 
 sion. If we could simplify this whole system it would certainly be of 
 great advantage. 
 
 Let me just suggest a line of thought I have been pursuing fpr some 
 little time on this subject. It involves a radical change in existing 
 conditions, but it seems to me that if it can accomplish good we ought 
 gradually to reach out for it. It is this: We have here, say, 2,000 dif- 
 ferent railroads in this country 
 
 Mr. Baoon. Only about 600 operating railroads, however. 
 
 Senator Newlands. Only about 600 operating railroads. A great 
 many of these operating roads are classified and combined into sys- 
 tems, so that practically it may be said that eight or ten systems of 
 railroads control all the mileage of the country. That is accomplished 
 either through leases or holding companies or through traffic arrange- 
 ments. As a matter of fact, however, we have this large number of 
 corporations — although only 600 operating railroads, as you say — and 
 these railroads are so unified that no more than eight or ten systems 
 control them all. 
 
 Mr. Bacon. Substantially, yes. 
 
 Senator Newlands. That being the case, that being the evolution of 
 railroading, why is it not well to recognize that fact and bring them 
 under control? 
 
 Mr. Bacon. That is just what we are seeking, Senator. 
 
 Senator Newlands. Let me suggest, right there, would it not be 
 well for us, then, to frame a national incorporation act for interstate 
 commerce, under which these various railroads now consolidated under 
 one management — by devious devices that no one understands — can 
 be incorporated, so that we shall have one capitalization fixed by the 
 Interstate Commerce Commission or by the courts, and one system of 
 of rates to act upon, as well as one system of taxation to act upon? 
 It seems to me that the evil of the present system is that, whilst the 
 Supreme Court has determined that there must be a fair return upon 
 value or capital invested, yet you can have as many valuations fixed as 
 there are States, and you can have as many rates of interest fixed as 
 there are States, according to conditions. 
 
 Then, upon the question of return; this return must be found after 
 operating expenses and taxes are paid. And yet, under existing con- 
 ditions, we can have forty-five different systems of taxation, each of 
 them variable according to the judgment of a legislature or according 
 to the caprice of assessing bodies. 
 
 It strikes me if we could have a national incorporation act for 
 purely interstate commerce, and permit consolidation of these great 
 corporations with a capitalization fixed by law or judicially, and then 
 provide for a percentage tax upon gross receipts absolutely in lieu of 
 
DUTIES AND POWERS OF INTBESTATE ( OMMEECE COMMISSION. 13 
 
 all other taxes, national, State, county, or municipal (regarding these 
 corporations as national machines for interstate commerce the National 
 Government would have the constitutional power to exempt them 
 from State or local taxation), and then provide that that tax shall be 
 distributed by the United States among the various States according 
 to some fair rule of distribution — according to trackage or volume of 
 business — we would then fix absolutely the rate of taxation by one 
 law, and that at the same time no State would be deprived of its rev- 
 enue. 
 
 Thus upon this question of operating expenses and taxes we would 
 secure certainty as to taxation, at all events. 
 
 The next step would be the fixing of the proper return upon capital 
 invested. This law could fix the percentage of dividends to be 
 allowed^ — whether 4 per cent, 5, 6, or 7 per cent, whatever it may 
 be — and it could vary that return according to the degree of risk 
 involved in the enterprise, etc., orit could leave the question of interest 
 as a return on capital to the decision of the Interstate Commerce Com- 
 mission or to the courts. 
 
 Those things being fixed with absolute certainty (the taxes to be paid 
 to the Government and the dividends paid to the operators), then you 
 have remaining only the question of operating expenses, and it seems 
 to me you would then have one body that would fix. these rates and 
 you would not be subject to the varying judgments of forty-five differ- 
 ent commissions and forty-five different courts. What do you think 
 of that, Mr. Bacon? 
 
 Mr. Bacon. That is a very comprehensive plan, Senator, and there 
 is much merit in it, but it will take many years to work that out in 
 legislation. 
 
 Senator Tillman. I want to suggest to my friend from Nevada 
 that he put this statement in the Record, for it is the most magnificent 
 generalization that has ever come before me. So I hope he will repeat 
 this statement in the Senate chamber, because it will be lost to the 
 public unless put in the form of a speech in the Senate on this general 
 subject. 
 
 Senator Newlands. It will be in the record of the proceedings of 
 this committee to-day, but I should like Mr. Bacon and his associates 
 to look into that question; for while we may pass something of this 
 kind as a temporary measure, I do not believe it will work satisfac- 
 torily as such. It strikes me that the minds of the shippers, as well 
 as of the legislators of the country, ought to be directed to some plan 
 of unifying and simplifying the entire railroad system of the country. 
 
 Mr. Bacon. That is entirely worthy of consideration with reference 
 to the future, but it will take a long time to work it out. But here 
 we have before us a very simple plan which has been evolved during 
 the discussions of the past five years in regard to this class of legisla- 
 tion, and it seems to me that it would not be best now to take up any 
 such comprehensive and general plan. Senators may work it out for 
 themselves later. 
 
 Senator Fokaker. You would not endorse the plan suggested by the 
 Senator from Nevada? 
 
 Mr. Bacon. Not on the moment's consideration. I am very glad, 
 however, to hear that suggestion. 
 
 Senator Foeakek. So am I, but I should want to give it further 
 consideration. 
 
14 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 The Chairman. Mr. Bacon, do you want to be heard futher? 
 
 Mr. Bacon. Right in this connection— the Senator speaks of this 
 being a very great change in the state of the law, but I wish to remind 
 him that the Interstate Commerce Commission, during the first ten 
 years of its existence, acted upon their presumption that that was the 
 state of the law during that time and substituted certain rates when 
 they found existing rates unjust or unreasonable. That procedure 
 operated to the entire satisfaction both of the railway interests and of 
 the public during that period, so that we have not a theory to contend 
 with, but we have the benefit of ten years' practice under this theory, 
 and what we want now is simply to rehabilitate the Commission with 
 the authority that it exercised during that period. 
 
 The Chairman. You advocate now that that order of the Commis- 
 sion be made operative at once ? 
 
 Mr. Bacon. Yes, sir. 
 
 The Chairman. Suppose that order, operative for the whole country, 
 should be made to apply to certain timber sections — as, for instance, 
 Missouri, Arkansas, and Michigan, on rates to Chicago, covering 500 
 miles by 1,000 miles and including a thousand shippers — and then the 
 order of the Commission should be reversed by the courts; what relief 
 would the railroad have under this bill? 
 
 Mr. Bacon. To answer the question categorically, I should say it has 
 no means of relief. But allow me to say 
 
 The Chairman. As briefly as you can. 
 
 Mr. Bacon. Allow me to say, briefly, that the fact is that when a 
 case has been carefully considered, under testimony taken on both 
 sides and after argument on both sides, the result reached is presum- 
 ably correct and right, and the fact would be that perhaps in not more 
 than one case in fifty would the ruling of the Commission be set aside 
 by the courts. 
 
 The Chairman. If it were set aside what would be the effect upon 
 the lumber industry ? Would the railroads have to lose $10,000,000 a 
 year with no relief? 1 understand you to say they would have no 
 relief. 
 
 Mr. Bacon. During the four or five years that the rates have been 
 continued in force pending adjudication the public has been subjected 
 to the payment of charges that have been declared to be unreasonable 
 or discriminative. 
 
 The Chairman. You can make the railroad give bonds. 
 
 Mr. Bacon. The diflGiculty would be to reach the suffering party, 
 because the shipper passes the increased rate he has to pay right over 
 instantaneously to the public that buys the goods. 
 
 The Chairman. Suppose that the Commission applied the rate, that 
 the court sustains the rate, but that t.he railroads think that the rate 
 is too low, is there anything in these bills to make the railroads haul 
 the freight? Suppose they should sav they had not the cars? 
 
 Mr. Bacon. This bill does not reach that. 
 
 The Chairman. Suppose the rate is thought to be too low; how are 
 you going to make the railroads haul? 
 
 Senator Tillman. There is a penalty provided somewhere for a pay- 
 ment of f6,000 a day in such a case. 
 
 The Chairman. Suppose they had not the cars? 
 
 Senator Tillman. I suppose they might dodge in some way. 
 
 Mr. Bacon. These are matters that can be worked out in the future. 
 
 The Chairman. Have you considered the question of devolving the 
 
DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 15 
 
 decision of all these questions ultimately upon the circuit courts of 
 the United States, or upon an interstate-commerce court? 
 
 Mr. Bacon. You know, Mr. Chairman, that it has been decided by 
 the Supreme Court that the making of a rate is a legislative act and 
 can not be performed by a court. 
 
 The Chairman. Would you recommend that? 
 
 Mr. Bacon. It is immaterial who fixes the rate, so we get relief. 
 
 The Chairman. I see Senator Quarles is here, and we will hear him 
 now with pleasure, or at any other time, at his own pleasure. We 
 have him with us always. 
 
 Senator Quarles. Like the poor. But, Mr. Chairman, it is now so 
 near the hour of adjournment that if I should undertake to address you 
 now it would, perhaps, trench upon the performance of your other 
 duties here. 
 
 The Chairman. We shall be glad to hear you at another time. 
 
 Senator Quarles. I have been giving this subject very careful study 
 and certain things have suggested themselves to me which I deem of 
 great importance in perfecting this bill. If it be the pleasure of the 
 committee to hear me at some time in the near future I shall be very 
 pleased to communicate to it my views. 
 
 The Chairman. The committee will be very glad to hear you at any 
 time you may indicate you want to be heard. 
 
 The committee adjourned. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 January 16, 1905. 
 
 . ADDITIONAL STATEMENT OF MB. EDWARD F. BACON. 
 
 Mr. Bacon. Mr. Chairman, I have prepared a statement, which 1 
 can submit, and after it shall have been printed can appear again to 
 answer questions if it is so desired. 
 
 The Chairman. Do you not think you should make your statement 
 now, so that some questions can be asked ? 
 
 Mr. Bacon. If that be the pleasure of the committee. 
 
 The Chairman. I know some Senators will want to ask you some 
 questions, because you are an expert in this business. 
 
 Mr. Bacon. Mr. Chairman, upon further consideration I think it 
 will be better for me, instead of submitting a written statement, to 
 hold myself in readiness to answer such questions as may be pro- 
 pounded to me by members of the committee. I have some docu- 
 ments with me to refer to in case it should become necessary in 
 answering questions. 
 
 Th§ Chairman. Mr. Bacon, I will ask you a question in regard to 
 one matter that has been uppermost in my mind for some time. You 
 are asking that the Interstate Commerce Commission be given power, 
 upon complaint, to review and fix a railroad rate and make it reason- 
 able — that is the substance of it. I wish you would tell the committee 
 just how that would correct the abuse of such discriminations, giving 
 of rebates, and unjust advantages as the railroads practice. Just how 
 would the fixing of rates by the Commission serve to stop this abuse? 
 
 Mr. Bacon. Giving them the power to correct rates found on com- 
 plaint and investigation to be wrong. 
 
16 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 The Chairman. Yes; the power to correct a given rate upon com- 
 plaint. That is provided in the Quarles bill. Will the fixing of a 
 rate by the Commission help to cure this abuse? In other words, 
 could not the railroads violate a rate made by the Commission, or 
 make rebates, just as well as they could when they made their own 
 rates? You can cover that at length. You understand quite clearly 
 the purport of my question ? 
 
 Mr. Bacon. I get your idea fully. This power will be the means 
 by which tariff rates, which are discriminative as between different 
 localities or between different commodities, or otherwise, will be pre- 
 vented. That is, when the Commission finds a rate discriminative in 
 any respect, having the power to change that rate, it can remedy the 
 discrimination. 
 
 So far as concerns paying rebates, upon either the published rates 
 or the rates as corrected by the Commission, it will nave no effect 
 whatever. But I consider that the difliculty of discrimination between 
 individual shippers is fully met by the Elkins act of 1903. I do not 
 see how the English language can prohibit that in any clearer terms 
 than is done by that act. Nor do 1 see how any means of enforcing 
 that prohibition beyond what is provided in that act can be formulated. 
 
 Senator Dollivbr. Do you understand that that act also prohibits 
 discriminations between different localities? 
 
 Mr. Bacon. Not at all. It, relates only to discriminations between 
 individual shippers. 
 
 Senator Dolliver. I would like you to give us a typical illustration 
 of what you mean by discrimination between rates. 
 
 The Chairman. The fixing of rates by the Commission would cor- 
 rect that. That is the very question. 
 
 Mr. Bacon. Before answering Senator Dolliver's question I wish 
 to say further that while the Elkins act of 1903 went as far, it seems 
 to me, as it is possible to go, yet it remains with the Commission 
 on its part and the Department of Justice on its part to enforce the 
 provisions of that act. If they are thoroughly enforced the evil of 
 rebates will be effectually remedied. True, it may require new 
 machinery to be provided, but I would not suggest attempting that 
 now, because it will require more consideration tnan I fear can possi- 
 bly be given at this session of Congress. 
 
 It is essential, in my judgment, that the books and papers of all 
 railway corporations should be not only open to inspection of members 
 of the Commission, but that inspectors should be appointed, the same 
 as national-bank examiners are appointed, to examine the books of 
 every railway corporation in the country, and a continuous inspection 
 should be maintained in order to discover when rebates are paid. Then 
 when such discovery is made, let the matter be at once brought before 
 the Department of Justice for prosecution of the offenders. 
 
 The Chairman. Would you suggest an amendment to the Quarles 
 bill to cover that? 
 
 Mr. Bacon. I would not suggest that, but I merely throw this out 
 as something to be done in the future. 
 
 The Chairman. I want to say that what you say is very important. 
 It certainly is important that somebody should have the power to send 
 for and examine books and papers. So why not put such a provision 
 in a bill to be considered at this session of Congress ? It is not in the 
 Quarles bill. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 17 
 
 Mr. Bacon. As I said before, there should be a continuous system 
 of inspection of books from day to day and from month to month. 
 
 The Chairman. I believe everybody, in Congress and out, wants to 
 kill rebates, so the machinery to secure that result is very important 
 and essential to be incorporated in some bill. Why do you not your- 
 self prepare such an amendment? The Quarles bill does not reach that 
 point, and that is what 1 wanted to bring to your attention. 
 
 Mr. Bacon. I am aware that the Quarles-Cooper bill has no such 
 provision, but the people I represent deemed it best that details of 
 that kind should be deferred to the future, and that the sentiment of 
 Congress should be concentrated wholly upon this one provision to 
 confer this needed power upon the Commission. 
 
 The Chairman. That is tne power to fix rates ? 
 
 Mr. Bacon. Yes, sir; then the next Congress can go further and 
 provide the necessary machinery for the pi-evention of rebates, as 
 well as to remedy other evils existing in various respects in regard to 
 traffic abuses; but I would not advise taking the time for that now. 
 If this were incorporated in the bill it would tend to distract attention 
 from the main question. 
 
 The Chairman. I think the people and Congress are ready for 
 anything to stop unjust discriminations and giving rebates. 
 
 Senator Newlands. Do you not think the question of rebates is 
 even of more importance than that of fixing rates ? 
 
 Mr. Bacon. I do not, Senator. I think there is a very exaggerated 
 idea as to the evil of rebates. Not but what 1 regard it as one of 
 the greatest evils, but it does not reach one-tenth the number of people 
 reacned by discriminations between localities and different commodities 
 and other forms of discrimination. Furthermore, it does not reach 
 the question of the prevention of rates that have been found by the 
 Commission to be excessive and unreasonable. That is a question 
 which greatly concerns the people of the United States. Rebates must 
 be stopped and discriminations must be stopped, and the power provid- 
 ing for that can be exercised to stop excessive rates, but the latter is by 
 far of the greatest importance. I really regard rebates, however, as 
 having been fully provided for by the Elkins Act of 1903, and with the 
 addition of some machinery I believe that the practice of paying 
 rebates can be wholly prevented. 
 
 Senator Newlands. Do you think the books would show the fact of 
 a rebate having been paid? 
 
 Mr. Bacon. The books would not show it directly; no, sir. The 
 pa3'ment of rebates is effected in a way that is really underhanded and 
 discreditable to the railroads. They have been largely paid by mes- 
 senger boys from the general freight ofi[ice,-the treasurer's office, or 
 some other office, perhaps, to messengers or subordinate clerks of the 
 firms receiving the benefit of such payments. A messenger boy will 
 go with a little slip of paper with some pencil figures on it and cur- 
 rency in his hands instead of handing a check to the firm receiving 
 the benefit and obtaining a voucher for it. 
 
 Senator Millard. Do you not think an examiner would be enabled 
 to ascertain that fact? 
 
 The Chairman. No rebate, if for no more than |2, can be given with- 
 out the books showing it in some way or other. Otherwise the books 
 would never ba,lance. 
 
 Mr. Bacon. An inspection of the books will develop the fact. 
 RY— 05 2 
 
18 DUTIES AND POWEES OP INTERSTATE COMMEKOE COMMISSION. 
 
 The Chairman. A rebate of |2 can not be given without the books 
 showing it in some way. It may be concealed; it may be put in the 
 form of commissions paid, or of a private car arrangement or switch- 
 ing arrangement — there are all kinds of ways of concealing it — but it 
 will show somewhere. 
 
 Perhaps the committee would like to hear from you as to the steps 
 by which the fixing of rates by the Commission would cure discrimina- 
 tions between localities. You say that as to individual shippers the 
 Elkins Act is quite sufficient, and I think if enforced it is sufficient. 
 But as between localities, tell us how a discrimination in favor of 
 Chicago and against Kansas City, or as between Chicago and Cleveland, 
 on freight going to the South Atlantic ports can be avoided by having 
 the rate fixed by the Commission rather than by the railroads. 
 
 Mr. Bacon. 1 get your idea. 
 
 The Chairman. Senator Dolliver asked about that. Illustrate that 
 and make it plain. 
 
 Mr. Bacon. I will develop it in a moment. There is another method 
 of making rebates, and that is by the allowance of fictitious claims, 
 and false vouchers being taken therefor. I will take up the matter 
 you speak of, Mr. Chairman; but first I want to say that there are no 
 less than six forms of discrimination, and probably more. The first, 
 and most generally recognized, is by the payment of rebates. 
 
 Senator Dollivek. That is always a discrimination between indi- 
 viduals. 
 
 Mr. Bacon. Between individuals entirely. The second is between 
 localities; third, between commodities; fourth, between various dis- 
 tances. There is great discrimination in the relative rates for dis- 
 tances, the rate for 100 or 200 miles often being half the rate for 600 or 
 even 1,000 miles, the discrimination being against intermediate points. 
 Then, fifth, there is discrimination in quantities — the difference between 
 carload lots and less than carload lots. I have made a calculation as 
 accurately as possible as to the difference in expense of transportation 
 of carload lots as compared with less than carload lots, and I can not 
 figure that it costs more than 5 per cent extra for part carload lots 
 than on full carload lots. Yet the rates charged vary all the way 
 from 30 to 80 per cent, as a general thing, and in some instances 150 
 per cent. There is no reason for any such discrimination as that. 
 
 Senator McLauein. Does that apply to all freight on the railroads? 
 
 Mr. Bacon. To all freights. 
 
 Senator Dolliver. Has anybody ever complained of that? 
 
 Mr. Bacon. Frequent complaints have been made. 
 
 Senator Dolliver. Have the Interstate Commerce Commission or 
 any of the State commissions ever examined and reported upon that 
 question ? 
 
 Mr. Bacon. I do not recall any formal report upon the question, 
 though I think it was touched upon in the investigations made by the 
 industrial commission. 
 
 As to discriminations between quantities, it was proposed at a public 
 convention of the National Grain Dealers' Association in Minneapolis 
 last summer, by one of the traffic officials of the Chicago, Burlington 
 and Quincy, that, in addition to the rate for carload lots, there should 
 also be a rate established for train-load lots. That indicates another 
 opening for serious discrimination between quantities; that is, between 
 large and small shippers. 
 
DUTIES AND POWERS OF INTERSTATE OOMMEECE COMMISSION. 19 
 
 Then another serious discrimination that exists is between domestic 
 traffic and foreign traffic, which has been practiced for many years, 
 making a lower rate for export or import traffic than on domestic traffic. 
 Between all inland points and the seaboard there has for years been a 
 system of making one rate for domestic traffic and another for export, 
 and often the export rate is 25 to 33 per cent less than for domestic 
 traffic. 
 
 In the matter of steel and iron, for the past two years the trunk lines, 
 as tbey are called, have given the steel and iron producers a reduction 
 of 33-J- per cent less than the published tariff on domestic freights, so 
 that all iron and steel exported is cai'ried at one-third less than the peo- 
 ple of this country are required to pay on freight of the same character. 
 
 The Chairman. Suppose a combination of railroad and lake carriers 
 involves unjust discrimination. Nothing is provided, to my knowl- 
 edge, in any bill to iuwlude waterways over which the United States 
 has jurisdiction. Have you thought of that class of discriminations ? 
 
 Mr. Bacon. The present act gives the Interstate Commerce Com- 
 mission jurisdiction over rates covering combined rail and water 
 routes, under joint control or arrangement, but not over rates for 
 traffic wholly by water whether inland or coastwise. 
 
 The Chairman. I know; but they make a London rate from Chicago. 
 
 Mr. Bacon. They do often, yes. 
 
 The Chairman. Why should we not try to correct this abuse on 
 water as well as upon the land? There is no regulation of river traffic 
 at all. Now, you are an expert. In preparing a bill why could we not 
 cover the rivers ? 
 
 Mr. Bacon. The law already provides that any rail-and-water rate 
 (either lake or river) shall be subject to the provisions of the inter- 
 state commerce act. It does not, however, extend to ocean traffic. 
 
 The Chairman. I only throw that out for the committee. Don't let 
 me interrupt you. 
 
 Mr. Bacon. What I want to say is that this law that we desire, con- 
 ferring power upon the Commission, meets all these difficulties and 
 places in the hands of the Commission the power to determine a just 
 relation between rates for export and rates for domestic traffic, what 
 would be a just relation between carload lots and less than carload 
 lots, and what would be a just relation between 100 miles and 1,000 
 miles. 
 
 All these matters could be properly adjudicated and settled by con- 
 ferring this power upon the Commission, and would be remedied by 
 the exercise of the jurisdiction thus conferred. As the law is now 
 they can say that in a given case they have decided so and so, but such 
 a decision has no effect whatever; it is left to the carrier to effectually 
 remedy the difficulty or not, as it chooses. What we want is that this 
 existing tribunal shall have the power to do what is fair and just and 
 right in all these cases for the carriers, for the shippers, and for all 
 parties interested. 
 
 As to the freights upon iron and steel products, it is to my mind a 
 very serious question whether the people of this country are not being- 
 charged rates on domestic traffic of tnat character sufficient to reim- 
 burse the carriers for the low rates they charge on export freight. 
 That is one of the questions the Commission should be given power to 
 investigate. 
 
 Senator Dolliver. As to the low rate on traffic for export as com- 
 pared with the domestic traffic, does not that exist even in a more 
 
20 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 emphatic form in countries where the railroads are operated by the 
 government? Take Germany, for instance. 
 
 Mr. Bacon. There is a necessity for deviation, at least under some 
 circumstances and conditions. But that the difference should be so 
 great is questionable. 
 
 Senator Dollivee. Is it not the policy of the German Government 
 to make if large enough to secure the foreign sale of their own goods? 
 
 Mr. Bacon. Every country is endeavoring to protect its citizens in 
 that way. 
 
 Senator Dollivek. Is not that policy in perfect line with the policy 
 of this country ? 
 
 Mr. Bacon. Certainly, we are all desirous to sell our goods to 
 foreign countries. 
 
 Senator Dolliver. Do you think any construction of an order 
 issued by the Interstate Commerce Commission could interfere with 
 that policy ? 
 
 Mr. Bacon. I think it would be its duty, in a case brought before 
 it, to thoroughly investigate it and come to a conclusion in regard to 
 it, and I judge it could require such changes as it deemed necessary 
 to secure justice between the parties concerned under the power con- 
 ferred by this bill. 
 
 Senator Dollivek. In reading the reports of the Interstate Com- 
 merce Commission I have seen no reprobation of that practice at all, 
 but, on the contrary, I have seen a series of hints that something more 
 available than orders should issue. 
 
 Mr. Bacon. In a New Orleans case, which you must have observed 
 in your study, the Commission found the rate from New Orleans to 
 the Pacific coast on imported property to be about one-third (in some 
 cases) what it was on property originating at New Orleans and going 
 to the same destination, and the Commission ordered certain changes 
 to be made, certain relations to be established as to import and domestic 
 rates. That case was carried to the Supreme Court of the United States, 
 and the Supreme Court reversed the Commission on the ground that the 
 Commission had exceeded its authoritj' in making such order. But the 
 policy of the Commission has always been to preserve as near an 
 equilibrium between foreign and domestic rates as circumstances would 
 permit without restricting foreign trade — in fact, encouraging it. But 
 the courts have ruled directly to the contrary. In fact, the operation 
 of our tariff laws has been neutralized in many instances by the opera- 
 tion of preferential rates in favor of foreign traffic. 
 
 Senator Newlands. You speak of discriminative rating applying to 
 exports as well as to imports? 
 
 Mr. Bacon. Yes; to both. 
 
 Senator Newlands. Is not the advantage gained by discriminative 
 rates as to exports balanced by the advantage given to imports ? 
 
 Mr. Bacon. Not at all. There is no relation between them. The 
 exports are one class of property, and imports are an entirely different 
 class. 
 
 Senator Newlands. But, so far as the protective policy of the coun- 
 try is concei'ned, the effect of granting a less rate to imports than upon 
 products manufactured at the seaboard would be to do away, to that 
 extent, with the protection afforded by the protective tariff. 
 
 Mr. Bacon. It neutralizes the import duties. 
 
 In that connection I want to lay before you a clipping which I made 
 a few days ago from the Washington Post in relation to imported glass. 
 
DUTIES AND POWEKS OP INTERSTATE COMMERCE COMMISSION. 21 
 
 Certain Pittsburg people were complaining as to the freight rates on 
 glass, which illustrates the case so forcibly that I take the liberty to 
 read it: 
 
 The Pittsburg Glass Company yesterday filed a complaint with the Interstate Cona- 
 merce Commission, alleging that the Pittsburg, Cincinnati, Chicago and St. Louis 
 and 16 other trunk lines, comprising practically every large road in the official classi- 
 fication territory, are 'carrying foreign-manufacturecl glass at rates that constitute a 
 flagrant discrimination against American manufacturers, and an investigation is asked. 
 Notices will be immediately served on the roads to make answer to the allegations. 
 
 The complaint alleges that these roads, or some of them, acting in concert, have 
 promulgated a special tariff, effective January 1 last, providing that plate glass origi- 
 nating in foreign countries and coming into North Atlantic ports for distribution to 
 various cities in the United States, shall be entitled to a fourth-class rating, whereas 
 a third-class rate is imposed on glass of American manufacture. 
 
 Senator Tillman. The difference between third and fourth class 
 rates is about 20 per cent. 
 
 A Member of Committee. Does not that amount to the railroads 
 nullifying the tariff for the protection of our glass manufacturers? 
 
 Mr. Bacon. That is the very point I am making. 
 
 A Member of Committee. Unless we can have the Commission 
 authorized to fix rates from the seaboard to interior points without 
 regard to the articles shipped, how are you going to stop it? 
 
 Mr. Bacon. This power will enable the Commission to stop it. The 
 Commission could fix a rate from New York, Philadelphia, and Balti- 
 more to points in the West that would correspond in proper relation 
 t" the rates fixed on import traflic. 
 
 Senator McLauein. In other words, you would put American glass 
 and impox'ted glass in the same class, either third or fourth? 
 
 Mr. Bacon. That is it. There necessarily may be a difference 
 between them, but let the Commission find that out. 
 
 Senator Tillman. How could there be any difference between them ? 
 Here is glass at a seaport coming from abroad, and here is glass made 
 in America. Why should you give the foreigner an advantage by 
 having a difference in rate? 
 
 Mr. Bacon. That is a question for the Commission to decide. 
 
 Senator Tillman. 1 disagree with you in toto that there could be 
 any maj'be proposition about it. It seems to me that there should 
 be one rate for everybody. There might be a difference between 
 freight for export and freight entered for domestic consumption. I 
 concede that the freight might be reduced to the consumer here, but 
 that is as far as I would go. 
 
 Mr. Bacon. There are very few competent judges of proper traflac 
 rates; it is only the expert who can determine what they should be. 
 
 Senator Tillman. I do not believe in taking expert testimony against 
 common sense. 
 
 Mr. Bacon. We want them to be determined by a disinterested body 
 instead, of by interested parties. That is the reason why we desire 
 this power. 
 
 Now, let me finish this clipping, if you please: 
 
 The complainants allege that the conditions as to labor, freight charges, and other 
 manufacturing costs in. foreign countries are such that glass of medium size can be 
 laid down at North Atlantic ports at a price less than the cost of manufacture in this 
 country; that about 65 per cent of the output of American factories is of medium- 
 sized plate glass, duty on which is entirely inadequate for protection, and that during 
 1904 about 5,000,000 square feet of plate glass of foreign manufacture have been 
 
22 DUTIES AND POWERS OF INTEBSTATE COMMERCE COMMISSION. 
 
 marketed in this country, notwithstanding that similar glass of American manufac- 
 ture has been offered and sold at and below cost of production. It is charged ttiat 
 the defendant roads have for years carried the foreign glass at rates ot from IS to 4U 
 per cent less than those charged on American glass. 
 
 There are scores of such instances all over the country, as to all 
 sorts of commodities. 1 present this simply to illustrate the necessity 
 of having a governmental body charged with the .duty of determining 
 what these rates should be, not only as to quantities and commodities, 
 but also as to distances as well as to the proper relation between 
 foreign and domestic rates. 
 
 Senator Tillman. What I objected to was your saying there might 
 be some reason why the rates should differ. 
 
 Mr. Bacon. Let us drop that and agree upon principles. 
 
 Senator Tillman. All right; but I disagree with the proposition 
 that there could be any difference. 
 
 Mr. Bacon. I say that conferring this power upon the Commission 
 will enable that body to correct all these discriminations I have men- 
 tioned. These discriminations occur in the published tariff rates, and 
 those rates have become the legal rates under the Elkins Act. _ No 
 recovery for excessive freight rates, however extortionate they might 
 be shown in a court of the United States, can be secured under the 
 Elkins law, because those published rates are the. legal rates, and it 
 would be out of the province of the court, in my judgment, to go 
 behind those rates. 
 
 Senator Tillman. If you are through with that topic, there is one 
 thing that worries me more than anything else, and that is the proper 
 supply of a sufiicient number of cars. Take the case of a coal miner 
 in West Virginia, for instance, who owns coal mines and has built a 
 branch road to the Baltimore and Ohio; he owns his own cars, but it 
 may be that he has not cars enough, and so wants this big road to 
 furnish him a sufficient number of cars to ship his coal, but they will 
 not give him any cars, nor will they give him any joint rates that are 
 at all fair. How are you going to protect him ? 
 
 Mr. Bacon. This bill provides that the Commission shall have the 
 power to determine upon the sufficiency of facilities. 
 
 Senator Tillman. Does the word "facilities" cover cars? 
 
 Mr. Bacon. To be sure. It covers facilities of all kinds, it seems 
 to me — warehouses, cars, loading and unloading, and storage. 
 
 Senator Tillman. You may strain it that way, but I am sure these 
 railroad fellows would not so construe it until forced by the courts. 
 I would rather have the word "cars" in there. 
 
 Senator Newlands. What bill do you refer to when you say "this 
 bill?" 
 
 Mr. Bacon. The Quarles-Cooper bill. 
 
 Senator Newlands. That covers all these questions? 
 
 Mr. Bacon. All these questions of facilities as well as rates, and 
 also covers regulations. If there is complaint made against any reg- 
 ulations the Commission shall entertain that complaint and consider 
 and determine whether those regulations are just and equitable between 
 all parties concerned, not only between shippers, but between the dif- 
 ferent roads. The original interstate commerce act provides that one 
 road should not discriminate against another. 
 
 Senator Millard. Do you think those provisions cover private cars I 
 
DUTIES AND POWERS OP INTBKSTATE COMMEKOE COMMISSION. 23 
 
 Mr. Bacon. In my opinion they do. It may be necessary to enact 
 further legislation for private cars. But I want to say, Senator, that 
 time now is an important element, and that this phase of the question 
 should be entirely omitted from consideration until the next session of 
 Congress. My idea is that Congress is on the road to confer this power 
 upon the Commission, which will completely change the attitude of 
 Congress and of the courts with reference to these questions, and my 
 idea is that at another session of Congress further details that need to 
 be worked out and further abuses can be dealt with more easily and 
 effectively than at the present session. If Congress is not prepared to 
 confer this power upon the Commission, it will be a waste of time to 
 discuss these other matters. 
 
 Senator Cullom. What you want us to do is to pass a bill that will 
 give the Commission extraordinary powers, which you have been ask- 
 ing for a long time, and that is the Quarles bill. 
 
 Mr. Bacon. That is it, and let other things go until the next session. 
 
 Senator Newlands. Have you any bill prepared covering the other 
 things that are not included in the Quarles bill? 
 
 Mr. Bacon. You refer to export rates, and so on? 
 
 Senator Newlands. Yes. 
 
 Mr. Bacon. I claim that they are all covered in this one general 
 provision. 
 
 Senator Newlands. You were speaking a little while ago of the 
 system of rebates, and of the importance of giving the Commission 
 the advantage of a continuous inspection of books, etc. I understood 
 you to say that these powers are not included in the Quarles-Cooper 
 bill, but should be provided for in another bill. With reference to 
 those matters, have you any separate bill prepared? 
 
 Mr. Bacon. We have not. The commercial organizations 1 repre- 
 sent have refrained from preparing any such bill, because we wanted 
 this main question settled first. We do not want any diversion of 
 forces on these side issues, as to which there may be a difference of 
 opinion among members of Congress. The consideration of side 
 issues would be apt to cause debate and division of sentiment, as well 
 as a diversion of the vote. We feel impelled to use all proper efforts 
 to get this power conferred. Let us settle this one question first, and 
 when it shall have been settled rightly then we can get the others set- 
 tled rightly. But I would advocate the establishment of a system of 
 complete inspection of the railway books of the company similar to 
 the system in operation with reference to national banks. 
 
 Senator Newlands. When the committee takes this matter up it may 
 be that it would wish to frame a full and comprehensive measure for 
 the accurate and scientific adjustment of all these questions. Assum- 
 ing the wisdom of such a course a« you suggest — that Congress should 
 take this question up first — would it not be well in our hear ngs also 
 to consider the other abuses to which you refer, so that if that be the 
 sentiment of the committee we can incorporate into some bill provi- 
 sions covering those matters as well as a provision giving this power 
 to the Commission ? 
 
 Mr. Bacon. I shall be on hand at the next session of Congress to 
 advocate other remedial measures necessary, and you will find the same 
 force of public opinion in favor of them as in favor of this. 
 
 Senator Foster. You think you have enough on hand now? 
 
24 DUTIES AISTB POWERS OP INTEBSTATE COMMEEOE COMMISSION. 
 
 Mr. Bacon. Yes, sir. My endeavors during four years before 
 committees of both Houses have led me to the conclusion that the less 
 you embrace in one bill the more likely you areto succeed in getting 
 that bill passed. 
 
 Senator Tillman. And the more good for nothing it will be. 
 
 Mr. Bacon. There is a division of sentiment among members of 
 Congress on these questions, and if any of them should be incorpo- 
 rated in the bill we should lose votes. We do not want to lose votes. 
 I am of the opinion, I do not hesitate to say, that if this bill were 
 introduced by itself, disconnected with any other question or with any 
 attempt to remedy further abuses, it would pass both Houses by a two- 
 thirds vote, or perhaps by a larger vote than that. I am very desirous 
 that the vote shall be as large as it possibly can be. Do not let us 
 hazard the success of this one measure by the injection oi other meas- 
 ures, about which there may be differences of opinion, in consequence 
 of which on the vote we may lose the whole thing. 
 
 Senator Millaed. What you want is this particular bill ? 
 
 Mr. Bacon. I am not wedded to any particular bill. If you Sen- 
 ators can provide a better bill than this, I shall hail it with joy, but this 
 bill is the result of four years of study on the part of the various 
 interests concerned — shippers in the first place and railways in the 
 second place and those charged with the enforcement of the law also. 
 The Commission know the terms of the bill, and think it is about as 
 complete and effective for the purposes we desire as can be framed, 
 though you Senators may be able to improve it. 
 
 Senator Cullom. You do not want any more hearings on this sub- 
 ject, but want the committee to get right down to business. Is that 
 your idea? 
 
 Mr. Bacon. That is my idea, and I shall be very glad if the com- 
 mittee can reach a conclusion before the House bill comes here, which 
 it is expected will come about the 1st of February. If you should be 
 able to reach your conclusion before that time, it will not be necessary 
 to spend further time in its consideration, but you will be able to 
 report promptly to the Senate. 
 
 Senator Cullom. Will the House pass the Quarles-Cooper bill, do 
 you think? 
 
 Mr. Bacon. 1 understand Chairman Hepburn is preparing a bill 
 framed on similar lines, with perhaps some differences in regard to 
 review by the court, which may be adopted by the committee as a sub- 
 stitute. But the precise point we are after is embodied in the Quarles 
 bill. 
 
 The Chairman. How soon do you think they will reach a conclusion ? 
 
 Mr. Bacon. My information is that Mr. Hepburn is about ready to 
 report. 
 
 Senator Clapp. I understand provision is made for nine judges. 
 
 Mr. Bacon. Nine circuit court judges — one from each circuit. 
 
 Senator Clapp. And that the Commission will have 11 members? 
 
 Mr. Bacon. Nine members; but it provides that of these additional 
 judges the Supreme Court shall select five judges from the circuits, 
 who shall constitute a court of commerce to review cases which shall 
 be within their exclusive jurisdiction. 
 
 Senator Clapp. Do you not think that adding to the features of the 
 pending bill a provision for nine^circuit couit j.udges and to increase the 
 Commission to that extent is going to lead to a diversity of opinion 
 that may retard rather than expedite the passage of the bill? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 25 
 
 Mr. Bacon. I would rather see that omitted, keeping the bill down 
 to one thing, and then fix the court proceedings afterwards; there will 
 be ample time for that, because if the bill passes it will be a year or 
 more before that newly organized court will have any business before 
 it. That is the way the bill is framed, however, and it is very proba- 
 ble that it will be reported, with perhaps some modifications by the 
 committee. 
 
 Senator Newlands. Mr. Bacon, I understand your position to be 
 that you would like this bill (the Quarles-Cooper bill) passed, but you 
 propose to follow it up by measures to be urged hereafter with the 
 expectation in the end to reach a scientific and comprehensive plan 
 covering whatever is best in the way of railway legislation. 
 
 Mr. Bacon. That is rajj^ idea exactly. 
 
 Senator Newlands. 1 desire to question you a little about such a 
 general and comprehensive plan, not with a view to delay the consid- 
 eration of this particular bill, but with a view to seeing whether this 
 bill, if it should pass, will fit into the general plan. 
 
 Mr. Bacon. It is the ground work of the plan. 
 
 Senator Newlands. I questioned you the other day when you were 
 before the committee regarding a plan that I had in mind for unifying 
 and simplifying the railway system of the country through a national 
 incorporation law. 
 
 Mr. Bacon. I was very much interested in it. 
 
 Senator Newlands. That plan involved the valuation of the railroads 
 by the Interstate Commerce Commission; a fixed percentage tax upon 
 gross receipts, so that taxes would be certain. Such taxes to be dis- 
 tributed among the States and a return to the stockholders of not less 
 than 4 per cent on the valuation fixed by the Commission so as to make 
 dividends certain; thus leaving the profits from any increase in busi- 
 ness to go largely to the betterment of the roads, the increase of wages, 
 or the reduction of rates. Now, I desire to ask you whether you have 
 thought over that plan at all since you were here last? 
 
 Mr. Bacon. I have read your remarks on that subject in the Senate 
 with a great deal of interest, and I can say that they meet my hearty 
 concurrence, and that great good will come from it if it can be worked 
 out. But, as I said before, when you were interrogating me before 
 the committee, it will take time to accomplish it. llowever, it is a 
 good thing to have it under consideration, and I think the more it is 
 studied and considered the more it will commend itself to the minds 
 of those who study it. But it will take a long time to bring it about. 
 
 Senator Dolliver, did I answer the question you asked? 
 
 Senator Dollivee. Not exactly. I want to get a little more defi- 
 nitely how much the power to fix rates would interfere with the- great 
 conspiracy of railroads to discriminate between communities. 
 
 Mr. Bacon. The power to«fix rates will have the desired effect upon 
 discrimination between localities. 
 
 Senator Dollivek. I am not talking about rebates; I am talking 
 about the railroads favoring ofle community as against another. 
 
 Mr. Bacon. It is a violation of the Elkins act to majje rebates, for 
 that act provides that there shall be no deviation in any manner from 
 the published tariff rates issued from the Commission. 
 
 Senator Dollivek. There may be some question whether it is a vio 
 lation of the Elkins act, but I understood you to say that the Elkins 
 act is applicable only to individuals. 
 
 Mr. Bacon. It prohibits any deviation from the published tariff 
 
26 DUTIES AND POWERS OF INTERSTATE COMMEEOE COMMISSION. 
 
 rates, and in that way operates to produce the effect referred to as to 
 discrimination between individual shippers. 
 
 Senator Dollivek. Then, why could it not be reached by injunc- 
 tion from the courts now ? 
 
 Mr. Bacon. That is too slow a process. The question must first be 
 decided by a competent body whether discrimination exists in the rates 
 as published. If it be tound to exist, then the question has to be con- 
 sidered as to what change is necessary to remove that discrimination. 
 Then the question will come before the court for review of the order 
 of the Commission, but it is utterly impossible to be reached in any_^ 
 other way. The Elkins Act says: 
 
 The willful failure upon the part of any carrier subject to said acts to file and pub- 
 lish the tariffs or rates and charges as required by said acts or strictly to observe such 
 tariffs until changed according to law, shall be a misdemeanor, and upon conviction 
 thereof the corporation offending shall be subject to a fine not less than $1,000 nor 
 more than $20,000 for each offense. * * * Every person orcorporation who shall 
 offer, grant, or give or solicit, accept or receive any such rebates, concession, or dis- 
 crimination shall be guilty of a misdemeanor, and upon conviction thereof shall be 
 punished by a fine of not less than $1,000 nor more than $20,000. 
 
 I consider that provision actually preventive of the practice of 
 making rebates or of making any reduction or concession in any way 
 whatsoever from the published tariff rates. 
 
 The Chairman. Upon reading further you will see that it provides 
 for what you have referred to in regard to private- car arrangements, 
 switching arrangements, and the allowance of fictitious claims. 
 
 Mr. Bacon. It could not be more comprehensive. 
 
 Senator Njewlands. Your contention is that the law now covers 
 these matters? 
 
 The Chairman. Let me read further — Senator Clapp and I studied 
 over this together: 
 
 Whereby any such property shall by any device whatever be transported at a less 
 rate than that named in the tariffs published and filed by such carrier, as is required 
 by said act to regulate commerce and the acts amendatory thereto, or whereby any 
 other advantage is given or discrimination is practiced. 
 
 It seems to me that covers everything if the law is only enforced. 
 
 Senator Dolliver. I have not yet got in my mind what you mean 
 by discrimination between localities. I want you to give me a typical 
 illustration of that. 
 
 The Chairman. The railroads publish the rates as required by law, 
 but still they go on violating the law. 
 
 Mr. Bacon. Then it is for the legal department of the Government 
 to ferret out the cases of violation. But since the act those cases have 
 been reduced to a minimum number. 
 
 The Chairman. I am so informed. 
 
 Mr. Bacon. 1 do not hear of any complaint from any commercial 
 organization of the country, and I have made many inquiries. 
 
 The Chairman. The Pennsylvania Railroad has not given a rebate 
 since the act was passed, and they do not want to. It has been a benefit 
 to the railroads, don't you think so?^ 
 
 Mr. Bacon. It has benefited the railroads by millions of dollars. 
 
 The Chairman. I mean the good railroads. 
 
 Mr. Bacon. It will undoubtedly effect a saving of upwards of a 
 hundred million dollars a year. 
 
 Senator Newlands. Do you understand that these discriminations 
 and preferences that are engaged in by the railroads are practiced as a 
 matter of choice by the railway managers, or because of the condition 
 
DUTIES ANB POWERS OF INTERSTATE COMMERCE COMMISSION. 27 
 
 of competition and because of the fact that the law is such that they 
 are in a measure forced to resort to them in order to hold their business ? 
 
 Mr. Bacon. It comes partly from the desire to build up certain 
 "localities in which they are specially interested. For instance, I had a 
 letter recently from a gentleman in the State of Washington, in which 
 it was state's that the railroads were doing all they could to build up 
 the business of Seattle, because that was a terminal poinfeiand they had 
 invested a great deal of money in docks and facilities for doing busi- 
 ness there, and their effort was to bring everything to the coast at the 
 expense and detriment of intermediate points . The points farther east, 
 which are pi'actically being charged for freight from Chicago or New 
 York to Spokane, for instance, in eastern Washington, pay not only the 
 same rates as charged to the Pacific Coast at Seattle, but, in addition, 
 the rate back from Seattle to Spokane, in that way establishing the 
 rate from Chicago to Spokane. Of course they feel very much injured 
 by that practice. 
 
 The Chairman. The answer to your question. Senator Newlands, is 
 in this act, which provides: 
 
 Every person or corporation who shall offer, grant, or give or solicit, accept or 
 receive any such rebates, concession, or discrimination shall he deemed guilty of a 
 misdemeanor. 
 
 Senator Newlands. Is that in the act? 
 
 The Chairman. Yes, it is in the law. 
 
 Mr. Bacon. It is made a misdemeanor to even make an offer. 
 
 The Chairman. A big shipper — I will not name any trust — would 
 say I can get a rate one-eighth less. Then, of course, the railroad 
 people would say we will have to take it. But the law covers that. 
 We put that in the law so as to cover both giver and taker, as in the 
 case of bribery, so that they shall both be punished alike, and it will 
 creep out pretty soon that there will be some cases against both givers 
 and takers. 
 
 Mr. Bacon. Let me answer Senator Newlands more fully. The 
 second part of his question I did not answer. It is a fact that the rail- 
 roads are led to give rebates in order to obtain business which they 
 could not obtain otherwise. In fact, they are held up, to a large extent, 
 by large shippers, and they must do it rather than run the risk of losing 
 business. But the present law covers that, as Senator Elkins says, 
 both as to offering and soliciting. It is made a misdemeanor whether 
 it is carried out in fact or not. I do not see how it could be more 
 effective than it is. 
 
 Senator Foster. Rate-making powers were exercised by the Com- 
 mission for a number of years, I believe. 
 
 Mr. Bacon. That power was exercised during the first ten years of 
 the existence of the Commission. 
 
 Senator Foster. Were there any great number of complaints, either 
 by the railroads or by the shippers, as to the exercise of that power? 
 
 Mr. Bacon. I think during that ten years the condition as between 
 the railroads and the public was more satisfactory than ever before or 
 since. I say that from close observation and extensive knowledge of 
 trafSc affairs in this country for forty years. 
 
 Senator Dolliver. One very interesting fact has struck me, and 
 that was that the cumulative abuses of twenty j'ears should in the first 
 few years of the existence of the Commission have produced so few 
 complaints. 
 
28 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 
 Mr. Bacon. My observation is that in the first two or three years 
 when cases were brought before the Commission and the Commission 
 ordered certain changes in rates, they were promptly made, and it was 
 generally regarded by the railroad companies that the Commission had 
 power to make those changes. ♦ 
 
 Senator Eoster. This bill is practically to restore to the Commission 
 the rate-making power which it exercised prior to the decision of the 
 Supreme Court? 
 
 Mr. Bacon. I should not want to use the word "restore," because 
 the Supreme Court said the Commission never had the power, and 
 therefore it could not be restored. The experience of that ten years 
 immediately after the organization of the Commission, it seems to me, 
 altogether throws to one side the theoretical statements in regard to 
 the disastrous effect it will produce both upon the corporations and 
 the people. 
 
 Senator Cullom. What was it you stated to the Committee about 
 the Commision during that period of time undertaking to fix a rate 
 upon complaint made that the rate was unreasonable in some locality? 
 
 Mr. Bacon. Originally the law was not limited to complaint, though, 
 as a matter of fact, the Commission never did make such an order, 
 except upon complaint. This bill limits them to complaint. 
 
 Senator Foster. When they fixed a rate it was usually acquiesced 
 in by the roads, was it? 
 
 Mr. Bacon. For a number of years it was universally acquiesced in. 
 
 Senator Millard. Do you understand that the roads are now giv- 
 ing rebates ? 
 
 Mr. Bacon. I remarked a few moments ago that in my extensive 
 connection with commercial organizations I have failed to learn a 
 single instance where rebates were being paid. 
 
 The Chairman. Mr. Bacon, are you about through, or do you want 
 more time? 
 
 Mr. Bacon. I am subject to the pleasure of the committee. 
 
 The Chairman. The reason I ask is because it is nearing the time 
 when we must go into the Senate, and Mr. Robinson is here and would 
 like to be heard five minutes. 
 
 Senator Newlands. I would like to ask Mr. Bacon one more ques- 
 tion: Is it your understanding that this Quarles-Cooper bill is opposed 
 by the railroads of the country, or do part of them favor it and part of 
 them oppose it? 
 
 Mr. Bacon. I am not prepared to answer that question, because I 
 am not in communication with the railroads of the country. But I 
 will say that I do not know a single company that is willing to have 
 this power conferred upon the Commission which would restrict them 
 in the exercise of their power to fix rates upon such ideas and by-such 
 methods as may suit themselves. 
 
 The Chairman. It is about time to adjourn. I wanted to hear Mr. 
 Robinson five minutes, but we will have to fix another day for that. 
 
 Mr. Robinson. I will only say that' I wanted to emphasize the fact 
 that it was a sugar case that came from New Orleans upon which the 
 Supreme Court rendered the decision that has been referred to. I 
 can do that in three minutes. 
 
 Senator Foraker. I have been compelled, on account of duties in 
 other committees, to be absent from this hearing to-day. It was my 
 desire to attend, for I wanted a chance to ask some questions, and I 
 
DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 29 
 
 want to ask Mr. Bacon some questions ahout the testimony that I 
 heard just now as I came in the room. 
 
 The Chairman. We will have to fix for another meeting, evidently. 
 We will now have the doors closed and consider the question of when 
 to hold the next meeting, as well as some other business we have 
 before us. 
 
 Interstate Commerce Committee, 
 
 United States Senate, 
 
 Jcmuary 20, 1905. 
 
 STATEMENT OF CHARLES F. STAPLES. 
 
 The Chairman. Please state your name and your occupation. 
 
 Mr. Staples. Mr. Chairman and gentlemen of the committee, I am 
 a railroad and warehouse commissioner of Minnesota. 
 
 I appreciate thoroughly the courtesy extended our committee by 
 this committee of the Senate. Having learned that our time would be 
 very limited, I have endeavored to boil down what I think most 
 important, from my standpoint, and which I most desire to say, and 
 will beg the indulgence of the committee fpr just about fifteen minutes 
 without interruption, if that is not impertinent, and at the close shall 
 be pleased to answer such questions as I am capable of answering. 
 
 1 want to say simply this at the outset, that I am not an attorney, 
 and therefore do not pretend to know anything except the practical 
 side of the question. That ip based largely on my experience as com- 
 missioner and legislator in the State of Minnesota. 
 
 Senator Newlands. How long have you been a commissioner? 
 
 Mr. Staples. Four years. 1 was also a member of the legislature 
 for several years preceding. 
 
 We feel sure, gentlemen, that in addressing you our committee 
 represents the conservative judgment of our association, and which in 
 turn reflects the popular demands of our several States. 
 
 Furthermore, permit me to say we do not in any sense come here to 
 fight or antagonize the railway interests of the country. 
 
 A careful study of the situation to-day will convince you that the 
 unification of railway interests has progressed to such an extent 
 through actual consolidation, control of stock in previously competing 
 lines, the affiliation of stockholding interests (more often called com- 
 munity of interest plan), and by other means that open competition 
 between carriers which formerly served to keep down transporation 
 rates and certainly to a large extent served to prevent unreasonable 
 increases, has been very largely suppressed. 
 
 These conditions, being no longer factors, can not be relied upon 
 for the control of rates. Competition is naturally the result of self- 
 interest and can only come from the independent activities of those 
 engaged in trade and commerce, and can not be forced by legislation. 
 Without eflfective railway competition and with no practical law for 
 
30 DUTIES AND POWERS OF INTERSTATE COMMEBCE COMMISSION. 
 
 public control the public is really defenseless and must submit to con- 
 ditions and burdens often manifestly unfair. • j • >>i 
 
 I do not argue that open competition among railways is desirable. 
 Most conservative and progressive men agree that the railway com- 
 panies could not live and prosper under the old method of active com- 
 petition which only results in a demoralized rate situation. T^^ 
 managers of these great interests are responsible to the stockholders 
 and in the end mustshow at least a reasonable earning on the legitima.te 
 investment. The laws recognize them as entitled to this and the public 
 want them to have it. 
 
 What we want is such effective legislation as will authorize some 
 public body to act as arbiters between the transportation companies 
 and their patrons, thereby affording protection from excessive or 
 unfair charges or discriminating practices in the movement of com- 
 merce between States and which will insure to shippers and localities 
 equal treatment and a system of rates at once fair both to the shippers 
 and remunerative to the carriers. Here, gentlemen, let me say it often 
 happens that the carriers need protection from the secret demands and 
 exactions of large shippers. We have the "Elkins law," which is a 
 help and in a measure affords protection to both sides. 
 
 The chief complaint now is that the transportation companies are the 
 sole arbiters as to what is fair and reasonable treatment. The law of 
 1887 was sufficient to meet the situation, but its language was unfortu- 
 nate. Under the rulings of the courts the Government lias been gradu- 
 ally losing control, while the tendency has been for the management of 
 railway companies to centralize. Weak companies have been obliged to 
 go out of business or have been absorbed by stronger ones, so that at 
 the present time no one disputes the fact that the great share of mile- 
 age is controlled by very few men. These men naturally represent the 
 stockholders. Can we at the same time ask them to be philanthropists ? 
 
 I heard a railroad man before the House committee ask, " Is it pro- 
 posed here to appoint five men who shall dictate to the railway com- 
 panies of this country what they shall charge for carrying freight?" 
 Let me ask the gentleman if the situation to-day is not that about that 
 number of railway men dictate to the people what they shall pa}'^ in 
 the shape of charges? No; all we ask is that some middle agent may 
 inquire into a complaint from either the carrier or shipper and find 
 what is reasonable and fair, then have power to enforce its order, sub- 
 ject always tp review in the courts. No possible act can deny this 
 last right. 
 
 The inadequacy of making rate regulations dependent upon rates as 
 applied in the past without reference to rates to prevail in future 
 must be apparent to all. The real parties to suffer are without 
 remedy. 
 
 If rates and conditions existing in different localities are fair and 
 reasonable, why object to an inquiry by an impartial tribunal? I can 
 not believe that any body of men vested with power to arbitrate 
 between the carrier on one side and the shipper on the other and appre- 
 ciating the grave responsibilities placed upon them, after hearing all 
 the testimony on both sides, will do otherwise than render a fair 
 decision. 
 
 Surely such a body of men, composed as it would be of men chosen 
 especially for fitness and witn all the training they get, is as capable 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 31 
 
 of passing upon the questions as are railway officials. Rate making is 
 at best an arbitrary matter. All traffic men will tell you so (and it is 
 due them to say they are the brightest men we have). The great 
 problem always is to approximate what share of the whole burden 
 shall a particular traffic stand. I can not enumerate here the many 
 things to be taken into consideration. I think the records will show 
 that complaints are largely of discriminations, or unfair relations of 
 rates, rather than that the rates are too high in themselves; and surely, 
 it must be conceded, such questions should be submitted to some inter- 
 mediate body for review and not leave the shipper or community 
 wholly in the hands of interested parties. 
 
 Supposing the rates on certain goods or commodities to a common 
 point west of Chicago and St. Louis are made to favor the shippers at 
 one of the points; is not a great injustice possible when the whole ques- 
 tion rests with the carriers as it does, to-day? Let us remember that 
 for a full remedy you must confer power to raise as well as lower rates. 
 This exercise may not often be justifiable, but it is sometimes the right 
 solution. 
 
 The most of the States we represent have laws affording satisfactory 
 control over State traffic, and our mission is to show that public senti- 
 ment is now strongly crystallized in favor of such legislation as will 
 restore to the Interstate Commerce Commission the powers supposed 
 to have been conferred by the laws of 1887. We are not advocating 
 any particular bill. I have seen but one bill, and that is the original 
 so-called ' ' Quarles-Cooper bill. " There is much sentiment in its favor, 
 but this is based on the supposition that it will meet the objections 
 found by the courts to the former law. This may have been the inten- 
 tion, but I think this an erroneous idea. The strong feature of the bill 
 is the provision restoring the power to declare what shall be a fair and 
 reasonable rate, with power to enforce an order. 
 
 One very grave cause for complaint to-day is the abuse of the 
 so-called "long and short haul" clause, and this is in no way reached 
 in this bill. Section 4 of the law of 1887 to a layman seems to be 
 ample, but our Supreme Court has clearly decided that the language 
 of the law leaves it to the judgment of the railway companies as to 
 whether the competitive conditions at the terminal points are such 
 that they are warranted, in abrogating the "long and short haul" pro- 
 vision, where it was clearly intended that in all cases application 
 should be made to the Commission and their findings should govern. 
 The law is now practically a dead letter, often resulting in gross 
 injustice, and should be remedied. The Minnesota statute, worded 
 slightly different, has been tested and held good. 
 
 Senator Cullom. You mean that provision of the fourth section? 
 
 Mr. Staples. I mean the fourth section. 
 
 Senator Aldkich. That never was the intention of Congress. I do 
 not know what your opinion is, but it was never intended that that 
 provision should be submitted to the Commission. I know that 
 because 1 had something to do with that. 
 
 Mr. Staples. The Minnesota statute is worded slightly different. 
 
 Senator Newlands. That is as to the long and short haul in your 
 State? 
 
 Mr. Staples. Yes, sir. At the close 1 wish to cite one or two 
 instances in regard to the long and short haul clause. 
 
32 DDTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Cakmack. There is a similar provision in your State law? 
 
 Mr. Staples. Yes, sir; with reference to State traffic, of course. 
 
 A merchant buys barley destined for Louisville, Ky., pays local 
 freight to Minneapolis and through back to Chicago, where connecting 
 line takes car, and by this means saves one-half cent per hundred. If he 
 ships direct to Louisville, he must pay local rate to Chicago, where the 
 connecting line takes car and, because it originates at an intermediate 
 point, charges 5 cents per hundred more than if it had originated at 
 Minneapolis. 
 
 The law does not seem to be broad enough to confer power to require 
 two or more companies to put in and maintain through joint rates. 
 This is very essential if full relief is to be granted. In the section 
 providing for review by the courts it reads, the court may dismiss, 
 affirm, "or modify." 1 simply want to call attention to the words, 
 "or modify." If a rate is at issue, the court can not modify, this 
 being a legislative function, but will affirm or deny and this solely on 
 the question of whether the rate is confiscatory or not. 
 
 Senator Foeaker. That is, I understand you to state, that unless the 
 rate as made by the Commission is confiscatory the courts would have 
 no power to interfere? 
 
 Mr. Staples. That is the position I take. 
 
 Senator Foeaker. Do you think the Quarles-Cooper bill raises a 
 difficulty of that kind; or rather, that that is one of the difficulties that 
 it does raise ? 
 
 Mr. Staples. One moment, if you please. What is your question? 
 
 Senator Foraker. You have stated the difficulty — that is — one of 
 the difficulties. What I wanted to get the benefit of was your view as 
 to whether that is not the very question at the foundation of the 
 Quarles-Cooper bill? 
 
 Mr. Staples. I think it is one. 
 
 Senator Foraker. If your point is well made, is not that fatal to any 
 revision of the rates by the court except in cases where they are con- 
 fiscatory? 
 
 Mr. Staples. Of course, while I wish to finish the reading of my 
 paper, I want to answer that question here. 
 
 Senator Foeaker. I do not want to interrupt you, but my idea is 
 not so much to hear a paper read as to get information. 
 
 Mr. Staples. That is all right, Senator. I am going to answer that 
 question, and I will answer it now. 
 
 Senator Foeakee. I see you have given great thought to this mat- 
 ter. 
 
 Mr. Staples. I have no reputation as a lawyer to lose. My judg- 
 ment is based upon particular findings or opinions of the courts and 
 upon conversation with the several members of the Interstate Com- 
 merce Commission; and I make the assertion that no court would 
 modify the findings of a commission on the question of the reasonable- 
 ness of a rate, but will either find the rate confiscatory, or otherwise 
 affirm or deny the remedy upon the issue. 
 
 Senator Foeaker. That is to say — if I am not interrupting you too 
 much — you aie of opinion that the matter of fixing rates is legislative? 
 
 Mr. Staples. Legislative entirely. 
 
 Senator Foraker. And that if entrusted to the Commission, when 
 the courts are called upon to review a rate fixed, on the argument that 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 33 
 
 it is a legislative act the court will not interfere with it unless it finds 
 that the rate is confiscatory. 
 
 Mr. Staples. Exactly so. I do not confine this to that particular 
 rate, but will take the system as a whole. 
 
 Senator Fokakek. Take the whole field of operations ? 
 
 Mr. Staples. Yes, sir. 
 
 Senator Newlands. But it need not necessarily be confiscatory, as 
 I understand it. The Supreme Court has determined that in exercis- 
 ing this power the Interstate Commerce Commission must have in 
 view a fair return upon the value of the'property. 
 
 Mr. Staples. Always. 
 
 Senator Newlands. I assume that jf the (Commission should violate 
 that principle the courts would set aside its action. 
 
 Mr. Staples. No doubt. 
 
 Senator Newlands. Therefore it would not involve the extreme 
 case of confiscation of property. It would involve simply the case of 
 an oppressive rate which failed to return to the company a proper 
 interest upon its value. , 
 
 Mr. Staples. I agree with you; although I think they are quite 
 synonymous. 
 
 Senator Newlands. I think confiscatory is a somewhat extreme 
 term. That means absolute deprivation of property. 
 
 Mr. E. P. Bacon. Mr. Chairman, I should like, to say something 
 here. 
 
 The Chairman. Let Mr. Staples proceed, if you please, 
 
 Mr. Staples. Any law passed should provide that the findings of 
 tlie Commission are prima facia, thus requiring the company to prove 
 the order to be unreasonable if taken to the court. 
 
 Some claim the remedy for a party complaining of a high rate lies 
 in a suit for recovery of damages. This maj' be good in theory, but 
 mighty hard in practice. Assuming he can afford the cost of litiga- 
 tion he is liable to die before the final decision, but more likely if me 
 rate is unreasonable, as compared witb the rate given some competitor 
 at another point, he will be driven out of business. 
 
 If hfe continues to ship under the rate he should never recover, for 
 he is not the real sufferer. This would fall upon the producer. As a 
 rule, the shipper is the middleman and looks mainly to questions of 
 equity in rates. In administering the law experience shows that in 
 most cases complaints are confined to one rate or to rates on one com- 
 modity, and after the machinery is once in order it is safe to say the 
 Commission could care for it. 
 
 We should not treat the transportation companies as private corpo- 
 rations. They exercise the rights of eminent domain and are organ- 
 ized under public franchises for the sole purpose of performing public 
 service for hire, and have been held repeatedly by our courts to be 
 subject to public control. Can one iniagine for a minute the railway 
 companies consenting to a law providing that the former shall have 
 the final say as to the price to. be paid for his land needed for right of 
 way purposes ? This would only transfer the shoe. 
 . No one tp-day questions the right, necessity, and wisdom of public 
 control of telephone, telegraph, express, and street-car companies. 
 We go further and include grain-elevator companies, stock yards, 
 and even the man whose whole fortune is invested in a hack must 
 EY— 05 3 
 
34 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 submit. We do not stop at how they should conduct their business 
 but arbitrarily fix the charges. Is it not more necessary to regulate 
 under reasonable safeguards the business of the great transpoitation 
 companies of the country ? 
 
 In closing, Mr. Chairman, permit me to say there is no feeling 
 antagonistic to the railways in the Northwest, and certainly no senti- 
 ment favoring legislation which will in the least degree cripple the 
 legitimate development and growth of their properties, but there is a 
 well-grounded and strong public desire for immediate legislation which 
 shall provide for reasonable Government control over interstate com- 
 merce. 
 
 Now, I want to cite two cases as to abuses under the present law, 
 premising my statement with this: That the courts have found that 
 the question of determining when that provision should be abrogated 
 because of competitive conditions at terminal points rests with the 
 judgment of the railway companies. I am very clear upon that point. 
 The Commission here can only hear complaints and make recommen- 
 dations, but they can not find what is reasonable. Those recommenda- 
 tions may be, and sometimes are, observed, but more frequently they 
 are unobserved and they fail to comply with them. 
 
 To cite an instance, I have two cases in my mind — one I referred to 
 before the House committee the other day. It is very clear. The 
 grain rates between St. Paul-Minneapolis and Chicago are fixed by the 
 companies. 
 
 Now, a shipper at an intermediate point on the main line can take 
 his grain and ship it to Louisville through Minneapolis, pay the local 
 rate, rebill it to Chicago, have it go back, passing through his own 
 town, and save half a cent a hundred in freight charges. I present 
 that as one discrimination which the Interstate Commerce Commission 
 is powerless to remedy. The Commission is absolutely powerless to 
 regulate that question. I do not say that conditions may not be right, 
 but they should be reviewed. 
 
 Let me cite another instance: At Cannon Falls — that case has been 
 taken up by our commission and is now before the Interstate Com- 
 merce Commission — the rate to Chicago is 15 cents a hundred oh grain; 
 the rate from Cannon Falls to Minneapolis is 7 cents a hundred; the 
 rate from Minneapolis to Chicago is 7i cents a hundred. The shipper 
 can ship his grain to Minneapolis and thence to Chicago and save half 
 a cent a hundred. But that is not the worst feature. The shipper who 
 wants to buy rye or barley to be sent to Louisville, Ky., if he bills 
 that from Cannon Falls and paj^s the local rate to Chicago — the barley 
 having been billed from an intermediate point to be sent on a connect- 
 ing line south from Chicago — that shipper is charged 6 cents a hun- 
 dred more on his barley than on barley originating at Minneapolis. 
 
 Senator Cullom. Is that all under the fourth section ? 
 
 Mr. Staples. Yes, sir; entirely under the fourth section. 
 
 The Chairman. This is interesting and instructive, Mr. Staples. 
 If j^ou can add anything more to this, in the way of examples, you 
 may add that to your statement. Please also cover in your statement 
 the Minnesota statute to which you refer. 
 
 Now it is past 12 o'clock and many of the Senators present must 
 go into the Senate. But we must have an executive session. 
 
 Senator Cullom. Suppose a violation of the fourth section takes 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 35 
 
 place, the attention of the Commission is called to it, and they under- 
 take to regulate it. Does the railroad company ever refuse to comply 
 with the Commission's request or order in the premises in such a case? 
 
 Mr. Staples. In the majority of cases — I will not say the majority, 
 for 1 do not know the percentage — but in a large number of cases 
 they do not pay knj attention to the recommendation. 
 
 Senator Cullom. After fhe Commission has investigated it? 
 
 Mr. Staples. After they have careful ly_ and thoroughly investigated, 
 with a hearing open to both sides, both sides notified and present and 
 heard. 
 
 Senator Ctjllom. You remember, at least I do, that the words 
 "under substantially similar circumstances " are in that fourth section. 
 
 Mr. Staples. Yes, sir; I remember them well. 
 
 Senator Foeakek, What is your remedy ? I do not understand you 
 to be satisfied with the Quarles-Cooper bill. I think you said so in so 
 many words. 
 
 Mr. Staples. Understand me, 1 am not antagonizing any particular 
 measure. 
 
 Senator Fokaker. But I want to get the benefit of practical sugges- 
 tions from you. 
 
 Senator Cullom. What specific language do j'ou want to go in there 2 
 
 Mr. Staples. I will have to answer that in this way: The language 
 of the Minnesota statute I can not quote explicitly, but that case has 
 been before the court and has been upheld. That statute provides that 
 the Compiission can exercise jurisdiction in determining that point at 
 issue, whereas the interstate law is worded slightly differently, and has 
 been held to leave it to the judgment of the railway companies. I will 
 furnish you with a copy of our statute. 
 
 Senator Foster. You want that finding enforced as declared by the 
 Commission? 
 
 Mr. Staples. Yes, sir_; so that all these troubles, under the long and 
 short haul clause, and discriminations, if discriminations are found to 
 exist, shall be subject to review by the Commission, and then that they 
 be authorized to make and enforce an order finding that those discrimi- 
 nations and abuses had existed or dismiss the complaint. 
 
 Senator Foraker. Suppose you strike out the words "under simi- 
 lar circumstances and conditions," and simply give them power to fix 
 rates on long and short hauls ; then they would not be at liberty, I 
 suppose, to take into consideration water transportation; they might 
 conapete with other railroads as to localities. 
 
 Mr. Staples. I think they ought to take that into consideration 
 but they would hardly be able to do so. 
 
 Senator Foraker. That is what I want to get at, whether you want 
 those words out. 
 
 Mr. Staples. I do not think you should eliminate them. 
 
 Senator Dolltver. Is not what you complain of perfectly covered 
 by the last clause of section 3 of the act of 1887? 
 
 Mr. Staples. It seems not. 
 
 Senator Dolliver. That seems .to provide against discriminations 
 between individuals and localities or classes of merchandise, and says 
 they are all unlawful. 
 
 Mr. Staples. To answer your question, as I read section 1 of the 
 Quarles bill — I have read it a dozen times, thinking that that in itself 
 
36 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 would cover these complaints against the so-called long and short haul 
 clause, hut the more I studied it the more I became convinced that 1 
 was mistaken. You can not, by implication, read anything into a law, 
 I find. I considered that question very carefully with the Interstate 
 Commerce Commission people for some time and I .will quote them. 
 They say there is absolutely no way to make such a complaint effective. 
 
 Senator Doixivek. In the case you name, of 7 cents from Cannon 
 Falls to Minneapolis and 7i cents from Minneapolis to Chicago, is not 
 that an example of discrimination against Cannon Falls? 
 
 Mr. Staples. You would think so. . 
 
 The Chairman. Mr. Staples, do you have to go away to-night? 
 
 Mr. Staples. Yes, sir. 
 
 Senator Newlands. What proportion of the freight business of the 
 State of Minnesota is domestic, and what interstate? 
 
 Mr. Staples. Fifty per cent, practically. 
 
 Senator Newlands. It is about equally divided. 
 
 Mr. Staples. Practically. 
 
 Senator Forakee. I would like to hear an answer to my question. 
 
 Senator Dollivee. Section 3 of the act of 1887 makes unlawful any 
 undue or unreasonable discrimination or advantage to any particular 
 person, company, firm, corporation, or locality, on any particular 
 description of goods, in any res.pect whatsoever. 
 
 Mr. Staples. That is true, and section 1 of the Quarles-Cooper bill 
 does pretty near the same thing. 
 
 Senator Dolliver. And section 2 of the act of 1903 says that when- 
 ever the Interstate Commerce Commission shall have reasonablegrounds 
 for believing that any common carrier is engaged in the carriage of 
 
 {)assengers or freight traffic between given points at less than the pub- 
 ished rates on file, that is a discrimination forbidden by law, and a 
 petition shall be presented alleging such fact to the circuit court of the 
 United States, which shall take summary proceedings about it. 
 
 Mr. Staples. The question may arise whether that does not really 
 cover the rebate question. 
 
 Senator Foraker. But you put a question that involves an illustra- 
 tion. 
 
 Senator Dolliver. Yes. Is not that rate of 7i cents from Minne- 
 apolis to Chicago, as compared with 15 cents f i-om Cannon Falls on 
 the same line, a discrimination under section 3 of the original interstate- 
 commerce law? 
 
 Senator Foraker. If it is so, can you not go into the circuit court 
 and have a summary proceeding to remedy it? 
 
 Mr. Staples. Only upon the theory that the rate is an unreasonable 
 one, and the remedy is a long ways from reaching the people. 
 
 Senator P^oraker. There is a discrimination there. 
 
 Mr. Staples. I agree with you, that I read that in that way; but 
 the courts have placed the construction upon .the present law which 
 will not admit it. 
 
 Senator Dolliver. Has the Interstate Commerce Commission ever 
 gone into court to test the legality of any such discrimination as that 
 under the present law? 
 
 Mr. Staples. Yes, sir. 
 
 Senator Foraker. 1 do not understand that the courts have ever 
 decided that they will not grant relief in a case where proper proceed- 
 
DUTIES AND POWERS OF IJS'TEESTATE COMMERCE COMMISSION. 37 
 
 ings have been had. No court has ever so held. The cases that have 
 been brought, based upon alleged discriminations, have always, so far 
 as I am acquainted with them, failed on the ground that the court found 
 that there was no discrimination; that is to say, when you take into 
 consideration substantially similar circumstances under the act, they 
 found that there was no discrimination; that there was no reason for 
 making a rate. 
 
 Senator Aldrich. Mr. Staples, you are here as the representative 
 of an association of commissioners of various States ? 
 
 Mr. Staples. Yes, sir. 
 
 Senator Aldrich. You have definite ideas, arrived at after consul- 
 tation, as to the evil complained of and as to the remedies which you 
 have suggested? 
 
 Mr. Staples. In our judgment. 
 
 Senator .Aldrich. Have you anj' objection to putting in the form 
 of a bill the suggestions j'ou have made ? 
 
 Mr. Staples. Not a word of objection. 
 
 Senator Aldrich. If you are willing, why not do that? 
 
 Mr. Staples. I think it would be presumptuous. 
 
 Senator Aldrich. You are asking us to remedy certain evils; you 
 say you are not for any particular bill, but you have made suggestions 
 as to various provisions of the existing law and suggested other laws. 
 It seems to me that you could put into a bill the suggestions you have 
 stated here. 
 
 Mr. Staples. You do our association a very great honor, which is 
 highly appreciated. I am not one of those who wish to assume the 
 position of being here to dictate to Congress. 
 
 The Chairman. But you can suggest. 
 
 Senator Aldrich. You are suggesting evils and remedies. 
 
 Mr. Staples. We only endeavored to emphasize certain points and 
 certain weaknesses in the present law, and we have given you, gentle- 
 men, such information as our experience and contact with this question 
 has given us. 
 
 Senator Aldrich. We welcome all that, but we would rather have 
 in definite and concrete form any possible remedy that you can 
 suggest. 
 
 Senator Carmack. It seems to me that after these gentlemen have 
 stated the evils of which they complain, and have suggested certain 
 remedies, then it would be proper for this committee to draw the bill. 
 
 Mr. Staples. That is my view. 
 
 Senator. Carmack. Of course we do not object to these gentlemen 
 putting their suggestions into the form of a bill. 
 
 Senator Foraker. You know better what you want than we do, but 
 we should be glad to have the benefit in concrete form of the sugges- 
 tions you have made here. Let me ask another question before we 
 get away from Cannon Falls. That is something that illustrates the 
 trouble you complain of. There is a difference of about 10 cents in 
 . freight rates between Cannon Falls and Chicago 6n the one hand and 
 Minneapolis and Chicago on the other. 
 
 Mr. Staples. Fifteen cents from Cannon Falls. 
 
 Senator Cullom. W^hat is the difference in mileage? 
 
 Mr. Staples. The difference is 49 miles; that is, it is i9 miles from 
 Minneapolis to Cannon Falls. 
 
38 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Forakek. Do you think that i.s unjust discrimination? 
 
 Mr. Staples. Yes, sir; but I do not say to the extent of the dilier- 
 ence in the rate. 
 
 Senator Foraker. How long has that unjust discrinaination been 
 going on? I am not asking in any controversial way; I want to get at 
 something practical. . . 
 
 Mr. Staples. Icansay two years, perhaps longer; I am not positive. 
 
 Senator Foraker. Has anybody undertaken to go into court to have 
 that wrong, if it be a wrong, righted ? 
 
 Mr. Staples. It has been taken up by the Interstate Commerce Com- 
 mission. 
 
 Senator Foraker. You have heard read the statute that we passed 
 two or three years ago in regard to rebates and discrimination, and 
 which provides that the very moment a person presents a petition 
 making a complaint in any circuit court having jurisdiction it is the 
 duty of that court to set aside every other business and pass upon the 
 merits of the petition in a summary wa}'. 
 
 Senator Dolliver. I will add that that section provides also that 
 the same proceeding ma}^ be had independently of the Commission, 
 upon order of the Attorney-General or by any district attorney of the 
 United States. 
 
 Senator Foraker. By that act we have given you a summary remedy. 
 I know we deliberated upon it in the Senate, and we thought we were 
 giving you an available remedj^ when we said that the court should set 
 aside the claims of all other litigants. But now for two years, and 
 during the time you think these unjust rates have been in force, I 
 understand you that nobody has applied to the courts for relief? 
 
 Mr. Staples. Yes, sir. 
 
 Senator Foraker. Could you get a better remedy than that? 
 
 Mr. Staples. Yes, sir; if it continues ten years longer, in my judg- 
 ment there will not be two complaints filed, because the people who 
 feel oppressed will not take their cases into court, for they can not 
 afford it. 
 
 Senator Foraker. Does not this Quarles-Cooper bill require you to 
 go into court? Is not that the basis of it? 
 
 Mr. Staples. But that is not the method the public will adopt to 
 adjust their difficulties. 
 
 Senator Foraker. I am flooded every day with petitions to support 
 the Quarles-C'ooper bill, and they nearly all refer to something said by 
 Mr. Bacon or somebody- else, and that has led me to suppose that was 
 the bill j'ou favored. 
 
 Mr. Staples. I am not representing Mr. Bacon. 
 
 Mr. Bacon. That was framed as a basis for you Senators to act upon. 
 
 Senator Foraker. Who framed that bill? ' 
 
 Mr. Bacon. That was the development of four years of discussion 
 between various interests. 
 
 Senator Foraker. Are you satisfied with that bill, or do you want 
 something else? 
 
 Mr. Bacon. There are conditions of extreme necessity, bat I do not 
 want to bring them before Congress now. 
 
 Mr_STAPLES. I know nothing of Mr. Bacon's relations hei-e. 
 
 Senator Foraker. If you propose to go into court, under the Quarles 
 Cooper bill, is not the going into court a safeguarding of everybody's 
 interests ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 39 
 
 Mr. Staples. I do not believe there is a safeguarding, except upon 
 the question of rebates. I believe that is amply provided for in the 
 so-called Elkins Act. 
 
 Senator Forakee. That is already provided for. 
 
 Mr. Staples. Yes, sir. 
 
 Senator Newlands. Your contention is that resort to the court by 
 anybody aggrieved is not a remedy that will be accepted by any large 
 number of persons aggrieved? . 
 
 Mr. Staples. Emphatically so. 
 
 Senator Newlands. Give your reasons for that. 
 
 Mr. Staples. Two reasons. One is because of the length of time 
 necessary to have the question adjudicated. Another is that it is abso- 
 lutely necessary "for the party complaining, or practically necessary, 
 that he shall either retain a lawyer or go to the expense of hunting up 
 some district attorney, who is always busy. 
 
 The Chairman. The law is that the Interstate Commerce Commis- 
 sion shall on complaint take that up. The expenses are all borne, as 
 we have understood, by the Government. 
 
 Mr. Staples. I appreciate that. 
 
 The Chairman. The shippers are put to no expense at all, but that 
 duty is devolved upon the Interstate Commerce Commission. 
 
 Mr. Staples. The Interstate Commerce Commission have heard this 
 q^uestion. It is now before them for decision, or is under considera- 
 tion by them, and when they have completed their consideration they 
 will either dismiss that complaint or make recommendations. 
 
 Senator Foraker. How long were the hearings? 
 
 Mr. Staples. I think I am safe in saying it has been about a year; 
 no, it was last summer that it was heard. 
 
 Senator Foraker. When did they get through with the hearing? 
 
 Mr. Staples. The briefs were filed the latter part of last December. 
 
 Senator Cullom. By whom ? 
 
 Mr. Staples. By the attorney-general of the State of Minnesota on 
 one side and by the railway companies on the other. 
 
 Senator Foraker. So that the Commission has been nearly a year 
 in hearing this very bald case about the Cannon Falls discrimination? 
 
 Senator Aldrich. Who paid the expense of that hearing? Does 
 it cost any more to go before the Commission than to go before the 
 courts? 
 
 Mr. Staples. Experience has shown that aggrieved parties will not 
 go into court. 
 
 Senator Dolliver. But in this case the law authorizes and directs 
 the Interstate Commerce Commission itself to go into court. 
 
 Mr. Staples. I appreciate that. 
 
 The Chairman. Mr. Staples, we have been very much pleased with 
 your statement. 
 
 Senator Clapp. 1 want to say that Mr. Staples is not a lawyer. 
 
 Senator Foraker. 1 think he is a pretty good one. 
 
 Mr. Staples. Mr. Chairman, we have a better lawyer here, if I am 
 a good one. 
 
 senator Clapp. He did not catch the scope of Senator Dolliver's 
 question. The proposition in the mind of the Commission is that 
 these subsequent provisions relating to discriminative rates must be 
 read in the light of section 4, which defines, or which rather enlarges. 
 
40 DUTIES AKD POWERS OF IWTER3TATE COMMERCE COMMISSION. 
 
 what may be discriminative in the substantial parallel character of 
 cases under the long and short haul clause. 
 
 Senator Caemack. Senator Dolliver read section i. 
 
 Senator Clapp. To make that complete, section 4 must be amended. 
 You did not make that clear, Mr. Staples. 
 
 Mr. Staples. I thank you, Senator, very much. I do notknow 
 that more time can be given me, but 1 feel that I have done m]ustice 
 to one of my colleagues, who is an attornev. . . 
 
 The Chairman. Judge Crump is an attorney, and lives in Virginia. 
 We understood that you, Mr. Staples, and the other gentleman wanted 
 to go away to-night, but Judge Crump, living near here, can be heard 
 at some other time. We now want to take up some other matters m 
 committee. 
 
 Mr. Staples. I think Judge Crump will be glad to come. 
 
 The Chairman. We will give him a hearing, and soon. 
 
 Senator Clapp. Would you feel like coming back for a further 
 hearing before us? 
 
 Mr. Staples. I now expect to have business in Washington in the 
 early part .of February. 
 
 The Chairman. Then we will continue this hearing. 
 
 Mr. Staples. You understand my time is very pressing for duty in 
 my State; but if on the occasion of mj' next visit here you desire to 
 question me I shall be very willing to, answer such questions as I can. 
 
 The Chairman. And Judge Crump could appear at the same time. 
 
 Mr. Crump. I can not be here to- morrow, as 1 have to be at 
 Richmond. 
 
 The Chairman. Then we will fix a meeting for some time in Feb- 
 ruary for you gentlemen. 
 
 Mr. Staples. You are very kind, and I want to thank you, Mr. 
 Chairman, and the committee very much indeed for your courtesy. 
 
 The Chairman. We thank you, Mr. Staples. 
 
 STATEMENT OF MR. R. HUDSON BURR. 
 
 The Chairman. Mr. Burr, you may state your name, your place of 
 residence, what position you hold, and whom you represent. 
 
 Mr. Burr. My name is R. Hudson Burr; 1 am a member of the 
 State railway commission of the State of Florida, and am here with 
 a committee appointed by the National Association of Railway Com- 
 missioners, which is made up of the commissioners from the States 
 that have rail-waj' commissions or officers who regulate railway traffic 
 in any way. 
 
 The Chairman. How many States are represented in this associa- 
 tion? 
 
 Mr. Burr. Thirty States have regulations of some sort. 
 
 The Chairman. Your association is called the National Association 
 of Railway Commissioners? 
 
 Mr. Burr. Yes, sir. 
 
 The Chairman. And your association is composed of State commis- 
 sioners? 
 
 Mr. Burr. Yes, sir. We meet once a year for the purpose of 
 exchanging ideas, and to better inform ourselves of the conditions in 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 41 
 
 regard to railroad matters, and at the last annual convention, held in 
 Birmingham, Ala. , the following resolution was passed, and this com- 
 mittee was appointed to appear before the committee of Congress: 
 
 Whereas provisions of existing law do not adequately authorize and empower the 
 Interstate Commerce Commission to properly correct and prevent unjust discrimina- 
 tions against persons and places, and enforce fair and reasonable interstate railway 
 rates and charges: Therefore be it 
 
 Resolved by the National Association of Railway Commissioners in convention assembled 
 at Birmingham, Ala., this 16th day of November, 1904, That in accordance with previous 
 recommendations the Congress of the United States be, and is hereby, requested to 
 so amend existing law as to authorize the Interstate Commerce Commission, on com- 
 plaint that any interstate rate is unreasonable or unjust, and, after full hearing, to 
 ascertain what rate is reasonable and just in t^e particular case and order the carrier 
 to observe that rate for the future, subject to rehearing upon application of the carrier 
 when the conditions may have changed, the rate so prescribed to be effective unless 
 enjoined by the court; and be it further 
 
 Resolved, That the president of this convention appoint a committee of nine to go 
 before the proper committees of Congress and urge the passage of this needed legis- 
 lation, and that each Senator and Representative in Congress be furnished by the 
 secretary with a copy of these resolutions. 
 
 Now, Mr. Chairman, it is not our purpose to undertake to burden 
 this committee with a lot of statistics, because we feel that you have 
 those things at your own command anyhow, but simply to say that we 
 believe, as railway commissioners, we are in a position to know the 
 needs of the legislation asked for. We come in daily contact with 
 those interests, with people having complaints about the management 
 of railway traffic, and we therefore come so close to it that we believe 
 we can say to you that while we do not come here with a unanimous 
 demand for this legislation, yet we do come here with a crystallized 
 public sentiment behind us representing nearly nine-tenths of this 
 country. Ninety-five per cent, I will say, in my State, of the com- 
 plaints made to us are upon matters that we can not handle, for the 
 reason that they are interstate in character. When this is explained 
 to the complainants they invariably come back at us asking that we 
 exert our efforts to secure such legislation as will give to the Interstate 
 Commerce Commission, or to somebody authorized to regulate these 
 matters, the necessary power to deal with these matters. 
 
 While we in our State do handle some of these matters, we can not 
 go further than simply to act 'as an arbitrator between the railways 
 and the shippers; and I may say that in a great many cases — in fact, in 
 the majority of the cases coming before us in our State — we effect sat- 
 isfactory settlements. 
 
 Senator Dolliver. Does your commission have power of revising 
 railway rates? 
 
 Mr. BuKR.' Yes, sir. We can make whole rates in our State. 
 
 The Chairman. On State railroads ? 
 
 Mr. Burr. In State business. 
 
 Senator Doliver. Does your commission frequently exercise that 
 power? 
 
 Mr.. Burr. We make some changes. There have not been very 
 many radical changes made, but where we have made changes the sub- 
 sequent reports of the railroad companies to our commission show that 
 those changes have resulted in increased earnings. There has not been 
 a single instance in which we have reduced rates but what their own 
 reports will show that the earnings have increased the following year. 
 
42 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 The only reason for that in our minds is that it stimulates the busmess 
 interests that furnish rates to the railroads. 
 
 The Chairman. Does your State law authorize you to increase rates 
 as well as to reduce them? 
 
 Mr. Burr. Yes, sir. Recently— about two months ago— our com- 
 mission, when its attention was called to the inequality in the case or 
 a small or weak railroad in our State— the rate had only been m oper- 
 ation for a couple of years — as soon as it was shown to our commission 
 that it would be unfair to cause that small or weak railroad to operate 
 at a lower rate than was charged by the trunk lines of the State, we 
 immediately authorized the raising of almost the entire tariff. 
 
 Senator Newlands. In the case of that particular road ? 
 
 Mr. Burr. Yes, sir. 
 
 isenator Newlands. You act upon the case of each particular road? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands. Not prescribing a general rate for all roads? 
 
 Mr. Burr. Yes, sir; we treat the road as a road, because it would 
 be rather unjust for some of the roads in our State to have to operate 
 at as low a rate as others do, because they operate through a sparsely 
 settled country' — they are new roads and do not have the business. 
 
 Senator Newlands. In adjusting the rates in your State do you take 
 into consideration the capital or the value of the roads? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands. And a fair return upon the capital or value? 
 
 Mr. Burr. Yes, sir; we try to hold that before us all the time. 
 
 Senator Newlands. What rate of interest do you call a fair return 
 in your State? 
 
 Mr. Burr. If the reports show that they are making 3 or 4 per cent, 
 we feel like they can stand some change occasionally, where the com- 
 modity or rate is out of line, or, in other words, is falsely classified. 
 
 Senator Newlands. Do j'ou mean 3 or 4 per cent upon a nominal 
 capital or upon the actual value or investment? 
 
 Mr. Burr. The cost of the road, the cost of construction and equip- 
 ment of the road. 
 
 Senator Newlands. Right in that line may I ask, Are there many 
 railroads in your State ? 
 
 Mr. Burr. We have nearly 4,000 miles. 
 
 Senator Newlands. Are they all under the control of one system ? 
 
 Mr. Burr. No, sir; we have the Atlantic Coast Line, the Seaboard 
 Air Line, the Louisville and Nashville, the Florida East Coast, and a 
 number of small roads. 
 
 . Senator Newlands. How large a percentage of this 4,000 miles is 
 owned and operated by these four lines you have spoken of? 
 
 Mr. Burr. About 2,000 miles of the roads are in the hands of those 
 big roads. They have from time to time taken over some of the 
 smaller lines. That is going on from time to time. 
 
 Senator Newlands. That is increasing, is it — the tendency toward 
 consolidation ? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands. When they do consolidate how is that accom- 
 plished — under the law of your State ? 
 
 Mr. Burr. Under the law of our State they are allowed to consoli- 
 date, provided they are not parallel lines. 
 
DITTIES AND P0WEE8 OF- INTERSTATE COMMERCE COMMISSION. 43 
 
 Senator Newlands. Does your commission have any supervision 
 over tiiat consolidation? 
 
 Mr. BuRK. Yes, sir; they would have to apply to the commission 
 for permission to do so. 
 
 Senator Newlands. Does the commission determine the amount of 
 stocks and bonds that are to be issued? 
 
 Mr. Burr. No; we do not go into that. 
 
 Senator Newlands. You do not go into that at all? 
 
 Mr. Burr. No; that is, when they are making application to us to 
 take over some particular piece of road, we see that they are not taking 
 over property of a line that is parallel. 
 
 Senator Newlands. And only for that purpose? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands. If the railroads in your Slate wish to consoli- 
 date and wish to have a capitalization largely in excess of the united 
 capitalization of all the roads, and largely in excess of the cost of con- 
 struction of the road, would there be any obstruction to that in your 
 State? 
 
 Mr. Burr. We have nothing to prevent that. ' 
 
 Senator Newlands. Nothing to prevent the so-called watering of 
 stock ? 
 
 Mr. Burr. No, sir. 
 
 Senator Newlands. When you fix rates in your State on a given 
 road do you make a valuation of that road ? 
 
 Mr. BcRR. We go upon what it has been shown, from investigation, 
 is the cost of construction and the cost of equipment of a railroad, in 
 our State. 
 
 Senator Newlands! Is there any judgment of the board put on rec- 
 ord regarding the value of such railroad property ? Do you make a 
 judicial inquiry, and then enter your judgment of record as to the 
 value of that particular road ? 
 
 Mr. Burr. We have in one instance. 
 
 Senator Newlands. If there is no record of that kind there is noth- 
 ing to prevent a subsequent railway commission from forming a dif- 
 ferent judgment as to the value of that road? 
 
 Mr. Burr. A subsequent commission might have different ideas 
 about it; yes, sir. 
 
 Senator Carmack. Does your commission have anything to do with 
 assessments? 
 
 Mr. Burr. No, sir; that is attended to by the comptroller-treasurer 
 and attorney-general of the State. 
 
 Senator Newlands. Do you have a percentage estimated upon the 
 receipts, or upon the property of the corporation ? 
 
 Mr. Burr. Upon the property. 
 
 Senator Newlands. It is valued as other property is ? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands; Then there are the usual assessments for county 
 and State purposes? 
 
 Mr. Burr. Yes, sir; the same as I would give on my own individual 
 property. 
 
 Senator Dolliver. I would like to inquire what the nature of these 
 complaints is~of which you have spoken in Floi-ida? 
 
 Mr. Burr. For instance, we have from time to time found that the 
 
44 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 roads doing interstate business change their classification from trnie to 
 time— that is, by taking an article at the lower class and placmg it m 
 a higher class, thus raising the rate. . . 
 
 Senator Dollivee. That results in a complaint against the raising 
 of the rate? 
 
 Mr. BuRE. Yes, sir. The shipper has been paying a certain rate 
 for a certain period of time; then he gets a freight bill and notices 
 that there is an overcharge, apparently; that is brought to our atten- 
 tion, and we find in most of the cases that it is the result of the change 
 of classification which raises that rate. 
 
 Senator Dollivee. Has that increase of rates been very general? 
 
 Mr. BuEE. Yes, sir; in a little over two years and a half they 
 changed the southern classification on about five hundred articles. 
 
 Senator Newlands. Increased it? 
 
 Mr. BuEE. Yes, sir; increased it. 
 
 Senator Dollivee. Are those rates you refer to mainly applicable 
 to fruit classifications ? 
 
 Mr. BuER. No, sir; that is applicable to incoming freight. Inter- 
 state traffic in the State of Florida is pretty heavy, because there are 
 so many things that are not manufactured there and which we have to 
 buy in other States. When our commission first organized it adopted 
 the southern classification as its classification. In two years and a 
 half of time, as I say, they raised about five hundred articles in that 
 classification. 
 
 Senator Dollivee. Did they lower any? 
 
 Mr. BuEB. No, sir. 
 
 Senator Dollivee. Is this the Southern Railroad that you refer to? 
 
 Mr. BuER. We have very-little to do with the Southern Ilailroad. 
 They only have a little piece of road running into Jacksonville ; but 
 their passenger business is the same as anything else with us. 
 
 Senator Boean. The chief road is the Atlantic Coast Line, is it not? 
 
 Mr. BuEE. That is one of the best roads we have. 
 
 Senator Kean. Is that line connected with the Louisville and Nash- 
 ville? 
 
 Mr. BuEE. We consider them separately. 
 
 Senator Kean. But they are not separate. 
 
 Mr. BuEE. We understand that; but they operate down there as two 
 roads. 
 
 Senator Dollivee. What other complaints do you have besides the 
 increase of these rates by changing classifications of goods ? 
 
 Mr. BuER. I referred a while ago to class rates— that is, others, being 
 commodity rates— to the different markets. There isa vast change in the 
 amount charged for rates to the different eastern and western markets on 
 our fruits and vegetables — that is, some nearer-by points are charged 
 a much higher rate than greater points. 
 
 Senator Dollivee. Illustrate that. 
 
 Mr. BuER. I can not give you the figures from memory; but, take 
 it to Cincinnati, the rate is higher than to some other of the western 
 cities 400 or 500 miles farther, and yet we have competing lines that 
 could reach all the places — that is, we have connections out of Jackson- 
 ville, which is a base point for most of this trade. 
 
 Senator Dolliver. Do you think the rate to Cincinnati is too high 
 or that the rate to those far-distant points is too low? ' 
 
DUTIES AND P0WKE8 OF INTERSTATE (JOMMEBCE COMMISSION. 45 
 
 Mr. Burr. Well, I think it is rather high to Cincinnati. In fact, 
 most of these rates are high. It is difficult sometimes for the grower 
 to realize much above the cost of the crating and freight charges and 
 commissions on the produce. 
 
 The Chairman. How about the New York rate, has that been com- 
 plained of? • 
 
 . Mr. Burr. No, sir; the New York rate is regulated by steamship 
 from Jacksonville. The New York rate is a very fair rate. 
 
 The Chairman. What about the Chicago rate ? 
 
 Mr. Burr. That is a pretty high rate. .~_ — 
 
 The Chairman. And the Cincinnati rate? 
 
 Mr. Burr The Cincinnati rate is a pretty high one. 
 
 Senator Dolliver. I should be glad to have you furnish us with a 
 statement of the rates to these various cities, so that we can have a 
 definite statement before us. 
 
 Mr. Burr. I will take pleasure in sending joa such a statement, 
 but I can not do it until I reach my office, which will be about next 
 Monday. 
 
 Senator Dolliver. What I want to get at is something definite 
 about this business. 
 
 Senator Newlands. You spoke a moment ago about the Seaboard 
 Air Line as distinguished from the Louisville and Nashville. 
 
 Mr. Burr. No; I spoke of the Atlantic Coast Line as distinguished 
 from the Louisville and Nashville. 
 
 Senator Newlands. I understood your statement to be that whilst 
 they were really joined together, they were yet considered as separate 
 roads in your ^tate? 
 
 Mr. Burr. Our understanding is that the Atlantic Coast Line has a 
 majority of the stock of the Louisville and Nashville; but it is oper- 
 ated as a distinct and separate road. 
 
 Senator Newlands. Is the Atlantic Coast Line incorporated under 
 the laws of your State ? 
 
 Mr. Burr. No, sir; I believe that the Louisville and Nashville took 
 over properties that were incorporated in our State- what is known 
 as the Pensacola and Atlantic Railroad. 
 
 Senator Newlands. Under the laws of what State is the Louisville 
 and Nashville incorporated? 
 
 Mr. Burr. I believe it is incorporated under the laws of Kentucky. 
 
 Senator Carmack. It is incorporated under the laws of Kentucky. 
 
 Senator Newlands. That acquisition was made, I presume, with the 
 consent of your legislature? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Newlands. Did they take it over bodily or simply buy a 
 majority of the stock? 
 
 Mr. Burr. The road was mortgaged, I think, at first, and then they 
 assumed the mortgage and finally took over the property. When the 
 Pensacola and Atlantic road was built it was aideo, not only by the 
 State giving lands enough to construct it, but it was also given Fed- 
 eral aid. 
 
 Senator New,land8. In the returns made to your railway commis- 
 sion are they made as returns of the Pensacola and Atlantic or of the 
 Louisville and Nashville? 
 
46 DUTIES ANU POWERS OF IWTEKSTATE OOMMEBOE COMMISSION. 
 
 Mr. BuKK. They are made by the Louisville and Nashville, but by 
 divisions— that is, by thePensacola and Atlantic division in the reports, 
 and so as to the other divisions. 
 
 Senator Dolliver. Are there any general classes of complaints 
 made and which you have in mind 'i 
 
 Mr. Burr. Yes, sir. We find when there is loss or delay m these 
 perishable fruits to the eastern markets that the shipper brings com- 
 plaint to us, and we can not do anything with them. It is always 
 stated that the shipper has the right to go into the courts and sue for 
 these things, but it has never been done. 
 
 Senator Dolliver. Is it the general custom of the roads to pay 
 when losses of that kind occur ? 
 
 Mr. Burr. No; it is not the general custom. There is always some 
 excuse made to crawl out from under. For instance, I know a shipper 
 who- lost a carload of tomatoes valued at about $1,100, or more; that 
 was two years ago, and he has been put off from time to time with all 
 sorts of excuses that they could get up for that loss, and'he has been 
 compelled at last to bring suit. In this case, of course, he can bring 
 suit in our State. In most of the cases the skipper would have to go 
 to some other State to bring suit. 
 
 Senator Newlands. Why is that? 
 
 Mr. Burr. Especially now, when the Supreine Court says that the 
 initial line is not responsible for safe and prompt delivery; that the 
 loss must be placed upon the carrier that damaged or lost the freight. 
 A Florida man may have to go to Illinois to sue, and these shippers 
 will not do that. We have found in our hearings that shippers are 
 loath to make statements. Not long ago a gentleman said to me: 
 "When I get ready to go out of business I will answer the questions 
 that you gentlemen ask." 
 
 Senator Dolliver. Do you expect us to provide machinery for the 
 collection of claims of that sort? 
 
 Mr. Burr. No; but we want a law that will empower some commis- 
 sion with authority to take up such cases. The Interstate Commerce 
 Commission can not handle such cases at all. We want a law that the 
 shipper will feel affords him protection, one thfl,t will give him some 
 place to go to secure his rights without being trampled upon. 
 
 Senator Carmack. You say that part of the trouble arises from the 
 fact that the shipper of goods will not make complaint. How are you 
 going to remedy that trouble? 
 
 Mr. Burr. They are afraid to make complaint, because they realize 
 that the law is defective and that nothing will come of complaint except 
 that they may suffer from some discrimination in the future. 
 
 Mr. Carmack. You think that they would not fear if there was an 
 adequate remedy ? 
 , Mr. Burr. No, sir. 
 
 The Chairman. This trouble about delay or destruction of freight 
 misrht occur under a high rate as well as under a low, might it not? 
 
 Mr. Burr. Yes, sir; that part of it might, but I was only answering 
 the question the gentleman asked me. 
 
 The Chairman. The courts are open for that purpose. But I want 
 to ask you this question. How are these cars delayed ? Are they side- 
 tracked? 
 
 Mr. Burr. We have on investigation found that they do sidetrack 
 them. 
 
DUTIES AND POWERS OF INTERSTATE OOMMEKCB COMMISSION. 47 
 
 The Chairman. But the railroads would not want to sidetrack a car 
 of vegetables and fruits from Florida, would they ? There is no com- 
 petition on that class of freight, is there ? 
 
 Mr. BuER. I think in a great many cases the roads have not pro- 
 vided themselves with a sufficient amount of rolling stock to move such 
 freight. 
 
 The Chairman. 1 can understand, Mr. Commissioner, how a railroad 
 might want to favor this or that one shipper, as, for instance, they 
 might want to sidetrack coal or iron ore, but I can not understand why 
 they should want to sidetrack a carload of fruit, because there is no 
 competition there. They want all the business they can possibly get. 
 
 Mr. Burr. They realize that they have the business, but once it is 
 put on their track they will get their freight on it anyhow, 
 
 Senator Dolliver. They will not if they lose it. 
 
 Senator Carmack. 1 do not suppose they do that very frequently. 
 
 The Chairman. The courts are open for them; but there is an acute 
 question that does not apply to your State, where a railroad might be 
 interested in a particular product and want to prefer it or its friends 
 to another competing producer. As I saj', coal might be side tracked. 
 They could side track 200 cars of coal on its way to Chicago; but 1 can 
 not understand a complaint in regard to fruit, because there is no com- 
 petition. The railroads want ever}' car out of your, country that they 
 can get, as well as out of California, with fruits. 
 
 Senator Cullom. I did not come in in time to hear the beginning of 
 your statement. What is the greatest ground of complaint by people 
 of your State and yourself as a commissioner against the railroads for 
 violating the law? In what particular do they violate the law? 
 
 Mr. Burr. There is discrimination — that is one thing— and inequal- 
 ity of rates to various points. Of course that inequality can not be 
 corrected entirelj', because conditions govern. 
 
 Senator Cullom. Where the railroad, apparently with its eyes open, 
 violates the law, in what particular do they violate it, especially in your 
 region more than in others ? 
 
 Mr. Burr. It is very hard for us to catch up with the railroads in 
 matters of discrimination — that is, giving a preferred rate to one ship- 
 per nt)t given to another — yet we realize that that is going on. 
 
 Senator Cullom. In what way do they exercise that power to pre- 
 fer one shipper over another? 
 
 Mr. Burr. Where they do not discriminate in rates they discrimi- 
 nate against a great many individual shippers in giving all their cars 
 for some time to the large shippers and let the litlle shippers suffer. 
 That we consider is a discrimination. Where they have so many cars 
 to provide for a particular commodity to be hauled if they can not 
 furnish everybody with cars they ought to divide them up. But as it 
 is the big shipper invariably gets all he wants, while the small one 
 does not. We believe that in some cases the large shippers of lumber 
 and other freight of great tonnage get a better rate than some of the 
 small shippers of the same commodity. 
 
 Senator Cullom. You are a commissioner of railroads and are 
 familiar with your own State laws as well as with the statutes of the 
 United States. In what particular do you want the law amended now 
 so as to give greater protection to the people ? 
 
 Mr. Burr. We want the Interstate Commerce Commission given 
 the rate-making power; that is, upon complaint of an unjust rate, to 
 
48 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 substitute, after full hearing and investigation, such rate as they 
 believe is just and right. 
 
 Senator Cullom. You think that absolute power should be given to 
 the Interstate Commerce Commission to make rates upon complaint? 
 
 Mr. BuER. Yes, sir. 
 
 Senator Cullom. You are not asking a general rate? 
 
 Mr. BuEE. No, sir. 
 
 Senator Cullom. But only where a complaint is made in a particular 
 case? 
 
 Mr. Burr. Yes, sir. 
 
 Senator Cullom. Do you think the power ought to be given that 
 Commission without any other safeguard to the people ? For instance, 
 if they should make a wrong rate, should the courts have the right to 
 take that up and review it? What do you think about that? 
 
 Mr. BiTRR. If they make a wrong rate, they have the power and 
 authority to readjust that upon complaint; that is, they can rehear 
 that case. We ask for rehearings for them. We do not take very 
 much to the idea of this court proposition. We believe we have courts 
 a plenty. All the courts of the country are open to the railroads. If 
 the Commission undertakes to do an unjust thing the Commission can 
 be enjoined and the courts can determine it. No court will delay 
 matters long. 
 
 The Chaieman. Is not the question of discrimination you speak of 
 covered by the present law effectively ? If it can be shown, under the 
 law of 1903, that a railroad is discriminating in favor of one firm or 
 one locality as against another, is not that a positive violation of that 
 act? 
 
 Mr. BuER. I am not a lawyer and I will not undertake to answer 
 that question definitely. But I am taking too much time, because I 
 want to give an opportunity to the other members of the committee 
 to say something. 
 
 There is one other point, however, that I want to cover first, and 
 that is that whatever law you gentlemen think best to pass, we ask 
 that it be strong enough in one particular, and that is to cover what is 
 called the long and short haul. That is one of the things that we suf- 
 fer from in Florida and in many other States very materially. For 
 instance, in our State the rate is made by taking the rate from a west- 
 ern point to the base point in Florida — Jacksonville being the main 
 point — and taking the other charge from the initial point to the base 
 point, Jacksonville, on shipments to intermediate points closer to the 
 point of shipment, and then the local rate from Jacksonville back to 
 the initial point is added in order to determine the rate from the point 
 of shipment to the intermediate point. 
 
 The Chairman. That is against the law as it stands to-day. 
 
 Mr. Burr. We have been informed that it can not be handled undei 
 the fourth section as it stands. 
 
 The Chairman. That is the Cullom law, and we put that in there 
 after a great debate. 
 
 Mr. Burr. While we have not brought a case ourselves, we have 
 been informed that we can not remedy it. We do not mean to say 
 that the shorter distance could have at all times the same proportionate 
 rate applying to the longer distance to the base point, because water 
 competition is something that will make that a very low rate; but we 
 
DUTIES AND P0WEB8 OB INTERSTATE COMMERCE COMMISSION. 49 
 
 do believe that it is rather unjust to charge the through rates plus a 
 very high local rate for these intermediate stations. They also dis- 
 criminate between stations. For instance, take a station 150 miles, and 
 a rate is made for that which applies to all the intermediate points. 
 A station 150 miles from the base point will be charged a greater rate 
 than is charged a station nearer to the base point, and that is discrim- 
 inative against the nearer point. 
 
 Senator Foster. You have studied the Quarles-Cooper bill? 
 
 Mr. BuRE. 1 have read it over; just glanced through it. 
 
 Senator Foster. Do you indorse that bill '( 
 
 Mr. Burr. We do not take up any particular bill. We simply take 
 the particular position that we want legislation that will adequately 
 remedy this evil. We do not undertake to say what particular bill 
 pending before Congress should be passed. But I do not believe that 
 the Quarles-Cooper bill or the amended Cooper bill — the one intro- 
 duced at the third session — is hardly strong enough. 
 
 Senator Foster. You believe that conferring the rate-making power 
 upon the Interstate Commerce Commission will remedy the evils you 
 complain of, do you? 
 
 Mr. Burr. I think it will largely do so; yes. 
 
 Senator Foster. Is that the only thing you ask ? 
 
 Mr. Burr. That and the prevention of discriminations. 
 
 Senator Foster. The law is pretty comprehensive now in regard to 
 that, is it not? 
 
 Mr. Burr. It is an evil that is pretty hard to remedy, anyhow. 
 
 Senator Newjlands. I would like to make an inquiry before the com- 
 missioner takes his seat, and that is, whether we can not continue this 
 session to-morrow. We have here two other gentlemen, members of 
 this committee appointed by the National Association of Railway Com- 
 missioners, and it seems to me that we can have no more important 
 testimony than that of these gentlemen. So far as I am concerned I 
 am bent on one line of inquiry, and that is the question of simplifying 
 the railway system of the country. 
 
 Senator Dolliver. That has not yet been before the committee. 
 
 Senator Newlands. If it is not 1 will get a resolution before the 
 committee. Now we find, with reference to the Louisville and Nash- 
 ville road operating in the State of Florida, that it is organized under 
 the laws of Kentucky. No one knows how the Louisville and Nash- 
 ville Railway operates these different roads in the different States, and 
 I say the very confusion and complexity of the railway system of the 
 country absolutely prevents any scientific adjustment of the rate ques- 
 tion of the country. It seems to me a very pertinent inquiry as to 
 how these large corporations are operating the railroads in the State 
 of Florida. We are told that there is a Seaboard Air Line, and I 
 would like to know something about the organization of that road. 
 
 Senator Kban. You will find it all in Poor's Manual. 
 
 Senator Newlands. But I want it here. I want to ask whether we 
 can not continue these hearings. I move that we have a hearing 
 to morrow. 
 
 The Chairman. That, is a matter that will have to be settled by the 
 committee. Let us hear these people now. 
 
 Senator Newlands. I want to ask some questions, but 1 do not want 
 to take up time to the exclusion of others. 
 
 RY— 05 4 
 
50 DUTIES AND P0WEK8 OF INTERSTATE COMMEECE COMMISSION. 
 
 The Chairman. Any motion you have to make will have to be con- 
 sidered by the committee, but I suggest that we ought not to stop in 
 the middle of a hearing in order to put a motion. Let that wait until 
 the doors are closed. 
 
 Senator Newlands. Then there is nothing left for me to do but to 
 continue to question the commissioner, unless the committee is of opin- 
 ion that the examination should close. 
 
 The Chairman. The matter now pending is the consideration of the 
 Quarles-Cooper bill, and we have allowed the widest latitude to the 
 Senator from Nevada, as well as to other Senators, to ask questions. 
 I do not want to limit inquiry, but, as the Senator from Iowa (Mr. Dol- 
 liver) has suggested, it is not quite pertinent. 
 
 Senator Carmack. All the questions that have been asked have been 
 pertinent. 
 
 The Chairman. They have not been pertinent to this particular 
 question, but Senators have all been given the widest latitude. 
 
 Senator Newlands. I think they have been pertinent. 
 
 The Chairman. ,We have allowed outside matters. But 1 have no 
 disposition to limit the Senator in asking any questions that he thinks 
 ought to be asked. 
 
 Senator Newlands. Then I will go on with my examination of this 
 commissioner, and then we can afterwards determine as to whether we 
 can hear the other gentlemen. 
 
 The Chairman. Yes; and if there is not sufficient time to-day we 
 shall have to have another hearing. 
 
 Mr. Burr. We would like to have it understood here that' we want 
 to answer all the questions that you gentleman ask us that we are capa- 
 ble of answering, but we have been actually waiting here a week for 
 this hearing. 
 
 Senator Clapp. Mr. Staples advises me that he can not stay over. 
 1 suggest that we hear Mr. Staples now, and then hear these other 
 gentlemen afterwards. 
 
 Mr. Burr. I desire to state that I shall be compelled to leave 
 to-night, in order to go back to my State to participate in the hear- 
 ings of my commission. I do not like to take up all the time from 
 my colleagues. 
 
 The Chairman. We are perfectly willing to hear all these gentle- 
 men. What Mr. Burr has said is very instructive. If all the gentle- 
 men can not be heard now I am willing to fix a future day when they 
 can return. 
 
 Senator Newlands. I suggest an executive session, and that we ask- 
 permission of the Senate to hold sittings in this investigation during 
 the time of the sessions of the Senate. 
 
 The Chairman. I think we can do that now if we want to. 
 
 Mr. Burr. There is a good deal 1 would like to say, but I should 
 like to defer now to Mr. Staples, of Minnesota. 
 
 STATEMENT OF S. H. COWAN. 
 
 The Chairman. Mr. Cowan, you may state .to the committee your 
 name, occupation, place of residence, and whom you represent. 
 
 Mr. Cowan. Mj^ name is S. H. Cowan. I reside at Fort Worth, 
 Tex. My occupation is that of attornej at law. I am the attorney 
 o4 the Texas Cattle Raisers' Association and the Cattle Growers' 
 
DUTIES AND POWERS OJF INTEESTATB COMMERCE COMMISSION. 51 
 
 Interstate Committee. These respective organizations represent all 
 the men engaged in the cattle business in the range country west of 
 the Missouri Eiver. I am employed and paid by them to represent 
 them not as a lobbyist, but to place matters before committees of Con- 
 gress as they should be. These organizations I represent as attorney 
 desire to secure some relief against what they believe to be unreason- 
 iible exactions in some instances, and in other cases relief from dis- 
 criminatory freight rates in the shipment of live stocb from the south- 
 western range territory to the markets and to the great pastures of 
 the Northwest. 
 
 The Chairman. What extent of territory do these ranges cover ? 
 
 Mr. Cowan. The entire country west of Missouri Eiver and east of 
 the Rocky Mountains and between the British line on the north and 
 the Gulf on the south. 
 
 The Chairman. Unless you refer to it further along in the' course 
 of your argument, will you please state here what railroads you refer 
 to? 
 
 Mr. Cowan. I refer in my argument to all the railroads in that re- 
 gion — ^that is, all the trunk lines — though, I believe, there is very little 
 complaint made in regard to the Northern Pacific and the Great North- 
 ern. Their rates remain about as they have been for fifteen years. 
 They have been content to participate in the increased prosperity of 
 the country with its increased tonnage and business. The southwest- 
 em lines have received the benefit of that increase, but they have not 
 been content with the increased business in tonnage. The Southwest- 
 ern Traffic Committee, or Tariff Committee — I forget the exact name — 
 in their meeting at St. Louis agreed upon advanced rates, so that we 
 pay to-day a higher rate for the transportation of live stock from that 
 entire territory to market and to the northern pasturage than we have 
 ever paid since the Interstate Commerce Commission has had charge 
 of the tariffs. 
 
 The Chairman. I do not want to interrupt you, but will you please 
 state what roads those are ? 
 
 Mr. Cowan. It will not interrupt me at all. The systems of rail- 
 roads which are concerned in this matter are, generally speaking, the 
 Gould lines (which include the Iron Mountain and Southern, the 
 Missouri, Kansas and Texas, the Texas and Pacific, and the St. Louis 
 and Southwestern) and the International and Great Northern; the 
 Santa Fe lines, all operating under the general name of Santa Fe; 
 the Gulf and Colorado, and the Santa Fe and Pacific. We are not 
 much concerned in the Santa Fe and Pacific, as it is all one, because 
 the Santa Fe owns the stock and generally the bonds. I will file a 
 statement giving the names of all these roads, some of which I can 
 not recall now. 
 
 The Chairman. But the Santa Fe system is in this territory, as I 
 understand ? 
 
 Mr. Cowan. Yes. 
 
 The Chairman. Any other systems? 
 
 Mr. Cowan. The Rock Island and the Frisco. 
 
 The Chairman. That is in the Rock Island ? 
 
 Mr. Cowan. It is not really a part of the Rock Island system, as I 
 understand. Then there are the Union Pacific, the Milwaukee and 
 St. Paul, Chicago and Northwestern, the Burlington lines, the Great 
 Western, and the Chicago and Alton. I neglected to mention the 
 
52 DUTIES AND POWEES OF INTEE8TATE COMMBBOE COMMISSION. 
 
 Wabash in connection with the Gould lines. That is part of that 
 system. Then the Colorado and Southern, and, of course, the terri- 
 tory of the various Texas lines. The Southern Pacific lines are con- 
 cerned in this matter and half a dozen little companies in Texas. 
 
 The Chaikmax. And the Southern Pacific system? 
 
 Mr. Cowan. Yes ; the Southern Pacific system in the South. 
 
 Senator Newlands. As I understand, each one of these systems 
 embraces a number of railroads. Is that the case? 
 
 Mr. Cowan. Yes. I could give you the details, but it would take a 
 good deal of time. 
 
 Senator Newlands. I wish you would give the details, to be em- 
 bodied in your statement. 
 
 Mr. Cowan. I will file it here. I can get a copy of the southwest- 
 ern tariff in the Southwest. 
 
 Senator Newlands. In that connection give the name, of each sys- 
 tem and under it the names of the constituent companies. 
 
 Mr. Cowan. I will furnish them according to the best information 
 I have. 
 
 The Chairman. You may proceed. 
 
 Mr. Cowan. I shall not have time to give the committee the many 
 reasons which, we believe, call for some relief, whereby an ordinary 
 shipper by railroad ought to have his petition for relief referred to 
 the decision of some body of arbitration, where the question can be set- 
 tled speedily and without expense to the shipper as nearly as pos- 
 sible. 
 
 It happens that a few organizations like the Texas Cattle Raisers' 
 Association and others I might mention are able to employ attor- 
 neys and prosecute cases and pay lafge expenses; but it requires a 
 considerable period of time, as I know by experience, before a final 
 decision can be reached, and in the meantime a complete change of 
 officers of those associations may occur. But ordinarily a shipper 
 who does not belong to those associations finds it perfectly impossible 
 even to begin to ascertain what his rights are and what remedies 
 he may have. It would involve the expenditure of much money and 
 take a long time to pursue litigation with several railroads in order 
 to determine what is a reasonable rate. I say, after an experience of 
 some years in connection with this matter, trying cases before the 
 Interstate Commerce Commission and carrying them through the 
 courts, that it is my opinion, which will be borne out by an exam- 
 ination that any one of the Senators here may make, that a remedy 
 which does not provide that the Government shall undertake the 
 prosecution of these matters on behalf of the shippers is a remedy 
 which will not reach the powerful railroads concerned, and the 
 ordinary shipper of a few carloads is left out in the cold unless 
 some large organization will undertake the expense. 
 
 The Chairman. The Interstate Commerce Commission, under the 
 existing law, has the power to initiate proceedings. 
 
 Mr. Cowan. Yes. 
 
 The Chairman. And the Government bears the entire expense. 
 as I understand. 
 
 Mr. Cowan. No, sir. 
 
 The Chairman. It does not? 
 
 Mr. Cowan. No, sir. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 53 
 
 The Chairman. It does in the case of discrimination of various 
 kinds. ^ 
 
 Mr. CJowAN. No ; I will explain that to the committee, as I happen 
 to be familiar with it. 
 
 The Chairman. It seems to me that we tried to deal with that 
 very question in the act of 1903, and that in that act we provided 
 that a case could be initiated by the Commission and would be prose- 
 cuted at the expense of the Government to secure relief. 
 
 Mr. Cowan. To secure what relief? Against what exactions? 
 
 The Chairman. Against discriminations, rebates, unjust advan- 
 tages and practices — everything of that sort. It seems to me that we 
 made as strong a law as could be written. 
 
 Mr. Cowan. Neither the attorneys appearing before the Commis- 
 sion nor the Commission itself so understand it. 
 
 Senator Dolliver. Section 3 of the act of 1903 provides : 
 
 That whenever the Interstate Commerce Commission shall have reasonable 
 ground for belief that any common carrier Is engaged in the carriage of passen- 
 gers or freight traffic between given points at less than the published rates on 
 file, or is committing any discriminations forbidden by law, a petition may be pre- 
 sented alleging such facts to the circuit court of the United States sitting in 
 equity having jurisdiction. 
 
 Mr. Cowan. I understand exactly. 
 
 Senator Newlands. That does not apply to unreasonable rates. 
 
 Mr. Cowan. It reaches the very jpoints where communities or 
 merchants will be benefited, but not the points with respect to ship- 
 ments of grain, cotton, lumber, live stock, and the various farm prod- 
 ucts of the country. They are absolutely untouched by the act, for 
 the reason that what they are after is not so much discriminations as 
 it is with respect to the amount they are paying. 
 
 Mr, Chairman. That is, the rates. 
 
 Mr. Cowan. That involves the question of what are reasonable 
 rates. Doubtless, had the matter been called to the attention of the 
 committee when the law was written, that word " reasonable " might 
 have been given such an interpretation or so changed as that the Com- 
 mission would have had power to investigate. 
 
 The Chairman. Your point is as to the word " reasonableness " 
 in connection with rebates and discriminations covered by the law. 
 Your point is that they are not making reasonable rates ? 
 
 Mr. CowAN. That is it exactly. 
 
 The Chairman. You think the rates are too high ? 
 
 Mr. CowAN. Yes, sir. 
 
 Senator Newlands. In that connection, if we were to amend that 
 section 3 by providing that the Interstate Commerce Commission 
 should act by petition to the circuit court of the United States where 
 a rate was claimed to be unreasonable, then this section would cover 
 your requirements ? 
 
 Mr. Cowan. No, sir. 
 
 Senator Newlands. What amendment to section 3 would you sug- 
 gest as necessary? 
 
 Mr. Cowan. It would be impossible to answer that question so as 
 to tell exactly how it ought to be amended. I would first have to 
 know the precise wording of the particular law. I could do it by 
 sitting down and taking my time. But let me call your attention 
 
54 DUTIES ANlJ POWEKS'OF IKTER9TATE COMMERCE COMMISSION. 
 
 to the fact that there is no power in this country to-day whereby 
 anybody may determine what shall be a reasonable rate for the future. 
 The question is, in the first instance, whether such a power shall be 
 conferred upon anybody. If it is not conferred upon anybody, then 
 the power of the court is simply the power existing at common law, 
 because at common law, as decided by the Supreme Court of the United 
 States in the Call Publishing Company case, anyone has the right to go 
 into a State court and recover by charging and proving undue prefer- 
 ences or unreasonable rates or discriminations. It needs no act of 
 Congress for that. It matters not if it be an interstate shipper in 
 your own home town, a State court has the right to entertain juris- 
 diction, although it may be a matter of interstate commerce. That 
 jurisdiction of a State court to give damages is as complete under the 
 common law, in all probability, as Congress could make it. 
 
 Senator Foster. If it does not break into the line of your argu- 
 ment too much, I would like to hear you on this point: How, in your 
 judgment, is such power to be conferred, and does the necessity exist? 
 
 Mr. CowAN. I answer both in the affirmative. 
 
 Senator Foster. As to the reasons why such power should be con- 
 ferred, what do you say? 
 
 Mr. CowAN. The reasons can be better explained by illustrating 
 examples, because it is by reason of the existing details and facts that 
 you reach your judgment upon which you shall base the passage of 
 any law. Take, for example, the. shipment of cattle from Amarilla, 
 Tex., to different points in Wyoming and Montana. It has been the 
 custom of the people in those States to carry on the business of fat- 
 tening and finishing the cattle for market by putting them on pas- 
 tures in those States. But they are not breeding States. Cattle 
 breeding is carried on in Texas and New Mexico. After they are 
 fattened they are sent to the Chicago market. That is an extensive 
 business, and there have been some 400,000 head of cattle shipped in 
 that way in the last two or three years. When we had the trail and 
 the cattle were driven, the railroads thought it profitable to transport 
 them at $55 per car. But the settlement of the country and closing 
 of the trail destroyed that competition, and so from time to time the 
 railroads have advanced the freight rates, so that to-day the rate is 
 $100 per car, for which they were glad at one time to accept $70 per 
 car, and are even undertaking to pay rebates to get business. 
 
 Senator Newlands. I thought you said the original charge was $55 
 per car ? 
 
 Mr. Cowan. I said the rate had once been $55, but they have been 
 taking that business for a long time at $70. 
 
 Senator Dolliver. Can you give us the dates? 
 
 Mr. Cowan. I can not give the precise dates. That $55 rate, how- 
 ever, was in force only one year. Then it was $65, then $70, and. has 
 been advanced gradually to $100 ; and to-day a representative of the 
 Santa Fe and the Colorado Southern, as has been proven by the testi- 
 mony of witnesses before the Interstate Commerce Commission in our 
 case before them, has agreed that they will not solicit any business. 
 They have agreed to allow each other absolutely a part of the rate for 
 the circuit from Amarilla within a certain distance; that is, if the 
 shipment is made by the Santa Fe to go not more than, say, 15 miles 
 the Santa Fe will carry it over and deliver it to the Colorado South- 
 
DtJTtES ANf) POWeBS OE' INTEKSTATE OOMMEBCE COMMISSION. 6S 
 
 ern, getting $22 per car, the Colorado Southern taking the balance 
 of the rate. 
 
 Senator Dolliyer. What is the point of destination ? 
 
 Mr. Cowan. Say, MorScroft, Wyo., and Billings, Mont. There are 
 various delivering points in that country. 
 
 Senator Dollivee. Is the rate the same to all of them ? 
 
 Mr. Cowan. No ; the rates are the same from any point in that cir- 
 cuit. I mention that to show you that it is only by agreement that 
 such things can exist. If they were competing with each other, as 
 they did when rates were lower, the competition would bring the 
 lower rate. 
 
 The Chairman. Could not the courts enjoin against that very prac- 
 tice ? It seems to me that is provided for in the Sherman antitrust 
 law. The Sherman law says " any agreements." Why could not 
 that be reached under the Sherman law? It seems to me that pro- 
 ceedings could be had to stop that. 
 
 Mr. Cowan. If the Attorney-General will bring suit, we will fur- 
 nish him the testimony. 
 
 The Chairman. Can not the district attorney proceed of his own 
 motion ? 
 
 Mr. Cowan. But the Interstate Commerce Commission has no au- 
 thority to enforce the Sherman antitrust act. 
 
 The Chairman. The law refers to any practice whatever. 
 
 Mr. Cowan. With respect to these side issues, as to what ought to 
 be done, it would be rather profitless for me to talk about them. Per- 
 haps I had better pursue my argument, especially as to proposed 
 amendments to the act. 
 
 There is another competition in that part of the country with 
 respect to the matter of rates — the competition with respect to 
 securing business. The southwestern tariff committee passes upon 
 every advance of rate made. No reduction on any sort of commodity 
 is made without being considered by that committee. They say it 
 exists for the purpose of cheaply publishing the schedules of rates. 
 As a matter of fact it exists for the purpose of being able to agree 
 upon rates. I believe that railroad companies ought to have the 
 right, by their traffic associations, as they had previous to the deci- 
 sion .of the joint traffic cases, to agree upon what should be a proper 
 rate ; but I do not believe that they ought to be permitted to do that 
 without having some governmental regulation that shall first pass 
 upon the contract by which they enter into such an agreement. I 
 believe that the governmental authority should pass upon the rates, 
 first giving an opportunity to the shipper to determine whether, the 
 rates agreed upon are reasonable, and providing that that deter- 
 mination may be reviewed at any time when there has been a change 
 of circumstances and conditions sufficient to warrant it. In other 
 words, I am perfectly willing that the railroads shall have the power 
 to prevent one railroad from destroying another, and that involves 
 the ultimate levying of the difference in rates upon the public. 
 
 Senator Newlands. What is the organization of this tariff com- 
 mittee you. speak of ? Is it composed of traffic managers ? 
 
 Mr. Cowan. It is composed of representatives of about 60 railroad 
 lines. They have an office in St. Louis, a secretary, and half a dozen 
 rate clerks, but they deny that they have any minutes of their pro- 
 ceedings. 
 
56 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Newlands. They fix the rates, do they ? j -j. j.u 4. 
 
 Mr. Cowan. They say absokitely they do not, but they admit that 
 they confer together, and it so happens that when one road publishes 
 its rates on one day the other roads publish the same rates on the 
 same day. So that is but a toying with. words. The cattle rates 
 in our country have been advanced by that committee. When an 
 advance was made to the first of 1900 the Cattle Raisers' Association 
 of Texas objected to it and asked a conference with the committee. 
 We had a conference with them, and met on June 17, 1 think, in their 
 office at St. Louis. We there laid before them the facts which 
 showed that they ought not to have advanced these rates, for they 
 were hauling traffic from various points in Colorado at 5 to 8 cents 
 per hundred pounds lower than from Texas under substantially simi- 
 lar circumstances and conditions. Because they had not advanced 
 these rates in Colorado, Wyoming, and throughout the entire North- 
 west, because their traffic committee was not so constructed as to 
 represent those lines operating in the Southwest, they decided against 
 us. We prepared a statement for them, and paid $500 for the 
 statement. 
 
 The Chairman. Were those the Gould lines ? 
 
 Mr. Cowan. The Santa Fe and Rock Island. 
 
 The Chairman. What was the percentage of advance in those 
 freight rates — ^how much over the old rates? 
 
 Mr. Cowan. I will tell you what it was. There was an advance of 
 24 cents per hundredweight made about the latter part of 1898 to take 
 effect the first of 1899, and the first of 1900 there was an advance of 3 
 cents per hundredweight over previous rates. 
 
 The Chairman. What were the previous rates ? 
 
 Mr. Cowan. There had been an established rate from Fort Worth 
 to Kansas City, and that applied to shipments from all that country to 
 every market. 
 
 The Chairman. The Fort Worth and Kansas City rate ? 
 
 Mr. Cowan. At that time that rate was 23^ cents, and they have 
 advanced it 2J cents and 3 cents, so that to-day it is 2G^ cents. The 
 Texas commission put into effect in Texas rates based upon the rates 
 established by the Interstate Commerce Commission when that Com- 
 mission was organized, and the rate to-day in that State 01. beef 
 cattle for a 500-mile haul is 26J cents. The freight rate from Fort 
 Worth to Kansas City is 36^. That represents to a considerable 
 extent the advance. 
 
 The Chairman. The distance is what ? 
 
 Mr. Cowan. Five hundred miles; the same distance. The rate 
 from Cheyenne, Wyo., to Omaha is 29 cents for substantially the same 
 distance. These advances could not have been made if there had been 
 any free competition. I want to impress upon you, in answer to your 
 question as to why the necessity for regulation exists, the effect of 
 the disappearance of competition. That is the necessity. It only 
 requires investigation for you to ascertain that that is a fact. Com- 
 petition has disappeared. The circuit court of the United States, 
 the circuit court or appeals, and the Supreme Court of the United 
 States have all said that competition will bring rates to what is 
 reasonable. They may not know as much about it as somebody else. 
 My own opinion is that it oftentimes brings it below what is reason- 
 able. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 57 
 
 Senator Dolliver. What effect did competition have under the act 
 of Congress which required the rates to be made public ? 
 
 Mr. Cowan. It did not have much effect, and had the railroads 
 obeyed the law it would have prevented competition, except such 
 competition as comes in this way: I have 100,000 tons to ship; I 
 let the railroad company know it ; they can put into effect and pub- 
 lish a reduced rate; then I make the shipment at that reduced rate, 
 and before the other roads become aware of the reduced rate so as 
 to take action about it my haul is completed ; then the old rates 
 are put back. They tell me that is done all over the United States. 
 I don't know whether that is true or not. I don't know much about 
 anything but cattle. The reason for an amendment to the act is 
 the fact that competition has disappeared. 
 
 The Chairman. Competition has disappeared by reason of agree- 
 ments ? 
 
 Mr. Cowan. Yes, sir; and I can refer to cases on file before the 
 Interstate Commerce Commission for proof of that. That being 
 so, somebody ought to be able to determine, where the shipper must 
 patronize a railroad, how much the railroad shall charge. 
 
 The Chairman. I am sorry to interrupt you, Mr. Cowan, but this 
 point is very important. Let me read to you the first section of 
 the Sherman Act: 
 
 Every contract, combination in the form of trust or otlierwise, or con- 
 spiracy, in restraint of trade or commerce among the several States, or with 
 foreign nations, is hereby declared to be illegal. Every person who. shall 
 make any such contract or engage in any such combination or conspiracy 
 shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall 
 be punished by a fine not exceeding $5,000, or by imprisonment not exceeding 
 one year, or by both said punishments, in the discretion of the court. 
 
 Mr. Cowan. In the circuit court? 
 
 The Chairman. In any district court. That is the law of the 
 land. 
 
 Mr. CowAN. Are you certain that a circuit court of the United 
 States can charge a grand jury and the grand jury find an 
 indictment ? 
 
 The Chairman. A district court of the United States can, and 
 a United States attorney can go ahead to-morrow and put these 
 people in jail. 
 
 Mr. CowAN. I thought the Attorney-General determined whether 
 or not prosecutions were to be had. 
 
 ' The Chairman. I do not think the Attorney-General determines 
 that. 
 
 Senator Carmack. As a matter of fact the district attorney acts 
 under the direction of the Attorney- General. 
 
 Senator Dolliver. He does in the ordinary criminal cases. 
 
 Mr. Cowan. I am informed that the Department of Justice de- 
 termines for itself whether there is to be prosecution. However, I 
 did not intend to go into any argument about that. 
 
 Senator Carmack. It is true, as a matter of fact. 
 
 The Chairman. You take the position that the law is not enforced 
 because the order to enforce it must emanate from the Attorney- 
 General ? 
 
 Mr. Cowan. I do not want to take that position; 
 
 The Chairman. Then please state what your position is. 
 
58 UOTIeS ANt) POWi^BS Oi* INTERSTATE COMMENCE COMMISSION. 
 
 Mr. Cowan. I am not here to take any position with respect to the 
 Sherman Act. I said I had been informed that only the Attorney- 
 General could direct prosecutions under the Sherman antitrust act. 
 I have not examined it to ascertain just how that is, and I should 
 not want to state something I know nothing about. 
 
 If it is the desire of Congress that the shippers of this country 
 shall have an absolute remedy and be able to determine what they 
 shall pay in the future for service performed, by a rate which is 
 necessarily a monopoly as regards the business of that shipper, it 
 is an easy matter to do it. It can be done in 200 words. 
 
 Senator DoLLrvisK. Has your association ever filed before the Inter- 
 state Commerce Commission a complaint that those rates were exor- 
 bitant and unreasonable? 
 
 Mr. Cowan. We certainly have. 
 
 Senator Dollivee. Did you ever get a finding from the Commis- 
 sion? 
 
 Mr. Cowan. We never brought a suit until last February, and we 
 proceeded to take testimony in April at Fort Worth. 
 
 Senator Dolliver. There has been no decision rendered ? 
 
 Mr. Cowan. No ; that would have been impossible. Again, in 
 June we had a hearing for about a week at St. Louis, in September 
 at Denver for a week, in November at Chicago for a week, and closed 
 the hearings at Fort Worth in December. I suppose if all the tes- 
 timony were written out there would be 20,000 pages of typewriting, 
 and if it ever came to the point where the complainant must take iui 
 appeal the cost of the printing alone, if he had it to pay, would In- 
 equivalent to a denial of justice. That is the reason why, if the Gov- 
 ernment does not initiate prosecutions in such cases, the consequence 
 of these delays will be that the railroads will do as ihey please. 
 
 Senator Dollivek. How long a time elapsed after the filing of your 
 complaint? 
 
 Mr. Cowan. We filed that complaint in February of last year. 
 
 Senator Dolliver. So the case has been pending a year ? 
 
 Mr. Cowan. Yes, sir ; and it could not have been tried more quickly. 
 We brought witnesses for a thousand miles. 
 
 Senator Dolliver. It seems to me that the question whether $100 
 was a reasonable rate from Texas to South Dakota could be tried in 
 less than year. 
 
 Mr. Cowan. Oh, yes, I suppose it could; but when it involves all 
 the rates in the State of Texas, in southwestern Kansas, in Colorado 
 and Arizona, from various points to Wyoming and to market, under 
 various conditions, you can see that the task is not a small one. The 
 railroads themselves occupied a whole week in taking testimony in 
 Chicago. I tell you. Senators, that those who have not investigated 
 the requirements to ascertain what is a reasonable rate have no idea 
 of the size of the task before you. You find out that you have to hear 
 so much testimony. How. would you start out to determine whether 
 a rate is reasonable ? What are the elements of reasonableness? To 
 arrive at an ultimate intelligent' judgment you must reason from de- 
 tails. The Supreme Court says that any calculation as to reasonable- 
 ness of rates must be based on the fair value of the property. How 
 are you to determine the value of a railroad? By what its stocks 
 and bonds sell for? If so, the very rate itself, which makes the earn- 
 
DtJTIES AND POWERS OF INTEESTATE OOMMEROE COMMISSION. 59 
 
 ings of the road, would increase the value, so that the higher the 
 rate the higher the value, and the higher the value the greater is the 
 basis of earnings. How are you to undertake to determine what sort 
 of a return a railroad is entitled to? Is it the rate of interest pro- 
 vided by the laws of the State ? Is that a fair return to be expected 
 by a reasonable man for his large investment in a railroad ? What is 
 the percentage? The Supreme Court says that a railroad is not en- 
 titled to earn merely for the purpose of paying dividends, operating 
 expenses, interest, and fixed charges, without regard to the rights of 
 the public. It says all things which a reasonable man would take 
 into consideration, having in view the interests of the carrier, the 
 interests of the public, and some other interests which I forget 
 now 
 
 Senator Newlands. The interests of the shipper ? 
 
 Mr. Cowan. The interests of the shipper ; yes — that all those things 
 shall be considered. The questions are absolutely as broad as the sub- 
 ject of logic. It is simply by a method of approximation from uncer- 
 tain and undefined premises that a decision can be arrived at, and 
 those are the factors on which you base it. Values of properties are 
 questions that are to be determined largely by what the railroads can 
 earn, which is determined by the rate to be charged ; and if they can 
 charge in proportion, by an unjust system of piling one thing upon 
 another, they can increase the rates as high as they please. 
 
 Senator Newlands. And increase the value as much as they please ? 
 
 Mr. Cowan. Increase the value as high as they please. It is the 
 most difficult subject that has ever confronted the American people, 
 this matter of railway rates, and in determining what ought to be 
 done it should be considered with great caution and good judgment. 
 That answers the question as to why you can not try these cases 
 quickly. The railroad companies are represented by Judge Baxter, 
 of Tennessee, said to be the most profound lawyer on interstate com- 
 merce law in the United States — some of you know him 
 
 Senator Carmack. I know him very well. 
 
 Mr. Cowan. He is a man of great ability and a very lovable man. 
 lie has represented them in their defense, and I have undertaken to 
 represent the complainants in my weak way. We have not tried to 
 put in useless testimony, and we have not wasted time. Of course we 
 had to conform our engagements to other cases before the Commission. 
 It has a thousand other cases to be looked after. You can readily see 
 that it is impossible for any commission to try all these cases speedily, 
 because each complainant claims the preference. 
 
 Senator Newlands. It is claimed that this task is so big that we 
 ought not to intrust it to any commission whateyer. What do you 
 say? 
 
 Mr. Cowan. Are you going to intrust it to the traffic man ? Every 
 time he wants more money he can reach into the pockets of the 
 shipper and take it. It has got to be intrusted to somebody. That 
 is an imperative demand. It is growing, and will keep growing, 
 and public opinion will absolutely overwhelm Congress to the end 
 that some reasonable regulation be made, some relief given to the 
 people to protect them from the railroads. The traffic men have 
 said at all our meetings " We are willing to be fair ; the difficulty is 
 that. we can not agree upon what is fair." They say "You can 
 
60 DUTIES AND POWERS OF INTEESTATE COMMEBOE COMMISSION. 
 
 adjust these matters by coining to us." We go to them and they say 
 " Your rate is already' too low." P^very traifc man of every western 
 road has testified that our live-stock rates are too low. It they are 
 too low they should be advanced, and they will advance them the 
 first time they get an opportunity. They have testified that the 
 reason they have not is the fact that not all the lines will agree to it. 
 
 But I can produce the testimony now as to the point at which the 
 law should be amended. I have' departed so far from the line of 
 argument I expected to pursue that I can give it to you. ^^ J^^ 
 desire to give a remedy to the people by amending section 15 of the 
 act 
 
 Senator Foster. What act? . 
 
 Mr. Cowan. The present interstate-commerce act. I would sim- 
 ply add to section 15, page 15, of the act of 1887, provisions, not m 
 these exact words, but in substance : 
 
 It shall be the duty of the Commission, by its order, to fix a proper rate or 
 charge, or any part thereof, whether joint or single, for receiving, transporting, 
 or delivering freight or passengers, or in connection therewith, as Interstate or 
 foreign transportation ; and if found to be unjust, unreasonable, or unduly 
 preferential or discriminatory, such finding shall become part of the Commiis- 
 sion's order and effective in thirty days. And any carrier failing to obey the 
 lawful order of the Commission, fixing any rate or charge, shall be subject to a 
 fine of $5,000 per day for each day's violation thereof, to be recovered at the suit 
 of the Commission iu any circuit court of the United States, where the carrier 
 has an agent, or where such violation may have occurred, such damages to be 
 recovered for the United States and paid into its Treasury. 
 
 I may not have given it just in the way it should appear, but I will 
 undertake to write that out and hand it to the stenographer. I do 
 not say you shall do that upon compl.aint before the Commission. I 
 do not base it upon the condition precedent of complaint. 
 
 The answer may at once be made, " Well, you propose to give the 
 Commission the power, of its own -motion, to fix rates." Certainly. 
 If you give the Commission power at all, great and important as it is, 
 provide the machinery for carrying out the purpose or the enactment, 
 but do not let that power rest upon the mere accident that some indi- 
 vidual may make a complaint. Why should a mere complaint bring 
 into operation the power of the Commission ? Take an example like 
 this, which has happened: All the roads advanced rates on grain 
 from Chicago to New York 2 or 3 cents per hundredweight about 
 three years ago. The Commission instituted an inquiry of its own 
 motion. Why not? The courts say that the presumption is that 
 when one road has been long in existence that is ground for supposing 
 the carrier to be reasonable. If the Commission has the power to 
 decide, why should it not have the power to say when it shall do so? 
 The law already provides that if a complaint is made the Commission 
 shall first determine Avhether or not the rate is reasonable, and for 
 that purpose it proceeds to make an investigation. That should be 
 the case, and always will be the case. It should not make an investi- 
 , gation merely because some individual desires it or because some com- 
 pany or some community desires it, but oidy when, in the judgment of 
 the Commission, it ought to be done. Why should it not exercise 
 that judgment in the first instance? It is absolute folly to say that 
 it should be based upon the compkint of some Tom, Dick, or Harry. 
 A man who has not suffered any injury can make a complaint. A 
 
DUTIES AND POWERS OF INTERSTATE OOMMEBOE COMMISSION. 61 
 
 board of trade man can make a complaint. Any municipality can 
 make a complaint. Shall the power of the Commission to act be 
 determined upon the fact that somebody has made a complaint? It 
 seems to me not. 
 
 Take, for example, the advance made by Texas roads on all classes 
 of goods and commodities. For ten years it was a certain rate from 
 Mississippi points to all points east, to what are known as common 
 points. That involves a vast amount of tonnage, but for which those 
 railroads leading to the Southwest would absolutely be streaks of 
 rust indeed. They advanced from 7 to 20 per cent. When, how, 
 and where? Take the St. Louis meeting in the joint traffic office, 
 where those men admitted it. I made the suggestion in New York 
 that those men needed more money. 
 
 Senator Newlands. How many railroads were represented at that 
 meeting ? 
 
 Mr. Cowan. There are some 60 railroads in the , organization, but 
 probably only about 12 or 15 had their representatives there. Mark 
 you, most of these little roads have got to take what the others say 
 they may have. 
 
 Senator Newlands. How many systems were represented there? 
 
 Mr. Cowan. All these southwestern systems — the Gould system, 
 the Missouri, Kansas and Texas, the Santa Fe, the Rock Island — all 
 the principal systems west of the Missouri and south of Nebraska. 
 The Commission said it was an advance which the people did not 
 know much about. A man representing the Dallas Commercial Club, 
 a man who has been engaged for years in traffic business, a man of 
 considerable ability, testified that it was quite immaterial what the 
 actual rate was to Dallas — whether $1.30 for first-class goods or $1.37, 
 or whether it was 50 cents per hundredweight, provided that if they 
 reduced the rates to Dallas they did so to all other towns, and that 
 if they did so the wholesale merchants care nothing about it; that 
 when the wholesale merchant sells to the retailer he adds the advance 
 rate of freight to the rate at which he sells ; that the retailer always 
 adds the increased amount of that charge to his selling price, so that 
 the consumer has ultimately to pay it, unless it happens that by fluc- 
 tuations of the markets it may be otherwise, miy should not the 
 Commission investigate that case? If the Commission is competent 
 to pass upon and fix the rate, I say it is fully competent to determine 
 when it shall act. It must do so when a comjDlaint is filed. 
 
 Senator Foster. Do I understand you that all these rates should be 
 submitted to the Commission before they go into effect ? 
 
 Mr. Cowan. Wherever there is a traffic agreement, I say give the 
 railroads the right to make the traffic agreement, but do not give them 
 the right to pool. 
 
 Senator Dollivee. There is very great prejudice in the public 
 mind against that. 
 
 Mr. ColvAN. Yes; but there is a greater prejudice against pool- 
 ing. Do not give them the right to pool, because that will destroy 
 competition. Do not give the right to pool. But you had as well 
 give them the legal right to supervise the acts of the carriers in 
 agreeing upon rates as to permit them to do it secretly without regu- 
 lation. 
 
62 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 The Chairman. The people call everything in the way of agree- 
 ment " pooling." 
 
 Senator Newlands. There is a distinction, but in the minds o± the 
 public they are about the same. 
 
 The Chairman. Yes; everything like an_ agreement which secures 
 an increase is looked upon as pooling. 
 
 Mr. Cowan. That comes from the want of accurate knowledge. 
 
 The Chairman. But that is the prejudice that exists. 
 
 Mr. CowAN. They are going to agree upon rates anyhow. They 
 are doing it to-day in violation of the Sherman Act, just as they did 
 before. It was reported in one case that there was an agreement and 
 in another that there was a combination, both of which are prohib- 
 ited, and I do not know that any good would arise from prosecution 
 for that, for the reason that the people still have to pay these higher 
 rates and will continue to do so unless the Government can provide 
 means for deternjining just what is right under the circumstances. 
 Shall we continue to pay from $17 to $20 per car on 100,000 carloads 
 of live stock from tlie Northwest to market more than we paid for 
 ten years previous to the act without remedy ? 
 
 We are undertaking to prescribe a remedy before the Commission, 
 and we hope, if the Commission decides in our favor, to test the 
 question whether or not the Commission may determine that a given 
 advance is unreasonable in and of itself, and that the courts can 
 enforce such an order. The roads deny that power. We do not 
 know what the result will be, but if it is decided in our favor we hope 
 to get an adjustment whether you pass the law or not. If you care- 
 fully examine this question and ascertain what may be done, you will 
 readily see that all you need is simply to give the power to the exist- 
 ing machinery. 
 
 The Chairman. Mr. Cowan, do you think you can conclude your 
 argument in about ten minutes? -■ 
 
 Mr. Cowan. I ask the committee to remain five minutes. 
 
 Senator Newlands. When could you be here again ? 
 
 Mr. Cowan. If the committee want to hear me to-morrow, oi 
 some other time, I shall probably stay over. 
 
 Senator Dolliver. I wish you would, Judge. 
 
 Mr. Cowan. If you want to hear me further, I will stay over. 
 
 Senator Carmack. I would like to hear you go into this mattei 
 as fully as you can. 
 
 Mr. CowAN. I have been through the entire detail of it for several 
 years. I do not say that boastingly, but it is simply a statement 
 of fact. There are very few lawyers who have investigated the 
 subject. 
 
 Senator Clapp. I suggest that you reduce to exact language the 
 amendment you have proposed. 
 
 Mr. Cowan. I will do so. There may be some other little things 
 I shall want to speak of. 
 
 The Chairman. You are a good lawyer, and the committee desire 
 that you suggest that amendment «nd anything else you want to 
 say, and let it go in the report of the hearing. 
 
 Senator Newlands. Is it the understanding that Judge Cowan 
 will be here to-morrow ? 
 
DUTIES AND POWEBS OF INTERSTATE COMMEBOE COMMISSION. 63 
 
 The Chairman. At the next meeting, and it is for the committee 
 to say when that will be. 
 
 Senator Dolliver. I think we ought to go ahead and get to some 
 end of the hearing. Let us proceed to-morrow. 
 
 Mr. Cowan. I will stay here and prepare myself, if the committee 
 desire. 
 
 The Chairman. Then, it is understood that we will go on with 
 your hearing to-morrow morning at 10.30. 
 
 The committee adjourned. 
 
 Senate Interstate Commeece Committee, 
 
 Saturday, Jcmuary 28. 1905. 
 
 STATEMENT OF S. H. COWAN— Continued. 
 
 The Chairman. You may proceed with your statement, Judge 
 Cowan. 
 
 Mr. Cowan. Mr. Chairman and Senators, there are so many matters 
 I could talk about to-day and which would be of interest that it is 
 utterly impossible for me to undertake (o cover the whole subject 
 under investigation. That would require not only months, but I should 
 say years, time, to become thoroughly familiar with the entire situa- 
 tion. Many people suppose they are familiar with it who are not. 
 
 Senator Kean. That is certainly the truth. 
 
 Mr. Cowan. Well, I undertake to speak the truth when I think it is 
 of advantage. [Laughter.] 
 
 Gov. Bob Taylor tells the story of a little boy in Sunday-school, who, 
 when called upon to say what the Bible says in regard to a lie, said: 
 "It is a great abomination in the sight of the Lord, but a powerful 
 help in time of need." [Laughter.] 
 
 We presented a petition to the Interstate Commerce Commission, in 
 February last, in which I set out the complaint of the largest cattle- 
 producing section in the world. That complaint was printed because 
 we had to furnish copies to sixty different railroads. I drew the com- 
 plaint myself. Being largely matters of opinion, I should be willing 
 to swear that the opinion is correctly held by those of us who are on 
 the side opposite to the carriers in our part of the country. We are 
 on the opposite side, I will say, with respect to legal matters, not per- 
 sonally. The complaint sets out a number of matters which, if the 
 committee will permit me to file as an exhibit with what I have to say, 
 it will gain considerable information that we believe to be substantially 
 true. If you will permit me. to file it, it will save me going into some 
 matters. 
 
 Senator Dolliver. I think, Mr. Chairman, it ought to be filed and 
 printed. 
 
 The Chairman. Let it be filed as part of Mr. Cowan's statement. 
 You can have it put at the end of your statement as an appendix or 
 it can be put in right here. 
 
64 BUTIES AND POWERS OF INTEE8TATE COMMERCE COMJIISSION. 
 
 Mr. Cowan. I am satisfied to have it go in as an exhibit to my state- 
 ment. The facts therein stated, so nearly as I know, are true. We 
 set forth the advances which have been made in the rates since 1S98 
 from various central cattle-shipping points to various markets--bt. 
 Louis, Kansas City, and Chicago— showing what the rate was m ISys 
 and what it was in 1904, when this petition was filed. 
 
 The complaint referred to is as follows: 
 
 Before the Interstate Commerce Commission. The Cattle Raisers' 
 Association of Texas, complainant, v. the Missouri, Kansas and Texas 
 Railway Company, and others. 
 
 To the Interstate Commerce Commission : 
 
 1. The Cattle Raisers' Association of Texas, complainant, presents 
 this, its petition, in behalf of itself, its members, and others having like 
 interests, including the shippers of live stock generally, and complains 
 of the following-named defendants, to wit : 
 
 The Atchison, Topeka and Santa Fe Railway Company. 
 
 Chicago, Rock Island and Pacific Railway Company. 
 
 Choctaw, Oklahoma and Gulf Railroad Company. 
 
 Houston and Shreveport Railroad Company. 
 
 Kansas City Southern Railway Company. 
 
 Missouri, Kansas and Texas Railway Company. 
 
 The Missouri Pacific Railway Company. 
 
 St. Louis, Iron Mountain and Soutnern Railway Company. 
 
 St. Louis Southwestern Railway Company. 
 
 St. Louis and San Francisco Railroad Company. 
 
 Union Pacific Railroad Company. 
 
 Cane Belt Railroad Company. 
 
 Chicago, Rock Island and Gulf Railway Company. 
 
 Chicago, Rock Island and Mexico Railway Company. 
 
 Chicago, Rock Island and Texas Railway Company. 
 
 Choctaw, Oklahoma and Texas Railroad Company. 
 
 Eastern Texas Railroad Company. 
 
 El Paso and Northeastern Railway Company. 
 
 Fort Worth and Denver City Railway Company. 
 
 Fort Worth and Rio Grande Railway Company. 
 
 Galveston, Harrisburg and San Antonio Railway Company. 
 
 Galveston, Houston and Henderson Railroad Company. 
 
 Galveston, Houston and Northern Railway Company. 
 
 Gulf, Beaumont and Great Northern Railway Company. 
 
 Gulf, Beaumont and Kansas City Railway Company. 
 
 Gulf, Colorado and Santa Fe Railway Company. 
 
 The Gulf and Interstate Railway of Texas. 
 
 Gulf, Western Texas and Pacific Railway Company. 
 
 Houston, East and West Texas Railway Company. 
 
 Houston and Texas Central Railroad Company. 
 
 International and Great Northern Railroad Company. 
 
 Missouri, Kansas and Texas Railway Company of Texas. 
 
 New York, Texas and Mexican Railway Company. 
 
 Paris and Great Northern Railroad Company. » 
 
 Pecos Valley and Northeastern Railway Company. 
 
DUTIES AND POWERS OF INTEKSTATB COMMERCE COMMISSION. 65 
 
 Pecos and Northern Texas Eailway Company. 
 
 Pecos River Railroad Company. 
 
 Red River, Texas and Soutliern Railway Company. 
 
 San Antonio and Aransas Pass Railway Company. 
 
 San Antonio and Gulf Railroad Company. 
 
 St. Louis, San Francisco and Texas Railway Company. 
 
 St. Louis Southwestern Railway Company, of Texas. 
 
 Texas and New Orleans Railroad Company. 
 
 Texas and Pacific Railway Company. 
 
 Texas Central Railroad Company. 
 
 Texas Mexican Railway Company. 
 
 Texas Midland Railroad Company. 
 
 The Colorado and Southern Railway Company. 
 
 The Southern Kansas Railway, of Texas. 
 
 Weatherford Mineral Wells and Northwestern Railwaj'^ Company. 
 
 Wichita Valley Railway Company. 
 
 Chicago, Burlington and Quincy Railroad Company. 
 
 Chicago and Northwestern Railway Company. 
 
 Chicago and Alton Railway Company. 
 
 Chicago Great Western Railway Company. 
 
 Chicago and Eastern Illinois Railroad Company. 
 
 Chicago, Milwaukee and St. Paul Railway Company. 
 
 Illinois Central Railroad Company. 
 
 Wabash Railroad Company. 
 
 And so complaining, represents: 
 
 2. That the Cattle Raisers' Association of Texas is a voluntary asso- 
 ciation and organization of persons, firms, and corporations, consisting 
 of about 1,500 members, engaged in the business of raising, buying, 
 and selling cattle, and as incident to and as part of that business, ship- 
 ping and transporting them by railroad over the lines of railways of 
 the respective defendants as interstate traffic; that the members of 
 complainant association are engaged in such business principally in the 
 State of Texas, Territory of New Mexico, Territor}"^ of Oklahoma, 
 Territor}^ of Arizona, Indian Territory, and States of Colorado and 
 Kansas, and to some extent in the States of Nebraska, Wyoming, Mon- 
 tana, and South Dakota, and Republic of Mexico. 
 
 That the members of complainant association own and control 
 approximately 4,000,000 of cattle in said States and Territories, and 
 move and ship as interstate traffic on the lines of railways of the 
 defendants many hundreds of thousands of cattle every year; that 
 such business has been so conducted for many years by the members 
 of complainant association, and by others engaged in the live-stock 
 business, and forms a most important element of the material wealth 
 and industry of the States and Territories mentioned. That the man- 
 ner in which such business is conducted is, that cattle are raised upon 
 the farms and ranches of said States and Territories, and as an element 
 and article of commerce are -bought and sold, fattened and prepared 
 for market, and ultimately shipped to the great markets of the country 
 for sale, slaughter, and consumption, as well as for export, and in the 
 course of which business many of such cattle are shipped by railway 
 from the farms and ranches where the same are raised to pastures in 
 other States or Territories, generally from the more southern to the 
 
 KY— 05 5 
 
66 DUTIES AND POWEES OF INTERSTATE COMMEKCE COMMISSION. 
 
 northern climate to be fattened upon the ranges and pastures or in 
 the feed lots and then shipped on to market for sale and slaughter. 
 
 That in the course of such business such cattle are being constantly 
 shipped as interstate traffic over defendants' railroads to the markets, 
 the principal of which are Kansas City, Mo. and Kansas, St. Joseph, 
 Mo., South Omaha, Nebr., St. Louis, Mo., Chicago, 111., Fort Worth, 
 Tex., New Orleans, La., Denver and Pueblo, Colo., as well as to other 
 markets, and that many shipments are made in the course of such busi- 
 ness from Texas, Oklahoma, New Mexico, and Arizona points to the 
 States and Territories north and northwest for grazing purposes. That 
 other persons than complainant members are engaged in the live stock 
 business in raising, buying, and selling, and shipping cattle, horses, 
 sheep, and hogs in said States and Territories, handling their business 
 in a similar manner, and ultimately marketing their products at said 
 markets and shipping the same over the defendants' railroads as 
 interstate traffic. 
 
 3. That the defendants are each and all engaged in the transportation 
 of cattle and other live stock by railroad, as common carriers under a 
 common control, management, or arrangement for a continuous car- 
 riage or shipment between points in each of the said States and Terri- 
 tories and points in each of the others of such States and Territories, 
 and between points in each of such States and Territories and the said 
 markets named as well as to other markets and destinations not named, 
 and as to all such traffic and otherwise are each and all subject to the 
 act to regulate commerce. That such defendants have been so engaged 
 for many years past, except some of the defendants who own or oper- 
 ate new lines of railway, as to which they have been so engaged since 
 the construction of their respective lines of road. 
 
 4. Complainant charges that the rates, fares, and charges for the 
 service rendered and to be rendered by the defendants in the transpor- 
 tation over their lines of railroads of cattle and other live stock from 
 all points in each of the said States and Territories to the said markets 
 mentioned, as well as to other markets and elsewhere; that is to say, 
 all of the interstate rates applicable to all interstate shipments of cat- 
 tle and other live stock from all points in said States and Territories 
 are unjust, unreasonable, and unlawful, and in violation of section 1 of 
 the act to regulate commerce. 
 
 And that such rates applicable to such shipments as aforesaid, which 
 were put in force by defendants during the year 1899 and ever since 
 the same became effective, up to and including this date, were, have 
 been, and are, likewise, unjust and unreasonable and, likewise, in vio- 
 lation of section 1 of the act to regulate commerce. For example, the 
 rates on beef cattle and calves in carload lots, in cents per hundred 
 pounds, between the stations hereafter named, in effect in the years 
 1898 and 1903, are and were as follows: 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 67 
 
 From Tort Worth, Tex., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Colorado, Tex., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From San Antonio, Tex., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Alpine, Tez., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From AmarUlo, Tex., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Woodward, Okla., to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Oklahoma city, to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Muscogee, Ind. T., to — 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From South MoAllster, Ind. T.,to— 
 
 Chicago 
 
 St. Louis 
 
 Kansas City 
 
 From Chlckasha, Ind. T., to — 
 
 Chicago 
 
 St. Louis 
 
 Kansas City , 
 
 1903. 
 
 1898. 
 
 52} 
 42J 
 36J 
 
 444 
 34 
 28 
 
 58J 
 
 48 
 
 42 
 
 494 
 
 39 
 
 33 
 
 62? 
 514 
 51i 
 
 55} 
 454 
 454 
 
 73} 
 63i 
 57J 
 
 654 
 
 65 
 
 49 
 
 52} 
 34i 
 
 444 
 
 34 
 
 28 
 
 47 
 
 38} 
 
 294 
 
 40 
 
 31} 
 
 224 
 
 421 
 34 
 214 
 
 47} 
 39 
 31 
 
 39} 
 
 31 
 
 23 
 
 35 
 26 
 
 17 
 
 47} 
 39 
 31 
 
 414 
 
 31 
 
 23 
 
 48} 
 40 
 324 
 
 • 42} 
 
 264 
 
 Increase. 
 
 84 
 84 
 
 7 
 6 
 6 
 
 84 
 84 
 84 
 
 84 
 84 
 64 
 
 7 
 
 74 
 
 7 
 
 44 
 
 6 
 
 94 
 
 44 
 4} 
 5} 
 
 64 
 8 
 
 Complainant would show to the Commission, from the above illus- 
 trations, the advances which have been made within the past five years 
 in the freight rates on cattle, and it avers that the examples given 
 indicate substantially the advances which have been made from Texas, 
 Indian Territory, and Oklahoma points; and further, that similar 
 advances have been made from points in New Mexico and Arizona to 
 the advances made in rates from Texas points, and that similar 
 advances have been made from points in Kansas and Colorado to the 
 advances made from points in Indian Territory and Oklahoma, but 
 complainant is not able to state the precise amount thereon, and 
 therefore refers to the tariffs on file with the Commission to show the 
 amount and dates of such advances. 
 
 Complainant avers that on or about February 1, 1899, the defend- 
 ants conspiring and confederating together by unlawful combination 
 and joint arrangement between each other, in restraint of trade and 
 with the purpose and intent of stifling competition between themselves, 
 and between each of them and other railway companies engaged in 
 interstate transportation of cattle and other live stock, unlawfully 
 advanced the said rates of freight for the transportation of cattle and 
 other live stock from all the points in the States and Territories men- 
 tioned to all points in each of the other States and Territories men- 
 tioned, and from all of the points in each of the States and Territories 
 mentioned to the several markets mentioned and as well to other 
 markets not specifically mentioned, and at said date or about said date, 
 as complainant is informed and believes and hence charges, said 
 
68 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 defendants thereby advanced said rates of freight about 2i cents per 
 100 pounds the exact amount of which advances from the different 
 points of origin of cattle and other live stock shipments from said 
 States and Territories to the said several markets, complainant is not 
 able to state, but refers to said tariffs on file. 
 
 And, also, on or about December 16, 1899, said defendants in like 
 manner, with like intent and purpose, again advanced said rates as 
 applicable from Texas, Indian Territory, Oklahoma, and New Mexico 
 points the amount of 3 cents per 100 pounds; and also advanced the 
 said rates from points in said other States, but the amounts thereof 
 complainant can not definitely state, but makes reference to said tariffs 
 on file to show the same. Complainant further states that, as appli- 
 cable from some of the points in the States and Territories mentioned 
 to points in others of such States and Territories mentioned, there 
 were other advances of the said rates during the year 1899, to show 
 which reference is made, to said tariffs on file. 
 
 Complainant charges that said advances in said rates of freight were 
 and are unlawful, unjust, and unreasonable, and in violation of section 
 1 of the act to regulate commerce; and further, that the rates of freight 
 from the points and territory aforesaid to the points and territory 
 aforesaid thereby became unjust and unreasonable and unlawful and 
 in violation of the provisions of section 1 of said act. 
 
 Complainant further avers and charges that the said rates of freight 
 as advanced as aforesaid have since, by the unlawful combination of 
 defendants, been maintained, and that defendants have from time to 
 time since such advances were made again advanced said rate's of 
 freight, for the dates and amounts of which complainant refers to the 
 tariffs on file. 
 
 That particularly about March, 1903, the defendants, in pursuance 
 of their aforesaid conspiracy, confederacy, and combination in restraint 
 of trade, unlawfully advanced the said existing rates of freight on cattle 
 and other live stock between points in each of said States and Terri- 
 tories and points in each of such other States and Territories, and 
 between the points in such States and Territories an,d the said markets 
 mentioned, as well as other markets, to the amount of about 3 cents per 
 100 pounds, thereby making said rates higher than they had been for 
 fifteen years. That such advances were unlawfully made and were and 
 are unjust and unreasonable and in violation of section 1 of the act to 
 regulate commerce, and the rates of freight as so advanced were and 
 are likewise unlawful, unjust, and unreasonable, and in violation of the 
 act to regulate commerce. 
 
 That through and by means of said unlawful combination and con- 
 spiracy said defendants have since said dates of increasing said rates as 
 aforesaid unlawfully maintained the game as thus increased, and 
 demanded, received, and collected the same upon all shipments of cattle 
 and other live stock between each of said States and Territories and 
 all points in each of such other States and Territories, and between all 
 points in such States and Territories and each of said markets, as well 
 as to all other markets to which shipments were and are made. 
 
 That during the period while such unreasonable rates have been in 
 force complainant's members have shipped many hundreds of thou- 
 sands of cattle and paid therefor such unlawful charges; that such 
 shipments have been so made from each of said States and Territories 
 to said markets mentioned, as well as to other markets, and from points 
 
DUTIES AND POWEES OF ITSTTEESTATE COMMERCE COMMISSION. 69 
 
 in each of said States and Territories to points in each of the other 
 States and Territories than the one from which the shipments were 
 made, but the dates and amounts of such shipments and points between 
 which they were made complainant can not now show, but offers that 
 its members will make sach showing of the said facts as the Commis- 
 sion may require upon granting the relief hereinafter praj-^ed for. 
 
 5. Complainant would further show to the Commission that the rates 
 of freight upon cattle and other live stock applicable to such interstate 
 shipments as is hereinbefore mentioned, were before the increases and 
 advances complained of sufficiently high to afford to the defendants 
 reasonable compensation for the service of performing such trans- 
 portation, and the amount thereof was, during the year 1898 and up to 
 the advances made in the year 1899, substantially the average of such 
 rates in force for the ten years next preceding said advances com- 
 plained of, and are now higher from substantially all points in said 
 States and Territories than they have been for fifteen years. 
 
 The local rates within such States, where regulated by law, upon 
 cattle and other live-stock shipments have had no material advance 
 during the period of the advances in the interstate rates complained 
 of, and, as a comparison of such interstate rates and local rates will 
 show, are from 20 to 30 per cent lower than the interstate rates com- 
 plained of for similar distances. 
 
 For example: Texas local rates on beef cattle .and calves, distance 
 500 to 650 miles, 26i; distance 650 to 700 miles, 30. From Fort 
 Worth and. north Texas points to Kansas City, distance 500 to 550 
 miles, 36i; north Texas points to St. Louis, distance 600 to YOO 
 miles, 4t2i. 
 
 And by the local distance tariff of the States of Illinois and Iowa, 
 rates on cattle and other live stock areproportionately still lower than 
 those of Texas, while local rates in Kansas, Missouri, and Nebraska 
 are not substantially higher than local rates for similar distances in 
 Texas. 
 
 This complainant would show that it is because of the fact that the 
 defendants are unrestrained as to such interstate rates, and by reason 
 of the combination of the defendants whereby competition is elimi- 
 nated, that such interstate rates are abnormally high, whereas, by the 
 action of State commissions and legislative action, the local rates 
 within such States have been kept down to a reasonable basis. 
 
 6. Complainant would further show to the Commission that previ- 
 ous to January 1, 1904, the shippers of live stock were accorded the 
 privilege, as specified in said tariffs, of going along with their live 
 stock on the same train in which the same was shipped to attend to 
 such live stock and look after its welfare en route, and where such ship- 
 ments were composed of two carloads or more to have return passage 
 on passenger train, free of charge, which was a valuable privilege, per- 
 mitting the owner or his representative attending the marketing and 
 selling of such live stock and cai'ing for them according to his judg- 
 ment from time of shipment until they were sold, and to otherwise 
 see that his interests were protected. But, as complainant avers, on 
 or about January 1, 1904, the defendants, by their joint and several 
 action, and by concerted agreement and combination with each other, 
 canceled said tariffs according the privileges to the owner, his agent 
 or employee, of going with such shipments and having return passage 
 free,' and now no such privilege is had in such shipments, and if the 
 
70 DUTIES AND POWlllS OF IWTEtlSTATE COMMERCE COMMISSION. 
 
 owner or shipper would have the privilege of going with such shipments 
 of live stock he must incur the expense of paying his regular fare for 
 return passage. 
 
 This results in most cases of depriving the owner of the privilege of 
 going along with his live stock or sending his agent or employee to see 
 to it that such live stock are properly cared for, to the end of getting 
 the same upon the market in the best condition. Thus not only have 
 said rates of freight been increased, but the service heretofore per- 
 formed to the owner or the shipper in consideration of such rates has 
 been materially curtailed, and the said rates rendered still more unjust 
 and unreasonable. 
 
 Complainant would further show to the Commission that some of 
 the defendant carriers effect to believe, and they make the claim, that 
 the advances in freight rates were justified by the increased value of 
 live stock over what it was when the lower rates prevailed. As to 
 which complainant says that the value of cattle has decreased enor- 
 mously within the last two years, as is well known to the defendants, 
 and are of less value on the markets to-day than at any time in many 
 years, and the burdens of excessive rates of freight to-day bear more 
 heavily upon the producers of cattle than at any time in the past, so 
 that upon shipments from southwestern Texas, western Texas, New 
 Mexico, and Arizona, the rates of freight to the markets, upon ordi- 
 nary range cattle, which are the kind produced and shipped, take from 
 30 to 50 per cent of tkeir value. 
 
 Complainant would further show that the defendants claim that, 
 because of an increase in operating expenses due to an alleged increase 
 in the cost of material and supplies and to an increase in the wages 
 paid to employees and laborers, the defendants were entitled to 
 advance their rates and to so maintain such advanced rates. As to 
 this complainant would show that any increased cost of materials and 
 supplies, as well as the price of labor, is and has been more than off- 
 set by the increased tonnage carried by said railroads and by the 
 various economies which have been constantly introduced in railroad 
 operation and adopted, or which might have been adopted, by defend- 
 ants. That, by reason of the increase in tonnage, these economies, 
 and of the improvements in roadway and equipment freight is moved 
 cheaper to-day than at any time during the history of railroading, 
 yet the rates complained of are higher, which shows an additional 
 ground for holding the same unjust and unreasonable. 
 
 7. Complainant would show to the Commission that the defendants, 
 or some of them, seek to justify said advances in said rates and the 
 existing rates upon the claim and pretense that the service which said 
 carriers perform in transportation of live stock has been improved, 
 and that it is better and quicker service than it was when the rates 
 were lower. As to this, complainant says that the service has not 
 improved; that cattle trains, as a rule, are not run at any greater speed, 
 and, in fact, as complainant believes, the service is poorer than it was 
 ten years ago, both in the manner of handling cattle and other live- 
 stock shipments and in the time consumed in their transportation, and 
 is therefore less valuable than it was ten years ago. 
 
 Defendants also seek to justify such advances in the rates of freight 
 and the existence of the present rates complained of upon the claim 
 that so large an amount of damages is paia on cattle and other live- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 71 
 
 unprofitable. As to which, the complainant says that if there is any 
 increase in the amount of damages incurred to live-stock shipmenti3, 
 it is by reason of the negligent acts of the defendants themselves, in 
 delaying the shipments by failing to furnish cars or delays in trans- 
 portation. Complainant says that to permit defendants to maintain 
 unreasonably high rates of freight in order to enable it to pay damages 
 occasioned by their negligence woitld be to permit them to tax all 
 shippers of live stock to enable defendant to compensate a shipper 
 who is damaged by the carrier's wrongful act, and thus enable the 
 carrier to reap a benefit from its own wrong. 
 
 8. Complainant would further show to the Commission that in addi- 
 tion to the aforesaid unjust and unreasonable charges that all of said 
 defendants impose and charge, and the defendants whose lines reach 
 the market at Chicago charge, demand, and collect, in addition to the 
 regular transportation charges to Chicago from said States and Terri- 
 tories, a $2 terminal charge upon each car of live stock going to the 
 Chicago market, and have so imposed, charged, and collected the same 
 since June 1, 1894, Complainant avers and charges that the same was 
 and is an unreasonable exaction added to and collected in addition to 
 said unreasonable transportation charges, and that the service for 
 which it purports to have been imposed, viz, for delivery to the Union 
 Stock Yards at Chicago, was and is comprehended in the through rate. 
 
 Complainant says that the said through rate to Chicago at all times 
 comprehended the service of transportation of live stock to said Union 
 Stock Yiards upon the Chicago rate from all points in said States and 
 Territories, and that the same was at all times sufficiently high to 
 afl'ord a reasonable compensation for such transportation from points 
 in such States and Territories to the Union Stock Yards at Chicago, 
 including the delivery there of such live stock. That such terminal 
 charge is therefore unjust and unreasonable, and in violation of sec- 
 tion 1 of the act to regulate^commerce. Complainants further show 
 that no such charge is made at any of the other markets, and that under 
 the circumstances the imposition of such charges at Chicago consti- 
 tutes an undue and unreasonable prejudice and disadvantage to ship- 
 pers who ship, or desire to ship, to said market, and is therefore in 
 violation of section 3 of the act to regulate commerce. 
 
 9. Complainant would further show to the Commission that the 
 defendants customarily feed cattle in transportation to market and 
 elsewhere, and in doing so the charges made therefor follow the cattle 
 to destination and are there customarily collected along with the 
 freight charges, and that such feed charges are exorbitant, unjust, and 
 unreasonable in this, that the charges made for feed furnished or fed 
 to cattle and other live stock, consisting of hay, grain, cotton-seed 
 meal, or other classes of food, are not based upon the reasonable value 
 thereof, but are made against the shippers at a price 50 per cent 
 more than its value. The complainant avers that such unreasonable 
 charges in connection with the transportation of cattle and other live 
 stock are in violation of section 1 of the act to regulate commerce. 
 
 PRATER. 
 
 Premises considered, complainant prays that the defendants be 
 required to answer this petition, and that the matter be set down for 
 hearing by this honorable Commission as soon as practicable, and that 
 
7^ DUTIES AWI) POWERS OF IKTERSTATK COMMERCE COMMISSION. 
 
 upon hearing of the evidence that the Commission find said rates of 
 freight and advances and charges unjust and unreasonable and make 
 its proper order commanding the defendants to cease and desist from 
 charging and collecting such unlawful rates and charges; and, also, 
 that the Commission make an order of reparation against said defend- 
 ants in favor of the complainant and its members for the injuries and 
 damages which may be snown to have been suffered by them because 
 of such unjust and unreasonable rates and charges; and, also, com- 
 plainant prays for such other findings and orders as it shall show itself 
 or its members entitled to, or to which it may be made to appear to the 
 Commission others are entitled, by reason of such unjust andT unreason- 
 able rates and charges. 
 
 The Cattle Raisers' Association of Texas, 
 By John T. Lttle, 
 
 Secretary amd Genei'ol Manager. 
 Cowan & Bukney, 
 Attorneys for Com/plainant, Fort Worth, Tex. 
 
 Mr. Cowan. I would ask the committee, in view of the fact which 
 has been stated by a number of railroad gentlemen that unreasonable 
 rates of themselves had disappeared, and in view of the fact that I 
 dispute this proposition, I would ask this committee to pass a resolu- 
 tion requesting the Interstate Commerce Commission to subnait the 
 actual advances in rates by tariff's, not per ton per mile, because there 
 is absolutely nothing in that. Let the actual advances be produced, 
 because that is the test. The test is what the people have to pay, not 
 what is the average per ton per mile. What tne railroads' accumula- 
 tion of traffic may amount to, when figured out, is onlj'^ a matter of 
 curiosity, because no traffic man pays rates based on that, and no 
 shipper gets a rate on it. When you accumulate the whole traffic, 
 divide it into the revenue, and thus obtain the rate per ton mile, you 
 have nothing but a mere curiosity in figures. Their total rate per ton 
 mile showed a decrease. I have seen railroad men undertake to mis- 
 lead the Commission and these committees with such statements until, 
 candidly, as a lawyer, I am heartily tired of it. 
 
 The Chairman. Has there been an advance in the expenses of oper- 
 ating the roads and in the prices of beef cattle? 
 
 Mr. Cowan. To the man who sells beef cattle there has been a very 
 serious decline; to the man who sells the meat products there has been 
 an advance. 
 
 The Chairman. A railroad man would ask that question. 
 
 Mr. Cowan. I can answer your question as to the inci"eased cost of 
 operation, referring to the increased cost of supplies, material, and 
 labor, by filing with you a brief that is the result of months of work, 
 the statements in which are taken from the annual reports of the rail- 
 roads mentioned, and from the actual testimony of witnesses with 
 respect to the prices of specifically named articles. 
 
DUTIES A2SD P0WEK8 OP INTBESTATE COMMEEOE COMMISSION. 73 
 
 The brief referred to follows: 
 
 Before the Interstate Commerce Commission — In the matter of class 
 and commodity rates from St. Louis to Texas common points in 
 force over the lines of railway of the following-named respondents: 
 No. 677, Missouri, Kansas and Texas Railway Company; No. 678, 
 St. Louis Southwestern Railway Company; No. 679, St. Louis and 
 San Francisco Railrodd Company; No. 680, Missouri Pacific Railway 
 Company; Texas and Pacific Ra,ilway Company; St. Louis, Iron 
 Mountain and Southern Railway Company; International and Great 
 Northern Railroad Cotopany; Aichison, Topeka and Santa Fe Rail- 
 way Company; Gulf, Colorado and Santa Fe Railway Company; 
 Chicago, Rock Island andi Pacific Railway Company; and Chicago, 
 Rock Island and Texas Railway Company. 
 
 Brief and argument hy counsel for the Commission. 
 
 [S. H. Cowan, Port Worth, Tex., P. J. Farrell, Washington, D. C, attorneys representing the Com- 
 mission.] 
 
 In briefing this case we desire to confine the discussion principally to 
 the disputed questions of fact. There are really no questions of law 
 involved. Most of the facts are admitted. We do not intend to under- 
 take to lay down or establish any principles with respect to the matter 
 as to what in the first instance would constitute a reasonable basis for 
 a schedule of freight rates or the relation between them, the one to the 
 other. When the advances were made in the rates which are com- 
 plained of there was existing a certain status or condition of affairs 
 with respect to these rates, and for the purposes of this case we will 
 assume as a premise that the relation of the rates and the amount 
 thereof were proper — certainly that the rates were high enough to 
 afford a reasonable compensation for the service performed. The fact 
 that they had existed for so many years, as shown in the subsequent 
 table, ought to be suflicient proof in the absence of some competent 
 evidence to prove the contrary. 
 
 A discussion of all the testimony in the case would extend this brief 
 beyond the point of usefulness. Much of the testimony enters into 
 the minute details of operating expenses, and we deem it unprofitable 
 to take up time in discussing it. Furthermore, not knowing in advance 
 the grounds which will be taken by the respondents in justification of 
 these advances — that is, the grounds of argument which they may 
 adopt — if we should undei'take the discussion of other points than are 
 presented directly by the answers which they have filed it might miss 
 the points of dispute. 
 
 STATEMENT OF THE CASE AND ISSUES. 
 
 On the 15th day of March, 1903, material advances were made in the 
 class rates and many of the commodity rates from St. Louis to Texas 
 common points. The common-point territory in the State of Texas 
 includes almost the entire State commercially, though in point of geo- 
 graphic area it leaves out what may be called western and southwest- 
 ern Texas. The effect of increasing these rates from St. Louis was to 
 increase the rates from all territory east of the Mississippi River, 
 whether moving through the St. Louis gateway or the upper Missis- 
 
74 DUTIES AND POWERS OF INTERSTATE OOMMEBCB COMMISSION. 
 
 sippi River crossings of the Chicago lines, or from Memphis, New 
 Orleans, and other lower Mississippi Eiver crossings. The Commis- 
 sion thereupon instituted this proceeding of its own motion, for the 
 purpose of inquiring whether the advances in the rates were unreason- 
 able or otherwise in violation of the act to regularte commerce. 
 These advances in the class rates are shown in the following table: 
 
 [Rates in cents per 100 pounds.] 
 
 
 Classes. 
 
 
 1. 
 
 2. 
 
 3. 
 
 4. 
 
 6. 
 
 A. 
 
 B. 
 
 C. 
 
 D. 
 
 E. 
 
 April 1, 1887 
 
 120 
 120 
 133 
 133 
 130 
 137 
 
 104 
 104 
 117 
 117 
 113 
 121 
 
 88 
 88 
 101 
 102 
 97 
 104 
 
 77 
 77 
 90 
 92 
 90 
 96 
 
 70 
 72 
 70 
 
 75 
 
 67 
 67 
 75 
 76. 
 74 
 79 
 
 60 
 60 
 67 
 67 
 66 
 70 
 
 55 
 55 
 60 
 57 
 54 
 58 
 
 45 
 45 
 48 
 46 
 43 
 46 
 
 40 
 
 October 15, 1888 
 
 40 
 
 January 20, 1389 
 
 40 
 
 November 15. 1891 
 
 39 
 
 December 4, 1893 
 
 36 
 
 March 15, 1903 
 
 39 
 
 
 
 Many advances in rates resulted from changes made in classification. 
 A few of the advances made in commodity rates are as follows: 
 
 [Rates in cents per 100 pounds.] 
 
 
 April 1, 
 1887. 
 
 March 15, 
 1903. 
 
 
 60 
 77 
 67 
 120 
 
 70 
 
 Iron and steel articles, in less than carloads 
 
 96 
 
 Stoves, in carloads 
 
 75 
 
 
 122 
 
 
 
 Many other commodity rates were advanced. 
 
 The respondents, in obedience to the orders and requirements of 
 the Commission, each filed an answer, except the Chicago, Rock Island 
 and Texas Railway Company, denying that the rates or advances of 
 the rates in controversy were in violation of any of the provisions of 
 the act to regulate commerce. While the answers diflfer somewhat in 
 detail and set out more or less alleged facts in support of the general 
 allegations, yet for the purpose of briefing this case the substance of 
 the answers may be stated as follows: 
 
 First. That the rates resulting from the advances made are reason- 
 able, just, and otherwise lawful. 
 
 Second. That the advances in the rates were rendered necessary and 
 were justified by an increase in the cost of operating respondents' lines 
 of railway, (a) because of the increased cost of labor, which had partly 
 occurred previous to the advances in the rates, and which partly 
 occurred thereafter by reason of the demands of labor organizations 
 and other employees, and (5) because of the increased cost of supplies 
 and materials used in the operation and construction of the respond- 
 ents' lines of railway. 
 
 The evidence was taken with respect to these issuable facts, and in 
 its scope embraced (I) cost and comparative cost of labor; (II) the cost 
 and comparative cost of materials and supplies; (III) the financial con- 
 dition, expenditures, operating expenses, net earnings, and various 
 other matters pertaining to the operation; (IV) the method and man- 
 ner of making the advances in the rates, and the reasons which actuated 
 the respondents in doing so. 
 
DUTIES AND POWEES OF INTERSTATE COMMEEOE COMMISSION. 75 
 
 We will discuss the case under these heads. 
 
 I. Cost and comparative cost of labor. — W hatever advances were made 
 in the wages of employees — which, when compared with 1892, are quite 
 small and in some instances less than they were in 1892 — are more 
 than offset by the various economies in using that labor as a means of 
 producing profit from railroad operation, as will fully appear from 
 tables subsequently to be introduced in this brief. It must not be 
 overlooked that a large amount of the total labor cost is due to exten- 
 sive improvements and betterments during the past few years; there- 
 fore the ratio to earnings for those years is greater than it otherwise 
 would be. 
 
 The average wages paid by respondents to their employees for the 
 years ending June 30, 1888, 1892, 1894, and 1903, were as follows: 
 
 GENERAL OFFICERS. 
 
 
 June 30, 
 1888. 
 
 June 30, 
 1892. 
 
 June 30, 
 1894. 
 
 June 30, 
 1903. 
 
 M.,K.&T.Co 
 
 
 $9.97 
 7.60 
 
 14.63 
 9.47 
 8.49 
 9.47 
 
 12.64 
 
 14.05 
 8.03 
 
 23.96 
 
 JIG. 02 
 7.55 
 14.76 
 7.93 
 13.22 
 7.98 
 9.38 
 18.98 
 13.23 
 26.65 
 6.51 
 
 815. 44 
 
 St.L.S.W.Co 
 
 
 8.60 
 
 St.L. &S.r.Co ;. 
 
 
 20.34 
 
 Mo. Pac. Co 
 
 
 9.16 
 
 T.&P.Co 
 
 
 16.98 
 
 St. L.,I.M.&S.Co 
 
 
 9.35 
 
 I. & G.N. Co 
 
 
 10.99 
 
 A.,T.&S.F.Co 
 
 
 18.85 
 
 G., C. & S. F. Co 
 
 
 10.55 
 
 C.,R.I.&P.Co 
 
 
 26.42 
 
 C.,R.I.&T. Co 
 
 
 6.52 
 
 
 
 
 
 GENERAL OFFICE CLERKS. 
 
 M,,K.&T 
 
 ' 
 
 S2.36 
 2.31 
 2.13 
 2.06 
 2.54 
 2.06 
 2.74 
 2.17 
 2.46 
 3.13 
 
 $2.46 
 2.68 
 2,27 
 1.98 
 2.79 
 1.97 
 2.61 
 2.24 
 2.69 
 2.55 
 2.32 
 
 82.72 
 
 St. L. S. W 
 
 
 2.21 
 
 St. L. & S F 
 
 $2.36 
 
 2 00 
 
 
 1.90 
 
 T.&p 
 
 2.51 
 
 2.' si' 
 
 2.18 
 2.68 
 2.30 
 
 2.18 
 
 St.L.,LM.&S ^ 
 
 I.&G N . 
 
 1.90 
 2 15 
 
 A.,T.& S.F 
 
 2.23 
 
 G. C&S. F 
 
 2 46 
 
 C.,R 1 &P. . .. ... 
 
 2 23 
 
 C.,R.1&T 
 
 2.26 
 
 
 
 
 
 STATION AGENTS. 
 
 M., K. &T 
 
 SL44 
 
 $2.15 
 1.67 
 1.45 
 1.70 
 2.96 
 1.89 
 2.48 
 1.84 
 2.18 
 i.94 
 
 $2.46 
 1.S2 
 1.41 
 1.79 
 2.84 
 2.00 
 2.36 
 1.74 
 2.07 
 1.99 
 2.05 
 
 $2.64 
 1 54 
 
 St L. S. W 
 
 St. L &S.F 
 
 1.50 
 1.25 
 2.46 
 1.28 
 2.46 
 1.88 
 2.20 
 2.00 
 
 1.75 
 
 Mo. Pac 
 
 2 07 
 
 T. &P 
 
 2.57 
 
 SI. L„ 1. M. &S 
 
 2 00 
 
 I.&G. N 
 
 
 A.,T.&S.F 
 
 1 92 
 
 G., C. &S. F 
 
 2.44 
 
 C.,R.I.&P 
 
 
 C.,K.I.&T 
 
 1 92 
 
 
 
 
 
 OTHER STATION MEN. 
 
 M., K. &T 
 
 $1.26 
 
 $1.66 
 1.55 
 1.51 
 1.59 
 2.01 
 1.60 
 1.77 
 1.69 
 1.91 
 L80 
 
 $1.51 
 L76 
 1.47 
 1.64 
 1.89 
 1.66 
 1.68 
 1.56 
 1.82 
 1.85 
 1.55 
 
 $1 88 
 
 St. L. S. W 
 
 1.69 
 
 St. L. &S. P 
 
 1.48 
 1.09 
 1.72 
 1.12 
 1.85 
 1.61 
 1.45 
 L25 
 
 1 55 
 
 Mo. Pac . . . 
 
 1 70 
 
 T. &P 
 
 1.71 
 
 St. L., X. M. &S :.. 
 
 1 51 
 
 I. &G. N 
 
 1.67 
 
 A.,T.&S.F 
 
 1 70 
 
 G.,C.&S.F 
 
 1 62 
 
 C, R. I. &P 
 
 1 54 
 
 C.,E.I.&T 
 
 
 
 
 
 
76 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 ENGINEMEN. 
 
 
 June 30, 
 1888. 
 
 June 30, 
 1892. 
 
 June 30,! 
 1894. 
 
 
 
 June 30, 
 1903. 
 
 M.K.&T 
 
 $3.66 
 
 $3.65 
 3.62 
 4.06 
 3.69 
 3.84 
 3.68 
 3.44 
 4.65 
 3.55 
 4.04 
 
 $3.85 
 3.72 
 4.06 
 3.60 
 3.69 
 3.64 
 3.89 
 4.65 
 3.80 
 4.29 
 3.75 
 
 $4.12 
 
 St. L. S. W .... 
 
 3.83 
 
 St.L.&S.F 
 
 4.28 
 3.62 
 3.41 
 3.58 
 3.35 
 4.20 
 3.24 
 4.00 
 
 3.90 
 
 Mo. Pac 
 
 3.90 
 
 T. &P 
 
 3.81 
 
 St. L., 1. M. &S 
 
 3.93 
 
 I.&G.N 
 
 5.22 
 
 A., T. iSiS. F 
 
 4.16 
 
 G., C. &S.P 
 
 4.16 
 
 C, R. I. <Si P 
 
 3.82 
 
 C, R. I & T 
 
 3.73 
 
 
 
 
 
 FIREMEN. 
 
 M., K. &T 
 
 $2.09 
 
 $2.15 
 2.07 
 2.31 
 2.14 
 2.18 
 2.17 
 1.93 
 2.62 
 2.23 
 2.49 
 
 $2.23 
 2.17 
 2.29 
 2.14 
 2.16 
 2.17 
 2.19 
 2.81 
 2.24 
 2.71 
 2.34 
 
 $2.86 
 
 St. L. S. W 
 
 2.26 
 
 St.L.&S.F 
 
 2.18 
 2.05 
 1.71 
 2.07 
 2.06 
 2.37 
 1.77 
 2.00 
 
 2.35 
 
 Mo. Pac 
 
 2.32 
 
 T. &P 
 
 2.29 
 
 St. L., I. M. &S 
 
 2.29 
 
 I.&G.N 
 
 3.02 
 
 A.,T.&S.r 
 
 2.58 
 
 G., C. &S. F ... 
 
 2.61 
 
 C, R. I. &P 
 
 2.43 
 
 C. R. I. & T 
 
 2.17 
 
 
 
 
 
 CONDUCTORS. 
 
 M.,K. &T 
 
 St. L.S. W 
 
 St. L. &S. P 
 
 Mo. Pac 
 
 T.&P 
 
 St. L.,I.M. &S. 
 
 I.&G.N 
 
 A., T. &S. F.... 
 G., C. &S. F ... 
 C R. 1. &P.... 
 C.,R.I&T 
 
 $2.75 
 
 2.46 
 3.66 
 3.07 
 3.06 
 2 90 
 2.14 
 3.20 
 
 $3.07 
 2.96 
 3.14 
 3.07 
 3.93 
 3.29 
 3.07 
 3.33 
 3.56 
 3.64 
 
 $3.31 
 3.69 
 3.18 
 3:26 
 3.91 
 3.16 
 3.37 
 3.30 
 4.30 
 3.87 
 3.23 
 
 OTHER TRAINMEN. 
 
 M.,K.&T 
 
 St.L.S.W 
 
 St.L.&S.F 
 
 Mo Pac 
 
 T.&P 
 
 St.L.,I.M.&S. 
 
 I.&G.N 
 
 A.,T,&S.P.... 
 0.,C.&S.F.... 
 C.,R.I.&P.... 
 C.,B.I.&T 
 
 $1.74 
 
 2.12 
 1.58 
 2.30 
 1.92 
 l.SS 
 1.89 
 1.27 
 1.73 
 
 $1.92 
 1.94 
 1.90 
 1.95 
 2.49 
 2.13 
 1.94 
 2.18 
 2.36 
 L98 
 
 $2.01 
 2.06 
 1.94 
 2.02 
 2.41 
 1.98 
 2.03 
 2.10 
 2.57 
 2.42 
 1.99 
 
 MACHINISTS. 
 
 M., K.&T 
 
 St. L.S. W 
 
 St. L. &S. F .... 
 
 Mo. Pac 
 
 T.&P 
 
 St. L.,L M. &S. 
 
 I.&G.N 
 
 A.,T. &S. F.... 
 G.,C.&S. F.... 
 
 C.,R. I.&P 
 
 C, R. I. &T .... 
 
 $2.50 
 
 2.00 
 2.62 
 2.35 
 2.73 
 2.85 
 2.14 
 2.46 
 2.80 
 
 $2.92 
 2.18 
 1.95 
 2.71 
 3.15 
 2.79 
 2.36 
 1.88 
 2.40 
 2.01 
 
 $2,91 
 2.99 
 2.01 
 2.74 
 8.04 
 2.86 
 2.80 
 2.77 
 2.60 
 2.03 
 2.82 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 77 
 
 CAKPENTEES. 
 
 
 June 30, 
 1888. 
 
 June 30, 
 1892. 
 
 June 30, 
 1894. 
 
 June 30, 
 1903. 
 
 M., K. & T 
 
 j(2.S6 
 
 «2.30 
 2.18 
 2.20 
 2.36 
 2.27 
 2.30 
 2.53 
 2.17 
 2.45 
 1.96 
 
 S2.31 
 2.42 
 2.13 
 2.34 
 2.04 
 2.23 
 2.36 
 2.23 
 2.69 
 2.18 
 2.29 
 
 $2.74 
 
 St. L. S. W 
 
 2.60 
 
 St. L. &S. F : 
 
 2.03 
 2.34 
 1.75 
 2.24 
 2.48 
 2.83 
 2.01 
 2.25 
 
 2.28 
 
 
 2.36 
 
 T &P 
 
 2.32 
 
 St. L., I. M. &S 
 
 2.32 
 
 I. &G. N 
 
 2.19 
 
 A., T. &S. F , 
 
 2.65 
 
 G., C. &S. F '. 
 
 2.47 
 
 C, E. I. &P 
 
 2.20 
 
 C, E. I. &T 
 
 2.29 
 
 
 
 
 
 OTHEE SHOPMEN. 
 
 M.,K.&T 
 
 St. L.S.W 
 
 St.L.&S.F 
 
 Mo. Pac 
 
 T.&P 
 
 St.L.,I.M. &S. 
 
 I.&G.N 
 
 A.,T.&S.r 
 
 G..C.&S. F 
 
 C.,E.I.&P 
 
 C.iE.I.&T 
 
 1.77 
 
 1.42 
 1.80 
 1.80 
 1.69 
 2.05 
 1.80 
 1.61 
 1.26 
 
 J1.79 
 2.06 
 1.53 
 1.94 
 1.91 
 1.77 
 1.97 
 1.98 
 1.83 
 1.71 
 
 $1.81 
 1.80 
 1.66 
 1.89 
 1.81 
 1.80 
 1.84 
 1.80 
 1.91 
 1.74 
 1.73 
 
 SECTION FOREMEN. 
 
 M.,K.&T> 
 
 «1.71 
 
 $1.66 
 1.71 
 1.34 
 1.51 
 2.11 
 1.65 
 1.80 
 1.72 
 1.68 
 1.87 
 
 $1.71 
 1.65 
 1.36 
 1.51 
 2.21 
 1.68 
 1.81 
 1.66 
 1.66 
 1.84 
 1.69 
 
 $1.91 
 
 St. L. S. W 
 
 St. L. &S. F 
 
 1.59 
 1.64 
 1.91 
 1.87 
 1.85 
 1.34 
 1.73 
 1.73 
 
 
 Mo. Pac 
 
 1 64 
 
 T. &P 
 
 1.84 
 
 St. L., I. M. &S 
 
 I. &G. N 
 
 1 67 
 
 A.,T.<feS. F 
 
 1.84 
 
 G., C. &S. F 
 
 C, E. I. &P 
 
 1 80 
 
 C, E. I. &T 
 
 
 
 
 
 
 OTHEE TRACKMEN. 
 
 M., K. &T 
 
 $1.16 
 
 $1.16 
 1.20 
 1.12 
 1.15 
 1.16 
 1.18 
 . 1.19 
 1.28 
 1,30 
 1.15 
 
 $1.15 
 1.18 
 1.14 
 1.18 
 1.18 
 1.16 
 1.16 
 1.24 
 1.26 
 1.21 
 1.20 
 
 $1.36 
 1.40 
 1.84 
 1.43 
 1.18 
 1.44 
 1.14 
 1.41 
 1.21 
 1.44 
 1.36 
 
 St. L.S.W 
 
 St. L. &S. F 
 
 1.14 
 1.15 
 1.20 
 1.18 
 1.15 
 1.15 
 1.81 
 1.15 
 
 Mo. Pac 
 
 T.&P 
 
 St. L.,I. M. &S 
 
 I.&G.N 
 
 A., T. &S. F 
 
 G„C.&S. P 
 
 C, R. I. &P 
 
 C, R. I.&T , 
 
 
 
 
 SWITCHMEN, FLAGMEN, AND WATCHMEN. 
 
 M., K.&T 
 
 St. L. S.W 
 
 St. L. &S. F 
 
 Mo. Pac 
 
 T.&P 
 
 St. L., LM. &S. 
 
 I.&Q. N 
 
 A., T. &S. F.... 
 G., C. &S.F.... 
 C, E. L&P .... 
 C, E. L&T.... 
 
 $1.73 
 
 2.10 
 1.94 
 2.06 
 L75 
 2.00 
 2.24 
 1.26 
 1.86 
 
 $2.05 
 2.20 
 2.45 
 2.22 
 2.64 
 2.22 
 2.32 
 2.42 
 2.39 
 2.21 
 
 $2.11 
 2.04 
 2.65 
 2.19 
 2.94 
 2.28 
 1.96 
 2.35 
 2.16 
 2.25 
 2.40 
 
78 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 TELEGRAPH OPERATORS AND DISPATOHBES. 
 
 
 June 30, 
 1888. 
 
 June 30, 
 1892. 
 
 June 30, 
 1894. 
 
 June 30, 
 1903. 
 
 M.,K.&T . 
 
 SI. 32 
 
 81.86 
 1.96 
 1.96 
 1.72 
 2.52 
 2.09 
 2.39 
 2.72 
 1.49 
 2.07 
 
 $2.07 
 2.S8 
 1.96 
 2.28 
 2.59 
 2.60 
 2.28 
 2.80 
 2.36 
 2.41 
 2.23 
 
 82.14 
 
 St. L. S. W 
 
 2.20 
 
 St. L. &S. E 
 
 2.16 
 1.09 
 2.05 
 1.44 
 2.35 
 2.67 
 2.16 
 1.55 
 
 2.12 
 
 Mo. Pac 
 
 2.29 
 
 T. &P 
 
 2.35 
 
 St. L., I. M. &S 
 
 2.37 
 
 I. &G. N 
 
 2.45 
 
 A.,T.&S.P . . .. 
 
 2.69 
 
 G., C. &S. E 
 
 2.60 
 
 C, R. I. &P 
 
 1.84 
 
 C R I (ST 
 
 1.68 
 
 
 
 
 
 Note.— Wherever blanks appear the reports fail to show the item. 
 
 For the fiscal years ending June 30, 1888, 1892, 1894, 1902, and 1903, 
 the percentages of the total compensation paid to employees to the 
 gross earnings were as follows: 
 
 
 1888. 
 
 1892. 
 
 1894. 
 
 1902. 
 
 1903. 
 
 M.,K.&T 
 
 
 ,41.7 
 45.3 
 34.3 
 44.4 
 43.0 
 41.6 
 52.7 
 45.1 
 55.8 
 39.8 
 
 41.3 
 46.0 
 37.1 
 45.4 
 41.6 
 39.1 
 61.4 
 47.3 
 60.1 
 38.7 
 38.6 
 
 38.9 
 47.1 
 40.8 
 43.2 
 40.0 
 39.9 
 S7.V 
 32.3 
 38.6 
 33.0 
 32.2 
 
 40.7 
 
 St. L. S. W 
 
 
 51.4 
 
 StL&S. E 
 
 34.1 
 
 41.4 
 
 Mo Pac 
 
 43.9 
 
 T. &P 
 
 48.2 
 
 46.2 
 
 St. L., I. M. & S 
 
 41.8 
 
 I. &G. N 
 
 64.5 
 
 40.7 
 
 A , T & S. F 
 
 39.7 
 
 G C &S E . . 
 
 58.2 
 37.5 
 
 43 S 
 
 C R I & P 
 
 36 6 
 
 C.J R. I. &T 
 
 33.8 
 
 
 
 
 
 Note. — These percentages of total labor cost are made much higher 
 than they would be were it not true that large items of labor cost were 
 incurred in improvements, betterments, etc; for example, the St. 
 Louis and Southwestern. (See quotations, p. — , this brief.) 
 
 The deductions to be drawn from the foregoing tables are that the 
 average price paid to employees for labor was greater in 1903 than in 
 former years, as a general propQsition, while the percentage of total 
 labor cost to gross earnings was not on the average greater than in 
 1892 or 1894. There was a decrease in the wages paid to general office 
 clerks, other station men, switchmen, flagmen, and watchmen. In other 
 lines of employment there was an increase in wages, the most material 
 of which were those paid to general officers, machinists, enginemen, 
 and trainmen. 
 
 For the purpose of showing the relation between the total cost of 
 labor and the tonnage handled by that labor, the following tables are 
 introduced, computed from figures furnished by the annual reports of 
 the three respondents, Texas and Pacific Eailway Company; St. Louis, 
 Iron Mountain and Southern Railway Company, and the Missouri, 
 Kansas and Texas Eailway Company: 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 79 
 
 Table No. 3. — Average number of tons carried 1 mile per day's work performed by railway 
 employees {excluding general officers), and average daily compensation for years named 
 ending June 30. 
 
 
 Based on total num- 
 ber o£ days worked 
 (excluding general 
 officers). 
 
 Based on days worked, 
 assigned to conduct- 
 ing transportation. 
 
 
 Ton-miles 
 
 per day's 
 
 work. 
 
 Average 
 daily com- 
 pensation. 
 
 Ton-miles 
 
 per day's 
 
 work. 
 
 Average 
 daily com- 
 pensation. 
 
 Texas and Pacific Ewy.; 
 
 1892 
 
 279 
 312 
 336 
 306 
 
 324 
 401 
 492 
 616 
 
 319 
 388 
 
 484 
 441 
 
 $2.11 
 2.06 
 1.90 
 1.91 
 
 1.85 
 1.86 
 1.92 
 1.97 
 
 1.91 
 2.07 
 2.17 
 2.20 
 
 710 
 
 828 
 
 1,163 
 
 876 
 
 838 
 
 901 
 
 1,187 
 
 1,271 
 
 729 
 
 917 
 
 1,147 
 
 1,072 
 
 *2.73 
 
 1896 
 
 2.57 
 
 1902 
 
 2.94 
 
 1903 . . . ■ 
 
 2.37 
 
 St. Louis, Iron Mountain and Southern Rwy: 
 
 1892 
 
 2.29 
 
 1896 
 
 2.17 
 
 1902 
 
 2.21 
 
 1903 
 
 2.26 
 
 Missouri, Kansas and Texas Ewy: 
 
 1892 
 
 2.25 
 
 1896 
 
 2.37 
 
 1902 
 
 2.49 
 
 1903 
 
 2.57 
 
 
 
 Table No. 4. — Average number of tons carried one mile per dollar of compensation paid 
 to railway employees {excluding general officers) , and average daily compensation for 
 years named ending June 30. 
 
 > 
 
 Based on total com- 
 pensation (exclud- 
 ing general offi- 
 cers). 
 
 Based on compensa- 
 tion assigned to con- 
 ducting transporta- 
 tion. 
 
 
 Ton-miles 
 per dollar. 
 
 Average 
 daily 
 
 compen- 
 sation. 
 
 Ton-miles 
 per dollar. 
 
 Average 
 daily 
 
 compen- 
 sation. 
 
 Texas and Pacific Ewy.: 
 
 1892 : 
 
 132 
 152 
 176 
 160 
 
 174 
 215 
 266 
 262 
 
 16V 
 187 
 222 
 201 
 
 «2.11 
 2.06 
 1.90 
 1.91 
 
 1.85 
 1.86 
 1.92 
 L97 
 
 1.91 
 2.07 
 2.17 
 2.20 
 
 260 
 322 
 395 
 370 
 
 367 
 415 
 537 
 563 
 
 324 
 387 
 461 
 416 
 
 
 1896 
 
 2 57 
 
 1902 
 
 2.94 
 
 1903 
 
 
 St. Louis, Iron Mountflin and Southern Ewy.'; 
 
 1892 
 
 2 29 
 
 1896 
 
 2 17 
 
 1902 
 
 
 1903 
 
 2 26 
 
 Missouri, Kansas and Texas Ewy.: 
 
 1892 
 
 
 1896 
 
 2 37 
 
 1902 
 
 
 1903 
 
 2 57 
 
 
 
 From these tables it can be seen at a glance that any increase in 
 price of labor was more than offset by what that labor earned by the 
 service which it performed. 
 
 It should also be borne in mind that even the total cost of labor 
 employed in conducting transportation as well as in other departments 
 was much increased by making improvements. 
 
 These tables can be readily studied without explanation further than 
 to call attention to the headlines. To illustrate from the first table: 
 In 1892 a day's work, which on the Texas and Pacific Railway cost an 
 average of 12.11, represented the movement of 279 tons of freight 1 
 mile, while in 1903 a day's work, which cost that road an average of 
 $1.91, represented the movement of 306 toijs of freight 1 mile. The 
 
80 DUTIES AND POWEBS OF INTERSTATE COMMERCE COMMISSION. 
 
 St., Louis, Iron Mountain and Southern Railway in 1892 moved 838 
 tons 1 mile for a day's labor charged to conducting transportation, 
 costing 12.29, and in 1903 the same road moved 1,271 tons 1 mile for 
 one day's labor, in the same service, costing $2.26. ^ 
 
 The second table shows the tonnage carried 1 mile for one dollar s 
 worth of labor under the same two heads. 
 
 The conclusion to be drawn as a whole is that the increase in price 
 of labor does not justify the advances in the rates. 
 
 II. Cost and comparative cost of materials aixd suppUes. — Many of 
 the witnesses who testified in this case stated, in very general language, 
 that materials and supplies had increased in j)rice, and that wages had 
 increased in price, sometimes giving their opinion of what per cent of 
 increase had taken place. But that evidence is of little value, for the 
 reason that it is not the best evidence. 
 
 Mr. McBride, first vice-president and general manager of the Amer- 
 ican Car and Foundry Company; Mr. Nixon, purchasing agent of the 
 Missouri Pacific System, and who also acts in a similar capacity for the 
 other Gould lines;" Mr. Spoor, the tie and timber agent of the Missouri 
 Pacific System, and Mr. Thompson, the engineer of the railroad com- 
 mission of Texas, gave definite and exact testimony, in view of which 
 the mere expressions of opinion of witnesses should be discarded. 
 
 The material testimony of Mr. McBride concerning comparative cost 
 of cars and the materials that enter into their construction was, in sub- 
 stance, as follows: 
 
 During twelve months immediately previous to July, 1903, prices were higher 
 than at any time for several years back of that. People who have the money to pay 
 can buy car wheels now for 15 per cent less than they could last July. The price of 
 pig iron at Pittsburg is now 33J per cent below the highest point of 1903; during the 
 previous five years the price advanced almost 10 per cent a year. That reflects tlie 
 advances in price of all iron-manufactured large articles except, perhaps, structural 
 steel and shapes, the prices of which are controlled very largely by the United States 
 Steel Corporation. If I am not mistaken the steel corporation did not allow these 
 prices to go up in 1902 and 1903, and are not allowing them to go down now. Pine 
 lumber is lower now than one, two, or three years ago, but has not varied 10 per 
 cent. It would cost about the same to construct a car now as it did ten years ago; 
 that is, the same kind of a car. 
 
 The prices of some classes of lumber are somewhat higher than ten years ago, but 
 we might get other materials for less. If you take the early part of 1903 and make 
 a comparison with 1890, 1 do not think there would be much difference in conditions. 
 Cars built now cost more than those built formerly, but they are of greater capacity 
 and have been improved so that they probably last longer. We have doubled the 
 capacity of the cars without adding to their weight more than 75 per cent. Coal cars 
 constructed of wood and steel would sell now 15 to 20 per cent lower than they sold 
 one year ago. I should say the life of the cars built t»-day ought to be 60 per cent 
 greater than those we built ten years ago. (Testimony, pp. 504 to 537. ) 
 
 Testimony of Mr. Thompson concerning prices of supplies and 
 materials used by railroad companies was as follows: 
 
 Have been chief engineer since November, 1897; prior to that for about five 
 months I was assistant engineer. My duties have been to value railroads. In 1894 
 the market price of steel rails was $24 a ton, and for the last three or four years it 
 has been $28. (Testimony, pp. 554 and 555. ) Standard hard lumber has remained 
 about the same for a number of years; perhaps a dollar and a half increase. Ties 
 were quoted in July, 1899, at $10 a thousand; March 21, 1901, at $11, and I under- 
 stand that some railroads are getting ties now, where they place large orders in Texas, 
 at $10 and $10.50. The range has been very limited on that class of stuff and small 
 timbers, but the price has very materially increased on all large timbers. Stringers 
 8 by 16 by 28 were quoted at $16 in 1899 and at $18 in 1901, and I have quotations 
 that indicate that they are selling for $21 now. Caps 12 by 12 by 14 were quoted at 
 $10 in 1899 and at $13 in 1901, and are now quoted at $14. (Testimony, pp. 638 to 
 641, inclusive.) 
 
DUTIES AND POWEKS OP INTERSTATE COMMERCE COMMISSION. 81 
 
 Mr. Thompson also stated that when the railroads of Texas were 
 valued in 1894 and 1895 allowances per yard for excavation were made 
 as follows: Earth, 13 cents; loose rock, 40 cents, and solid rock,.fl; 
 that contracts ranging from 12 to 15 cents for earth, 33 to 36 cents for 
 loose rock, and 65 to 75 cents for solid rock are now being made, but 
 that 15 cents is now allowed by the Texas commission for earth exca- 
 vation.. (Testimony, pp. 561, 573, and 636.) 
 
 Testimony of Mr. Nixon, purchasing agent of the Missouri Pacific 
 system, was as follows: 
 
 The Eureka spring frog is the principal frog we purchase, and its price, which is 
 regulated by the price of steel rails, has remained about the same for probably four 
 years. The price of switches has increased in the last three or four years. If my 
 recollection is correct, they were higher in 1903 than in 1901. In the market to-day 
 they are lower than they were last year. Would say price of stiff frogs would be about 
 the same to-day as in 1902, because price of steel rails has remained stationary. Axles 
 were $2 a hundred pounds in 1901, $2.15 in 1903, and are $1.75 to-day. Anglebars 
 were<pl.45 per hundred pounds in 1901, $1.75 in 1903, and I presume they could be 
 purchased to-day for $1.40 to $1.50. Track bolts were $1.85 per hundred pounds in 
 , 1901, $2.55 in 1903, and are $2.30 to-day. 
 
 The price of air brakes is the same now as in 1903, but less than in 1900. The 
 price per set for freight cars is about $25.25 to-day. In the kinds of brake shoes we 
 use I do not believe there has been any change in price for three years. They are a 
 patented article. Malleable castings were $2.32 per hundred pounds in 1901, $3.25 
 in 1903, and are about $2.75 to-day. Domestic Portland cement was $2 a barrel at 
 St. Louis in 1903, and is probably worth $1.25 to-day. Steel couplers for freight 
 cars, the kind we use, were $14.50 per pair in 1900, 1901, 1902, and 1904. They 
 were $15 in 1903. We have been paying the same price for air-brake hose during 
 the last four years. 
 
 Merchant bar iron was $1.55 in 1901, $1.62 in 1903, and is probably $1.35 at St. 
 Louis now. Iron stay bolts have cost us about the same for the last three or four 
 years. Taylor's English iron stay bolts have been the same price as long as I can 
 remember. Cut nails were $2.25 per keg in 1901, $2.40 in 1903, and are probably 
 $2.20 to-day. Pressed square nuts were $2.70 in 1901 per hundred pounds, $3.10 in 
 1903, and about $1.75 to-day. Our contract price for driving springs for locomotives 
 was 6| cents per pound in 1901 and 7| for this year and 1903. Lubricating oils nearly 
 everywhere in this country are controlled by the Standard Oil Company, and the 
 prices have been about the same right along. Prices of coal oil and headlight oil are 
 about the same now as last year and the year before. 
 
 There has been a slight reduction in freight-car paint; it is 75 cents n6w, and we 
 paid from 75 to 85 last year. Boiled linseed oil is 37 cents per gallon now, but it 
 fluctuates from month to month; it has been as high as 75 cents, and last year it was 
 as low as 32 cents. Gas pipe is wrought-iron pipe or steel; the price is slightly lower 
 than last year; it naturally follows iron and steel products. Vitrified socket sewer 
 pipe is probably 20 to 25 per cent higher than last year. For galvanized-iron car 
 roofs we are- paying the same as last year and the year before. Manila rope is prob- 
 ably slightly reduced from the early part of last year. There has been a slight 
 reduction in screws and rivets. 
 
 The prices of general track tools are about 5 per cent less than last year; prices of 
 shovels and scoops are about the same as last year. There has not been very much 
 variation in the prices of structural material for two or three years. In 1901 and 1903 
 the price of tank steel, which is the ordinary steel plate, was $1.80 per hundredweight; 
 to-day it is $1.75. Fire-box steel was 3 cents per pound in 1901 and 1903, and is 
 about the same price now for the kind we use, which is a high grade. Boiler plates 
 were $2.70 per hundred pounds in 1901 and 1903, and are about the same to-day. 
 My recollection is that we paid the same price for tie plates in 1902 and 1903; there 
 is probably a slight reduction to-day, because all iron and steel products have declined 
 to some extent. 
 
 There has been very little variation in the price of roofing tin and bright tin. 
 There is a decrease in driving-wheel tires from the price of 1902 and 1903. Boiler 
 tubes were 17 cents per foot in 1901 and 1903; to-day they are 16. There has been 
 no change in the price of car furniture or engine furniture. Washers are somewhat 
 lower than last year. Waste has advanced in price because of the advance in cotton; 
 we are paying now, under contract, 4J cents per pound, but will probably pay 4J 
 when the contract expires. There has been very little change in the price of wheel- 
 barrows. There has been very little change in the price of wire used for fencing. 
 
 BY— 05 6 
 
82 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 The high-grade poplar lumber we use for passenger-car work wae $40 per thousand 
 in 1901, $60 in 1903, and is $57.50 to-day. High-grade white pine was $37 in 1901, 
 $45 in 1903, and to-day we would probably pay $43 or $44. , , i. ^u 
 
 The price of steel rails is still '$28-; there has been no reduction in the last three or 
 four years. I act as purchasing agent for the International and Great Northern, and 
 for the St. Louis Southwestern and Texas and Pacific to some extent. The Iron 
 Mountain is a part of the Missouri Pacific system. Prices of oflBce furniture supphes 
 were very high in 1908— probably 30 or 40 per cent— and are about the same now so 
 far as I know. The hst I have gone over practically covers all materials and sup- 
 plies. (Testimony, pp. 11 to 71,. inclusive.) 
 
 Mr. Spoor's testimony was as follows: 
 
 Have been tie and timber agent for the Missouri Pacific System about thirteen 
 years. The tie timber is all white oak. On the Missouri Pacific proper we pay 41i 
 cents for first-class ties and 21i cents for culls. We do not purchase to exceed 10 per 
 cent of culls, and use them principally for sidetracks. In 1901, 1902, and 1908 we paid 
 89J cents and 16J centsJor the same grades. For oak ties on the Iron Mountain we 
 pay 89i and 20J, as compared with 21-^^ and 12^ for the years 1901, 1902, and 1903. 
 (Compare this with Missouri Pacific annual reports. ) These advances are caused by 
 the scarcity of tie timber. The average haul from the timber lands to the railroad 
 increases each year. The prices of white-oak piling vary from 9 to 15 cents per linear 
 foot, depending upon the length. Last year we paid from 7 to 13 and the year 
 before from 6J to 12. Our bridge timber is all longleaf pine. We pay $17 a thou- 
 sand now for such stringers as we bought in 1901 for $15. (Testimony, pp. 277 to 
 291, inclusive.) 
 
 Mr. Green testified as follows: 
 
 Am first vice-president and general superintendent of the St. Louis Southwestern. 
 My jurisdiction as general superintendent extends over the entire line from Grays 
 Point and Birds Point to the end of the line in Texas. Have held that position two 
 years. The bulk of our coal comes from the Lehigh mines, on the Missouri, Kansas 
 and Texas, in Indian Territory, and is delivered to us in Texas at Sherman, Waco, 
 and Hillsboro. We pay f. o. b. Sherman $2.40 per ton. In 1901 we paid $1.90. 
 Last year, I think, we had two 20-cent raises and one 10-cent raise in the price of 
 coal in Texas. Outside of Texas, in Arkansas and Missouri, we get our coal from the 
 southern Illinois mines, and the price, compared with previous years, has advanced 
 17 per cent. (Testimony, pp. 296, 297, 808, 804, and 814. ) 
 
 Since 1898 we have increased the cost of our ties 12 per cent. Formerly we were 
 able to get upland oak that would last six or seven years; now we get comparatively 
 none of that, and the white oak we buy has an average life of four and one-half or 
 five years. 'In 1898 we paid $14 a thousand for stringers; to-day we pay $18.50 at 
 the mills. We paid for ties and guard rails 9 and 9^; to-day we are paying 12i and 
 18. We paid for caps $11, and now we pay $14.50. We paid for piling 5J and 7 
 cents a foot; now we are paying 11 to 13J. (Testimony, pp. 321 and 322.) The old 
 wrought-iron drawbar would cost, I think, about $2.50, and the automatic couplers 
 cost now about $7.50, or $15 a car. To equip a car with air costs $40. (Testimony, 
 p. 335.) 
 
 Mr. Green's testimony concerning prices of coal appears to be some- 
 vFhat modified by "Exhibit No. 2 to Mr. Kimbell's testimony." Mr. 
 Kimbell is assistant general auditor of the St. Louis Southwestern. 
 The exhibit referred to shows average prices paid for coal by the St. 
 Louis Southwestern, including the lines in Texas, to be as follows: 
 1899, $1.73 per ton; 1900, 11.77; 1901, $1.87; 1902, $1.94, and 1903, 
 12. The price for 1904 is not shown. 
 
 Prices per ton paid by the International and Great Northern Com- 
 pany for locomotive coal are shown by that company's "Exhibit A,'' 
 and are as follows: 1897, $2.72; 1898, $2.41; 1899, $2.49; 1900, $2.41; 
 1901, $2.66, and 1902, $2.79. 
 
 This company is now using oil on a large part of its line. 
 
 Prices per net ton paid for coal by the Texas and Pacific Company 
 are shown by that company's wi'itten statement "l,"as follows: 1892, 
 $2.57; 1896, $2.34; 1902, $2.25, and 1903, $2.25. 
 
 Average prices paid for fuel by the Gulf, Colorado and Santa Fe 
 Company are shown by that company's "Exhibit A," and are as fol- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE" COMMISSION. 83 
 
 lows: 1892, $3.43; 1896, $3.09; 1902, $2.57, and 1903, $2.0]. Other 
 prirces named in the same exhibit are: Ties, 1892, $0,434; 1896, $0,326; 
 1902, $0,398, and 1903, $0,443. Rails, 1892, |41.19; 1896, $30.28; 
 1902, $30.81, and 1903, $31.53. 
 
 The different respondents were requested to file statements showing 
 prices of supplies and materials according to actual purchases made in 
 1892, 1896, 1902, and 1903. Some of them complied with this request, 
 but others replied that they were unable to do so. In the statements 
 filed very few comparisons are made between 1892 and 1903, except in 
 case of the International and Great Northern Company. We invite 
 the particular attention of the Commission to that company's Exhibit 
 A, which appears to be quite full and complete. In many cases no 
 difference in price is shown, but there are 176 instances ^here such a 
 difference exists. In 86 cases the price is higher and in 89 cases 
 lower in 1903 than in 1892. 
 
 Beginning with January 1, 1900, there was a gradual increase in the 
 prices of supplies and materials until July 1, 1903, but since the latter 
 date there has been a substantial decrease. Comparing the first half 
 of the year 1903 with a period of time just previous to the depression 
 of 1893, prices of supplies and materials averaged substantially the 
 same. Mr. McBride, a man of very wide experience in such matters 
 and who exhibited both intelligence and impartiality, said, in speaking 
 of prices, that if the year 1890 were compared with the early part of 
 the year 1903 he believed not much difference would be discovered. 
 Some kinds of lumber, such as stringers and caps and high-grade lum- 
 ber used in the construction of passenger cars, have advanced in price; 
 but, on the other hand, there has been a decrease in the price of steel 
 rails and a large number of other articles closely related thereto. 
 Although coal has advanced in price somewhat during the last two or 
 three years, the price is less now, according to statements made by 
 respondents, than it was in 1892. 
 
 Much data have been furnished by respondents concerning prices, 
 at different periods, of locomotives and cars, but the data are wholly 
 worthless for the purposes of comparison. Respondents show that 
 locomotives and cars purchased now cost much more than those pur- 
 chased formerly, but this is because of improvements in construction, 
 which have added greatly to the capacity and durability. Mr. McBride 
 tells us a car of the same kind can be built as cheaply now as it was 
 ten years ago. If respondents are building more expensive cars now, 
 it is presumably because they consider it economy to do so. 
 
 Cross-ties have increased in price and value to some extent for cer- 
 tain classes of ties, but not to as great extent as some of the witnesses 
 claim, if we are to believe the statements contained in the Missouri 
 Pacific printed annual reports. For calendar year 1901 (at p. 37) ties 
 in Iron Mountain road cost in the track 36 cents (see the printed 
 reports), while for 1897 (p. 31), 32 cents. 
 
 The item of coal is an important one and the item of freight upon it 
 is important. The comparative cost of coal to any company or system 
 of road is, hence, affected by freight rates included in the cost. The 
 following table taken from the printed annual report of the Missouri 
 Pacific Railway system for 1897 (at page 36) is interesting: 
 
 Average cost of coal per ton, excluding company freight $1. 2386 
 
 Average cost of coal per ton, including company freight 1. 2802 
 
 Average cost of coal per ton, including freight and handling 1. 3801 
 
 Amount of company freight included in cost of coal purchased 41, 511. 56 
 
84 DUTIES AND POWEEH OF INTEBSTATE COMMERCE COMMISSION. 
 
 The reduction in average cost per ton of coal purchased for the com- 
 pany's use during a period of fifteen years ending December 31, 1897, 
 is shown in the following table: 
 
 
 Year. 
 
 Cost per 
 ton. 
 
 
 1883 ... . 
 
 81.799 
 1.773 
 1.74 
 1.519 
 1.435 
 1.341 
 1.392 
 1.344 
 
 1891... 
 
 1884 
 
 1892... 
 
 1885 
 
 1893... 
 
 1886 
 
 1894... 
 
 1887 
 
 1895... 
 
 1888 . 
 
 1896. . . 
 
 1889.. 
 
 1897... 
 
 1890. 
 
 
 
 
 For 1902 coal cost, average for the Missouri-Pacific system, exclu- 
 sive of company freight, $1.40.70 per ton. 
 
 Cost of coal to Texas and Pacific Railway Company, including cost 
 of handling, from 1894 to 1903, as shown in printed report for 1903 
 (p. 33) as follows: 
 
 Coal consumed. 
 
 Year. 
 
 Tons con- 
 sumed. 
 
 Cost per 
 ton in- 
 cluding 
 handling. 
 
 Total. 
 
 Tons of 
 freight 
 handled 
 1 mile. 
 
 1894 
 
 266,331 
 271,584 
 258,681 
 308,478 
 322, 109 
 340,476 
 402,049 
 511,639 
 485,646 
 525,972 
 
 J2.5D 
 2.36 
 2.34 
 2.30 
 2.25 
 2.23 
 2.23 
 2.29 
 2.25 
 2.45 
 
 $665,036.40 
 
 641,174.83 
 
 607, 072. 62 
 
 710,150.65 
 
 724,919.14 
 
 758,128.98 
 
 898,480.37 
 
 1,175,179.71 
 
 1,092,876.03 
 
 1,293,498.84 
 
 435,438,518 
 
 1895 .• 
 
 443,488,440 
 
 1896 ... .. 
 
 414,477,264 
 548, 323, 830 
 
 1897 
 
 1898 
 
 512,005,537 
 562, 534, 762 
 
 1899 - 
 
 1900 
 
 670,117,052 
 
 1901 
 
 882,755,695 
 
 1902 : 
 
 738,442,848 
 836,682,262 
 
 1903 
 
 
 The following table. No. 5, shows the economy in use of fuel which 
 has resulted from improvements in roadway and equipment: 
 
 Table No. 5. — Average number of tons of freight carried 1 miU per ton of fuel consumed 
 
 by freight locomotives. 
 
 TEXAS AND PACIFIC RAILWAY. 
 
 Ton-miles. 
 
 1892 2,137 
 
 1896 2,622 
 
 1902 2,623 
 
 1903 2,755 
 
 ST. LOUIS, IRON MOUNTAIN AND SOUTHERN RAILWAY. 
 
 Ton-miles. 
 
 1892 3,824 
 
 1896 4,054 
 
 1902 3,707 
 
 1903 , 3,978 
 
 MISSOURI, KANSAS AND TEXAS RAILWAY. 
 
 Ton-miles. 
 
 1862 2, 220 
 
 1896 2,394 
 
 1902 2,488 
 
 1903 2,568 
 
DDTIE8 AND POWERS OF INTERSTATE COMMERCE COMMISSION. 85 
 
 We have thus set forth at length the testimony as to the range in 
 prices of materials and supplies because it can not be tabulated for 
 want of definite figures. Even if we had definite figures as to prices, 
 the amount of the various materials and supplies required would have 
 to be ascertained before it could be determined to what extent opera- 
 ting expenses were increased or diminished by the advances and reduc- 
 tions of the prices. 
 
 Sumvui'iy as to someprincipal items of materials and supplies. — Iron 
 articles of all sorts dedined 33 per cent from the highest price of 1903. 
 
 Pine lumber, except heavy timber, shows no increase. 
 
 Oak and poplar lumber and timbers decidedly increased. 
 
 Steel, rails, structural steel, and trust articles remained steady for 
 four years. 
 
 Cement declined. 
 
 Oils remained steady. 
 
 Excavations — earth, no decrease — possibly increase. 
 
 Excavations — rock, declined. 
 
 Coal increased to most companies over 1901 and 1902, decline from 
 1892. 
 
 Cars increased in price, but appears oft'set by quality and size. 
 
 Locomotives, not shown to be more expensive when considering 
 their power and durability. 
 
 On the whole, it is not shown that the cost of operation had been so 
 materially increased by such increases as there were in price of supplies 
 and material as to justify the advance in the rates. 
 
 III. The financtal condition, eapendn/tures, operating expenses, net 
 earnings, and various other matters pertaining to the operation of the 
 respondents' lAnes of railway. — Improvements in condition of properties 
 of all of the lines in question have been very great during the past 
 four years. This is established by several witnesses and is set forth 
 in detail in the printed annual reports of the respondents and in their 
 reports to the Commission, and the economy of these improvements is 
 reflected in the ability of the roads to handle a greater tonnage at a less 
 cost. As a matter of course, during the time these lines are undergo- 
 ing the improvements in roadway and bridges, etc. , there is a necessarily 
 increased cost of operation, arising from various sources. Work- train 
 mileage is increased; consumption of fuel is increased; repairs and 
 maintenance of equipment are increased ; general expenses are increased ; 
 heavier tonnage of company freight is increased; the total cost of labor 
 is greatly increased. And all of these increased expenses occur regard- 
 less of whether the cost of these improvements, betterments, and addi- 
 tions are charged to operating expenses, to capital, or to income account. 
 This can be easily shown from various comparisons in the accounts 
 showing operation in detail, but we consider it so evidently true that 
 we will not take up space to do so. 
 
 The net income from operation and the per cent it bears to the value 
 of the respondents' lines of railway is the most material matter for 
 consideration, yet it was not taken into consideration in increasing the 
 rates. All of the witnesses agree that in all of the discussions relating 
 to the matter of increasing these rates the sole matter which prompted 
 them was that operating expenses were increasing because of increased 
 cost of labor, materials, and supplies, and that the roads needed more 
 money to meet them. Now, this was the position of the roads which 
 were earning the most, as well as those earning the least. The net 
 earnings show more than a fair earning upon the value of the property 
 
86 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 of respondents as a whole, and to each of them in particular. Not, 
 indeed, the net earnings reported in all cases, but the real net earnings, 
 had only real operating expenses and not the cosl of betterments been 
 deducted from the gross earnings. 
 
 In order to show the financial condition, value, and the earnings and 
 expenditures, etc., of the respondents' lines of railway, we insert here 
 a table which is largely self-explanatory. 
 
 Table No. 6. — Comparative table, showing mileage, capitalization, estimated value, earn- 
 ings, and expenses per mile of line of respondents for the years 189S, 1901, 190^, and 
 1903, ending June SO, taken from annual reports to the Interstate Commerce Commis ion, 
 except estimated valuation, which is based on valuation of railroad commission of Texas, 
 and additional improvements shown by the testimony of Mr. Thompson, engineer of Texas 
 commission. 
 
 Name of road. 
 
 Mileage. 
 
 Owned. 
 
 Leased. 
 
 Total 
 mileage 
 operated. 
 
 Capitalization. 
 
 Funded 
 
 debt per 
 
 mile of 
 
 line. 
 
 Capital 
 
 stock per 
 
 mile of 
 
 line. 
 
 Total per 
 
 mile of 
 
 line. 
 
 Missouri, Kansas and Texas Rwy.: 
 
 1892 
 
 1901 
 
 ■ 1902 
 
 1903 
 
 St. Louis and Southwestern Kwy.; 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 St. Louis and San Francisco Rwy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Missouri Pacific Rwy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 St. Louis, Iron Mountain and Southern 
 Rwy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Texas and Pacific Rwy. : 
 
 1892 
 
 1901 
 
 1902; 
 
 1903 1 
 
 International and Great J^orthern R. R.; 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Gulf, Colorado and Santa Fe Rwv.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Chicago, Rock Island and Pacific Rwy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Atchison, Topeka and Santa Fe Rwv.: 
 
 1892 
 
 1901 
 
 1902 ■. 
 
 1903 
 
 o 1,523 
 2,233 
 2,277 
 2,308 
 
 581 
 6 618 
 !>618 
 6 618 
 
 592 
 1,592 
 1,592 
 2,361 
 
 1,060 
 1,061 
 1,110 
 1,134 
 
 1,237 
 1,429 
 1,429 
 1,470 
 
 1,388 
 1,572 
 1,615 
 1,612 
 
 775 
 
 838 
 
 957 
 
 1,051 
 
 1,058 
 1,089 
 1,139 
 1,140 
 
 2,744 
 3,128 
 3,219 
 3,245 
 
 201 
 247 
 278 
 405 
 
 116 
 1,303 
 1,008 
 
 2,154 
 2,319 
 2,366 
 2,354 
 
 533 
 472 
 345 
 345 
 
 111 
 93 
 
 39 
 63 
 
 730 
 
 691 
 
 735 
 
 2,334 
 
 1,670 
 2,480 
 2,555 
 2,713 
 
 581 
 628 
 628 
 628 
 
 1,828 
 1,708 
 2,895 
 3,369 
 
 3,214 
 3,380 
 3,465 
 3,488 
 
 1,770 
 1,901 
 1,774 
 1,815 
 
 1,499 
 1,665 
 1,708 
 1,704 
 
 775 
 
 886 
 
 1,007 
 
 1,105 
 
 1,058 
 1,128 
 1,178 
 1,203 
 
 3,474 
 8,819 
 3,974 
 5,579 
 
 841,073 
 34,172 
 34,540 
 34,343 
 
 48,575 
 
 52,992 
 
 " 37, 324 
 
 40,951 
 27,273 
 37,987 
 33,600 
 
 48,462 
 50,926 
 48,670 
 52,755 
 
 33,253 
 47,832 
 49,426 
 59,801 
 
 39,178 
 36,506 
 35, 391 
 36, 291 
 
 19, 355 
 24,737 
 23,168 
 23,431 
 
 20,000 
 19, 566 
 18,707 
 18,687 
 
 19,546 
 21,330 
 21,969 
 22, 104 
 
 S40,567 
 32, 137 
 31,875 
 31,507 
 
 62,736 
 62, 639 
 62,639 
 59,109 
 
 26,560 
 29,344 
 31,412 
 21,176 
 
 44,746 
 62,768 
 68,846 
 68,600 
 
 20,852 
 18, 063 
 18,063 
 17,542 
 
 27,884 
 24,656 
 24,006 
 24,049 
 
 12,581 
 11, 649 
 10, 197 
 9,281 
 
 4,310 
 
 4,187 
 4,003 
 
 16,822 
 15,986 
 18,636 
 23,069 
 
 4,755 
 
 4,670 
 
 B 4, 668 
 
 63 
 174 
 211 
 
 4,818 
 4,844 
 4,871 
 
 25,684 
 29,248 
 28,818 
 
 30,107 
 29,849 
 29,011 
 
 $81,640 
 66,309 
 66,416 
 65,850 
 
 111, 311 
 115,631 
 99,963 
 
 d 67, 510 
 
 « 66, 617 
 
 69,399 
 
 54,776 
 
 113,684 
 117,516 
 121,356 
 
 54,106 
 66,885 
 67,478 
 77,343 
 
 67,062 
 60,162 
 59,397 
 60,340 
 
 31,936 
 36,386 
 33,366 
 32,712 
 
 24,310 
 23,763 
 2-2, 710 
 22,686 
 
 36,368 
 37, 316 
 40,605 
 46,163 
 
 / 66, 791 
 / 59, 097 
 / 67, 829 
 
 aincludes 64 miles not operated. 
 
 Uncludes 6 miles not operated. 
 
 o Basis includes mileage of St. Louis Southwestern Railway Company of Texas. 
 
 dBasis includes 53 miles of proprietary companies.' 
 
 « Basis includes 112 miles of proprietary companies. 
 
 /The capital stock and funded debt includes issues for the acquisition, by purchase orexchange ot 
 the stocks and bonds of other roads forming part of the system, and the apportionment per nSle is 
 made on that basis. 
 
 » Includes 8 miles not operated. 
 
DUTIES AND POWERS OK INTERSTATE COMMERCE COMMISSION 
 
 87 
 
 Table No. 6. — Comparative table showing mileage, eapUalization, estimated value, earn- 
 ings, and expenses per mile of line of respondents, etc. — Continued. 
 
 Name of road. 
 
 Missouri, Kansas and Texas 
 Ewy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 St. Louis and Southwestern 
 Ewy: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 St. Louis and San Francisco 
 Ewy: 
 
 1901 
 
 1902 
 
 1903 
 
 Missouri Pacific Ewy: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 St. Louis, Iron Mountain and 
 Southern Ewy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Texas and Pacific Ewy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 InternationalandGreatNorth- 
 
 em Ewy.: 
 • 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Gulf, Colorado and Santa Fe 
 Ewy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Chicago, Eock Island and Pa- 
 cific Ewy.: 
 
 1892 
 
 1901 
 
 1902 
 
 1903 
 
 Atchison, Topeka and Santa 
 FeEwy.: 
 
 1901. 
 1902. 
 1903. 
 
 Gross 
 
 earnings 
 
 ^er mile 
 
 of line. 
 
 $5,666 
 6,808 
 6,662 
 6,616 
 
 6,249 
 6,897 
 7,029 
 7,187 
 
 5,310 
 6,968 
 6,791 
 6,681 
 
 4,381 
 5,044 
 5,232 
 6,637 
 
 6,558 
 8,604 
 9,781 
 10,269 
 
 4,744 
 7,099 
 6,733 
 6,622 
 
 4,602 
 5,928 
 5,365 
 5,286 
 
 4,783 
 6,374 
 6,186 
 6,702 
 
 5,497 
 6,912 
 7,292 
 6,601 
 
 7,341 
 7,784 
 7,930 
 
 Oper- 
 ating ex- 
 penses 
 per mile 
 of line. 
 
 4(4,078 
 4,931 
 4,762 
 4,661 
 
 3,756 
 3,953 
 4,451 
 4,423 
 
 3,125 
 3,467 
 4,243 
 4,3'25 
 
 3,191 
 3,392 
 3,693 
 3,846 
 
 4,585 
 4,885 
 5,937 
 6,417 
 
 3,861 
 4,505 
 4,814 
 4,611 
 
 3,851 
 4,306 
 3,994 
 3,997 
 
 4,613 
 4,398 
 4,598 
 5,624 
 
 3,727 
 4,532 
 4,630 
 4,190 
 
 o4,138 
 4,159 
 4,616 
 
 Net 
 earnings 
 per mile 
 of line. 
 
 Per cent 
 of operat- 
 ing ex- 
 penses to 
 
 gross 
 earnings. 
 
 81,578 
 1,877 
 1,800 
 1,965 
 
 1,494 
 2,944 
 2,578 
 2,764 
 
 2,185 
 2,491 
 2,548 
 2,356 
 
 1,190 
 1,652 
 1,639 
 1,792 
 
 1,973 
 3,719 
 3,814 
 3,862 
 
 2,694 
 1,919 
 2,011 
 
 761 
 1,622 
 1,361 
 1,289 
 
 270 
 1,976 
 1,588 
 1,178 
 
 1,770 
 2,380 
 2,762 
 2,411 
 
 3,203 
 3,625 
 3,316 
 
 Esti- 
 mated 
 valuation 
 per mile 
 of line. 
 
 72.10 
 72.43 
 72.67 
 70.44 
 
 71.54 
 57.31 
 63.32 
 61.53 
 
 58.85 
 68.19 
 62.48 
 64.73 
 
 72.83 
 67.26 
 70.58 
 68.21 
 
 69.90 
 66.78 
 60.90 
 62.49 
 
 81.19 
 63.45 
 71.49 
 69.64 
 
 72.64 
 74.58 
 75.62 
 
 94.36 
 69.01 
 74.33 
 82.42 
 
 67.81 
 65.56 
 62.12 
 63,48 
 
 66.36 
 53.43 
 68.19 
 
 Per cent 
 of net 
 income 
 to esti- 
 mated 
 valuation 
 per mile 
 of line. 
 
 $16, 037 
 19, 037 
 19, 037 
 19, 037 
 
 15, 414 
 16, 788 
 17, 329 
 18, 101 
 
 17,844 
 21, 140 
 21, 140 
 21, 140 
 
 17,060 
 18,858 
 19,966 
 21,668 
 
 18, 080 
 23,000 
 23,000 
 23,000 
 
 17,140 
 21, 733 
 22,406 
 22, 828 
 
 9.4 
 10.2 
 
 9.6 
 17.5 
 14.8 
 15.2 
 
 12.2 
 11.7 
 12.0 
 11.1 
 
 $1, 159, 043 
 686, 069 
 757, 727 
 
 5.2 
 13.7 
 9.6 
 9.2 
 
 4.1 
 
 7.0 
 5.9 
 6.6 
 
 1.6 
 9.0 
 7.0 
 5.1 
 
 Perma- 
 nent im- 
 prove- 
 ments 
 charged 
 to opera- 
 tion, as 
 reported 
 to Com- 
 mission. 
 
 256,786 
 198, 184 
 99,869 
 
 194,526 
 
 116 
 
 379,525 
 160,064 
 77, 807 
 
 302, 080 
 
 aBased on a total including a special betterment fund of 8900,000 
 
88 DDTIES AND POWERS OF INTERSTATE COMMERCE COMMIS8IOJN. 
 
 Table No. 6.— Comparative table showing mileage, capitalization, estimated value, earn- 
 ings, and expenses per mile of line of respondents, etc. — Continued. 
 
 Name of road. 
 
 Perma- 
 nent im- 
 prove- 
 ments 
 charged 
 
 to in- 
 come, as 
 reported 
 to Com- 
 mission. 
 
 Mainte- 
 nance of 
 way and 
 
 struc- 
 tures per 
 
 mile of 
 line. 
 
 Mainte- 
 nance of 
 
 equip- 
 mentper 
 
 mile of 
 line. 
 
 Total per 
 
 mile of 
 
 line. 
 
 Conduct- 
 ing trans- 
 portation 
 per mile 
 of line. 
 
 General 
 
 expenses 
 per mile 
 of line. 
 
 Missouri, Kansas, and Texas Rwy.: 
 
 1892 
 
 
 8978 
 1,243 
 1,058 
 1,069 
 
 1,021 
 685 
 980 
 
 1,007 
 
 562 
 771 
 938 
 922 
 
 756 
 863 
 905 
 876 
 
 1,127 
 
 834 
 
 1,201 
 
 1,247 
 
 965 
 
 1,004 
 
 . 1,116 
 
 948 
 
 1,258 
 
 1,175 
 
 1,041 
 
 967 
 
 833 
 1,031 
 
 964 
 1,606 
 
 861 
 1,278 
 1,185 
 
 923 
 
 $391 
 601 
 699 
 635 
 
 500 
 579 
 742 
 702 
 
 529 
 561 
 690 
 716 
 
 547 
 622 
 700 
 720 
 
 766 
 
 826 
 
 911 
 
 1,032 
 
 610 
 758 
 897 
 880 
 
 559 
 634 
 605 
 670 
 
 695 
 
 750 
 
 870 
 
 1,163 
 
 559 
 806 
 680 
 626 
 
 81,369 
 1,844 
 1,667 
 1,704 
 
 1,621 
 1,264 
 1,722 
 1,709 
 
 1,091 
 1,332 
 
 1,628 
 1,637 
 
 1,303 
 1,485 
 1,605 
 1,596 
 
 1,893 
 1,660 
 2,112 
 2,279 
 
 1,475 
 1,762 
 2,013 
 1,828 
 
 1,817 
 1,809 
 1,646 
 1,637 
 
 1,528 
 1,781 
 1,834 
 2,668 
 
 1,420 
 2,081 
 1,865 
 1,549 
 
 82,122 
 2,767 
 2,794 
 2,668 
 
 • 1,716 
 2,262 
 2,367 
 2,228 
 
 1,578 
 1,958 
 2,421 
 2,471 
 
 1,662 
 1,793 
 1,980 
 2,134 
 
 2,373 
 3,050 
 3,615 
 3,902 
 
 2,093 
 2,553 
 2,595 
 2,580 
 
 1,793 
 2,313 
 2,153 
 2,175 
 
 2,686 
 2,397 
 2,559 
 2,631 
 
 1,886 
 z,282 
 2,497 
 2,469 
 
 8587 
 
 1901 . 
 
 
 320 
 
 1902 
 
 
 311 
 
 1903 
 
 
 299 
 
 St. Louis and Southwestern Rwy.: 
 1892 
 
 
 518 
 
 1901 
 
 8230,134 
 188.199 
 539,276 
 
 437 
 
 1902 
 
 362 
 
 1903 
 
 486 
 
 St. Louis and San Francisco Rwy.: 
 1892 
 
 456 
 
 1901 
 
 180,567 
 
 177 
 
 1902 
 
 194 
 
 
 
 217 
 
 Missouri Pacific Rwy.: 
 
 1892 
 
 
 226 
 
 1901 . . 
 
 
 114 
 
 1902 
 
 828,390 
 1,467,097 
 
 108 
 
 1903 . 
 
 115 
 
 St. Louis, Iron Mountain and Soutliern 
 Rwy.: 
 1892 
 
 319 
 
 
 
 175 
 
 1902 
 
 780,267 
 1,140,426 
 
 310,074 
 
 533,460 
 
 1,494,573 
 
 2,877,797 
 
 210 
 
 
 236 
 
 
 283 
 
 1901 
 
 190 
 
 Id02 
 
 206 
 
 1903 
 
 203 
 
 International and Great Northern Rwy.: 
 
 241 
 
 1901 ... 
 
 149,061 
 
 184 
 
 1902 
 
 196 
 
 
 11,433 
 
 186 
 
 
 299 
 
 1901 
 
 
 220 
 
 1902 
 
 
 205 
 
 1903 
 
 
 225 
 
 Chicago, Rock Island and Pacific Rwy.: 
 1892 
 
 
 422 
 
 1901 
 
 
 169 
 
 1902 
 
 
 168 
 
 
 
 182 
 
 Atchison, Topeka and Santa Fe Rwy.: 
 
 
 
 1901 
 
 
 793 
 
 729 
 
 1,127 
 
 796 
 981 
 986 
 
 1,589 
 1,710 
 2,112 
 
 2,198 
 2,268 
 2,320 
 
 164 
 
 1902 
 
 
 181 
 
 1903 
 
 
 183 
 
 
 
 
 From this table it appears that net earnings have been increasing for 
 twelve years; that, based upon the value of respondents' lines of rail- 
 way, so far as ascertainable, they have earned a fair per cent on the 
 cost of the propertj'^ at all times, and a large per cent in recent years; 
 and it is clear that even if 50 per cent be added to the valuation, to 
 cover so-called intangible value, still the per cent of net earnings to 
 the value is greater than the per cent which can be obtained from other 
 property offering safe investment. 
 
 Tbere are two systems of railways leading out from St. Louis which 
 serve the most important commercial points in Texas, viz, the St. 
 Louis, Iron Mountain and Southern in connection with the Texas and 
 Pacific Railway and International and Great Northern Railway, which 
 
DUTIES AND POWEKS OF INTEESTATE COMMERCE COMMISSION. 89 
 
 through Texarkana gateway reaches to the West via two parallel lines 
 through northern Texas, and via the International and Great Northern 
 lines from Longview to the Gulf, and to the Southwest via Austin and 
 San Antonio to Laredo, on the Rio Grande^ and the Missouri, Kansas 
 and Texas System, which through the Denison gateway reaches by its 
 lines via Greenville to Shreveport, La., and, by north and south lines, 
 the large commercial points in northern Texas, central Texas, and 
 southern and southwestern Texas, including Gulf ports. 
 
 With a very few exceptions all commercial centers in Texas common- 
 point territory are served directly by one or the other of these lines, 
 and the most important points are reached by both systems. What- 
 ever one of the systems sees fit to do with respect to the rates or serv- 
 ice, the other must do or go out of the business. So, likewise, whatever 
 either of them does all other lines must do. Furthermore, if a given 
 rate is reasonable and enforceable on one of the systems, all other 
 railways participating in the traffic out of St. Louis must conform to 
 that rate or go out of the business. Each of these systems of railway 
 has been serving the same territory substantially for many years, with 
 slight additional mileage used in the Texas traffic. We therefore 
 consider the evidence more particularly as applied to these lines. 
 
 The other lines reaching Texas from St. Louis which carry any 
 volume of this traffic worth speaking of are the St. Louis and San 
 Frajicisco Railway Company, entering Texas via Paris and Denison 
 gateways, and the St. Louis and Southwestern Railway through Tex- 
 arkana. As to the former there have been so many changes by new 
 mileage, arising from acquisition of constructed line, both old and 
 new, and by building connecting lines, etc. , that it seems very difficult 
 at this time to show by comparison or otherwise what rates it may be 
 entitled to make. Previous to three years ago it had but 16 miles of 
 road in Texas, and that was the terminus of its road from Red River 
 to Paris. 
 
 The St.- Louis Southwestern of Texas is owned by the St. Louis 
 Southwestern through the ownership of its stock, etc. The Missouri 
 Pacific does not engage in the traffic except the Iron Mountain, hence 
 but little need be said as to it except what is said as to the Iron Moun- 
 tain. The Santa Fe and Rock Island can only haul the traffic via a 
 long route, except sufch as they receive from the above systems at 
 junction points. 
 
 Before proceeding to a review of the evidence relating to each of the 
 roads we call attention to Table No. 7, which we here insert, and which 
 is intended to show the comparative economies introduced into the 
 business of handling freight. 
 
90 DUTIES AND POWEES OF INTERSTATE COMMEBOE COMMISSION. 
 
 Table No. 7. — i 
 for the years 
 responderds. 
 
 y volume and density of traffic, economies in car and train hading 
 June SO, ISas, 1896, 1900, 1901, 190S, and 190S, for all of tne 
 
 Name of road. 
 
 Number 
 tons car- 
 ried 1 
 mile per 
 mile of 
 road. 
 
 Number 
 
 tonsj>er 
 
 tram 
 
 mile. 
 
 Number 
 
 tons per 
 
 loaded 
 
 car mile. 
 
 Average 
 
 distance 
 
 haul of 
 
 Iton. 
 
 Per cent 
 of empty 
 to total 
 car mile- 
 age. 
 
 Passen- 
 ger oar 
 mileage 
 per mile 
 of line.o 
 
 Passen- 
 ger train 
 mileage 
 per mile 
 of line. 
 
 Missouri, Kansas and Texas 
 Rwy.: 
 1892 
 
 Tons. 
 391,059 
 394, 424 
 530, 604 
 576, 023 
 558,684 
 531,477 
 
 365,174 
 392,244 
 514, 930 
 534,443 
 578,298 
 584,009 
 
 292, 766 
 264,560 
 372, 064 
 401,394 
 516,173 
 476,956 
 
 316,688 
 253,527 
 871,713 
 416,412 
 414,669 
 472,916 
 
 464,465 
 489,160 
 786,105 
 842,373 
 970,693 
 1,096,792 
 
 268,358 
 287,660 
 407,274 
 518,400 
 466, 596 
 482,223 
 
 235,148 
 207,366 
 320, 768 
 358,923 
 330,807 
 334,826 
 
 266,583 
 260,052 
 405,366 
 413,666 
 465,283 
 697,721 
 
 Tons. 
 
 126.78 
 
 149.00 
 
 197.11 
 
 212.20 
 
 206.38 
 
 211.21 
 
 89.37 
 196.47 
 267.61 
 278.61 
 314.72 
 347.36 
 
 61.21 
 132. 39 
 164.06 
 186.77 
 190. 4« 
 198.09 
 
 169.10 
 153.36 
 189. 72 
 220.69 
 216.09 
 251.08 
 
 172.20 
 196.86 
 250. 48 
 288.02 
 319.50 
 373.97 
 
 131.03 
 169.20 
 175.04 
 191.26 
 191. 18 
 201.27 
 
 116.76 
 118. 30 
 165.23 
 194.82 
 196.38 
 203.37 
 
 95.84 
 100.86 
 201.19 
 216.63 
 218. 20 
 257.20 
 
 Tons. 
 10.17 
 11.00 
 13.06 
 13.16 
 14.28 
 14.45 
 
 6.41 
 11.54 
 14.39 
 14.61 
 15.84 
 16.30 
 
 3.65 
 9.49 
 12.59 
 13.61 
 14.63 
 15.06 
 
 11. 60 
 10.79 
 13.04 
 14.74 
 14.47 
 16.79 
 
 10.80 
 11.25 
 13.99 
 14.71 
 15.61 
 16.55 
 
 9.17 
 10.66 
 12.86 
 13.60 
 13.63 
 14.20 
 
 9.46 
 9.61 
 n.60 
 12.39 
 18.04 
 13.73 
 
 8.31 
 9.69 
 13.24 
 12.53 
 13.46 
 14.95 
 
 Mfes. 
 274.39 
 289.38 
 298. 93 
 267. 08 
 278.64 
 269.85 
 
 198. 79 
 206.18 
 194.88 
 191. 93 
 192.64 
 195.89 
 
 188.77 
 173.61 
 182.05 
 195.83 
 193.66 
 189.92 
 
 190.10 
 173.31 
 179.16 
 186.69 
 180.43 
 179.70 
 
 230.06 
 238.48 
 239.12 
 239.99 
 244.96 
 267.75 
 
 250.60 
 227.74 
 224. 23 
 238.06 
 211.89 
 196.30 
 
 199.97 
 174.73 
 196.65 
 190.13 
 194.47 
 184.31 
 
 173.56 
 182.68 
 242.72 
 239.07 
 257. 2» 
 280.82 
 
 Per cent. 
 34.50 
 35.36 
 31.52 
 31.06 
 37.84 
 35.90 
 
 24.41 
 23.87 
 24.58 
 25.47 
 23.66 
 24.88 
 
 28.46 
 32.03 
 36.48 
 32.88 
 34.66 
 33.06 
 
 25.83 
 28.45 
 25.07 
 26.44 
 24.05 
 24.76 
 
 23.01 
 26.81 
 2L69 
 21.11 
 21.37 
 20.74 
 
 27.65 
 
 27.89 
 
 34.94 
 
 34.47- 
 
 36.26 
 
 32.64 
 
 33.88 
 33.96 
 32.30 
 80.41 
 30.88 
 32.36 
 
 31.05 
 33.54 
 27.96 
 80.61 
 34.35 
 31.61 
 
 Miles. 
 
 MUes. 
 1,258 
 
 1896 
 
 
 1,440 
 
 1900 
 
 7,297 
 7,469 
 7,816 
 7,973 
 
 
 
 1,516 
 
 1901 
 
 1,516 
 
 1902 
 
 1,523 
 
 1903 
 
 1,518 
 
 St. Louis and Southwestern 
 Ewy.: 
 1892 
 
 1,004 
 
 1896 
 
 
 1,129 
 
 1900 
 
 5,628 
 6,791 
 6,958 
 6,998 
 
 1,142 
 
 1901 
 
 1,270 
 
 1902 
 
 1,297 
 
 1903 
 
 1,337 
 
 St. Louis and San Francisco 
 K.E.: 
 1892 
 
 1,251 
 
 1896 
 
 """8,' 405' 
 8,120 
 8,300 
 8,261 
 
 1,455 
 
 1900 
 
 1,657 
 
 1901.. ..-. 
 
 1,614 
 
 1902 
 
 1,650 
 
 1903 
 
 1,620 
 
 1892 
 
 1,148 
 
 1896 
 
 
 1,113 
 
 1900 
 
 6,741 
 6,808 
 6,466 
 6,807 
 
 1,161 
 
 1901 
 
 1,191 
 1,319 
 
 1902 
 
 1903 
 
 1,378 
 
 St. Louis, Iron Mountain and 
 1892 
 
 1,423 
 1,671 
 1,587 
 
 
 
 1900 
 
 9,725 
 9,973 
 10,783 
 10i922 
 
 1901 
 
 1,668 
 1,823 
 1,794 
 
 1,249 
 
 1902 . 
 
 1903 
 
 Texas and Pacific Ewy.: 
 
 1892 
 
 1896 
 
 
 1,339 
 1,374 
 1,436 
 
 1,427 
 1,434 
 
 1,251 
 1,229 
 1 311 
 
 
 7,089 
 7,397 
 7,364 
 7,524 
 
 1901 
 
 1902 
 
 1903 
 
 ern E. E.: - 
 1892 
 
 1896 
 
 
 1900 
 
 7,036 
 7,003 
 7,136 
 7,260 
 
 1901 
 
 l',477 
 1,474 
 1,415 
 
 963 
 
 1902 . 
 
 1903 
 
 Gulf, Colorado and Santa Fe 
 Ewy.: 
 1892 ;.... 
 
 1896 
 
 
 1,312 
 1,239 
 1,236 
 1,254 
 1,263 
 
 1900 
 
 5,907 
 6,476 
 6,768 
 6,798 
 
 1901 
 
 
 1903 
 
 FeRwy.: 
 1892 
 
 1896 
 
 , 311,197 
 606,099 
 656,076 
 685,683 
 615,827 
 
 126,00 
 216.78 
 237.72 
 243.46 
 261.78 
 
 io.oo 
 
 12.84 
 13.01 
 13.81 
 14.03 
 
 264.86 
 301.72 
 299.45 
 309.23 
 300.54 
 
 28.99 
 27.87 
 28.68 
 30.26 
 28.88 
 
 
 1,283 
 1,330 
 1,438 
 1,529 
 1,544 
 
 1900 
 
 7,963 
 8,772 
 9,729 
 10,021 
 
 1901 
 
 1902 
 
 1903 
 
 Cliicago, Rool£ Island and 
 Texas Ewy.: 
 1892 !> 
 
 1896 
 
 169,131 
 398,567 
 
 118.08 
 164.66 
 
 9.26 
 14.23 
 
 72.63 
 84.27 
 
 38.36 
 29.24 
 
 
 
 1900 
 
 5,165 
 
 l!l52 
 
 a Passenger-car mileage not reported in 3892 and 1896. 
 
 6 No report 
 
DUTIES AND POWERS OF INTERSTATE OOMMEEOE COMMISSION. 91 
 
 Table No. 7. — Shov/ing volume and density of traffic, eJc. ^Continued. 
 
 Name of road. 
 
 Number 
 tons car- 
 ried 1 
 mile per 
 mile of 
 road. 
 
 Number 
 
 tons per 
 
 train 
 
 mile. 
 
 Number 
 
 tons per 
 
 loaded 
 
 car mile. 
 
 Average 
 
 distance 
 
 haul of 
 
 Iton. 
 
 Per cent 
 of empty 
 to total 
 car mile- 
 age. 
 
 Passen- 
 ger car 
 mileage 
 per mile 
 of line. 
 
 Passen- 
 ger train 
 
 mileage 
 per mile 
 
 of line. 
 
 Chicago, Rock Island and 
 Texas Ewy.— Continued. 
 1901 -. 
 
 Tons. 
 512,951 
 562,231 
 690,598 
 
 341,933 
 310,804 
 455,587 
 484,437 
 468,773 
 445,905 
 
 Tms. 
 171.74 
 162. 21 
 162.06 
 
 120.15 
 136.89. 
 181.84 
 186.04 
 184.06 
 187.79 
 
 Tons. 
 16.17 
 15.08 
 17.05 
 
 9.18 
 10.23 
 11.99 
 . 12. 12 
 11.93 
 12.91 
 
 Miles. 
 82.80 
 83.36 
 87.37 
 
 197.00 
 196. 99 
 216.02 
 232.00 
 220.67 
 231. 44 
 
 Per cent. 
 28.07 
 28.69 
 36.89 
 
 24.22 
 25.64 
 25.58 
 26.21 
 29.60 
 32.19 
 
 Miles. 
 6,001 
 7,135 
 6,069 
 
 Miles. 
 1,190 
 
 1902. . . 
 
 1,242 
 
 1903 
 
 1,003 
 
 Chicago, Rock Island and Pa- 
 cific Ewy.: 
 1892 
 
 1,867 
 
 1896 
 
 
 1,597 
 
 1900 
 
 9,045 
 9,640 
 10,000 
 9,469 
 
 1,723 
 
 1901 
 
 1,844 
 
 1902 
 
 1,961 
 
 1903 
 
 1,917 
 
 
 
 St. Louis, Iran Mountdvn cmd Southern. — This road is shown to 
 have earned, net, per mile of line for the year ending June 30, 1902, 
 f3,814, and for the following year $3,852; and it is also shown that 
 there were for a few years just previous substantial increases in the 
 net earnings of each year above the preceding one. The gross earn- 
 ings per mile of line were for year ending June 30, 1901, $8,604; 
 for 1902, $9,751, and for 1903, $10,269. The operating expenses 
 increased from $4,885 per mile for the year ending June 30, 1901, to 
 $5,937 for 1902, and $6,417 for 1903. 
 
 This increase in operating expenses can not reasonably be accounted 
 for in the increased business of the road, considering the economies 
 which were introduced in handling that business. The total tonnage 
 for the year ending June 30, 1901, was 6,448,762 tons; for 1902 it 
 was 7,029,066 tons, and for 1903 it was 7,725,270 tons. No permanent 
 improvements, appear to have been charged to operating expenses 
 during the years 1901 to 1903 in the report to the Commission, but it 
 is quite certain that these extraordinary expenditures during the last 
 two years mentioned were in part for permanent improvements and 
 betterments. 
 
 We may state here a proposition which it is well to bear in mind in 
 considering operating expense accounts as reflecting the making of 
 improvements, additions, and betterments, and that is that the item of 
 maintenance of way and structures and the item of maintenance of 
 equipment must ordinarily embrace whatever was expended in the way 
 of betterments, additions, and permanent improvements charged to 
 operation, and that the items of conducting transportation and of gen- 
 eral expenses will not contain such betterments and additions. 
 
 It may be also observed that the item of conducting transportation 
 nearly always reaches 50 per cent or more of the total operating 
 expenses, and the twenty-six subdivisions of conducting transportation 
 contain a detail of items which would fluctuate most by a change in 
 the prices of fuel, labor, and small articles of supplies and materials. 
 And, furthermore, if prices of supplies, labor, and material remain the 
 same, the item of conducting transportation, when considered in con- 
 nection with the volume of business, acts as a barometer in indicating 
 the effect of the economies used in handling that business. For exam- 
 ple, there is not any very good reason to suppose that the cost of main- 
 tenance of way and structures would be substantially any greater for 
 
92 DUTIES AND POWERS OF INTEE8TATE OOMMEECE COMMISSION. 
 
 the handling of the tonnage above stated. of 1901 compared with tiie 
 tonnage of 1902^ or of the tonnage of 190^ compared with that of 19UA 
 
 There might be some slight dijfferencs; in the nature of thmgs it must 
 be very slight. Therefore the increase in the item of mamtenance o± 
 way and structures per mile of line from $834 in 1901 to $1,201 in 
 1802 and $1,247 in 1903 can not be accounted for on the basis ot the 
 increased business being carried over the road, and we must }?ok to 
 some other source for the real reason. To a somewhat more Imaited 
 extent the same may be said of the increase in the item of mainte- 
 nance of equipment from $826 per mile for the year ending June 30, 
 1901, to $1,032 per mile for the following year. We think the 
 increases must have been due to the making of permanent improve- 
 ments, betterments, and additions. On page 8 of the printed report 
 for 1901 of the Missouri Pacific system it is stated: 
 
 The policy of making liberal expenditures, with a view of reducing cost of trans- 
 portation and meeting the necessities of an increased volume of traffic, has been 
 continued during the year. 
 
 Again, on page 9: 
 
 Independent of appropriations of income for improvements heretofore specified, 
 the expenditures for maintenance of the road and equipment were .upon a liberal 
 scale. The amount charged to maintenance of way amounted to $905 per mile. 
 
 Also on page 9 it is stated: 
 
 The result of the foregoing expenditures will be to reduce tiie cost of transporta- 
 tion. Some benefit has already been received, but full measure of resultant economy 
 should be found in the reports of subsequent years. 
 
 By reference to the printed report for the calendar year 1902, the 
 following appears (p. 93) : 
 
 1902. 
 
 1901. 
 
 Per cent 
 increase. 
 
 Tons of revenue freight 
 
 Tons of revenue freight carried 1 mile 
 
 Tons per mile of road 
 
 Tons m each train 
 
 Tons per loaded car . .'. 
 
 Earnings from revenue freight 
 
 Earnings per mile of road 
 
 Earnings per freight-train mile 
 
 Earnings per freight-car mile 
 
 Earnings per ton revenue freight 
 
 Earnings per ton revenue freight per mile. 
 
 7,298,843 
 
 1,797,731,811 
 
 4,114 
 
 361.7 
 
 16 
 
 $13,650,349 
 
 7,929 
 
 2.75 
 
 .09.971 
 
 1.87.021 
 
 .00.759 
 
 6,948,006 
 
 1,732,010,131 
 
 3,917 
 
 307.2 
 
 15.4 
 
 $13,104,756 
 
 7,605 
 
 2.39 
 
 .09.481 
 
 1.88.612 
 
 .00.757 
 
 5 
 
 14.5 
 3.6 
 4,2 
 4.3 
 
 15 
 
 0.4 
 
 On page 97 it appears: 
 
 Per cent. 
 Number of trains run decreased 4. 3 
 
 Number of miles run by trains decreased 9. 3 
 
 Number of loaded cars in each train increased 10. 5 
 
 Number of miles run by cars in each, train (average), loaded, increased 4.7 
 
 Per cent of loaded car mileage to total car mileage, increased 8 
 
 From the data furnished by Commission's office offered in evidence 
 it appears that from 1897 to 1903, years ending June 30, the freight 
 tonnage of this road increased about 100 per cent, number of tons 
 hauled in train increased from 210 to 373, and the gross revenue per 
 train mile increased from f 1.44.776 to $2.17.241. ■ 
 
 It also appears from the same data that the company, after paying 
 interest on its funded debt of $49,425 per mile of line in 1902 at the 
 average rate of 4.62 per cent and a 6 per cent dividend on the capital 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 93 
 
 stock of the company of fl8,053 per mile, and in addition thereto all 
 fixed charges, and after paying for permanent improvements charged 
 to income account of $780,267, had a net surplus from the year's opera- 
 tions and income of $1,855,947. This is of course upon the basis that 
 the operating expenses charged were all incurred for real operating 
 expenses. 
 
 Upon this basis it needs no argument to prove that this company 
 was not justified in increasing the rates of freight. The foregoing 
 facts, however, showing the economies in handling the trafiic and the 
 increase in its volume satisfies us that there must have been embraced 
 in the items of maintenance of waj' and structures and maintenance of 
 equipment large additions and betterments to the company's proper- 
 ties, adding to their value and in that way paying dividends to its 
 stockholders in addition to the dividends mentioned. 
 
 The printed annual report of the calendar year 1901 shows that the 
 company freight hauled by this road amounted to about 8 per cent of 
 the total frei^t tonnage moved (see p. 93, printed report), and for the 
 year 1902 it amounted to about the same proportion (see printed report 
 for that year, p. 93). The extensive improvements and betterments 
 of this line of I'oad, amounting almost to reconstruction during the few 
 years last past, probably accounts for such a large percentage of com- 
 pany freight, and it would necessarily result that the proportion of 
 operating expenses would be thereby increased. 
 
 All of these facts tend to prove that such increases as there were in 
 cost of labor and of some supplies and materials were more than offset 
 by the economies shown in handling the traffic, and sufiiciently indeed 
 to cover this large volume of company freight, all of which is ulti- 
 mately reflected in the increased net earnings as above shown. 
 
 No justification, therefore, is shown on the part of this road for 
 having increased the rates of freight under investigation. 
 
 Texas and Pacific Rail/way. — Explanatory of the conditions existing 
 at the time the advances were made in these rates, we quote from 
 the printed annual report for the calendar year 1902, page 13, as 
 follows: 
 
 The result of the business of the Hue for the year ending December 31, 1902, com- 
 pared with the previous year shows a decrease in gross earnings of $533,340.76, or 
 4.53 per cent, and a decrease in the net of 1251,180.47, or 6.72 per cent. 
 
 This decrease in earnings is due to exceptionally poor crops in Texas during 1902, 
 succeeding a previous year of very limited production of cereals. These conditions, 
 coupled with unusually heavy floods during the closing months of the year, seriously 
 interrupting the movement of trains, retarded general traffic and affected earnings 
 to a corresponding extent. 
 
 The outlook for 1903, however, in the opinion of those qualified to judge, is exceed- 
 ingly bright. More careful tillage, increased acreage under cultivation, growth of 
 immigration into the State, accompanied by the general prosperity prevailing through- 
 out the country, will undoubtedly produce more satisfactory results. 
 
 Other explanatory statements along the same line as contained in 
 the report are deenled unnecessary to quote. 
 
 The condition of the properties of the company for performing 
 service at a less expense is shown by a statement which we quote from 
 page 16, as follows: 
 
 The physical condition of the property was also greatly improved during the year 
 by a liberal expenditure for heavy steel rails and ballast to meet the requirements of 
 its increasing business, particularly on the New Orleans division. With these 
 improved conditions the company will be enabled to handle with greater facility a 
 much larger volume of traffic at a reduced cost. 
 
94 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 
 On page 13 of the annual report for 1903 the following appears: 
 
 It is gratifying to state that the earnings of the property the past year, both gross 
 and net, exceeded anticipation and have proved greater than for any previous period. 
 
 The increase in net earnings over the previous year is stated at 
 1324,327.01, or 9.30 per cent. 
 
 The total freight tonnage of this system a little more than doubled 
 from the year 1897 to 1903, as shown by the reports ending June 30 
 for each of those years. 
 
 As shown in the tables submitted in connection with this brief, both 
 gross and net earnings materially increased. The expenditures for the 
 maintenance of way and structures are shown to have been on a very 
 liberal scale from 1898 on to and including 1903, if we are to take as a 
 basis of a liberal expenditure for that item what is said in the annual 
 report of the Missouri Pacific system, as referred to wherein that sys- 
 tem considers |905 per mile for maintenance of way and structures as 
 being upon a liberal scale. 
 
 The Texas and Pacific expended for maintenance of way and struc- 
 tures for the year ending June 30, 1901, |1,004; for 1902, |1,116, and 
 for 1903, $948 per mile of line. The same may be said with respect 
 to expenditures for 1901, 1902, and 1903 for the maintenance of equip- 
 ment. The item of conducting transportation per mile of line remained 
 substantially the same for the three years just mentioned, and so as 
 to general expenses. Doubtless the extensive improvements which 
 the evidence in this case shows were being made upon the line of this 
 road and its equipment render it capable of introducing extensive econ- 
 omies into the manner of handling traffic, which, with the prospec- 
 tive increase in the volume of traffic, must be more fully reflected in 
 subsequent years, though it does not appear from the reports of this 
 company that for the three years last past such material economies 
 have been introduced into the handling of traffic as have been by some 
 other roads, but it does appear from the data furnished by the Com- 
 mission's office and introduced in evidence that the average tons of 
 revenue freight per train mile in 1893 were 143 as against 201 for the 
 year 1903. 
 
 The average carload, as shown by calendar years (comparison on 
 page 15 of the printed annual report for 1902), shows that in 1894 the 
 average number of tons per carload was 10.17, and for 1903, 13.40, and 
 including company freight 15.39. It is also shown on page 15 of the 
 printed report for 1902 that the expenses per ton for transportation in 
 1893 were $2.18, and in 1902, $1.50, and on page 16 of the same report 
 it appears that for the calendar year 1893 the net earnings per mile 
 were $1,411, and for 1902, $2,053, and on page 16 of the printed report 
 for 1903 it was $2,205.35. 
 
 It is shown on page 6 of the printed report for 1903 that, based 
 upon the mileage owned, the total bonded debt is |31,225.36 per mile, 
 and the stock issued $21,217.19 per mile. It is there shown that the 
 funded debt consists of $25,000,000 of first-mortgage bonds, $25,000,000 
 of second-mortgage bonds, and $4,176,000 of Louisiana Division branch 
 line bonds. The second-mortgage bonds outstanding are held by the 
 St. Louis, Iron Mountain and Southern Railway, and the interest upon 
 those is not obligatory unless earned. The total interest charges on 
 this total bonded debt is $1,482.65 per mile, of which $798.47 is obli- 
 gatory, and $684.18 is conditional. These bonds bear 5 per cent 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 95 
 
 interest. For the years 1901, 1902, and 1903 it appears that this inter- 
 est was paid. At all events, after deducting from the total income for 
 the year ending June 30, 1901, the interest accrued, and permanent 
 improvements charged to income account of $533,450, and all fixed 
 charges, there was a surplus from operation of $1,217,168, which, 
 based upon the mileage owned, would be $774 per mile of line then 
 owned. 
 
 For the year 1902 the report of this company to the Commission 
 shows a deficit of $893,880, but when it is considered that in addition 
 to the deduction from net earnings of the interest accrued on the funded 
 debt there was deducted $1,494,573, which was expended for perma- 
 nent improvements, instead of there being a real deficit there was a 
 surplus used for permanent improvements of $600,697, equivalent 
 to $372 per mile of line owned. In the year ending June 30, 1903, 
 there was deducted from the net earnings interest on the funded debt 
 accrued and an amount expended for permanent improvements of 
 $2,877,797, besides fixed charges, which resulted in an apparent deficit 
 of $2,146,192, which if deducted from the amount expended for perma- 
 nent improvements would leave a real surplus of $731,606, equivalent 
 to $454 per mile of line owned. 
 
 As shown in table No. 6, ante, the percentage of earnings to the valu- 
 ation of this property shows that it earned, in 1892, 5.2 per cent; in 
 1901, 13. 7 per cent; in 1902, 9.6 per cent, and in 1903, 9. 2 per cent. The 
 5 per cent on $31,225.36 per mile of line owned, being the amount of 
 the bonded debt, furnishes fair income upon the property — indeed, it 
 is very much more than 5 per cent on the actual value of the property, 
 as shown by the evidence m this case. 
 
 Considering the very extensive improvements which have been made 
 upon that line of road, the cost of maintenance for the future certainly 
 ought to be considerably less than it has been for the past four years. 
 The average expenses of maintenance of way and structures per mile 
 of line for the years previous to 1901 were very much less than they 
 have been since that time. The remarks made in connection with the 
 Iron Mountain upon this subject may be referred to without repeating 
 them at this place. 
 
 The gross earnings of this road per mile of line have been quite large 
 considering the geographical location of it, from the fact that the Rio 
 Grande division, from Fort Worth to El Paso, for the most part runs 
 through a very sparsely settled country having a light local traffic. 
 The gross earnings of the Atchison, Topeka and Santa Fe Railway 
 proper for the year 1900 were $6,532 per mile, a little less than the 
 gross earnings for the Texas and Pacific for each of the three years 
 ending June 30, 1901, 1902, and 1903, while expenditures for mainte- 
 nance of way and structures on the Atchison, Topeka and Santa Fe 
 amounted to $844 per mile, which was about the average of that road 
 for ten years, from 1893 to 1902, inclusive. 
 
 The percentage of operating expenses for that company, for that 
 year, to the gross earnings was 57.86 per cent, while on the Texas and 
 Pacific the percentage for the same year was 70.92 per cent, and for 
 years ending June 30, 1901, 63.45 per cent; 1902, 71.49 per cent; 1903, 
 69.64 per cent. For the calendar year 1903 it was 68.61 per cent. 
 (See printed report, p. 16.) The cost of maintenance of equipment on 
 the average for four years, from 1900 to 1903, inclusive, on the Atchi- 
 
96 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 son, Topeka and Santa Fe, per mile of line, was $831, arid on theTexas 
 and Pacific, $796, a difference of $37 per mile on the average for the 
 four years. 
 
 Of course there are many different conditions on the two systems 
 of road, but this same comparison and same showing can be made 
 with respect to others of the defendants in this case; for example, the 
 Chicago, Rock Island and Pacific. The cost of maintenance of equip- 
 ment on the average for four years, from 1900 to 1903, inclusive, on 
 the Chicago, Rock Island and Pacific was $701 per mile of line. As 
 another basis of comparison take the Iron Mountain and Southern, on 
 which the cost of maintenance of equipment per mile of line was $841, 
 which represented a freight tonnage of more than twice as much as the 
 Texas and Pacific. So that, when we consider the fact that wages and 
 the cost of supplies and materials entering into the item of mainte- 
 nance of equipment can not be materially different on these different 
 lines, it argues strongly that the Texas and Pacific Railway Company, 
 in that item of operating expenses has embraced large amounts for 
 permanent improvements and additions to its equipment which are not 
 shown in its accounts at all, else there has been an era of extravagance, 
 and in either case the public should not suffer by increased rates of 
 freight. 
 
 The International and Great Northern Railway. — This road makes 
 a poor showing in the amount of net earnings reported, as is shown in 
 Table No. 6, ante. An examination of the gross earnings, however, 
 tends to show a fairly good condition for a western road. The gross 
 earnings for 1900 were $5,067 per mile; 1901, $5,928; 1902, $5,355, 
 and 1903, $6,286. Notwithstanding the fact that it is claimed for this 
 road that it needs more net earnings than it has been making, some of 
 the items of operating expenses per mile of line are on as liberal a 
 scale as the same items on roads which are making a great deal more 
 net money per mile of line and handling a much larger tonnage. For 
 example, the expenditures per mile of line for maintenance of way 
 and structures, as charged in the operating expense account for the 
 year 1901 were $1,175 per mile; for 1902, $1,041 per mile, and for 
 1903, $967 per mile; while the average from 1893 to 1900, inclusive, 
 amounted to about $800 per mile. The increased amount, therefore, 
 must have been expended for betterments and improvements. The 
 evidence very clearly shows this. 
 
 Mr. Thompson testified that while this road was valued by the Texas 
 commission at $18,080 per mile in 1895, extensive improvements had 
 been made of both the road and equipment, so thatne considered it 
 worth about $23,000 per mile in 1903. Since no improvements are 
 reported, either those charged to operating expenses or to income 
 account, or as being paid for in any other manner, it must be conceded 
 that if Mr. Thompson's evidence is correct this company, in addition 
 to its net earnings reported, has in fact received its dividends by the 
 improvement and reconstruction of its property and in supplying the 
 equipment necessary to perform its service. 
 
 The auditor of this company testified at Chicago that all of the 
 improvements which had been made, whatever they were, including 
 renewals and repairs, had been paid for out of the earnings and haS 
 been charged in the operating expense account, and that they kept no 
 account showing improvements and betterments unless itwas new 
 construction of additional lines. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 97 
 
 It was contended on the part of the attorney representing this road, 
 Judge Stedman, as shown in the Chicago record, pages 366 and 367, 
 that improvements in the way of betterments, like the building of a 
 new depot where there had been none before, was a proper item to be 
 included in operating expenses; and thereupon it was remarked by a 
 member of this Commission at the hearing that, even conceding the 
 contention to be true, yet it was important to know just what the road 
 had been doing with its money, in order to properly decide the case. 
 This we give as our reason for at this place making the showing that 
 the net earnings no not really reflect what they ought to be under 
 normal conditions, when extraordinary renewals and repairs are not 
 required. 
 
 If the incceased value of this road, by reason of betterments made 
 from operating expenses, should be taken as a basis of earnings — and 
 we do not dispute that proposition — then it must be considered as an 
 asset which the company has obtained from operation, and when so 
 considered it becomes an additional dividend to be added to the net 
 earnings reported. 
 
 It can be readilj' seen that were this done the net earnings would 
 make a showing sufficient to pay its interest and a dividend to its 
 stockholders. 
 
 The mileage of this line increased from 885.70 miles on June 30, 
 1901, to 1,006.53, June 30, 1902, and 1,104.60, June 30, 1903. The 
 total gross earnings of 1901 and 1902 were piactically the same, though 
 reduced per mile of line. The total gross earnings for 1903 showed 
 an increase of about 9 per cent, though the amount per mile decreased 
 slightly. (See Table No. 6 ante.) The density of traffic on this line, as 
 shown in table No. 7, has always been much less than on the lines of 
 the other respondents, and it can not be expected that extensive 
 improvements can be carried on out of its earnings and still pay inter- 
 est on a bonded debt equal to the value of the road and a dividend to 
 the stockholders. 
 
 The Missouri, Kansas and Texas Railway Company (fioth com- 
 panies). — This company should be treated as a system. 
 
 The net earnings for the year ending June 30, 1901, were $1,877; 
 for 1902, $1,800; for 1903, fl,955. To this should be added the per- 
 manent improvements charged to operation as reported, $522 per mile, 
 of line owned, for 1901, $257 per mile for 1902, and $328 per mile for 
 1903, which brings the j-eal net earnings up to $2,399 for 1901, $2,067 
 for 1902, and $2,287 for 1903. The company paid its interest, 4.15 
 per cent, on a basis of $34,540 per mile of funded debt for the year 
 1903, and paid for permanent improvements, charged to operating 
 expenses, $757,727, and all its fixed charges, and had a surplus remain- 
 ing of $1,099,916. This is according to the data furnished by the Com- 
 mission's office. 
 
 The printed annual reports in evidence for the years ending June 30, 
 1902 and 1903, show in detail the conditions of the property and the 
 improvements that have been made, as well as the financial statements, 
 with an increase in both gross and net earnings, as well as in the econ- 
 omies in the handling of the traffic. 
 
 As shown by the tables heretofore introduced, there was a liberal 
 expenditure for maintenance of way and structures charged to operat- 
 ing expenses; and this same policy seems to have been pursued through- 
 out the entire system. (See testimony of Mr. Thompson, record, pp. 
 KY— 05 7 
 
98 DUTIES AND POWERS OF INTERSTATE COMMEBCK COMMISSION. 
 
 625, 629, and 630; and also testimony of Mr. Maxwell, transcript of 
 evidence, pp. 248-250, and 255.) u + v j 
 
 One of the facts with regard to this system of road is that it does 
 not have terminals of its own, but at most of the important points 
 makes use of others by a system of rentals and trackage arrangements 
 of one kind and another, which of course increases the proportionate 
 amount of expenses incurred in its operation. Considering the value 
 of the road, as shown by the testimony of Mr. Thompson and as intro- 
 duced in the table heretofore presented, the net earnings reported give 
 this road a good showing from the standpoint of earnings, it must be 
 borne in mind that the estimated value of this road embraces the 
 improvements and additions as shown by Mr. Thompson's testimony. 
 
 The road is favorably located throughout the entire length of its line 
 in a rapidly developing country, and there is no reason apparent from 
 any of the testimony in the case why this road should not continue to 
 prosper. 
 
 The complaint that it has never paid a dividend upon its stock 
 is of little consequence when it is seen that it is bonded for more 
 than its value and pays interest on its bonds regularly, there remaining 
 a large surplus after extensive improvements upon its line and additions 
 to its property. 
 
 We quote the following from the printed report for the year ending 
 June 30, 1902 (pp. 6, 7, and 8): 
 
 The volume of your company's business continues to show an increase. The gross 
 earnings were $16,391,399.91, showing an increase of $988,316.80, and the operating 
 expenses were $11,547,206.33, showing an increase of $723,192.71. The aggregate 
 tonnage shows 5,014,429, being an increase of 129,453 over the previous year. The 
 earnings per ton per mile were 0.904 cent, against 0.927 cent, and the tons hauled 
 per train mile were 206.4, against 212. 2 for the previous year. The decrease in cotton 
 tonnage of 47,529 tons was caused by the short crop, and the competition of rival lines 
 has diverted a certain proportion of coal traffic which was formerly received by your 
 road, but the losses thus created were compensated by increased movement in other 
 commodities. The freight earnings increased $535,074.42 and passenger earnings 
 $382,597.59, the large increase in the latter bearing significant witness to the general 
 activities throughout the region traversed by your railway. 
 
 Improvements under way at the time of the last report have been completed and 
 new work commenced, the most important items of which may be briefly described. 
 Various changes of alignment have been made amounting to 22 miles; the reduction 
 to a five-tenths grade of the line between McAlester and South McAlester is nearing 
 completion; an important grade reduction at Taylor, Tex., has been completed and 
 others have been commenced; about 19 miles of embankment have been made stand- 
 ard width; 106 miles of ballasting have been completed with rock, burnt clay, cin- 
 ders, or gravel; 189 miles of new 66-pound rails have been substituted for light rails 
 on the various divisions and the old rail relieved has been available for relaying else- 
 where; 11 steel bridges have been erected or strengthened; 79 concrete culverts have 
 been built, replacing small trestles, and a large amount of work has been done upon 
 other trestles in strengthening them to bear heavy equipment; 1,493,779 ties have 
 been put in the track; 46 miles of sidetracks have been constructed; 282 track miles 
 of new fence have been built, completing the fencing of the main line; new depots 
 have been built at Whitewright, Eoyse, Sadler, Pottsboro, and Whitesboro; a fire- 
 proof record building was erected at Parsons; additions to the depots and structures 
 at Muscogee, South McAlester, Denison, Hillsboro, and Waco have been completed, 
 besides minor buildings at many other stations; reservoirs have been constructed at 
 Denison, Sadler, Windboro, and Waxahachie. 
 
 There were built at the shops 2 locomotives and 61 cars of various design; 513 
 freight cars were equipped with air brakes. All the equipment of your company 
 has been provided with automatic couplers in accordance with the law. In con- 
 nection with the policy of improvement of superstructure it may be of interest to 
 note that 829 miles of main line still remain unballasted, 310 miles of main track 
 still remain laid with light rail, and 302 miles of branch lines unfenced. Contracts 
 have been made for the delivery of 30,000 tons of steel rails during the current 
 year and for the fencing of all remaining lines. 
 
DUTIES AND POWEBS OF INTERSTAa?E COMMERCE COMMISSION. 99 
 
 The policy of the management is based upon the conviction that the rehabilitation 
 of your railway must be found in constantly and gradually increasing its efficiency, 
 so that in time it may derive a larger percentage of profit from its operations. This 
 policy has been constantly followed, and each year has seen a distinct advance in the 
 character and capacity of the road. 
 
 It is also shown in printed report for 1903 (p. 8) that — 
 
 contracts for steel rail have been made for the current year, including 17,000 tons of 
 66-pound and 13,000 tonsof 85-pound rail, the latter for use upon the Choctaw division. 
 With the substitution of this rail, the work of replacement on the main line will 
 practically have been completed. 
 
 The St. Louis Southwestern Railway Company {both companies). — 
 The net earnings of the system for the year ending June 30, 1901, as 
 shown by the printed annual report for 1902, page 20, were $2,169.37 
 per mile of road. For the following year there was a very large 
 increase in the item of maintenance of way and structures — 25.70 per 
 cent — and an increase in the maintenance of equipment of 21.94 per 
 cent. This, together with an increase of 5.50 per cent, so increased 
 operating expenses that together with a decrease of 1.62 per cent in 
 gross earnings, reduced the net earnings per mile of road to $1,619.63. 
 (See Exhibit A, p. 20, printed report for 1902.) 
 
 It is stated on page 13 of that report: 
 
 The decrease in gross earnings is due largely to the drought during the past season 
 throughout the country tributary to the line, which resulted in a largely diminished 
 cotton crop. The transportation of cotton forms an important factor in the revenue 
 of the line, directly and indirectly. Any decrease in the yield adversely affects the 
 general business of the country and is marked by a falling oft in other classes of 
 traffic, both freight and passenger. 
 
 On page 14 of the same report it is stated: 
 
 The increase of 11.66 per cent in operating expenses is accounted for, principally, 
 by the liberal expenditures for maintenance of way and structures, and for mainte- 
 nance of equipment during the current fiscal year. 
 
 On page 7 of the same report it is stated: 
 
 During the current fiscal year the policy of permanent improvement of the road- 
 way and track has been continued to a greater extent than ever before, and the 
 equipment and facilities for handling your company's traffic have been largely 
 increased. These improvements and the additional improvements contemplated will 
 have the ultimate effect of decreasing the cost of transportation, and the beneficial 
 results will be more fully reflected in reports of subsequent years. 
 
 For the year ending June 30, 1903, as shown by the printed report 
 for that year, page 20, the net earnings per mile of road were $1,565.94, 
 which is accounted for apparently by an increase over the previous 
 year in cost of maintenance of way and structures of 4.92 per cent, 
 maintenance of equipment 1.03 per cent, and general expenses 23.33 
 per cent. 
 
 It is stated, on page 13 of that report, that — 
 
 While the gross earnings show an increase of only $11,315.16, or 0.16 of 1 per cent, 
 it is appropriate to state that this showing would have been much better had it not 
 been for the heavy rains which prevailed continuously from November, 1902, to the 
 last of April, 1903, etc. 
 
 Again, on the same and following page, it is stated with respect to 
 the increase in operating expenses that — 
 
 * * * the principal causes of _ this increase were large expenditures for labor, 
 changing rail (272 miles of light rail having been replaced by heavier rail), and on 
 account of the general increase in wages and cost of all supplies. The cost of operat- 
 ing trains was materially increased on account of the improvement work, such as 
 
100 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 adjusting grades, changing rail, etc., in progress, this added cost being a necessary 
 and unavoidable expense incident to work of this character. 
 
 The total expenditures under the general head of maintenance of way and struc- 
 tures for the fiscal year show an average cost of 11,103.12 per mile of main track, 
 operated, or an increase of $52.90, or 5.04 per cent, over the preceding year. (Jiqual 
 to an increase of 29.74 per cent over 1901. ) 
 
 THAIN AND OAK LOADING. 
 
 The following tables, showing the average load per train and per loaded car, reflect 
 the improved operating results in the way of economical efficiency, these results 
 being directly due to improvements in connection with the reduction and adjustment 
 of grades, the replacing of light rail with heavier rail, and the acquirement of modern 
 and more powerful locomotives and freight cars of a greater capacity. Especial 
 attention is called to the fact that the ratio of increase from year to year on the St. 
 Louis Southwestern Eailway, where the work of grade adjustments has been in 
 progress and is now almost completed, is much greater than on the St. Louis South- 
 western Railway of Texas, where but little work of this character has as yet been 
 done. 
 
 Average had, in tons, per train (including company material). 
 
 Year ended June 30— 
 
 St. I/OUis 
 Southwest- 
 ern Rwy. 
 Co. 
 
 St. Louis 
 Southwest- 
 ern Rwy. 
 Co. of 
 Texas. 
 
 Entire 
 system. 
 
 1900 
 
 292. 08 
 317.90 
 344.14 
 383. 70 
 
 148. 49 
 160.71 
 160.23 
 167. 09 
 
 231.03 
 
 1901 ... 
 
 236.02 
 
 1902 
 
 265.80 
 
 1903 
 
 281.63 
 
 
 
 Average load, in tons, per loaded car {including company material.) 
 
 Year ended June 30 — 
 
 St. Louis 
 Southwest- 
 ern Kwy. 
 Co. 
 
 St. Louis 
 Southwest- 
 ern Rwy. 
 Co. of 
 Texas. 
 
 Entire sys- 
 tem. 
 
 1900 
 
 15.70 
 15.77 
 17.32 
 18.00 
 
 13.86 
 14.58 
 15.81 
 15.40 
 
 
 1901 
 
 
 1902 
 
 16 84 
 
 1903 . . 
 
 17.19 
 
 
 From the foregoing it is apparent that the real net earnings for the 
 years 1902 and 1903 are greater than the reports show. The printed 
 annual reports mentioned show with minute detail the additions and 
 betterments to the company's property. 
 
 One fact is worthy of remark and that is that in the foregoing quo- 
 tations from the printed annual report for 1903, made by the vice 
 president and general manager, Mr. F. H. Britton, the "economies 
 resulting from the use of heavier equipment, as stated, do not exactly 
 conform to the testimony of Mr. W. E. Green, vice-president and gen- 
 eral superintendent, who seemed to doubt the ultimate economy of the 
 heavier equipment. (See transcript of evidence taken at St. Louis, 
 pp. 302 and 303.) 
 
 Gulf, Colorado and Santa Fe Railway Company {i.n comiection with 
 Atchison, Topeka and Santa Fe Railway Com^an?/).— Since the Santa 
 Fe lines do not reach St. Louis the gulf division, through its connec- 
 tions with St. Louis lines, is the principal part of the system interested 
 in this case. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 101 
 
 This company is owned practically by the Atchison, Topeka and 
 Santa Fe Railway Company as a part of the Santa Fe system. The 
 stocks and bonds appear to be deposited as security for the funded 
 debt of the system. By reference to page 44 of the printed annual 
 report for the year ending June 30, 1902, of the Atchison, Topeka and 
 Santa Fe Railway Company, it appears that the total amount of the 
 first and second mortgage bonds of the Gulf, Colorado and Santa Fe 
 Company are pledged as security for the funded debt of the Atchison, 
 Topeka and Santa Fe Railway Company; and on page 46 of the same 
 report it appears that the total amount of the stock of the Gulf, Colo 
 rado and Santa Fe Railway Company is pledged as security for the 
 funded debt. This being the case, for the purposes of the present 
 discussion and proceeding, we take it to be proper to consider it as a 
 constituent part of the Santa Fe system, as is done in the printed 
 reports introduced in evidence. 
 
 We believe it is correct to say that a part of a system of railway can 
 not be considered separately from the system to which it belongs. 
 This becomes extremely important with respect to the Santa Fe sys- 
 tem, as well as to the St. Louis and Southwestern Railway system, and 
 to others which are parties to this proceeding. These constituent com- 
 panies oftentimes may be treated as branch lines or feeders to the 
 whole system. This is recognized by the statement contained in the 
 printed annual report for 1902, above referred to, page 19, in which 
 the following statement is made with respect to the Pecos Valley lines: 
 
 Since the publication of the last report $854,000 additional bonds of this road have 
 been purchased, so that your company now owns nearly all the outstanding bonds 
 and stock. The net earnings of these lines for the fiscal year were $189,503.50, 
 which is equivalent to 5.47 per cent on the amount paid by your company for all the 
 bonds and stock it owns, a result quite satisfactory when it is considered that these 
 lines contribute a considerable business to other parts of the system. 
 
 While the same thing is not stated of the Gulf, Colorado and Santa 
 Fe Railway Company, yet undoubtedly it is quite as applicable. 
 
 It appears in the data furnished by the Commission's office that for 
 the year ending June 30, 1902, the net earnings per mile of line of the 
 Gulf, Colorado and Santa Fe Railway Companj'^ were $1,588, and for 
 the year 1903 that they were $1,178, and a deficit is shown for each of 
 these 3'ears. And it does not appear from its report to this Commis- 
 sion that any permanent improvements were charged to income 
 account in the item of operating expenses. It is definitely shown 
 by the printed annual report for 1902, above referred to, that there 
 were expenditures for construction and equipment on the line of the 
 Gulf, Colorado and Santa Fe Railway Company for that year of the 
 total amount of $767,384.71. (See page 28, printed report for 1902.) 
 
 In the printed annual report for the year ending June 30, 1903, the 
 amount expended for permanent improvements is shown as a gross 
 item for the entire system, and not separated so as to show the amount 
 for each constituent part of the system; but it is quite evident that a 
 much larger amount was expended on the Gulf, Colorado and Santa 
 Fe Railway during the year ending June 30, 1903, than for the previ- 
 ous year, and that it was embraced in the item of "operating expenses," 
 under the head of "Maintenance of way and structures." It appears 
 in the data furnished by the Commission's office that the amount 
 expended per mile of line for this item of "operating expenses" was 
 11,505, and for the previous year $964. 
 
102 DUTIES AND P0WEE8 OF INTERSTATE COMMEKCE COMMISSION. 
 
 It also appears from the testimony of Mr. Thompson that the Gulf, 
 Colorado and Santa Fe Railway Company reported to the Texas com- 
 mission permanent improvements and betterments made for that year 
 to the amount of $444,329.75; that for the previous year the amount 
 was $745,596.21, as reported to the Texas commission; and altogether, 
 from 1896 to 1903, inclusive, there was expended for permanent 
 improvements and betterments on the line of that railway, as reported 
 to the Texas commission, the total sum of $5,915,711. The gross 
 earnings of the Gulf, Colorado and Santa Fe Railway per mile of hne 
 for the year ending June 30. 1901, were $6,374; for 1902, $6,186, and 
 for 1903, 16,702, and when these are compared with the gross earn- 
 ings per mile of line on other parts of the system, and with the system 
 as a whole, it leaves no ground to complain that this road was not 
 earning of gross earnings amply suflBcient to make a good financial 
 showing. 
 
 If they saw proper to appropriate the earnings to betterments and 
 improvements, presumably it was because it was advantageous to do 
 so from the standpoint of future earnings. Considering the Gulf, 
 Colorado and Santa Fe Railway Company as being owned by the 
 Atchison, Topeka and Santa Fe Railway Company, and looking at the 
 matter from the standpoint of the financial condition of that company, 
 there would not appear to be any sort of reason arising from that cause 
 for increasing rates. 
 
 As to the Atchison, Topeka and Santa Fe Railway Company it 
 appears in data of Commission's ofiBce that after paying 4 per cent on 
 funded debt of $29,248 per mile and 4 per cent on common stock and 
 5 per cent on preferred stock, total of $29,849 stock per mile of line, 
 and after paying all fixed charges the surplus for the year ending June 
 30, 1902, was $5 777,617. For the year ending June 30, 1903, the sur- 
 plus after similar interest and dividends was $4,111,419. Net earnings 
 per mile of line were as follows for four years: 1900, $2,752; 1901, 
 $3,204; 1902, $3,625; 1903, $3,316. 
 
 The proportion of operating expenses, or that which was charged in 
 operating expenses, for the Atchison, Topeka and Santa Fe Railway 
 Company for the year ending June 30, 1903, was 58.19 per cent, while 
 for the Gulf, Colorado and Santa Fe it was 82. 42 per cent. In view 
 of this showing and in view of the fact that the cost of supplies, mate- 
 rial, and labor, and of practically everything entering into the opera- 
 tion of a railroad, is substantially the same on the two parts of the 
 system, it is perfectly incomprehensible that there were any actual 
 operating expenses of the Gulf, Colorado and Santa Fe Railway Com- 
 pany reaching to suchan enormous proportion of the gross earnings. 
 This all demonstrates that it is simply a method of keeping accounts. 
 
 The density of traffic shown by the number of tons carried 1 mile 
 per mile of road in Table No. 7 shows that this railway has a consider- 
 ably larger density of traffic than any other line of road which is a 
 respondent in this case, which handles much of the St. Louis-Texas 
 traffic, except the St. Louis, Iron Mountain and Southern, and just 
 slightly less than the Atchison, Topeka and Santa Fe Railway. The 
 number of tons per train mile is only 4 tons less than the Atchison, 
 Topeka and Santa Fe; the number of tons per loaded car is almost 1 
 ton greater; the average distance hauled is but little less, and there is 
 no reason why the real operating expenses should be much above those 
 of the Atchison, Topeka and Santa Fe Railway Company per mile of 
 
DUTIES AND P0WEE8 0& INTEKSTATE OOMMEECE COMMISSION. 103 
 
 line; but it appears from tiie data furnished by the Commission's office 
 that it amounted to almost a thousand dollars per mile of line more, 
 while the volume of traffic, on the Gulf, Colorado and Santa Fe was a 
 little less than that on the Atchison, Topeka and Santa Fe. It is there- 
 fore clear that the statements made by this company as to its net earn- 
 ings can not be taken as a basis for any decision by this Commission; 
 but the company must be considered from the standpoint of what it 
 was capable of doing had it seen fit to apply its real net earnings to the 
 payment of interest upon its bonds or to dividends upon its stock. 
 
 The following are some of the improvements and economies shown 
 by the evidence. 
 
 Mr.* Bailey, assistant general auditor of the Atchison, Topeka and 
 Santa Fe, speaking of that company, said: 
 
 The traction power of our engines and the loading capacity of our cars have enor- 
 mously increased during the past five or six years. Our system of roads has itself 
 vaatly improved, the condition of its track, and all the appurtenances necessary for 
 use in transporting freight; a great deal of it has been ballasted with first-class rock 
 ballast; wooden bridges, culverts, and sluiceways have been taken out and substi- 
 tuted with iron and masonry, and the grades have been made better. (Testimony, 
 pp. 519 and 520. ) 
 
 Mr. Thompson, in his testimony concerning the Gulf, Colorado and 
 Santa Fe Railway, said: 
 
 From June 30, 1895, to June 30, 1903, practically the year that the valuation was 
 made, they have reported to the [Texas] commission the value of permanent 
 improvements and betterments to the amount of $5,915,711, or about $5,700 or $5,800 
 a mile. They have done a great deal of work reducing grades and putting in per- 
 manent structures and revising the line from Red River to Galveston and putting in 
 heavier steel. They have purchased additional equipment also, and I think, as a 
 fair proposition, that if the Santa Fe were valued to-day on practically the same 
 basis that it was valued before the valuation would approximate between $5,000 and 
 $6,000 more than the original valuation. (Testimony, pp. 570 to 572, inclusive.) 
 
 The Gulf, Colorado and Santa Fe is in good physical condition — one of the best 
 roads in the State. On that line the maximum north-bound grade has been reduced 
 on the division north of Sealey to a maximum grade of nine-tenths of 1 per cent, 
 and the south-bound grades, or the ruling grades, are eight-tenths. The line is well 
 ballasted with gravel ballast. The line from Red River to Galveston is, I think, 
 entirely laid with 70 and 75 pound steel. I think that steel has been laid within the 
 last five or six years. They have built new shops at Cleburne and have also built a 
 good many depots. They have the Harvey system of eating houses. The grade 
 reductions have been, I think, confined entirely to their main lines, as well as 
 improvements in structures, replacement of wooden bridges with steel and concrete 
 and masonry structures. 
 
 All their steel bridges have been enlarged to carry the traffic. Their engines are 
 now a great deal heavier than their former engines, and I suppose their equipment 
 in general has improved very much, because they have larger engines and heavier 
 cars. They use oil for fuel on their lines south of Cleburne, and have erected large 
 storage tanks at all division points. While the tanks are quite expensive themselves 
 they do not involve a very great expense, a very expensive item with respect to the 
 whole road. It is generally understood that their fuel bills have been cut in two. 
 (Testimony, pp. 576 to 580, inclusive.) 
 
 The Chicago, Rock Island and Pacific Railway Company, and the 
 Chicago, Rock Island a/n,d Texas Railway Company. — Neither of these 
 roads made any contest in this case at either of the hearings, and we 
 deem it unnecessary to say much more than is shown in the tables con- 
 tained in this brief. 
 
 The gross earnings of the Chicago, Rock Island and Pacific Railway 
 Company increased from 128,699,185 in 1902 to 136,309,492 in 1903. 
 The net earnings increased so that the net income for 1903 was 
 $15,518,796 against $12,766,707 for the year 1902. 
 
104 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 The company paid 4.27 per cent interest on |21,969 per mile of line 
 of funded debt and 4 per cent dividend on its stock of ^18,b£!b per 
 mile for the year ending June 30, 1902, and all fixed charges, and 
 there remained a surplus of $5,741,898. For the year ending June 30, 
 1903, it paid the interest at the average rate of 4.29 on *22,104 per 
 mile, and 6.25 per cent dividend on capital stock of $23,059 per' mile, 
 and all fixed charges, and there remained a surplus of $2,609,014. 
 
 There are a large number of other items bearing upon the financial 
 condition of the road, but these are sufficient to show that it was in 
 prime condition and had vastly increased the amount of earnings, both 
 gross and net, for 1902 and 1903. There does not appear to be any 
 permanent improvements charged to operating expenses in this 
 account, but undoubtedly the same policy which controlled the other 
 companies, respondents herein, applies equally to the Rock Island road. 
 
 It will be noticed that both the gross and net earnings make a good 
 showing and, indeed, the net earnings per mile of line at the date of 
 the advances in these rates was greater on the Chicago, Rock Island 
 and Pacific Railway than it had been for the previous year, and the 
 data in evidence shows that it was greater than it had been for several 
 years past. While for the year 1903 there was a decrease per mile— it 
 was because of a largely increased mileage — the total net earnings very 
 largely increased. 
 
 Undoubtedly the same conditions in a general way which have been 
 shown with respect to prices of labor and material must be the same 
 with respect to this system. 
 
 The Chicago, Rock Island and Texas Railway was constructed in 
 1892, the company being organized July 15 of that year, and on June 
 30, 1903, it had 148.3 miles of road in the State of Texas, reaching 
 from the Red River at its connection with the Chicago, Rock Island 
 and Pacific to Fort Worth, with a branch line from Bridgeport to 
 Graham, Tex., the line from Red River to Fort Worth being first 
 constructed. 
 
 Mr. Thompson on May 4, 1903, made a detailed valuation of this 
 148.3 miles of road, as shown by his testimony in this case, and placed 
 the value at $4,883,077.09. On the latter date it also had cash and 
 current assets amounting to $762,799.16 and materials and supplies on 
 hand to the amount of $38,184.36, making a total of $5,634,060.61. 
 Outstanding against this were liabilities as follows: Capital stock, 
 $22,530; bonds, $1,365,000, and current liabilities, $1,981,143.59, mak- 
 ing a total of $3,368,673.59. In other words, it appears that this com- 
 pany during the eleven years made a gain of $2,265,387.02, or, on the 
 148.319 miles, a gain per mile of $15,273.75. 
 
 It is true that no dividends have been paid on the capital stock, but 
 the capital stock paid in has always been insignificant in amount when 
 compared with the mileage of the road. Per mile of road owned the 
 capital stock has ranged as follows: On June 30, 1893, it was $135.25; 
 on June 30, 1894, it was $81.74, and so remained until June 30, 1898; on 
 June 30, 1899, it was $62.71; on June 30, 1900, it was $62.71; on June 
 30, 1901, it was $62.75; on June 30, 1902, it was $187.75; and on June 
 30, 1903, it was $152.96. The capital stock for the latter year is based 
 upon a mileage of 147.29, which is the mileage reported by the Chi- 
 cago, Rock Island and Texas to the Interstate Commerce Commission, 
 but this does not include a short spur track in Fort Worth owned by 
 the company. The Chicago, Rock Island and Texas also operates, 
 
DUTIES AND POWEBS OF INTERSTATE OOMMEKCB COMMISSION. 105 
 
 under lease from the Chicago, Rock Island and Pacific, l.l-J miles of 
 road running from the Red River to Terral, Ind. T. Mr. Thompson's 
 valuation veas based upon mileage given by him as follows: 
 
 Mainline, Bed River to Fort Worth 92 
 
 Union Depot spur in Fort Worth 1. 031 
 
 Jacksboro branch, Bridgeport to Jacksboro 28. 735 
 
 Graham extension, Jacksboro to Graham 26. 553 
 
 Total '. 148.319 
 
 Mr. Thompson, in describing the Chicago, Rock Island and Texas 
 
 road, said: 
 
 I do not know of a superior piece of track. A very expensive bridge crosses the 
 Red River, and the terminals at Forth Worth are very expensive. They have a 
 very fine rock ballast — about 3,000 yards to the mile. It was a very expensive piece 
 of track to build on account of the drainage of the Trinity and other rivers. They 
 have a good many bridges in proportion to the mileage. They have all first-class 
 steel bridges. (Testimony, pp. 584 and 585. ) 
 
 This shows what one of the respondent companies has been able to 
 do under the rates that have prevailed during the last ten or twelve 
 years, and indicates that, were it possible for us to show in dollars and 
 cents the improvements that have been made to the properties of the 
 other respondents, it would be seen that they have in this way paid 
 substantial dividends to their stockholders. 
 
 The annual report of the railroad commission of Texas for the year 
 1902 shows that for the year ending June 30, 1902, the Chicago, Rock 
 Island and Texas road earned upon the estimated valuation of that 
 commission, on the 120.77 miles then owned and in operation, 15.72 
 per cent, net. (Appendix, Table No. 11.) 
 
 For the year 1901 the amount of net earnings was 11.79 per cent. 
 Of course these net earnings were those the company reported after 
 allowances and expenditures indicated in the foregoing statement. 
 
 IV. The method and manner of making the ad/oa/iwes in the rates and 
 the reasons which act%iated the respondents in doing so. — It will not be 
 useful to undertake to quote the testimony as to the manner of making 
 the advances in the rates under investigation and the reasons which 
 actuated the respondents in doing so, but it may be stated, as facts 
 established by the evidence of the traffic managers of the various 
 respondents who made the advances in the rates complained of, that 
 they had the matter under consideration for several months before the 
 advances were made; that it had been discussed by the different traffic 
 managers of the respondents, and that at one or more meetings held at 
 the office of the Southwestern traffic committee, of which George W. 
 Cale is chairman, at St. Louis, the matter was formally discussed and 
 interchange of views was had which ultimately resulted in the publi- 
 cation and putting into effect of the rates complained of, not only on 
 behalf of the respondents, but their connecting lines, consisting of all 
 of the railroads participating in the handling of the traffic, which roads 
 were members of the Southwestern traffic committee. 
 
 It does not seem to be disputed or questioned that the respondents 
 and other carriers participating in this traffic by a combination among 
 themselves advanced these freight rates, and have since the date of 
 the advance, in March, 1903, maintained them as advanced. The rea- 
 sons given bj^ all lines were the same, viz, for the purpose of obtaining 
 more money to meet increased operating expenses. And it is further 
 shown that the advances in the rates were made in pursuance of a 
 
106 DUTIES AKD POWEES OF INTERSTATE OOMMEECE COMMISSION. 
 
 policy of the respondents to increase the rates wherever they could. 
 It is also made quite clear from the testimony, and indeed would be 
 evident even without the testimony, that none of the Imes could have 
 advanced the rates except by a concurrence of all of the lines carrying 
 the traffic from St. Louis. . 
 
 Indeed, the combination to advance these rates was not limited to 
 the St. Louis-Texas lines, but the rates to Galveston from Atlantic 
 seaboard territory were increased and. it was understood that that, 
 should be done, and had it not been done the advances from St. Louis 
 and Mississippi River crossings could not have been made. 
 
 The eflfect of it all was to eliminate entirely the matter of competi- 
 tion so far as the public was concerned. In fact, there is no competition 
 as between the respondents in the rates which are charged for this 
 service. 
 
 It may be true that the Interstate Commerce Commission is not 
 authorized to enforce the provisions of the Sherman antitrust act, as 
 was contended by counsel for the respondents at the hearing, but that 
 does not affect the importance of the proposition that by stifling com- 
 petition through the unlawful combination of the respondents they 
 were enabled to advance these rates which otherwise they could not 
 have advanced. A.nd if it happens, as appears to be the case, that 
 this was a violation of that act as construed by the Supreme Court, 
 that affords no reason whj"^ the Commission should not consider that 
 fact as bearing upon the reasonableness of the advances. It is no 
 answer to this proposition to say that the rates must be the same via 
 all lines serving the same territory, and that it has been usual and 
 customary for the roads to confer together to make them the same, 
 for if by doing so competition is eliminated, the public is deprived of 
 the only restraint which the law affords against unreasonable rates in 
 the first instance. This the Supreme Court has definitely decided in the 
 several Joint Traffic Association cases and recently reaffirmed in the 
 Merger case. 
 
 The law affords no standard by which to measure the reasonable- 
 ness of a rate and in the nature of things can afford none. It has 
 always been supposed, and in fact has been urged by the railroads 
 themselves, that competition between carriers would always keep the 
 rates down to a point which would be within reasonable limits, but 
 when the restraint of that competition is removed there is nothing 
 left but the mere will of those who see fit to combine together and 
 thereby fix and maintain rates of freight to suit their own desires. 
 
 We may well assume that if any one of these lines which are respond- 
 ents in this case, which reaches from St. Louis to Texas points, had 
 remained out of the combination and refused to advance the rates, one 
 of two things would have happened — either the net earnings would 
 have been reduced by such an amount as the advances yielded, or 
 operating expenses must have been curtailed. There is no showing 
 whatever in tne testimony as to whether these roads are economically 
 administered. It is updisputed that very liberal expenditures were 
 embraced in operating-expense accounts for improvements and better- 
 ments, and had the rates not been advanced it may be that the man- 
 agement of these lines would have considered it better in order to 
 maintain the previous standard of net earnings to curtail the amount 
 of expenditures for betterments and additions. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 107 
 
 So long as these respondents can advance their rates of freight for 
 the purpose of meeting a demand of their employees for higher wages 
 and then advance the wages and repeat the same thing again and again 
 and justify the advances in freight rates because of advances which 
 they make in the wages and salaries of their employees, the public 
 will have no sort of remedy against being compelled to pay rates of 
 freight sufficient to enable the railroads to pay a possibly exorbitant 
 scale of wages. It is perfectly plain that but little resistance will be 
 offered by the railroads against a demand for increased wages so long 
 as they can levy a tax by advancing freight rates to meet the bill. 
 
 CONCLUSION. 
 
 There is no standard by which to measure the amount which a rail- 
 road company may earn. It desires to earn all it can; the public is 
 entitled to only reasonable rates. If the basis of earnings were fixed 
 by law it would be arbitrary, and in fixing it the legislative depart- 
 ment must exercise its judgment. The matters to be considered are 
 innumerable. They can not be defined, but it is settled that the inter- 
 est of the public can not be ignored merely to enable the road to earn 
 the interest upon its obligations and a dividend for its stockholders, 
 either in money or additions and betterments to its property. But 
 this is precisely what was done in these advances. Every one of the 
 respondents was earning sufficient money in gross to have paid all 
 necessary operating expenses and interest on all their obligations and 
 a dividend to their stockholders had it been so applied. 
 
 Considering the manner in which the advances were made; consider- 
 ing the fact tnat these same companies maintained the previous sched- 
 ule of rates for years, during most of which time they were earning 
 far less, both gross and net, than when the rates were advanced, and 
 considering the improvements in their properties and consequent econ- 
 omies in handling the traffic, and considering the fact of a largely 
 increased business, both present and prospective, at the time the I'ates 
 were advanced, and since, and that the country and its commerce 
 through which these lines run is rapidly developing, it certainly 
 appeal's that no justification is shown to sustain these advances in 
 freight rates to a point higher for the most part than they were for 
 more than fifteen years. 
 
 Respectfully submitted. 
 
 S. H. Cowan, 
 P. J. Fabeell, 
 Attorneys for the Commission. 
 
 Mr. Cowan. A general statement would be that the prices of sup- 
 
 filies and of labor and material have increased in a certain percentage, 
 t depends on what the two dates of comparison are in order to deter- 
 mine whether there has been an advance. If you make the comparison 
 with the very low prices of 1897 you will see there has been a 
 very material advance in supplies and material up to 1903, whereas if 
 you compare with 1892 to 1903 there has not been. The general 
 manager of the St. Louis Car Foundry Company, a man of great 
 intelligence and high standing in St. Louis, testified before the Inter- 
 state Commerce Commission that it does not cost anj^ more to-day to 
 build a car of the same sort than it did ten years ago. But the fact is 
 
108 DUTIiES AND POWEBS OP INTEK8TATE COMMERCE COMMISSION. 
 
 that no such cars are built to-day. To day they are building a car 
 that has a 50 per cent longer life, with double the carrying capacity, 
 and equipped with safety appliances of all sorts. That is an entirely 
 different car from that built ten years ago. Some things have advanced 
 in price and some have not. . 
 
 The Chairman. The price of steel rails has gone up to |28, and it 
 used to be $16 and 119. 
 
 Mr. Cowan. Yes; and they used to be $30 and $35. It all depends 
 on the dates. 
 
 The Chairman. 1 wish you would fix the dates. 
 
 Mr. Cowan. I will leave that to the testimony of witnesses before 
 the Commission. I have not kept the prices in mind in regard to steel 
 rails, but steel rails have not advanced during the time that these 
 advances have been made in the rates; and they did not make these 
 advances because steel rails had advanced, for they have remained 
 stationary since the trust fixed the price a little over four years ago. 
 
 As to the cost of labor, it depends entirely on the dates of compar- 
 ison. But the material question is how much tonnage and how much 
 earnings does a dollar expended for labor represent to-day as compared 
 with some other day, and not what you are paying an engineer, a tire- 
 man, or conductor for his service. The question is what does the 
 service represent to the company '{ 
 
 1 had compiled by the auditor of the Interstate Commerce Commis- 
 sion, for the purpose of this brief, a table in which the value of labor 
 is shown. It takes a great deal of trouble to get at these figures. I 
 had the tables made out for all the different lines embraced in this 
 case, called the Southwestern lines, and put them in the brief. Table 
 No. 3 in my brief shows the average number of tons carried one mile 
 per day's work performed by railroad employees (excluding general 
 oflScersj and average daily compensation for years named ending June 
 30. This table shows, as to the Texas and Pacific, that in 1892 it car- 
 ried 279 tons one mile, and that the average daily compensation was 
 f2.ll; that in 1903 they carried 306 tons one mile, and the average 
 daily compensation was $1.91. That comes down to the actual mini- 
 mum with respect to railway operation. 
 
 I heard Mr. Russell Harding testify in the hearing at St. Louis that 
 the engineers and conductors would be able to show you that they 
 were not expecting to receive any more for their work than they had 
 received before. They say that with these large engines they haul a 
 much greater tonnage than the smaller engines hauled, upon which 
 previous statements were based; and it was upon these theories of 
 advances by the unions and labor organizations of the country that 
 the railroads were compelled to advance wages because there had been 
 a vast increase in train tonnage. Mr. Harding said that they could 
 establish the fact that there had been no real advance in the compara- 
 tive amount of wages paid to the engineers, firemen, conductors, and 
 brakemen. 
 
 The Chairman. Was Mr. Harding president of the Missouri 
 Pacific? 
 
 Mr. Cowan. He was vice-president and general manager. That 
 testimony was given before the Commission. The record of various 
 cases before the Commission establishes every fact upon which this 
 committee might want information. 
 
DUTIES AND POWERS Ol" INTERSTATE COMMERCE COMMISSION. 109 
 
 Senator Carmack. As I understand, your contention is that the 
 railroad gets a larger amount of service for the dollar now ? 
 
 Mr. Cowan. It is not a contention; it is a mathematical certainty, 
 based on the reports. 
 
 Senator Carmack. That is your statement? 
 
 Mr. CowAN. That is my statement. You understand that railway 
 accounts are divided into three classes: First, maintenance of ways 
 and structure; second, maintenance of equipment, and third, opera- 
 tion and equipment; and each of these is divided into subheads, so 
 that there are about fifty-five subheads altogether. Taking transpor- 
 tation, they show about 49 to 52 per cent as the total cost of railway 
 operation, and that item can not contain anything in the way of bet- 
 terments or improvements. It contains the largest labor item of any 
 other one division of operating expenses. It also contains the item of 
 fuel, which is very important, the maintenance of station agents, tele- 
 graph expenses, and various other things. It would be well for any- 
 one who desires to investigate the subject thoroughly to acquaint 
 himself with the figures the Commission furnishes with respect to its 
 annual reports. These tables show that in 1892 a day's work, which on 
 the Texas and Pacific cost an average of $2.11, represented the move- 
 ment of freight 1 mile, while in 1903 a day's work, which cost that 
 road an average of $1.91, represented the movement of 306 tons of 
 freight 1 mile. 
 
 Mind you, there is a system whereby some railroads estimate that 
 100 miles constitutes a day's work. Some roads take the average mile- 
 age made by trains and engines per day and call that a day's work. 
 So that when you examine the statistics, unless you are familiar with 
 the method by which they are made up, you may be entirely misled. 
 The Santa Fe, for example, makes its basis, not upon 100 miles, but 
 upon the average mileage that an engine makes in a day. I do not 
 know any good reason for that, but they do it. The St. Louis, Iron 
 Mountain and Southern Railway in 1892, moved 838 tons 1 mile for a 
 day's labor, charged to conducting transportation, costing $2.29, and 
 in 1903 the same road moved 1,271 tons 1 mile for one day's labor in 
 the same service, costing f2.26. These tables are here to show for 
 themselves. 
 
 The same relative facts exist with respect to all the southwestern 
 rates. That arises from the fact that there has been an increase of 
 tonnage from year to year for several years, so that to-day the St. 
 Louis, Iron Mountain and Southern, for example, carries 70 per cent 
 more tonnage than in 1898, the Santa Fe 42 per cent more, and the 
 Rock Island something over 40 per cent; the exact figures I forget. 
 
 Our people say, and I believe it to be true, that there should be no 
 occasion to advance rates, because of increase in facilities of transpor- 
 tation and increase in the number of railroads. But that has been the 
 result. Our State has been plastered over with railroads until we 
 have more than any other State; we have nearly 12,000 miles. Yet 
 every new facility affords occasion for the claim that they have the 
 right to advance rates. If you base rates upon the right to earn a 
 certain amount upon investment, it must alwa3's be the case that when 
 you increase facilities j'ou give a basis for higher charges. 
 
 Competition has been destroyed. We had, leading from Fort Worth 
 to the Gulf, the Santa Fe, the Houston and Texas Central, and the 
 
110 DUTIES AND POWEES OF INTERSTATE COMMEKCi<; COMMISSION. 
 
 Missouri, Kansas and Texas, three standard lines leading to the Gulf 
 at Galveston and Houston. The International and Great Northern 
 built a road there, and that made four. Now, if you divide the traffic 
 between them it makes a less number of tons per mile for each road 
 unless the whole volume of business has increased, and it makes a less 
 passenger traffic for each. If you say that a road has the right to 
 demand from the public, without consulting the public, the right to 
 charge enough to earn a fair income when they build a new road, that 
 will absolutely bankrupt the people of the United States if it is per- 
 mitted to be indulged in for twenty years. Say there shall be a half a 
 dozen lines built through Iowa; what would be the result in any trial 
 before the Commission or a court? The result would be that the rail- 
 roads would show what their tonnage has been, what their earnings 
 have been, and they would say, in view of that. Can you reduce our 
 rates? No, we can not. Why? Because the principle of law is, that 
 you are entitled to earn so much upon investment. The principle is 
 absolutely destructive of the liberty of the people of this country in 
 railroad transportation. 
 
 Senator DoLLrvER. It seems to be pretty thoroughly indorsed by 
 the highest courts. 
 
 Mr. Cowan. I have stated that, but I am telling you many things 
 have been indorsed and many principles have been determided that 
 will not do. The Supreme Court of the United States and several of the 
 circuit courts have said that the best test to determine what a reason- 
 able rate is is that which free competition has established. If that be 
 true, then the lowest rates we have had are the standard of reasonable 
 ness. The Supreme Court is composed of men; they may be mistaken, 
 like the rest of us. Circumstances alter principles that are to be 
 applied generally. ; 
 
 Senator Dolliver. They seem to put it on the constitutional right 
 of a man to save his property. 
 
 Mr. Cowan. Well, if you will read those cases carefully you will 
 find that the Supreme Court has left a saving clause in every one of 
 them, in which they have held that the principle that the railroad may 
 be entitled to earn money to pay interest on bonds, fixed charges, and 
 operating expenses must be conceded. With that qualification, where 
 are we ? To use a phrase imported from Texas, where are we at ? The 
 traffic man has no' basis. The traffic man can not tell you what it costs 
 to haul a railroad between given points. No living man can. One 
 man can tell you what it costs to deliver the train to the company ; 
 what it costs for the labor of the trainmen on that trip; what it costs 
 for the fuel; the approximate cost of the repairs to engine and cars, 
 and cost of delivery. But what proportion that should bear to total 
 operating expenses is a different proposition. The Milwaukee and St. 
 Paul undertook to tabulate and fix tne amount of these charges per 
 mile. They succeeded admirably in fixing 42 per cent, and then they 
 charged 58 per cent simply to the general unitemized cost of trans- 
 portation. That is found in their annual report. 
 
 Senator Kean. Forty -two per cent? 
 
 Mr. Cowan. That is my recollection, but it is hard to recall precise 
 figures. 
 
 The Chairman. Is that 42 per cent in addition? 
 
 Mr. Cowan. No. They say the total cost per mile of carrying trains 
 on that road for 1903, or 1902—1 forget which— was $1.16 or |1.17. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. Ill 
 
 They succeeded, according to my recollection, in fixing it at 42 per 
 cent, and the 58 per cent they could not fix. 1 am not certain whether 
 that 58 per cent was in the $1.17. But, at all events, it is always con- 
 sidered that more than half of the expenses of operation can not be 
 singled out and placed upon a given trafiic. 
 
 Therefore, all the traffic men have testified for every western rail- 
 road in our cattle cases — 1 have examined every one of them — that you 
 have no right to make your basis upon the rate, either the rate per ton 
 mile, or the rate per car mile that is based on what it costs to handle 
 the products of the countr5^ They say they can not tell what it does 
 cost. The railway publications all state that. There is no dispute 
 about that being true. 
 
 That being true, that they do not know the cost — and this matter is 
 open to your investigation from their annual reports — how is it pos- 
 sible that the traffic man knows more about how to fix a reasonable 
 rate than any well-informed commissioner? There is not a factor in 
 the case that a well-informed commissioner may not ascertain with 
 just as much certainty as anybody else. The traffic man has had no 
 experience in fixing reasonable rates. His experience has been in 
 making money for his company, just as you or 1 would do in ordinary 
 business. Though the railroads admit that the law is not correct, yet 
 they claim and practice the right to conduct their own afiairs as you 
 would conduct a store or as a manufacturer would conduct his plant; 
 and many men in this country believe that they ought to have that 
 right. 
 
 There is a great public in favor of it. But still, public interest 
 seems to step in, and it is now established by law that it is not correct 
 at all. If the theory be true that we are entitled to regulation, I say 
 that the factors entering into the determination of a reasonable rate 
 are as ascertainable by any well-informed man as by a commissioner, 
 and if it is to be ascertained by the traffic man, he must resort to the 
 annual reports to get his data for a comparison of rates, and then by 
 a comparison of rates only is it possible for him to determine what is 
 a reasonable rate. The more you study that proposition the more you 
 will come to the conclusion that that is correct. 
 
 1 want to read now from the statement of Mr. James Hagerman, a 
 man of great ability and learning, whom some of you Senators know; 
 no doubt many of you know him. He represented the Missouri, Kansas 
 and Texas in filing a brief in this case concerning advances to Texas 
 common points. After quoting from the Supreme Court decisions, 
 text writers, and various decisions of the circuit courts concerning the 
 subject of reasonable rates and their regulation and the standard to be 
 taken, he makes this statement: 
 
 Therefore, when the rates are shown to be thus resulting from the force of compe- 
 tition, and not in excess of rates charged for the same service by other carriers 
 similarly situated, the rates are not only prima facie reasonable but are conclusively 
 reasonable, as no other standard is or can be used for the determining of that question. 
 
 How are you to ascertain what a reasonable rate is? You have got 
 to have comparison. There is no other theory upon which you can 
 work it out. That is mathematical. It must be based upon the cumu- 
 lative accidents and circumstances surrounding the evolution of the 
 railroad business of this country. It is, of course, desirable for a rail- 
 road to obtain traffic over its lines, to build up industries, to secure 
 export and import trade — a thousand and one things the imagination 
 
112 DUTIES AND POWERS OF INTEBSTATE OOMMBKOE COMMISSION. 
 
 can not reach as to the different elements that enter into the estab- 
 lishment of existing rates. I believe Mr. Hagerman is correct— that 
 wherever you can show that a rate is the result of competition, that is 
 the best standard of its reasonableness, because calculated upon any 
 other basis the factors are innumerable. 
 
 Put a railroad man on the stand as a witness and ask him: " How do 
 you arrive at the reasonableness of this rate? " First he will tell you, 
 ■" By comparison." Comparison with what? Our rates in other parts 
 of the country, rates on other commodities, and the like. Yet there 
 is no standard of reasonableness as between the relation of rates 
 between commodities. Why should you put one class of commodities 
 in the first class rather than in the second? The difference in cost of 
 transportation, if any, must be slight. The risk is a small item, 
 because insurance covers it in all cases. It is simply upon an arbi- 
 trary, accidental fixing by the evolution of the rate-making power. 
 
 The Chaibman. But the consolidation of railroads destroys compe- 
 tition. 
 
 Mr. Cowan. That is a point I am coming to. 
 
 The necessity has arisen that there shall be a regulation of it by . 
 some other power, because competition is keen. The people of this 
 country see it; they are becoming educated to it; the}'^ are finding it 
 out day by day. Yet it has happened that every circumstance nas 
 been made the excuse for an advance of rate, and all the violations of 
 the Jaw have been laid at the door of competition. 
 
 They have said that they have the right to give rebates because their 
 neighbor did. The only business in the ethics of life in which it can 
 be urged, as a matter of moral philosophy in any class of business, that 
 one man has the right to commit a crime to earn mqney is because Tiis 
 neighbor does. They have claimed that right because their neighbor 
 did it, instead of undertaking to prosecute the man who committed the 
 crime. That is the fact; no doubt about it. What other business in 
 this country can be permitted to claim the right to prosper bj' violat- 
 ing the law because a neighbor does the same? None other. None 
 other. 
 
 Fortunately, rebates have stopped. It was a fortunate thing that 
 they did, because it was made the means of discrimination between 
 individuals, where the neighbor can engage in the purchase and sale 
 of articles because he gets lower rates. 
 
 I call your attention to some proof we took in this Texas case before 
 the Commission. One of our witnesses, an old gentleman, Mr. Barry- 
 more, of Abilene, Tex., gray-headed and intelligent, said: These men 
 form in groups; |10— did that catch them? No; $16— did that catch 
 them? Yes; that thing was customarily done. He told of instances 
 where, between the Missouri Pacific and, Dakota, in the Indian Terri- 
 tory, he had a ranch, while his neighbor had one over on the Missouri, 
 Kansas and Texas. The Missouri Pacific gives a rebate to him, and 
 the Missouri, Kansas and Texas gives a rebate to the neighbor. The 
 result was that these men passed each other in driving over to the 
 other road; each was getting a rebate from the road farthest from 
 where he lived. Those things were generally known and customary 
 up to four or five years ago. " 
 
 The Chairman. Not recently? 
 
 Mr. Cowan. Not recently. 
 
DUTIES AND POWEKS OF INTERSTATE COMMEEOE COMMISSION. 113 
 
 Senator Dollivee. Did that state of things create a lively dissatis- 
 faction among shippers 'i 
 
 Mr. Cowan. On, no; they liked it. They liked to get their money. 
 
 I believe the advance of cost of transportation has been occasioned 
 by the increased prices of materials, but it will be and is more than 
 onset by the stopping of rebates. There is a heavier train load; there 
 are more economies; there is a greater density of traffic. And yet, 
 when competition is out of the way, each factor is made an excuse for 
 advancing rates. We took the testimony of Mr. Holmes, who was 
 president of the Corn Belt Meat Producers' Association, at Denver, 
 and he testified that the railroads deliberately entered into agreements 
 with shippers to extend the time to market by six hours. The freight 
 was formerly loaded in the afternoon for Chicago. Now it must be 
 loaded in the forenoon. He said it was proved that it was capable of 
 demonstration that that was the case with the feeders of Iowa for every 
 car that they shipped to Chicago. Yet they did not reduce the rate. 
 
 Senator Dollivek. The money went where ? 
 
 Mr. Cowan. It went out between the slats of the cars. These 
 things can not be permitted to exist, or will not be permitted long. 
 The sooner correct legislation is passed the better for the railroads 
 and the better for the people. 
 
 Not only that, but the railroads entered into an agreement with 
 packing houses on the Missouri River, whereby they agreed that they 
 would carry trust meats and packing-house products to Chicago at 18i 
 cents per hundredweight. They had been doing that secretly for 
 years. But a shipper in your State, 125 to 150 miles nearer to Chicago, 
 they charged 23^ cents per hundredweight on the raw material, while 
 they were giving to the other man 18^ cents on the manufactured 
 product. 
 
 Senator Dollivek. Would you call that a discrimination in respect 
 of descriptions of traffic? 
 
 Mr. Cowan. No, sir. It is an undue and unreasonable preference. 
 
 Senator Dollivek. On one description of traffic over the other? 
 
 Mr. Cowan. Yes, sir. I say amend the third section of the act. 
 
 Senator Dollivee. Is that curable in the third section of the act of 
 1903? 
 
 Mr. Cowan. I should not want to answer that oflfhand, without a 
 careful examination. 1 scarcely think so, but it may be. However, 
 I want to say this: That the Supreme Court of the United States, in 
 construing the words "under substantially similar circumstances and 
 conditions," have held affirmatively that the railroads have the right 
 to charge more for a shoi'ter haul than for a longer haul over the same 
 line, although it may be an undue preference, which is practically 
 upheld in both the third and fourth sections of the act. Examine the 
 decision of Mr. Justice White in the Belmont case and you will find 
 it. Senator Carmaek is doubtless familiar with it. The court held 
 that the words in the fourth section give the right by statute to make 
 undue preferences. 
 
 Senator Dolllver. As between localities? 
 
 Mr. Cowan. As between localities; and the same must apply with 
 
 reference to classes of traffic if you desire to avoid just such things 
 
 as occurred in this case 1 mentioned. You will have to amend 
 
 the fourth section by striking out the words "under substantially 
 
 RY— 05 8 
 
114 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 similar circumstances and conditions," leaving it to the Commission to 
 determine, and not for the court to say as matter of law. Every little 
 circumstance— like an additional railroad, for example— amounts to a 
 substantially dissimilar circumstance and condition, because the court 
 alwavs says that the things that are not precisely similar are dissimilar. 
 That is a matter of logic. Those words being in the law, it has been 
 held that they practically amount to nothing. 
 
 The Chairman. Judge Cowan, you have presented this case very 
 ably, and we should be glad to have you suggest to us the precise 
 remedy. 
 
 Mr. Cowan. I will do that. 1 have it written out. 
 
 The Chairman. 1 will ask you to read it. 
 
 Mr. Cowan. 1 will read it. This is what I. think is sufficient. 
 
 The Chairman. You are going to suggest a remedy for the evils 
 complained of? 
 
 Mr. Cowan. Let me qualify that a little. Our own people are 
 interested, not so much in the matter of undue preferences and dis- 
 criminations as they are in the amount of the charge. 
 
 The Chairman. They are passing away. 
 
 Mr. Cowan. 1 have my opinion about the discriminations. I have 
 expressed that to-day, but I have not undertaken to suggest that we 
 desire an amendment to the act. In this particular case we think it is 
 practically immaterial with respect to the people west of the Missouri 
 River. 
 
 Senator Dolliver. The preference regarding distance works rather 
 to the advantage of those remoter points, so far; does it not? 
 
 Mr. Cowan. Oh, no; 1 think not. I think it is perfectly reasonable 
 to say that the greater the distance the less the proportionate rate 
 should be, because the proportionate cost of transportation is less. I 
 do not think that ever did operate that way, except that the railroads 
 were built mile by mile in this interior western region, except in Texas, 
 and there the rates are regulated by water competition on the Gulf. 
 Take the Denver rate and the California rate. From Wyoming they 
 pay $1 and from San Jose it is $1.10. 
 
 Now, 1 will read, Mr. Chairman, the paper you have suggested. 
 
 Senator Carmack. Is that the amendment you referred to yesterday ? 
 
 Mr. Cowan. I have put it in better form here: 
 
 Washington, D. C., January ^8, 1905. 
 Hon. Stephen B. Elkins, Chairman, and 
 The Committee on Interstate Commekce of the Senate op the United States: 
 
 Upon your request that I should do so, I make the following suggestions of specific 
 amendments to the act to regulate commerce: 
 
 First. Strike out the words in the first section, "under a common control, manage- 
 ment, or arrangement for a continuous carriage or shipment," in order to bring all 
 interstate and foreign commerce under the provisions of the act without leaving it to 
 the carriers to elect not to be subject to the act merely by refusing to make and pub- 
 lish joint rates for through shipments, as they may now do. 
 
 Second. Amend section 15 by adding at the end thereof a clause giving the Com- 
 mission power to fix rate and routes, fixmg also adequate penalties for nonobservance, 
 as follows: 
 
 " It shall be the duty of the Commission, and it is hereby authorized, to fix proper 
 and lawful passenger fares or rates of freight or charges for any service in connection 
 with carriage of passengers or with the receiving, handling, storing, transporting, 
 and delivering of any freight handled or transported when the same is interstate or 
 foreign commerce whenever upon any investigation made by the Commission under 
 the provisions of the act to regulate commerce approved February 4, 1887, or acts 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 115 
 
 amendatory or supplemental thereto, it shall determine any such existing fares, 
 rates, or charges, or any part thereof, to be in violation of any of the provisions of 
 said acts, and to substitute for such unlawful fares, rates, and charges, whether joint 
 or single, the fares, rates, and charges found by the Commission to be proper and 
 lawful; and to make an order putting such lawful substituted fares, rates, or charges 
 in force as the published fares, rates, or charges, which shall, after due notice, be 
 deemed in law to be the published fares, rates, and charges of such carriers in lieu 
 of such unlawful fares, rates, or charges, not less than twenty days nor. more than 
 sixty days from the date of notice of such order to the earners against whom the 
 same may be issued. 
 
 If any carrier, being a party to the investigation out of which the order shall be 
 issued, after notice thereof shall fail or refuse to obey the same and conform its charges 
 thereto, as directed in such order, it shall be liable to a penalty of $5,000 per day for 
 each and every day it shall violate such order, to be recovered by the United States 
 at the suit of the Commission in any circuit court of the United States for the district 
 where the disobedience shall occur or where such carrier has an office and agent, in 
 addition to the penalties and liabilities of any other law applicable to the act of such 
 carrier for nonobservance of its published rates. 
 
 Third. Make the act for expediting hearings applicable by inserting after the word 
 "complainant," in the first section "or in which any common carrier shall by anysuit 
 or proceeding seek to enjoin, annul, suspend, or modify any order or ruling of the 
 Interstate Commerce Commission;" also to insert the same words after the word 
 "complainant," in the second section of said act. 
 
 Fourth. Unless it is deemed necessary at this time to establish an interstate-com- 
 merce court, which is certainly not urgent, the foregoing will leave the Commission 
 with all the power necessary, legislative in character, to afford the shippers all they 
 can reasonably ask, and leave the railroads with all of the rights which the law can 
 confer, to set the Commission's order aside, and yet let it be effective as a legislative 
 act. 
 
 Fifth. If it is desired that section 4 be effective, strike out the words "under sub- 
 stantially similar circumstances and conditions," otherwise it might as well not exist. 
 Respectfully, 
 
 S. H. Cowan, 
 Attorney for the Cattle Raisers and Cattle 
 Growers' Interstate Execuiire Committee. 
 
 Senator Dolliver. Aside from the general provisions of the law, do 
 you suggest any provision for the appeal of these cases ? 
 
 Mr. Cowan. If you make this act applicable it confers a method for 
 speedy appeal. It leaves it so that one circuit judge can not set aside 
 the order of the Commission just by his ipse dixit; you can call three 
 circuit judges to determine it. I say if you do not want a special inter- 
 state-commerce court that ought to be done. 
 
 Senator Foster. Under this proposed amendment that you suggest 
 you leave the rate-making power with the railroads, do you? 
 
 Mr. Cowan. I leave that with the railroads entirely; yes. 
 
 Senator Dolliver. Why do you suggest omitting the preliminary 
 of a complaint on the part of somebody in regard to the rates ? 
 
 Mr. Cowan. I stated at length yesterday that it looks foolish, if 
 you are empowering the Commission with the right to determine 
 whether the rate shall be investigated and to pass upon the essentials 
 of it, if you do not give the Commission the power, of its own motion, 
 if the circumstances seem to demand, to institute an investigation to 
 determine whether or not the thing ought to be done. 
 
 Senator Dolliver. I remember that the Senate once requested or 
 directed the Commission to make an investigation of the grain rates 
 to Chicago during the hard times. 
 
 Mr. Cowan. If you are going to intrust such an important power 
 to the Commission, certainly you can trust it without any requirement 
 of the filing of a complaint. Under the present law they may insti- 
 tute an investigation of their own motion. 
 
116 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Dollivee. Do you think this amendment you suggest 
 would tend to nullify the remedies already given by law, the remedies 
 contained in section 3 of the act of 1903, against discriminations? 
 
 Mr. Cowan. It would not absolutely do so. The Commission are 
 only permitted to substitute a lawful rate for one that is unlawful. 
 In the suggestion I make I do not see how it could result in any sense 
 in nullifying or repealing any of the provisions of the existing law. 
 
 Senator Dolliver. With this exception, that the duty of the Com- 
 mission, in case they find discriminations, is pretty thoroughly stated 
 by the act of 1903. 
 
 Mr. Cowan. You know the legal liability of a railroad company for 
 having granted discriminations and rebates is for a past act. The giv- 
 ing to the Commission the right to make rates for the future would 
 not militate against the present law. 
 
 Senator Dollfver. The act of 1903 does not deal with past acts. 
 
 Mr. Cowan. Yes, it does; and it does not provide for fixing any 
 rate for the future. That can be reached bj'^ injunction. 
 
 Senator Dolliver. Section 3 of the act of 1903 provides: 
 
 That whenever the Interstate Commerce Commission shall have reasonable ground 
 for belief that any common carrier is engaged In the carriage of passengers or freight 
 trafiBc between given points at less than the published rates on file, or is committing 
 any discriminations forbidden by law, a petition may be presented alleging such 
 facts to the circuit court of the United States sitting in equity having jurisdiction. 
 
 The act further provides a very elaborate order of procedure at the 
 expense of the United States. 
 
 Mr. Cowan. To enjoin. 
 
 Senator Dolliver. To enjoin, and for a decree requiring them to 
 desist. Do you think that ought to be repealed by implication ? 
 
 Mr. Cowan. I think not. 
 
 The Chairman. You use the words, " proper and lawful; " why did 
 you not use "reasonable?" 
 
 Mr. Cowan. 1 did that deliberately, for this reason : The Commis- 
 sion might be compelled, in order to comply with the provisions of 
 section 3 of the act, for example, to put in a rate the reasonableness 
 of which they did not want to pass upon, just exactly as they decided 
 a few days ago in the Packing House Products case, and the compara- 
 tive rates on cattle. They do not pass on the reasonableness of the 
 rate, but they say that the carrier has no right to transport the trust 
 meat at a less rate of freight than for live stock from the immediate 
 station. 
 
 The Chairman. By putting commas between, the propriety or the 
 reasonableness or the lawfulness can be considered. 
 
 Mr. Cowan. I agree to that. 
 
 The Chairman. 1 want to know what is in your mind. 
 
 Mr. Cowan. In my mind there are other facts besides reasonable- 
 ness that 1 want the Commission to determine without peradventure. 
 
 Senator Caemack. You spoke a while ago about a statement made to 
 the Interstate Commerce Commission in regard to increases of rates 
 made by the railroads; within what time was that* 
 
 Mr. Cowan. Since 1897. 
 
 The Chairman. Judge Cowan, Mr. Davenport is here and would 
 like to ask you some questions. 
 
 Mr. Davenport. I represent those millions of people who are directly 
 and pecr.narily interested in the preservation ot the properties which 
 
DUTIE8 AND POWERS OF INTERSTATE COMMERCE COMMISSION. 117 
 
 the gentleman spoke of as income-producing properties. While the 
 Judge is here, and has had particular personal experience in these 
 matters and is entirely familiar with the situation in the Southwest, 1 
 would like to ask him a few questions. 
 
 The Chairman. Make them brief. 
 
 Mr. Davenport. It will not take me long to ask one. I understood 
 the Judge to say that in the State of Texas there were some 12,000 
 miles of railroad. 
 
 Mr. Cowan. Almost, 
 
 Mr. Davenport. In that State you have a Commission which fixes 
 rates, and I understood you to say that the rates on interstate traffic 
 for the same number of miles were more than those prescribed by the 
 Interstate Commerce Commission? 
 
 Mr. Cowan. That was on cattle. 
 
 Mr. Davenport. That originally the State commission fixed the 
 rate at the same figure as the interstate rate ? 
 
 Mr. Cowan. I did not quite say that. They fixed the live-stock 
 rate for a 500-mile haul at something below the interstate rate for a 
 similar haul. 
 
 Mr. Davenport. You have a pretty good railroad commission in 
 your State, have you not? 
 
 Mr. Cowan. We think so. 
 
 Mr. Davenport. Is Judge Regan still connected with it? 
 
 Mr. Cowan. No, sir; he has retired. 
 
 Mr. Davenport. Therefore, the owners of this property might 
 reasonable expect such treatment from the interstate commission as 
 the}' have received from the State commission? 
 
 Mr. Cowan. If they do their duty. 
 
 Mr. Davenport. Commencing with 1898, the railroad companies 
 were permitted to raise, or did raise, their rates on cattle. They did 
 it, you say, upon the claim that the cost of operating the railroads 
 had increased. 
 
 Mr. Cowan. No; I did not say they did it on that claim. 
 
 Mr. Davenport. It is generally understood so. I want to ask j'^ou 
 this question. Judge: Were there any other State rates, domestic rates, 
 increased ? 
 
 Mr. Cowan. Not at all. 
 
 Mr. Davenport. Were they allowed to be increased ? 
 
 Mr. Cowan. Nobody tried to increase them, and nobody tried to 
 prevent the Texas commission rates from remaining in efl:'ect. 
 
 Mr. Davenport. That is to say, that the owners of this property, 
 operating 12,000 miles of road in the State of Texas, with the supposed 
 increase of a large percentage in operating expenses, did not have the 
 courage, or at any rate the confidence, to apply to your commission to 
 have an advance in these domestic rates ? 
 
 Mr. Cowan. Oh, yes; they applied to the commission to raise the 
 rates. 
 
 Mr. Davenport. Did they obtain it? 
 
 Mr. Cowan. Oh, no. 
 
 Mr. Davenport. So that we may expect hereafter, if you have a 
 commission of this character and there is an increase in the operating 
 expenses of these roads, that they may not have the opportunity to 
 raise the rates; is that so? 
 
118 DUTIES AND P0WEE8 OF INTERSTATE COMMEEOE COMMISSION. 
 
 Mr. Cowan. I do not know that it is. The increase of operating 
 expenses as a whole and the increase of operating expenses in propor- 
 tion to gross earnings are two entirely diiferent propositions. 
 
 Mr. Davenpokt. Are you not familiar enough with the statistics 
 before this committee, showing the percentage of gross earnings or 
 gross revenues to operating expenses, to know that they were higher 
 in 1903 and much higher than in the previous years? 
 
 Mr. Cowan. On what railroads? 
 
 Mr. Davenpoet. On all the railroads of the country. 
 
 Mr. Cowan. Oh, no. There are no such statistics, in the first place. 
 
 The Chairman. Let me state to you, Mr. Davenport, that Judge 
 Cowan has made his statement, and we can not allow a controversy 
 between "different sides. 
 
 Mr. Davenpokt. I understand that. 
 
 The Chairman. You can have an opportunity hereafter to make 
 your statement and I think it would be better to answer Judge 
 Cowan's arguments then. We can not allow any controversy between 
 different interests here. I thought one question might elucidate the 
 subject. 
 
 Mr. Cowan. If permitted by the committee, I will say as to the 
 operating expenses of a railroad, as figured out and compared to gross 
 earnings, or net earnings compared to gross earnings, every man 
 familiar with railroad accounts knows that that is simply a matter of 
 bookkeeping. The same principles are not adopted and carried into 
 practical effect in the same way by any two lines. You will find that 
 the Gulf and Santa Fe in Texas, bj' its annual report — and this is an 
 illustration which answers the whole question — for the year ending 
 June 30, 1903, shows an expenditure of $1,505 per mile for the main- 
 tenance of way and structures charged into operating expenses. 
 
 The chairman, being a railroad builder, knows that no such normal 
 or legitimate operating expenses for that purpose could exist. The 
 average of the Atchison, Topeka and Santa Fe for ten years was only 
 about one half of that. I know that there were betterments and 
 improvements embraced in the accounts, and I proved it by the engi- 
 neer of the railroad commission. That is simply an example showing 
 why you can not make a general statement deduced from particular 
 statistics. You have got to get down to the individual roads and find 
 their different items, and then you will soon see that they can make 
 them as they please. 
 
 Mr. Davenport. Are you aware that ties cost 45 cents each in 1898, 
 that they advanced to 55 cents in 1902, went to 60 cents in 1903, and 
 are now 62 cents ? 
 
 Mr. Cowan. What particular ties are you talking about? In the 
 first place the best ties are entirely too high. In the second place the 
 ties in our country sell for very much less. I think they can be laid 
 on the track at 35 cents, and you can put them in at 44 cents — ties that 
 have been creosoted. That has been the case for the last twelve or 
 fifteen years. 
 
 Mr. Davenport. Are you aware that fuel expenses for locomotives 
 alone jumped from $72,000,000 in 1893 to $120,000,000 in the period 
 from 1893 to 1902? 
 
 Mr. Cowan. In respect of the matter of fuel, you have got to take a 
 
 E articular line of road. The price of fuel on some lines has increased, 
 ut, mind you, the amount of fuel increases and the volume of the 
 
DITTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 119 
 
 traffic increases, and the fuel man gets larger prices. But if you repre- 
 sent any people who own stocks and bonds in the Gulf and Santa Fe 
 road, I can tell you that the fuel account has diminished instead of 
 increased. You have got to take each particular road. The fuel 
 account of the Southern Pacific in Texas and all those roads that burn 
 oil has been cut in half, and they do not give the shipper any benefit 
 whatever. 
 
 Saturday, January '28, 1905. 
 STATEMENT OF MTJRDO MACKENZIE. 
 
 Mr. Mackenzie. Mr. Chairman and members of the committee, I 
 do not want to detain you very long, but I would like to lay a few 
 matters before you in connection with our business. 
 
 Mr. Cowan and myself were appointed by the cattle raisers of the 
 West — I may say the stock raisers of the West — to come here and meet 
 the committees of both the Senate and the House and explain to them, 
 as far as lay in our power, the difficulties under which we are now 
 woi'king. 
 
 The reason why we did not have the larger delegation here is that 
 we do not want to intrude too much on the committees or put in tob 
 much evidence. We thought if one or two people were appointed 
 who knew the exact situation' it would be more satisfactory to you 
 than to have a great deal of rambling evidence that you would have to 
 sift out to get what was worth looking at. For that reason the cattle 
 raisers unanimously directed Mr. Cowan to appear here, as he is a 
 man who has made a study of this for years. He knows our wants, 
 and he can tell you in fewer words what our requirements are better 
 than if we had a thousand people here. 1 only want to take a few 
 minutes of your time, and then I will pass on to a few points I want 
 to bring before you. But I want to impress upon j'ou that Mr. Cowan 
 is representing the stock raisers. He knows what their requirements 
 are, and he can tell you about them. He is not extravagant in his 
 demands. The cattlemen want what is right. Jf we did not want 
 that 1 do not think we would come here to take your time. 
 
 The first point I want to bring before you is the increase in rates 
 from Texas common poipts — say the Amarillo group of stations — to 
 Dakota, and show you the difference between the rates charged us in 
 1896 and prior and the rates charged us to-day. 
 
 For one year we got our cattle hauled from Texas to Bellefourche 
 and Bellefourche group of stations for $55 per car. I do not want 
 to make any point about that, because it was in the nature of strong 
 competition. At any rate, the railroads wanted the business at that 
 I'ate. Next year they came to us and asked us if we would not agree 
 to raise the rate to f 65 per car; that if we would agree to give tnem 
 $65 the rate should be satisfactory to us and that it would be perfectly 
 satisfactory to them. That was a paying rate. This state of affair* 
 continued 
 
 Senator Foster. What year was that? 
 
 Mr. Mackenzie. That was in 1890, if I remember well. This state 
 of affairs continued up until 1898. In 1899 they incredsed our rate, 
 and from year to year continued increasing our rate, until to-day we 
 are paying them $100 per car. 
 
, 120 DUTIES AND P0WER8 OF INTERSTATE COMMEBCE COMMISSION. 
 
 Now, gentlemen, they may be right about this. I am not going-to 
 say they are not, because I am not railroad man enough to say whether 
 they are right or wrong; but 1 say this, that the ordinary layman, 
 the ordinary cattleman, can not understand this one fact, for if we had 
 to pay the railroads $65 per car from Amarillo common points to Belle- 
 fourche common points, and that rate was satisfactory, then $100 per 
 car to-day is too much. 
 
 Senator Millard. Do you recollect the distance between those 
 points? 
 
 Mr, Mackenzje. Not exactly. I think the shortest cut is about 
 800 miles. 
 
 Senator Fostek. How manv head of cattle do you put in each car ? 
 
 Mr. Mackenzie. From 30 to 40, if they are two-year-old steers. 
 
 Senator Dolliver. Have you calculated what that rate would be by 
 the hundred pounds ? 
 
 Mr. Mackenzie. No, sir; we did not weigh them. The cattle 
 from Texas are shipped out in the spring, when they are vevy poor, 
 to the northern ranges. 
 
 Senator Dolliver. Is feeding included in the transit rate?_ 
 
 Mr. Mackenzie. No, sir; there is no such thing as a transit rate in 
 the North. We do not ship the cattle over the same roads. We ship 
 from Dakota over the Santa Fe, the Rock Island, the Fort W^orth and 
 Denver, and the Burlington lines, and they are shipped out east by the 
 St. Paul, the Northwestern, the Great Northern, or the Northern 
 Pacific. So that the one road had no connection with another. 
 
 Senator Clapp. I think you did not understand Senator Dolliver's 
 question. Does this include feeding in transit? 
 
 Mr. Mackenzie. No, sir. You can not get that unless you get a 
 continuation on the same road, and if you got that it would cost yoii 
 more than the feed in transit. 
 
 Senator Millard. That is, the shipper pays the expense of loading 
 and unloading? 
 
 Mr. Mackenzie. In Texas they pa}' the expenses of the feeding on 
 the road. In Colorado and in nearly all the other States the shipper 
 has to load his own cattle. In Texas we do not. 
 
 Senator Carmack. Do not the railroads claim that the cost of opera- 
 tion has absolutely increased ? 
 
 Mr. Mackenzie. Thej' claim that, but we do not believe it. I think 
 Mr. Cowan will tell you — and he knows more about it than I do — that 
 if you take all the freight that is carried over the roads, the rate per 
 ton mile, the expense per ton-mile, is no greater to-day than it was at 
 the time we were getting our cattle hauled at $65 per car. 
 
 Senator Carmack. Because they carry so much more freight? 
 
 Mr. Mackenzie. The traffic is more dense and the facilities are 
 greater for hauling cattle. The engines are heavier and can haul more 
 cars. I think Mr. Cowan will show you without any trouble that, 
 taking the traffic altogether, the cost per ton-mile, which is the 
 only basis you can figure on, is not any greater now than it was when 
 we got cattle hauled at $65. 
 
 Senator Dolliver. Have you made any calculation as to what this 
 rate is per ton-mile ? 
 
 Mr. Mackenzie. 1 could give it to you, but I haven't it now. I 
 think Mr. Cowan can give it to you now. I am not in a position to 
 give it myself, at this moment. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 121 
 
 Senator Dolliver. Judge Cowan, if 3'ou will make that calculation 
 I would like it. 
 
 Mr. Cowan. I can procure it, but I haven't it here. None of these 
 rates are fixed on that basis. 
 
 Mr. Mackenzie. They are not fixed at so much per hundredweight. 
 They are fixed at the rate of $100 per car. 
 
 Senator Carmack. The point 1 want you to elucidate, if possible, is 
 the question of justification of increased rates by reason of increased 
 cost of railroad operation. 
 
 Mr. Cowan. Mr. Mackenzie is not familiar with that. 
 
 Senator Millard. How many times are the cattle unloaded in that 
 distance ? 
 
 Mr. Mackenzie. They are unloaded twice; that is, we feed them 
 twice if we get a good run. J ship my own cattle and unload but once. 
 But the service is so poor now that if we get -them to their destination 
 by feeding twice we are in luck. There is no reason in the world why 
 cattle should not be hauled 800 miles with one feeding, but if you get 
 service that will only give you 10 or 12 miles an hour, you can 
 not make it. That is what we are subjected to. We not only have to 
 pay our rates, but they have given us service to please themselves. 
 They must have the tonnage. The cattlemen demand a service of 
 18 to 20 miles an hour, and that is not excessive. 1 do not think 
 there is a man in the railroad business who will say to you here that 
 the demand of the cattlemen of 18 miles an hour is at all excessive. 
 
 Senator Dolliver. Is there any proposition pending anywhere to 
 regulate the speed of railway trains ? Is that included in any pending 
 bills? 
 
 Mr. Mackenzie. I think so. Isn't that so, Mr. Cowan? 
 
 Mr. Cowan. No, sir; I don't think it is. 
 
 Mr. Mackenzie. At any rate, we feel that our goods are perishable, 
 and we feel that we have the right to decent service. We do not feel 
 that we should be sidetracked, any more than the people who ship 
 vegetables and other green goods, while a fruit train from California 
 passes us. We feel strongly that the railroads have come into such 
 combination that they can treat us just as they please. 
 
 Now, gentlemen, I have touched on the rate to Dakota, and now I 
 am going to give you a little history of the rate to Kansas City from 
 the same points. Prior to 1898 we paid $62.50 per car. In 1896 they 
 changed tne rate from dollars per car to cents per hundredweight. In 
 doing this the railroads suggested that it was only fair to our cattle 
 people to pay so many cents per hundredweight;, and we agree with 
 them, but in doing this they made the minimum car load rate 22,000 
 pounds. 
 
 Senator Dolliver. What is the rate per hundredweight? 
 
 Mr. Mackenzie. At that time it was 28 cents — that is, they figured 
 it at 28 cents. The rate per car was $62.50, and in finding the rate per 
 hundredweight they divided the $62.50 by 22,000 pounds instead of by 
 25,000, that being the weight that a car can carry. If they had divided 
 the $62.50 by 25,000 pounds the rate per hundredweight would have 
 been that much less. If we put in a full carload of steers weighing 
 25,000 pounds we have to pay the difference between 22,000 pounds 
 and 25,000 pounds at the rate of 20 cents per hundredweight. In other 
 words, they, raise our rates, by one stroke of the pen, about $8 or 
 
122 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 $10 per car. We can prove that we can put in 25 steers weighing 
 25,000 pounds. Of course we can not put in the same weight of cows, 
 but we don't object to paying the $62.50 for the cows, even if they do 
 not have the weight. 
 
 Senator Dolliver. What is the distance to Kansas City ? 
 
 Mr. Mackenzie. About 550 miles. Wedo not object to paying $62. 50 
 for the cows, even if we could not put in the weight; but we do object 
 to their making us pay that much extra for 3,000 pounds when we are 
 compelled to put in that much weight to load the car properly. It is 
 just as injurious to cattle to underload them as it is to ovferload them. 
 Cattle must be properly loaded, otherwise they will be damaged. 
 
 When they raised our rate to 28 cents per hundredweight the rate 
 was $70 per car of 25,000 pounds, and they tried to make us believe 
 at the same time they were giving us the same rate as before. 
 
 At the beginning of 1900 they raised the rates to 31i cents per hundred- 
 weight, making the rate per car $28. 75. In 1903 they raised our rate to 
 34i cents, making the per-car rate $86.26 on 25,000 pounds, and making a 
 total increase of $23.75 on a carload of steers. It does not show so 
 badly on cows, because, as a rule, cows wei^h 22,600 per carload, but 
 the increase during the three years in carrying carloads of cattle from 
 Amorillo common points to market is $18.30. 
 
 Senator Dollivek. Was that matter ever presented to the Interstate 
 Commerce Commission? 
 
 Mr. Mackenzie. Yes, sir. We have it before them now. 
 
 Senator Dolliver. According to your statement that has been going 
 on for a long time. 
 
 Mr. Mackenzie. Yes, sir; we tried one case before the courts and 
 we had to retry it. We brought suit before the Commission in Feb- 
 ruary last year, and we tried the case for five weeks — two weeks at 
 Fort Worth at different times, for one week in Chicago, one week in 
 St. Louis, and one week in Denver. 
 
 Senator Dolliver. Has there been any abuse in the cattle country 
 of railroads giving secret rates to favored shippers ? 
 
 Mr. Mackenzie. Prior to the dates I have given you here they 
 were very anxious to get the business at $62.50 and give from $10 to 
 f 12 rebate. That was in the days when there was competition. We 
 have no competition now. 
 
 Senator Dolliver. In other words, the rebate has been abolished? 
 
 Mr. Mackenzie. The rebate has been abolished, so far as we know. 
 
 Senator Dolliver. Competition took the form of rebates, as a riile. 
 
 Mr. Mackenzie. But, Senator, who got the rebates? The rebates 
 went into the pockets of the railroads, and they were just getting that 
 much more. They have never done away with that. 
 
 Senator Dolliver. What do you mean by the rebate going into the 
 pockets of the railroads? 
 
 Mr. Mackenzie._ They made the provision in fixing the rate at $62.50 
 that they had to give us certain rebates. 
 
 . Senator Dolliver. Did they charge anybody $62.50? 
 
 Mr. Mackenzie. That was the published rate. 
 
 Senator Dolliver. But did they charge anybody that? 
 
 Mr. Mackenzie. Oh, yes; lots of them. 
 
 Senator Dolliver. So that these people who had rebate contracts 
 had that discrimination in their favor? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 123 
 
 Mr. Mackenzie. Yes, sir; that is what w^ kick about. Instead of 
 putting down the rates when the rebates were stopped, and giving all 
 the shippers the benefit, they put up the rates. 
 
 Senator Dollivek. They nave not put them any higher than the 
 original published rates ? 
 
 Mr. Mackenzie. Yes, sir; they have raised them from 28 cents to 
 Sii cents in five or six years. 
 
 Senator Dollivek. Not only are the rebates gone, but the old rates 
 are gone? 
 
 Mr. Mackenzie. Yes, sir; and they are charging us more, \^hile the 
 service is poorer. They will not haul trains for us unless they get 
 the tonnage that the engine is rated for. 
 
 Senator Dollivek. They will not start the train ? 
 
 Mr. Mackenzie. They will start it, but you will be sorry when they 
 have gone a piece that it was started. 
 
 Senator Dollivek. Is there anybody that expects to see restored 
 the old short time and fast trains in the railroad freight business? 
 
 Mr. Mackenzie. We don't expect to get small trains and fast time, 
 but we expect trains that will go at a reasonable rate. 
 
 Senator Dollivek. What is the occasion of the delay of these long 
 trains ? 
 
 Mr. Mackenzie. A short time ago, last fall, 1 had a shipment from 
 Texas that went to Kansas City. I went with it myself a certain part 
 of the road, and when I got to Delhart the Kock Island people told 
 me that they hadn't a sufficient tonnage to send me out; that we would 
 have to unload the cattle. That was 25 miles from where I started. 
 1 had to unload the cattle in order to let them get their proper tonnage. 
 
 Senator Dollivek. How long did this make you wait? 
 
 Mr. Mackenzie. They didn't make me wait at all when I told them 
 who 1 was. They sent me on, but they delayed me on the road, I 
 think it was twelve or fifteen hours, loading cattle. I gave special 
 instructions and specific instructions that those cattle should not be 
 unloaded, because in twenty-eight hours they can be taken to market 
 with a reasonable run They Kept me on the road while they were 
 switching and doing one thing or another until they got to Herrington, 
 Kans., within seven hours of the market. I left my man with the 
 cattle, going on to Kansas City myself, and they told him that the 
 Humane Society wouldn't allow him to send on the cattle, because the 
 twenty-eight hours had expired. He was helpless, and so the cattle 
 were brought up to the pen to unload. That was 8 o'clock at night, 
 and at 10 the next morning the cattle were taken off the cars to be fed. 
 The Humane Society was in bed all this time and paid no attention to 
 them. 
 
 Senator Dollivek. Have you now no remedy at law ? 
 
 Mr. Mackenzie. I have; but it is a hardship for every little cattle- 
 man to have to go to law with a corporation, and not one corporation 
 only, for they all join in fighting us, and it would cost me more and 
 cost a little cattleman more, if he was in the same position as myself, 
 to fight those people than the cattle were worth. 
 
 What we want is this, gentlemen. We want protection from the law ; 
 we want protection from the Interstate Commerce Commission, that 
 they shall be empowered to regulate this matter, not only so far as 
 rates are concerned, but to regulate the service we are entitled to, and 
 
124 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 that we sfaall get it. The cattlemen lose more money in poor service 
 than in any other way that cattle are handled. 
 
 Let me just point out for a moment some facts. I am getting^ a little 
 past what I intended to sav, because there are new points coming up. 
 Those cattle of mine should be in Kansas City in twenty-eight hours. 
 If cattle are kept on the road for twenty-four hours longer than that 
 the shrinkage is all the way from 25 to 40 pounds per head. The rail- 
 roads themselves allow 20 pounds, but we do not admit that it is ever 
 as low as 20 pounds. In fact, we know that it is not. But take it at 
 25 pounds, which is only 5 pounds more than they claim, and yet if 
 they come within that much of telling the truth it is more than we 
 have known for a long time. Take it at 25 pounds, and deduct that 
 from the weight of a steer that will sell for $4.50 per hundred, and 
 you will see that we lose a little over $1 a head on every steer we ship 
 to market. 
 
 Now, gentlemen, when you think of it, or if you don't think of it, 
 you may suppose that 25 pounds is a very small thing in the weight of 
 a steer, and that it don't make any diflference. But here is a poor little 
 devil who has been working hard all the year feeding his cattle with 
 high-priced corn, and with the poor prices of cattle on the market he 
 must lose |1 per head. What show has he to go into the* courts to 
 make the railroads pay for this? He has none; and even if he does 
 succeed it takes him years to get it, and it costs him more than the 
 whole thing is worth. 
 
 Senator Dolliver. Judge Cowan has intimated that it would be 
 impracticable for the Interstate Commerce Commission to follow these 
 trains and govern their movements. 
 
 "Mr. Mackenzie. Well, Judge Cowan knows more about it than 1 
 do, and I guess he may be right. 
 
 Mr. Cowan. They may fix a rate in proportion to the service per- 
 formed. 
 
 Mr. Mackenzie. If we get a proper service they say they are giving 
 us better rates. I say they don't. They are giving us poorer service 
 at the advanced rate. 
 
 Senator Dolliver. The man paying the rate ought to know as 
 much about it as those who get the rate, I should think. 
 
 Mr. Mackenzie. We know that we are paying too much. We have 
 had several meetings with the railroad people. We had one, I recol- 
 lect, in St. Louis, to which Mr. Cowan referred yesterday, where we 
 spent $500 in getting up a statement of rates to show the railroads the 
 inequalities from certain points for the same service. I cited to them 
 one particular case where they charged us 31i cents per hundred- 
 weight for hauling cattle from Amarillo common-point stations to 
 Kansas City, 600 miles. We made this comparison in order to show 
 the railroads that while thtfy were giving us this rate, for the same 
 service of 500 miles to Kansas City they were charging cattlemen from 
 Las Animas, Colo., 23^ cents. 
 
 After discussing the matter for a long time, half a day, they admitted 
 that we were right, that we had some grievances, and promised to take 
 the matter under advisement. This meeting was held in the office of the 
 Southwestern Traffic Association, and I thmk we had sixteen or seven- 
 teen traffic men along with us discussing the matter. Some time there- 
 after we heard from those gentlemen, and they told us" that after con- 
 
DUTIES AND POWERS OF INTEESTATE OOMMEKCE COMMISSION. 125 
 
 sidering the whole situation they found that if they were tO interfere 
 with our Texas rate it would disorganize all the rates in the Territory; 
 and, to bring it closer to our neighbors in Colorado, they said they 
 would put up the Colorado rate, and that meeting put them up to 26 
 cents. That is the way the railroads have of helping the poor cattle- 
 men. They said they wanted to help us. They were perfectly satis- 
 fied with the Colorado rate until we brought the matter to their notice. 
 Then they immediately saw that there was a place for them to run the 
 Colorado rate up from $6 to $8 a car, and they promptly did so. 
 
 1 wanted to say these few words to you before leaving. I am much 
 obliged to you for your attention, and I hope you will listen to Judge 
 Cowan, who is very familiar with all the points. 
 
 Senator Dolliver. I would like to askr what they say about that 
 unreasonable delay of the train to Kansas City. 
 
 Mr. Mackenzie. I will tell you about that. We had a conference 
 with the railroad people in Chicago last February. We had this very 
 matter before them, and the traffic managers of those roads admitted 
 to us that the service was not satisfactory to themselves, and they did 
 give us better service for a short time, and then went back to the old 
 trouble. 
 
 What we want in the West is protection, the protection that we feel 
 
 e are entitled to. The ordinary layman finds it hard to understand 
 why these rates are put up from time to time. If we had another 
 Interstate Commerce Commission, entirely unprejudiced, who would 
 have at heart the interests of the railroads and the shippers, tbey could* 
 fix a rate that would please both. I can assure you that until that is 
 done the shippers of the country will not be pleased, because they feel 
 in their hearts that the railroads have combined together to raise our 
 rates and to keep our rates up, and that we can not stand. 
 
 The Chairman. Was it the same all over that section ? Were any 
 rebates granted? 
 
 Mr. Mackenzie. Not in recent years. 
 
 The Chairman. You people of Texas got the same rate in that 
 section ? 
 
 Mr. Mackenzie. Yes; but we feel that it was too high. 
 
 The Chairman. Your complaint is that it was too high ? 
 
 Mr. Mackenzie. Yes, sir. 
 
 The Chairman. You feel that the Colorado rate and the Texas rate 
 ought to be the same ? 
 
 Mr. Mackenzie. Yes; for the same service. 
 
 The Chairman. For the same distance ? 
 
 Mr. Mackenzie. Yes; unless the railroads can show us that it costs 
 them more to haul from Texas than from Colorado, and I don't believe 
 they can do that. 
 
 The Chairman. Colorado is 800 miles from Amarillo? 
 
 Mr. Mackenzie. But they do not go the same way. 
 
 The Chairman. I know that whole country. What I wanted to get 
 is your complaint, and that is that the Texas rate — no matter about 
 any other rate — was too high ? 
 
 Mr. Mackenzie. Yes, sir. 
 
 The Chairman. To your knowledge have there been any discrimi- 
 nations or rebates granted of recent years in Texas ? 
 
 Mr. Mackenzie. Not in the last two or three years. 
 
 The Chairman. In the last five or ten vears? 
 
126 DUTIES, AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Mackenzie. Lots of them. 
 
 The Chairman. To what law do you attribute that; id not the Texas 
 law a good law ? 
 
 Mr. Mackenzie. The Texas law is a good law, but that can not affect 
 interstate commerce. 
 
 The Chairman. But, as I understand, there have been no discrimi- 
 nations or rebates granted in the State of Texas per se within ten years? 
 
 Mr. Mackenzie. Oh, yes; under the interstate-commerce law. If 
 we had the Texas law the railroads couldn't treat us the way they do. 
 
 The Chairman. I know there have been no rebates in Texas in the 
 past five years, but the law of Texas is no more speedy in its operation 
 than our law. 
 
 Mr. Mackenzie. No; but the Texas commission has the power to 
 say what a fair rate is. 
 
 STATEMENT OF MR. CHARLES H. CROCKER. 
 
 Mr. Charles H. Crocker appeared with Mr. A. C. Rulofson, both 
 being merchants of San Francisco and representing the Manufacturers 
 and Producers' Association of California, and presented the following 
 
 resolutions: 
 
 San Francisco, January 19, 1906. ' 
 To all whom it may concern: 
 
 This is to certify that Mr. Charles H. Crocker was duly appointed at a meeting of 
 the board of directors of the Manufacturers and Producers' Association, held January 
 19, 1905, as a delegate to proceed to Washington, D. C, for the purpose of urging 
 upon Congress the disadvantages to the business interests of the Pacific coast of any 
 legislation which shall give the Interstate Commerce Commission the arbitrary right 
 to make rates. 
 
 [seal.] Manufacturers and Producers' Association op California. 
 
 E. Gardiner, Secretary. 
 
 Preamble and resolutions adopted by the board of directors of the Manufacturers and Pro- 
 ducers' Association of California January 19, 1905. 
 
 Whereas the present welfare of the manufacturers, producers, wholesalers, and job- 
 bers of the Pacific coast, and the future growth and development of their various and 
 varied business interests depend largely upon a system of rate making by the trans- 
 continental railroads, by which the terminal rate, to which the jobbing" and manu- 
 facturing cities of the coast are justly entitled by reason of water competition, is 
 recognized; and 
 
 Whereas deterrxiined effort has been made in the past by the manufacturers, pro- 
 ducers, wholesalers, and jobbers of other sections to do away with said terminal 
 rates to Pacific coast cities, and substitute therefor a system of rates based on dis- 
 tance or mileage, ignoring water competition; and 
 
 Whereas the assistance rendered the manufacturers, wholesalers, and jobbers of 
 the Pacific coast by the transcontinental railroads in combating said effort to estab- 
 lish rates based on distance or mileage satisfies us that the interests of the coast will 
 be best served by leaving the authority to make rates where it now is, in the hands 
 of the carriers who are familiar with the exceptional conditions on the Pacific coast 
 and the Northwest, subject to review by the Interstate Commerce Commission upon 
 complaint of the shipper who feels that a given rate is wrong: Now, therefore be it 
 
 Resolved, That the Manufacturers and Producers' Association of California, while 
 expressing the highest respect for and confidence in, personally and collectively, the 
 members of the Interstate Commerce Commission, respectfully protest against any 
 legislation whereby said Commission would be given the arbitrary ri^t to make 
 rates, as inexpedient and not to the advantage of business interests of this community, 
 and that we recommend in lieu thereof that the Commission be increased to seven 
 members, and that in view of the vast commercial interests involved and the differ- 
 ences governing transportation on the Pacific coast and in the Northwest, that the 
 two new members thus added to the Commission should be appointed one from the 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 127 
 
 Pacific coast and one from the Northwest, so that all geographical sections of the 
 country would be represented. And be it further 
 
 Resolved, That the law under which the Commission is at present operating is, in 
 our judgment, a proper one, if proper measures are taken to expedite the hearing of 
 cas^s upon appeal, which would contemplate the establishment of a court of trans- 
 portation whose decision would be final except in cases where the constitutionality 
 of the decree was questioned. 
 
 Makufacturees and Producers' Association op California, 
 
 A. ScARBORO, President, 
 
 E. Goodwin, Secretary. 
 
 Mr. Crocker. Since our departure from San Francisco those reso- 
 lutions have been concurred in. They are simply the recommendation 
 of the body we represent as to the fact that we think that the interstate 
 commerce law in its present condition is ample if properly enforced. 
 
 The Chairman. That is the resolution of your body ? 
 
 Mr. Crocker. That is the resolution of our body. 
 
 Senator Dolliver. What is your body ? 
 
 Mr. Crocker. The Manufacturers and Producers' Association of 
 California. 
 
 Senator Dolliver. And does that include fruit people ? 
 
 Mr. Crocker. A large numberof fruit people are members of our 
 association, which takes in all lines of trade. Since our departure 
 these resolutions have been concurred in by two other bodies, the 
 Merchants' Association and the Board of Trade. 
 
 The Chairman. Those resolutions will be printed at length in the 
 report of this hearing. Is that all you want? 
 
 Mr. Crocker. There is also a recommendation that the Interstate 
 Commerce Commission be increased to seven in number and that rep- 
 resentation upon it be given to the Pacific coast if there is to be a 
 member from the West. That is all. 
 
 RESOLUTIONS OF THE MERCHANTS' ASSOCIATION OF SAN 
 FRANCISCO, CAL. 
 
 Mr. A. C. EuLOFSON appeared before the committee January 31, 
 1905, and submitted the following : 
 
 San Francisco, Cal., January 26, 1905. 
 Mr. Charles H. Crocker and Mr. A. C. Euloeson, 
 
 New Willard Hotel, Washington, D. 0. 
 Dear Sirs : At a special meeting of the directors ot tne Merchants' 
 Association held in this city on the 20th instant, the resolutions 
 adopted by the Manufacturers and Producers' Association in regard 
 to the enlargement of the powers of the Interstate Commerce Com- 
 mission were unanimously indorsed, with the exception that in the 
 fourth and fifth lines of the first paragraph of the resolutions proper 
 the board amended the wording to read as follows : " Eespectf uUy 
 urges that no legislation be adopted whereby," etc. And I am in- 
 structed to inform j^ou that the committee of the Manufacturers and 
 Producers' Association, consisting of yourselves and Mr. Frank I^. 
 
128 DUTIES AND POWERS OF INTEESTATE OOMMEECE COMMISSION, 
 
 Brown, is authorized to represent the wishes of the Merchants' Asso- 
 ciation in this matter at Washington, if it is your pleasure to do so. 
 Very truly, vours, 
 
 F, M, Todd, 
 Acting Secretary, Merchants' Association. 
 
 Resolutions adopted hy the hoard of directors of the Merchants' Asso- 
 ciation of San Francisco at a meeting held January 80, 1905. 
 
 Whereas the present welfare of the manufacturers, producers, 
 wholesalers, and jobbers of the Pacific coast and the future growth 
 and development of their various and varied business interests depend 
 largely upon a system of rate making by the transcontinental rail- 
 roads, by which the terminal rate to which the jobbing and manufac- 
 turing cities of the coast are justly entitled by reason of water compe- 
 tition is recognized ; and 
 
 Whereas determined effort has been made in the past by the manu- 
 facturers, producers, wholesalers, and jobbers of other sections to do 
 away with said terminal rates to Pacific coast cities, and substitute 
 therefor a system of rates based on distance or mileage, ignoring 
 water competition ; and 
 
 Whereas the assistance rendered the manufacturers, wholesalers, 
 and jobbers of the Pacific coast by the transcontinental railroads in 
 combating said effort to establish rates based on distance or mileage 
 satisfies us that the interests of the coast will be best served by leaving 
 the authority to make rates where it now is — in the hands of the car- 
 riers, who are familiar with the exceptional conditions on the Pacific 
 coast and the Northwest, subject to review by the Interstate Commerce 
 Conmaission upon complaint of the shipper who feels that a given rate 
 is wrong ; now, therefore, be it 
 
 Resolved, That the Merchants' Association of San Francisco, while 
 expressing the highest respect for and confidence in, personally and 
 collectively, the members of the Interstate Commerce Commission, 
 respectfully urges that no legislation be adopted whereby said Com- 
 mission would be given the arbitrary right to make rates, as inex- 
 pedient and not to the advantage or business interests of this com- 
 munity, and that we recommend in lieu thereof that the Commission 
 be increased to seven members, and that in view of the vast commer- 
 cial interests involved and the differences governing transportation 
 on the Pacific coast and in the Northwest, that the two new members 
 thus added to the Commission should be appointed one from the Paci- 
 fic coast and one from the Northwest, so that all geographical sections 
 of the country would be represented; and be it further 
 
 Resolved, That the law under which the Commission is at present 
 operating is, in our judgment, a proper one, if proper measures are 
 taken to expedite the hearing of cases upon appeal, which would con- 
 template the establishment of a court of transportation, whose de- 
 cision would be final except in cases where the constitutionality of the 
 decree was questioned. 
 
 The Merchants' Association of San Fkancisco, 
 Frank J. Symmes, President. 
 L. M. King, Secretary. 
 
duties and powers of interstate commerce commission. 129 
 
 Senate Committee on Interstate Commerce, 
 
 Wednesday, February 1, 1905. 
 
 STATEMENT OF MR. JAMES J. HOOKER. 
 
 Senator Dolliver (in the chair). Please state your name, your 
 residence, and whom you represent. 
 
 Mr. Hooker. My name is James J. Hooker; I reside at Cincin- 
 nati, and I am chairman of the committee to appear before you to 
 represent the Keceiyers and Shippers' Association of Cincinnati. 
 
 Mr. Chairman and Senators, I appreciate the difficulty of ad- 
 vancing any new thoughts not already brought out in the discussion, 
 either in the press or before the House committee. Through the 
 press we have been informed of the visits of various railroad presi- 
 dents to Washington to lay before you or the House committee the 
 dangerous and awful consequences that will follow the attempt to 
 clothe the Interstate Commerce Comniission with power to reform 
 abuses and rates. It is not my purpose to go into the subject of 
 rebates, private car lines, private switches, or damage allowances. 
 These abuses must go, and will go, and thfere can be very little 
 effective opposition to remedial legislation. Therefore I shall only 
 speak of the necessity of legislation that will clothe the Interstate 
 Commerce Commission with power to fix reasonable rates, rules, or 
 regulations when these are found unreasonable, and make the deci- 
 sions of the Commission effective and in force until revised, if need 
 be, by some judicial tribunal. 
 
 Individual firms or organizations do not employ attorneys by the 
 year, and, to relieve of the expenses and interminable delay now 
 incident to securing relief, the carriers must be placed, if not con- 
 trary to law, in the position occupied bv shippers since 1897. That 
 is, that the orders of the Interstate Commerce Commission shall 
 become effective within thirty days and continue until reversed by a 
 court clothed with the power to review such cases. The transporta- 
 tion interests are more opposed to this idea than any other, as they 
 expect to wear out 90 per cent of the complainants by the long delays 
 and expense, if given the right of appeal, with stay, on the giving of 
 a bond. If carried to the Supreme Court, several years could be 
 safely counted upon as the delay. 
 
 It seems eminently proper that Mr. Spencer should come forward 
 as defender of the position of many transportation interests on this 
 question, because in the section which is served by the road of which 
 he is president rates are relatively higher, more unequal, and greater 
 injustice to localities exist than in any other section of the countrv. 
 
 Senator Clapp. What road is that ? 
 
 Mr. Hooker. Mr. Spencer is president of the Southern Railway 
 Company, but when before the House committee he stated that he 
 represented a large number of other lines. This can not be better 
 illustrated than in the case of Cincinnati. Grown desperate by the 
 small-minded policy of the then management of the Louisville and 
 Nashville Eailroad, the only road then granting access to the South, 
 which at Louisville resorted to delaying shipments from Cincinnati 
 at Louisville, and other means that would not now be indulged in, and 
 certainly should not be tolerated, the city of Cincinnati resolved to 
 RY— 05 9 
 
130 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 build a railroad to the South, which was completed to Chattanooga 
 in 1880. This road stands the city of Cincinnati a total cost of about 
 30 million dollars. In anticipation of the completion of this road 
 there was formulated a new basis of rates to and from the territory 
 south of the Potomac and Ohio and east of the Missouri River, 
 which in effect resulted in a division of the business. . To protect the 
 shippers of farm and packing house products in the territory north 
 of the Ohio River from competition with New York, Pennsylvania, 
 and New England, the rates were made favorable from the Ohio 
 River gateways, but on nearly every manufactured article, especially 
 those coming under the numbered classes, the rates were made so as 
 to divert the business to the Middle States and New England. _ 
 
 The completion of the roads from the Missouri to Memphis and 
 Birmingham about 1887 resulted in the almost complete extinction of 
 business in the packing-house products originating in Cincinnati and 
 other Ohio gateways to the South, and also in a large, decline of ship- 
 ments of farm products. 
 
 Since the adoption of this basis of rates and division of business, 
 the Middle West has increased enormously the variety, volume, and 
 value of manufactured articles produced in that section, and justly 
 claim that these new conditions demand changes in rates to meet 
 them. 
 
 By changes of rates, I want to say again, emphatically, is not neces- 
 sarily meant reduction in rates, but a rearrangement of rates ; advanc- 
 ing rates from some localities and reducing others, giving carriers 
 practically the same gross revenue. For twenty-nine years it seemed 
 practically impossible to bring about any change until, forced by local 
 conditions in Georgia, on December 1, 1904, when at a meeting of 
 persidents of southern roads certain reductions in south-bound 
 freights were ordered to take effect on February 1. These reduc- 
 tions, although applying to Chattanooga from Baltimore and other 
 northern shipping points, did not apply to shippers from the Ohio 
 gateways to Chattanooga. The rates from these gateways continue 
 to be based on 76 cents per 100 pounds, first class, from Cincinnati. 
 
 Some ten or twelve years ago the Cincinnati Freight Bureau took 
 up with the Interstate Commerce Commission the injustice of this 
 practice I have just spoken of, and secured a decision from the Com- 
 mission that a proper relation did not exist between the rates from 
 the territory north of the Ohio River and the territory from Balti- 
 more, New "York, and Philadelphia to the south and southwest. 
 
 Senator Dollivee. That was the old abuse that the Interstate Com- 
 merce Comission tried to correct in 1896, was it not ? 
 
 Mr. Hooker. I am just coming to that. The Interstate Commerce 
 Commission were asked by the Cincinnati Freight Bureau, the organ- 
 ization which brought the suit, to order a relative adjustment, and 
 not to order a stated reduction to a given rate. There was pending 
 at the same time before the Commission another case. Having both 
 of these cases before them, and the Cincinnati Freight Bureau case 
 having the right pf way, the Interstate Commerce Commission in its 
 younger days saw fit not to follow the advice given by the representa- 
 tives of the Cincinnati Freight Bureau to order that the rates should 
 have a certain stated relation to each other. Instead of that they 
 ordered that a certain rate should be made. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 131 
 
 Now, no one knows what would have been the result if the Com- 
 mission had followed the advice of the Cincinnati Freight Bnreau 
 and ordered merely that the rates should bear a certain relation to 
 each other. Perhaps had the Commission done so, the Supreme Court 
 "would not have decided against them, as it did in the Cincinnati 
 Freight Bureau case. 
 
 Senator Kean. Is it one of your complaints that the rates from 
 Cincinnati and that region are greater than the rates given other 
 points for practically the same service ? 
 
 Mr. Hooker. Yes, sir. I think some of the members of the Com- 
 mission admit that there was their first mistake, in not ordering the 
 relative adjustment, rather than a stated adjustment. 
 
 Senator Dollivee. Do you think the Interstate Commerce Com- 
 mission now has the power to order a relative adjustment in the case 
 of such abuses as were claimed to exist in 1896 ? 
 
 Mr. Hooker. That would be' for a lawyer to decide. 
 
 Senator Dolliver. What do your counsel advise you in respect to 
 that? 
 
 Mr. Hooker. Under the Supreme Court decision in the Cincinnati 
 Freight Bureau case I shoiild doubt very much whether the Commis- 
 sion would now have the right to order a relative adjustment. But 
 I contend that if the Commission had not so directly raised the ques- 
 tion of the power to make rates in that case and had established a 
 precedent of^relative adjustment, we should be operating to-day under 
 different conditions. Most of the troubles, outside of private car 
 lines, private side tracks, and other abuses of that nature, are more 
 abuses of relations of carriers to each other than otherwise. 
 
 Senator Dolliver. Are there no complaints of excessive rates and 
 extortionate charges? 
 
 Mr. Hooker. Duriiig my long experience I have known of no rates 
 that were extortionate. It is only because these rates are not rela- 
 tively adjusted. 
 
 Senator Dolliver. The complaint, then, is based entirely upon 
 alleged discriminations ? 
 
 Mr. Hooker. I can not say entirely. I can only speak from our 
 own experience. 
 
 Senator Dolliver. You would say that that is the view of the mer- 
 cantile community of a city situated as Cincinnati is ? 
 
 Mr. Hooker. Looking merely at the adjustment of rates, I do not 
 say that the correction of that would correct the abuse of private car 
 lines, etc., which I am not attempting to touch upon here. What I 
 want to show is that the adjustment of rates and the adjustment of 
 relations between one locality and another are susceptible of being 
 corrected, and of being corrected without doing damage to the inter- 
 ests of the transportation companies. 
 
 The Chairman. If there be a decision in favor of one locality, will 
 not the other locality complain ? 
 
 Mr. Hooker. As I stated before you came in — perhaps I had better 
 return to that. 
 
 The Chairman. No ; proceed. 
 
 Mr. Hooker. Will you put your question again, please ? 
 
 The Chairman. "WTien there is a contest or dispute between locali- 
 ties, if there be a decision in favor of the one locality will not the 
 other be dissatisfied ? 
 
132 DUTIES AND. POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Hooker. That may be; but satisfaction has not reigned very 
 greatly over the shipping interests of the country during the last 
 twenty-five years, and I do not puppose it will, even if you pass 
 another interstate- commerce law. 
 
 Senator Dolliver. You are not looking for complete satisfaction? 
 
 Mr. Hooker. No, sir; some one locality or another will be dis- 
 satisfied, as some localities have been dissatisfied for twenty-five 
 years. They feel that their turn should now come. 
 
 The reduction from eastern territory to Chattanooga was 9 cents 
 per 100 pounds, first class, and corresponding reduction on other 
 classes, thus making the discrimination against Cincinnati 25 cents 
 per 100 pounds more on first-class freight than had been decided by 
 the Interstate Commerce Commission as a just and reasonable rate. 
 
 This will serve as an example of the unfair treatment accorded Cin- 
 cinnati and the territory north of the Ohio. 
 
 In north-bond business, on southern products — cotton goods, for 
 instance — the rate from Georgia milling points to Cincinnati proper 
 is 49 cents per 100 pounds. If designated to points beyond, some 
 goods take a rate of 35 cents per 100 pounds- to Cincinnati. In de- 
 fense of this basis, was the claim that in order to compete with New 
 England mills it was necessary to make the rate through to Chicago 
 the same as from New England cotton-mill points. It has been shown 
 by every witness so far examined in an interstate-commerce suit that 
 there were OA^er 1,000,000 spindles in South Carolina alone which did 
 not ship a pound of their product into territory north of the Ohio, 
 and that while, especially in colored cottons. New England and 
 Southern goods may be known by the same general trade names, the 
 New England goods of a high class and character command high 
 prices, and it requires the wildest stretch of imagination to sustain 
 the theory that low freights from the South are necessary for mills 
 in that section to enable them to coinpete with New England mills for 
 the trade of the West. 
 
 Senator Dolliver. How do you account for that ? That seems to 
 be a deliberate throwing away of revenues. 
 
 Mr. Hooker. Exactly; but it is simply because the evolution 
 that has been going on in every technical trade in the world for the 
 last twenty-five years necessitates a closer knowledge of every subject 
 handled by the men who prof es^ to handle it, whether that is' the con- 
 struction of an armored cruiser, or steel works, or anything of that 
 sort. That close knowledge has not yet reached the traffic depart- 
 ments of the railroads. 
 
 Senator Dolliver. Do you think it will strike the Interstate Com- 
 merce Commission before it strikes the traffic departments ? 
 
 Mr. Hooker. Yes, I do ; I might say a little more on that same sub- 
 ject, since you ask the question. 
 
 These tariffs were constructed by men who now are traffic man- 
 agers and who are expected to sustain those tariffs. What would 
 you think of a man you were holding responsible for results in a 
 large department of your business if, after five or ten years, you 
 discovered that he had been working on an entirely wrong hypothe- 
 sis; that he had been throwing away opportunities to make profits 
 while working upon certain suppositions that did not exist? You 
 would think that he should have learned better in the five or ten 
 years previous. That is the position occupied to-day by the south- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 133 
 
 ern traiRc men. The southern cotton-mill industry does not need 
 the fostering care ot the Southern Railroad any more than the South- 
 ern Railroad needs the fostering care of the southern cotton-milling 
 industry. 
 
 Senator Dolliver. It seems to me, referring to your illustration, 
 that if I owned a railroad and discovered that the traffic manager 
 was breaking away from the law or regulation I had made, I would 
 at once cast about for another traffic manager. 
 
 Mr. Hooker. You would think so. In this particular case I have 
 alluded to the parties offered to make this proposition to Mr. Powell, 
 that they would be willing to try that case before Mr. Spencer. At 
 that time there was practically no more competition between the 
 New England cotton mills and the southern cotton mills for the 
 trade of the West than there was between the southern cotton mills 
 and Russia for the trade of Xew England. Mr. Powell was as- 
 tounded. As I say, every witness who has been examined by the 
 Interstate Commerce Commission knows that, two of whom were 
 southern cotton manufacturers. Every statement I have made can 
 be verified, and the more strongly the southern cotton representatives 
 advocate it the stronger the position of the complainant will be made 
 here. The southern traffic managers have simply fallen into the 
 general belief, which is a very superficial one, that there is the keen- 
 est competition between the southern and the New England cotton 
 mills, whereas that competition exists practically on one article 
 only — print cloths and print-cloth yarn goods. 
 
 Mr. Twitchell, president of the Clifton Manufacturing Company, 
 Spartanburg, S. C, testified that he was engaged in the manufacture 
 of heavy drills and light gray cottons; that he did not ship any goods 
 .to the West, and that if the rate was about the present rate, it would 
 in no wise affect his interests. 
 
 Although relief has been sought from the Interstate Commerce 
 Commission, as you know, the Commission is now powerless to en- 
 force its decrees. The Cincinnati Southern, the city-built road, is 
 operated by the Southern Railway Company, which (you will say) 
 should be interested in being just to the largest city reached by their 
 rails. I have already shown by their action, in not reducing the rate 
 from Cincinnati to Chattanooga, that they were guilty of a most 
 unfriendly act. But there may be other reasons. The ablest and 
 strongest competitor of the Southern Railway Company in the inter- 
 change of business between the West and South is the Louisville and 
 Nashville. No stronger opponent of Federal interference of trans- 
 portation companies exists. No railroad management is less inclined 
 to give ear to complaints of -business organizations than the Louis- 
 ville and Nashville; the masterful ability of the president of that 
 road has enabled him to bluff the management of the Cincinnati 
 Southern from the day it was finished. The uniting under the owner- 
 ship of the Louisville and Nashville and the Atlantic Coast Line in- 
 creases this power to dominate in the southern field. Mr. Spencer 
 would have Congress believe that this question of adjusting rates 
 between localities is the most intricate question of all; that cnanges 
 will create greater confusion than the world has seen since that great 
 day in Babylon when work was suspended on the Tower of Babel. 
 He greatly exaggerates the difficulties. 
 
134 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Were traffic managers under instructions to make the necessary 
 changes, and with the Interstate Commerce Commission clothed with 
 power to make the divisions on a joint rate where the roads them- 
 selves can not agree, the task is not beyond the ability of the rate 
 clerks who generally work out such problems. 
 
 I would like to give all the emphasis I can to that statement. 
 
 The Chairman. How many published rates are there, in your 
 opinion, on the various railroads ? 
 
 Mr. Hooker. There is a joint tariff operating for the trunk lines, 
 the Southern tariff, and the trans-Missouri. 
 
 The Chairman. I would like to have you state the whole number. 
 
 Mr. Hooker. I do not know that I can state exactly; I am not a 
 railroad man. But I should say that probably there are in the United 
 States four or five tariffs. 
 
 The Chairman. Four or five tariffs? 
 
 Mr. Hooker. Tariff sheets or associations whos^ classifications are 
 acknowledged within that territory. 
 
 Making the statement as energetically as Mr. Spencer did, and with 
 such apparent conviction, probably an impression was made on ,the 
 Congressional committee. But, representing as we do the business 
 organizations of Cincinnati, individuals, firms, and corporations, 
 whose business it is to study transportation problems, and whose very 
 business existence depends upon understanding rates and their con- 
 struction, I desire to say with equal sincerity and conviction that re- 
 adjustment of rates, whether between sections, communities, or indi- 
 vidual shippers, can be made without seriously affecting earnings, or 
 ability to pay interest on bonds, or dividends on actual investments, 
 or current rates on wages to employees. 
 
 The effort has been made to create the impression abroad in the land 
 that everything will go to the bow-bows if there is any interference 
 with the making of rates as now enjoyed by the railroads. That is 
 pure rot. There is nothing in it. Experience will prove that. No 
 allbwance is ever made, either, for the fact that it has been proved in 
 transportation evidence that business increases with facilities. So it 
 follows that the consumption of everything increases with its cheap- 
 ness, if cheapness follows the passage of an interstate commerce law 
 which should give reduced prices of commodities to consumers. 
 
 This brings me to a point which I believe has never been brought 
 out before in the discussion of this question. Up to recent years rail- 
 road presidents were generally representatives, if not actually, among 
 the capitalist owners of the property, and now such men become 
 chairmen of boards. 
 
 Since that was written, four or five days ago, two railroad presi- 
 dents have become chairmen of boards — Mr. Ingalls, of the Big Four, 
 and Mr. Ledyard, of the Michigan Central, which occurred yesterday. 
 
 Senator Kean. They are not the owners of roads, though, are they ? 
 
 Mr. Hooker. They were capitalists and representatives of capital- 
 ists ; that is, they were not practical railroad men. Mr. Ingalls was 
 originally a lawyer. I do not know about Mr. Ledyard. 
 
 Mr. Kean. Mr. Ledyard has been a railroad man all his life, and 
 Mr. Ingalls has been for twenty -five years. 
 
 Mr. Hooker. They haA'e both been railroad men for many years, 
 but they are not of that class of men now being selected to operate 
 railroads. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 135 
 
 Senator Kean. Mr. Ledyard has been operating the Michigan 
 Central for a great many years, and at one time he was superintendent 
 of that road, if I remember rightly. 
 
 Mr. Hooker. I am not so fariiiliar with the individual case of Mr. 
 Ledyard, but I think the general proposition I have put forth can 
 not be disputed. It is admitted that it is the tendency of the times 
 for railroad managers now to put practical men in charge of prop- 
 erties. Wlien Mr. Ingalls retired from the presidency of the Chesa- 
 peake and Ohio Railroad his general manager, George W. Stevens, 
 was made president. A president is selected for his apparent ability 
 in the operating department. It is rare that a president is selected 
 from the traffic department. Hence the president is largely depend- 
 ent upon- the head of his traffic department for his results. Thus is 
 created an autocracy infinitely more powerful in affecting the busi- 
 ness interests of this country than is the autocracy of Russia in 
 influencing the business interests of that country. 
 
 Rates in the territory west of the Missouri River are apparently 
 controlled by four meii, south of the Ohio and Potomac by about the 
 same number, north of the Ohio and Potomac by no more. The 
 traffic manager, not courting interference in his department, does not 
 ai^noy the president with questions that he thinks should be settled 
 by himself. If his mistakes in rate making come to the knowledge 
 of the president his standing might be jeopardized, and his lack of 
 thorough and exact knowledge in his department shown. In my 
 opinion, very much of the irritation now existing between the carriers 
 and the public could be avoided, and eertainly litigation that finds its 
 way to the Interstate Commerce Commission would be very largely 
 reduced, if railroad presidents were to instruct their traffic depart- 
 ment that before permitting >a case to go to the Interstate Commerce 
 Commission the complainant should be invited to state his case to 
 the president. 
 
 Let the interstate commerce law be strengthened, as I understand is 
 covered in the Esch-Townsend bill, and the cases taken to the Inter- 
 state Commerce Commission will be greatly reduced rather than in- 
 creased in number. It will be considered as a desirable qualification 
 in a traffic man if the ability is shown to avoid litigation. In fact, 
 the minds of but few traffic men, their temperament, training, or 
 experience are broad enough to decide with equity and justice the 
 true interests of the road they represent in many of the important 
 questions that come before them, and if Mr. Spencer and his associates 
 would stop the tide of public opinion and prevent the passage of 
 measures far more radical than the Esch-Townsend bill they should 
 organize courts of their own — courts" of appeal from the traffic 
 managers. 
 
 A great railroad president from the Northwest has been moved to 
 come to Washington that he might lift his warning voice to show 
 the dire disaster that would overcome this country if the Interstate 
 Commerce Commission are given power to enforce their decrees. 
 
 Senator Kean. Who is that ? 
 
 Mr. HooKEE. J. J. Hill. 
 
 This is not the first time he has appeared as a pessimist and as a 
 prophet of evil. It is a reflection on his intelligence to believe he is 
 serious in such forebodings. Such prophets of evil were numet"ous 
 
1'36 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 around the War Department when powerful interests were at work 
 to prevent our undertaking the war with Spain. 
 
 Senator Kean. When did he do this ? 
 
 Mr. Hooker. When he was here in Washington, several weeks ago. 
 
 I have been engaged in trade for over twenty-five years in Cincin- 
 nati, and have business relations of long standing with firms and cor- 
 porations in over sixty different lines of trade, extending over the 
 whole country and to the Orient, and I do not hesitate to express the 
 belief that we are entering upon a year of greater prosperity than 
 we have ever experienced, and no legislation to increase the power of 
 the Interstate Commerce Commission is likely to interfere with its 
 bright prospect. When it comes, as it will before tlie close of this 
 Administration, when we shall begin to feel the effects of the demand 
 for China's millions, resulting from the close of the present war in 
 the Orient, the determination of her rulers to advance with the age, 
 the prophets of evil will have been forgotten, and the transportation 
 companies, operating under the beneficent influences of an interstate- 
 commerce law, will show to such an extent in this era of prosperity 
 that they will be its strongest advocates. 
 
 The Chairman. If you had the most of your fortune invested in 
 a railroad would j^ou feel entirely secure if somebody else made the 
 rates ? 
 
 Mr. Hooker. I will answer that by saying that I do not under- 
 stand that it is proposed that somebody else shall make the rates. 
 
 The Chairman. If you should confer upon somebodj' else the 
 poAver to supervise the rates do you not think the first thing you 
 would do would be to proceed to sell your stock ? 
 
 Mr. Hooker. I will answer yes, I would, because the rate would 
 be left as it is. , 
 
 The Chairman. Does the railroad make the rate ? 
 
 Mr. Hooker. The traffic manager makes the rate. Fifteen men 
 are making rates for the whole United States for an annual business 
 three times as great as that of the General Government. 
 
 The Chairman. But the railroad owners have something to say 
 about rates when they desire. 
 
 Mr. Hooker. They say very little. 
 
 The Chairman. You understand this question very thoroughly, I 
 see. If you owned a majority of stock in the Big Four, having your 
 fortune invested therein, how would you feel if the ratemaking power 
 were turned over to another person who was independent, had nothing 
 to do with the railroad, and had no interest in it whatever? Would 
 you hold on to your investment, or would you sell it ? I am a little 
 curious to know. You are an intelligent business man. 
 
 Mr. Hooker. You are stating a hypothetical case. 
 
 The Chairman. I beg your pardon. I know men who own two- 
 thirds, and others who own half or a quarter interest in railroads, and 
 I feel satisfied that if you took away from them the power to fix rates 
 they would sell their stock if they got a chance. They are watching 
 these rates very caref uUyt 
 
 Mr Hooker. You want to know what I would do under similar 
 circumstances ? 
 
 The Chairman. Yes. 
 
 Mr. Hooker. I would do exactly as those men will do. They will 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 137 
 
 not sell their stock. They will wait to see how it works out. If it 
 does not work out to their satisfaction, then they may sell. But they 
 first want to take their chances of amendment to or repeal of this 
 rate-making power which you propose to confer on the Interstate 
 Commerce Commission. There will be no panic in stocks if you pass 
 this bill. I predict that the prices of trunk-line stocks will not be 
 affected one point after the passage of the bill and its signature by 
 the President. I do not know what you, personally, would do, but 
 that is exactl5' what any business man would do: he would not sell at 
 onec, but would await results. 
 
 The Chairman. Suppose prices dropped 20 points ? 
 
 Mr. Hooker. You are supposing a case. You can imagine any- 
 thing. 
 
 Senator Kean. What sort of a bill do you favor — any? 
 
 Mr. Hooker. As I have read the Esche-Townsend bill, that is sat- 
 isfactory to me. 
 
 Senator Kean. You mean the bill that has been reported by the 
 committee to the House ? 
 
 Mr. Hooker. Yes, sir. Mr. Hearst's bill is also satisfactory to me. 
 I should like to have the rulings of the Interstate Commerce Com- 
 mission remain in force until reversed by the courts, and not that they 
 should be held in abeyance pending approval. Whether that view 
 would be sustained in law I do not know ; T am not a lawyer. 
 
 The Chairman. Suppose one rate is a joint rate, and another rate 
 is partly by water and partly by rail; is it your opinion that the 
 interstate commerce law should apply to the carrier by water as well 
 as to the carrier by land ? 
 
 Mr. Hooker, if it is a joint rate; yes. 
 
 The Chairman. You would' advocate the supervision of water rates 
 in conjunction with railroad rates? 
 
 Mr. HooHER. I would advocate the supervision of joint rates; yes. 
 You can not control the entire water rate. But I answer yes as to 
 the joint rate. 
 
 Senator Dolmver. We could control the water rate if it is an inter- 
 state rate. 
 
 Mr. Hooker. It would be pretty difficult, especially if sailing ves- 
 sels were concerned. 
 
 Senator Dolliver. We coiild control sailing vessels engaged in 
 interstate or foreign commerce. 
 
 Mr. Hooker. That is further along. ■ 
 
 The Chairman. One other question bearing on that: Take the 
 case of a joint rate for traffic through a foreign country, say Canada. 
 You understand me? 
 
 Mr. Hooker. Yes, sir. 
 
 The Chairman. How would you meet that difficulty? 
 
 Mr. Hooker. I am frank to say that it has not come in my way to 
 give any thought to that particular branch of the subject, but I da 
 not think that any road should be permitted to work an injury to 
 American transportation by reason of that road being free from the 
 obligations of the interstate commerce law. 
 
 The Chairman. If Congress could meet that difficulty, I take it 
 you would suggest that it should do so ? 
 
 Mr. Hooker. I think by all means it should be done. 
 
138 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Kean. And that -would cover the rates on railroads run- 
 ning into and out of Chicago and connecting with Canadian roads ? 
 
 Mr. Hooker. Well, for some kinds of business, but not for all. I 
 do not think there is any trouble existing on the broad proposition of 
 competition between our roads and Canadian roads for transconti- 
 nental business. The rates are low enough. I want to emphasize 
 that fact, too. The general complaint is not that the rates are too 
 high. We shipped cotton goods from Texas milling points to Shang- 
 hai during the last month at $1 per hundredweight. 
 
 The Chairman. That is reasonable. 
 
 Mr. Hooker. Very reasonable. I do not know that there is any 
 complaint either of transcontinental rates or rates to the Orient, 
 speaking broadly. I am less familiar, however, with Pacifip coast 
 local rates and Rocky Mountain local rates, but in other parts of the 
 country the trouble is not so much that the rates are too high as that 
 the railroads refuse to make relative adjustments. In fact, they 
 refuse to change the rates. There seems to be a stubbornness, an 
 indisposition to change rates at the demands of shippers. One 
 railroad traffic man who is a good fellow can accomplish more, 
 through good-fellowship and friendliness at a joint meeting, to bring 
 about a change of classification than an earnest manufacturer who 
 attends, bent strictly upon business only. He can not accomplish 
 anything, while the good fellow can do some good. 
 
 To illustrate, there is in Cincinnati the Globe- Wernicke Manufac- 
 turing Company, as many of you know, if you are familiar with 
 advertisements. They are large manufacturers of office furniture 
 and elastic bookcases, as they are called. Years ago, before such 
 a thing was known as a compact elastic bookcase, a certain classifica- 
 tion was given to bookcases in the territory north of the Ohio. In 
 the last tM'enty-five years the railroads have changed the rates for 
 many things, but they refuse to recognize this new industry in book- 
 cases, and refuse to change the old classification on bookcases [exhibit- 
 ing pictures of two different styles of bookcases]. Notwithstanding 
 the Globe- Wernicke Company shipped their cases in this form, this 
 bookcase passes at one and one-half times first class. 
 
 Senator Dolliver. It would seem to me that you could get some- 
 body to interest himself in a situation like that. 
 
 Mr. Hooker. This concern endeavored for years to have that cor- 
 rected. I remember when they attempted to reach the chairman of 
 the joint classification committee, but I assure you he was harder 
 to get at than the Czar of Russia. A shipper stood just as good a 
 chance of interviewing that man as he would to interview the Czar of 
 Russia. 
 
 Senator Kean. Is'not that the same question that is now before the 
 Interstate Commerce Commission? 
 
 Mr. Hooker. The same case. 
 
 Senator Kean. Is it not practically the same question as formerly 
 existed in regard to shipping cotton in the old-fashioned square bales 
 and in the round bales ? 
 
 Mr. Hooker. This case stands by itself. 
 
 The Chairman. Are there not many evils and abuses growing out 
 of changing the classification, for instance, changing from the fourth 
 or fifth class to the third, and thereby getting a higher rate ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 139 
 
 Mr.. Hooker. Oh, yes ; the incomes of railroads have been enor- 
 mously increased by the changes made. There was testimony before 
 the House committee on that subject, indicating a number of changes. 
 That has been rather an insidious way of advancing freight rates. 
 
 The Chairman. The power to fix rates would reach the classifica- 
 tion, would it ? 
 
 Mr. Hooker. Oh, yes. Give the Commission that power and that 
 would give them authority over classifications. 
 
 The Chairman. They would reach classifications under that power? 
 
 Mr. Hooker. Undoubtedly. I think these changes of classifica- 
 tions have been an abuse. 
 
 I am very much obliged to you, Senators. 
 
 Interstate Commerce Commission, 
 ' Washington, February 7 1905. 
 
 Hen. Stephen B. Elkins, 
 
 United States Senator, Washington, D. C. 
 
 Deak Sir: In response to your request of January 28, the Commission has the honor 
 to send you herewith certain statements or tables of representative rates on June 30, 
 1897, as compared with the same rates on June 30, 1904. 
 
 These tables include both class and commodity rates, and on each of them are 
 indicated the points between which they apply. They are confined to the territory 
 mentioned in your letter, and are intended to be fairly representative of the rates in 
 force on the dates named, respectively. 
 
 So far as class rates are concerned, a comparison of this kind gives a fairly correct 
 idea of the changes in such rates, as there is comparatively little fluctuation in rates 
 of this character; but in the case of special rates on important commodities such a 
 comparison is liable to be misleading on account of the frequent fluctuations in com- 
 modity rates. By way of illustration, a statement is appended showing all changes 
 in the rates on flour and grain from Kansas City, Mo., to Galveston, Tex., for export, 
 from January 30, 1897, to June 30, 1904, from which it will be seen that the rates in 
 effect on the first-mentioned date, and which remained in force until January 1, 
 1899, were higher than at any subsequent period, and that the rates in force on June 
 30, 1904, were higher than for the greater portion of the intervening period. 
 
 The rates shown in this statement as in effect on June 30, 1904, are still in force, 
 with the exception of the proportional rate on corn for export, which, within the 
 last few days, has dropped to 11 cents. 
 
 That a comparison of rates on two specified dates quite widely separated may be 
 misleading is also shown by two other tables submitted, showing all changes in rates 
 on cattle and hogs from Tyler and Hubbard City, Tex., to St. Louis, Mo., and Chi- 
 cago, 111., from July 3, 1888, to March 5, 1903, the rates shown under the last-men- 
 tioned date being those'now in force. 
 Very respectfully, yours, 
 
 Martin A. Knapp,- Chairman. 
 
140 DUTIES AND POWEKa OF INTERSTATE COMMEKCE COMMISSION. 
 
 Slalement showing clianges m rates on flour and grain from Kansas City, Mo., to Galveston, 
 Tex., for export, from June SO, 1897, to June SO, 1904- 
 
 [Rates in cents per hundred pounds.] 
 
 Date. 
 
 Local. 
 
 Proportional (when 
 beyond). 
 
 from 
 
 Flour. 
 
 \yheat. 
 
 Corn. 
 
 Oats. 
 
 Flour. 
 
 Wheat. 
 
 Corn. 
 
 Oats 
 
 31 
 
 31 
 
 26 
 
 26 
 
 21 
 
 21 
 
 18 
 
 IS 
 
 26 
 
 21 
 
 20 
 
 20 
 
 194 
 
 17 
 
 17 
 
 17 
 
 26 
 
 21 
 
 20 
 
 22 
 
 16 
 
 16 
 
 17 
 
 17 
 
 26 
 
 21 
 
 20 
 
 22 
 
 11 
 
 11 
 
 11 
 
 11 
 
 26 
 
 21 
 
 20 
 
 22 
 
 10 
 
 10 
 
 10 
 
 10 
 
 19 
 
 19 
 
 144 
 
 16 
 
 15 
 
 15 
 
 114 
 
 13 
 
 19 
 
 19 
 
 154 
 
 174 
 
 15 
 
 16 
 
 124 
 
 144 
 
 19 
 
 19 
 
 16 
 
 18 
 
 15 
 
 15 
 
 13 
 
 15 
 
 22 
 
 2'i 
 
 18 
 
 22 
 
 15 
 
 18 
 
 16 
 
 18 
 
 23 
 
 23 
 
 19 
 
 22 
 
 15 
 
 18 
 
 15 
 
 18 
 
 23 
 
 23 
 
 19 
 
 22 
 
 18 
 
 13 
 
 12 
 
 ■ 13 
 
 23 
 
 23 
 
 19 
 
 22 
 
 18 
 
 13 
 
 -12 
 
 13 
 
 234 
 
 234 
 
 204 
 
 204 
 
 184 
 
 184 
 
 164 
 
 164 
 
 214 
 
 214 
 
 204 
 
 204 
 
 164 
 
 164 
 
 164 
 
 16 
 
 214 
 
 215 
 
 204 
 
 204 
 
 .15 
 
 15 
 
 15 
 
 15 
 
 20 
 
 20 
 
 19 
 
 19 
 
 16 
 
 15 
 
 15 
 
 15 
 
 20 
 
 ■20 
 
 19 
 
 19 
 
 16 
 
 13 
 
 13 
 
 13 
 
 20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 15 
 
 15 
 
 15 
 
 ■20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 13 
 
 13 
 
 13 
 
 '20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 12 
 
 12 
 
 12 
 
 20 
 
 20 
 
 19 
 
 19 
 
 16 
 
 15 
 
 15 
 
 15 
 
 20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 12 
 
 12 
 
 12 
 
 20 
 
 20 
 
 19 
 
 19 
 
 16 
 
 15 
 
 14 
 
 14 
 
 20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 12 
 
 12 
 
 12 
 
 20 
 
 20 
 
 19 
 
 19 
 
 15 
 
 15 
 
 14 
 
 14 
 
 22 
 
 22 
 
 20 
 
 20 
 
 17 
 
 17 
 
 16 
 
 16 
 
 17 
 
 17 
 
 15 
 
 15 
 
 15 
 
 15 
 
 14 
 
 14 
 
 17 
 
 17 
 
 12 
 
 12 
 
 15 
 
 15 
 
 12 
 
 12 
 
 15 
 
 15 
 
 12 
 
 12 
 
 13 
 
 13 
 
 12 
 
 12 
 
 23 
 
 23 
 
 21 
 
 21 
 
 18 
 
 18 
 
 17 
 
 17 
 
 June 30, 1897 
 
 January 1, 1899 
 
 February 24, 1899 
 
 April »;ili!99 
 
 A pri 1 17;11«99 
 
 Julyl,l«99 , 
 
 July25,1899 
 
 August 1,.1899 
 
 December 1, 1899 
 
 January 1 , 1900 
 
 February 14, 1900 
 
 March Pi, 1900 
 
 April 10,1900 
 
 August 10, 1900. .r 
 
 November 8. 1900 
 
 November 12, 1900 
 
 July 16,1901 -■-.. 
 
 July26,1901 
 
 August 24. 1901 
 
 May 10, 1902 , 
 
 June 15, 1902 
 
 June 18, 1902 
 
 Augu.st 15, 1902 
 
 August 23, 1902 - 
 
 September 15, 1902 , 
 
 December 15. 1902 
 
 February 1, 1904 
 
 Do 
 
 February 13, 1904 
 
 June 30, 1904 
 
 Freight rates on cattle and hogs from points on the iSt. Louis Southwestern Railway. 
 
 FROM TYLER, TEX. 
 
 
 Date effective. 
 
 Cattle. 
 
 Hogs. 
 
 To- 
 
 Per car. 
 
 Per 100 
 pounds. 
 
 Per car. 
 
 PerlOO 
 pounds. 
 
 
 July 3,1888 
 Feb. 10,1889 
 Feb. 24,1890 
 Mar. 20,1890 
 Apr. 4,1890 
 June 5,1890 
 June 18,1890 
 July 15,1890 
 Sept. 15, 1890 
 May 20,1891 
 Oct. 1,1896 
 Feb. 1,1899 
 Feb. 6, 1899 
 Apr. 16,1899 
 Dec. 15,1899 
 Mar. 6,1903 
 May 10,1887 
 July 3,1888 
 Jan. 20,1889 
 Feb. 10,1889 
 Feb. 7, 1890 
 Feb. 24,1890 
 Ma[. 20,1890 
 Apr. 4,1890 
 June 6,1890 
 June 18, 1890 
 July 15,1890 
 Sept. 1,5,1890 
 Oct. 18,1890 
 May 20,1891 
 Oct. 1,1896 
 
 $80.00 
 
 SO. 40 
 .40 
 .31 
 .38 
 .36 
 .344 
 . .25 
 .344 
 .36 
 .39 
 .34 
 .364 
 .314 
 .364 
 .394 
 .424 
 .474 
 .60 
 .51} 
 .61} 
 .49 
 .40 
 .454 
 .424 
 
 ■31ft 
 •lOft 
 .46} 
 
 S70.00 
 
 
 
 $0.47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 .47 
 
 
 
 
 ,.50 
 
 Chicaffo 111 
 
 95.00 
 100.00 
 102.50 
 
 82.00 
 87.00 
 92.50 
 
 
 
 
 
 
 
 62 
 
 
 
 
 62 
 
 
 
 
 .62 
 
 
 
 
 .62 
 
 
 
 
 62 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 .49} 
 .44} 
 
 
 6'2 
 
 
 
 
 
 .02 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 141 
 
 Freight rates on cattle and hogs from points on the St. Louis Southwestern Railwaif — Con. 
 FSOM TYLER, TEX.— Continued. 
 
 
 Dat*effective. 
 
 Cattle. 
 
 Hogs. 
 
 To- 
 
 Per oar. 
 
 PerlOO 
 pounds. 
 
 Per car. 
 
 Per 100 
 pounds. 
 
 
 May 17,1898 
 July 25,1898 
 Feb. 1,1899 
 Feb. 6,1899 
 Apr. 16,1899 
 Dec. 15,1899 
 Mar. 5,1903 
 
 
 SO. 38 
 .44i 
 .46* 
 .41* 
 
 .m 
 
 .49) 
 .52) 
 
 
 SO. 62 
 
 
 
 
 .62 
 
 
 
 
 .62 
 
 
 
 
 .62 
 
 
 
 
 .62 
 
 
 
 
 .62 
 
 
 
 
 
 .65 
 
 
 
 
 
 FROM HUBBARD CITY, TEX. 
 
 ijt. Louis, Mo . 
 
 Chicago, 111 . 
 
 July 3, 
 Jan. 20, 
 Feb. 10, 
 Not. 28, 
 Feb. 24, 
 Ma;r. 20, 
 Apr. 4, 
 June 18, 
 July 15, 
 Sept. 15, 
 May 20, 
 Oct. 1, 
 Feb. 1, 
 Feb. 6, 
 Apr. 16, 
 Deo. 15, 
 Mar. 5, 
 May 10, 
 July 3, 
 Jan. 20, 
 Feb. 10, 
 Nov. 28, 
 Feb. 7, 
 Feb. 24, 
 Mar. 20, 
 Apr. 4, 
 June 5, 
 June 18, 
 July 15, 
 Sept. 15, 
 Oct. 18, 
 May 20, 
 Oct. 1, 
 May 17, 
 July 25, 
 Feb. 1, 
 Feb. 6, 
 Apr, 16, 
 Dec. 15, 
 Mar. 5, 
 
 1868 
 
 1889 
 
 1889 
 
 1889 
 
 1890 
 
 1890 
 
 1890' 
 
 1890 
 
 1890 
 
 1890 
 
 1891 
 
 1896 
 
 1899 
 
 1899 
 
 1899 
 
 1899 
 
 1903 
 
 1887 
 
 1888 
 
 1889 
 1890 
 1890 
 1890 
 1890 
 1890 
 1890 
 1890 
 1890 
 1890 
 1891 
 1896 
 
 1899 
 1899 
 
 1899 
 1903 
 
 880.00 
 85.00 
 
 95.00 
 100.00 
 107.50 
 
 1.40 
 
 .42J 
 
 .42i 
 
 .40 
 
 .31 
 
 .38 
 
 .36 
 
 .25 
 
 .41 
 
 .36 
 
 .384 
 
 .33i 
 
 .38i 
 
 .4U 
 
 .44i 
 
 .47i 
 
 .50 
 
 .53J 
 
 .53) 
 
 .5U 
 
 .49 
 
 .40 
 
 .454 
 
 .44 
 
 ■41 A 
 
 •31ft 
 
 .5n 
 
 .46J 
 
 .40 
 
 .46i 
 
 .48) 
 
 .43) 
 
 .48) 
 
 .51) 
 
 .54) 
 
 $70.00 
 
 82.00 
 87.00 
 92.50 
 
 SO; 47 
 .47 
 .47 
 .47 
 .47 
 .47 
 .47 
 .47 
 .47 
 .47 
 .47' 
 .47 
 .47 
 .47 
 .52 
 
 .62 
 
 .62 
 
 .62 
 
 .62 
 
 .62 
 
 .62 
 
 .59ft 
 
 .59ft 
 
 .62 
 .62 
 .62 
 .,62 
 .62 
 .62 
 .62 
 .62 
 .62 
 .67 
 
142 DUTIES AND POWEBS OF INTERSTATE COMMEBCE COMMISSION. 
 
 Statement showing rales on classes and commodities from Chicago, 111. , to San Francisco, Cat. , 
 also from San Francisco, (M. , to Chicago, 111. , in force June 30, 1897, and June 30, 1904- 
 
 [Rates in cente per hundred pounds.] 
 
 FROM CHICAGO, ILL., TO SAN FRANCISCO, CAL. 
 
 June 80 
 1904. 
 
 Class 1 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 
 
 Class A 
 
 Class B 
 
 ClasaC 
 
 ClassD 
 
 Class E 
 
 Agriculturalimplements, C. L 
 
 Baking powder, C. L 
 
 Canned goods, C. L 
 
 Coffee, green, in sacks, C. L 
 
 Dry goods: 
 
 In cases, any quantity 
 
 In bales, any quantity 
 
 Blankets, any (juantity 
 
 Earthenware, in boxes, barrelr., or crates 
 
 Extracts, flavoring, in boxes, C. L 
 
 Glucose, O. R. L.,C. L 
 
 Hardware, hammers, tools (mechanics'), boxed, C. L. 
 Maohinery taking Class A, western classification, C. L 
 
 Nails and spikes in kegs, C. L 
 
 Paint, N. 0. S., in boxes, barrels, or crates, C. L 
 
 Machines, sewing, in boxes or crates, C. L 
 
 Soap, common, C. L 
 
 Transcontinental I. C. C. Nob. 1 and 376. 
 
 FROM SAN FRANCISCO, CAL., TO CHICAGO, ILL. 
 
 Class 1 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 
 
 Glass A 
 
 Class B 
 
 Class C 
 
 ClassD 
 
 Class E 
 
 Beans, C. L 
 
 Canned goods, C. L 
 
 Chocolate, boxed, C. L 
 
 Coffee, green, in sacks, C. L 
 
 Extracts, flavoring, boxed, C. L 
 
 Fish, dry, smoked, or salted, C. L 
 
 Fruits: 
 
 Dried in boxes or barrels, C . L 
 
 I Decidious, C. L 
 
 Citrus, C. L 
 
 Honey, strained, in tin cans, C. L 
 
 Liquors, wine, California, in wood. C. L.. 
 
 Macaroni, in packages, C. L 
 
 Nuts, edible, in packages, C. L 
 
 Oil, olive, California, in packages, C. L . . 
 
 Pepper, whole or ground, C. L 
 
 Sugar, refined, C. L 
 
 Wool, scoured, compressed, any quantity 
 
 Trans-Continental I. C. C, Nos. 8 and 318. 
 
DUTIES A.ND POWERS OF INTERSTATE COMMEBCE COMMISSION. 143 
 
 Statement showing rates on classes and commodities from Chicago, HI., to Salt Lake City, 
 Utah; also, from Salt Lake Oity, Utah, to Chicago, III., in force from June SO, 1897, 
 and June SO, 1904- 
 
 [Rates in cents per hundred pounds.] 
 
 FKOM CHICAGO, ILL., TO SALT LAKE CITY, UTAH. 
 
 Class 1 •.. 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 
 
 Class A 
 
 Class B •. 
 
 Class C 
 
 Class D 
 
 Class E 
 
 A^icultural Implements (except hand), C. L 
 
 Baking powder, C. L 
 
 Coffee, roasted or ground, C. L 
 
 Crockery, queensware and earthenware, numbers rated fifth class. Western 
 
 classification, C. L 
 
 Dry goods, any quantity 
 
 Furniture, numbers straight C. L., rated third class. Western classification 
 
 Glass, window, C. L , 
 
 Nails and spikes, C. L. (iron articles) ' 
 
 Shoes, horse and mule, C. L. (iron articles) 
 
 Jars, fruit, and glasses, C. L 
 
 Machinery, C. L., rated Class A, Western classification 
 
 Paint, earth, C. L 
 
 Soap, common, C. L 
 
 Tin plate, C. L 
 
 Wire, iron or galvanized, C. L 
 
 June 30, 
 
 June 30, 
 
 ■1897. 
 
 1904. 
 
 310 
 
 310 
 
 265 
 
 265 
 
 215 
 
 215 
 
 175 
 
 175 
 
 145 
 
 145 
 
 140 
 
 140 
 
 120 
 
 120 
 
 107 
 
 107 
 
 89 
 
 89 
 
 78 
 
 78 
 
 138 
 
 138 
 
 163 
 
 158 
 
 145 
 
 145 
 
 133 
 
 145 
 
 280 
 
 310 
 
 200 
 
 200 
 
 127 
 
 127 
 
 110 
 
 110 
 
 110 
 
 110 
 
 130 
 
 130 
 
 140 
 
 140 
 
 991 
 
 102 
 
 120 
 
 , 120 
 
 a 133 
 
 i>75 
 
 110 
 
 110 
 
 Trans-Missouri, I. C. C, Nos. 20 and 147. 
 
 FROM SALT LAKE CITY, UTAH, TO CHICAGO, ILL. 
 
 Class! 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 .•. 
 
 Class A 
 
 Class B 
 
 Cla«sC 
 
 Class D 
 
 Class E 
 
 Bones, dry, C. L 
 
 .Bullion, ore, pig lead, value not exceeding 8100 per ton 
 
 Butter, O. R, in packages 
 
 Fruits, dried, in boxes, barrels, or C. L . ■. 
 
 Fruit, decidlous, C. L 
 
 Hay, C. L 
 
 Hides, dry, and sheep pelts, minimum 20,000 pounds. . . 
 
 Honey, strained, in tin cans, boxed 
 
 Junk, C. L 
 
 Onyx, rough, C. L 
 
 Seed, alfalfa, C.L 
 
 Wool, in grease, minimum 20,000 pounds 
 
 330 
 
 280 
 
 330 
 280 
 
 220 
 
 220 
 
 177 
 
 177 
 
 ^fl•^ 
 
 
 142 
 
 14^ 
 
 119 
 
 119 
 
 104 
 
 ^, 
 
 m 
 
 78 
 
 78 
 
 864 
 
 66 
 
 624 
 
 c60 
 
 1.W 
 
 150 
 
 12ft 
 
 100 
 
 125 
 
 100 
 
 674 
 
 65 
 
 190 
 
 6190 
 
 75 
 
 75 
 
 684 
 
 62 
 
 60 
 
 60 
 
 125 
 
 119 
 
 1654 
 
 1661 
 
 aC. L., minimum weight 30,000 pounds. 
 6 C. L., minimum weight 40,000 pounds. 
 c Ore 55 cents. 6 Hides, dry, 157. 
 
 Trans-Missouri I. C. C, Nos. 20and 147.' 
 
144 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 .Statement showing rales on classes and commodities from Chicago, III-, to Denver, Colo.; 
 also from Denver, Colo., to Chicago, III, in force June 30, 1897, and June SO, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 FROM CHICAGO, ILL., TO DENVER, COLO. 
 
 €la8s 1 ^ 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 
 
 Class A 
 
 Clais B 
 
 Class C 
 
 Class D 
 
 •Class E 
 
 Agricultural implements (except hand ) , C. L 
 
 Axes, C. L 
 
 Beer in wood. C. L ■ 
 
 Cans, tin, C. L 
 
 Dry goods, C. L 
 
 Furniture, straight, C. L., rated Class 2, Western classification — 
 Machinery, all kinds, C. L., rated Class A, Western classification 
 
 Paper, building, roofing, wrapping, C. L 
 
 Soap, invoice value not exceeding 12 cents pound, C. L 
 
 Soda ash, 0. L 
 
 Tin plate, C. L 
 
 Trans-Missouri I. C. C, Nos. 54 and 123. 
 
 FROM DENVER, COLO., TO CHICAGO, ILL. 
 
 Class 1 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 5 
 
 Class A 
 
 Class B 
 
 Class C 
 
 Class D 
 
 Class E 
 
 Bones, C. L 
 
 Bullion and ore, pig lead, value not to exceed $100 per ton 
 
 Canned goods, C. L 
 
 Hay, C. L 
 
 Hides and sheep pelts, C. L 
 
 Junk, C. L 
 
 Seed, alfalfa, C. L 
 
 Tin, scrap, C. L 
 
 Zinc lead, white, C. L 
 
 Wool: 
 
 Numbers, in sacks, any quantity 
 
 Numbers, in bales, anyquantity 
 
 20,1 
 
 205 
 
 1B5 
 
 165 
 
 12,') 
 
 126 
 
 97 
 
 97 
 
 77 
 
 77 
 
 92 
 
 92 
 
 72 
 
 72 
 
 62 
 
 62 
 
 .534 
 
 53i 
 
 4H 
 
 46 
 
 30 
 
 36 
 
 22i 
 
 26 
 
 n 
 
 76 
 
 44^ 
 
 40 
 
 734 
 
 70 
 
 .■lO 
 
 50 
 
 72 
 
 72 
 
 524 
 
 40 
 
 40 
 
 40 
 
 1B.5 
 
 166 
 
 126 
 
 125 
 
 Trans-Missouri I. C. C, Nos. 54 and 123. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 145 
 
 Statement showing rates on classes and commodities from Chicago, III., to Kansas City, 
 Mo., also from Kansas City, Mo., to Chicago, in force June SO, 1897, and June SO, 
 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 FROM CHICAGO, ILL., TO KANSAS CITY, MO. 
 
 June 30, 
 
 June 30, 
 
 1897. 
 
 1904. 
 
 80 
 
 ,80 
 
 65 
 
 65 
 
 45 
 
 45 
 
 32 
 
 32 
 
 27 
 
 27 
 
 32 
 
 32 
 
 27 
 
 27 
 
 22 
 
 22 
 
 18J 
 
 18i 
 
 16 
 
 16 
 
 30 
 
 30 
 
 30 
 
 35 
 
 32 
 
 45 
 
 25 
 
 25 
 
 17 
 
 14 
 
 16 
 
 a 250 
 
 50 
 
 50 
 
 400 
 
 260 
 
 27 
 
 27 
 
 20 
 
 20 
 
 17 
 
 16 
 
 12 
 
 15i 
 
 15 
 
 27 
 
 Class 1 
 
 Class 2 i 
 
 Class 3 
 
 ClaRs4 
 
 Class 5 
 
 Class A 
 
 Class B 
 
 Class C 
 
 Class D 
 
 Class E • 
 
 Agricultural implements, rated Class A, Western classification 
 
 Alcohol, high wme and whisky, C. L 
 
 Axes, C. L .- 
 
 Beer, C. L 
 
 Cement, C. L .-: 
 
 Coal, hard, C. L : 
 
 Cotton piece goods 
 
 Iron and steel rails, C. L., minimum 2,240 pounds 
 
 Oil, petroleum, C. L 
 
 Paper, building, roofing, wrapping, C. L 
 
 Plaster, C. L 
 
 Salt, C.L 
 
 Tin plate, C. L 
 
 Western Trunk Line I. C. C, Nos. 7 and 465. 
 
 FROM KANSAS CITY, MO., TO CHICAGO, ILL. 
 
 Classl 
 
 Class2 
 
 Class3 
 
 Class4 
 
 .Class5 
 
 Class A 
 
 ClassB 
 
 ClassC 
 
 ClassD 
 
 Class E 
 
 Flour, C. L 
 
 Wheat, C.L 
 
 Rye, C.L 
 
 Barley, C. L 
 
 Corn and oats, C. L 
 
 Packing-house products, C. L 
 
 Dressed meats, C. L 
 
 Cattle, C.L .'. 
 
 Hogs, C.L 
 
 Sheep, C. L 
 
 80 
 
 80 
 
 «5 
 
 65 
 
 45 
 
 45 
 
 32 
 
 32 
 
 27 
 
 ^7 
 
 H2 
 
 32 
 
 27 
 
 27 
 
 22 
 
 22 
 
 184 
 
 184 
 
 16 
 
 16 
 
 19 
 
 16 
 
 19 
 
 16 
 
 15 
 
 15 
 
 15 
 
 15 
 
 15 
 
 16 
 
 23i 
 
 20 
 
 23i 
 
 20 
 
 234 
 
 23} 
 
 234 
 
 234 
 
 25 
 
 25 
 
 a Ton, 2,000 pounds. 
 Western Trunk Line I. C. C, Nos. 7 and 465. 
 RY— 05 10 
 
146 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Slaiement showing rates on dosses and commodities from St. Louis, Mo., to Texas common 
 points (Denison, Dallas, Fort Worth, Waco, San Antonio), in force June SO, 1897, 
 and June SO, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 Class 1 
 
 Class 2 
 
 Class 3 
 
 Class 4 
 
 Class 6 
 
 Class A 
 
 Class B 
 
 Class C 
 
 Class D 
 
 Class E 
 
 Agricultural implements, C. L 
 
 Axle grease, C. L 
 
 Bagging for baling cotton, cotton-bale ties, C. L 
 
 Cans, tin, C. L 
 
 Crackers, in boxes, C. L 
 
 Angle hoop and rod (iron articles) 
 
 Horse and mule shoes (iron articles) 
 
 Lead bar, pipe or sheet and pig lead, C. L 
 
 Paints, dry or in oil, earth paint, C. L 
 
 Packing-house products, C. L 
 
 Oil petroleum, C. L 
 
 Starch, N.'O. S 
 
 June 30, 
 
 June 30, 
 
 1897. 
 
 1904. 
 
 ■ 130 
 
 137 
 
 113 
 
 121 
 
 97 
 
 104 
 
 90 
 
 95 
 
 70 
 
 75 
 
 74 
 
 79 
 
 66 
 
 70 
 
 34 
 
 58 
 
 43 
 
 46 
 
 36 
 
 39 
 
 64 
 
 70 
 
 48 
 
 60 
 
 45 
 
 35 
 
 70 
 
 80 
 
 79 
 
 104 
 
 48 
 
 66 
 
 67 
 
 62 
 
 62 
 
 70 
 
 64 
 
 60 
 
 66 
 
 60 
 
 66 
 
 65 
 
 63 
 
 70 
 
 Southwestern Tariff Committee, I. C. C, Nos. 33 and 351. 
 
 Note.— The rates shown above as in force June 30, 1904, became effective March 15, 1903, on which 
 date corresponding changes were made to all Texas points from all territories. 
 
 Statement showing rates on classes and commodities from Texas common points to St. Louis, 
 Mo., in force June SO, 1897, and June 30, 1904. 
 
 [Rates in cents per hundred pounds.] » 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (4 
 
 >j 
 
 * 
 
 
 
 
 
 
 
 
 
 
 
 d 
 
 d 
 
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 June 30, 1897: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 130 
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 113 
 113 
 
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 113 
 
 97 
 97 
 97 
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 97 
 
 9U 
 90 
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 70 
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 74 
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 65 
 66 
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 86 
 36 
 36 
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 75 
 
 76 
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 85 
 
 34 
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 36 
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 Dallas 
 
 .■Wf 
 
 Fort Worth 
 
 ssf 
 
 
 r»\ 
 
 
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 June 30, 1904: 
 
 
 Denison 
 
 137 
 
 vn 
 
 1114 
 
 «« 
 
 n 
 
 79 
 
 70 
 
 .■iK 
 
 46 
 
 m 
 
 7(1 
 
 m 
 
 H) 
 
 h«. 
 
 
 137 
 137 
 
 121 
 121 
 
 104 
 104 
 
 96 
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 75 
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 79 
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 70 
 
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 58 
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 50 
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 1.S7 
 
 121 
 
 104 
 
 96 
 
 76 
 
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 70 
 
 .58 
 
 46 
 
 39 
 
 70 
 
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 .58 
 
 
 137 
 
 121 
 
 104 
 
 96 
 
 75 
 
 .79 
 
 70 
 
 68 
 
 46 
 
 39 
 
 70 
 
 51S 
 
 60 
 
 58 
 
 
 
 Tariffs.— Southwestern Tariff Committee, I. C. C. Nos. 33, 34, 330, 342; M., K. and T. Rwy., 1. C. C. 
 Nos. 202 and A-761; H. and T. C. R. R., I. C. C. No. 28. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 147 
 
 Statement showing rales on classes and commodities from Chicago, III., to points in Kansas 
 
 and Nebraska, in force June SO, i897, and June SO, 1904- 
 
 [Rates in cents per hundred pounds.] 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 R" 
 
 ij 
 
 
 
 
 
 
 
 
 
 
 
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 32 
 
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 22 
 
 184 
 
 16 
 
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 27 
 
 85 
 
 70 
 
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 36 
 
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 115 
 
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 72 
 
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 33 
 
 264 
 
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 a 57.00 
 
 June SO, 1897: 
 
 Wichita, Kans. . 
 ' Topelra, Kans . . 
 
 lola, Kans 
 
 Pittsburg, Kans 
 June 30, 1904: 
 
 Wichita, Kans.. 
 
 Topeka, Kans . . 
 
 lola, Kans 
 
 Pittsburg, Kans 
 June 30, 1897: 
 
 Omaha, Nebr... 
 
 Lincoln, Nebr . . 
 
 Beatrice, Nebr . 
 
 Columbus, Nebr 
 June 30, 1904: 
 
 Omaha, Nebr... 
 
 Lincoln, Nebr . . 
 
 Beatrice, Nebr . 
 
 Columbus, Nebr 
 
 111 
 79 
 71 
 71 
 
 HI 
 
 79 
 70 
 70 
 
 50 
 56 
 
 50 
 55 
 62 
 85 
 
 a Carload, minimum weight 20,000 pounds. 
 
 Tariffs.— A., T. and S. F. Rwv., I. C. C, No. 12; Western Trunk Line I. C. C, Nos. 401, 455, and D-19, 
 Joint Tariff No. 7; Union Pacific R. R., 1. 1. C, Nos. 216 and 1619. 
 
 Statement showing rales on classes and commodities from, points in Kansas and Nebraska 
 
 to Chicago, III., in force June SO, 1897, and June 30, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 
 
 
 
 
 
 
 
 
 
 Grain. 
 
 
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 25 
 
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 77 
 
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 33 
 
 38 
 
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 28 
 
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 254 
 
 204 
 
 20 
 
 364 
 
 34 
 
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 9b 
 
 72 
 
 53 
 
 43 
 
 46 
 
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 33 
 
 264 
 
 214 
 
 26 
 
 26 
 
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 224 
 
 36 
 
 34 
 
 80 
 
 65 
 
 45 
 
 32 
 
 27 
 
 32 
 
 27 
 
 22 
 
 184 
 
 16 
 
 17 
 
 17 
 
 16 
 
 20 
 
 2,34 
 
 25 
 
 8b 
 
 70 
 
 49 
 
 36 
 
 30 
 
 35 
 
 30 
 
 25 
 
 214 
 
 19 
 
 21 
 
 21 
 
 18 
 
 22 
 
 32 
 
 304 
 
 92 
 
 77 
 
 53 
 
 40 
 
 33 
 
 38 
 
 33 
 
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 244 
 
 21 
 
 23 
 
 23 
 
 20 
 
 23 
 
 354 
 
 32 
 
 115 
 
 95 
 
 72 
 
 53 
 
 43 
 
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 264 
 
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 36 
 
 31 
 
 d 
 
 June 30, 1897: 
 
 Wichita, Kans.. 
 
 Topeka, Kans . . 
 
 lola, Kans 
 
 Pittsburg, Kans 
 June 30, 1904: 
 
 Wichita, Kans.. 
 
 Topeka, Kans . . 
 
 lola, Kans 
 
 Pittsburg, Kans 
 June 30, 1897: 
 
 Omaha, Nebr. . . 
 
 Lincoln, Nebr . . 
 
 Beatrice, Nebr. . 
 
 Columbus, Nebr 
 June SO, 1904: 
 
 Omaha, Nebr...t 
 
 Lincoln, Nebr.. 
 
 Beatrice, Nebr. . 
 
 Columbus, Nebr 
 
 374 
 294 
 31J 
 31i 
 
 324 
 27 
 284 
 30 
 
 234, 
 304 
 324 
 31 
 
 234 
 304 
 32 
 31 
 
 Tariffs.— A.. T. and S. F. Rwy., I. C. C. Nos. 12, 364, 462, 547, 2094, 2582, 2974; Western Trunk Line, 
 L C. C. Nos. 401, 455, and D-19, Joint Tariff No. 7; Union Pacific R. R., I. C. C. Nos. 27, 216, 71, 488, 
 1677, 1619, 1656. 
 
148 DUTIES AND POWEBS OF INTERSTATE COMMERCE COMMISSION. 
 
 Statement shonring rates on classes and commodities, from St. Louis, Mo., to points in Indian 
 and Oklahoma Territories, in force June 30, 1897, and June SO, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 
 
 
 
 
 
 
 
 
 
 
 >4 
 
 iA 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 d 
 
 2^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 _ 
 
 no 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ^ . 
 
 
 
 
 Hi 
 
 
 
 
 
 
 
 
 
 
 
 
 a^ 
 
 r "^ 
 
 
 ,J) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Sf> 
 
 Si; 
 
 
 
 O 
 
 
 
 
 
 
 
 
 
 
 
 
 u 
 
 sin 
 
 
 U 
 
 i 
 
 
 
 
 
 
 
 
 
 
 
 
 a— 
 
 %l 
 
 
 o 
 
 'i 
 
 
 
 
 
 
 
 
 
 
 
 
 en 
 
 r.% 
 
 
 bo 
 
 o 
 
 
 
 
 
 
 
 
 
 
 
 
 'i °i 
 
 ,<¥- 
 
 
 S 
 
 s 
 
 
 
 
 
 
 
 
 
 
 
 
 t;u 
 
 a^> 
 
 >A 
 
 CJ 
 
 ■*A 
 
 
 6 
 
 3 
 
 CO 
 
 B 
 
 B 
 
 B 
 
 < 
 
 3 
 
 3 
 
 d 
 3 
 
 B 
 
 3 
 
 "3 
 
 bo 
 < 
 
 P 
 
 < 
 
 d 
 
 P. 
 C 
 
 2 
 S 
 
 s 
 
 tu) 
 
 1 
 
 June 30, 1897: 
 
 
 
 
 
 
 
 
 
 
 
 • 
 
 
 Wagoner, Ind. T 
 
 110 
 116 
 130 
 
 90 
 
 98 
 
 109 
 
 75 
 82 
 97 
 
 55 
 68 
 87 
 
 43 
 
 55 
 70 
 
 45 
 57 
 7Ri 
 
 40 
 48 
 ,58^ 
 
 30 
 41 
 49 
 
 •27 
 35 
 43 
 
 24 
 31 
 331 
 
 4b 
 57 
 73} 
 
 7b 
 82 
 97 
 
 41 
 
 53 
 68 
 
 110 
 118 
 130 
 
 4U 
 
 McAlester, Ind. T 
 
 4(1 
 
 Purcell, Ind. T 
 
 40 
 
 June 30, 1904: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 110 
 120 
 
 90 
 100 
 
 75 
 
 58 
 09 
 
 45 
 
 47 
 .57 
 
 40 
 49 
 
 30 
 ,S9 
 
 264 
 35 
 
 23 
 29 
 
 46 
 ,55 
 
 7b 
 85 
 
 43 
 ,55 
 
 784 
 100 
 
 2.T 
 
 McAlester, Ind. T 
 
 40 
 
 Purcell, Ind. T 
 
 130 
 
 109 
 
 97 
 
 84 
 
 67 
 
 65 
 
 53 
 
 45 
 
 37 
 
 29 
 
 60 
 
 93 
 
 48 
 
 113 
 
 43 
 
 June 30, 1897: 
 
 
 Guthrie, Okia 
 
 180 
 
 109 
 
 97 
 
 m. 
 
 70 
 
 (i84 
 
 5Zi 
 
 4.') 
 
 3»i 
 
 30 
 
 H84 
 
 HV 
 
 68 
 
 118 
 
 40 
 
 
 130 
 
 109 
 
 97 
 
 8? 
 
 70 
 
 68^ 
 
 .=.9i 
 
 45 
 
 39{- 
 
 30 
 
 68t 
 
 97 
 
 68 
 
 1?1 
 
 40 
 
 June 30, 1904: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Guthrie, Okla 
 
 130 
 130 
 
 109 
 109 
 
 97 
 97 
 
 84 
 84 
 
 67 
 67 
 
 65 
 65 
 
 63 
 53 
 
 45 
 45 
 
 37 
 37 
 
 29 
 29 
 
 60 
 60 
 
 93 
 93 
 
 48 
 48 
 
 113 
 113 
 
 43 
 
 Oklahoma City, Okla 
 
 43 
 
 
 
 Tariffs.— A., T. and S. F. Rwy., I. C. C. No. 12; Missouri Paeiflc Ewy., I. C. 0. No. 1553; M., K. and 
 T. Ewy., I. C. C. No. A-3. 
 
 Statement showing rates on classes and commodities from points in New Mexico and Arizona 
 to Chicago, III., in force June 30, 1897, and June 30, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 
 —•ft 
 
 K S 
 
 June 30, 1897: 
 
 Raton, N. Mex 
 
 Las Vegas, N. Mex/. . . 
 
 Albuquerque, N. Mex 
 June 30, 1904: 
 
 Ratou, N. Mex 
 
 Las Vegas, N. Mex . . . 
 
 Albuquerque, N. Mex 
 JnneiSO, 1^97: 
 
 Flagstaff, Ariz 
 
 Ashioik, Ariz 
 
 Kingman, Ariz 
 
 June 30, 1904: 
 
 Flagsttff, Ariz 
 
 Ashfork, Ariz 
 
 Kingman, Ariz 
 
 654 
 
 81 
 
 874 
 
 S8 
 73 
 73 
 
 120 
 120 
 120 
 
 120 
 120 
 120 
 
 165 i 
 165 I 
 
 165 j 
 
 166 I 
 165 
 
 ]C5 
 165 
 165 
 
 125 
 165 
 
 165 I 165 
 
 12,39 
 a 262 
 
 308 
 
 239 
 
 "245 
 
 a Compressed in bales. 
 —A,, T. and S. F. Rwy., I. 0. C. Nos. 324, 328, 739, 2196, 2601, 2984. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 149 
 
 Statement showing rates on pine lumher, C. L., from points in Texas, Louisiana, Arkansas, 
 
 and Mississippi to St. Louis, Mo., in force June 30, 1897, and June 30, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 Mount Pleasant, Tex 
 
 Big Sandy, Tex 
 
 Tyler, Tex 
 
 Jacksonville, Tex 
 
 Lufkin, Tex 
 
 Shreveport, La 
 
 Hamilton, La 
 
 June 30, 
 
 June 30, 
 
 1897. 
 
 1904. 
 
 17 
 
 18 
 
 17 
 
 18 
 
 17 
 
 18 
 
 17 
 
 18 
 
 17 
 
 18 
 
 15 
 
 18 
 
 15 
 
 18 
 
 Benton, La 
 
 McNeil, Ark 
 
 Little Rock, Ark 
 Pine Bluff, Ark.. 
 Hazelhurstj Miss 
 Jackson, Miss . - ■ 
 Canton, Miss 
 
 June 30, June 30 
 1897. 1904. 
 
 18 
 18 
 18 
 18 
 20 
 20 
 20 
 
 TaHff8.—&i. L. S. W. Rwy.,LC.C.Nos.l89, 1766; Illinois Central R.E.,I.C.C.B-86, 1850. 
 
 Statement showing rates on classes and commodities from Chicago, III., to St. Paul, Minn., 
 
 also from St. Paul, Minn., to Chicago, III., in force June 30, 1897, and June 30, 1904. 
 
 [Rates in cents per hundred pounds.] 
 
 FROM CHICAGO, ILL., TO ST. PAUL, MINN. 
 
 Class 1 
 
 Class 2 
 
 Class 3 ..: 
 
 Class 4 
 
 Class 5 
 
 Class A 1 
 
 Class B 
 
 Class C 
 
 Class D 
 
 Class E •. 
 
 Beer, C. L 
 
 Binding twine, C. L 
 
 Coal, hard, C. L 
 
 Iron articles: 
 
 Bar, band, nails, and spikes, C. L. . 
 
 Bridge or structural, C. L 
 
 Stoves and ranges, C. L 
 
 Oil, coal or carbon, C. L 
 
 Powder, common, black blasting, C. L 
 
 Salt, in barrels, C. L '. 
 
 Tin cans, C. L 
 
 Tin plate, C. L 
 
 Cotton piece goods, C. L 
 
 June 30, 
 
 June 30, 
 
 1897. 
 
 1904. 
 
 60 
 
 60 
 
 50 
 
 60 
 
 40 
 
 40 
 
 25 
 
 26 
 
 20 
 
 20 
 
 25 
 
 25 
 
 20 
 
 20 
 
 17 
 
 IT 
 
 1'4 
 
 14 
 
 13 
 
 13 
 
 15 
 
 15 
 
 18 
 
 18 
 
 12J 
 
 10 
 
 10 
 
 12i 
 
 10 
 
 12i 
 
 15 
 
 15 
 
 15 
 
 20 
 
 40 
 
 40 
 
 12i 
 
 124 
 
 23i 
 
 26 
 
 15 
 
 20 
 
 40 
 
 40 
 
 Tari/s.— Western Trunk Line Joint Tariff No. 9; Special Circular No. 21; I. C. C. Nos. 491, 431. 
 PROM ST. PAUL, MINN.; TO CHICAGO, ILL. 
 
 Classl 
 
 Class 2 
 
 Class3 
 
 Clasa4 
 
 Clas-sS 
 
 Class A 1 
 
 ClassB 
 
 ClassC 
 
 ClnssD 
 
 ClassE 
 
 Cotton pieoegoods, C. L 
 
 Fresh meats, C. L 
 
 Flour and grain: 
 
 Flour, C.L 
 
 Wheat, C. L 
 
 Other grain, C.L 
 
 Hay,C. L 
 
 "Live stock: 
 
 Cattle, C. L., S. D 
 
 Hogs.C. L.,S.D 
 
 Sheep, C. L., S. D 
 
 Lumber, C. L 
 
 Malt, C.L 
 
 Packing-house products, C. L 
 
 60 
 
 60 
 
 bO 
 
 50 
 
 40 
 
 40 
 
 2f, 
 
 26 
 
 20 
 
 20 
 
 25 
 
 25 
 
 20 
 
 20 
 
 17 
 
 17 
 
 14 
 
 14 
 
 13 
 
 13 
 
 40 
 
 40 
 
 27 
 
 17 
 
 12i 
 
 124 
 
 12i 
 
 124 
 
 m 
 
 124 
 
 15 
 
 15 
 
 25 
 
 26 
 
 27 
 
 27 
 
 27 
 
 27 
 
 14 
 
 10 
 
 124 
 
 124 
 
 184 
 
 157 
 
 2^riffi!.— Western Trunk Line, Joint Tariff No. 9, Special Circular No. 21, 1. C. C. Nos. 491 431- c 
 M. and St. P. Rwy., I. C. C. A-6146. ' ' '' 
 
loO DUTIES AND POWERS OB' INTERSTATE COMMERCE COMMISSION. 
 
 Statement slwmng rates on grain and flour, domestic and export, to Oalveston, Tex., from 
 Kansas City, Mo., and points in Kansas, Indian and Oklahoma- Territories, in force 
 June 30, 1897, and June SO, 1904. _ 
 
 [Rates in cents per hundred pounds.] 
 
 
 Domestic. 
 
 Export. 
 
 Export (proportional, 
 when from Deyond. 
 
 
 Flour. 
 
 Wheat. 
 
 Corn 
 and 
 oats. 
 
 Flour. 
 
 Wheat. 
 
 Corn 
 and 
 oats. 
 
 Flour. 
 
 Wheat. 
 
 Corn 
 and 
 oats. 
 
 June 30, 1897: 
 
 Kansas City, Mo 
 
 Wichita, Topeka, lola, 
 and Pittsburg, Kans.. 
 June 30, 1904: 
 
 Kansas City, Mo 
 
 Wichita Kans 
 
 42 
 
 42 
 
 43J 
 45i 
 46J 
 45J 
 46J 
 • 
 38 
 35 
 35 
 
 43i 
 
 32 
 29 
 29 
 
 40J 
 32 
 29 
 26 
 
 37 
 
 37 
 
 38i 
 40J 
 iH 
 40S 
 404 
 
 33 
 30 
 30 
 
 38} 
 
 27 
 24 
 24 
 
 351 
 29 
 26 
 22 
 
 36 
 
 35 
 
 30i 
 32i 
 33i 
 .S2i 
 324 
 
 31 
 
 28 
 28 
 
 32J 
 
 25 
 22 
 22 
 
 26 
 21 
 19 
 
 174 
 
 31 
 
 31 
 
 23 
 
 284 
 
 26 
 
 24 
 
 24 
 
 31 
 30 
 30 
 
 304 
 
 27 
 24 
 16 
 
 28 
 26 
 16 
 16 
 
 31 
 
 31 
 
 SS, 
 
 284 
 
 26 
 
 24 
 
 24 
 
 31 
 30 
 30 
 
 304 
 
 27 
 24 
 15 
 
 28 
 25 
 15 
 15 
 
 26 
 
 26 
 
 21 
 27 
 24 
 21 
 21 
 
 26 
 26 
 26 
 
 27 
 
 25 
 22 
 
 15 
 
 25 
 24 
 15 
 15 
 
 21 
 
 21 
 
 18 
 
 18 
 
 18 
 
 17 
 
 
 
 
 
 
 
 
 
 Pittsburg, Kans 
 
 June 30, 1897: 
 
 
 
 
 
 
 
 Guthrie Okla 
 
 
 
 
 Oklahoma City, Okla. . . 
 June 30, 1904: 
 
 Perry, Guthrie, and Ok- 
 lahoma City, Okla 
 
 June 30, 1897: 
 
 Purcell and Pauls Val- 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Thaekerville, Ind. T. . .'. 
 June 30, 1904: 
 Purcell Ind. T 
 
 
 
 
 
 
 
 Pauls Valley, Ind. T.... 
 Ardmore, Ind. T 
 
 
 
 
 
 
 
 Thackerville, Ind.T 
 
 
 
 
 
 1 
 
 
 Tariffs.— k., T. and S. F. Ewy., 
 Nos. 16, 33, 340. 
 
 I. C. C, Nos. 355, 2978, 2979; Southwestern Tariff Committee,!. C. C, 
 
 Statement shoving rates on classes and commodities from Chicago, III. , to points in New 
 Mexico and Arizona, in force June SO, 1897, and June 30, 1904- 
 
 [Rates in cents per hundred pounds.] 
 
 
 
 
 
 
 I 
 
 
 
 
 
 
 i 
 
 3 
 
 A 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 > 
 o 
 
 S*^ 
 
 hi 
 
 
 i-l 
 
 
 
 
 
 
 
 
 
 
 
 
 
 io 
 
 ri 
 
 
 U 
 
 
 r-1 
 
 oi 
 
 M 
 
 ■^" 
 
 id 
 
 < 
 
 m 
 
 d 
 
 a 
 
 w" 
 
 >-l 
 
 d 
 
 ad 
 S 
 
 
 f 
 
 d 
 
 
 
 1 
 
 I 
 
 1 
 
 1 
 
 % 
 
 I 
 
 ffl 
 
 I 
 
 I 
 
 1 
 
 S 
 
 
 % 
 
 Id 
 
 B. 
 
 2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 " 
 
 O 
 
 o 
 
 ^ 
 
 o 
 
 (J 
 
 o 
 
 (J 
 
 O 
 
 c 
 
 « 
 
 .w 
 
 a. 
 
 A 
 
 m 
 
 !* 
 
 June 30, 1897: 
 
 
 
 , 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Raton, N.Mex 
 
 224 
 
 179 
 
 137 
 
 106 
 
 89 104 
 
 84 
 
 74 
 
 654 
 
 .58 
 
 67 
 
 594 
 
 864 
 
 74 
 
 74 
 
 89 
 
 Las Vegas, N.Mex... 
 
 232 
 
 200 
 
 188 
 
 162 
 
 185! 1« 
 
 12(1 
 
 96 
 
 814 
 
 72 
 
 97 
 
 «n 
 
 131 
 
 i?n 
 
 lis 
 
 128 
 
 . Albuquerque, N.Mex. 
 
 232 
 
 206 
 
 188 
 
 162 
 
 135 147 
 
 126 
 
 104 
 
 874 
 
 76 
 
 97 
 
 90 
 
 132 
 
 125 
 
 118 
 
 128 
 
 June 30, 1904: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Raton, N. Hex 
 
 225 
 
 186 
 
 14b 
 
 IIV 
 
 93' 100 
 
 87 
 
 72 
 
 58 
 
 51 
 
 71 
 
 .58 
 
 Sfi 
 
 93 
 
 78 
 
 82 
 
 Las Vegas, N. Mex... 
 
 232 
 
 210 
 
 18C 
 
 11)2 
 
 122 131 
 
 111 
 
 87 
 
 73 
 
 64 
 
 94 
 
 73 
 
 ini 
 
 1W 
 
 85 
 
 87 
 
 Albuquerque, N. Hex. 
 
 232 
 
 210 
 
 180 
 
 152 
 
 1221 131 
 
 111 
 
 87 
 
 73 
 
 64 
 
 94 
 
 73 
 
 106 
 
 12? 
 
 90 
 
 .'W 
 
 June 30, 1897: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Flagstaff, Ash Fork, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 and Kingman, Ariz . 
 
 89U 
 
 340 
 
 270 
 
 210 
 
 185 190 
 
 17(1 
 
 135 
 
 120 
 
 110 
 
 185 
 
 112* 
 
 185 
 
 186 
 
 144 
 
 18,5- 
 
 June 80, 1904: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Flagstaff, Ash Fork, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 and Kingman, Ariz . 
 
 390 
 
 840 
 
 270 
 
 210 
 
 185 
 
 190 
 
 170 
 
 135 
 
 120 
 
 110 
 
 185 
 
 1124 
 
 185 
 
 185 
 
 144 
 
 185 
 
 Tariffs.— A. T. and S. F. Ry., I. C. C. Nos. 324, 828, 2601, 2984. 
 
DUTIKS AND POWERS OF INTEBSTATE COMMERCE COMMISSION. 151 
 
 Statement showing rates on classes and commodities from points in Indian and Oklahoma 
 Territories to St. Louis, Mo., in force June SO, 1897, and .Tune 30, 1904- 
 
 [Rates in cents per hundred pounds.] 
 
 Grain. 
 
 June 30, 1897: 
 
 Wagoner, Ind. T 
 
 McAIester, Ind. T... 
 
 , Purcell, Ind. T 
 
 June 30, 1904: 
 
 Wagoner, Ind. T , 
 
 McAIester, Ind. T ... 
 
 Purcell, Ind. T 
 
 June 30, 1897; 
 
 Guthrie, OUa 
 
 Oklahoma City, Okla 
 June 30, 1904: 
 
 Guthrie, Okla 
 
 Oklahoma City, Okla 
 
 55 
 
 m 
 
 zn 
 
 30 
 
 m 
 
 42 
 50} 
 
 41J 
 48} 
 50} 
 
 46} 
 48} 
 
 48} 
 48} 
 
 a Combination of locals. 
 
 Tariffs.— A., T. and S. F. Rwy., I.C.C. Nos.12,364,2094; M., K. and T.Rwy.,I.C.C.N08. A-3,227,262, 
 325, 1915, 1974; Missouri Pacific Rwy., I. C. C. No. 1553. 
 
 Senate Committee on Interstate Commerce, 
 
 Friday, Februa/ry 10, 1905. 
 
 STATEMENT OF JOSEPH NIMMO, JR., STATISTICIAN AND ECONO- 
 MIST, OF WASHINGTON, D. C. 
 
 Mr. NiMMO. Mr. Chairman, I have been requested to present to 
 your committee a petition from the New York Board of Trade and 
 Transportation, which contains a recommendation in favor of " a 
 special commission of Congress on interstate commerce, to thoroughly 
 investigate all problems involved, and to report their conclusions and 
 recommendations by bill at the opening of the next Congress." I 
 make this recommendation the text of my present remarks, which 
 relate especially to the constitutional and political aspects of the ques- 
 tion now before you. And, first, I would invite your attention to 
 
 A constitutional LIMITATION OF THE POWER OF CONGRESS TO REG 
 ULATE COMMERCE AMONG THE STATES. 
 
 • Article 1 of the Constitution oE the United States, in clause 6 of 
 section 9, imposes the following constitutional limitation upon the 
 exercise of the power of Congress to regulate commerce among the 
 States: " No preference shall be given by any regulation of commerce 
 or revenue to the ports of one State over those of another." This pro 
 vision stands for the defense of commercial liberty. 
 
 Mr. Madison, chronicler of the Constitutional Convention of 1787, 
 states the historic fact that the main purpose had in view in framing the 
 Constitution of the United States was to abolish certain intolerable 
 
152 DUTIES AND POWEES 01' INTERSTATE COMMERCE COMMISSION. 
 
 discriminations in the nature of regulations imposed by the States 
 upon both the domestic and the foreign commerce of the country. 
 Such regulations were fast driving the country to disunion. 
 
 When the convention assembled on May 25, 1787, the opinion pre- 
 vailed to a considerable extent that the power to regulate commerce 
 should not only be withheld from the States but also be denied to the 
 i^ational Government. But the more statesmanlike members of the 
 convention held that the power of regulation by Congress should be 
 asserted in some form compatible with the supreme object of main- 
 taining commercial liberty. The first proposition of this nature, sub- 
 mitted by Mr. Charles Pinckney, of South Carolina, four days after 
 the convention was organized, provided that "all laws regulating com- 
 merce shall require the assent of two-thirds of the members present in 
 each House." On August 6 the "committee of detail" reported in 
 favor of the proposition that Congress shall have power "to regulate 
 commerce with foreign nations and among the several States," but 
 that "no navigation act shall be passed without the assent_ of two- 
 thirds of the members present in each House." This proposition was 
 overruled on August 29. Finally, on September 14, three days before 
 the signing of the Constitution, the following provision was added to 
 section 9 of article 1, which section relates exclusively to. limitations 
 of the powers of Congress: 
 
 No preference shall be given, by any regulation of commerce or revenue, to the 
 ports of one State over those of another. 
 
 This fully satisfied all the States and probably saved the Constitu- 
 tion. Apparently this limitation came rather near to the original 
 proposition to omit from the Constitution any declaration in favor of 
 conferring upon Congress the power to regulate commerce among the 
 States. But it voiced the dominant sentiment of the people in favor 
 of a government which should secure the ends of commercial liberty 
 and meddle as little as possible with the competitive struggles of busi- 
 ness. The practical question arises: What does that limitetion imply 
 to-day ? 1 shall endeavor to answer that question. 
 
 Besides the ports of the Atlantic, Gulf, and Pacific coasts. Congress 
 has from time to time created "ports" at interior points on rivers, on 
 the Great Lakes, and on railroads, all of which ports now afford all 
 necessary facilities for the conduct of both internal and foreign com- 
 merce. But this constitutional limitation has a much wider application. 
 The significance of the word "port" in the Constitution was undoubt- 
 edly that which it had and still has in Great Britain. The exact 
 meaning of the word "port," according to Lord Esher, M. R., in 15 
 Q. B. D., 580 — a case decided in the year 1885 — is "not usually the 
 legal port as defined by .acts of Parliament, * * * but any place 
 at which the loading and landing takes place." Accordingly, in the 
 case at bar, it was ruled that " the word 'port' in a charter party is to 
 be understood in its popular, business, or commercial sense, and not 
 the port as defined for revenue or pilotage purposes." This is the 
 meaning given to the word "port" by Lord Chief Justice Hale in 
 "De Portibus Maris," chapter 2, page 46, and it is regarded by 
 Bouvier, an accepted American authority on legal definitions, as defin- 
 ing the meaning of the word "port" in the United States. It applies 
 to all places or markets where goods are shipped or received by rail 
 or by water. 
 
DUTIE8 AND POWEKS OE INTERSTATE COMMEKCE COMMISSION. 153 
 
 Thus the constitutional limitation that ' ' no preference shall be given 
 by any regulation of commerce or revenue to the ports of one State 
 over those of another," involves stringent restraints upon the power 
 of Congress to regulate commerce among the States. These served at 
 the beginning to avert the danger of disunion, and to-day they stand 
 as a defense of commercial liberty throughout all our borders. 
 
 The question arises — did the constitutional limitation referred to 
 practically eliminate the power vested in Congress in the eighth sec- 
 tion of article one — namely, the power to " regulate commerce among 
 the States?" I answer, No! In many ways not affected by the consti- 
 tutional limitation the National Government has effectually and bene- 
 ficially regulated commerce and transportation. There is no business 
 in this country which is more completely the subject of legal restraint 
 than is that of railroad transportation. The railroads are regulated 
 not only by the National Government, but also b}'^ States, by cities, 
 counties, towns, village boards of trustees, school districts, and by 
 almost every other political subdivision of the State. The decisions 
 of the courts involving the law of the common carrier and of public 
 highways embrace volumes of judicial regulation applicable to the con- 
 duct of railroad transportation. The act to regulate commerce ampli- 
 fies, extends, and particularizes the regulative principles of the common 
 law in its application to the railroads. In view of these facts it has 
 been asserted by an eminent lawyer that ' ' the railroad is held to a more 
 rigid responsibility in the courts than any other litigant." The judi- 
 cial records of the country afford abundant proof of the correctness 
 of that assertion. 
 
 But the qiuiestion-arises. What would be the effect of the constitu- 
 tional limitation, "No preference shall be given by any regulation of 
 commerce or revenue to the ports of one State over those of another" 
 upon an act of Congress which would confer upon the Interstate Com- 
 merce Commission the power to determine the relative rates which 
 shall be charged on railroads engaged in interstate commerce ? Experi- 
 ence cleai-ly proves that it is unwise for lawyer or layman, or even 
 legislator, to predict the judicial determination of the meaning of an 
 act of Congress vitally affecting the commercial interaction of the 
 people, or the question as to the constitutionality of such an act. 1 
 shall not attempt it; it is sufficient here to point to a dilemma which 
 confronts Congress in any attempt to confer the power of rate 
 making upon an administrative board. In case the Supreme Court 
 should hold that an act conferring the rate-making power upon 
 the Interstate Commerce Commission is subject to the constitutional 
 limitation, "No preference shall be given by any regulation of com- 
 merce or revenue to the ports of one State over those of another," it 
 appears probable that such a statute would in practice be nugatory 
 for the reason that any regulation of relative rates to or from the 
 ports or markets of any two States by the Commission might be 
 alleged to violate the contitutional inhibition against preference to the 
 ports of one State over those of another. This, of course, would give 
 rise to tedious and interminable litigation. 
 
 If, however, the Supreme Court should rule that a rate-making 
 statute would not be subject to the constitutional inhibition mentioned, 
 it seems evidejit that the multiplicity of cases arising under such a 
 statute would overwhelm the Commission just as the assumption 
 indulged for awhile at the beginning^- that the interstate commerce 
 
154 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 act confers a dispensing power with respect to the long and short haul 
 rule was, upon due consideration, declared by Judge Cooley to be 
 impracticable for the reason that it imposed upon the Commission a 
 task in practice proved to be superhuman. 
 
 TWO OTHER CONSTITUTIONAL QUESTIONS. 
 
 There are two other constitutional questions which may be briefly 
 noticed in this connection. 
 
 1. The power to issue self -executing decrees is essentially a judicial 
 function, and not one to be exercised by an administrative board. 
 This is purely a legal question and one which may profitably engage 
 the attention of an investigation committee of Congress. 
 
 2. Conferring the power of rate making upon the Interstate Com- 
 merce Commission by Congress would constitute an unconstitutional 
 delegation of its legislative authority. This is an exceedingly impor- 
 tant matter. The rule of constitutional law that Congress has no power 
 to delegate its legislative authority is a recognized political axiom., 
 This was clearly stated by Mr. Chief Justice Marshall in Heyman v. 
 Southard, 10 Wheaton, page 42. Congress has the power to authorize 
 any administrative office to make regulations needful to the execution 
 of particular laws, such regulations being in execution of, supple- 
 mentary to, and not in conflict with the law, but specificallj' in effectua- 
 tion of the law. But this authority must not trench upon law making. 
 Without discussing the question as to the distinction here drawn, it 
 appears unnecessary to say more than to express the opinion that the 
 power of rate making proposed to be vested in the Interstate Com- 
 merce Commission, with the unavoidable consequents of that authority, 
 would be a much larger exercise of the power of Congress to regulate 
 commerce among the States than has ever been exercised by Congress, 
 and that it would constitute a clear delegation of the legislative pow- 
 ers of Congress. The subject is evidently one which should be care- 
 fully considered by a Congressional investigating committee. 
 
 WHAT CONSTITUTES COMMERCIAL LIBERTY? 
 
 We must not lose sight of the fact that commercial liberty ever has 
 been and always will be the liberty of competitive struggle, with all 
 the severe results of such struggles, and that governmental regulation 
 conservative of the ends of liberty must not attenipt to eliminate that 
 struggle, but only hold it within the restraints of justice and equity. 
 In Great Britain the only governmental restraints upon the freedom 
 of competition recognized under the principles of the common law are 
 restraints upon practices which are recognized as involving conspiracy, 
 dishonesty, intimidation, molestation, or other clearly recognized 
 wrongs. The maintenance of commercial liberty has been a problem 
 of the ages solved by the lessons of experience and not by any popu- 
 listic, socialistic, or academic experiment. It is the animating purpose 
 of the common law to enforce the principles of commercial liberty. 
 
 Let it be observed just here that the constitutional iiraitation already 
 mentioned applies only to the regulation of commerce by Congress, 
 but that the Constitution imposes no limitation upon tl\e regulation of 
 commerce by the courts. During the last four hundred years the 
 English-speaking people have had implicit faith jn the principles and 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 155 
 
 provisions of the common law, as developed, and that confidence knows 
 no abatement. 
 
 In the light of these facts, it appears to be the duty of Congress to 
 carefully inquire whether the proposition to give practically autocratic 
 power to an administrative board of the Grovernment would or would 
 not operate as an improper barrier to the exercise of the power of the 
 judiciary to defend the commercial liberties of the people. 
 
 WHAT THE PROPOSITION OF COMMISSION RATE-MAKING INVOLVES. 
 
 In order to avoid any possible misrepresentation as to the attitude 
 assumed by the Interstate Commerce Commission toward the question 
 of governmental rate-making, I quote as follows from its official utter- 
 ances upon the subject: 
 
 In its Seventh Annual Report, dated December 1, 1893, at page 10 
 the Commission stated its conception of the nature and scope of gov- 
 ernmental regulation of the internal commerce of the countr}' as 
 follows: 
 
 To give each community the rightful benefit of location, to keep different com- 
 modities on an equal footing, so that each shall circulate freely and in natural vol- 
 ume, and to prescribe schedule rates which shall be reasonably just to both shipper 
 and carrier is a task of vast magnitude and importance. In the performance of that 
 task lies the great and permanent work of public regulation. 
 
 The Utopian idea of placing the conduct of the commercial and 
 transportation interest of this country under the supervision and con- 
 trol of an administrative bureau of the National Government "so as to 
 give each community the rightful benefit of location", and to keep dif- 
 ferent commodities on an equal footing, so that each shall circulate 
 freely and in natural volume" is a conception of distributive justice 
 to which the judicial mind has never yet soared. It savors of what 
 Napoleon scornfully characterized as "the ideology of the laws of 
 nature." 
 
 Humanly speaking, it constitutes a striking illustration of what is 
 commonly known as bureaucratic rule, which in all ages has proved to 
 be the antithesis of commercial liberty. This is clearly, and as here- 
 inafter shown, unavoidably involved in any proposition to invest the 
 Commission with the power of rate making. 
 
 In its annual report submitted December 6, 1897, the Commission 
 recommended that Congress should confer upon it the absolute power 
 to prescribe rates; authorize it to issue self-executing administrative 
 orders, and final administrative orders — a strictly judicial function — 
 and compel the courts to sanction such orders. 
 
 These views of the Commission were subsequently expressed in a 
 bill introduced in the Senate January 22, 1898 (S. 3354, 55th Cong. , 
 2d sess.), \^;hich bill provided that the courts shall be required to review 
 the rates, fares, classifications, etc., prescribed by the Commission, and 
 further that "the case as certified from the Commission, together with 
 any additional testimony taken by the courts, shall be the record upon 
 which it shall be heard." The Supreme Court, however, had already 
 declared the power of rate making to be not a judicial function, and 
 one over which the Federal judiciary could not and would not exer- 
 cise any authority. This absurd bill also proposed to confer upon 
 the Commission absolute power to decide casesinvolving long and short 
 haul rates, and to prescribe the rates and the conditions under which 
 
156 DUTIES AND POWERS OE' INTERSTATE COMMERCE COMMISSION. 
 
 transportation shall be conducted throughout the United States. It also 
 provided that the Commission shall be authorized to issue administra- 
 tive orders and final administrative orders. If enacted into law, it 
 would have subjected the commercial, industrial, and transportiation 
 interests of this country to the absolute control of a bureau exercis- 
 ing a dispensing power. The bill failed to secure serious attention in 
 either branch of Congress, and apparently produced no other effect 
 upon the legislative mind than of astonishment. 
 
 The Commission, however, refused to abandon its purpose to acquire 
 dispensing power. Again in the Fifty-sixth Congress— March 2, 1899, 
 to March, 1901— it approached Congress, but this time with a bill 
 intended to evade the rule of governmental policy announced by the 
 Supreme Court in the Maximum Rate case, and thus to circumvent 
 the judiciary. This bill was introduced December 12, 1899, as Senate 
 bill 1439, Fifty-sixth Congress, first session. It provided that the com- 
 panies shall first make their rate sheets, which, having been made, the 
 Commission shall, upon complaint made either by itself or any other 
 competent complainant, have power to revise and change the rates 
 which have been made, thus conferring upon the Commission the right 
 to recast every rate sheet in the country. The fallacy involved in this 
 provision consisted in the pretense that it avoided the objection of the 
 courts that rates made in advance of being charged and collected, even 
 if authorized by statute, are not reviewable in the courts as to their 
 reasonableness, from the fact that they are legislative rates. An 
 ingenious argument in favor of just such an arrangement had been 
 made in the Maximum Rate case, but was utterly discarded by the 
 Supreme Court in the following terms: "The vice of this argument is 
 that it is building up indirectly and by implication a power which in 
 terms is not granted." The Commission ignored that declaration. 
 Rates thus made would be legislative rates, and therefore not review- 
 able by the courts as to their reasonableness. 
 
 The reasoning of the Commission in this matter was too inconse- 
 quential for serious consideration. Congress also did not fail to see 
 that the real rate maker is he who makes the rates in the last instance 
 and not in the first instance. The bill just mentioned also proposed 
 to confer upon the Commission the power "to prepare and publish 
 the rules, regulations, and conditions for freight transportation," a 
 proposition which clearly involved the creation of a dispensing power. 
 (See section 3 of the bill.) 
 
 Like its predecessors this bill gained no favor with the national 
 legislators. Congress was not prepared to subordinate the Federal 
 judiciary to the Interstate Commerce Commission. Nor was it pre- 
 pared to institute in this country a bureaucratic imperialism endowed 
 with what Lord Macaulay styled, " that great anomaly known as the 
 dispensing power," which in all ages has been an attribute of tyranny 
 and oppression. Such the proposed expedient was clearly perceived 
 to be at the beginning by Judge Cooley and his associates, who repu- 
 diated it absolutely. 
 
 During the Fifty -seventh Congress— March 4, 1901, to March 4, 
 1903 — the Commission stultified itself glaringly before Congress. 
 Until March, 1902 — fifteen years after its organization — the Commis- 
 sion had neglected to employ the civil remedy provided in section 16 
 of the interstate-commerce act. Early in that month, however, the 
 Commission had recourse to that provision of the law for the pre- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 157 
 
 vention of rate cutting — a misdemeanor under the act to regulate 
 commerce. On Marcn 24, at the ihstance of the Commission, Judge 
 Grosscup, of the northern district of Illinois, issued an order granting 
 a temporary injunction in an important case pending at Chicago, and 
 in so doing expressed the opinion that "the expedient might turn out 
 to be the vitalizing of the act." That expectation was realized. .The 
 injunction proved effectual in greatly abating, if not entirely arrest- 
 ing, the evil complained- of. But the successful application of this 
 provision of the act to regulate commerce ran counter to the scheme 
 of autocratic rule which for years the Commission had had in mind. 
 
 Within one month after Judge Grosscup's order was issued, thesCJom- 
 mission stultified itself by appearing before the committees'ottinter- 
 state Commerce of the Senate and House of Representatives in earnest 
 advocacy of a bill providing for the repeal of so much of section 16 of 
 the act to regulate commerce as embraces the effectual civil remedy 
 just mentioned, and proposed to substitute in lieu thereof an amend- 
 ment providing for obedience to the autocratic authority of the Com- 
 mission. (S. 3575 and H. R. 8337, 57th Cong. , 1st sess. , the same being 
 identical.) This attempt to emasculate the interstate commerce act was 
 e:!(posed and failed utterly. 
 
 Instead of repealing section 16 of the act to regulate commerce, 
 Congress has since strengthened it and made it more effective in an act 
 initiated by this committee. I refer to the act of Congress approved 
 February 19, 1903, commonly known as the Elkins law. 
 
 WOULD THE FEDEKAL JUDICIAEY IN ANT EVENT PASS UPON A RATE 
 FOE THE FUTURE PRESCRIBED BY AN ADMINISTRATIVE BOARD? 
 
 The proposition to confer upon the Interstate Commerce Commis- 
 sion the power to prescribe rates for the future is defended upon the 
 ground that such rates would be submitted to the courts as to their 
 reasonableness. But the question as to whether the Federal judiciary 
 could in any event pass upon a rate for the future prescribed by an 
 administrative board is one involved in great doubt. This is indicated 
 as follows: 
 
 1. In deciding the Maximum Rate case (167 U. S. 479) the Supreme 
 Court of the United States said: 
 
 It iswone thing to inquire whether the rates which have been charged and collected 
 are reasonable — that is a judicial act; but an entirely different thing to prescribe 
 rates which shall be charged in the future — that is a legislative act. 
 
 2. At a hearing before the Senate Committee on Interstate Com- 
 merce on March 10, 1898 — page 9 of the hearings — Hon. Martin A. 
 Knapp, chairman of the Interstate Commerce Commission, said: 
 
 One doctrine is now settled — that, whereas the investigation of the question 
 whether an existing rate is a reasonable and lawful one or not is a judicial question, 
 the determination of what that rate shall be in the future is a legislative or adminis- 
 trative question with which the courts can have nothing to do. 
 
 3. At a hearing before the Senate Committee on Interstate Commerce 
 on February 21, 1900, at page 118 of the hearings, Hon. Charles A. 
 Prouty, Interstate Commerce Commissioner, said : 
 
 The prescribing of a rate is, under the decisions of the Supreme Court, a' legisla- 
 tive not a judicial function, and for that reason the courts could not, even if Congress 
 so elected, be invested with that authority. 
 
158 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 I am strongly inclined to accept the view of Commissioners Knapp 
 and Prouty that the courts could not hav« anything to do with rates 
 for the future, and that Congress could not invpst them with that 
 authority. 
 
 In view of this difficulty, Commissioner Prouty devised a scheme 
 for creating a practical bureaucracy in the United States which seems 
 to have voiced the views of the Commission. As the plan which he 
 has proposed constitutes the main feature of certain bills which have 
 recently been introduced in Congress, I will briefly explain it. 
 
 In an address delivered before the American Economic Association 
 in the year 1903, Mr. Prouty proposed to eliminate the legislative and 
 judicial powers of government from any actual participation in the 
 work of railroad regulation. This he explained as follows: 
 
 It is earnestly insisted that the freight rate is a commercial proposition which must 
 be left to the laws of commerce, with which the Government can not safely meddle. 
 
 In this he seemed to have in mind a plan to supersede the present 
 exercise of the powers of government. He recommended therefore 
 that "the laws of commerce" shall be administered by means of a 
 duplex autocratic dispensing power completely outside of our present 
 system of government, and in effect constituting a fourth independent 
 branch of the National Government. 
 
 Mr. Prouty explained the organic features of his plan as follows: It 
 is to embrace first the Interstate Commerce Commission endowed witji 
 the autocratic power of prescribing all the interstate rates in the 
 country. Referring to the " suggestion, to permit the Federal courts 
 to review and set aside if found unreasonable the orders of the Com- 
 mission," he said, "it is very doubtful whether any such system can 
 ever give satisfactory results," and adds, "these questions are not of 
 a judicial nature and can not be intelligently passed upon by courts." 
 In this connection he says: 
 
 A court administers the law as it is laid down in statute or in precedent; the jury 
 decides the fact upon the testimony of witnesses. Not so the Commission. Here is 
 no precedent to be administered. No dispute generally arises as to the facts. The 
 question is, What under these admitted conditions shall be done? and this question 
 is largely one of judgment. 
 
 And again: 
 
 Such a commission is an expert body, * * * its conclusion must still rest in 
 the good judgment of its members. Ite decision is the act of an expert body. 
 
 Having excluded any sort of judicial interference with the work of 
 the Commission, Mr. Prouty declared that the conclusions of the 
 Commission ought to be subjected to some sort of review. He pro- 
 posed, therefore, a tribunal "in the nature of a commerce court" — a 
 tribunal fully endowed with judicial attributes, namely, the power "to 
 make decrees and execute process," to "hold office for life, and to 
 possess all the independence of judges," its decisions to be final. Mr. 
 Prouty earnestly protested that his proposed commerce court shall not 
 be in any manner subject to or related to the Federal judiciary, for he 
 maintained that the matters to be reviewed by the proposed court are 
 " not properly law questions," but " the judgment of a quasi legislative 
 body," and, tnerefore, that " the review of such a judgment is not a 
 . judicial function," and that its proceedings " are not lawsuits," the 
 question to be decided in each case being "largely one of judgment." 
 
D0TIE8 AND POWERS OF INTEESTATE COMMERCE COMMISSION. 159 
 
 Thus he proposes to create an administrative board, bearing the 
 name of a court, and endowed with judicial attributes in the face of 
 the constitutional provision that "the judicial power of the United 
 States shall be vested in one Supreme Court, and in such inferior 
 courts as the Congress may from time to time ordain and establish." 
 Evidently Mr. Prouty's proposed "commerce court" would be simply 
 an administrative bureau endowed with autocratic dispensing power. 
 
 It is difficult to imagine a more glaring political solecism than the 
 proposed commerce court endowed with judicial attributes, but with- 
 out a judicial function or a legal duty to perform. Besides, the 
 whole scheme is in a political sense revolutionary. 
 
 Eeferring particularly to the questions which will come before this 
 nbn-judicial court, Mr. Prouty says: 
 
 These questions are not of a judicial nature, and can not be intelligently passed 
 upon by courts. 
 
 Meaning the Federal courts. 
 He adds: 
 
 Federal judges are not selected for that purpose. Most of them have absolutely 
 no experience in such matters. Their time is fully occupied with their proper 
 duties, and the very nature of those duties in a measure unfits them to appreciate 
 these questions. 
 
 The absurdity of this assumption is apparent. Commercial^ law — 
 especially the law of the common carrier — has for centuries engaged 
 the studious thought of the judicial mind. And yet it is gravely pro- 
 posed by Mr. Prouty that all this knowledge which, by a process of 
 evolution, has been incorporated into the very fiber of our civilization 
 shall be set aside in favor of the emanations of the inner consciousness 
 of a set of commissioners and of judges without judicial function, 
 guided solely by their own introspections as to the fitness of things. 
 
 In defense of his theory Mr. Prouty says: 
 
 As well might it be provided that (the Federal) courts shall enforce the laws 
 enacted by Congress if such laws are in their judgment reasonable and just as to 
 permit the Federal courts to review and set aside if found unreasonable the orders 
 of the Commission. 
 
 In this he clearly suggests that the orders of the Commission should 
 have the same authority and dignity as the laws of Congress. The 
 Supreme Court has declared that public policy in certain cases is what 
 the law directs, but presumably it will be a long time before the 
 people of this country will consent that in any case public policy shall 
 be what the Interstate Commerce Commission directs. 
 
 The scheme thus advanced by Mr. Prouty, at Philadelphia, in the 
 year 1903, has acquired a degree of importance which it did riot have 
 at the beginning, from the fact that it has been made the basis of two 
 classes of bills which have been introduced during the present Fifty- 
 eighth Congress, namely, (1) bills which fully adopt Mr. Prouty's idea 
 of a court which is not a part of the Federal judiciary, thus creating a 
 double-headed bureaucratic power in the United States, and (2) bills 
 which create a court which is to be a branch of the Federal judiciary, 
 but deny to it the power to fix rates for the future, relying finally for 
 execution upon the legislative power conferred upon the Interstate 
 Commerce Commission, such court being in practice a judicial super- 
 fluity. 
 
 The Hearst bill and the Townsend-Esch bill appear to be of the 
 latter sort. 
 
160 DUTIES AND P0WEE9 OF INTERSTATE COMMERCE COMMISSION. 
 
 The pretense that it is necessary to coijfer autiocratic powers upon 
 the Commission in order to prevent exorbitant rates and unjuStlj' dis- 
 criminating rates is a delusion and a snare. Such manifestation of 
 bureaucratic rule may have a laudable object in view. It may in par- 
 ticular instances be beneficent; But this much may be said of any 
 form of despotic rule. The experiences of mankind clearly prove 
 that the only plan for correcting abuses which arise in the course of 
 commercial interaction compatible with the object of maintaining coni- 
 mercial liberty is through the determinations of an independent judici- 
 ary and by due process of law. 
 
 But the Interstate Commerce Commission appears since to have per- 
 ceived certain inconveniences which might arise from the creation of 
 the proposed interstate commerce court; at any rate it has returned to 
 its original idea of conferring upon the Commission the absolute power 
 of prescribing both absolute and relative rates, thus avoiding any 
 inconvenience which might arise to its personnel from the creation of 
 an interstate commerce court. 
 
 A DANGEROUS POLITICAL HERESY INVOLVED IN THE PROPOSITION TO 
 CONFER AUTOCRATIC POWER UPON AN ADMINISTRATIVE BOARD. 
 
 During the last two thousand years there has been going on among 
 the foremost nations of theglobe a political struggle between the 
 advocates of dispensing justice in the conduct of the interaction of 
 commercial industrial forces through the exercise of the judicial power 
 and the advocates of accomplishing that purpose through the exercise 
 of autocratic administrative authority; the latter being usually per- 
 formed by a bureau clothed with autocratic power or with delegated 
 legislative authority. This autocratic governmental method — bureau- 
 cracy — was the potential cause of the downfall of the Roman Empire. 
 It was also the cnief cause of the French Revolution of 1795. The 
 only civilized nation in which it now prevails as an unrestrained 
 expression of governmental authority is Russia, where the people are 
 to-day clamoring for its suppression for the reason that it constitutes 
 an intolerable form of oppression. 
 
 In the public discussion of the present political troubles in Russia 
 the vital question at issue is referred to as the "bureaucracy" and as 
 the "autocracy." The two terms are practically synonymous. 
 
 The framers of the Constitution were greatly influenced in their 
 opposition to any sort of bureaucratic governmental power by the 
 utterances of Montesquieu in Esprit des Lois, which Mr. Justice 
 Holmes has characterized as "an epoch-making book." Therein the 
 vital importance of an independent judiciary was clearly explained. 
 This view was highly commended by Hamilton and by Judge Story, 
 both of whom adopted the opinion of Montesquieu that "there is no 
 liberty if the power of judging be not separated from the legislative 
 and executive powers." By the adoption of this view the United 
 States became the only nation on the globe in which the "judicial 
 power " is an independent coordinate branch of the government. By 
 way of illustration Montesquieu pointed to the fact that certain 
 monarchical countries of Europe which i-espected the independent 
 judicial authority were conservators of personal liberty, whereas the 
 republics of Italy which governed through a body of magistrates 
 unresti-ained by an independent judiciary were cruel despotisms. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 161 
 
 In England the exercise of the power of controlling the course of 
 the development of the commercial and industrial interests of the 
 countrj' by autocratic governmental authority "was known as a "dis- 
 pensing power." This form of despotism was abolished as the result 
 of the British Revolution of 1688. The men who framed our present 
 form of government repudiated any such exercise of governmental 
 authority. But, ever and anon, men oblivious to the lessons of the 
 political experiences of nations during the last two thousand years, 
 announce in this and in other countries some new scheme for placing 
 the commercial and industrial interests of the people under some form 
 of bureaucratic control. This abominable political heresy finds expres- 
 sion in the attempt to confer upon the Interstate Commerce Commis- 
 sion autocratic powers. It is voiced in every bill now before Congress ' 
 which proposes to confer upon the Interstate Commerce Commission 
 the power to prescribe rates for the future. As already shown, it 
 contravenes an express provision of the Constitution of the United 
 States and goes in the face of our cherished judicial safeguards of 
 commercial libert3\ It has become the paramount political issue of 
 the hour. It marks the parting of the ways between Americanism 
 and autoci'acy; between Jefl'ersonianism and despotic rule. 
 
 In his first message to Congress as President, Thomas Jefferson 
 recommended " government which shall restrain men from injuring 
 one another and leave them otherwise free to regulate their own pur- 
 suits of industry and improvement." And in the same message he 
 declared that — 
 
 Agriculture, manufactures, commerce, and navigation, the four pillars of our pros- 
 perity, are the most thriving when left most free to individual enterprise. 
 
 It is a sad indication of the political degeneracy of the times when 
 men depart from the principles of true Americanism thus proclaimed, 
 and that even those who adore the name of Jefferson seem to be ambi- 
 tious to lead in the common defection from his cherished political 
 convictions. 
 
 A POLITICAL SOLECISM. 
 
 Those who recommend the adoption of the bureaucratic method of 
 government for the cure of discriminations, rebates, and other evils 
 which arise in the conduct of railroad transportation, delude them- 
 selves and attempt to delude' others by asserting in defense of their 
 position that "new conditions demand new remedies." While the 
 correctness of the assumed adage maj^ be fully admitted, it is most 
 strenuousl}^ objected that such admission does not justify the adoption 
 of a remedy which belongs to the dead past, which has left in its wake 
 ruined empires and kingdoms and which the English-speaking people 
 of the world have scorned and repudiated for more than two hundred 
 years. Such is bureaucracy! The attempt to establish an autocratic 
 control of the commercial and transportation interests of this great 
 and prosperous country is one of its most flagrant expressions. 
 
 All that I have said in regard to the dangers involved in the propo- 
 sition to confer autocratic power upon the Interstate Commerce Com 
 mission is respectfully submitted, in the hope that it may be made the 
 subject of investigation by a Congressional committee ecpecially 
 charged with that duty. 
 RY— 05 11 
 
162 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 A MISTAKEN ANALOGY. 
 
 The idea of establishing in this country an interstate commerce court 
 fulhMnvested with judicial powers has "been adopted in several bills 
 now before Congress, upon the theory that as such a court has been 
 created in Great Britain one could likewise be created in the United 
 States. The assumed analogy does not hold. The constitution of the 
 judicial power in Great Britain differs widely from the constitution of 
 the judicial power of the United States. The United States is the 
 only country in which the judicial power constitutes an independent 
 coordinate branch of the Government, the f ramers of the Constitution 
 having adopted the view of Montesquieu that "there is no liberty if 
 the power of judging be not separated from the legislative and 
 executive powers." 
 
 In England it is different. The supreme judicial power of Great 
 Britain is the House of Lords, a nonrepresentative branch of the 
 British Parliament. In practice this power is exercised by a com- 
 mittee of the law Lords. The British railway commission, which is 
 a court, is composed of five members, two of whom are lay members 
 appointed by and removable by the board of trade, an administrative 
 department of the Government corresponding to our Department of 
 Commerce and Labor. One of these lay members is a railroad man 
 and the other a business man or merchant. The three ex officio mem- 
 bers are judges of a superior court of England, of Scotland, and of 
 Ireland, each assigned to that duty for a period of five years. The 
 power of the British Parliament over all matters relating to railroads 
 is, however, supreme. Parliament may reverse the courts, while in 
 the United States the Supreme Court can declare a law of Congress 
 to be unconstitutional. Evidently, therefore, the British railway 
 commission, which exercises the judicial function, supplies no analogy 
 upon which can be based an interstate commerce court in this country. 
 If Congress is to establish such a court in this country it must proceed 
 on lines compatible with the constitution of "The judicial power in 
 the United States." 
 
 A DELUSIVE PLEA. 
 
 It appears unnecessary further to describe the operations of the 
 Interstate Commerce Commission than to refer to the well-known fact 
 of current history that the Commission now seeks to inculcate the idea 
 that it does not seek to secure the right to make rates generally, but 
 only to correct particular rates which, upon investigation and formal 
 hearing, have been found by the Commission to be excessive or 
 improperly discriminating. 
 
 Unfortunately, the President of the United States has been deluded 
 into the acceptance of this error so assiduously inculcated by the Com 
 mission, as against his clearl}^ expressed views of public policy regard- 
 ing the general proposition of Commission rate-making. This clearly 
 appears in the President's last annual message to Congress, in which 
 he says: 
 
 While I am of the opinion that at present it would be undesirable, if it were not 
 iiiipracticable, finally to clothe the Commission with general authority to fix railroad 
 rates, 1 do believe that as a fair security to shippers the Commission should be vested 
 with the power, where a given rate has been challenged, and after full hearing found 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 163 
 
 to be measurable, to decide, subject to judicial review, what shall be a reasonable 
 rate to take its place, the ruling of the Commission to take effect immediately and 
 to obtain unless and until it is reversed by the court of review 
 
 This expression of opinion by the President as to a given rate involves 
 a constitutional impediment and an insuperable practical difficulty. 
 The constitutional impediment consists in the fact announced by the 
 Supreme Court that the Federal judiciary will not have anything to do 
 with rates for the future prescribed by an administrative board, that 
 being a legislative function with which the courts can not interfere. 
 The insuperable difficulty referred to consists in the fact that the deter- 
 mination of any important rate by the reciprocal influences of trade 
 and transportation wilt inevitably project itself to many rates, thus in 
 practice involving the force of general rate-making. 
 
 Much testimony has been given at the present nearings in support 
 of this view, and t doubt not that a Congressional investigation would 
 fully verify the statement. But the Commission in its own experi- 
 ences has proved that a rate prescribed upon the complaint of a single 
 city has projected itself directly to three large sections of the country 
 and indirectly to the whole country. I refer to the Maximum Rate 
 Case. (167 tJ. S., 479.) A single rate from Cincinnati to a point in 
 a Southern State was called in question. It involved the rates on 
 many articles from Cincinnati to the Southern States east of the Mis- 
 sissippi River. Chicago and other cities of the West joined in the 
 issue until finally the case, as instituted, involved the con^ercial and 
 industrial inteirests of the Western arid Northwestern States, the States 
 south of the Ohio River and east of the Mississippi River, the States 
 north and east of the Potomac River, and all the railroads and steamer 
 lines engaged in that trafficl 
 
 In this very case the Supreme Court of the United States referred 
 to the inevitable tendency of any particular rate-making power to 
 project itself to all the railroads of the country, this view being based 
 upon the provisions of section 13 of the interstate commerce act, which 
 provides that the Commission may institute any inquiry of its own 
 motion, the provisions of section 14 making it the duty of the Com- 
 mission to make a report in writing of the facts and its finding upon 
 the facts, and the provisions of sections 15 and 16 making it the duty 
 of the Commission to take action on the case. The language of the 
 Supreme Court on that occasion was as follows: 
 
 In this very case the order of the Commission was directed against a score or more 
 of companies and determined the maximum rates on half a dozen classes of freight 
 from Cincinnati and Chicago, respectively, to several named southern points and the 
 territory contiguous thereto, so that if the power exists, as is claimed, there would 
 be no escape from the conclusion that it would be within the discretion of the Com- 
 mission, of its own motion, to suggest that the interstate rates on all the roads of the 
 country were unjust and unreasonable, notify the several roads of such opinion, 
 direct a hearing, and upon such hearing make one general order, reaching to every 
 road and covering every rate. 
 
 From this it clearly appears that the attempts of Mr. E. P. Bacon 
 to prove that the proposition to confer upon the Interstate Commerce 
 Commission the power to determine particular rates for the future 
 does not involve any general rate-making power are entirely fallacious. 
 It is unfortunate that the President of the United States should have 
 been led to accept that fallacy. 
 
 The Supreme Court of the United States in the case just cited frus- 
 trated the attempt of the Commission to prescribe rates for the future 
 
164 DUTIES AND POWERS OF INTEB8TATE COMMERCE COMMISSION, 
 
 by declaring that the Interstate Commerce Commission has no such 
 power to prescribe either absolute or relative rates and only power to 
 decide whether the rates which have been charged and collected are or 
 are not just and equitable, thus making the determination of the justice 
 of rates a judicial and not a legislative question. 
 
 It requires no words to prove that such assumption of power as that, 
 asserted by an administrative office of the National Government, if it 
 had succeeded, would have thrown the commerce of this country into 
 confusion and engendered sectional strife which might have endangered 
 the integrity of the Union. 
 
 I have thus at some length attempted to describe the efforts of the 
 Commission to gain the power to prescribe rates for the future and 
 the probable results of the exercise of such power. 
 
 CONCLUSION. 
 
 The main object had in view throughout this argument has been to 
 impress upon this committee the importance of a thorough and impar- 
 tial Congressional investigation in regard to the commercial, indus- 
 trial, and political aspects of the vitally important subject which now 
 commands their attention. It is one of the most important questions 
 which has ever been considered by the Congress of the United States. 
 
 We may profit very much in regard to the importance of legislative 
 investigation from the example of Great Britain. Since the advent of 
 steam railroads, about the year 1830, there have been many parlia- 
 mentary investigations in Great Britain concerning the relations of 
 the railroads to the public interests. The most notable of these are 
 the investigations of 1840, 1844, 1846, 1852, 1866, 1872, 1881, 1888, 
 and 1893-94. In these various reports all the more important com- 
 mercial, economic, and political conditions governing the railroad 
 transportation question in Great Britain have been investigated and 
 reported upon. 
 
 As the result of these elaborate parliamentary inquiries, abuses of 
 various sorts have been abated, mistaken ideas in regard to the man- 
 agement and regulation of the railroads have been corrected, sensible 
 remedial expedients have been adopted, many questions at issue have 
 been amicably settled, and public discontent has been allayed. How dif- 
 ferent has been the course pursued toward the railroads of this country 
 by the National Government. With an area (exclusive of Alaska and 
 our insular possessions) twenty -five times that of the tJnited Kingdom 
 of Great Britain and Ireland, and with 208,000 miles of railroad as 
 against 22,000 miles in Great Britain, as before stated, we have had 
 only one Congressional investigation of the railroad question, namely, 
 the Senate inquiry of 1886, which resulted in the interstate-commerce 
 act of February 4, 1887. 
 
 What is now needed is an inquiry in regard to the organization of 
 our vast American railroad system, its relationships to the social, com- 
 mercial, and industrial interests of the country, tne benefits which it 
 has conferred, the evils which have incidentally arisen in the course 
 of its development, and the remedies which have been proposed for 
 real or imaginary abuses. This appears to bo the supreme duty of 
 the hour. It is a duty which can not be evaded if legislation in regard 
 to the most important material interests of this country is to be based 
 upon the certain lessons of experience, and not upon the uncertain 
 leadings of public clamor. 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 165 
 
 Mr. Chairman, 1 desire to submit the views of the committee (on 
 railway transportation) of the New Yorlc Board of Trade and Trans- 
 portation: 
 
 evils of inteestate commerce — quahles-cooper bill defective — a joint congres- 
 sional commission on interstate commerce pavoked. 
 
 •Rooms of the New York Board of Trade and Transportation, 
 
 WS Broadway, New York, N. Y., December ^8, 1904. 
 To the New York Board of Trade and Transportation. 
 
 Gentlemen: Your committee on railway transportation on the 27th of January 
 last submitted to you a report giving reasons why you should oppose the Quarles- 
 Cooper bill amending the interstate-commerce law. That report you adopted unani- 
 mously. We now have the honorto submit a further report in support of your action. 
 
 The more we have studied the evils and abuses of interstate commerce the firmer 
 are we of the opinion that the Quarles-Cooper bill will not in any desirable way add 
 to the effectiveness of the existing lawful remedy. 
 
 The delay incident to the enforcement of existing law was one of its chief weak- 
 nesses, but that condition has been in a large degree remedied since the passage of 
 the Elkins law, February 19, 1903. 
 
 That the Quarles-Cooper bill would make no improvement in expediting the trial 
 of complaints is evidenced by the criticism of its provisions made by Hon. John D. 
 Kernan in his address before the Interstate Commerce Law Convention, held in St. 
 Louis last October. Mr. Kernan was urging the importance of an amendment to the 
 bill, which was designed to hasten the taking of additional testimony if required by 
 the courts, and his conception of what the experience would be under the Quarles- 
 Cooper bill without his amendment is indicated by his remark, as follows: Mr. Ker- 
 nan said: "After a shipper, whose complaint is filed in his youth, dies of old age, the 
 disposition of his case is of no use to his business." The amendment proposed by 
 Mr. Kernan was suggested to Mr. E. P. Bacon in these rooms last year, and he, after 
 consultation with his counsel, rejected it as being unconstitutional, and the bill in this 
 respect remains hopelessly defective. 
 
 The greatest evils now complained of are those growing out of the private-car line, 
 private terminal-track and side-track systems. It is not claimed by its supporters, 
 and cannot be demonstrated, that the Quarles-Cooper bill will in the slightest degree 
 affect these abuses. 
 
 The private-car companies deny that they are under the provisions of the inter- 
 state-commerce law, and the Interstate Commerce Commission has not determined 
 their status, neither have the courts adjudged them to be subject to such law. 
 
 The language of the Elkins law is as follows: 
 
 "And it shall be unlawful for any person, persons, or corporation to offer, gran , 
 or give or to solicit, accept, or receive any rebate, concession, or discrimination in 
 respect of the transportation of any property in interstate or foreign commerce by 
 any common carrier subject to said act to regulate commerce and the acts amenda- 
 tory thereto whereby any such property shall by any device whatever be trans- 
 ported at a less rate than that named in the tariffs published and filed by such 
 carrier, as is required by said act to regulate commerce and the acts amendatory 
 thereto, or whereby any other advantage is given or discrimination is practiced." 
 
 This would seem to warrant a belief that ft is sufficient to reach such devices. If 
 it is not so it should be made so. These private car line, private terminal track and 
 sidetrack systems are devices by which, among other things accomplished, the gross- 
 est discriminations are made and rebates given. The method of evading the law, if 
 effective to that end, is very simple. The shipper pays his freight to the railroad 
 company. The charge so paid is the lawful tariff rate plus the regular charge for 
 the use of the private car. The railroad company in turn settles with the private 
 car company. Finally, the private car company pays to the shipper the rebate pre- 
 viously guaranteed to him. The shipper, having beer, assured of his rebate in advance 
 of the transportation, has been able to calculate in his own transactions the ultimate 
 return to himself of the amount agreed upon. By this device his goods have been 
 transported at a less rate than those of his competitor, and he has enjoyed an advan- 
 tage over him to that extent 
 
 But these are evils which if not reached by the broad, comprehensive, far-reaching 
 provisions of the Elkins law as supplementary to the interstate commerce act, could 
 not be reached by the Quarles-Cooper bill. All other known forms of discrimination 
 and preference between shippers are now forbidden by the Elkins law, and sum- 
 mary methods of proceeding by the courts are provided with penalties seemingly 
 adequate, if enforced to deter such practices. 
 
166 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. E. P. Bacon, of Milwaukee, the distinguished and able leader of the advo- 
 cates of the Quarles-Oooper bill, wrote this Board October 5, 1903, as follows: 
 
 . "The Elkins bill, \«;hich was enacted at the last session, seems toprovide the most 
 effectual means possible of preventing such discriminations (between shippers), 
 either in the granting of preferential rates or the paying of rebates or by anj; other 
 device. The legislation on this point seems to be as complete as it is possible to 
 make it." 
 
 The consideration of the Quarles-Oooper bill has thus far been mainly confined to 
 a discussion of the Tate-making powers provided. This is a very important feature 
 of the measure. Intelligent men honestly differ as to the propriety of giving such 
 power to the Oommission. The advocates of the bill deny that it gives that power 
 except in cases determined by the Commission upon complaint, but that it empow- 
 ers the Commission to require the substitution in future shipments of a rate declared 
 to be reasonable for one declared to be unreasonable. 
 
 This provision it is declared would require the substitution "for the future" of 
 the rate named by the Commission, but it must be observed that this interpretation 
 of its meaning is the purest assumption, as the words ' ' for the future ' ' do not appear 
 in the bill. These words "for the future" were in all the original bills and in the 
 draft of the Quarles-Oooper bill, but before its introduction in the present Congress, 
 they were stricken out by Mr. Bacon and his counsel lest their presence would cause 
 the courts to adjudge the bill unconstitutional. Thus the bill is intended by its advo- 
 cates to accomplish by obscure language the doing of something which, if plainly 
 declared, they themselves believed unconstitutional. It is not probable that the eye 
 of the Supreme Court of the United States would fail to penetrate this disguise; 
 
 But this provision is open to a radically different construction which, if held, will 
 utterly confound those who, trusting to their leaders, look for relief from its passage. 
 
 As stated above, it is intended that the rate substituted by the Commission for the 
 rate complained against shall apply to future shipments. Serious doubt can well be 
 raised that this construction would be sustained. A complaint is made against the 
 validity of a specific charge or rate made upon a specific shipment. The case is tried 
 and determined, as Mr. Kernan said, after the complainant " has died of old age." 
 The difference between the shipper and railroad on that shipment is adjusted, but 
 there is nothing in the bill which provides that the railroad shall not charge the same 
 rate upon the next shipment, and the framersof this bill dare not make the language 
 so as to explicitly provide that the corrected rate shall apply "for the future." 
 
 The existing Elkins law on the other hand does not run amuck with any such 
 doubtful construction of its terms. 
 
 But it is said it gives the Oommission no power to correct the rates or to declare a 
 lawful rate. The Elkins act is specific in forbidding any unlawful rate and clearly 
 elucidates what rates are unlawful. It with equal directness declares the ' ' tariffs pub- 
 .ished and filed by such carrier " to be lawful. The Oommission after investigation 
 could do no more. If the carriers are held rigidly to their tariff rates it matters not 
 much what those tariffs are if all shi])pers are charged and required to pay alike, and 
 excessive tariff rates are no longer to be accounted with to the same extent as 
 formerly. Hon. Martin A. Knapp, chairman of the Oommission, at a public hearing 
 before the Senate Committee on Interstate Commerce, March 18, 1898, made the 
 following declaration : 
 
 "The'question of excessive rates, that is to say, railroad charges, which in and of 
 themselves are extortionate, is pretty nearly an obsolete question." 
 
 Furthermore, the penalties under the Elkins law are heavier. In this respect it 
 provides that — 
 
 " Every person or corporation who shall offer, grant, or give or solicit, accept or 
 receive any such rebates, concession, or discrimination shall be guilty of a misde- 
 meanor, and on conviction thereof shall be punished by a fine of not less than one 
 thousand dollars nor more than twenty thousand dollars." 
 
 The corresponding provisions of the Quarles-Oooper bill are as follows: 
 
 ' ' The offending party shall be subject to a penalty of five thousand dollars for each 
 day of the continuance of such violation, which, together with costs of suit, shall be 
 recoverable bv said Commission by action of debt in any circuit court of the United 
 States, and when so recovered shall be for the use of the United States." 
 
 This provision of a per diem penalty was manifestly written to fit the bill when it 
 contained ttie words "for the future," and is doubtless retained in the belief that 
 the bill would apply to future shipments. The maximum penalty therefore is $5,000 
 per day under the Quarles-Cooper bill, whereas under the Elkins law each and every 
 specific violation of the act is an offense punishable by a fine of $20,000, whether 
 there is one offense per day or one hundred offenses per day, each paying a penalty. 
 
 And again, the Quarles-Oooper bill provides that the penalty "shall be recover- 
 
DUTIES AND POWEES OK INTERSTATE COMMERCE COMMISSION, 167 
 
 able by said Commission by action of debt," requiring such special litigation subject 
 to delays and doubts of ever reaching a conclusion or that the penalty would ever be 
 actually imposed. 
 
 On the other hand the Elkins law provides that offending persons upon conviction 
 of the offense " shall be deemed guilty of a misdemeanor ' and' shall be punished by 
 a fine," etc. 
 
 It seems to us that the advocates of the measure made a fatal confession of the 
 serious do'tibt they entertained of its constitutionality when they struck from it the 
 words "for the future." 
 
 This raises the question as to whether the Federal judiciary would in any event 
 pass upon a rate for the future prescribed by an administrative board, and this does 
 not appear to be involved in any doubt. This is indicated as follows: 
 
 1. In deciding the Maximum Rate Case (167 U. S., 479), the Supreme Court of the 
 United States said: 
 
 "It is one thing to inquire whether the rates which have been charged and col- 
 lected are reasonable — that is a judicial act; but an entirely different, thing to pre- 
 scribe rates which shall be charged in the' future — that is a legislative act." 
 
 2. At a hearing before the Senate Committee on Interstate Commerce on March 10, 
 1898, page 9 of the hearings, Hon. Martin A. Knapp, chairman of the Interstate 
 Commerce Commission, said: 
 
 "One doctrine-M. now -settled — 'that whereas the investigation of the question 
 whether an existing rate is a reasonable and lawful one or not is a judicial question, 
 the determination of what that rate shall be in the future is a legislative or adminis- 
 trative question with which the courts can have nothing to do." 
 
 3. At a hearing before the Senate Committee on Interstate Commerce on February 
 21, 1900, at page 118 of the hearings, Hon, Charles A. Prouty, Interstate Commerce 
 Commissioner, said: 
 
 "The prescribing of a rate is, xmder the decisions of the Supreme Court, a legisla- 
 tive, not a judicial, function, and for that reason the courts could not, even if Con- 
 gress so elected, be invested with that authority." 
 
 And yet the advocates of the Quarles-Cooper bill propose that Congress shall elect 
 to require the Federal judiciary to pass upon a rate for the future prescribed by the 
 Commission. 
 
 Thus far we have omitted to refer to the provisions of the second section of the 
 Quarles-Cooper bill which invests the Commission with the power "to prescribe the 
 just relation of rates to or from common points." This feature, we think, requires 
 some attention, as it is perhaps the most important provision in the bill as relating 
 to the interests of the city of New York. 
 
 To illustrate what the effect of this provision would be, we state that, if this sec- 
 ond section is enacted it will give the Interstate Commerce Commission the power 
 to fix rates and to determine absolutely what differentials shall exist as between 
 New York, Philadelphia, Baltimore, and Boston from Chicago or any other common 
 point; also what just relation of rates shall be enforced as between Chicago and New 
 York to common points in the South. 
 
 This means that an autocratic administrative board would be endowed with the 
 arbitrary power of artificially apportioning the trade of the country between such 
 places as it should determine. VVe do not think that such a body as the Interstate 
 Commerce Commission should be permitted to assume the power arbitrarily to so 
 apportion the trade of the country to nullify natural and acquired advantages in one 
 locality and confer the favors of trade and commerce upon other localities by their 
 dictum. This is precisely what they have done in at least one case and what they 
 attempted to do in another against New York. In the decision of the Interstate 
 Commerce Commission, filed April 30, 1898, in the case of the New York Produce 
 Exchange v. The Baltimore and Ohio Railroad and other lines, being a determina- 
 tion in the question of differentials existing against New York ( Interstate Commerce 
 Reports, Vol. VII, pp. 669 and 670), the Commission, among other thirigs, said: 
 
 "In 1882 about 65 per cent of all the exports from the United States exported 
 through the Atlantic and (lulf ports passed through the port of New York. The 
 same year 80 per cent of all the imports into the United States by way of these same 
 ports came in at the port of New York. It will be seen, therefore, that during that 
 year, being the year when the advisory commission pronounced upon the rfea^on- 
 ableness of these differentials, New York practically engrossed the foreign trade of 
 this country. A preliminary question is, How far is the port of New York entitled, 
 or how far can that port expect to continue, to enjoy that commercial supremacy? 
 
 "Plainly not to the same extent. It would be in accordance neither with the 
 theory of our institutions nor with the history of the development of our natiop to 
 permit anyone port upon our vast extent of seacoast to monopolize the trade with 
 foreign nations." 
 
168 DUTIES AND POWEKS OF INTEKSTATE COMMERCE COMMISSION. 
 
 Then the Commission stated the various sums of money Congress had appropriated 
 for the improvement of the several Atlantic and Gulf ports, and they concluded the 
 paragraph with the following declaration: 
 
 "Rather does this recognize it as the policy of our Government that its foreign 
 commerce should be distributed between various ports." 
 
 Actuated by this revolutionary sentiment, the Commission dismissed the complaint 
 of New York and sustained the differentials. It is not necessary here to enlarge 
 upon the injury that by these differentials has been done to our city. They have 
 been the subject of repeated investigation and report by this and other organizations 
 in this city and by official commissions. 
 
 In like manner the Commission in the Maximum Rate case assumed to adj ust .' ' the 
 relation of rates" then existing between Chicago and the South and New York and 
 the South. The complaint in this latter case was made by the Chicago and Cincin- 
 nati freight bureaus that rates to the South from those points were not "in just rela- 
 tion " to rates from New York to the same southern points. The Commission in this 
 case acting upon the principle enunciated by them, and quoted above, ruled against 
 New York and ordered an adjustment of rates which would give Chicago jobbers a 
 better chance to take from New York her southern trade. This being the most 
 important case in which the Commission attempted to exercise this power, it was 
 appealed to the United States Supreme Court, and the action of the Commission was 
 made void and the power of the Commission denied. Thereupon the Quarles-Cooper 
 bill was drafted. The geographical area from whence this bill gets its chief support 
 is clearly defined. 
 
 But here again comesin the United States Constitution, exhibiting the wisdom of 
 the fathers and rescuing us, as it assuredly will, from this great wrong. Section 9 
 of Article I provides: 
 
 " No preference shall be given by any regulation of commerce or revenue to the 
 ports of one State over those of another." ' , 
 
 There are still other features of the interstate-commerce question, a consideration 
 of which would further reveal the inadequacy of the Quarles-Cooper bill. Among 
 these the question of making and changing the classification has the highest rank in 
 importance. It is of but little practical consequence to the railroads who fixes the 
 tariff rate if they retain the power to change the classification at pleasure. It mat- 
 ters little if prohibition of discriminating rates be enforced as between localities if 
 classifications in those localities be not uniform. If the classification upon a manu- 
 factured product from western points to New York be sixth class and the eastern 
 classification makes the same article third class going from New York, we are 
 hopelessly discriminated against, and the Quarles-Cooper bill would give no relief. 
 
 It is needless to enlarge upon this feature. Almost every branch of business in 
 New York has suffered grievous injury from this form of discrimination through the 
 making of the classification. The Quarles-Cooper bill affords no relief for this evil. 
 
 It was the consideration of these and other important shortcomings and inanifest 
 weaknesses of the Quarles-Cooper bill that determined your committee to oppose its 
 passage. 
 
 Not only does it fail to do many things that should be done, and does nothing in 
 our judgment desirable that is not already provided for by the existing law, but it in 
 so many ways seems to run counter to constitutional provisions that it would almost 
 certainly become void after the first litigation under it had reached the Supreme 
 Court of the United States, Therefore, we have preferred to wait for a better bill, 
 and the policy of this committtee and of this board has been to oppose this measure 
 as not only a useless, but, in some respects, a pernicious one, hoping that the grow- 
 ing sentiment throughout the country and in Congress, and a more perfect and 
 thorough study of all the questions involved, shall develop a measure whose pro- 
 visions and scope will be just, ample, and broad enough to meet the needs of the 
 whole country and repair in every respect, as far as practicable, the faults and weak- 
 nesses found to exist in the present laws. 
 
 Holding these views, we welcome most cordially the recent courageous and 
 patriotic utterances of President Roosevelt and the renewed and intelligent discus- 
 sion of the question he has thus precipitated. We are confident that this country is 
 now upon the right track, and that the near future will bring about the enactment of 
 wise and sound Taws. To this end we observe that the President, after mature delib- 
 eration, has invoked the aid of the distinguished Judge Grosscup, of Illinois, and 
 enlisted his services to draft a new bill to meet the demands of the situation. 
 
 We further note that the Hon. Paul Morton, Secretary of the Navy, a man of broad 
 views and possessing a, personal and expert knowledge of railroad problems, gained 
 by a lifetime's association with and practical knowledge of the transportation depart- 
 nient of railroad management, has, at the President's request, undertaken to assist 
 in bringing about proper legislation. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 169 
 
 Attorney-General Moody and former Attorney-General Knox, now a United States 
 Senator, are also in the counsels of the President with special reference to this 
 matter. 
 
 The appropriate committees of the United States Senate and of the House of Rep- 
 resentatives have also taken up the subject with renewed activity. 
 
 In addition to this, a proposition has been made, and meets with much favor, to 
 appoint a joint special commission on interstate commerce to thoroughly investigate 
 all problems involved, to take testimony during the long recess after the adjourn- 
 ment of the present Congress and to report their conclusions and recommendations 
 by bill at the opening of the next Congress, as was done in the last session of Con- 
 gress with the merchant-marine question. 
 
 With all these elaborate plans in preparation, under the guidance of President 
 Roosevelt, we believe that it would be very unwise and a serious error to take action 
 at this time in behalf of the Quarles-Cooper bill, the enactment of which by this 
 Congress would, beyond doubt, be used as an excuse for indefinite delay of the more 
 comprehensive legislation which we may believe will come out of the pending discus- 
 sion. Never in the history of this country has this cause had, to the same extent, the 
 advantage it now derives from the attention and study of the President and the wise 
 men associated with him. If, therefore, the Quarles-Cooper bill should be enacted 
 with all its faults and weaknesses, and clothed in doubt — as it is — of the constitu- 
 tionality of some of its provisions, and by its enactment the present aroused senti- 
 ment of the country should be so quieted that these efforts should cease, we believe 
 it would be most unfortunate and delay the final solution of the problem for many 
 years. 
 
 We also point to these conferences and preparations as suggesting a broader inter- 
 pretation of the President's utterances than has been given to them by the friends of 
 the Quarles-Cooper bill. We have interpreted the President's language to mean sub- 
 stantially that the existing laws must be enforced with reference to discriminations 
 and rebates and other forms of preference in interstate commerce, and that if exist- 
 ing law is found inadequate to remedy these evils additional legislation must be 
 enacted. We indorse most heartily this sentiment. 
 
 In conclusion, we recomm.end that no action be taken at this time except that your 
 committee be directed to promote, as far as it can, the necessary action by Congress 
 to secure the appointment of a special commission on interstate commerce or such 
 other plan as will bring about action in substantial harmony with the views expressed 
 in this report. 
 
 Respectfully submitted. 
 
 W. H. Parsons, Chairman, 
 Ihving R. Fisher, 
 J. Fbedk. Ackerman, 
 Charles A. Moobe, 
 Dick S. Ramsay, 
 W. S. Armstrong, 
 Thomas P. Cook, • 
 
 Committee on Railway Transportation. 
 
 A true copy. 
 
 Oscar S. Strauss, President. 
 
 Attest: 
 
 [seal.] Frank S. Gardner, Secretary. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 Friday, February 10, 1905. 
 
 STATEMENT OF MR. DANIEL DAVENPORT. 
 
 The Chairman, Please state your name, your occupation, and whom 
 you represent. 
 
 Mr. Davenport. Mj' name is Daniel Davenport; I reside at Bridge- 
 port, Conn. ; I am an attorney at law, and have been in practice there 
 for almost thirty years. 
 
 I come before you, not bearing the commission of any railway cor- 
 poration, railway magnate, or railway president, but I appear in behalf 
 
170 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSIONc 
 
 of that inntiaier^ble host whose money built the railroads of this coun- 
 try arid whose savings were invested in them, relying upon existing 
 statutory and constitutional safeguards. _ • u • 
 
 An organization has been formed for the purpose of doing, in their 
 interest and in the public interest, very much of the work that has 
 been done in behalf of the shippers of the country, in drawing public 
 attention to the matters involved in this agitation, with a view of 
 spreading the truth in the country and endeavoring as far as possible 
 to bring the public to a correct understanding of the questions. 
 
 It will be necessary for me as I proceed to touch somewhat upon 
 the course pursued by the interstate-commerce law convention and 
 Mr. Bacon, and to explain the circumstances which immediately led to 
 the formation of the association. 
 
 I live, as I say, in Bridgeport, Conn. 
 
 Senator Cakmack. Before you proceed, I did not understand exactly 
 whom you represent. You speak of an organization; an organization 
 of stockholders? 
 
 Mr. Davenport. An organization of the people who are interested 
 in the securities of railway companies. 
 
 Senator Caumack. What particular companies? 
 
 Mr. Davenport. I will explain later,- with the Senator's permission. 
 
 Senator Carmack. I thought you were about to pass from 'that. 
 
 Mr. Davenport. Oh, no. I have got to come to that. 
 
 In my town of 80,000 people there are 42,000 depositors in our four 
 savings banks, and they own 16,000,000 of the securities of these rail- 
 way companies. 
 
 In my State there are some 475,000 depositors in our savings banks 
 and they own some $82,000,000 of these securities. 
 
 In the six States of Maine, Connecticut, Massachusetts, New Hamp- 
 shire, New .Terse}', and New York there are nearly 5,200,000 depos- 
 itors, and they own collectively nearlj' $500,000,000 of the securities of 
 these railway companies. 
 
 There are a large number of gentlemen associated in this matter 
 who are policy holders in the insurance companies, and I want to call 
 youj- attention to the facts in regard to those companies. There are 
 almost 5,000,000 ordinary policy holders in the life insurance compa- 
 nies of the United States. There are also some 14,00i»,000 industrial 
 policy holders in the four or five insurance companies which write 
 that kind of policies. These life insurance companies have about 
 $800,000,000 of these railway securities. 
 
 The fire insurance companies in my State write one-sixth of the 
 policies of the United States, and over one-half of the assets of all the 
 fire insurance companies in the United States are invested in these 
 railway companies. 
 
 The various educational institutions of this country are also heavy 
 owners. 
 
 As a result of my inquiries and communications I have ascertained 
 that one-sixth of all the railway properties in this country are owned 
 by the savings banks of those six States (and of course that means 
 owned by the depositors in the savings banks), the fire and life insur- 
 ance companies, and the educational mstitutions. Of course that does 
 not take into account the various trust and other investment com- 
 panies. So that I think I may say, without any reason to apprehend 
 contradiction, that the real owners of the railroads of this country are 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 171 
 
 the plain people of this country; they are the people whose rcioBeys 
 are invested ih those securities; and wlioever seeks to array the Gov- 
 ernment of the United States against those properties is reallj^ seeking 
 to array the Government of the United States against the people of 
 the United States. 
 
 As I say, it will be necessary for me a little later to take up the sub- 
 ject of what led immediately to the formation of this organization; but 
 before doing so I think it would be well to turn your attention briefly 
 to one or two of the difficulties in the way of any action by Congress 
 looking toward railway-rate regulation. 
 
 Of course, we are all -familiar with the fact that Congress is clothed 
 with power to regulate commerce with foreign nations, among the 
 several States, and with the Indian tribes, but we do not always turft 
 our attention to the constitutional limitations upon the exercise' of 
 that power. You know the Supreme Court of the United States has 
 expressly decided that the power to regulate commerce, with all its 
 reach, is confined and limited by the constitutional limitations upon 
 the exercise of that power. We know that they have said that the 
 power to regulate commerce is limited by the clause of the Constitu- 
 tion to the effect that no person's property shall be taken without due 
 process of law, which is in one of the first ten amendments; that no 
 person's property shall be taken for public use without just compen- 
 sation, and that the right of trial by jury in civil cases shall exist 
 where more than $20 is involved. But what I want more immediately 
 to direct your attention to, Senators, is another limitation upon that 
 power, in regard to which 1 have neither seen, heard, nor read any 
 comment in all the discussions that have been had here in my presence 
 or in the committee of the other branch of Congress or in the debates 
 in the House of Hepresentatives. That limitation is this: , 
 
 No preference shall be given, by any regulation of commerce or revenue, to the 
 ports of one State over those of another. 
 
 That limitation exists upon the power of Congress to regulate rates 
 and to regulate commerce just as one exists in regard to the imposition 
 of taxes. You know that although the power is given to Congress to 
 lay and collect taxes at the same time it is provided that no capitation 
 or other direct tax shall be imposed except according to the popula- 
 tion of the States. And you remember that it was upon that rock that 
 the income tax law was wrecked, the court holding that the tax upon 
 the income from land was a direct tax, and that inasmuch as there was 
 no provision made for it in the act to conform to the constitutional 
 requirement, and as it was inseparable from the rest of it, the act fell 
 in regard to that matter. 
 
 Now, I invite your attention most respectfully to what is involved 
 in this proposition, what consequences are involved, and 1 have taken 
 the pains to obtain from the Treasury Department a list of the ports 
 of the United States in the several States, which is made up to July 
 1 , 1904, and which 1 will ask may be printed here in connection with 
 my remarks so that the committee and the Senators who may here- 
 after have occasion to refer to what is now said, and all others who 
 may have occasion to read what is here said may have an opportunity 
 to see the bearing of this matter I am now speaking of upon any bill 
 that you may see fit to report and which may hereafter be enacted. 
 
172 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 [1904. Department circular No. 68. Division of special agents.] 
 
 Teeasuby Depabtmbnt, Office of the Seceetaey, 
 
 Washington, July 1, 1904. 
 To colleciQrs and other officers of the customs: 
 
 The appended list of customs districts and ports of entry and delivery, ports at 
 which merchandise may be entered for transportation without appraisement, ports 
 'Ato which such merchandise may be transported, ports at which bonded yvarehouses 
 are established, and ports where the custom-house premises are used for the storage 
 ;Qf imported goods in bond, corrected to July 1, 1904, is published for .thiB' informa- 
 tion and guidance of all concerned. 
 
 Robert B. Armstbong, Assistant Secretary. 
 
 List of customs districts and ports of entry and delivery, July 1, 1904. 
 
 District. 
 
 Ports o£ entry. 
 
 Ports of delivery. 
 
 Maine: 
 
 Aroostook 
 
 Passamaquoddy' . 
 
 Macbias 
 
 Frenchmans Bay . 
 
 Castine . 
 Bangor.. 
 
 Belfast 
 
 Waldoboro . 
 
 Houlton 
 
 Eastport (Calais, subport of en- 
 try). 
 
 Macnias 
 
 Ellsworth (Mount Desert Ferry, 
 subport of entry). 
 
 Castine 
 
 Bangor 
 
 Vanceboro (Lowelltown, sub- 
 port of entry). 
 
 Belfast (Vinalnaven, subport of 
 entry). 
 
 Waldoboro 
 
 Eockland 
 
 Wiscasset . 
 Bath 
 
 Wiscasset. 
 Bath 
 
 Portland and Falmouth. 
 
 Portland , 
 
 Saco 
 
 Kennebiink.. 
 
 York 
 
 New Hampshire: 
 Portsmouth . . 
 
 Kennebunk . 
 York 
 
 Portsmouth . 
 
 Vermont: 
 Vermont. 
 
 Memphremagog . 
 
 Massachusetts: 
 
 Newburyport 
 
 Gloucester 
 
 Salem and Beverly 
 
 W arblehead 
 
 Boston and Charlestown. 
 
 Bo-stonand Charlestown. 
 
 Plymouth 
 
 Barnstable 
 
 Burlington (St. Albans, Alburg, 
 East Alburg, Swanton, High- 
 gate, Franklin, WestBerkshire, 
 Windmill Point, Richford, sub- 
 ports of entry). 
 
 Newport (North Troy, Derbyline, 
 Island Pond, Canaan, Beecher 
 Falls, subports of entry) . 
 
 Newburyport ^ 
 
 Gloucester... 
 
 Salem 
 
 ■Marblehead . 
 Boston 
 
 Boston , 
 
 Plymouth . . 
 Barnstable . 
 
 Nantucket 
 
 Edgartown ... 
 New Bedford . 
 Fall River .... 
 
 Nantucket 
 
 £dgartown . . . 
 New Bedford . 
 Fall River.... 
 
 Rhode Island: 
 
 Newport 
 
 Bristol and Warren . 
 
 Providence 
 
 Connecticut: 
 
 Stonington 
 
 New London 
 
 Newport 
 
 Bristol and Warren , 
 Providence 
 
 Stonington ... 
 New London . 
 
 Pembroke, Robbinston. 
 
 Union River. 
 
 Bluehill, Deer Island, Bucksport* 
 
 Frankfort. 
 
 Hampden. 
 
 Prospect, Rockport, North Haven, 
 Camden. 
 
 Bristol. 
 
 Damariscotta, Warren, Thomas- 
 ton, Cushing, St. George. 
 
 Boothbay, Aina. 
 
 Hallowell, Pittston, Georgetown, 
 Bowdoinham, Gardiner, Rich- 
 mond. 
 
 North Yarmouth, Brunswick, 
 Freeport, Harpswell. 
 
 Scarboro. 
 
 Wells, Kennebunk Port. 
 
 Newcastle, Dover, Exeter, Kit- 
 tery, Me., Berwick, Me. 
 
 Amesbury, Salisbury, Haverhill, 
 
 Newburyport, Ips\?ich. 
 Manchester, Rockport. 
 Danvers. ' 
 
 Lynn. 
 Medford, Cohasset, Hingham, 
 
 Weymouth. 
 Cambridge, Roxbury, Dorchester, 
 
 Worcester, 
 Scituate, Kingston, Duxbury, 
 
 Marshiield. 
 Sandwich, Falmouth, Harwich, 
 
 Wellfleet,.Provlncdtown, 01. at- 
 
 ham, Dennis. 
 
 Westport, Rochester, Wareham. 
 Swansea, Somerset, Freetown, 
 Berkley, Taunton. 
 
 North Kingston, Tiverton. 
 
 Barrington. 
 
 Pawtuxet, East Greenwich. 
 
 Pawcatuck River. 
 Norwich, Grotou, Lyme. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 173 
 List of customs districts and ports of entry and delivery, July 1, 1904 — Continued. 
 
 District. 
 
 Connecticut— Continued. 
 Hartford 
 
 ■ New Haven 
 
 Fairfield 
 
 New Yorii:: 
 
 Sag Harbor 
 
 City of New York, 
 
 Champiain 
 
 Oswegatchie 
 
 Cape Vincent 
 
 Oswego 
 
 Genesee 
 
 Niagara 
 
 Buffalo Creeli 
 
 Dunkirk 
 
 New Jersey: 
 
 Newark 
 
 Pertli Amboy 
 
 Little Egg Harbor 
 
 Great Egg Harbor 
 
 Brid^eton 
 
 Burlington 
 
 Pennsylvania: 
 
 Philadelphia 
 
 Erie 
 
 Pittsburg 
 
 Delaware: 
 
 Delaware 
 
 Maryland: 
 
 Eastern 
 
 Bal timore 
 
 Annapolis 
 
 District of Columbia: 
 
 Georgetown 
 
 Virginia: 
 
 Cherrystone 
 
 Alexandria 
 
 Tappahannoclf 
 
 Newport News 
 
 Norfolk and Portsmouth. 
 
 Petersburg : 
 
 Kichmond 
 
 North Carolina: 
 
 Albemarle 
 
 Pamlico 
 
 Beaufort 
 
 Wilmington 
 
 South Carolina: 
 
 Georgetown 
 
 Charleston 
 
 Beaufort 
 
 Georgia: 
 
 Savannah 
 
 Brunswick 
 
 St. Marys 
 
 Florida: 
 
 Fernandina 
 
 St. Johns 
 
 Ports of entry. 
 
 Hartford . 
 
 New Haven 
 
 Bridgeport (Stamford, subport of 
 entry) . 
 
 Sag Harbor 
 
 New York 
 
 Jersey City 
 
 Plattsburg 
 
 Ogdensburg . . . ; 
 
 Cape Vincent 
 
 Oswego 
 
 River Genesee (Rochester) 
 
 Niagara Falls 
 
 Buffalo 
 
 Dunkirk 
 
 Newark 
 
 Perth Amboy 
 
 Tuckerton 
 
 Somers Point 
 
 Bridgeton 
 
 Burlington 
 
 Philadelphia (Chester, subport of 
 entry). 
 
 Erie 
 
 Pittsburg 
 
 Wilmington (Lewes, Seaford, 
 subports of entry), 
 
 Crisfield 
 
 Baltimore , 
 
 Annapolis 
 
 Washington 
 
 Cape Charles City (Eastville) - . . 
 
 Alexandria 
 
 Tappahannock , . . 
 
 Newport News 
 
 Norfolk and Portsmouth 
 
 Peter.sburg to City Point 
 
 Biehmond (West Point, subport 
 of entry). 
 
 Elizabeth City 
 
 Newbern 
 
 Beaufort 
 
 Wilmington 
 
 Georgetown 
 
 Charleston 
 
 Beaufort 
 
 Savannah 
 
 Brunswick 
 
 St. Marys 
 
 Fernandina 
 
 J ackaouville 
 
 Ports of delivery. 
 
 Saybrook, Enfield, Clinton, West- 
 brook, Old Saybrook, Essex, 
 Chester, Haddam, East Had- 
 dam, Middletown, Chatham, 
 Portland, Cromwell, Eockyhill, 
 Wethersfield, Glastonbury, East 
 Hartford, Springfield, Mass., 
 Vernon (Eockville), South 
 Manchester. 
 
 Guilford, Branford, Milford 
 Derby. 
 
 Norwalk, Stratford, Greenwich. 
 
 Green port. 
 
 New Windsor. 
 
 Newburg, Poughkeepsie, Esopus, 
 Kinderhook, Albany, Hudson, 
 Troy, Rhinebeck Landlng.Cold- 
 spring. Port Jefferson, Pat- 
 cnogue. 
 
 Whitehall, Fort Covington. 
 
 Syracuse. 
 Utica. 
 
 Barcelona, Silvercreek, Cattarau- 
 gus Creek, Syracuse. 
 
 Elizabeth. 
 New Brunswick, 
 Point. 
 
 Middletown 
 
 Salem, Port Elizabeth. 
 Trenton. 
 
 Camden, N. J. 
 
 Titusville. 
 
 Newcastle, Port Penn, Delaware 
 City. 
 
 Salisbury. 
 
 Cambridge, Easton, Havre do 
 Grace. 
 
 Benedict, Lower Marlboro, Town- 
 creek, Cedar Point, Notting- 
 ham, St. Marys. 
 
 Snowhill, Folly Landing. 
 
 Potomac. 
 
 Port Royal, Fredericksburg, Yeo- 
 
 comico. 
 Yorktown. 
 Suffolk, Smithfield. 
 
 Durham. 
 
 Augusta. 
 
 Frederica, Darien. 
 Atlanta. 
 
174 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 List of customs districls and ports of entry and delivery, July 1, 1904 — Continued. 
 
 District. 
 
 Florida— Continued 
 St. Augustine . . , 
 
 KeyWest 
 
 Tampa 
 
 St. Marks , 
 
 Apalachicola ... 
 
 Pensacola 
 
 Alabama: 
 
 Mobile 
 
 Pearl River 
 
 Natchez 
 
 Vicksburg 
 
 Louisiana: 
 
 New Orleans 
 
 Teche 
 
 Texas; 
 
 Galveston 
 
 Saluria 
 
 Corpus Christ! 
 
 Brazos de Santiago 
 
 Paso del Norte 
 
 California: 
 
 San Diego 
 
 Los Angeles 
 
 San Francisco 
 
 Humboldt 
 
 Oregon and Washington: 
 
 Southern district of Oregon 
 
 Yaquina 
 
 Oregon 
 
 Willamette 
 
 Puget Sound 
 
 Alaska: 
 Alaska . 
 
 Montana and Idaho; 
 
 Montana and Idaho . 
 Minnesota; 
 
 Minnesota 
 
 Duluth 
 
 Wisconsin: 
 Milwaukee , 
 
 Michigan: 
 
 Michigan ... 
 
 Huron 
 
 Detroit 
 
 Superior 
 
 Port of delivery . 
 
 Ports of entry. 
 
 St. Augustine ( Jenesn, subport of 
 entry). 
 
 Key West (Punta Gorda, Palm 
 Beach, Miami, subports of en- 
 try). 
 
 Tampa ,- - . 
 
 Cedar Keys (Port Inglis, subport 
 of entry). 
 
 Apalachicola (Carrabelle, sub- 
 port of entry and delivery). 
 
 Pensacola 
 
 Mobile 
 
 Gultport 
 
 Natchez 
 
 Vicksburg 
 
 New Orleans 
 
 Brashear (Morgan City) 
 
 Galveston (Velasco, Sabine Pass, 
 
 subports of entry). 
 Eagle Pass 
 
 Corpus Christi (Laredo, Aransas 
 (Rockport), subports of entry). 
 
 Brownsville '. . . . 
 
 El Paso 
 
 San Diego . . .«. 
 
 Los Angeles (Santa Barbara, sub- 
 port of entry). 
 
 San Francisco (Oakland, subport 
 of entry). 
 
 Eureka , 
 
 Coos Bay (Empire City) 
 
 Yaquina 
 
 Astoria 
 
 Portland 
 
 Port Townsend (Aberdeen, Ana- 
 cortes, Bellingham,, Blaine, 
 Everett, Friday Harbor, Grays 
 Harbor, Danville, Northport, 
 Port Angeles, Roche Harbor, 
 Seattle, Spokane, Sumas, Ta- 
 coma, subports of entry). 
 
 Juneau (Eagle, Ketchikan, Ko- 
 diak, Sitka, St. Michael, Skag- 
 way, Unalaska, Wrangel, Nome, 
 Valdez, subports of entry). 
 
 Great Falls 
 
 St. Paul (Minneapolis, subport of 
 
 entry). 
 Duluth 
 
 Milwaukee . 
 
 Grand Haven 
 
 Port Huron 
 
 Detroit 
 
 Marquette (Superior, Ashland, 
 Gladstone, .subports of entry). 
 
 Ports of delivery. 
 
 St. Marks, Magnolia, Ocala. 
 
 Montgomery. 
 
 Scranton, Horn Island, Ship Is- 
 land. 
 Grand Gulf. 
 
 Wheeling, W.Va.; Council Bluffs, 
 Iowa; Cincinnati, Ohio; Louis- 
 ville, Ky.; St. Louis, Mo.; Sioux 
 City, Iowa; Memphis, Tenn.; 
 Evansville, Ind.; Burlington, 
 Iowa; Dubuque, Iowa; Leaven- 
 worth, Kans.; Omaha, Nebr.; 
 Kansas City, Mo.; St. Joseph, 
 Mo.; Shreveport, La.; Lacrosse, 
 Wis.; Chattanooga, Tenn.; Day- 
 ton, Ohio; Portsmouth, Ohio; 
 Paducah, Ky.; Lincoln, Nebr.; 
 Knoxville, Tenn. 
 
 Houston, 
 
 San Antonio, Matagorda, Copano, 
 Lavaca, 
 
 Vallejo, San Luis Obispo. 
 
 Crescent City. 
 
 Ellensburg.PortOxford, Gardiner. 
 Newport. 
 
 Bonners Ferry. 
 
 Kenosha, Racine, Sheboygan, 
 Green Bay, Depere. 
 
 Cheboygan, Manistee, Ludington. 
 Saginaw. 
 
 Sault Ste. Marie, Mackinaw. 
 
 Grand Rapids. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 175 
 List of customs districts and ports of entry and delivery, July 1, 1904 — Continued. 
 
 Districts. 
 
 Ports of entry. 
 
 Porta of delivery. 
 
 Indiana and Illinois: 
 Chicago 
 
 Chicago . 
 
 Indiana: 
 
 Ohio: 
 
 Miami .... 
 Sandusky . 
 Cuyahoga. 
 
 Port of delivery.. 
 Colorado: 
 
 Ports of delivery. 
 Arizona: 
 
 Arizona 
 
 North and South Dakota: 
 North and South Dakota. 
 
 Tennessee: 
 
 Port o£ delivery. 
 Iowa; 
 
 Port of delivery. 
 Utah: 
 
 Port of delivery. 
 Hawaiian Islands: 
 
 Hawaii 
 
 Porto Bico . 
 
 Toledo , 
 
 Sandusky 
 
 Cleveland (Conneaut, subport of 
 entry). 
 
 Nogales (Douglai, Naco, subports 
 of entry). 
 
 Pembina, N. Dak.(Portal, N. Dak., 
 subport of entry). 
 
 Honolulu (Hilo, Kabului, Koloa, 
 Mahukona, porta of entry and 
 delivery), 
 
 San Juan (A^uadilla, Arecibo, 
 Arroyo, Fajardo, Humacao, 
 Mayaguez, Ponce, Guanica, sub- 
 ports of entry). 
 
 Waukegan, Michigan City, Coal^ 
 City, 111., Cairo, 111., Rock Is- 
 land, Peoria, Galena. 
 
 Indianapolis. 
 
 Fairport. 
 
 Columbus. 
 
 Denver, Pueblo, Durango, Lead- 
 ville. 
 
 Sioux Falls, S. Dak. 
 
 Nashville, Tenn. 
 Des Moines, Iowa. 
 Salt Lake City. 
 
 Ports at which merchandise may be entered for transportation to other ports without 
 apppraisement under the act of June 10, 1880. 
 
 Astoria, Oreg. 
 Baltimore, Md. 
 Bangor, Me. 
 Bath, Me. 
 Beecher Falls, Vt. 
 Boston, Mass. 
 Burlington, Vt. 
 Calais, Me. 
 Charleston, S. C. 
 Chicago, 111. 
 Cleveland, Ohio. 
 Detroit, Mich. 
 Duluth, Minn. 
 Eagle Pass, Tex. 
 Eastport, Me. 
 El Paso, Tex. 
 Everett, Wash. 
 Fernandina, Fla. 
 Galveston, Tex. 
 Gladstone, Mich. 
 
 Honolulu, Hawaii. 
 Island Pond, Vt. 
 Key West, Fla. 
 Laredo, Tex. 
 Los Angeles, Cal. 
 Marquette, Mich. 
 Miami, Fla, 
 Milwaukee, Wis. 
 Mobile, Ala. 
 New Orleans, La. 
 Newport, Vt. 
 Newport News, Va. 
 New York, N. Y. 
 Niagara Falls, N. Y. 
 Nogales, Ariz. 
 Norfolk, Va. 
 Ogdensburg, N. Y. 
 Pensacola, Fla. 
 Philadelphia, Pa. 
 Port Huron, Mich. 
 
 Portal, N. Dak. 
 Portland, Me. 
 Portland, Oreg. 
 Port Townsend, Wash. 
 Eichford, Vt. 
 Kochester, N. Y. 
 St. Albans, Vt. 
 San Diego, Cal. 
 San Francisco, Cal. 
 Sault Ste. Marie, Mich, 
 Savannah, Ga. 
 Seattle, Wash. 
 Siou,x City, Iowa. 
 Tacoma, Wash. 
 Tampa, Fla. 
 Toledo, Ohio. 
 Vanceboro, Me. 
 Wilmington, N. C. 
 
 Porli to which merchandise may be transported viithout appraisement under the act of 
 
 June 10, 1880. 
 
 Albany, N.Y. 
 Astoria, Oreg. 
 Atlanta, Ga. 
 Baltimore, Md. 
 Bangor, Me. 
 Bath, Me. 
 Boston, Mass. 
 Bridgeport, Conn. 
 Buffalo, N.Y. 
 Burlington, Vt. 
 Calais,Me. 
 Charleston, S.C. 
 Chicago, 111. 
 Cincinnati, Ohio. 
 Cleveland, Ohio. 
 Coal City, 111. 
 
 Columbus, Ohio. 
 Council Bluffs, Iowa. 
 Dayton, Ohio. 
 Denver, Colo. 
 Des Moines, Iowa. 
 Detroit, Mich. 
 Dubuque, Iowa. 
 Duluth, Minn. 
 Dunkirk, N. Y. 
 Durango, Colo. 
 Durham, N. C. 
 Eagle Pass, Tex. 
 Eastport, Me. 
 El Paso, Tex. 
 Enfield, Conn. 
 Erie, Pa. 
 
 Evansville, Ind. 
 Everett, Wash. 
 Fall Hiver, Mass. 
 Galveston, Tex. 
 Gladstone, Mich. 
 Grand Haven, Mich. 
 Grand Rapids, Mich. 
 Greenbay, Wis. 
 Hartford, Conn. 
 Honolulu, Hawaii. 
 Indianapolis, Ind. 
 Jacksonville, Fla. 
 Kansas City, Mo. 
 Key West, Fla. 
 Knoxville, Tenn. 
 Laredo, Tex. 
 
]76 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 Ports to which merchandise may he transported vnthout appraisement under the act of 
 
 June 10, ^550— Continued. 
 
 Leadville, Colo. 
 Lincoln, Nebr. 
 Los Angeles, Cal. 
 Louisville, Ky. 
 Marquette, Mich. 
 Memphis, Tenn. 
 M iddletown, Conn. 
 Milwaukee, Wis. 
 Minneapolis, Minn. 
 Mobile, Ala. 
 Nashville, Tenn. 
 Newark, N.J. 
 New Bedford, Mass. 
 New Haven, Conn. 
 New Orleans, La. 
 Newport, R. I. 
 Newport News, Va. 
 New York, N. Y. 
 Niagara Falls, N. Y. 
 Nogales, Ariz. 
 Norfolk, Va. 
 Oakland, Cal. 
 
 Ocala, Fla. 
 Ogdensburg, N. Y. 
 Omaha, Nebr. 
 Peoria, 111. 
 Petersburg, Va. 
 Philadelphia, Pa. 
 Pittsburg, Pa. 
 Port Huron, Mich. 
 Portland, Me. 
 Portland Dreg. 
 Portsmouth, N. H. 
 Port Townteend, Wash. 
 Providence, E. I. 
 Pueblo, Colo. 
 Richmond, Va. 
 Rochester, N.Y. 
 St. Augustine, Fla. 
 St. Joseph, Mo. 
 St. Louis, Mo. 
 St. Paul, Minn. 
 Saginaw, Mich. 
 .Salt Lake City, Utah. 
 
 San Antonio, Tex. 
 San Diego, Cal. 
 Sandusky, Ohio. 
 San Francisco, Cal. 
 Sault Ste. Marie, Mich. 
 Savannah, Ga. 
 Seattle, Wash. 
 Sioux City, Iowa. 
 South Manchester, Conn. 
 Springfield, Mass. 
 Syracuse, N.Y. 
 Tacoma, Wash. 
 Tampa, Fla. 
 Titusville, Pa. 
 Toledo, Ohio. 
 Utica.N.Y. 
 Vanceboro, Me. 
 Vernon (Rockville),Conn. 
 Washington, D.C. 
 Wilmington, Del. 
 Wilmington, N.C. 
 Worcester, Mass. 
 
 lAsl of ports at which bended warehouses are established. 
 
 Apalachicola, Fla. 
 Atlanta, Ga. 
 Baltimore, M d. 
 Bangor, Me. 
 Bath, Me. 
 
 Bonners Ferry, Mont. 
 Boothbay, Me. 
 Boston, Mass. 
 Bridgeport, Conn. 
 Buffalo, N. Y. 
 Cape Vincent, N.Y. 
 Castine, Me. 
 Chattanooga, Tenn. 
 Chicago, 111. 
 Cincinnati, Ohio. 
 Denver, Colo. 
 Detroit, Mich. 
 Duluth, Minn. 
 Durham, N.C. 
 Eagle Pass, Tex. 
 Eastport, Me. 
 El Paso, Tex. 
 Erie, Pa. 
 Evansville, Ind. 
 Everett, Wash. 
 Fall River, Mass.. 
 Galveston, Tex. 
 Gloucester, Mass. 
 
 Grand Rapids, Mich. 
 Great Falls, Mont. 
 Green Bay, Wis. 
 Hartford, Conn. 
 Honolulu, Hawaii. 
 Indianapolis, Ind. 
 Kansas City, Mo. 
 Key West, Fla. 
 Laredo, Tex. 
 Lincoln, Nebr. 
 Los Angeles, Cal. 
 Louisville, Ky. 
 Minneapolis, Minn. 
 New Haven, Conn. 
 New London, Conn. 
 New Orleans, La. 
 Newport News, Va. 
 Newark, N.J. 
 New York, N.Y. 
 Niagara Falls, N. Y. 
 Nogales, Ariz. 
 Ogdensburg, N. Y. 
 Omaha, Nebr. 
 Oswego, N. Y. 
 Pensacola, Fla. 
 Perth Amboy, N. J. 
 Petersburg, Va. 
 Philadelphia Pa. 
 
 Pittsbure, Pa. 
 Plattsburg, N. Y. 
 Port Huron, Mich. 
 Portland. Me. 
 Portland, Oreg. 
 Portsmouth, N. H. 
 Port Townsend, Wash. 
 Provincetown, Mass. 
 Richmond, Va. 
 Rochester, N. Y. 
 St. Joseph, Mo. 
 St. Louis, Mo. 
 St. Michael. Alaska. 
 St. Paul, Minn. 
 Saginaw, Mich. 
 Salem, Mass. 
 San Diego, Cal. 
 San Francisco, Cal, ■ 
 San Juan, P. R. 
 Savannah, Ga. 
 Seattle, Wash. 
 Sioux City, Iowa. 
 Skagway, Alaska. 
 Syracuse, N. Y. 
 Tacoma, Wash. 
 Tampa, Fla. 
 Toledo, Ohio. 
 
 List of ports where the custom-house premises are used for the storage of imported goods in 
 
 bond. 
 
 Albany, N. Y. 
 Aguadilla, P. R. 
 Arecibo, P. R. 
 Arroyo, P. R. 
 Bangor, Me. 
 Charleston, S. C. 
 Cleveland, Ohio. 
 Columbus, Ohio. 
 Fajardo, P. R. • 
 
 Humacao, P. R.' 
 Jacksonville, Fla. 
 Marquette, Mich. 
 Mayaguez, P. R. 
 Memphis, Tenn. 
 Milwaukee, Wig. 
 Nashville, Tenn. 
 Norfolk, Va. 
 Peoria, 111. 
 
 Ponce, P. R. 
 Providence, R. I. 
 Sandusky, Ohio. 
 San Juan, P. R. 
 Springfield, Mass. 
 Washington, D. 
 
 town). 
 Wilmington, Del. 
 
 C. (Oeoige- 
 
 I have no doubt you Senators are entirely familiar with the subject, 
 but the fact is that in almost everj'^ State there are several ports by 
 law established, I see none in Senator Newlands's State, although 
 iieno is a point to which I want to call attention hereafter. Take 
 Senator DoUiver's State, for instance, and there are the ports of Sioux 
 City, Dubuque, Des Moines, and Burlington, four or five ports; in 
 Senator Carmack's State there are Memphis, (yhattanooga, Knoxville, 
 and Nashville. Or we could start with Maine and go southward and 
 westward, and we should find Portland, Port'^niouth; several in the 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 177 
 
 State of Vermont; Boston, Worcester, Springfield, Fall River; Hart- 
 ford, New Haven, and so on down; and all over the country, to the 
 number of 240, there are ports established bj' law, ports of entry and 
 ports of delivery. From what 1 could gather from the Treasury 
 officials, the majority of ports of delivery are those where the stii'veyor 
 has substantially the power of the collector. I wish we had a map 
 here, which would aid us, but of course you are all familiar with the 
 geography of the country, and you can see that from the Atlantic to 
 the Pacific and from the Laises to the Gulf this country is dotted over 
 in the several States with ports. 
 
 The power of Congress to regulate commerce is expressly limited 
 so that it can not give preference in favor of the ports of one State 
 over those of another State. 
 
 Having called your attention to that fact, I want to remind you of 
 the condition of affairs in this country as it exists to-day. Our system 
 of regulating rates or establishing rates, you know, has by the carriers 
 been entirely voluntary. The railroad companies, acted upon by a 
 thousand considerations, have in an infinite number of wa^'s estab- 
 lished their rates — under the influence of competition, under the influ- 
 ence of commercial necessities, under the influence of a thousand 
 elements of which we can not begin to calculate or conceive. It has 
 grown up in the community as naturally as a tree has grown up. 
 
 Now, Senators, I say to you that you can not depart from the past 
 conditions, you can not depart from the course or events which has 
 hitherto been followed, whereby the people themselves have volun- 
 tarily created this state of affairs, and resort to the regulation of these 
 matters by Congress without working in the first place a most pro- 
 found and revolutionary alteration in the things as they have existed 
 in the past; and, indeed, I do not see how it is possible to do what you 
 assume to do without ruining all the properties of which 1 have spoken. 
 For let me call your attention to these things. 
 
 I was interested in the House gallery the other day in listening to 
 the remarks of Hon. Mr. Mann, Congressman from Illinois, who 
 stated certain facts which I think everybody ought recognize as exist- 
 ing. He said: 
 
 Mr. Chairman, the distance from Boston to Montgomery, Ala., by rail is 1,281 
 miles. The distance from Chicago to Montgomery is 748 miles. The rate on first- 
 class freight (Southern classification) by all rail from Boston to Montgomery is 11.26 
 per 100 pounds. The rate from Chicago on the same class is $1.38 per 100. Chicago 
 is 533 miles nearer to Montgomery than is Boston, but the rate is 12 cents per 100 
 less from Boston than it is from Chicago. 
 
 The rate on fifth-class freight from Boston to Montgomery is 66 cents per 100, and 
 on the same class from Chicago is 67 cents per 100. Although the distance from 
 Chicago to Montgomery is only a little more than half the distance from Boston to 
 Montgomery, yet in each case in classes 1, 2, 3, 4, and 5 of the Southern classification 
 the rate from Boston is less than the rate from Chicago. 
 
 The distance from Boston to Atlanta is 1,106 miles. The distance from Chicago to 
 Atlanta is 733 miles. 
 
 And he proceeds to point out that although the distance from Chi- 
 cago to Atlanta and Montgomery is perhaps some 400 or 500 miles less 
 than, from Boston to those points, yet the rate per 100 pounds is actu- 
 ally less from Boston to those points than it is from Chicago to those 
 points, and he points out the fact that the manufacturing industries of 
 New England, the section from which I come, have a differential in 
 their favor over the manufacturing establishments of the Middle 
 Northwest in reaching thos6 southern points. 
 RY— 05 12 
 
178 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Then he takes up the rates from New York to Chicago, and from 
 Chicago to San Francisco, and shows that goods going on the same 
 train to points on the Pacific coast from New York actually paj' less 
 per 100 pounds than the goods going from Chicago to points this side 
 of San 'Francisco, and he points out the fact that from Lincoln, Nebr., 
 to Galveston the rate is less than from Lipcoln to New York, and 
 90 on. 
 
 You are, of course, all familiar with the long struggle that has been 
 going on for twenty-odd years between Boston and New York on the 
 one side, and Philadelphia, Baltimore, and Newport News on the other, 
 over the differentials that exist between those ports. Take grain, for 
 instance, from points on the Mississippi River; the rate per hun- 
 dredweight from the Mississippi River to Newport News and Balti- 
 more is H cents less than it is to Boston and New York, and it is a 
 cent less to Philadelphia. 
 
 I appeal to you Senators as lawyers, and as practical men also, that 
 if Congress assumes the work of regulating railway rates, it will be 
 bound, fey the limitation of the Constitution I have referred to, to 
 wipe out every differential of every character between the several 
 ports. It needs but the suggestion to bring to your attention the vast 
 consequences of such a course. For remember that if this Esch- 
 Townsend bill becomes a law the whole power of making rates will be 
 vested in the tribunal to be created under that bill. You can not dis- 
 guise it, you can not blink at it, you can not hoodwink anybody when 
 they come to look at it. The full power to determine rates is vested 
 in that body, and when they exercise that power they will be bound 
 to exercise it according to the constitutional requirements. 
 
 Of course, should they attempt to do otherwise, the Supreme Court 
 of the United States will say to them: You are as much bound by that 
 limitation as Congress is, and you would have no more right to estab- 
 lish by law a differential in favor of Newport News or Baltimore as 
 against Boston and New York than Congress would have. I think it 
 is not necessary for me to point out to you that if a bill should be 
 introduced in Congress to directly declare that the rate 
 
 The Chaieman. Let me interrupt you there. Why should not the 
 Commission be able so to make these differentials as to be reasonable; 
 is it your argument that it would be a discrimination against ports ? 
 
 Mr. Davenport. Certainly, it is a preference. 
 
 The Chairman. Suppose the rates were established to points other 
 than ports? 
 
 Mr. Davenport. I wish to say to you that the minute you begin to 
 adjust these things you have got to go the whole figure. 
 
 Senator Dolltver. You mean that the rates could not be adjusted 
 without giving a preference to some port or ports ? 
 
 Mr. Davenport. It could not be done. 
 
 Senator Dolliver. There is a difference in distance. 
 
 Mr. Davenport. But that is another matter. 
 
 Senator Foraker. Why should there be a differential? 
 
 Mr. Davenport. I was calling attention to the fact of the tremen- 
 dous revolution that will necessarily take place in the principle of 
 rate making should you Senators pursue the course which it seems as 
 if Congress were inclined to pursue. 
 
 Senator Newlands. Your argument is that the differential enters 
 largely into the existing system ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 179 
 
 Mr. Datenport. Yes, sir. 
 
 Senator Newlands. And to give that power to a national commis- 
 sion would mean a revolution in that system? 
 
 Mr. Davenport. Absolutely. 
 
 Senator Newlands. And would mean a change in business condi- 
 tions of those ports? 
 
 Mr. Davenport. Not only of every one of the different ports, but 
 throughout the country and to every railroad. 
 
 I hope to be allowed to proceed without interruption for the present, 
 because interruption leads me oflf a little from the line of my thought, 
 though I ehall be glad to answer questions later. 
 
 I was saying that no lawyer, I take it, reflecting upon it, would con- 
 tend that Congress could by direct legislation establish a diflerential 
 in favor of one port over another. A man comes to New York with 
 his goods, to Philadelphia with his goods, or to Newport News with his 
 goods, and wants to ship them to Chicago. You can not, by any regu- 
 lation of commerce, say to him, you shall pay a certain amount 
 more per hundredweight to carry' it from one port rather than the 
 other. You are tied down by that limitation. If 1 had time 1 could 
 go a little into the history of that clause of the Constitution for the 
 purpose of showing why it is so. 
 
 If you will pardon me for talking in this desultory way, I would 
 like now to call attention to another thing. There is another limita- 
 tion on the exercise of this power, which the Supreme Court has 
 repeatedly pointed out, and that is that the rate must not be confisca- 
 tory. The power to regulate commerce is also limited by the clause 
 of the Constitution that a person's property shall not be taken for pub- 
 lic use without just compensation. Considering those two limitations 
 together, I ask .you, as lawyers and as business men, what would be 
 the necessary effect of this legislation ? I defy the wit of man to con- 
 ceive of any method of fixing rates that will conform to the constitu- 
 tional requirement that I first spoke of, except to make them at so 
 much per ton per mile, or at so much per hundredweight per mile, on 
 every railroad in the country, making no distinction as to ports. You 
 must make every man pay so much per ton for hauling his goods a cer- 
 tain distance, in every direction, on every railroad, . 
 
 For, remember, that all these ports must be taken into account when 
 the law-making body (which, of course, will be your Commission) in 
 this respect undertakes to determine these things. 
 
 Senator Foraker asked me a question, which becomes very pertinent 
 right here — why should there be a differential? Why is it, as to the 
 I'ate from Boston, when the distance is so much greater to Atlanta or 
 Montgomerj^ than it is from Chicago, that we are allowed to transport 
 our goods down to that country for a greater distance for less money ? 
 You know that it is because water transportati(» from Boston to 
 southern ports forces the railroads to carry freight at a less rate, and 
 if you underto'ok to put in force such a principle, as I contend mus 
 be put in force, you would have this condition: Either you have got 
 to raise the rate from Boston to Atlanta and Montgomery (and points 
 that way), or you have got to lower the rate from Chicago to those 
 points. Any man of sense, who is familiar with the conditions of the 
 countrj' , knows that you can not lower those from Chicago to those 
 points. 
 
 Senator Dolliver. Why not? 
 
180 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. DAVENPCftiT. Because they are not high enough now. 
 
 Senator Newlands. Not high enough to be compensatory to the 
 railroad companies, vou mean ? 
 
 Mr. Davenport. *Yes, sir. But if you raise the rate from Boston 
 to those points what will be the condition ? You bankrupt almost every 
 road that transacts such business. The only other remedy you can 
 point out will be that you must bring the water carriers under the 
 provisions of this law and so adjust the rates that both water and land 
 carriers can live, or bankruptcy of the railroads is the inevitable 
 outcome. 
 
 I have briefly called your attention to these points. Senators, for the 
 purpose of suggesting to you how vitaJ, how absolutely necessary it is, 
 in passing upon questions of this kind, to pause and reflect upon the 
 results that mav follow. For what would happen ? I appeal to you 
 as fellow-citizens here and as United States Senators— what would 
 happen if you did something which, in the operation of the law, should 
 be injurious to these railroad properties? 
 
 Take, for instance, insurance companies. What little I have endeav- 
 ored to save in this world has been by taking insurance in these com- 
 panies. Let it be once understood that the assets of these companies, 
 over one-third of which is invested in these securities — let it once be 
 understood that their values are impaired, and you know verv well 
 that people will cease insuring in those companies. My hope, as an 
 insurance policy holder, is that people will continue to insure in those 
 companies, so that when m^' turn comes, of what I have endeavored to 
 save in that way something may go to mj familj'^ when they shall 
 need it. 
 
 What would happen in regard to these savings banks? Let it be 
 once understood by the people of this countr}- that the property in 
 which their savings are invested is imperiled or rendered insecure, and 
 what will happen ? Imagination is appalled at the consequences. In 
 my State 37 per cent of the savings of the people are invested in these 
 securities. 
 
 I have here in my pocket a table showing the amount of deposits, 
 number of depositors, and amounts invested in railway securities in the 
 savings banks of onl}- six States. With the permission of the commit- 
 tee I should like to have this table embodied in my statement. 
 
 Sa rings banks. ' 
 
 State. 
 
 Number of 
 depositors. 
 
 Total deposits. 
 
 Railway se- 
 curities owned 
 (bookvalu'es). 
 
 Per cent 
 of de- 
 posits. 
 
 New York 
 
 New Jersey 
 
 New Hampshire 
 Massachu.setta .. 
 
 Connecticut 
 
 Maine 
 
 Total 
 
 2, 366, 583 
 242,605 
 159, 966 
 
 1,723,015 
 474, 548 
 209,011 
 
 81,131,281,943 
 
 76, 316, 793 
 
 66, 140, 710 
 
 608, 415, 409 
 
 220, 697, 198 
 
 75,107,203 
 
 5177,444,223 
 
 20,334,178 
 
 23,746,521 
 
 113,397,287 
 
 82, 265, 024 
 
 ' 25,166,853 
 
 5,174,718 
 
 2,177,869,256 
 
 442,354,086 
 
 15.69 
 26.64 
 35.90 
 IB. (.4 
 37.29 
 35.51 
 
 20.31 
 
 But there is something more extensive in the operation of this thing 
 than anything I have yet called your attention to. In my State we 
 write fire insurance also. There are 128,000,000,000 of fire risks in 
 force in this country. There is almost none of j'our constituents who 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 181 
 
 has not a fire-insurance policy upon his household furniture, his home, 
 his barn, or some other property. When you consider that there is 
 only about $90,000,000,000 worth of property altogether in this country, 
 and when you consider the proportion of that property which is com- 
 bustible, you can see that that property is practically plastered all over 
 with these fire policies. The stability of every one of those companies 
 depends upon the maintenance of the value of these railway securities, 
 because over half of all their assets are invested in those properties. 
 
 Senator Carmack. Do I understand you to say that one-half of the 
 assets of all the fire insurance companies of the country are invested in 
 railway securities?" 
 
 Mr. Davenport. More than that. For instance, in my State we 
 have the Hartford Fire and the ^tna Fire insurance companies and 
 two or three others. One-sixth of all the fire risks of the country are 
 written in Hartford, and 68 per cent of their assets are invested in 
 railway secuiities, while some of the other large companies of the 
 country have seven-eighths of their assets so invested. 
 
 Senator Dolliver. Some insurance companies want Government 
 regulation similar to that proposed here. 
 
 Mr. Davenport. Do they ? 
 
 Senator Dolliver. I have seen that statement in the newspapei's. 
 
 Mr. Davenport., I have seen it in the papers. That is an old idea 
 that was brought out forty years ago. You will have among you a« 
 a fellow Senator soon a gentleman from Hartford, Mr. Morgan G. 
 Bulkley, president of the ^tna Life Insurance Company, who is 
 entirelv familiar with the histor}' of these matters, and he can tell you 
 what the history of that matter has been. I siw an interview with 
 him in some newspaper recently in regard to the matter. 
 
 But I want to follow this a little further in regard to the constitu- 
 tional limitations, because I know there is no man here who wants to 
 do anything wrong, who wants to do anything that is foolish, or who 
 wants to do anything that in the near future will prove to be speedily 
 and permanently unpopular. There is another limitation. Senators, 
 on the exercise of this power, and that is this: 'While Congress has 
 the power to regulate qpmmerce between the States, it has no control, 
 of course, over commerce within a State. What vast consequences 
 follow from that limitation! Congress has no more power over the 
 domestic business of a State than it has over .that or Canada. Mj' 
 State has no more power over interstate commerce than it has over 
 the coihmerce of the German Empire. They are separated by a gulf 
 as wide as the Atlantic ocean. 
 
 What follows from that? Sitting in the gallery of the House the 
 other day I heard Congressman after Congressman say. If you don't 
 pass this Esch-Townsend bill you will bring about Government own- 
 ership of the railways. And gentlemen on the other side would get 
 up and say, if you pass this bill you are taking a tremendous stride 
 towards Government ownership. 
 
 Why, Senators, Government ownership of railways in this country 
 is an impossibility. Not until the Constitution of the United States 
 is amended, not until three-fourths of the States of the Union shall, 
 consent to amend it, would it be possible for the United States Gov- 
 ernment to acquire ownership of these railroads. Why ? Because, 
 under the limitations of the Constitution, you are confined necessarily 
 to business between the States. Granted all your power over post- 
 al a partial list of bonds and stocks of railroads and institutions holding them as securities will be 
 found in an appendix to this volume. 
 
182 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 offices and post-roads, your military power and all other power, and 
 yet it is written and bedded in the very substratum of our Constitu- 
 tion that the control over domestic commerce is in the States, and that 
 the control of Congress is confined to commerce between the States, 
 between the United States and foreign nations, and with the Indian 
 tribes. Suppose you should undertake to buy or condemn the rail- 
 ways of the country, where would you be? Of what consequence 
 would it be ? If you issue the bonds necessarj^ to take over the rail- 
 roads you would not advance a step, because you_ could not enter 
 into the business of carrying the people or transporting freight from 
 a point in one State to another point in that State. So when we have 
 this specter paraded before us to sway us from 
 
 Senator Dollivee. I do not quite understand that. Do you mean 
 to say that the Government, if it owned the roads, would have less 
 rights in your State than private citizens would have ? 
 
 Mr. Davenport. Absolutely so. You could not undertake to carry 
 a passenger from Hartford to New Haven. 
 
 Senator Dolliver. I notice that the Government, in 1865, seems to 
 have authorized private citizens to build railroads in a State regardless 
 of regulation. 
 
 Mr. Davenport. There is no doubt about that. 
 
 Senator Dolliver. It seemed to me that that -might suggest the 
 power to operate a railroad after it was built. 
 
 Mr. Davenport. I think if the honorable Senator will reflect upon 
 that with his usual care, he will come to the conclusion that the Gov- 
 ernment of the United States, with all its reach and power, can not 
 enter into the bjasiness of transporting passengers or freight from a 
 point within a State to another point within the same State. 
 
 The Chairman. The Government could not regulate such business? 
 
 Mr. Davenport. It could not. I am talking about the threats or 
 fears of Government ownership, which, in the language of the street, 
 make me tired. 
 
 The Chairman. It would destroy the sovereignty of the State, j^ou 
 mean ? 
 
 Mr. Davenport. The Government could not do it. 
 
 Senator Newlands. Your contention is that while the National 
 Government could construct or puix'hase railroads running from the 
 Atlantic coast to the Pacific coast, and while it could conduct the busi- 
 ness of carrying the mail and things necessary for military defense, 
 and could engage in interstate commerce from a point in one State to 
 another point in another State, yet it could not carry either passen- 
 gers or freights from a point in one State to another point in the 
 same State. Is that your contention ? 
 
 Mr. Davenport. That is the position I take. It can not engage in 
 any such business. 
 
 That brings me, Senators, to the consideration of the interesting 
 proposition which the honorable Senator from Nevada (Mr. New- 
 lands) has advanced in the Senate — a most interesting proposition, and 
 it seems to me one conceived by a statesman. But there is that same 
 awkward, inconvenient obstacle in the way, and that is the Constitution 
 of the United States; because, suppose you incorporated all the rail- 
 roads in this country under Federal acts of incorporation, and thoy 
 started in to do business; under the decisions of the Supreme Court 
 of the United States Congi-ess would not have any power to regulate 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 183 
 
 the commerce that is wholly within a State. On the contrary it could 
 not exclude the State from doing so under the decision, as I under- 
 stand it, in the Reagan case and the Nebraska case of Smyth v. Ames. 
 You could not exclude them from local business, because that is entirely 
 within the control of the State and the Government can not touch it. 
 You can not exclude the State, and vice versa, so far as the Federal 
 Government is concerned. Consequently, it seems to me that if any 
 such proposition as that is to have vogue in this country hereafter it 
 will be necessary to begin by amending the Constitution of the United 
 States so as to give Congress control over all domestic commerce, as it 
 has over interstate commerce. So much for that. 
 
 Now, Senators, in that connection there is another point to which I 
 wish to direct your attention, and which will be an awful snag in the 
 way of carrying out any legislation you may attempt along any of the 
 lines that have been proposed hitherto. I am following out this sug- 
 gestion that the power of Congress is limited to the control of inter- 
 state commerce and to the regulation of interstate commerce. The 
 power to regulate domestic commerce is confined to the State. The 
 Supreme Court of the United States has decided in the Nebraska case 
 and several other cases that in determining what shall be a reasonable 
 rate you must shut out of view entirely all considerations of the 
 domestic commerce, business and property. 1 have with me the 
 remarks of the court on that point, and it is unnecessary for me to 
 indicate to the acute minds around this table the significance of it. In 
 this case of Smyth v. Ames (169 U. S., 540) the Supreme Court said: 
 
 It is further said in behalf of the appellants that the reasonableness of the rates 
 established by the Nebraska statute is not to be determined by the inquiry whether 
 such rates would leave a reasonable net profit from the local business affected 
 thereby, but that the court should take into consideration, among other things, the 
 whole business of the company; that is, all its business, passenger and freight, inter- 
 state and domestic. If it be found upon investigation that the profits derived by 
 a railroad company from its interstate business alone are sufficient to cover operating 
 expenses on its entire line, and also to meet interest and justify a liberal dividend 
 upon its stock, may the legislature prescribe rates for domestic business that would 
 bring no reward and be less than the services rendered are reasonably worth, or 
 must the rates for such transportation as begins and ends in the State be established 
 with reference solely to the amount of business done by the carrier wholly within 
 such State, to the cost of doing such local business, and to the fair value of the prop- 
 erty used in conducting it, without taking into consideration the amount and cost of 
 its interstate business and the value of the property employed in it? If we do not 
 misapprehend counsel, their argument leads to the conclusion that the State of 
 Nebraska could legally require local freight business to be conducted even at an 
 actual loss if the company earned on its interstate business enough to give it just 
 compensation in respect of its entire line and all its business, interstate and domestic. 
 We can not concur in this view. 
 
 Now, mark the significance and the vast consequences of this 
 decision. 
 
 In our judgment, it must be held that the reasonableness or unreasonableness of 
 rates prescibed by a State for the transportation of persons and property wholly 
 within its limits must be determined without reference to the interstate business done 
 by the carrier, or to the profits derived from it. The State can not justify unreason- 
 ably low rates for domestic transportation, considered alone, upon the ground that 
 the carrier is earning large profits on its interstate business, over which, so far as 
 xates are concerned, the State has no control. Nor can the carrier justify unreason- 
 ably high rates on domestic business upon the.ground that it will be able only in that 
 way to meet losses on its interstate business. So far as rates of transportation are 
 concerned, domestic business should not be made to bear the losses on interstate busi- 
 ness, nor the latter the losses on domestic business. It is only rates for the transpor- 
 tation of persons and property within the State that the Statecan prescribe; and when 
 
184 DUTIES AND POWEBS OF INTERSTATE COMMEKCE COMMISSION. 
 
 it undertakes to prescribe rates not to be exceeded by the carrier, it must do so with 
 reference exclusively to what is just and reasonable, as between the earner and the 
 public, in respect of domestic business. 
 
 The argument that a railroad line is an entirety; that its income goes into, and its 
 expenses are provided for out of, a common fund; and that its capitalization is on its 
 entire line, within and without the State, can have no application where the State is 
 without authority over rates on the entire line, and can only deal with local rates and 
 make such regulations as are necessary to give just compensation on local business. 
 
 The Chairman. The time has arrived for an executive session of the 
 comipittee, and we shall have to allow you an opportunity to complete 
 your argument at the next meeting. 
 
 FoBT Worth, Tex., February 7, 1905. 
 Hon. Stephen B. Elkins, Washington. 
 
 Dear Senator: I inclose you my objection to the Esch-Townsend bill. I hope 
 you can place it before the whole committee and have ^t printed. The people will 
 not stand for any such makeshift. I do hope that no bill will be passed if this is the 
 best they can do. 
 
 With great respect, 8. H. Cowan. 
 
 Fort Worth, Tex., February 7, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman, Washington, D. C. 
 
 My Dear Senator: I take this method of indicating to you and to the Senate 
 Committee on" Interstate Commerce certain specific objections to House bill 18588, 
 reported by the House Committee on Interstate and Foreign Commerce to the House 
 of Representatives, and which will be passed undoubtedly before this letter reaches 
 you. These objections will undoubtedly occur to any lawyer familiar with the sub- 
 ject-matter. 
 
 Section 1. The following words in lines 3 and 4 should be stricken out, viz, "upon 
 complaint duly made under section 13 of the act to regulate commerce," so that the 
 Commission maybe left free to make an order upon any investigation, whether upon 
 complaint of the shipper or where the investigation is instituted by the Commission. 
 
 In line 6, after the word "rate" and before the word "for," the following should 
 be inserted, viz, "or any part thereof"; so that if the Commission shall be investi- 
 gating the rates of freight which apply on interstate commerce where it moves on 
 local rates it may determine what each carrier is entitled to considering the ship- 
 ment as a through shipment. For example, the Texas and Pacific Railway Com- 
 pany canceled out its interstate rate on live stock and now carries upon the local rates 
 all interstate freight up to junction joints of other lines, and the result is that neither 
 state law nor the interstate commerce act applies to such traffic. Furthermore, there 
 are numerous instances where systems of railroad in order to secure the whole freijjht 
 compel the shipper to use a circuitous route instead of being diverted at junction 
 points over the short line at the through rate. They compel these circuitous ship- 
 ments by simply declining to publish through rates from points on their lines via, 
 junctions and over the short-line route. This may not be very important with ordi- 
 nary freight, but it is very important with all perishable freight and live stock. 
 Undoubtedly the Commission ought to have authority to give the shipper the right 
 of through rate and through route via the shortest line that is practicable. 
 
 In line 9 of section 1 the Commission is limited in fixing the rates for substitution 
 to those which are "unreasonable or unjustly discriminatory." If the words 
 " unjustly discriminatory" include undue preferences and advantages, as pjrohibited 
 in the third section of the act to regulate commerce, then I have no objection to the 
 expression used, but since sections 2 and 4 prohibit unjust discrimination, it seems 
 to me that the language is subject to the construction that the rate or advantage 
 which is unduly preferential is not embraced within the meaning of the term 
 "unjustly discriminatory," and it certainly can be made much plainer by striking 
 out the words "unreasonable or unjustly discriminatory" and insert in lieu thereof 
 the words, viz, "in violation of any of the provisions of the said act to regulate com- 
 merce or acts amendatory thereof and supplemental thereto." This should be done 
 in order that the Commission may substitute the rate which is in violation of any 
 of the provisions of the acts which it is called upgn to enforce. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 185 
 
 In line 13 of section 1, page 1, and line 1, section 1, page 2, strike out the -sycrds, 
 viz, "unreasonable or unjustly discriminatory," and substitute therefor the word 
 "unlawful." 
 
 In lines 2, 3, and 4, section 1, page 2, the order of the Commission is made opera- 
 tive thirty days after notice to the persons directly affected thereby. I can not see 
 why this language is used. The fact is, every shipper and every railroad which 
 might participate in the exchange of freight and in the divisions of rates might be 
 affected directly in very numerous ways. If notice must be given to every person 
 or persons directly affected it might be that the Commission's order would not take 
 effect. It seems to me, therefore, that the plain and sensible provision to be sub- 
 stituted would be to strike out the words in lines 3 and 4, viz, "person or persons 
 directly affected thereby," and insert in lieu thereof the words, viz, "the carrier 
 or carriers against whom such order of the Commission may be directed." 
 
 Lines 4 to 10, inclusive, section 1, page 2, which provide for the institution of pro- 
 ceedings for review of the Commission's order, in my opinion to a large degree 
 destroy the usefulness of the whole enactment. It is inconsistent with the theory 
 and purpose of the act, which gives the Commission the legislative power to fix rates, 
 to have the action of the Commission "reviewed" by a court. That word will 
 undoubtedly be given its legal meaning. It is defined as follows: 
 
 "A review is a second examination with a view to amendment, reconsideration, 
 revision. The term is used more particularly to designate the examination of a case 
 by an appellate court * * * It signifies any of the different modes by which a 
 judicial act mav be revised, as by appeal, writ of error, rehearing," etc. (24 A. E. 
 Ency. of Law, 937.) 
 
 Webster defines the meaiiing in law to be^-"A judicial examination of a proceed- 
 ing of a lower court by a higher. ' ' 
 
 Now, if the words "justness or reasonableness" in line 9 were eliminated, then 
 the provision might not be so objectionable, but under the provisions of this section 
 of the bill as it stands not only will the court determine whether the Commission 
 has acted in a lawful manner and in conformity to the Constitution and statute under 
 which it acts, but the absolute right is given to the carrier to have the court review 
 the Commission's decision with respect to every matter which the Commission could 
 possibly consider by requiring it of the court to determine the justness and rea- 
 sonableness of the Commission's order. Nor can the court substitute its judgment 
 for that of the Commission, because it does not comport with the spirit of the Con- 
 stitution that Congress may confer upon the court the power to fix a rate for the 
 future. 
 
 No one contends that it can be done. I therefore hold to the opinion that unless 
 the words "justness and reasonableness'' are stricken out of line 9, section 1, page 2, 
 the whole section is a mere delusion in so far as it attempts to have a rate fixed and 
 to become speedily effective. It would be a somewhat different thing if the court 
 were merely given the power without imposing on it the duty, or conferring upon 
 the affected carriers the right to require of the court that it shall pass upon the just- 
 ness and reasonableness of any order of the Commission; for in such event the court 
 would not be compelled to pass upon those questions. They are undoubtedly ques- 
 tions of fact or judgment, and as the Supreme Court has frequently decided, the Com- 
 mission is more competent to exercise its judgment in determining questions as to 
 what the rate of freight ought to be than is the court, and its judgment ought to be 
 left to stand if it has conformed to the law, and if the rate fixed does not violate 
 some legal or constitutional right or power. 
 
 The court can pass on these questions without undertaking to determine what the 
 rate ought to be. If the Commission is to determine what the rate ought to be, what 
 good reason exists for substituting the judgment of the court, less competent to 
 determine the fact than is the Commission. There would be just as much reason to 
 have an additional Commission to determine it as to have a court do so. If the court 
 shall be of a different opinion to the Commission and think that the rate fixed by the 
 Commission is not a correct one, it may by its judgment destroy the legislative act 
 of the Commission, yet it can not substitute anything in its place. 
 
 The whole matter with respect to this section of the bill, when taken in connection 
 with the powers conferred upon the court of transportation, may be summed up by 
 the statement that while the people have asked for- bread they have been given a 
 stone. 
 
 Section 2: The words in lines 18, 19, 20, and 21 after the word "order" in line 18, 
 should be stricken out as being useless, for the reason that if the Commission's 
 supplemental order becomes a part of the original, these words are surplusage at 
 least and might be given the construction that a separate proceeding might be 
 instituted to set aside the supplemental order. 
 
186 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 Section 3: In lines 9, 10, and 11 provision is made to file the record with the 
 court of transportation ten days after notice, but it does not specify what notice nor 
 by whom to be given, nor is there any provision in any other part of the act that 
 applies to it. This is insignificant, but should be corrected. 
 
 The last paragraph of this section, lines 16 to 20, gives the Commission the power 
 to amend its orders, etc., even while the case is pending before the court for a judi- 
 cial review. The use of the words ''a judicial review" furthermore gives force to the 
 objections which I have made above to section 1, and makes it manifest that there 
 is to be a judicial review of the facts upon which the legislative act is to be deter- 
 mined, and the incongruous provision is made that while the court has full jurisdic- 
 tion, the Commission may nevertheless annul its former order or modify the same. 
 Surely no such double jurisdiction is feasible, and there should be added at the end 
 of section 3 the following proviso: 
 
 "Provided, That if, pending any proceeding in any court to enforce or to annul or 
 modify or otherwise affect any order of the Commission, the Commission shall 
 determine to reopen its investigation or proceeding for the purpose of modifying, 
 amending, or annulling the order, ruling, or requirement concerning which proceed- 
 ings may be pending in such court, it shall be the duty of the Commission to give 
 notice of such intention to the court before which such proceedings may be pending, 
 and thereupon the jurisdiction of the court shall be suspended and the record referred 
 back to the Commission for its further order, ruling, or requirement." 
 
 The words "such proceeding for review" in line 4, section 3, page 3, and in line 
 12, section 3, page 3, should be stricken out and have substituted therefor the words, 
 viz, "proceedings to set aside or annul any order, ruling, or requirement of the Com- 
 mission." This upon the theory that a review in the nature of things is entirely 
 inappropriate. 
 
 Section 4. There should be added to section 4 the following proviso: 
 
 "Provided, That if any carrier against whom an order, ruling, or requirement of 
 the Commission may be made, shall file any suit or proceeding to set aside or annul 
 such order, ruling, or requirement, the Commission may at the same time the 
 defendant answers, file a cross bill for the enforcement of such order, ruling, or 
 requirement, and proceedings thereon had in the same manner as if the Commission 
 should apply by original petition to enforce obedience to its orders." 
 
 This proviso should be added for the manifest reason that it would prevent a mul- 
 tiplicity of suits. And the further proviso should be made, viz: 
 
 ^ ' ' Provided also. That where the Commission shall institute any proceeding to enforce 
 obedience to its orders, ruling, or requirement, any carrier, party to such proceeding, 
 may file its crossbill seeking to annul or set aside the Commission's order, ruling, or 
 requirement, but failing to do so shall not thereafter be permitted to maintain any 
 such suit or proceeding to set aside or annul any order, ruling, or requirement of the 
 Commission." 
 
 This proviso should be inserted for the manifest reason that when the court acquires 
 jurisdiction of the subject-matter of the Commission's order, the litigation should be 
 complete and confined to that particular proceeding. Were it not true that this bill 
 has provided a new and special sort of court with special jurisdiction, it might be 
 assumed that the court would adopt rules which would require all of the matters to 
 be litigated in one action, where either the Commission or the carrier first instituted 
 it, but evidently the court would not be compelled to adopt any such rule and, as dis- 
 patch is essential, this jjroviso should be inserted. 
 
 Section 7: The establishment of the court by appointment from the circuit court 
 judges of the United States seems entirely unnecessary. Undoubtedly three judges 
 for the court of transportation are amply sufficient. The existing circuit court 
 judges have been appointed with a view to their places of residence and because 
 they have sought the specific appointment, under existing laws at the time they were 
 appointed. It is by no means certain that they can be compelled to act as a court of 
 transportation. Possibly only those who might consent to act would accept the 
 appointment. There is no use whatever of disturbing the present circuit courts in 
 attempting to add to the duties of the judges that of judges of the court of transpor- 
 tation. It is an unprecedented sort of thing. It limits the sphere from which the 
 President may select the judges of the court of transportation. It looks to me that 
 it questions his ability to make proper selection and compels him to make the 
 selection from judges who have been appointed by other persons and for a different 
 sort of service. 
 
 Mr. Townsend's original bill establishing an interstate commerce court did not con- 
 tain any such complicated, uncertain, and limited means of providing judges for this 
 court. That bill, it was generally understood, voiced the sentiments of the President 
 upon the subject. Mr. Hepburn's bill, which was defeated in the committee, pro- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 187 
 
 vided this method of selecting the judges for the court of transportation. It is not 
 at all probable that there is any economy to grow out of this method of appointment 
 and it would seem better and comport with the spirit of our laws that the President 
 appoint the judges of the .transportation court without limitation as to the source 
 from which such appointment should be made. The public can scarcely see why 
 this method has been seized upon. 
 
 Sections 8 and 9. If section 7 should be changed to conform to the above views, 
 then sections 8 and 9 should be eliminated, and substitute therefor appropriate pro- 
 vision for the sessions of the court of transportation. 
 
 Section 10. To section 10, page 6, at the end thereof, should be added the following 
 proviso: 
 
 '^Pronded, That any suit at law which maybe brought by any party in whose 
 behalf reparation shall have been ordered by the Commission, may be brought 
 either before the court of transportation or before any circuit court of the United 
 States having jurisdiction thereof, as is now provided by section 16 of the act to 
 regulate commerce." 
 
 Section 12. Strike put all after the word "controversy" in lines 14, 15, 16, 17, and 
 18, and insert in lieu thereof the following proviso: 
 
 "Provided, That if it shall be made to appear to the court of transportation that 
 there exists newly discovered evidence which could not with due and reasonable 
 diligence have been known to the parties at the time of the hearing before the Oom- 
 naission, and that such testimony shall be of such character that the court of trans- 
 portation may be of the opinion that it would or might change the result of the 
 Commission's order, ruling or requirement under investigation, the court of transpor- 
 tation shall, in such case, refer the case back to the Commission in order that the 
 testimony may be presented to the Commission, and that it may act upon the whole 
 case in view of all of the testimony, but the court of transportation shall not con- 
 sider any other testimony or facts than that which shall have been presented to the 
 Commission." 
 
 The reason for inserting this proviso is manifest — that is, that the court should only 
 pass upon the case which the Commission heard and tried. Any other sort of arrange- 
 ment makes it a trial court, and it is but the prolonging of proceedings, and at last 
 deprives the shipper of any reasonable and speedy relief. Those who have practiced 
 betore the Commission in such cases know how easy it would be to thus introduce 
 new testimony, which could be said not to be known at the time of the hearing 
 before the Commission. I undertake to say that the evidence bearing upon the rea- 
 sonableness of a rate is practically without limit in its scope, and the facilities and 
 opportunities for making a different case before the transportation court than that 
 made before the Commission would exist in practically every case. 
 
 Section 14. This section seems to give to the court of transportation an absolutely 
 free hand in the granting of all sorts of restraining orders, but leaves it so any injunc- 
 tion or restraining order may be continued in effect on appeal, and opens the way 
 and furnfshes the opportunity to and indeed the invitation to the carriers to procure 
 injunctions gnd restraining orders in every case which may be decided by the Com- 
 mission. It is therefore imperative, in my opinion, if this section is to stand in its 
 present form, that there be added to it the proviso, viz: 
 
 "Provided, That the court of transportation shall not grant any temporary injunc- 
 tions or restraining orders suspending any order, ruling, or requirement of the Com- 
 mission, except where it is clearly and satisfactorily shown that the order, ruling, or 
 requirement of the Commission in question is erroneous and in violation of the law 
 or some constitutional right, and such restraining order shall not remain in effect 
 longer than thirty days within which a final hearing shall be had upon any petition 
 in which any temporary restraining order or injunction shall be granted as against 
 the order, ruling, or requirement of the Commission." 
 
 Unless some such proviso is added to section 14 it would be found that every order 
 of the Commission is hung up by temporary restraining order and every sort of delay 
 which can be practiced in court. 
 
 Section 15. There should be added to section 15 the following proviso: 
 
 ' 'Provided, That where the court of transportation shall Upon any hearing before 
 it brought either by the Commission or the carrriers, suspend the order, ruling, or 
 requirement of the "Commission, and an appeal shall be taken from the judgment or 
 decree of the court of transportation, such appeal shall not in such case suspend the 
 order of the Commission, but the same and the decree of the court of transportation 
 shall remain and be effective pending such appeal." 
 
 Surely after the Commission has fixed a rate, and after the court of transportation 
 has issued its order enforcing the same or refusing to grant any injunction restraining 
 the enforcement of the order of the Commission, the shipper is entitled to have such 
 
188 DUTIES AND POWERS OE INTERSTATE COMMEKCE COMMISSION. 
 
 rate so fixed by the Commission and sustained by the court of transportation put into 
 efiect. 
 
 The whole spirit of sections 14 and 15 of this bill seems to lose sight of the fact 
 that the shipper has any rights whatever. Every possible right of the railroad is 
 protected. More extensive remedies are given against the legislative act of fixing a 
 rate than has ever been attempted under any other form of remedy or relief. Yet 
 the shipper is bound by what the Commission does, while the railroad is given the 
 opportunity to practically destroy all the benefit which the shipper can gain from 
 the Commission's act by this cumbersome method of so-called review, retrial and 
 appeal, during all of which time the shipper must continue to pay the unlawful 
 exaction and the railroad is provided with every means of pocketing the money. It 
 seems that in the attempt to be fair the benefits which are apparently conferred by 
 the bill are in effect destroyed by these extensive powers of the court of transporta- 
 tion and the provisions which make it as easy for the railroads to circumvent for an 
 unreasonable length of time, if not entirely, what the Commission may have done. 
 
 To pass such a bill and make it a law is simply providing a halfway measure, a 
 mere makeshift. 
 
 Respectfully submitted. 
 
 S. H. Cowan, 
 Attorney for Western Cattle Interests. 
 
 Senate Committee on Interstate Commerce, 
 
 Saturday, February 11, 1905. 
 
 STATEMENT OF DANIEL DAVENPORT— Coatinued. 
 
 The Chairman. You may resume, if you please, Mr. Davenport. 
 
 Senator Foster. Mr. Chairman, there are some questions I should 
 like to ask Mr. Davenport. 
 
 Mr. Davenport, would you prefer to wait until you get through 
 before answering these questions? 
 
 Mr. Davenport. You mean questions pertaining to what 1 have 
 said? 
 
 Senator Foster. Yes, sir. 
 
 Mr. Davenport. No; I should be pleased to answer them now, to 
 the best of my ability. 
 
 Senator Foster. You admit, Mr. Davenport, that Congress has the 
 right to fix rates for railroads engaged in interstate commerce, do you 
 not? 
 
 Mr. Davenport. Yes, sir; with the limitations 1 have stated. 
 
 Senator Foster. But jom contend that Congress in the exercise of 
 that power is under certain constitutional limitations and restrictions ? 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. For instance. Congress could not establish any 
 confiscatory rates by which the pi'operty of railroad companies would 
 be taken without due process of law. 
 
 Mr. Davenport. I assent to that. 
 
 Senator Foster. Section 9 of Article I of the Constitution reads as 
 follows: 
 
 No preference shall be given by any regulation of commerce or revenue to the ports 
 of one State over thosg of another; nor shall vessels bound to or from one State be 
 obliged to enter, clear, or pay duties in another. 
 
 I understand that you contend that this is also a limitation placed 
 upon Congress so far as concerns establishing, rates between the dif- 
 ferent ports of the country? * 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. And that should Congress give any preference to 
 one port over another situated in a different State it would then be 
 exceeding its constitutional powers? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 189 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. You illustrated that by the freight charges between 
 Boston and Atlanta or Montgomery on the one hand, and between 
 Chicago and Atlanta or Montgomery on the other hand, Boston being 
 some live hundred miles farther from those southern points than Chi- 
 cago; and 1 understand that upon the same class of freights the rates 
 are higher from Chicago than from Boston. 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. And that if Congress should establish the same 
 rates which are now made by the railroads, it would then come within 
 this- constitutional prohibition against establishing a preference as 
 between ports in different States. 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. That seems to me to present rather an anomalous 
 condition — that the railroads, whicTi are the creatures of Congress, 
 have the power to violate a provision of the Constitution, and that 
 Congress has no right to correct the charges which have been estab- 
 lished by the railroads. 
 
 Mr. Davenport. That brings me. Senator, right to the point. 
 
 Senator Foster. I am simply stating these difficulties which have 
 presented themselves to me. I understand, however, Mr. Davenport, 
 that this bill does not deprive the railroads of the right to fix rates; 
 that it simply confers on the railroad commission the power to exam- 
 ine into the rates which have been established by the roads, and if that 
 Commission finds that these rates are in violation of the law now upon 
 the statute books, the Commission can then revise those rates, and for 
 the rates established b}' the roads substitute a rate of its own; that 
 that power on the part of the Commission is not absolute and final, but 
 is subject to review by the courts; that the railroads have full pro- 
 tection through the courts for any wrongful act which the Commission 
 may do to them in the establishment or the substitution of a new rate 
 for the rate which the railroad had already fixed. These being the 
 powers sought to be conferred upon the Commission by the bill, in your 
 judgment, is this article of the Constitution to which we have both 
 referred applicable, even admitting that your contention is correct as 
 to the limitation of the powers of Congress ? 
 
 Mr. Davenport. In response to your several questions, Mr. Sen- 
 ator, you open up the subject just as I intended briefl.y to discuss it 
 after reading over the minutes of my ragged talk yesterdaj". 
 
 Senator Foster. But, before proceeding with your statement, 1 
 understand that you do not deny the power of Congress to confer the 
 rate-making power, or whatever it may be termed in this bill, upon 
 the commission, but that the commission, like Congress, in the exercise 
 of that power is limited by Constitutional restrictions. 
 
 Mr. Davenport. That is as I understand it. 
 
 Senator Foraker. Do you or not question the power of Congress to 
 delegate the rate-making power? 
 
 Mr. Davenport. Senator Foraker, you know that this matter has 
 been impliedly decided by the Supreme Court of the United States. 
 In several cases they have said, strange as it may seem to some, that 
 the power to fix rates may be delegated by Congress to a commission. 
 As we take our law upon these • matters from the Supreme Court, I 
 must say that, as a lawyer, I am compelled to acknowledge the propo- 
 sition, though if 1 were a Senator my view of it might be different. 
 
 Senator Foraker. 1 asked the question in order to get the benefit 
 
190 DUTIES AND POWERS OF INTEKSTATE COMMEECE COMMISSION. 
 
 of your own view on that subject. I understood you yesterday to 
 assume that Congress had the right to delegate the rate-makiug power 
 to the commission, but that when delegated to the commission it was 
 to be exercised by it subject to the same limitations as would apply to 
 Congress if Congress were directly to undertake the exercise of that 
 power. 
 
 Mr. Davenport. Yes; 1 assumed, for the purpose of discussion, 
 that Congress had the power to delegate the regulation of railroad 
 rates to the Interstate Commerce Commission, and I proceeded in my 
 remarks upon that assumption. 
 
 That matter has crept in a peculiar way into the jurisprudence of the 
 United States. You remember the Granger legislation, which began, 
 1 think, in 1872 or 1873 and culminated about December, 1876, m a 
 decision by the Supreme Court of the United States (in the case of 
 Munn V. Illinois) that a State legislature had the power 'to fix the maxi- 
 mum charges on warehouses the same as it had as to common carriers; 
 but in searching around for the ground on which to place it the Supreme 
 Court placed it upon the ground of the police power of the State. 
 They referred to the fact that in the reign of William and Mary, in 
 1688, Parliament had enacted a law fixing the maximum charges for 
 persons engaged as comnion carriers, and they referred also to a case 
 in the District of Columbia where Congress early fixed the maximum 
 charges for hack drivers and for wharfingers. Of course Congress 
 has the police power here in the District of Columbia, and in the sev- 
 eral States the State has the power; but it had not been generally 
 supposed that Congress possessed the police power. 
 
 Notwithstanding that decision, you will notice as you run along 
 down through the decisions, that there has graduall}'^ crept into the 
 language of judges delivering the opinions of the Supreme Court an 
 assumption, a statement that Cohgress, by virtue of the power to reg- 
 ulate interstate commerce, has the power to create a commission to 
 prescribe rates to be charged by common carriers engaged in interstate 
 business, just as though the power to regulate commerce had such ex- 
 tent as a State has, in the exercise of its police power, to determine 
 those matters of commerce wholly within the State. 
 
 So that, if it were a new question and worth while to discuss what 
 the Supreme Court would hereafter hold upon such questions, there 
 might be room for very serious argument. 
 
 In our church we follow the decrees of the highest authority. In 
 my section of the country we find we have to be governed by the de- 
 cisions of the Supreme Court of the United States when we come to 
 discuss questions of the meaning of the Constitution and the extent of 
 the powers of Congress. 
 
 Now, turning to the subjects suggested by the inquiries of the Sena- 
 tor from Louisiana 
 
 Senator Foraker. Before you leave that, I wish to remind you that 
 you have not yet touched upon those decisions or those remarks or 
 statements of the judges to be found in the opinions of the Supreme 
 Court to the effect that this power, which it must be conceded Congress 
 can exercise, may be delegated by Congress to a commission. The 
 question is not whether Congress can exercise that power, because 
 that has been thoroughly established. The Constitution gives it, and 
 the Supreme Court has so decided again and again. But the point to 
 which 1 directed your attention in my inquiry you have not yet touched 
 upon. 
 
DUTIES AND POWEES OF INTERSTATE COMMEKCE COMMISSION. 191 
 
 Mr. Davenport. I assume 
 
 Senator Foster. I understand that Mr. Davenport assumes that Con- 
 gress can delegate this power to the commission. 
 
 Mr. Davenport. Yes; I assume that, because, though I have not now 
 at hand the authorities, I think you will find in the language of these 
 decisions that which is tantamount to an express declaration that Con- 
 gress may delegate that power. 
 
 Senator Dolliver. But it is a legislative power when exercised by 
 the commission as much as when exercised by Congress? 
 
 Mr. Davenport. I.understand it to be such. 
 
 Senator Dolliver. Now, another question arises, suggested by what 
 Senator Foster has just asked you; that is, whether or not the judiciary 
 can interfere with what the legislative department does, except only 
 when the legislative department does that which is in effect confis- 
 catory. 
 
 Mr. Davenport. In regard to that subject. Senator, if I have an 
 opportunity 1 should like to talk to the committee. The word confis- 
 catory, as I understand it, is used in the decisions of the Supreme 
 Court of the United States as equivalent to oppressive. It need not 
 be absolutely confiscatory. The position was taken by the Supreme 
 Court in Munn v. Illinois, in which the court said that the legislature- 
 having acted, so far. as the courts are concerned the remedy of the 
 people is at the polls. But that has long since been crawled away from 
 by the courts, and it has come to pass, as I shall show you shortly, 
 that the courts have practically held that anything that deprives a man 
 of a fair return for his property is taking property without' due proc- 
 ess of law. ^ 
 
 But now to come to these very matters involved in the inquiries of 
 Senator Foster: The exercise of the right to fix rates, enjoyed and 
 possessed by railroad companies engaged in interstate commerce, is an 
 entirely voluntary thing so long as they act within the provisions of 
 the law, so long as as they do not violate any law. When, in 1887, 
 Congress passed the interstate commerce act and undertook to regulate 
 interstate commerce, that act extended only so far as to say'that there 
 should be no undue preference extended. As long as that law stands 
 on the statute books the railroad companies, so long as they do not 
 exercise any undue preference — which the cour£s have interpreted, 
 you know, to be treating different persons similarly situated differ- 
 erently — are entirely within their rights, and the constitutional pro- 
 vision has no bearing. The Constitution does not prevent Senator 
 Foraker, myself, or anyone else from extending privileges to people 
 in one port which give them advantages over those of another. But 
 when Congress undertakes to lay down the law in regard to rates, then 
 it is an exercise by Congress of the power to regulate commerce, and 
 the provision that no preference shall be given to the ports of one 
 State over those of anotner by any I'cigulation of commerce or revenue, 
 is inherent in the power that Congrfess exercises, and is as much a 
 limitation, as I said yesterday, upon the exercise of that power as is 
 the limitation as to direct taxation upon the exercise of the right to 
 lay taxes. 
 
 Senator Dolliver. Is not that a limitation also upon the right of 
 the railroads to do the same thing ? 
 
 Mr. Davenport. Oh, no. The railroads are not regulating com- 
 merce; they are carrying on commerce; they are exercising the right 
 of the common carrier to charge what it pleases, whatever is just and 
 
192 DUTIES AND POWEES OF INTEESTATE COMMEKCE COMMISSION. 
 
 reasonable as between it and the shippers. There is nothing done by 
 the carriers or anyone that is a regulation of commerce. 
 
 Senator Foraker. That limitation comes into operation only when 
 Congress undertakes to exercise this power to regulate commerce ? 
 
 Mr. Davenport. Yes; either directly or indirectly. 
 
 Senator Foster. You do not think, then, that Congress can give its 
 creature greater powers than Congress itself has ? 
 
 Mr. Davenpo-rt. I was considering it broadly'. Congress can char- 
 ter a corporation and authorize it to carry passengers and freight for 
 hire, but when that creature thus called into " existence proceeds to 
 exercise its power it is in no sense regulating commerce, within the 
 meaning of the Constitution. The regulation of commerce is some- 
 thing done by legislative act. 
 
 Let us follow that a little farther. Why was that clause put in the 
 Constitution ? We know its history very well. It is matter of record 
 in Madison's Debates and the records of the Constitutional Convention 
 of 1787, and it is also discussed, I think, in several papers in the Fed- 
 eralist. This was the reason : Those gentlemen had empire in their 
 minds. They looked ahead. You who are fresh from discussing it in 
 the Senate will remember that when the convention was in session the 
 Northwestern Territorj' had already been blocked out for the creation of 
 five States, and there were arrangements in progress for the creation of 
 other States in the country west of the AUeghenies or the Blue Eidge — 
 Kentucky, Tennessee, Mississippi, and Alabama; and in deliberating 
 upon this. matter you will remember that Rhode Island, having the 
 port of Newport, was practically the doorway for all commerce that 
 came into New England. Connecticut, and Massackusetts in a measure, 
 suffered extremely from the bad treatment accorded them, and they felt 
 that they experienced wrong in Rhode Island sitting there and levying 
 tariffs and imposing all soi'ts of burdens upon the inhabitants of Con- 
 necticut and Massachusetts; and you will remember that it was out of 
 those difficulties that the movement really sprang which led to the first 
 convention at Annapolis, where only a few delegates from a few States 
 attended, and which soon adjourned after recommending the Congress 
 of the Confederation to call a general convention. 
 
 When that general convention met in Philadelphia in May, 1787, 
 with all this matter before them regarding this great country to the 
 westward, and knowing from the history of the past that it was likely 
 to be greatly developed, and knowing that they had had trouble at 
 New Orleans — as you remember, Mr. Senator — from the fact that the 
 Spanish at that time were in possession of the mouth of the Missis- 
 sippi, they put into the Constitution this prohibition, that no regula- 
 tion of commerce of any kind should give a preference to the ports of 
 one State over those of another. They recognized the fact that then 
 were to be inland States; they recognized the fact that great Statet 
 were to be created in the West, and consequently those words were put 
 in there with full comprehension of the fact that the commerce of one 
 State passing from the interior to a port might be subjected to onerous 
 restrictions by the intervening States; and they recognized the fact 
 that inducements might be thrown out by acts of Congress for people 
 to come' to the port of one State rather than to the port of another 
 State. So they cut it up by the roots absolutely bj' providing in 
 express terms that no preference should be given to the ports of one 
 State over those of another. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 193 
 
 Senator Foster. In regard to what ? 
 
 Mr. Davenpoet. " By any regulation of commerce or revenue; " and 
 further — 
 
 Nor shall vessels bound to or from one State be obliged to enter, clear, or pay 
 duties in another. 
 
 Although we can not believe, we can not suppose, that they could 
 have foreseen what has now come to pass — the wonderful improve- 
 ment in tlie means of transportation that has sprung up in recent 
 times-— there is some reason to think that they did foresee a good deal 
 of that. They recognized the fact that Congress might perhaps do the 
 very thing which, unless this constitutional provision does apply, may 
 create the greatest of evils. For if that limitation does not apply, and 
 the Congress of the United States should create such a tribunal as is 
 proposed, and clothed with these powers, see what j'ou do. You put 
 absolutely in the hands of a tribunal, composed of five or seven men, 
 the power to create and to destroy not only cities and towns, but 
 great sections of the country, by the very fact, under the authority to 
 regulate interstate commerce, of giving privileges in favor of one sec- 
 tion over those of another. 
 
 Nor do you escape from that by giving the courts the power to 
 review. I have deliberated somewhat upon this subject. I have talked 
 somewhat with sound men. I know it is a new subject broached in the 
 discussions before this body. But I am confident that soon«or late the 
 ultimate judicial tribunal will decide that whatsoever power in the way 
 of regulating rates is exercised by the Commission, or shall hereafter 
 be exercised by Congress directly, is subject to that limitation. 
 
 There is another branch of the inquiry that I understood the honor- 
 able Senator to make. 
 
 Senator Foster. Following your argument logically, the railroad 
 commission, then, as between ports of the country, would necessarily 
 be compelled to adopt a uniform basis' of charges? 
 
 Mr. Davenport. I can not think of any other way by which it can 
 be done. 
 
 The Chairman. Let me see if 1 have correctly apprehended your 
 contention. If Congress can delegate this power to the Commission, 
 the Commission is restrained by the Constitution just as Congress is, 
 and can not make these differentials as between ports in different States, 
 because they would be violating this very clause of the Constitution? 
 
 Mr. Davenport. That is it. 
 
 The Chairman. They could not do it. 
 
 Mr. Davenport. They could not do it. 
 
 The Chairman. As Congress could not do it, so the Commission 
 could not. 
 
 Mr. Davenport. Yes, sir. 
 
 Senator Foster. If 1 understand, Mr. Davenport, this would involve 
 such a radical change of rates now established that it would bring 
 about a violent disturbance of business conditions to such an extent 
 that it would affect the values of all railroad securities and properties. 
 
 Mr. Davenport. Yes, sir. 
 
 ■The Chairman. Would it not build up some ports in preference to 
 others ? 
 
 Mr. Davenport. Some having great prosperity now would decline, 
 and others that have it not would grow. Nobody could tell what the 
 final j'esult would be. 
 RY— 05 13 
 
194 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Foraker. I want to ask a question right tiiere. Mr. Daven- 
 port states a conclusion when he says it would disturb business condi- 
 tions, and that it would have this, that, and the other disastrous effect. 
 Take a practical illustration, Mr. Davenport, and give us your view 
 with respect to it. As I understand, the distance from New York to 
 Chicago is not the same as from Philadelphia to Chicago, there being 
 some 90 miles difference. 
 
 Mr. Davenport. I catch your point, Senator, and I will illustrate. 
 
 Senater Foraker. What is the differential, if any, in freight rates 
 betweeen Chicago or St. Louis, or any other place you see fit to take, 
 and those two cities? 
 
 Mr. Davenport. Boston is nearer to Chicago than Newport News, 
 Va., but the rate per hundredweight or per bushel, or however meas- 
 ured, is, we will say, a cent and a half less from Chicago to Newport 
 News than it is from Chicago to Boston, although the distance is 
 shorter. That difference per hundredweight is called a differential, 
 which in railway language, as 1 understand it, is an allowance made 
 to a railroad for some disability. But, practically, when you come 
 to consider it, that differential is made for the purpose of encouraging 
 commerce in one port which otherwise would not have it. For 
 instance, you know the Government of the United States has for years 
 expended enormous sums for the improvement of harbors all along 
 the coast. New York, by reason of its peculiar advantages, had as far- 
 back as 18^2, I think, some 80 per cent of the import trade of the 
 country and some 62 per cent of the export trade. 
 
 When the railroads were under the management or supervision of a 
 commissioner, Mr. Frinck, they decided that it would be better for 
 the railroads, and better for the country generally, if the railroads 
 would extend a privilege of this kind to Newport NewS and Baltimore 
 and make them equal, giving a cent and a half less to those points than 
 to Boston and New York, and a cent to the advantage of Philadelphia. 
 You gentlemen know that a ship does not come to a harbor with its 
 cargo to unload unless there is some expectation that it will get a 
 return cargo. Take the port of New Orleans; take Galveston, Tex.; 
 take Philadelphia; take Baltimore, particularly; the idea was to bring 
 the freight from the West to those points for export, and the vessel 
 that came there loaded would deposit its cargo, take on another cargo, 
 and go on, and the railroads would have the benefit of carrying it back 
 into the country. Just as down in the southwestern country to-day. 
 You know the rate on grain from Lincoln, Nebr., to Galveston is away 
 down, so that all grain goes to Galveston. What is the reason of that? 
 You gentlemen from the South, especially, know that your Southern 
 ports — and properly too, from a broad-minded point of view — have 
 been the subjects of nourishment, not only by Congress, but by these 
 carriers. But the special reason for that is ttiis, that in your country 
 there is that great lumber supply which has to be brought north, and 
 the railroads might have to haul their cars down there empty and then 
 haul them back, and consequently a much heavier freight charge would 
 have to be paid for bringing the lumber north. So the railroads say: 
 " We can afford to carry the freight cheaply going that way in order 
 that we may be able to receive, handle, and get pay for the freight 
 coming this way." 
 
 You can take the whole country over, and every locality, small and 
 great, is in a greater or less degree subject to the influences that I 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 195 
 
 have illustrated here. And this is most vital to particular sections of 
 the country, my own New England and the southern ports. 
 
 Senator Forakee. If the differential were discontinued, Boston 
 would get the benefit of it as against Newport News and Baltimore? 
 
 Mr. Davenport. On that particular class. 
 
 The Chairman. Can you state the differential as between Boston. 
 New York, and Philadelphia, and Newport News ? 
 
 Mr. Davenport. Only on grain. 
 
 The Chairman. Take the grain rate. 
 
 Mr. Davenport. It is a cent and a half in favor of Newport News 
 and Baltimore, and a cent in favor of Philadelphia, as against New 
 York and Boston. 
 
 Senaitor Newlands. Do you say that Boston is nearer to Chicago 
 than Philadelphia or Baltimore ? 
 
 Mr. Davenport. Oh, no. If you have followed the testimony 
 given at the hearings before the Interstate Commerce Commission 
 recently you will see that the representatives of Philadelphia made 
 the claim that there is no differential in her favor, because they did 
 not admit that it was a differential. 
 
 Senator Newlands. It is a shorter distance. 
 
 Mr. Davenport. It may be a shorter distance by one route, but 
 when you bring the grain down from the Lakes and across that way, 
 the contention is that it is a differential. 
 
 Senator Foster. Here is what I wish to get from you: Do I under- 
 stand you to contend that if this power were conferred upon the Com- 
 mission, in the exercise of that power the Commission would be bound 
 to change these rates established by the railroads ? 
 
 Mr. Davenport. Absolutely, and I will show you how. 
 
 Senator Foster. And that they are bound to do away with these 
 differentials ? 
 
 Mr. Davenport. Absolutely, and I will show you how. 
 
 Senator Foster. I can not agree with you about that 
 
 Mr. Davenport. I will explain to the Senator. 
 
 Senator Foster. Because, if you be correct in that, then this Com- 
 mission will be bound to establish an entirely new system of rates over 
 the whole country upon some uniform basis. 
 
 Mr. Davenport. Let me show you how it will come about. Within 
 twenty-four hours after the law becomes operative what will happen? 
 A shipper in Boston will apply to the Interstate Commerce Commis- 
 sion and ask them to adjust the rates as between Boston and Newport 
 News,, we will say. The matter is brought at once to the attention o* 
 the Commission, and they ask, What is the ground of thisi* The 
 answer will be that that rate should be the same per hundredweight or 
 per mile. The Commission says, If that is true that affects every rail- 
 road and every rate in the United States. What are we going to do? 
 
 Senator Foster. But, Mr. Davenport, the Commission is bound to 
 act under the law. 
 
 Mr. Davenport. It is going to act under the law. 
 
 Senator Foster. The law makes no such provision as that. 
 
 Mr. Davenport. I beg your pardon, but it does. 
 
 Senator Foster. Then every railroad in the United States is violat- 
 ing the law. The Commission must act under the aws on the statute 
 books for regulating interstate commerce. 
 
196 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Davenport. The Interstate Commerce Commission has no power 
 now to regulate rates. 
 
 Senator Foster. I mean, if this power were conferred upon the 
 Commission. 
 
 Mr. Davenport. The minute you confer that power upon the Com- 
 mission you give them authority to exercise it. Let me show you what 
 will happen and how: Take Judge Cowan's case— history is philosophy 
 teaching by examples. You can not have a better case, as practical 
 men, to study than that very cattle case, where they filed a complaint 
 against sixty railroads. But what will the Commission do ? They will 
 give notice to everybody that this contention is made; that they are 
 going to determine whether these rates are reasonable as between 
 Boston and Newport News; that in determining that they must cease 
 discriminating between points, as is the result of these differentials. 
 
 The Chairman. Or make no preference. 
 
 Mr. Davenport. Or make no preference. 
 
 The Chairman. 'J'he railroads do it now? 
 
 Mr. Davenport. But that is not any regulation of commerce. 
 
 The Chairman. Of course not. 
 
 Mr. Davenport. That is not a regulation of commerce any more 
 than a deal between the Senator and myself is. I am now speaking of 
 the lawmaking power. There is no doubt that our fathers wanted to 
 have all commerce as free as possible. But there is the power. Now, 
 what will happen? You are practical men. If the thing can be done, 
 an ingenious man ought to be able to show how. The Commission 
 will make a decision one way or the other on that subject. That case, 
 if there are not too many holes in the skimmer as it has been rigged 
 up in the Esch-Townsend bill, we will say, goes to the court of trans- 
 portation. They pass upon it, and they say you decided wrongly if 
 you decided that you could discriminate, and that you decided rightly 
 if you decided that you could not discriminate. The case then goes to 
 the Supreme Court of the United States. I do not intend to repeat 
 what I have said, but I have confidence in American jurists, and I 
 believe that the Supreme Court of the United States will say that the 
 Commission is bound, in legislating for the railroads of this country, 
 to do just as Congress would do in legislating for the countiy, and 
 that if Congress should attempt by direct act to give a differential in 
 favor of one port over, the other it would be void. 
 
 That decision having been made, then what happens? The Supreme 
 Court having decided that the power conferred upon the Commission 
 has to be exercised in accordance with that limitation, the Commission 
 then upon application is bound to go ahead, and if there be differential 
 rates change them. Where you have seven members, I believe you 
 would want 7,000 members of this Commission if you ever attempted 
 to do it. What will happen then? They will have to adopt the prin- 
 ciple I spoke of as the only one mj' poor inventive faculties could sug- 
 gest, by saying the rate shall be so much per ton per mile for every 
 railroad, rich or poor; four-track, three-track, two-track, one-track; 
 crooked road or straight road, that wherever it goes, for hauling a ton 
 a mile every road shall receive a certain rate. 
 
 But then. Senators, they will go right squarely upon the other rock. 
 Avoiding Scylla, they will have plunged upon Charybdis, because 
 they have another constitutional limitation upon the exercise of their 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 197 
 
 power, viz, that they must not confiscate; the exercise of such a power 
 upon a particular railroad, in the way I have pointed out, would be 
 confiscatory, and the road could not earn a fair return upon its invest- 
 ment. 
 
 The more I think about it the more grateful I am to the founders 
 of our Government and the framers of our Constitution for their 
 solicitude to protect and preserve private property from spoliation, 
 for these several constitutional provisions render it practically impos- 
 sible for Congress directly or indii-ectly to put in force any schedule of 
 rates which shall be operative among all the railroads. 
 
 But passing those interesting subjects, there are still more interesting 
 ones that lie before us. When the committee went into executive ses- 
 sion yesterday 1 was about to take up this other aspect of the maiter. 
 You all listened to Judge Cowan with a great dfeal of interest, and I did 
 so with extreme interest, for Judge Cowan is a very able man, and he 
 has had a great deal of practical experience in trying these questions 
 before the Interstate Commerce Commission. 1 wanted to ask him a 
 few questions, but the rules of the committee properly did not permit 
 such a course of procedure. He enumerated before you the enor- 
 mous difficulties to be found in establishing and proving what was a 
 reasonable rate. The question was whether $100 per car load from 
 Fort Worth to Kansas City was too much or not. 
 
 Senator Dolliver made the remark, "It seems to me that a year's 
 trial and 20,000 pages of testimony are an extraordinary thing in . 
 finding out whether that is too great a charge for a carload of cattle 
 from Fort Worth to Kansas City." , That was a very natural comment. 
 Had Senator Dolliver and I been in controversy over a question of a 
 particular excessive charge by a carrier before a jury or the court, as 
 the case may be, we would easily settle that case within a week. 
 Why? Because entirely different principles are involved in the deter- 
 mination of the question of whether or not a common carrier has 
 charged a shipper an unreasonable amount, and in the question of 
 wheSier or not the power of Congress is being exercised in a manner 
 which is confiscatory of property. In a case in suit no one would ever 
 think of going into the questions of the value of the property, the 
 amount of operating expenses, gross revenues, and the value of their 
 stocks, and all that. If we attempted to go into those things we would 
 be ruled out in a minute by the court. The court would ask, " What 
 are the usual charges under those circumstances ? What is the char- 
 acter of fhe service? " And the court would quickly get at the result. 
 And we would have a very slim show, I think, in going to an appellate 
 court upon error if either of us had offered such evidence as that and 
 it was excluded. 
 
 Ncfw, I want you to remember that Judge Cowan, in telling you 
 his difficulties, overlooked entirely the main difficulty. He was lost in 
 the foothills of difficulties when there was a great mountain of difficulty 
 lying before him. That was this, as I was reading you from the decision 
 of the Supreme Court of the United States yesterday: In determining 
 what is a reasonable rate in interstate commerce you must consider it 
 solely with reference to the interstate commerce. You have been, or 
 you will be, or you ought to be, bombarded by and by with statistics 
 as to what the charges are, the course of rates, etc. You will be told, 
 undoubtedly, that the rates — that is, the retui'n of revenue to the roads 
 per ton per mile— are very low. But that does not begin to tell you 
 
198 DUTIES AISTD POWERS Oi' INTEKSTATE COMMERCE COMMISSION. 
 
 the whole story, because all those figures include the returns from both 
 the local business and the through business, and the same is true in 
 regard to passengers. You know, ten men travel in a State to every 
 one man who travels through. The relative arnounts of passenger 
 earnings, for instance, in domestic business and in interstate business 
 are not equally divided by any means; but when you get to freight 
 business it is asserted that 75 per cent is interstate business. 
 
 But this is the point: How will our learned Commission proceed 
 when they sit down to solve the knotty problem ? Remember, it is 
 difficult enough under the State.laws. In that case of Smyth v. Ames 
 (169 U. S.) the Supreme Court said that you must look only to the 
 property that is devoted to local business; you must look only to the 
 amount of local business, the expense of conducting the local business; 
 you must shut out o:^ view entirely the road as a whole, shut out of 
 view the property of the road as a whole, the value of its stocks and 
 bonds as a whole; you must in some way separate these matters so 
 that you can determine it upon what is strictly local; and they over- 
 ruled the contention of Mr. Bryan and his associate counsel on that 
 subject. 
 
 As a practical thing, take a railroad starting at New Orleans and 
 running northward uirough Louisiana, Mississippi, Tennessee, Ken- 
 tucky, and Illinois to Chicago. Very likely Judge Cowan would be 
 on the commission, and none is abler, I take it, than he to carry out 
 his ideas. What is he going to do with this proposition of separating 
 the two classes of business and determining what shall be done with 
 the interstate business wholly separated and distinguished from the 
 domestic or local business ? 
 
 Senator Foster. Will you allow me? 
 
 Mr. Davenport. Certainly-. 
 
 Senator Foster. As a matter of fact, did not the Commission exer- 
 cise this power for ten j^ears, and did it not deal with all these subjects 
 and all their intricacies? 
 
 Mr. Davenport. Not at all. That is one of the errors that I shall 
 hereafter speak of as propagated by Mr. Bacon. 
 
 Senator Foster. No; I do not think j^ou are exactly fair in referring 
 to Mr. ,Bacon alone in that connection, because I think some, of the 
 leading members of the House made that same statement. 
 
 Senator Dollivep. So did the Interstate Commerce Commission. 
 
 Senator Foster. I have a report from Mr. Shannon in which that 
 same statement is made. 
 
 Mr. Davenport. I will state to you that when the Interstate Com- 
 merce Commission was organized. Judge Cooley, Mr. Schoohmaker, 
 and Mr. Walter were Commissioners, and the question came up early 
 whether or not the Commission had that power, and they decided and 
 declared that they had not that power. 
 
 Senator Dolliver. Exactly what power, are you referring to now? 
 
 Mr. Davenport. The power to fix what they think is a reasonable 
 rate, in place of an unreasonable rate. 
 
 Senator Dolliver. Did they ever change that opinion? 
 
 Mr. Davenport. Did they? 
 
 Senator Dolliver. Yes. 
 
 Mr. Davenport. Thev did not, but in course of time those great 
 men passed away and others took their places. 
 
DUTIES AND POWERS OP INTERSTATE COMMEECE COMMISSION. 199 
 
 Senator Dollivee. In the first volume of the reports of the Com- 
 mission I find a decision, by Judge Cooley himself, reclassifying the 
 material out of which wagon hubs were made, taking that material 
 from the class of manufactured parts of wagons, and putting it in the 
 class of lumber, and declaring and exercising that exact power to 
 determine rates. 
 
 Mr. Davenport. In what respect— to say what it ought to be? 
 
 Senator Dolliver. To say what it was, and to make an order. 
 
 Mr. Davenport. Than what happened ? 
 
 Senator Dolliver. The railroads obeyed the order in that case. 
 
 Mr. Davenport. Of course we know that in 90 per cent of the 
 cases before the Commission whatever orders were issued were acqui- 
 esced in. 
 
 Senator Dolliver. I have gone through 40 of these cases in which 
 the Commission appeared to be exercising this power to determine 
 what rates should be. 
 
 Mr. Davenport. I understand that. The honorable Senator asked 
 me if it was not a fact that they possessed that powpr. 
 
 Senator Foster. No; that they exercised that power until the 
 Supreme Court declared that they did not have that power. 
 
 Mr. Davenport. Let me answer that comprehensively and brieflj' 
 by saying that while undoubtedly sporadic instances may be found 
 where orders were made which apparently assumed that the- Commis- 
 sion had that power, yet they never undertook to exercise that power 
 until after those men passed away, and there came that comprehensive 
 case which grew out of the question of maximum rates. 
 
 The Chairman. That was in 1897. 
 
 Mr. Davenport. That began along in 1893' or 1894, and in 1897 the 
 Supreme Court of the United States declared that the Commission did 
 not have that power, that it never had that power, and they quote the 
 opinions of the learned Commissioners themselves in confirmation of 
 their doctrine. 
 
 Senator Dolliver. I doubt very much whether what they quote 
 confirms that much of it, but I do know that among the first decisions 
 of the court was an order, 1 think by Commissioner Bragg, finding 
 the rate on wheat (which was 60 cents, I think) from Walla Walla to 
 Portland to be unreasonable and directing that it should be practically 
 cut in two, which order was put into effect and which order the rail- 
 roads obeyed. 
 
 The Chairman. In one case I remember the rate was 40 cents, and 
 there was a differential on lumber between some point in Tennessee 
 and some point in Virginia, and the Commission found that the exist 
 ing rates and practices were unreasonable. 
 
 Mr. Davenport. I want to read what the Commissioners said in 
 the early days. Commissioner Walker, in the first Interstate Com- 
 merce Commission report, page 19, used this language as to the sug- 
 gestion that they could construe, interpret, and apply the law by pre- 
 liminary judgment, that: 
 
 A moment's reflection will show that no such tribunal could be properly erected. 
 Congress has not taken the management of the railroads out of the hands of the 
 railroad companies. It has simply established certain general principles under which 
 interstate commerce must be conducted. 
 
200 DUTIES AND POWEES OF INTERSTATE COMMEKCE COMMISSION. 
 
 Commissioner Cooley said ttiis (p. 280, first Interstate Commerce 
 Report) speaking in regard to the long and short haul provision : 
 
 It (the Commission) would, in effect, be required to act as rate-makers for all the 
 roads, and compelled to adjust the tariffs so as to meet the exigencies of business, 
 while at the same time endeavoring to protect relative rights and equities of rival 
 carriers and rival localities. This in arfy considerable state would be an enormous 
 task. In a country so large as ours, and with so vast a mileage of roads, it would be 
 superhuman. A construction of the statute which should require its performance 
 would render the due administration of the law altogether impracticable; and that 
 fact tends strongly to show that such a construction could not have been intended. 
 * * * No tribunal is empowered to judge for it until after the carrier has acted, 
 and then only for the purpose of determining whether its action constitutes a viola- 
 tion of law. 
 
 And in the same report, page 357, Commissioner Schoonmaker said: 
 
 Its power in respect to rates is to determine whether those which the roads impose 
 are for any reason in conflict with the statute. 
 
 Now, what is the use of poor wandering lawyers like myself con- 
 sidering whether or not the Commission had that power conferred upon 
 it by act of Congress, when the great tribunal whose business it is to 
 settle those matters, which everybody, I take it, even Members of 
 Congress and Senators in a large majority, follows, have said expressly 
 that the very language employed in the act precludes the supposition 
 that they had that power, and, further, as they express it, the public 
 and legislative history of the act shows that it was not intended to 
 confer that power upon it, and quote the very words of the Commis- 
 sioners to the same etfect. Judge Reagan himself expressly stated, 
 when it was before Congress, that he had the utmost difficulty in tell- 
 ng his friends that it did not confer any such power. 
 
 Senator Dollivee. You will not understand me as claiming that 
 it did? 
 
 Mr. Davenport. Not at all. 
 
 Senator Dollivee. I think the decision of the Supreme Court upon 
 the act of 1887, in' the maximum rate case, was sound; but I am talk- 
 ing now about the practical operation of it. 
 
 Senator Newlands. Do you say that as a matter of fact the Com- 
 mission exercised this power? 
 
 Senator Dollivee. They did, and with the consent of the railroads 
 themselves, until the Commission undertook the duty of settling the 
 commercial relations of a whole region of country. 
 
 The Chaieman. There was opposition to it all along. 
 
 Senator Newlands. Let me ask you. Senator DoUiver, in those 
 cases where the Commission first declared a rate to be unreasonable, 
 and then declared what was reasonable, was their action simply per- 
 suasive with the railroads, or did the Commission seek to enforce that 
 as an order? 
 
 Senator Dollivee. They so ordered. 
 
 Mr. Davenport. The laV provides that they shall make an order. 
 
 Senator Dollivee. They ordered that the" existing rates should 
 cease as being unreasonable ? 
 
 Senator Forakee. In some instances they so declared, and in others 
 not. 
 
 Senator Newlands. What was the form of the order? 
 
 Senator Foster. They simply found that a particular rate was 
 unreasonable, and they condemned the wrong, as they called it, with- 
 out the power to apply any remedy. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 201 
 
 Senator Newlands. . Do they suggest in their decision what a reason- 
 able rate is? 
 
 Senator Foster. Sometimes they do, and the railroads adopt it, 
 and sometimes they do not. 
 
 Mr. Davenport. Of course, the question before us ^s not whether 
 they have the power now or ever had it, but whether you will confer 
 it upon them. When the question occurred to the Senator I was call- 
 ing the attention of the committee to what was going to take place 
 when this august body met to pass upon the question of reasonableness 
 or unreasonableness. 
 
 The Chairman. Mr. Davenport, I fear I shall have to interrupt you, 
 as it is now ten minutes to 12 o'clock. 
 
 Mr. Davenport. There are so many interesting questions of vital 
 consequence to everybody — this is so momentous a subject — that I do 
 want to have an opportunity to be heard before this committee upon 
 many of these questions. We have not yet begun to talk. 
 
 The Chairman. Then you may proceed for ten minutes longer; you 
 can get that much in. 
 
 Mr. Davenport. I was going to say that when the Commission shall 
 assemble to pass upon this question, how are they going to deal with 
 that very difficulty (passing all the other difficulties) in determining 
 what is a reasonable rate? 
 
 There is another thing to which, in this connection, I want to call 
 the attention of the committee: That the Supreme Court of the United 
 States has held that, no matter what rate you prescribe to-day, it may 
 become of no effect to-morrow; and, on the other hand, the rate fixed 
 to-day may be unreasonable to-day and become reasonable to-morrow 
 and operative, as a matter of law. , 
 
 In this connection — because of course this will go into the record — 
 I want to call your attention to what the Supreme Court held in that 
 Nebraska case. You remember that the legislature of Nebraska fixed 
 a schedule of maximum rates. Senator Millard will remember it weU. 
 The rates there were confiscatory. The railroads applied to Judge 
 Brewer, and, after hearing, he was of that opinion, and issued an 
 injunction against putting them in force, but in that injunction he 
 put this clause: That those officials were prohibited from putting that 
 schedule in operation, but if thereafter conditions arose which would 
 make the rates created by the law not confiscatory or oppressive, then 
 the injunction could be modified. In other words, the power of a 
 State legislature and the power of the Federal Congress to regulate 
 rates and establish rates is limited at all times in the operation of this 
 legislation by the facts existing at a particular time, and if at any time 
 in its operation it works an injury to the property of the carrier, it 
 then ceases to be operative. 
 
 In Smyth v. Ames (169 U. S., 550) the Supreme Court, on appeal, 
 approved of Judge Brewer's course in that respect and determined 
 that a schedule of rates established by a commission might be rea- 
 sonable when established, and become unreasonable thereafter by 
 reason of the change of business conditions, and vice versa, and that 
 it was the duty of the court to apply and modify its process so as to 
 protect the carrier and the public under the varying conditions; so 
 that the same law was constitutional one day, unconstitutional another. 
 
 In other words, under the constitutional guaranties of private 
 
202 DUTIES AND POWEES OP INTERSTATE COMMEECE COMMISSION. 
 
 of laws valid when passed, but which, by reason of change of condi- 
 tions, had become oppressive. 
 
 This power to regulate commerce, of which we hear so much said, 
 and which is of enormous sweep and reach and extent, is limited and 
 hampered and hedged in so many ways that, as a practical proposition, 
 any exercise of it by Congress, directly or through the interposition 
 of a commission, is bound to be, in very large degree, ineffective. 
 
 Now, 1 want to take up another question connected with this matter. 
 
 Senator Newlands. I would like to ask you one question: Do you 
 intend to address yourself at all to the question as to what legislation 
 can be safely enacted by Congress so as to prevent the natural result 
 of the great combinations which have been organized recently by these 
 railroads and systems, namely, an increase of rates ? 
 
 Mr. Davenport. 1 was going to suggest, in view of a remark I 
 heard the chairman'make in response to some statement made by Judge 
 Cowan, that by reason of the combinations among railroads competition 
 was destroyed, and as a result the rates were kept up. 
 
 The Chairman. Right there I want to put a question to you 
 which I want you to answer at some point: If there is a monopoly 
 created by only one railroad reaching one point and a large number of 
 other points, or if by consolidation and combination of railroads one 
 entire district of country falls under that absolute monopoly, and this 
 monopoly makes the rate so high for transportation that the people 
 can not do business, can not some power be found in Congress to say 
 that that rate is too high? But wnere fair competition can regulate 
 the rates, would it not be better to leave the regulation to the effects 
 of competition ? You see my point? 
 
 Mr. Davenport. I see the point. 
 
 The Chairman. If, for instance, the raising of wheat falls into the 
 hands of two men, and they advance the price of wheat (which is a 
 necessary commodity) beyond the power of the plain people or poor 
 people to bu3^ it, then should not the Government find some means 
 somewhere to correct such an abuse or evil ? I do not care for you to 
 answer that right now; you may take your own time. 
 
 Mr. Daa'enport. I want to answer right now. 
 
 The Chairman. Very well. 
 
 Mr. Davenport. Your suggestion the other day to a witness, or the 
 statement of the witness, was to the effect that by reason of the com- 
 bination and consolidation of railroad companies competition had 
 ceased and rates were kept up. Why, Senators, it seems to me that 
 that involves an entire misconception of what it is that has brought 
 down rates in this country. There is another form of competition 
 which operates to accomplish that result ten times more than that of 
 any competition between railroads, and that is the competition betweei> 
 localities and shippers. That is what controls. In my country — New 
 England— we have a monopoly. The New York, New Haven and 
 Hartford owns every foot of railroad in the country, and the water 
 lines, too; and there is the Boston and Albany, as well as the Boston 
 and Maine. 
 
 Senator Newlands. But in each of those cases there is a limitation 
 upon the earning capacity of the railroad ? 
 
 Mr. Davenport. Oh, no. 
 
 Senator Newlands. There is a limitation of 8 per cent on theii divi- 
 dends. 
 
 Mr. Davenport. I think not. 
 
DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 203 
 
 Senator Kean. In the case of the New York, New Haven and Hart- 
 ford I think the limitation is 10 per cent. 
 
 Mr. Davenport. I want to call attention to the fact that in New 
 England we do not have any trouble at all; there is the smallest num- 
 ber of complaints in New England compared with any other section of 
 the country. It is placidity itself in comparison with the State of 
 Illinois, where they have a commission that exercises this power within 
 the State. What is the reason of that? I will tell you the reason. 
 You know our great manufacturing establishments in New England 
 can not live by supplying New England alone; we must reach for other 
 markets, and the roads also have to get their business from customers 
 along their lines. Consequently there is an incessant struggle on the 
 part of the community and on the part of the individual shipper to get 
 as low a rate as they possibly can in order to broaden the market. It 
 is by building up that kind of business that the railroads are able to 
 make money. 
 
 I dispute altogether the assumption that is involved in the question 
 of the honorable Senator from West Virginia on that subject. I say, 
 if all the railroads of the country were owned by one man, that same 
 struggle would occur, which, by the way, the advocates of this kind 
 of legislation are seeking to stifle — the competition between communi- 
 ties seeking to grow and extend their operations. That is what has 
 for all these years been dragging down. I appeal to the honorable 
 Senator, who is familiar with the dates of these consolidations, whether 
 or not it is not true that before consolidation and since consolidation 
 of these systems these rates have not steadily declined. I do not 
 mean some individual rate that may have been for some particular 
 reason advanced, but I am speaking broadly. 
 
 The Chairman. I admit that is true. But suppose the rates should 
 be advanced 100 per cent, the power to so advance residing in the 
 monopoly or consolidation'. I admit, as you say, that the tendency has 
 been downward. But it is a very serious affair when the power 
 exists to advance rates 100 per cent, and I ask. Should not some power 
 intervene to restrain it? I do not say they have exercised that power, 
 but they might. 
 
 Mr. Davenport. Many of these evils may not come to pass. 
 
 The Chairman. But you recognize the fact that that is a power 
 which the railroads may exercise if they so desire, and it might be to 
 their interest. 
 
 Mr. Davenport. That is true. 
 
 Senator Foraker. I understand your point to be that it has been 
 this competition between communities and shippers rather than any 
 other influence that has operated to bring down rates? 
 
 Mr. Davenport. Certainly. 
 
 Senator Foraker. And one of the effects of this legislation would be 
 to destroy that competition ? 
 
 Mr. Davenport. Yes, sir. That has been increasing in intensity 
 every year, and it has been more intense and more effective since the 
 formation of these different consolidations. Take the Gould roads, of 
 which Judge Cowan vas complaining; take the Southern Railway, or 
 all of them 
 
 The Chairman. It is now after 12 o'clock, and we will have to 
 adjourn. 
 
204 duties and powers of intekstate commeece commission. 
 
 Senate Committee on Interstate Commerce, 
 
 T^iesday, February U, 1906. 
 
 STATEMENT OF DANIEL DAVENPORT— Continued. 
 
 The Chairman. Mr. Davenport, joa. nave the floor. 
 Mr. Davenport. Mr. Chairman, just before the adjournment the 
 other day Senator Newlands asked me: 
 
 Do you intend to address yourself at all to the question as to what legislation can 
 be safely enacted by Congress so as to prevent the natural result of the great com- 
 binations which have been organized recently by these railroads and systems, 
 namely, an increase of rates? 
 
 Then the chairman (Senator Elkins) asked this question: 
 
 If there is a monopoly created by only one railroad reaching one point and a large 
 number of other points, or if by consolidation and combination of railroads one 
 entire district of country falls under that absolute monopoly, and this monopoly 
 makes the rate so high for transportation that the people pan not do business, should 
 not some power be found in Congress to say that that rate is too high? But where 
 fair competition can regulate the rates, would it not be better to leave the regulation 
 to the effects of competition? You see my point? 
 
 Mr. Davenpokt. I see the point. 
 
 The Chairman. If, for instance, the raising of wheat falls into the hands of two 
 men, and they advance the price of wheat (which is a necessary commodity) beyond 
 the power of the plain people or poor people to buy it, then should not the Govern- 
 ment find some means somewhere to correct such an abuse or evil? I do not care 
 for you to answer that right now; you may take your own time. 
 
 That diverts me a little from some of the matters I consider as most 
 important to be considered by the committee. 
 
 Senator Foster. Unless the chairman wants an answer now to that 
 question propounded by him, I should like to suggest to you a line of 
 argument or discussion that it seems to me will be of particular value 
 in discussing the bill before us; and, unless it breaks too much into 
 the line of your argument or the wishes of the chairman, I should like 
 to ask you to discuss the propositions that are now before the 
 committee. 
 
 The Chairman. At any time that suits his convenience; and, Senator 
 Foster, you can indicate. 
 
 Senator Foster. Mr. Davenport, the President, in his last annual 
 message, made the following statement: 
 
 The Government must, in increasing degree, supervise and regulate the workings 
 of the railways engaged in interstate commerce, and such increased supervision is the 
 only alternative to an increase of present evils on the one hand, or a still more radical 
 policy on the other. The most important legislative act now needed as regards the reg- 
 ulation of corporations is this act to confer on the Interstate Commerce Commission 
 the power to revise rates and regulations, the revised rate to go at once into effect and 
 stay in effect unless .and until the court of review reverses it. 
 
 The lower House of Congress, in response to the message of the 
 President, formulated in its committee and passed almost unanimously 
 the bill known as the Esch-Townsend bill, which has been by the Sen- 
 ate referred to this committee for action. What I should like to have 
 you do is to present what objections, if any, you may have to this bill, 
 either in a general way or in detail. 
 
 Mr. Davenport. 1 shall be pleased to do as suggested by Senator 
 Foster. 
 
 Senator Foster. This is a concrete proposition before us concern- 
 ing a matter that is very largely attracting our attention and the atten- 
 tion of the country at present. The purpose I have in view is to get 
 
DTJTTE8 AND POWERS OF INTERSTATE COMMERCE COMMISSION. 205 
 
 from you an expression of your objections, if you have any, to the 
 passage of this measure. 
 
 Mr. Davenport. I will endeavor to conform to the suggestion of 
 Senator Foster first in a general way, and then proceed to particulars. 
 
 It is true that the President in his message strongly urged the pas- 
 sage of some law which would confer upon the Interstate Commerce 
 Commission the power to fix a rate that would go into effect at once 
 and remain in effect until changed by some court; but 1 want to call 
 the attention of Senators to this proposition: That there are in the 
 path of any such procedure as is outlined by the President in a general 
 way and as that proposition has been attempted to be worked out in 
 this bill ver3^ serious constitutional obstacles; that they are very stub- 
 born and are sufficient to prevent the effective carrying out of any 
 such programme. 
 
 You know that under our form of Government we have the three- 
 fold division— the executive, the legislative, and the judicial depart- 
 ments. Of coui'se we understand in a general way what is meant by 
 those words; the executive executes; the legislative makes the laws; 
 the judicial ascertains the law applicable to an existing state of facts 
 and applies that law to the facts in particular cases, administering the 
 law as it beai's upon that particular group of facts presented to it. 
 
 You know, also, that it has been the course uniformly pursued by the 
 courts of the United States to refuse to perform either legislative 
 functions or administrative functi(jns. On the other hand, they have 
 been most jealous of all that pertains to their own authority. 
 
 You can not confer judicial power upon any commission. We dis- 
 cussed a little the other day the principle of conferring legislative 
 power upon a commission. Now, with that impassable barrier between 
 those subjects of governmental authority, in what condition is the 
 legislation now proposed before this committee or suggested by the 
 President? 
 
 The Supreme Court of the United States has decided emphatically 
 that you can not confer judicial power on the Interstate Oommei'ce 
 Cpmmission; that that Commission can not exercise anj^ judicial func- 
 tion; that the sole extent of its authority is limited to legislation br 
 administration of the character that we have been considering. And 
 you will remember that as far back as 1889 Mr. Justice Jackson, per- 
 haps one of the best judges who have gone to the bench in recent 
 years, laid down emphatically the doctrine, the exact language of 
 which I will quote from 37 Federal Reporter, 613: 
 
 The functions of the Commission are those of referees or special commissioners, 
 appointed to make preliminary investigation and report upon matters for subsequent 
 judicial examination and determination. In respect to interstate commerce matters 
 covered by the law, the Commission may be regarded as the general referee of each 
 and every circuit court of the United States upon' which the jurisdiction is conferred 
 of enforcirt^ the rights, duties, and obligations recognized and imposed by the act. 
 It is neither a Federal court under the Constitution, nor does it exercise judicial 
 powers, nor do its conclusions possess the efficacy of judicial proceedings. 
 
 This was concurred in later by the Supreme Court of the United 
 States, through Mr. Justice Harlan, and is reported in 154 U. S., 
 485. You will remember that the Commission first undertook to go 
 to court and get an order to enable them to carry out the ordei-s or 
 decrees of the Commission, thinking, of course, that what the Commis- 
 sion had done was sufficient to authorize the court at once to issue 
 
206 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 That is impossible; this Commission is and can be nothing but an 
 administrative board; when the matter comes before the court the 
 whole matter is to be investigated de novo and determined by the 
 court, and it is not in the power of the legislature to confer upon that 
 body such powers as will keep the whole matter out of the courts. 
 
 Upon the general proposition involved in that 1 desire to quote 
 again from Smyth v. Ames (169 U. S., 527) as illustrative of that 
 proposition : 
 
 The idea that any legislature, State or Federal, can conclusively determine for the 
 people and for the courts that what it enacts in the form of law, or what it authorizes 
 Its agents to do, is consistent with the fundamental law, is in opposition to the theory 
 of our institutions. The duty rests upon all courts, Federal and State, when their 
 jurisdiction is properly invoked, to see to it that no right secured by the supreme 
 law of the land is impaired or destroyed by legislation. This function and duty of 
 the judiciary distinguishes the American system from all other sjjstems-of govern- 
 ment. The perpetuity of our institutions and the liberty which is enjoyed under 
 them depends, in no small degree, upon the power given the judiciary to declare 
 null and void all legislation that is clearly repugnant to the supreme law of the land. 
 
 I lay it down as a universal proposition, applied and illustrated by 
 numerous decisions both in the State and the Federal judiciary, that 
 it is not in the power of a State legislature or of Congress to put in 
 force any schedule of rates which any judge of a court of equity can 
 not enjoin after hearing and after having satisfied himself that it is 
 unreasonable. That follows necessarily, according to all the authori- 
 ties, from the fact that the imposition by law of unreasonabh' low 
 rates is a taking of property witRout due process of law, and also 
 taking private property for public use without just compensation. 
 So it is jurisdictional in the courts to inquire into and settle all those 
 questions. 
 
 Senator Foster. Mr. Davenport, does not this bill make special 
 provision for the review by the courts of any action which the Com- 
 mission may take in making rates, and does it not authorize the courts 
 to decide upon the lawfulness, the justice, or the reasonableness of 
 the rate? 
 
 Mr. Davenport. The Senator's inquiry develops another difficulty 
 which 1 was not at the moment addressing myself to. That law 
 imposes a legislative duty upon the court. 
 
 Senator Foster. I was going to say that I think some discussion 
 could be had upon that provision of the bill, but when 1 mentioned 
 that provision of the bill it was just simply for the purpose of attract- 
 ing your attention to the fact that this rate-making power— or rate- 
 revising power, or whatever you may term it — on the part of the 
 Commission is not final, but is subject to review by the courts, both 
 intermediate and of last resort. 
 
 Mr. Davenport. I follow the line of thought of the Senator, and in 
 reference to that I would direct his attention to the radical difference 
 there is between the legislative act and'the judicial act. The legislative 
 act applies to future conditions ; the judicial act applies only to exist- 
 ing conditions, and applies the law to those conditions. That is illus- 
 trated in a great many cases in the Supreme Court of the United States, 
 as well as in the inferior courts. 
 
 So that the first question that occurs to any lawyer is, What sort of 
 a duty has the learned House of Representatives sought to impose upon 
 the court? Is it a judicial duty, or is it a legislative duty? 
 
 Senator Foster. Are you speaking of the court, or of the Commission ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 207 
 
 Mr. Davenport. The so-called transportation court. 
 
 Now, it seems to me that the whole cast of the act is such that the 
 Supreme Court — and the inferior courts hereafter, for that matter — 
 will say that the Congress has sought to impose upon the judiciary of 
 this country legislative duties, and that is something that we have uni- 
 formly held it can not do, something that we can not assume to exer- 
 cise, and we will not. 
 
 You will remember that in 1792, when the law was passed that pro- 
 vided that the judges of the circuit courts of the United States should 
 pass upon claims for pensions, the matter came up before different 
 judges, and the conclusion then arrived at by the judges was that that 
 act did not confer upon them judicial power; that it was really naming 
 them as commissioners; and some of the learned justices refused to 
 exercise it, and others did. 
 
 Along in 1845 or so, when matters came up from Florida under a 
 treaty, a case was brought before the Supi'eme Court of the United 
 States, which is reported in 13 Howard, under some Spanish name 
 which I forget, and you will see in a note to that case that the Chief 
 Justice, by direction of the court, reviewed that early action and again 
 laid down the principle that the courts of the United States would not 
 exercise any legislative authority whatever or any administrative func- 
 tion, that they would not permit Congress to impose upon them any 
 such duty, that the distinction between the departments was broad, 
 and that that distinction must be carefully and religiously retained and 
 observed. 
 
 Now, I appeal to Senators, as they come to study this bill, whether 
 or not in that bill the duty that is attempted to be imposed upon that 
 transportation court is judicial or, legislative or administrative. 
 
 Senator Carmack. Could not that be cured by striking out the 
 words "unreasonable" or "unjust," or whatever the words are, and 
 leaving in the word "unlawful?" 
 
 Mr. Davenport. If you do that, of course the purpose of the act 
 would be to do the very thing which Senator Foster thinks is provided 
 against. In other words, you have made these five or seven Commis- 
 sioners the absolute masters of all this railroad property. All this 
 talk about revising rates and making rates and all that is mere play 
 upon words. The Commission, when it once gets its authority to act 
 in that matter, will be necessarily complete masters of the whole situa- 
 tion. 
 
 Senator Foster. Mr. Davenport, pardon me right here. You do 
 not contend that this act confers judicial powers upon the Commission, 
 do you? 
 
 Mr. Davenport. I should think not. I should think it was evi- 
 dently intended to confer upon them legislative authority and admin- 
 istrative authority. 
 
 Senator Foster. You think it is rather to confer legislative and 
 administrative authority upon this Commission. That is one provision 
 of the bill; the other relates to the courts and the jurisdiction of the 
 courts. But what I wish to find out from you first is whether, in 
 your opinion — which has a great deal of weight with me — you contend 
 that this act gives any judicial powers to the Commission; for when 
 it comes to the question of power given to the courts the other ques- 
 tion arises, and I should like to get your views upon that. You see 
 there are two distinct propositions in the bill. 
 
208 DUTIES AND POWERS OF INTERSTATE COMMEECE COMMTSSIOTS". 
 
 • Mr. Davenport. Properly speaking, I do not understand that it 
 does confer judicial power upon the Commission. If it did, of course 
 it would be a nullity. 
 
 Senator Foster. It would be unconstitutional. 
 
 Mr. Davenport. But my mind runs along at once, then, to what is 
 the power conferreci upon the court. It can not be judicial power that 
 is conferred upon the court, although the language of the_ act, as I 
 notice it here, is that they shall have the powers of a circuit court — 
 
 That in the exercise of the jurisdiction defined and conferred upon it by this act 
 the Court of Transportation shall possess all the powers of a circuit court of the 
 United States, so far as the same may be applicable. 
 
 Now, what power, what duty imposed upon the court in that bill is 
 judicial? Is it any other power than to say whether or not the Com- 
 mission has proceeded according to the forms of law, or is it the power 
 to say that in the future such rates will be reasonable, just, and lawful? 
 If it is the latter, then it is not judicial power, and I take it that when 
 the matter comes to be thrashed out before the court, if this bill should 
 become a law, this would be the result: That unless the court held that 
 these things were so dovetailed together that the act could not properly 
 stand unless it stood as^ whole, they would come to this conclusion, 
 that the Interstate Commerce Commission was clothed with the powers 
 of the legislature to make rates; that the Transportation Court was 
 clothed with those powers which were sufficient to decide whether or 
 jiot the Commission had conformed to the law in making its orders. 
 
 Now, as we follow the matter we begin to get, as I consider, into 
 very deep water. What is the difficulty in conferring upon the court 
 the power that is there sought to be conferred? We can only work it 
 out by taking a concrete case. Soon or late, somewhere or other, this 
 act will touch private property. The legislative act, being carried out 
 through the instrumentalities provided in the bill, will come in con- 
 tact with property in such a waj' that the owner will appeal to the 
 courts for protection against the enforcement of the provisions the 
 legislature has enacted. I take it that it might come up in this way 
 perhaps: You will notice that it is provided in the bill that when the 
 Commission has made an order it is to go into effect at once; we will 
 say that no appeal is taken from the order; the railroad disobeys the 
 order; the act provides that a penalt}' of $5,000 shall be imposed and 
 may be collected by an action of debt instituted by the proper author- 
 ity, as mentioned in the bill; suit is brought. Where does it go? It 
 goes straight into the court, and under the provisions of the Constitu- 
 tion, to which I called your attention the other day, that being a case 
 at law and involving more than |20, it must go to a jury for trial. 
 You can not escape it. That question must be tried before a jury, and 
 in the trial of the case every single question involved in the whole 
 matter — as to the lawfulness, the reasonableness, and the justice of 
 the order — is open to investigation. 
 
 There is another aspect of it in that very connection. The learned 
 authors of this bill have made this provision: That the proceedings 
 before the Commission are to be made of record, and that record is to 
 be transmitted to the court, and no testimony can be received by the 
 court unless it is some evidence that did not exist at the time the order 
 was made, or something that the party could not have obtained pre- 
 viously by the use of reasonable diligence. Right there. Senators, I 
 submit to you as lawyers that you strike a snag, because you can not 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 209 
 
 limit the jurisdiction of the court any more than could have been done 
 by the Quarles-Cooper bill, which I hurriedly examined once, where 
 it is said that the court may go into the matter if it sees fit. Accord- 
 ing to that bill the court can go on upon the record presented or they 
 can take more evidence. That, of course, is unconstitutional, because 
 the party has a right to go into court, the court is bound to take the 
 testimony that is offered, and you can not deny the party the right to 
 offer testimonj' in the case. It is an unwarranted attempt on the part 
 of the legislature to take away from the court its judicial function, 
 and a court can not renounce its own jurisdiction. 
 
 So that in those two respects that bill or any of these proposed 
 bills is open to constitutional objections. 
 
 But suppose this takes place; suppose that in the State of Connecti- 
 cut private property is taken without just compensation under this 
 law, and the owner goes into the State court. Under the decisions of 
 the Supreme Court of the United States he has a right to go there; he 
 has a right to appeal to the State court for protection against this 
 invasion of his property rights, and he can appeal to all the processes 
 and all the machinery of the courts to protect his property. 
 
 Now, I make this point especially in regard to the bill now before 
 you (the Esch-Townsend bill) to which the Senator has directed our 
 attention, that upon its very face it is unconstitutional. Since I came 
 to Washington I have learned that the Democratic party has adopted 
 this as a party principle; that power must be conferred upon the Inter- 
 state Commerce Commission to fix an absolute rate; that that rate must 
 go into effect at once, and that it shall remain in effect until such time 
 as the courts shall declare that it is not valid. I wish 1 had brought 
 with me the World Almanac that I happen to have in my room. 
 
 Yesterday being Lincoln's birthday, 1 took the World Almanac 
 and looked over the platforms of the Republican party, the Demo- 
 cratic party, the Continental party, the People's Party, the Christian 
 party, and all such, and 1 looked in vain for any such doctrine as that 
 which the American people have been invited to consider, that a com- 
 mission shall be appointed to fix an absolute rate and do the other 
 things I have mentioned. I could not find it. I could not find it in the 
 Democratic platform; I could not find it in the Republican platfotm, 
 although it claims pretty much everything; I did find something that 
 looked like it in the platform of the People's Party; and there was a 
 plank in the platform of the Continental party that was evidently' 
 intended to work out the idea Senator Newlands has, where it calls for 
 the building of one or more 4-track railroads from the South to 
 the North, and one or more 4-track roads from the Atlantic to the 
 Pacific. Of course this is more entertaining, perhaps, than- instruct- 
 ive. But I want to attract your attention to this point in all sincer- 
 ity and earnestness as lawyers; that it is not in the power of Congress, 
 by a commission or directly, to say to any railroad company. You 
 shall charge a certain rate. Congress can say, You shall not charge 
 more than a certain rate, provided it is not made unreasonably low. 
 But Congress can not say to any person. You shall charge that sum 
 and no less, for that is taking away from a man his property without 
 due process of law; it is taking his property, we will say, for public 
 use without just compensation. 
 
 KY-05 14 
 
210 DUTIES AND POWEKS OF INTERSTATE COMMEKCE COMMISSION. 
 
 Senator Cakmaok. Is it your contention that Congress may say. 
 You can charge not more than a certain rate, but can not say, You 
 shall not charge less than a certain rate ? 
 
 Mr. Davenport. Yes, sir. It can not say. You can not charge less 
 than a certain rate, nor can it say, You shall charge that rate; but it 
 can say, If you are going to charge such a rate as that you shall pub- 
 lish it, and you shall charge everybody alike. But it can not say to a 
 person. You shall not charge less than a certain rate. For see what is 
 involved in the proposition. 
 
 Senator Carmack. But Congress may say. You may not charge 
 more? 
 
 Mr. Davenport. If it is not unreasonably low. You will notice that 
 in the case of Munn v. Illinois (94 U. S.), the Supreme Court decided 
 that the State could say that the railroads should not charge more than 
 a certain amount. They put that, of course, upon the ground that the 
 property being devoted to public use in a quasi sense, the authority of 
 the State extended to the'point of saying. You shall not charge more 
 for it than is reasonable. 
 
 The Chairman. That was the elevator case ? 
 
 Mr. Davenport. That was the elevator case that has been referred 
 to over and over again. That is the principle, and I invite the learned 
 constitutional lawyers who may hear me now, or who may hereafter 
 have occasion to examine this subject, to point out a single case or 
 authority which would warrant the contention that the legislative 
 body can say that a person shall not use his property for nothing, or 
 for any sum whatever which is of a less amount than the sum fixed. 
 Why, it strikes down the right of property. It is inherent in it. 
 
 What would Congress do if this act should become operative? You 
 would say to the owners of property, You can not use it in any way 
 except as it is directed by the Commission to be used. That is a denial 
 of property rights, and I make this fundamental objection to this bill 
 and all other bills which attempt to provide that the Commission shall 
 fix an absolute rate — for of course this bill provides that it may, and 
 I think says it shall — and that you can not confer upon them the 
 power to say that the carrier shall not charge less than a certain sum. 
 
 Senator McLaurin. Your idea is that the railroad company has the 
 right to use its property in any way it pleases so that it does not injure 
 the rights of anybody else? 
 
 Mr. Davenport. That is the idea; and it has the right, so long as it 
 treats everybody equally, to use its property and charge such rates as 
 it sees fit, provided those rates are not unreasonably high. 
 
 The Chairman. Let me ask you a question at this point. Has not 
 Congress exercised the power to fix, definitely and positively, street- 
 car fares and the rates for the use of gas and electricity ? 
 
 Mr. Davenport. In what case? 
 
 The Chairman. In the District of Columbia. 
 
 Mr. Davenrort. In what way— in what sense ? 
 
 The Chairman. In the District of Columbia Congress has said that 
 the street railroads may charge a 5-cent fare, and some people want a 
 3-cent fare or eight tickets for a quarter. 
 
 Mr. Davenport. Has Congress said they shall not charge less? 
 
 Senator Foster. Does this bill say that? 
 
DUTIES AND POWERS OF INTEBSTATE COMMEBOE OCrMMISSION. 211 
 
 The Chairman; I am impressed by what yoii say, Mr. Davenporjfc. 
 You say Congress can not delegate a power that itself can not exercise, 
 and I understood j'ou to say that Congress could not fix a definite rate. 
 
 Mr. Davenport. Of course not. 
 
 The Chairman. But Congress has said that street railroads in the 
 District of Columbia may charge a 5-cent fare, and has prescribed the 
 rates for the use of electricity and gas. 
 
 Mr. Davenport. The Government does not own the street railroads 
 here, does it? 
 
 The Chairman. No, it does not own them. 
 
 Mr. Davenport. Does the honorable Senator say that if the railroad 
 company wanted to charge 2 cents a mile it could- not do so ? 
 
 The Chairman. No; but what I want to draw your attention to — 
 for I was much struck by part of your argument — is that Congress 
 does say that in the District of Columbia, which is peculiarly subject 
 to Congress, the rate shall be so much. 
 
 Mr. Davenport. Whether expressed in those words or not, not 
 more than a certain rate is what is implied, and if it was not, it would 
 not be worth anything. These things can all be worked out by sensi- 
 ble, practical men. 
 
 Senator Foraker. Assuming that the rate fixed by Congress is rea- 
 sonable, enabling the railroad to make a reasonable profit, how does 
 it become unconstitutional for Congress to say, you shall not charge 
 less than a certain rate ? 
 
 Senator Carmack. That is what I would like to understand. 
 
 Mr. Davenport. I was going to show you. The honorable Senator 
 has with the point of his spear touched the very vitals of this matter. 
 What is the matter here? What is all this howl about? What has 
 given rise to all this trouble? The railroads running- to one place 
 favor that place, while the roads running to another place do not favor 
 it. Mr. Bacon's case, as I understand it, was one of that character. 
 Doing business in Milwaukee, he found the railroads running to Mil- 
 waukee, and at the same time running to Minneapolis, were giving the 
 advantage to Minneapolis. He, did not like that, so he took action. 
 But it was discovered that there were other railroads that ran to Min- 
 neapolis which did not run to Milwaukee, and that they would control 
 the situation just exactly as water rates would. 
 
 What did Mr. Bacon do? He did not pack his satchel and go to 
 Minneapolis and start in to do business there, but he starts this crusade, 
 which, if I ever get the time to tell you about I want to tell you the 
 way it has been developed, for it has led to this so-called popular 
 clamor, for this particular legislation. He has persuaded, or others 
 influenced by him have persuaded, the committee of the other House 
 that there is a great evil to be met, and that the only way in God's 
 world you can meet it is to give to the Commission power to fix rates 
 on those outside railroads running to Minneapolis, so that they shall 
 not charge less than a rate that is fixed. That is the very purpose of 
 this whole business, and it was illustrated — I did not happen to be 
 there, but 1 read in the papers about what happened before the other 
 committee — by this situation which was disclosed. Here was a ship- 
 per in Cleveland, and another in Chicago. One railroad runs from 
 Chicago to New Orleans, another from Cleveland to New Orleans; 
 and the rate from Cleveland to New Orleans was a cent or two higher 
 than on the other line. The Cleveland rate was reasonable enough, 
 
212 DUTIES AND POWERS OF INTEBSTATE COMMEECE COMMISSION. 
 
 but it was higher than the other, and it was claimed that that operated 
 to the disadvantage of the Cleveland shipper, and of course they 
 worked in the "octopus" of the Standard Oil Company somewhere in 
 Chicago. 
 
 Now my question was, What are you going to do with a case like that ? 
 You want to place these communities all on the same basis. The 
 rate is reasonable, and if you undertake to reduce that Cleveland rate 
 you are up against the constitutional provision that you shall not 
 require a railroad to carry at an unreasonably low figure. Then it 
 comes about that the rate from the other place to this point must be 
 hoisted. If that is done, I say you are up against the same constitu- 
 tiona,! objection, because while you can say. You shall not carry goods 
 for an unreasonably low figure, you can not say to a property owner. 
 You shall use your property at another rate which would, under your 
 conditions, be found to be remunerative. 
 
 Senator Caemack. Well, Mr. Davenport, after all, if Congress fixes 
 a rate and says. You shall not go lower or shall not go higher, is it not 
 just simply a question, in the last resort, of whether that is not a rate 
 that is oppressive to the railroad, whether private property can be 
 taken witnout due process of law, whether it is not confiscation? Is 
 not that the question involved. And so, no matter what the rate is, 
 if Congress fixes the rate absolutely and says it shall not be above or 
 below that, does it not come down to that question at last i 
 
 Mr. Davenport. It does not. 
 
 Senator Carmack. When is the fixing of a rate necessarily unconsti- 
 tutional ? 
 
 Mr. Davenport. To take away from a property owner the right 
 to use his property for a less amount than the legislative body thinks 
 is reasonable is to deprive that person of his property. 
 
 Senator Carmack. That is a question of fact, whether it does or not. 
 
 Mr. Davenport. Is it? If the legislative body says to a person 
 with a horse and wagon going into another State for the purpose of 
 performing common-carrier business, "You shall not charge but a cer- 
 tain amount, not higher," that is all right, if it is not excessively low; 
 but if says to that man, "You shall not charge less," that is depriving 
 that man, in a legal sense, of the use of his property. 
 
 Senator Foraker. To use your own illustration, a railroad from 
 Chicago to New Orleans, how do you take away the property of the 
 owner of that railroad without due process of law by saying that he 
 shall charge 5 cents, for illustration, where he is only charging 4? 
 How does that take it away from him? I see the difficulty you advert 
 to about the relation of communities. 
 
 Senator Carmack. I see the practical difficulties, but I do not see 
 that it is a question of law. 
 
 Mr. Davenport. Let us see if it is not. Suppose the common car- 
 rier, being impressed with the old-fashioned idea that what is his is 
 his, so long as he is not injuring anybody— a notion that is rapidly 
 getting out of date in certain quarters — says, "I can make more money 
 by carrying passengers or freight at 3i cents a mile, and I am going 
 to do it:" the legislature has said, "You have got to charge 5 cents a 
 mile;" he is brought into court, he says, of course, "It is mine; it is 
 my property right, protected by all the constitutional guarantees;" if 
 you should step in here and say, " You shall not use your property," 
 when it is innocently in use, that will deprive him of his property. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 215 
 
 Senator Fokaker. Do you not in that connection lose sight of the 
 fact that railroad property is quasi-public property; that these rail- 
 roads exist only because, in the first place, they get a charter from the 
 Government to be a corporation, and then, in the second place, the 
 franchise under which they operate, all of which is subject to such con- 
 ditions as the Government may see fit to impose ? 
 
 Mr. Davenport. In reply to that let me remind the honorable 
 Senator 
 
 Senator Fokaker. I am not asking this to develop any controversy, 
 but only to develop your line of argument. 
 
 Mr. Davenport. I understand. The proper way to answer a ques- 
 tion is to answer it directly; but has not the honorable Senator, in 
 asking that question, lost sight of the principle that while these 
 corporations that exercise this power are clothed with the right of 
 eminent domain, the same law applies whether the business is carried 
 on by a common carrier which is a porporation having that right,- or 
 whether it is carried on by an individual, whether by canoe, on horse- 
 back, by steamboat, or by a train of cars ? The principle that applies 
 to all this business is the principle that people are engaged in the work 
 of a common carrier. It is not aflfectea at all by the fact that one is a 
 chartered corporation, clothed with certain powers of eminent domain. 
 The vital and essential thing in the legal proposition is that they are 
 engaged in work of a public character, over which time out of mind 
 the legislative authority has claimed the right to limit the charges to 
 a sum which shall be reasonable. It does not make any difference 
 whether I am a tin peddler traveling from Bridgeport to New York, 
 or whether I am a railway magnate with an enormous railway line at 
 my command, for the fact is that I am carrying for the public under 
 the law governing common carriers. 
 
 The Chairman. It seems to me that, aside from the question of 
 eminent domain and I'ailroads being puBlic institutions, railroads 
 are highways, and highways, it seems to me, for all time have been 
 under the guardianship and supe»vision of the State and the Govern- 
 ment, so that you can not obstruct them. The Indians did not allow 
 their trails to be interrupted; they did not allow their canoes or 
 rivers to be interrupted. Now, a railroad being a highway, does not 
 that fact lift it out of the ordinary rules governing property ? 
 
 Mr. Davenport. That is, you place it on the same basis as the old- 
 fashioned turnpike company ? 
 
 Senator Carmack. As a matter of principle. 
 
 The Chairman. Leave it that way. 
 
 Mr. Davenport. We will suppose that it is not in the charter of 
 the company when it was called into being that it should not charge 
 less. Of course, if a corporation received a charter which had a con- 
 dition in it that it should not charge less, that would be a matter of 
 contract between the company and the State. But would j^ou contend 
 seriously or earnestly, if a turnpike company were authorized to 
 charge a certain toll and could not charge less, and that if it under- 
 took to do so and the legislature stepped in and said it should not, that 
 that would not be an invasion of the right of property ? 
 
 Senator Carmack. Mr. Davenport, you said a while ago that if the 
 common carrier claims that it can make more money by carrying at 
 three and a half cents, the legislature can not step in and say it must 
 charge five. Now, the common carrier might also say that it could 
 
214 DUTIES AlfD POWEKS OF INTERSTATE OOMMEECE COMMISSION. 
 
 make more money by charging five, but the legislature may step in 
 and say that it must charge three and one-half, and if that is not an 
 oppressive rate the legislature has the right to do that. As a matter 
 of law I can not see how you differentiate the two cases. I can see 
 the practical difficulties arising in the way of putting that into opera- 
 tion, but I can not see the question of law. 
 
 Mr. Davenpoet. Let us see if I can not illustrate. 
 
 Senator Carmack. The fact that a man has the right to make use of 
 his own property does not apply to common carriers. 
 
 Mr. Davenport. Why not? 1 am speaking of the law as laid down 
 by the judiciary of the country, to which we must all come at last. 
 Can there be found in the books anywhere an authority that would 
 warrant the statement that an individual can not charge less than a 
 certain amount? 
 
 Senator Carmack. You do not consider that a railroad has the right 
 to sell transportation with the same freedom that a man has the right 
 to sell sheep, for instance. You can not prescribe the price a man 
 shall charge for his sheep, but we have always limited common carriers 
 in that manner. 
 
 Mr. Davenport. Let me call the attention of the honorable Senator 
 from Tennessee to this decision of the Supreme Court of the United 
 States (162 U. S., 184-196-197), where the court said: 
 
 The reasonableness of the rate in a given case depends on the facts and the function 
 of the Commission is to consider these facts and give them their proper weight. If 
 the Commission, instead of withholding judgment in such a matter until an issue 
 shall be made and the facts found, itself fixes a rate, that rate is prejudged by the 
 Commission to be reasonable. * * * Subject to the two leading prohibitions that 
 their charges shall not be unjust or unreasonable, and that they shall not uijjustly 
 discriminate so as to give undue preference or advantage to persons or traffic similarly 
 circumstanced, the act to regulate commerce leaves common carriers as they were 
 at the common law, free to make special contracts looking to the increase of their 
 business, to classify their traffic, to adjust and apportion their rates so as to meet the 
 necessities of commerce, and generally to manage their important interests upon the 
 same principles which are regarded as sound and adopted in other trades and pursuits. 
 
 Now, I would call the attention hi the committee to this fact, that 
 there is no special law or special provision of the Constitution which 
 gives Congress authority to, regulate railway rates. The power given 
 to Congress is the power to regulate commerce between the States, 
 and under that power you can regulate everj^ kind of interstate business. 
 
 Senator Foster. After this power had been conferred upon the Com- 
 mission suppose the Commission had adopted a rate which was lawful, 
 just, and reasonable; could it enforce that order? 
 
 Mr.' Davenport. Oh, no. 
 
 Senator Foster. If the Commission adopts a rate in matters of inter- 
 state commerce, a I'ate that is reasonable, and just, and lawful, and 
 then issues its order 
 
 Mr. Davenport. Then what happens ? 
 
 Senator Foster. Could that order be enforced by the coui'ts? 
 
 Mr. Davenport. If the court, upon investigation, is satisfied that 
 the rate is lawful, then the cOurt can go ahead and do it. It is not 
 done, though, because it is the order of the Commission, as the Supreme 
 Court expressly stated. The man is not in contempt because he dis- 
 obeys the order of the Commission. 
 
 Senator Foster. These cases you have supposed may or may not 
 arise. I am trying to get at one point only now, and that is, if the 
 Commission legally exercises the powers which have been conferred 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 215 
 
 upon it by this bill, in your judgment can the orders of the Commis- 
 sion be enforced? Is there any legal or constitutional difficulty in the 
 way of the enforcement of that order? 
 
 Mr. Davenpokt. No; if there is not something else in the provi- 
 sions of the act to prevent it. But you asked me how they are to be 
 enforced. How would they be enforced? The petitioner goes to 
 court, and there every question involved is a jurisdictional question: 
 Is it reasonable? Is it lawful? Is it just? And not until that has 
 been judicially ascertained can that order be enforced by the courts, 
 and in the decision of that matter the whole question has to be tried. 
 
 I return now to the proposition I started out with, that it is not in 
 the power of Congress or of the State legislature to keep those ques- 
 tions out of Court. 
 
 Senator Eoster. But you have an order of that kind issued by the 
 Commission; in that case would the question you have just suggested 
 be considered by the court? 
 
 Mr. Davenpokt. Of course it would. It must be. 
 
 Senator Caemack. You say the courts would not undertake to pass 
 upon the question of the justness or reasonableness of the rate because 
 that would be an assumption of legislative power. 
 
 Mr. Davenport. In the determination of that matter if the intent 
 of the act is to give the power to review before the order becomes 
 operative as a law bearing upon the facts of the case, then I say that 
 the courts would not assume to exercise such power. But let us get 
 right down to it 
 
 Senator McLaukin. Regarding the matter of prescribing minimum 
 tariff rates, I can understand how the railroad companies, Tiaving the 
 right to use their property in any way that pleases them so long as 
 they injure nobodj' else, could charge as low rates as they saw fit, and 
 that they ought not to.be interfered with by any law unless the charg- 
 ing of these minimum rates should have the effect of destroying a 
 competitor first and then afterwards raising the rate to a higher figure 
 than existed before. Would the legislature have the right to prevent 
 that? 
 
 Mr. Davenport. I should think the lowness of the rate would not 
 be within the control of the legislature. 
 
 Senator McLaurin. Suppose the tariff were so reduced by the rail- 
 road company for the purpose of destroying some competitor and in 
 order that the railroad might afterwards raise its tariff to a higher 
 figure than it was before, would it be constitutional for Congress to 
 prohibit the railroad from doing that? 
 
 Mr. Davenport. I was going to say something about that in response 
 to the question by the honorable Chairman, because you remember we 
 have a law on the subject, known as the Sherman Anti-Trust Act, 
 which is an instrumentality of the most far-reaching import. That act 
 provides that every contract, combination in the form of trust or other- 
 wise, or conspiracy in restraint of trade is unlawful and is made crimi- 
 nal. Another section provides that if any attempt is made to monopo- 
 lize interstate business, either in part or in whole, the person making 
 that attempt is subject to the same penalties. There you have the 
 law which, it seems to me, is the only law of that character which 
 could be made applicable to these matters. Where men have com- 
 bined together for the purpose of monopolizing any part of interstate 
 
216 DUTIES AND P0WEE8 OF INTERSTATE COMMEECE COMMISSION."' 
 
 trade the penalties of that act are denounced against them. That 
 would apply to combinations that the Senator asks about. 
 
 The (JHAIKMAN. Mr. Davenport, it is now 12 o'clock. How long a 
 time do you think will be necessary, from your standpoint, to close 
 your argument? 
 
 Mr. Davenport. Oh, gracious ! There are a great many things 
 here that ought to be talked about. There are vital difficulties in this 
 business. 
 
 The Chairman. In the bill? 
 
 Mr. Davenport. Not only this bill, but anything you can think of 
 in connection with it. If you can give me free way for an hour or so 
 some time, I should like to give you my views on these matters. 
 
 Senator Cullom. Why do younot come right to it, for you have been 
 talking two days here in a discursive sort of way. Why do you not 
 confine yourself to the provisions of the bill ? 
 
 Mr. Davenport. This bill has been brought to my attention by the 
 honorable Senator from Louisiana, and therefore I have endeavored to 
 discuss it. 
 
 Senator Foster. I will state to the Senator from Illinois that this 
 morning, before he came in, I asked Mr. Davenport to address himself 
 particularly to this bill. 
 
 Senator Cullom. It is very plain to me, as it doubtless is to every 
 other Senator here, that we can discuss this bill in a general way and 
 the subjects pertaining to it from now until dog days. But the ques- 
 tion is whether we are going to legislate or not. 
 
 The Chairman. That is a matter to be considered in executive ses- 
 sion, not for the public. 
 
 Senator Foraker. The remarks addressed to us by Mr. Davenport 
 have been quite in order, and have certainly been interesting to me. 
 They have presented questions that we are bound to consider, and I 
 feel very much obliged to . him for the help he has given us in that 
 respect. I do not know that I shall be able to agree with everthing he 
 has said, but I do most heartily agree with him about some things. 
 
 Senator Carmack. There is one point that I should like to have light 
 upon, and that goes to the whole question. 
 
 Senator Foraker. We have all taken the liberty, as we generally 
 do, of asking a number of questions, and Mr. Davenport has kindly 
 undertaken to answer them, and his answers have all had relation to- 
 this genera] subject. 
 
 Senator Cullom. lam not complaining of the speaker; but it seems 
 to me that, in view of the shortness of this session, if we are going to 
 undertake to pass any bill we ought to confine ourselves to the pro- 
 visions of some definite bill; if it is wrong, make it right if we can; 
 and if it is right, report it to the Senate. 
 
 The Chairman. This is a matter for executive session. Let the 
 room be cleared. 
 
 Senator Foraker. I think it is a matter for open session. 1 am not 
 going to vote to report any bill until I know what it is. 
 
 Senator Carmack. I want some light on this question. If the power 
 to be exercised by this Commission is a legislative power, I want some- 
 body to give me light on the right of Congress to confer legislative 
 power upon a commission to be appointed by the President. It looks 
 to me like a delegation of legislative power "to a branch of the execu- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 217 
 
 tive department of the Government, and that has given me serious 
 trouble in this whole matter. 
 
 Senator Foster. I questioned Mr. Davenport the other day upon 
 that very subject. 
 
 Senator Foeakek. Speaking generally, state as concisely as you can 
 the vai'ious propositions you have in mind. 
 
 Mr. Davenport. If it is interfering at all with matters before the 
 committee, I do not think I want to be heard. I have been heard 
 quite as much as my vanity would prompt me to ask. 
 
 The Chairman. You appear here, not for the railroads, as I under- 
 stand ? 
 
 Mr. Davenport. Not for the railroads. 
 
 The Chairman. 1 have a dozen applications here from strong peo- 
 ple who. desire to be heard on behalf of the railroads. We have not 
 heard anything yet from that side. 
 
 Mr. E. P. Bacon. Mr. Chairman, I would like to have a minute in 
 order to make an important correction of Mr. Davenport's statement 
 in regard to the business between Minneapolis and Milwaukee. He 
 states that there are certain lines of road running to Minneapolis and 
 not running to Milwaukee. The fact is that the roads were common to 
 both cities, and the difficulty arose from that very fact. If they had been 
 separate and independent, the competition between the two markets 
 would have given us the equity we wanted; but from the very fact 
 that the same companies were interested in both markets, we were 
 precluded. 
 
 Senator Foraker. They were building up Minneapolis to the preju- 
 dice of Milwaukee? 
 
 Mr. Bacon. That is it. 
 
 Senate Committee on Interstate Commerce, 
 
 Friday, February 17, 1906. 
 
 STATEMENT OF DANIEL DAVENPORT— Continued. 
 
 The Chairman pro tempore (Senator Dolliver). We will ask Mr. 
 Davenport to proceed. 
 
 Mr. Davenport. Senator Newlands, at the hearing next preceding 
 the last session of the committee, inquired if 1 intended to address 
 myself to the subject of what legislation could safely be enacted along 
 the lines that have been indicated in the discussions hitherto befdre 
 the committee; and Senator CuUom suggested at the last session that 
 we come down particularly to some or the objections, if any, to this 
 particular bill (Esch-Townsend bill, H. R. 18588). 
 
 Of course the most important thing for Senators to consider is what 
 defect, if any, has been found in the existing statutes. Upon that 
 point 1 want to remind you of what Judge Cowan said and what has 
 been repeatedly said by those gentlemen who are active in the propa- 
 ganda for changing the interstate-commerce law as to the matter of 
 delays. You remember that Judge Cowan stated that they wanted to 
 find out whether the rates were too high on shipments of cattle from 
 points in the southwestern country to Kansas City and Chicago, so they 
 had to bring a case before the Interstate Commerce Commission, and 
 
218 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 they have taken the best part of a year in taking testimony, covering 
 some 20,000 pages, and the matter is not yet in such shape as to be 
 heard by the Commission. From that he concluded that the proper 
 remedy was to clothe the Commission with more power than it now has. 
 
 As I have already endeavored to point out to you, it is impossible to 
 keep out of the courts the investigation of all the matters that are 
 involved in the orders of the Commission, so it would seem that the 
 sensible thing to do would be to consider whether or not these prelimi- 
 nary hearings before the Commission are necessary, and whether the 
 preliminary hearings before the Commission are not the principal 
 source of the evils resulting in delaj's, which seem to be a well-founded 
 grievance on the part of the shipper. 
 
 I reiterate the statement I made the other day, that under the deci- 
 sions of the Supreme Court of the United States you can not confer 
 judicial power upon the Commission; that the only power that has 
 been conferred upon it has been that of investigation for the purpose 
 of bringing matters to the attention of the courts later. 
 
 The proposition in this bill, if I understand it, is to evade, if possi- 
 ble, that constitutional difficulty as far as it may be done, the theory 
 of those gentlemen being that a successful evasion of the Constitution 
 would be the equivalent of a compliance with it. 
 
 Senator Newlands. Mr. Davenport, do 3'ou understand that the 
 Supreme Court has determined that the power exercised or sought to 
 be exercised by the Interstate Commerce Commission, of declaring a 
 rate unreasonable and then compelling obedience of the companies, is 
 a judicial power and can not be conferred upon the Commission? 
 
 Mr. Davenport. I understand so. ' The courts have emphatically 
 decided— ^ — ■ 
 
 Senator Newlands. You would not call the fixing of the rates them- 
 selves by the Commission the exercise of judicial power, would you? 
 
 Mr. DavIenport. No; not at all. 
 
 Senator Newlands. But those rates can only be enforced through 
 the courts. 
 
 Mr. Davenport. That is absolutely so; and repeated decisions have 
 been made on that subject, commencing at the time the Commission 
 first went into court to procure the aid of the process of the court to 
 enforce its own orders. 
 
 Senator Dolliver. I shall be obliged to you, Mr. Davenport, if j^ou 
 will, at your convenience, prepare and insert here a brief of references 
 upon that question. 
 
 Mr. Davenport. The authorities upon that subject are numerous 
 and conclusive. 
 
 In the first place, I would call your attention to the language of the 
 Supreme Court in 103 U. S., 190: 
 
 It is believed to be one of the chief merits of the American system of written con- 
 stitutional law that all the powers intrusted to government, whether State or national, 
 are divided into the 'three grand departments — the executive, the legislative, and 
 judicial; that the functions appropriate to each of these branches of government 
 shall be vested in a separate bod); of public servants; and that the perfection of the 
 system requires that the lines which separate and divide these departments shall be 
 broadly and clearly defined. 
 
 And again in Interstate Commerce Commission v. Brimson (154 U. S. , 
 488-489), the same court said: 
 
 , Of course the question of punishing the defendants for contempt could not arise 
 before the Commission, for, in a judicial sense, there is no such thing as contempt of 
 
DUTIES AND POWERS OF INTERSTATE OOMMEKCE COMMISSION. 2 
 
 a subordinate administrative body. No question of contempt could arise until 
 issue of law in the circuit court is determined adversely to the defendants and tl 
 refuse to obey, not the order of the Commission, but the final order of the court. 
 
 In this connection I would call your attention to the language of 1 
 United States circuit court in the case of Shinkle, Wilson & Kreis ( 
 V. Louisville and Nashville Railway Co. (62 Fed. Rep., 692, 693): 
 
 I am of opinion that this is not a proper case for a preliminary injunction. 1 
 right of the petitioners is yet to be established. The opinion of the Interstate Cc 
 merce Commission has not the effect of a judicial determination. If a carrier refi; 
 to acquiesce in an order made by that Commission it can only be coerced by a j 
 ceeding in a United States court. The mode and right of procedure in this court 
 by petition filed by the Commission or anyone interested, setting out the judi( 
 duties complained of. Power is then given the court to hear and determine the a 
 ter " in such manner as to do justice in the premises." The act then provides ti 
 on the hearing of the controversy thus submitted, " the findings of fact in the rep 
 of said Commission shall be prima facie evidence of the matters therein stated." 
 it shall then appear, on all the evidence heard and submitted, that the order of 
 Commission was lawful and reasonable, and that it has been violated, it shall be li 
 ful for such court to issue a writ of injunction or other proper process to prev 
 further disobedience of such order. Now, it is well settled that the court is nc 
 mere executioner of the orders of the Commission. The suit in this court is an or 
 nal and independent proceeding. This court is not confined to a mere examinat 
 of the matter as heard by the Commission. It proceeds to hear the complaint 
 novo. 
 
 On that hearing the findings of fact are evidence operating to make out » pri 
 facie case in favor of the conclusion reached as to the fact of a violation of 
 interstate-commerce act. 
 
 Kentucky and I. Bridge Co. v. Louisville and N. E. Co., 37 Fed., 613. 
 
 Interstate Com. Com. v. Atchison, T. and S. F. E. Co., 50 Fed., 295. 
 
 Interstate Com. Com. u. Lehigh Val. E. Co., 49 Fed. Eep., 177. 
 
 Interstate Com. Com. v. Bait, and O. E. Co., 43 Fed. Eep., 43. 
 
 Interstate Com. Com. v. Cincinnati, N. O. and T. P. E. Co., 56 Fed. Eep., S 
 The answer denies most distinctly that the rates about to be restored, and be 
 the same rates passed upon by the Commission, are unjust and unreasonable, 
 denies that those rates operate to discriminate against the commerce of Cincinr 
 and in favor of eastern cities. If it be assumed that, upon an application for a j 
 , liminary injunction, the report of the Commission is to be regarded as making ou 
 prima facie case of illegal rates, that effect, on such an issue, is lost when an issui 
 made by a sworn sftiswer upon the principal conclusions of the report. 
 
 In the case of Reagan v. Fanners' Loan and Trust Company (1 
 U. S., 396-399) the United States Supreme Court said: 
 
 It appears from the bill that, in pursuance of the powers given to it by this act, 
 Stat« commission has made a bod-y of rates for fares and freights. This body of rai 
 as a whole, is challenged by the plaintiff as unreasonable, unjust, and workin: 
 destruction of its rights of property. The defendant denies the power of the co 
 to entertain an inquiry into that matter, insisting that the fixing of rates for carri 
 by a public carrier is a matter wholly within the power of the legislative departm 
 of the Government and beyond examination by the courts. 
 
 It is doubtless true, as a general proposition, that the formation of a tariff 
 charges for the transportation by a common carrier of persons or property is a legii 
 tive or administrative rather than a judicial function. Yet it has always been rec 
 nized that if a carrier attempted to charge a shipper an unreasonable sum the coi 
 have jurisdiction to inquire into that matter and to award to the shipper any amo 
 exacted from him in excess of a reasonable rate, and also, in a reverse case, to ren 
 judgment in favor of the carrier for the amount found to be a reasonable charge. 1 
 province of the courts is not changed nor the limit of judicial inquiry altered beca 
 the legislature, instead of the carrier, prescribes the rates. 
 
 The courts are not authorized to revise or change the bodj' of rates imposed b 
 legislature or a commission; they do not determine whether one rate is preferablt 
 another, or whether under all of the circumstances it would be fair and reasona 
 as between the carrier and the shipper; they do not engage in any mere adminisi 
 tive work; but still there can be no doubt of their power and duty to inquire whet! 
 a body of rates prescribed by a legislature or a commission is unjust and unreas 
 able, and such as to work a practical destruction to rights of property, and, if foi 
 
220 DUTIES AND POWERS OF INTEBSTATE OOMMEECE COMMISSION. 
 
 to be so, to restrain the corporation. In Chicago, Burlington and Quincy Railroad 
 V. Iowa (94 U. S., 155) and Peik v. Chicago and Northwestern Railway (94 U. S., 
 164) the question of legislative control over railroads was presented, and it was held 
 that the fixing of rates was not a matter within the absolute discretion of the ca-r- 
 riers, but was subject to legislative control. As stated by Mr. Justice Miller, in 
 Wabash, etc.. Railroad v. Illinois (118 U. S., 557-559), in respect to these cases, 
 "The great question to be decided, and which was argued in all those cases, was the 
 right of the State, within which a railroad company did business, to regulate or limit 
 the amount of any of these traflBc charges." 
 
 There was in those cases no decision as to the extent of control, but only as to the 
 right of control. This question came again before this court in railroad commission 
 cases (116 U. S., 307, 331), and while the right of control was afiirmed, a limitation 
 on that right was plainly intimated in the following words of the Chief Justice: 
 "From what has been thus said it is not to be inferred that this power of limitation 
 or regula,tion is itself without limit. This power to regulate is not a power to 
 destroy. Limitation is not the equivalent of confiscation. Under pretense of regu- 
 lation of fares and freights the State can not require a railroad corporation to carry 
 persons or property without reward ; neither can it do that which in law amounts to 
 a taking of private property for public use without just compensation or without due 
 process of law." 
 
 This language was quoted in the subsequent case of Dow v. Beidleman (125 U. S., 
 680, 689). Again, in Chicago and St. Paul Railway Company v. Minnesota (l34 U. S., 
 418, 458) , it was said by Mr. Justice Blatchford, speaking for the majority of the court: 
 "The question of the reasonableness of a rate of charge for transportation by a rail- 
 road company, involving as it does the element of reasonableness, both as regards 
 the company and as regards the public, is eminently a question for judicial investi- 
 gation, requiring the process of law for its determination." 
 
 And in Chicago and Grand Trunk Railway v. Wellman (143 U. S., 339, 344) is this 
 declaration of the law: "The legislature has power to fix rates, and the extent of 
 judicial interference is protection against unreasonable rates." Budd v. New York 
 (143 U. S., 517) announces nothing to the contrary. The question there was not 
 whether the rates were reasonable, but whether the business, that of elevating grain, 
 was within legislative control as to the matter of rates. It was said in the opinion: 
 "In the cases before us the records do not showthat the charges fixed by the statute 
 were unreasonable." Hence there was no occasion for saying anything as to the 
 power or duty of the courts in case the rates as established had been found to be unrea- 
 sonable. It was enough that, upon examination, it appeared that there was no evi- 
 dence upon which it could be adjudged that the rates were in fact open to objection 
 on that ground. 
 
 These cases all support the proposition that, while it is not the province of the 
 court to enter upon the merely administrative duty of framing% tariff of rates for 
 carriage, it is within the scope of judicial power and a part of judicial duty to restrain 
 anything which in the form of a regulation of rates operates to deny to the owners of 
 property invested in the business of transportation that equal protection which is 
 the constitutional right of all owners of other property. There is nothing new or 
 strange in this. It has always been a part of the judicial function to determine 
 whether the act of one party (whether that party be a single individual, an organ- 
 ized body, or the public as a whole) operates to divest the other party of any rights 
 of person or property. In every constitution is the guaranty against the taking of 
 private property for public purposes without just compensation. The equal protection 
 of the laws which, by the fourteenth amendment, no State can deny to the individual 
 forbids legislation, in whatever form it maybe enacted, by which the property of one 
 individual is without compensation wrested from him for the benefit of another or 
 of the public. This, as has been often observed, is a government of law and not a go v- 
 ment of men, and it must never be forgotten that under such a governnlent, with its 
 constitutional limitations and guaranties, the forms of law and the machinery of gov- 
 ernment, with all their reach and power, must in their actual workings stop on the 
 hither side of the unnecessary and uncompensated taking or destruction of any pri- 
 vate property legally acquired and legally held. 
 
 It was therefore within the competency of the circuit court of the United States 
 for the western district of Texas, at the instance of the plaintiff, a citizen of another 
 State, to enter upon an inquiry as to the reasonableness and justice of the rates pre- 
 scribed by the railroad commission. 
 
 An examination by the committee of the cases of St. Louis and San 
 Francisco Railroad Co. v. Gill (156 U. S.. 649, 657); Covington and Lex- 
 ington Turn Pike Road Co. v. Sanford (164 U. S., 578, 584, 594, 597), 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. '2i 
 
 and Smyth v. Ames (169 U. S., 527), will satisfy them that the san 
 doctrine is there laid down. 
 
 The character of the questions which are open in every such litig 
 tion is stated by the Supreme Court, through Mr. Justice Harlan, i 
 follows (169 U.'S., 646): 
 
 It can not be assumed that any railroad corporation, accepting franchises, righ' 
 and privileges at the hands of the public, ever supposed that it acquired, or that 
 was intended to grant to it, the power to construct and maintain a public highw; 
 simply for its benefit, without regard to the rights of the public. But it is equal 
 true that the corporation performing such public services and the people final 
 interested in its business and affairs have rights that may not be invaded by legis: 
 tive enactment in disregard of the fundamental guarantees for their protection, 't. 
 corporation may not be required to use its property for the benefit of the public wit 
 put receiving just compensation for the services rendered by it. How such compe 
 sation may be ascertained, and what are the necessary elements in such an inquii 
 will always be an embarrassing question. * * * We hold, however, that t 
 basis of all calculation as to the reasonableness of rates to be charged by a corporatii 
 maintaining a highway under legislative sanction must be the fair value of the pre 
 erty being used by it for the convenience of the public. And in order to ascerta 
 that value, the original cost of construction, the amount expended in permane 
 improvements, the amount and market value of its bonds and stock, the present 
 compared with the original cost of construction,~the probable earning capacity of t 
 property under particular rates prescribed by statute, and the sum required to me 
 operating expenses, are all matters for consideration and are to be given such weig 
 as may be just and right in each case. We do not say that there may not be oth 
 matters to be regarded in estimating the value of the property. What the compai 
 is entitled to ask is a fair return upon the value of that which it employs for the pu 
 lie convenience. On the other hand, what the public is entitled to demand is th 
 no more be exacted from it for the use of a public highway than the services re 
 dered by it are reasonably worth. 
 
 Whenever, therefore, a rate should be established by the Commi 
 sion under the Townsend bill, or any other which could be devise 
 it would necessarily be subject to review on the issues thus stated, ai 
 the findings of the Commission would probably not have even prin 
 facie force, because the question of reasonableness would be jurisdi 
 tional and could be determined only by judicial decision. (134 U. fci 
 618; 169 U. S., 466.) The Commission itself has stated that it fin( 
 itself unable to apply these constitutional rules (Annual Report 190 
 p. 54), but that ''a just rate can not be determined independently < 
 the theory of social progress" (Annual Report for 1895, p. 59), whi( 
 theorj"^ it has never defined. No argument is needed to show ho 
 difficult and overwhelming would be the litigation arising from such 
 situation. 
 
 It is interesting to note in this connection how lightly the oblig 
 tions of the law seem to rest upon the Commission as at present co 
 stituted. (See Annual Report for 1903, p. 54.) 
 
 It is often difficult to say what constitutes a reasonable rate, and more difficult 
 ^ve in detail the reasons that lead to the conclusion reached, although the Suprer 
 Court of the United States has given certain rules by which to test the reasonab^ 
 ness of transportation charges, and although the Commission has endeavored 
 apply those rules, yet whenever it has interrogated railway officials as to whether 
 not they are governed by them when making rates of transportation, they ha 
 invariably answered in the negative and said that to do so would be impracticabl 
 The carriers do not apparently possess the necessary data for that purpose, and the 
 is at present no other source from which the Commission can obtain such data. 
 
 That they are ambitious, however, to enter upon the task is show 
 by the following extracts from their annual reports: 
 
 To give each community the rightful benefits of location, to keep different coi 
 modities on equal footing, so that each shall circulate freely and in natural volum 
 
222 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 and to prescribe schedule rates which shall be reasonable, just to both shipper and 
 carrier, is a task of vast magnitude and importance. In the performance of that 
 task lies the great and permanent work of public regulation. (Annual Report for 
 1893. p. 100.) 
 
 No one who understands the intricacies of transportation would care to assert that 
 the determination of a just rate, or the decision as to what constitutes discrimination, 
 is an easy task. To some extent the principles upon which taxation rests must be 
 allowed in fixing a just rate; to some extent the result of a rate upon the develop- 
 rnent of industry must be taken into the account in all decisions which the Commis- 
 sion is called upon to make; to some extent every question of transportation involves 
 moral and social considerations; so that a just rate can not be determined independ- 
 ently of the theory of social progress. (Annual Report for 1895, p. 59. ) 
 
 Within certain limits it is good policy for the railway manager to increase bis ton- 
 nage, even at the expense of reducing the rate per ton. Just how far this rule applies 
 no one can tell. The merchant who" buys an article for a definite price knows when 
 he sells it whether he makes or loses by the transaction; and the manufacturer, as a 
 rule, has a pretty accurate idea of the cost of production; but the railroad operator 
 can not ordmarily say whether he should or should not, as a matter of policy, take 
 traffic at a certain price. (lb., p. 17. ) 
 
 The freight rate is a complex problem when applied to almost all competitive traffic. 
 Very few people not acquainted with the subject have any idea how diflScult the solu- 
 tion of that problem is. • (Annual Report for 1898, p. 15.) 
 
 The great bulk of our orders * * * must pertain to the future. They will be 
 orders fixing either a maximum or a minimum rate. (Annual Report for 1897, p. 35. ) 
 
 The Commission thinks it probable that the cases now pending before it directly 
 or indirectly affect almost every locality and nearly all of the people of the United 
 States. (Advance Synopsis of Annual Report for 1904.) 
 
 And when to all their other difficulties is added the requirement that 
 in establishing rates the Commission must fix them so that they give 
 no preference thereby to the ports of one State over those of another, 
 while working out their theory of social progress, it is fortunate that 
 the framers of our Constitution invested the courts of the United 
 States with the whole of the judicial authority granted to the Federal 
 Government. 
 
 That being the case. Senators, is it not manifest that every attempt 
 that is made to take from the courts the power to deprive an aggrieved 
 party of his remedy to go into court is absolutely futile; that it only 
 excites expectations that are bound to be disappointed and that will 
 only add to the clamor which has been raised in some way or other; 
 that the courts, in performing their constitutional duties, are in some 
 way attempting to defeat the purposes of Congress ? The manifest 
 business proposition is to eliminate as much as possible the delays 
 which are involved in the inquiry before the Commission. You can 
 not make progress along the other line. Instead of requiring, as the 
 Commission does now, a formal proceeding before it and the taking 
 of testimony and investigation as elaborate as the investigation in a 
 court of justice — and which, after all, is of no effect, as the Commis- 
 sion has repeatedly said — why not do away with all that, as far as 
 possible? 
 
 Senator Newlands. You would not deprive the Commission of its 
 powers in any way, and the exercise of those powers so far as may be 
 necessary to bring the complaints before the courts? 
 
 Mr. Davenport. Certainly not. 
 
 Senator Newlands. Do they go any farther than that? 
 
 Mr. Davenport. A great dfeal farther. They try the matter out 
 before the Commission just as if it were a court. They proceed with 
 all these formalities until the Commission has actually got the idea 
 that it is a court, whereas under the decisions of courts they are noth- 
 ing more than commissioners or referees of the circuit courts to make 
 
DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 223 
 
 preliminary investigation as to matters which are brought before the 
 courts. 
 
 Undoubtedly the idea of the authors of the original interstate-com- 
 merce act, as it now stands on the statute books, was to protect the 
 railroads from the necessity of appearing in court to answer all sorts 
 of charges and defend themselves; in other words, that an inquiry 
 should be instituted which should make a good ground for action in 
 the courts before their interposition was invoked. But that has devel- 
 oped, as you will perceive, into two defects; the railroad companies 
 have to appear and fight it out at great expense, as in court, and it 
 does not operate to protect them at all from this kind of investigation 
 pursued at the hands of parties who think they are injured. On the 
 other hand, it has entailed upon the shipper and those who seek the 
 protection of the law all that expense, and so great is it, as Judge 
 Cowan said, that practically the individual shipper is without remedy. 
 
 The Chairman. I have a memorandum to ask you a question on that 
 point: As you construe this bill, does the expense of initiating, con- 
 ducting, and concluding proceedings outside of the Commission fall 
 on the shipper? 
 
 Mr. Davenport. I have not specially examined as regards that point. 
 I am not now prepared to answer the question of the Senator. 
 
 The Chairman. As I have read the bill, that is one of the things that 
 I thought ought to receive consideration — that the individual snipper 
 standing alone maj^ have iso conduct proceedings at his own expense and 
 often meet very great delay of the court, and he may easily fall under 
 the displeasure of the railroad and perhaps not get proper considera- 
 tion afterwards for that reason. I thought perhaps you might have 
 something to say on that point. 
 
 Mr. Davenport. This is the point, as I think we have had this situ- 
 ation revealed by the course of events, that the railroad company and 
 the shipper are hauled before the Commission at the cost of intermina- 
 ble delay and enormous expense for a preliminary investigation that 
 amounts to nothing except to lay a foundation to bring the matter to 
 the attention of the court. 
 
 Senator Dolliver. But this bill seems to have for its object to 
 make their investigations amount to something definite. 
 
 Mr. Davenport. Yes, sir. But I say that an examination of the 
 authorities shows them to be conclusive, that the wit of man can not 
 devise means by which you can keep out of court every question to be 
 investigated by the Commission itself. 
 
 Senator Dolliver. But if the Commission could not be clothed with 
 the power to find what is a reasonable rate, how did it happen that in 
 the maximum rate cases the Supreme Court in its decision went on, 
 page after page, without even intimating that that power could not be 
 conferred upon the Commission, but discussed simply the question 
 whether or not Congress had intended to confer that power ? It seems 
 to me that in that case the very strong implication of the decision is 
 that that power could have been exercised by the Commission if Con- 
 gress had actually conferred it. 
 
 The Chairman. To fix a definite rate ? 
 
 Senator Dolliver. -Yes, sir. 
 
 The Chairman. Does it go that far? 
 
 Senator Dolliver. Yes. 
 
224 DUTIES AND POWEES OF INTEBSTATE COMMERCE COMMISSION. 
 
 Senator Newlands. I understood Mr. Davenport to assert that the 
 exercise of the power of fixing rates could be vested in the Commis- 
 sion, but it would hot be a judicial power; that the power of enforc- 
 ing the observance of rates was one that could only be exercised by 
 the courts and not by the Commission. 
 
 Senator Dollivek. When the court determines what the law is it 
 is the duty of the citizen to carry it into effect. 
 
 Senator Newlands. But I mean where they refuse. 
 
 Senator Dollivee. Of course if a corporation should refuse to obey 
 the law there would be no remedy except in the courts. 
 
 Mr. Davenport. The Senator from Iowa will notice that he begs 
 the question there, for when the Commission fixes a rate that is not 
 necessarily the law, because whether it is the law or not is involved 
 in the proceeding in court, and immediately when the matter is brought 
 into court every element involved in it is the subject of investigation. 
 There is no escape from that* In that connection let me refer you 
 again to the case I quoted from the other day, Smyth v. Ames (169 
 if. S., 527): 
 
 The idea that any legislature, State or Federal, can conclusively determine for the 
 people and for the courts that what it enacts in the form of law, or what it authorizes 
 its agents to do, is consistent with the fundamental law, is in opposition to the theory 
 of our institutions. The duty rests upon all courts. Federal and State, when their 
 jurisdiction is properly invoked, to see to it that no right secured by the supreme law 
 of the land is impaired or destroyed by legislation. This function and duty of the 
 judiciary distinguishes the American system from all other systems of government. 
 The perpetuity of our institutions and the liberty whidh is enjoyed under them 
 depends, in no small degree, upon the power given the judiciary to declare null and 
 void all legislation that is clearly repugnant to the supreme law of the land. 
 
 Now, to take a concrete case, which is of course the way all practical 
 men would attempt to ascertain the facts and truth about such a matter: 
 Suppose acomplaint is made to the Commission that a particular rate of a 
 particular railroad is excessive, unreasonable; the party is required to 
 come in and answer, and in determining whether that particular rate is 
 unreasonable every rate on that road has to be investigated, as Judge 
 Cowan largely illustrated in his case; the value of the property, the 
 original cost of construction, the amount invested in permanent 
 improvements, the operating expenses, the present value of stocks and 
 bonds, the relation between the local business and the through busi- 
 ness — all those things have to be considered, and it is a most intricate 
 question, and the whole subject involved is jurisdictional, because you 
 can not single out one rate and say that because that rate may be a 
 little high therefore the road can not charge that rate, for you will see 
 in the decisions of the Supreme Court that the common carrier is 
 entitled to distribute its charges around so that upon the whole of its 
 business it may be able to operate. You can not take one rate and 
 attack that in detail, fix that, and then go on around and fix them all 
 separately and independently in that way. 
 
 But, generally speaking, I submit to the committee that it is estab- 
 lished, beyond the chance of any reasonable man expecting ever to 
 overthrow it, that the Commissipn, if it is going to determine whether 
 or not a particular charge is reasonable, has to go into all these mat- 
 ters, and that entails an enormous expense and enormous delay, and 
 when it is all done under the existing law and under this bill or any 
 other that could be devised the case must necessarily be gone over again 
 by the courts in all respects, so that the parties are no farther along. 
 
DUTIES AND POWERS 6F INTERSTATE COMMERCE COMMISSION. 225 
 
 The very case Judge Cowan brought before the Commission — that cattle 
 case — is going straight to the bone yard, you can see, for he did not 
 prove any case according to the rules laid down by the Supreme Court. 
 
 Senator Newlands. But does not your contention necessarily lead 
 to the conclusion that instead of simply giving the Commission a 
 revisory power over rates made by the railroads themselves it would 
 be better in the first instance to give them the power of making these 
 schedule rates ? As I understand, there is no question about the power 
 of Congress to fix the tolls, and there is no question about the power 
 of Congress to delegate that power to a Commission. As I under- 
 stand, the railroads object to that power much more than they would 
 to the power simply of revising particular rates upon complaints, or 
 particular schedules upon complaint, or particular classifications upon 
 complaint. 
 
 Your objection to that, and I think it is a reasonable objection, is 
 that if half the rates fixed by railroads are too high and half are too 
 low, it would obviously be unjust to reduce the high rates without 
 increasing the low rates, assuming that altogether they produce only 
 a fair return upon the investment. 1 admit that ; but does not your 
 contention lead to the conclusion that, instead of simply giving the 
 power of revision upon complaint, we should just turn right over to 
 the Commission the full power of making tariff rates? Otherwise do 
 you not abandon all power of regulation and control ? 
 
 Mr. Davenport. According to my conception of this act, although 
 you call this the power of revising rates, practically you confer upon 
 the Commission the power to make rates. 
 
 Senator Newlands. That is, through revision, amending, and chang- 
 ing. 
 
 Mr. Davenport. And that you can not start in on it and make it 
 effectual unless you carry it on to completion. 
 
 The electric bell having sounded the call for an executive session of 
 the Senate, the committee adjourned to 10.30 a. m. to-morrow. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 Saturday^ February 18, 1905. 
 
 STATEMENT OF MR. MILTON H. SMITH. 
 
 The Chairman. Before proceeding with your statement you may 
 state your name and occupation. 
 
 Mr. Smith. My name is Milton H. Smith. I am president and chief 
 executive oflBcer of the Louisville and Nashville Railroad Company. 
 
 Senator Foraker. We have under consideration what is known as 
 the Esch-Townsend bill. Are you familiar with that bill ? Have you 
 seen it? 
 
 Mr. Smith. Yes, sir. 
 
 Senator Foraker. Can you favor the committee with your views 
 with respect to it? 
 
 Senator Cullom. I suggest, Mr. Smith, that you take up the Esch.- 
 Townsend bill, and if there is anything in it that you object to, say so, 
 and give your reasons. 
 RY — 05 15 
 
226 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Smith. Mr. Chairman, I have hurriedly prepared the following 
 comments from the standpoint of one who has served the "servants of 
 the people" for more than forty-five years. I have but a nominal 
 financial interest in the ownershiip of the corporation I serve. 
 
 I ought to have submitted a carefully prepared statement. Circum- 
 stances have prevented me from doing so. 
 
 It may facilitate comprehension of what 1 may present if I suggest 
 certain "points of view." 
 
 First. The capital of railways is the aggregation of capital of 
 numerous individuals; therefore, individuals own the railways. 
 
 Second. Selfishn'ess is the incentive to human endeavor. 
 
 Third. Society, as organized, permits each fellow to get what the 
 other fellow has, if he can. 
 
 "Railways are servants of the people." So are all corporations and 
 individuals who solicit the patronage of the people. The negro who 
 cultivates a cotton patch is served by the merchant who Wants as much 
 of the result of the negro's labor as he can get. His patronage is 
 solicited. A merchant located in a cotton-growing district wrote me, 
 a few months since, that a large cotton crop had been- profitably 
 marketed; that the negroes had money, and suggested the running of 
 excursions. My conclusion was that he, having secured all of the money 
 of the negroes to which he was entitled, was selfishly willing that the 
 railways should have the remainder, on the theory that the negroes 
 would not resume work until their money was expended. 
 
 The butcher serves the public; so does the milkman. The railways 
 must be regulated; they are. So is the man who sells milk. In the 
 city of Louisville recently the licenses of a large number of sellers of 
 milk were revoked by the health oflacer because, it was alleged, the 
 milk they sold was produced from cows that had been fed unwholesome 
 food. 
 
 The Supreme Court has, in effect, said that under the police powers the 
 people may, through their representatives, do anything that, in the 
 opinion of such representatives, will protect and promote the interests 
 of the people. Assuredly, the railways are regulated; they must 
 transport the mails under regulations and upon terms fixed by the 
 Goyernment; the speed of trains is limited; they are required to pro- 
 vide and erect stations according to specifications provided by repre- 
 sentatives of the State; the whistle of the locomotives must be sounded; 
 must not be sounded; they must not emit smoke; equipment must be 
 provided, cared for, cleaned at times and in the manner required by 
 regulations; must be constructed and equipped with certain appliances, 
 etc. The burden of these regulations is being constantly increased. 
 The burden of taxation is also constantly increasing. Individuals furnish 
 capital with which to construct and equip a railway, for which they 
 receive bonds, stock, or other evidences of ownership. The statutes 
 require that the property thus created be assessed at its fair cash value. 
 In addition, a so-called franchise tax is assessed. The owner of a bond 
 of a railway drawing 4 per cent interest is subject to taxation, if he 
 lives in the city of Louisville, equal to between 60 and 70 per cent of 
 the total income. If he lives in Louisville and owns stock in a railway 
 located in Tennessee, such stock is subject to taxation at its fair cash 
 value at the rate of 2.64 cents on each dollar of such valuation, whether 
 he does or does not receive a dividend or income upon the stock. 
 
 In addition, the remuneration received for services rendered is, 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 22' 
 
 throughout a large part of the country, fixed by representatives o 
 the State. 
 
 Contrast the foregoing with the treatment accorded carriers plyinj 
 the navigable rivers. The United States Government appropriate) 
 money collected by indirect taxation, of which the railways pay ai 
 important part, to provide lights to aid the boats in finding their waj 
 at night, to improve the rivers by dredging, removing obstructions 
 constructing dams and locks and maintaining and operating the same 
 in some instances the cost of maintenance and operation being equal 
 or nearly so, to the total value of the property transported along th* 
 rivers upon which the expenditure has been made; in other words, th( 
 Government could, from the interest on the cost and cost of mainte 
 nance in some years have saved money by presenting the consignee; 
 with the property transported. No attempt is made to regulate or fij 
 the rate. charged by such carriers. They may, and sometimes do 
 increase the rate 200, 300, or 400 per cent without notice. 
 
 No attempt has in recent jj^ears been made to fix the price whicl: 
 the vendor of milk shall receive for his merchandise, in which if 
 included the cost of the service. 
 
 It is proposed that the United States shall, through a commissior 
 subject to certain regulations, fix the remuneration which the rail car 
 riers shall receive for that part of the services rendered not subject tc 
 control of the States, or what is termed interstate traffic. Those favor 
 ing the enactment of such legislation assert that a commission- duh 
 authorized can readily perform the duties assigned it in a manner tc 
 promote the interests of the people; that it does not require specia 
 knowledge or training, other than that which may be possessed oi 
 acquired by commissioners appointed by the President; that the rep- 
 resentatives of the rail interstate carriers who now perform this service 
 are not men of unusual ability and have not succeeded in adjusting 
 rates intelligently or satisfactorily. 
 
 For many years my time and energies were devoted tO the adjust- 
 ment of rates for the transportation of property, especially betweer 
 points in the territory described as south of the Ohio and east of the 
 Mississippi rivers, and other points in the United States, although ] 
 was for three years the general freight agent of the Baltimore and 
 Ohio Railroad. When I first engaged in such work the transactions 
 were very simple indeed as compared with the present complicated 
 ones. The railroad mileage of the country was smaller and the mile- 
 age operated by each company much less than now, and the repre- 
 sentative of each company made a local tariff, which differed in 
 classification and rate per ton per mile. Propert}- was transferred a1 
 each point of intersection, say between Louisville and Atlanta, trans- 
 ferred at Nashville and Chattanooga. I recall that the rate on flour 
 per barrel, Louisville to Atlanta, was made by adding the local rates 
 of three roads: 
 
 
 Miles. 
 
 Rate. 
 
 Louiaville and Nashville R. R 
 
 185 
 151 
 138 
 
 $0 6( 
 
 
 
 Western and Atlantic R. R. (owned and operated by the State of Georgia) 
 
 1.0( 
 
 
 
 
 
 
 
228 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION 
 
 That was in 1866-67. The present rate per barrel on flour between 
 same points is 44 cents. 
 
 To illustrate the increase in the difficulties of adjustmg rates for a. 
 large system of roads at the present time, as compared with those 
 encountered in 1869, I submit herewith the local tarifl' of the Louis- 
 ville and Nashville Railroad Company in effect in July, 1869, being a 
 single sheet on which is printed the classification and the rates between 
 all stations on the lines operated by the company at that time. It will 
 readily be seen that it would not be difficult for a general freight 
 agent, agent, bill-of-lading or manifest clerk to memorize the classifi- 
 cation and rates. A similar tariff was in effect on the Baltimore and 
 Ohio Kailroad for lines east of the Ohio River in 1878. 
 
 In contrast I will call your attention to some of the classifications 
 and some of the tariff's now in effect on the Louisville and Nashville 
 Railroad. 
 
 In an attempt to provide rates between all points on and reached via 
 the roads operated by the Louisville and Nashville Railroad Company 
 the tariffs have become so complicated and so voluminous that I, who 
 devoted many years to adjusting tariffs, am wholly unable to compre- 
 hend them, and would much dislike to undertake to quote rates from 
 them. Take the rates from Louisville to Atlanta. In addition to the 
 numerous classes there are, I believe, from 140 to '160 so-called com- 
 modity rates. This complexity and volume is the result of an effort 
 upon the part of the traffic department of the Louisville and Nashville 
 Railroad to adjust rates for trie transportation of proj)erty from all 
 points of origin to all joints of destination passing over its (Louisville 
 and Nashville) lines. These rates must be compiled with the coopera- 
 tion of representatives of competing and connecting lines, and neces- 
 sarily there is a divergence of views, and- the peculiarity is that the 
 views of the representative of the competing line that wants the lowest 
 rate necessaril}' prevail. In addition to meeting the views of the repre- 
 sentatives of connecting and competing lines the views of the other 
 party interested — the shipper or consignee — must be and are considered. 
 
 One of the difficulties encountered by individuals when they unite 
 in contributing capital for large enterprises is that such enterprises 
 must necessarily be conducted by bureaus. The officers and employees 
 of such bureaus receive a stated compensation. Onlj^ persons of 
 mediocre capabilities are willing to contentedly serve for a daily, 
 monthly, or annual stipend; Mr. Carnegie, commencing as a telegraph 
 messenger boy, early attained the important position of superintendent 
 of an important division of the Pennsylvania Railroad, which he 
 prompth^ surrendered, doubtless believing he could, in other ways, be 
 more successful in getting what the other fellow had. May this not 
 account for the fact that people who may be said to possess the com- 
 mercial instinct — the desire to buy cheap and sell dear — are found 
 among the patrons of the railroads instead of among its officers and 
 employees ? The traffic officials of the railways of mediocre abilities 
 have to deal with the shrewdest and ablest people of the country, those 
 engaged in commerce, and we may be assured that under these circum- 
 stances the interests of the shippers are fully protected. In such a 
 contention the rail transportation lines must be worsted. 
 
 There is much said of favoritism shown to big shippers upon the 
 part of the railways. Doubtless there is truth in these allegations 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 229 
 
 although I believe that there is much less cause of complaint now 
 than in the past; but it is not the big shippers alone that the traf- 
 fic officials have to contend with; it is the big cities or communities, 
 where practically all shippers, through their associations, seconded in 
 their efforts by individuals, endeavor to secure a relative adjustment 
 of rates that will give them some advantage over competing big cities 
 or communities. These efforts are often seconded and promoted by 
 carriers that happen to be largely interested in the traffic of these 
 large communities. As an ''illustration, the representatives of the 
 shippers of Chicago have long complained that the rates from that 
 city to points south of the Ohio and east of the Mississippi rivers were 
 too high as compared with the rates from North Atlantic seaboard 
 cities to same territory. Cincinnati has made and St. Louis is now 
 making the same complaint. If the change is made or an attempt is 
 made, you will immediately hear from the representatives of the North 
 Atlantic cities. If the rate from Chicago is reduced, this changes the 
 relative adjustment of rates from that point with the adjustment from 
 all other western points, including Cincinnati, Louisville, St. Louis, 
 Evansville, Memphis, New Orleans, etc. It is therefore probable 
 that if the demand of Chicago is acceded to, it will result in a general 
 reduction from all points, leaving the relative adjustment about as it 
 now is, which would not be what the representatives of Chicago desire, 
 namely, a more favorable relative adjustment. 
 
 I have tried in a feeble way to point out some of the difficulties to 
 be encountered by a commission undertaking to adjust the rates of 
 transportation of the rail carriers of interstate traffic. To me the 
 magnitude of the undertaking is appalling, and I think it will become 
 so to any one who gives the subject serious and studious attention. I 
 think this may account for the expression from the Interstate Com- 
 merce Commission soon after it was organized, when, speaking 
 through Judge Cooley, it said: 
 
 The Commission would, in effect, be required to act as rate makers for all the 
 roads and compelled to adjust the tariffs so as to meet the exigencies of busiaess, 
 while at the same time endeavoring to protect relative rights and equities of rival 
 carriers and rival localities. This in any considerable state would be an enormous 
 task. In a country so large as ours and with so vast a mileage of roads it would be 
 superhuman, and the construction of the statute which would require its perform- 
 ance would render the due administration of the law altogether impracticable, 
 and that fact tends strongly to show that such a construction could not have been 
 intended. (In re Louisville and Nashville Company, First Interstate Commerce 
 Report, p. 56.) 
 
 It may be asked, if the difficulties encountered by the railways in 
 adjusting and maintaining rates are so great, why should the owners 
 not favor adjustment by the United States Government through a 
 commission ? The answer is that if the owners of the railways believed 
 that the Government could, through a commission, fairly adjust the 
 rates of transportation so as " to meet the exigencies of business, while 
 at the same time" protecting the "relative rights and equities of rival 
 carriers and rival localities," and enforce the maintenance of such rates, 
 they would doubtless favor the arrangement; but no represent^ive of 
 the railway companies, so i&t as I am advised, believes that this can or 
 will be done. 
 
 It is well known that the present Interstate Commerce Commission, 
 since the expression which I have quoted was made, has not only been 
 
230 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 changed in its personnel, but has changed its views, and that it now 
 believes it is competent to adjust rates and is desii'ous of assuming the 
 responsibility of doing so. From my own experience and observation, 
 the result would be something as follows: Some years ago, under the 
 supervision of the engineers of the United States, certain excavations 
 were made in the harbor of New York. After several years of labor, 
 mines were planted and an explosion arranged for. At a given hour 
 a child pressed a button and the explosion occurred. It is not impos- 
 sible to plant mines under a number of -large cities, all connected by 
 electricity, and by pressing a button, which a squirrel might be taught 
 to do, simultaneously destroy such cities with their inhabitants. Some 
 years ago the cities of Chicago and Cincinnati, through what is known 
 as freight bureaus, appealed to the Commission to reduce the rates 
 from those cities to a number of points in the South, claiming that 
 such rates were too high as compared with rates from other points, and 
 especially the North Atlantic seaboard. The Commission, after an 
 investigation, ordered a reduction to be made. Had the order been 
 literally complied with, the relative adjustment with all other parts of 
 the country would have been deranged — blown up — and the representa- 
 tives of the railways would have been left to clear the wreck by read- 
 justing or reducing rates from all points aflfected; in other words, 
 restoring the relative adjustment. A refusal to do this would have 
 resulted in great dissatisfaction and disaster, and would have seriously 
 affected the revenues of some, if not all, of the carriers. 
 I If an adjustment of rates from Chicago and Cincinnati had been 
 undertaken by experienced traffic men they would, from the first, have 
 recognized that if a reduction was to be made it would necessarily 
 involve changes from other points, and the order for such reduction 
 would have been issued simultaneously. 
 
 1 The conclusion I draw is that if a commission is authorized to adjust 
 rates it will not actually undertake the labor of a general readjustment, 
 but may order such changes as its judgment warrants, leaving the 
 traffic officials of the carriers to look to and care for relative adjustment; 
 in other words, that the difficulties of adjusting rates will be largely 
 increased — that an adjustment of rates will practically become a polit- 
 ical question or a question between rival communities as well as rival 
 carriers. 
 
 In addition to this, the owners of railways fear that the Commission 
 exists to protect the people and not to protect the interests of the rail- 
 ways; that it will only reduce rates; that it will not advance them. 
 Bills have been introduced and advocated prohibiting the Commission 
 from increasing a rate and prohibiting it from preventing the railwaj^t* 
 from reducing rates. 
 
 We may, I think, conclude that should a commission be created with 
 powers to adjust rates, and should it make any material advance in 
 rates and enforce the maintenance of such advanced rates there would 
 be an immediate demand for amended legislation, possibly abolishing 
 the commi^Jsion. 
 
 One difficulty in legislating on the subject, and of enforcing legisla- 
 tion in the past, has been the determination to " eat the cake and 
 keep it." Unjust discrimination, defined as making for one person a 
 lower rate than iOr another, usually a secret rate, for the transporta- 
 tion of property under similar circumstances and conditions is pro- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 23! 
 
 hibited by statute, and before the enactment of such statute wa 
 unlawful. Personallyj I have always opposed — have never practiced o 
 permitted — such an adjustment or such arrangements, not only becaus 
 it was unlawful, but because, in my opinion, it was bad policy for th 
 carrier, believing that it was better to have the patronage of a hundr& 
 small shippers than the same patronage from one large one. Nevei 
 theless^ unjust discrimination is the result of competition, and th 
 people and the legislatures insist that the carriers must compete, an^ 
 they are not satisfied when such carriers compete at equal rates. 
 
 This complaint is repeatedly referred to in the hearings given bef or 
 the Interstate Committee of the House, and it is alleged that becaus 
 carriers agree upon, issue, and maintain uniform rates it is a viola 
 tion of the antitrust law. How can the carriers avoid unjust discrim 
 ination if not permitted to make uniform rates? A shipper shippin 
 by one line at a given rate is unjustly discriminated against if anothe 
 carrier transports like kind of property for another shipper betwee 
 the same points at a less rate. I have always assumed that if the anti 
 trust law was intended to prohibit the establishing of agreed an 
 uniform rates 1 would assume the responsibility of violating it, believ 
 ing that no penalty would be inflicted for such violation so long a 
 rates not uniform would unquestionably violate another statute. 
 
 In this connection the following extract from a speech of Senato 
 Piatt, in the United States Senate, on January 5, 1887, in discussin| 
 the then pending act to regulate commerce, is interesting: 
 
 Indeed, the whole bill compels agreements between competing roads for the makin 
 of rates. The section does not prohibit a hard and fast agreement between railroad 
 to maintain rates. Indeed, it almost compels it. It does not propose to interfei 
 with any other means which railroads may adopt which are inducements to th 
 railroads themselves to maintain rates. 
 
 Evidently, what is wanted is that the railroads shall continue rat 
 wars, each trying to make a lower rate than the other. This can no 
 be done if unjust discrimination is prohibited. 
 
 When the right or feasibility of the Government to fix the rates o 
 rail interstate carriers is questioned we are told that railway corpora 
 tions have a dual existence; that they exercise the powers of eminen 
 domain, or may do so; that they may take the property of other 
 without their consent, paying therefor compensation fixed by tribunal 
 created to protect the interests of the party whose property is taken 
 and that this gives the people, through their representatives, the p'owe 
 to fix the remuneration they may receive for services rendered, regard 
 less of the terms fixed in the original charters or the conditions whic' 
 the individuals understood to exist when they furnished the capital 
 i. e., invested in the stock or bonds of the corporations. So prompt!; 
 and so confidently and persistently is the term "eminent domain 
 vociferated that it has an appalling, paralyzing effect, and ends th 
 discussion. 
 
 I have had much experience, in a practical way and by observation 
 with the exercise of- eminent domain b}' railway carriers. In 185' 
 there existed a number of communities between those of Louisville 
 Ky., and Nashville, Tenn. Their transportation facilities were lim 
 ited to animal power, except the cities of Louisville, Bowling Green 
 and Nashville, which were located on navigable rivers, affording inter 
 mittent transportation facilities for a part of the year. These com 
 
232 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 munities entered upon the construction of a railroad from Louisville 
 to Nashville, the municipalities and counties furnishing much the larger 
 part of the capital, the remainder being supplied mainly by individuals 
 living in the communities. To lawfully cross public roads and navi- 
 gable rivers, as well as to take the property of individuals who might 
 selfishly oppose the taking of property needed, even though paid its 
 full value, the right was obtained from the State to negotiate with the 
 proper authorities for the privilege of crossing public roads and navi- 
 gable rivers and to take the property of the selfish individual, paying 
 therefor a price fixed by his neighbors. It would have been difficult, 
 if not impossible, for the people to have constructed the road, which 
 they then believed would be and which afterwards proved to be greatly 
 to their convenience and benefit, without such authority. 
 
 In the charter granted by the State maximum rates were fixed for 
 the transportation of persons and property. No intimation was then 
 given that the State reserved the power to further adjust rates. For 
 nearly thirty years the people located along the line in Kentucky and 
 Tennessee controlled the-railroad through ownership of majority of the 
 capital stock, and naturally manifested an interest in its operation and 
 success. It was their road. There still exist one or two short rail- 
 ways owned by the community which thej'' serve, operated by the 
 Louisville and Nashville Railroad Company for the owners, such owners 
 or the people served fixing the rates of transportation. Undoubtedly 
 if the people living along the line of a railroad and who are its patrons 
 own or have a financial interest iii the same it adds greatly to their 
 interest in the conduct and success of the railway and facilitates busi- 
 ness intercourse. 
 
 This suggests the desirability of the patrons and employees of rail- 
 ways investing their savings in their securities and becoming joint 
 owners. Such transactions are prohibited by unwise taxing laws. 
 Take the Louisville and Nashville Railroad, for illustration. I can 
 not conscientiously recommend to employees or others to invest their 
 savings in the stock of a company subject to such extreme fluctuations, 
 having within the last twenty years varied from 25 cents to $1.59, and 
 can not recommend an honest man to purchase a bond of the Louisville 
 and Nashville Railroad Company j'ielding less than 4 per cent per 
 annum, when, if he lives in Louisville, it is subject to a tax that will 
 absorb nearly 66 per cent of the total annual revenue received. The 
 result would even be worse should an employee living in Louisville 
 buy the stock of the Nashville and Decatur Railroad Company, a Ten- 
 nessee corporation, upon which the Louisville and Nashville Railroad 
 Company guarantees a fixed dividend. 
 
 The exercise of the power of eminent domain by established rail- 
 ways, when it becomes necessary to extend their lines or increase their 
 facilities, has become of little value; in fact, of no value, except that 
 it does not permit selfish individuals from absolutely stopping exten- 
 sions or improvements, provided the railways are willing to pav the 
 price. 
 
 Desiring to acquire property for additional facilities, the Louisville 
 and Nashville Railroad Cfompany recently purchased through agents 
 much the, larger portion needed before its plans were made known. 
 The property subsequently acquired cost 400 to 500 per cent more 
 than that theretofore purchased. In trials, a conscientious man has 
 
DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 233 
 
 testified that property worth 14,500 for other than railroad uses was 
 worth for such uses 118,000, all of which goes to show that in the 
 exercise of eminent domain by corporations the people do not need 
 the sympathy of the agitator; that under a government of the people, 
 by the people, for the people, the people can take care of themselves, 
 and that the corporations are always worsted. Surely, under such 
 circumstances, the exercise of the power of eminent domain by rail 
 carriers should not be made a valid reason for the people fixing the 
 remuneration to be received for services rendered. 
 
 The railways must transport property and persons at reasonable 
 rates. Who shall decide 'i As in other commercial transactions, the 
 parties directly interested — the shipper or patron and the transporter. 
 Carriers can only prosper by promoting and creating trafiic. Rates, 
 even if reasonable, if too high, destroy or reduce the sources of traffic. 
 The fact that during the six years ending with June, 1903, the tons 
 moved by the interstate rail carriers of the United States increased 76 
 per cent, and the number of tons moved 1 mile increased 82 per cent, 
 is proof positive that the rates have not been so high as to destroy the 
 sources of traffic, but that the railway carriers have been remarkably 
 successful, not only in their efforts to increase traffic, but in furnishing 
 the increased facilities required. 
 
 One of the complaints persistently, repeatedly, and earnestly made 
 by those advocating the adoption of the pending bill is that the rail- 
 roads are too prosperous; are making too large profits; have increased 
 rates. At the close of the fiscal year June 30, 1884, 46,818.81 miles, 
 being over 21.5 per. cent of the total mileage of the country, were 
 being operated by receivers. At the close of the fiscal year June 30, 
 1903, or nine years later, but 1,185.45 miles, or about one-half of 1 
 per cent of the total railroad mileage, was being operated by receivers. 
 Was the condition existing at the first-named period a desirable one? 
 Do those who complain of existing conditions insist that the railways 
 shall perform the service upon terms that cause bankruptcy ? It is 
 probable that a portion of the prosperitjr may have been the result, not 
 of increase in the published or lawful rates, but from a decrease in the 
 practice of making secret or unlawful rates. Doubtless a part of the 
 increased revenues is due to the increased traffic, which, as I have already 
 stated, would not have been the result had rates been unreasonably high. 
 
 If the traffic of the country continues to increase during the next 
 ten years as it has during the past ten years, a large increase in the 
 capital invested in increasing the facilities of existing roads, and con- 
 struction of additional railroads, will be required. Can the country 
 be benefited by the enactment of legislation that will increase the diffi- 
 culty of obtaining the necessary capital, and thereby increasing the 
 cost, and restricting the extension of the additional facilities ? 
 
 The following is an illustration of how the railways and their patrons 
 may cooperate to create traffic: 
 
 In 1880 the Louisville and Nashville Railroad Company operated 
 about 200 miles of main-line railwa}^ in Alabama. In 1884 this had 
 been increased by something more than 200 miles of main line. Since 
 that year the Louisville and Nashville Railroad Company has constructed 
 over 700' miles of branch lines in Alabama, all of which were con- 
 structed for the purpose of developing minerals— coal, iron, etc. — and 
 forest products, and, incidentally, to provide facilities for transport- 
 
234 DUTIES AND POWEES OF INTERSTATE COMMEKCE COMMISSION. 
 
 ing agricultural products. These roads have in the main been con- 
 structed in a difficult country, so as to provide facilities for the mining 
 and shipping of ore, iron, coal, etc., with the least possible expense 
 to the shipper, and in nearly all cases under arrangements with 
 shippers to open mines simultaneously with the construction, of the 
 road. Similar arrangements have been made for the manufacture and 
 marketing of forest products. The company has in numerous instances 
 loaned capital or obtained it bj' loaning credit to aid patrons in estab- 
 lishing coal mines, furnace plants, steel plants, rolling-mill plants, plants 
 for the manufacture of forest products, etc. Necessarily the rates have 
 been adjusted so as to permit of the marketing of the products. Had 
 this not been done the investment of the company in railways and of 
 others in mines, etc. , would have been lost. A similar policy has been 
 pursued in Kentucky, Virginia, Tennessee, and Georgia. I have reason 
 to believe that a similar policy is pursued by other corporations, '' serv- 
 ants of the people." 
 
 There does not seem to be any necessity for interference by the 
 Government with such beneficial arrangements, unless it be for the 
 protection of the carriers. While the carriers are undoubtedly influ- 
 enced by selfish motives, i. e. , the desire to increase their revenues by 
 increasing traffic, they are liable to impositix)n as a result of bureau- 
 cratic management. Their manager may, after long service, have 
 acquired the confidence of the owners to such an extent that he is 
 largely permitted to do as he deems best, or make important trans- 
 actions without much effective supervision, and the shrewd fellows 
 who are in the business of buying cheap and selling dear, trying to 
 get what the other fellow has, may, by misrepresentation, flattery, etc., 
 induce the representative of the owners of a railway to do unwise 
 things — another instance in which the railways may be worsted. 
 
 The representatives of the railways, like others soliciting patronage, 
 must, in addition to making reasonable rates, treat patrons with con- 
 sideration. All patrons look alike to representatives of the transpor- 
 tation lines., Some who look like patrons may not be such, but they 
 may become patrons. Hats off. What can 1 do for 3'ou; and you? 
 
 The present agitation has been largely prompted and promoted by a 
 department of the Government, aided by persons who gain a liveli- 
 hood by agitation — by striving to create friction between the carriers 
 and their patrons — in doing which they have not hesitated, in some 
 instances ignorantly, to disseminate erroneous information. Many, 
 perhaps most, of the petitions presented or filed before the Congres- 
 sional committees are fakes — do not truthfully represent the views of 
 the individuals constituting the numerous associations or clubs. Is it 
 not monstrous, shameful, that legislation that may, if enacted, derange, 
 disturb, and destroy the commercial and industrial relations of tiie 
 entire country, should be based upon false information disseminated 
 by a department of the Government, aided and promoted by agitators 
 who gain a livelihood by trying to stir up strife between a prosperous 
 and contented people and the most important and useful utilities of 
 the country, without which a large part of the territory within the 
 United States would still be a wilderness ? 
 
 The people have the power to do what they will, subject to the 
 limitations of the Constitution. They have changed and may change 
 the Constitution. The State constitutions are not infrequently changed. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 2i 
 
 As a people they are honest, believing in and sustaining rights 
 property. At present they do not want to acquire the railroads, ai 
 do not really want to take the property of railroad companies witho 
 due compensation, but many of them are inert. While they won 
 not actively favor confiscation of the property of the railroads, th- 
 do not care to actively exert themselves to prevent it, feeling that t 
 corporations, who they have been taught to believe are all powerfi 
 can protect themselves. Necessarily, they are largely influenced 1 
 leaders, and such leaders are assuming grave responsibilities in tht 
 endeavors to debauch public sentiment by tempting them with t 
 possibility of confiscating the enormous wealth invested in rail trar 
 portation lines. It would be much better, much less demoralizing, 
 adopt the honest socialistic view that the Government should purcha 
 the property of the railroad companies at a fair valuation. 
 
 Seeing the tendency, I have for years past advised the owners 
 railways to, if possible, sell to the Government. Under existing co 
 ditions, it seems to me that the popular leaders, catering to certa 
 elements, can without great difficult}^ combine those who "believe 
 the power of legislation to work miracles in bringing prosperity ai 
 bettering social conditions. * * * Those who see a danger in aggi 
 gate wealth, the opponents of trusts and combinations, tne Populit 
 * * * the advocates of Federal control of railways and telegrapt 
 and those who think the Government should * * '* organize posl 
 savings banks * * * universal old age pensions, and in insuran 
 to compensate for loss of health or employment with the taxes for ci 
 ating such funds laid on the incomes of the wealthy." 
 
 I now ask permission to file an analysis of the Esch-Townsend bi 
 which has been prepared by Hon. Walker D. Hines, who was for son 
 years vice-president of the Louisville and Nashville Railroad Coi 
 panj', and who, in addition to possessing unusual legal attainments, 
 an expert on the subject of transportation, and especially upon tl 
 regulation of railway transportation by the act to regulate commerc 
 I think this anal^'sis should be read and carefully considered by i 
 Tho are interested in this proposed legislation. 
 
 Senator Foeakee. I have read it. 
 
 The Chairman. So have 1. 
 
 Analysis of II. B. 18588. 
 
 I 
 
 [By Hon. Walker D. Hlnes.] 
 
 COMPLAINT CAN BE INSTITUTED BY ANYONE, WHETHER INTEEESTED ( 
 
 NOT. 
 
 House bill 18588, which has been favorably reported by a majorii 
 of the Committee on Interstate and Foreign Commerce, provides th 
 the Interstate Commerce Commission may make rates, practices, ai 
 regulations upon complaint duly made under section 13 of the inte 
 state commerce act. That section permits complaints to be made \ 
 any person, firm, corporation, or association, or any mercantile, agi 
 cultural, or manufacturing society, or any body politic or municip 
 organization, or by any railroad commissioner or commission of ar 
 
236 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 State or Territory, and also permits the Interstate Commerce Com- 
 mission itself to institute proceedings on its own motion with the same 
 effect as though complaint had been made; and the section further 
 provides in effect that no complaint shall be dismissed because the 
 complainant has no interest in the controversy. Thus the provision 
 in the pending bill for action upon complaint is meaningless, for any 
 person or organization, with or without interest, can complain, and 
 the Commission itself can initiate complaints. Under this bill, when- 
 ever the Commission wants to change any rates, regulations, or prac- 
 tices it can and will undoubtedly do so. ' 
 
 CONFEES GEX15RAL RATE-MAKING POWER. 
 
 The pending bill speaks of " rate, regulation, or practice" in the sin- 
 gular, but no sensible person will contend that under that provision 
 the Commission will be restricted to action upon a single rate, regula- 
 tion, or practice in a given proceeding. Section 13 of the original act 
 does not restrict complaints to a single rate, and under the pending 
 bill the Commission can and will deal with and change at its pleasure 
 all the rates, regulations, and practices that may be complained of or 
 that may be necessarily involved in the complaint. Indeed, the well- 
 known dependence of rates will make it absolutely necessary for the 
 Commission to deal simultaneously with vast numbers of rates under 
 the proposed rate-making power. But even if the Commission should 
 attempt to confine itself to a single rate in a single proceeding, the 
 practical result would be a general remaking of rates. If the Commis- 
 sion should change the rate from Chicago to New York a correspond- 
 ing change would have to be made, whether the Commission ordered 
 it or not, on all the eastbound traffic between the Mississippi River and 
 the Atlantic seaboard. If the Commission should change the rate from 
 Cincinnati to Atlanta, corresponding changes would have to be made, 
 whether the Commission ordered tnem or not, on all the rates from 
 points on and north and west of the Ohio and Mississippi rivers, and 
 from the Eastern seaboard cities and the Virginia cities, to all the 
 Southeastern States. The use, therefore, in the pending bill of the 
 term "complaint" and the employment of the singular instead of the 
 plural in referring to " rate, regulation, or practice " are without any 
 practical effect, and that bill will give the Commission the general rate- 
 making power to whatever extent the Commission seeks to exercise it. 
 So the provision as to " full hearing " is of no practical effect. No 
 commission under any grant of rate-making power would undertake to 
 change rates without investigation and hearing of the railroads inter- 
 ested, but the extent of the heaving is absolutely within the discretion 
 of the Commission. 
 
 ORDER SELF-EXECUTING. 
 
 The proposed bill provides that all rates, regulations, and practices 
 made by tne Commission shall be self -executing, becoming effective 
 thirty days after notice from the Commission, giving any party directly 
 affected the right to have the court of transportation review the law- 
 fulness, justness, and reasonableness of the rates, practices, and regu- 
 lations so made. For practical purposes this is simply the judicial 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 25'( 
 
 review which, by force of the Federal Constitution, may always b( 
 had as to the reasonableness of rates fixed by any rate-making commis 
 sion. The fact that the court is called a court of transportation doe; 
 not increase the extent or the effectiveness of the judicial review 
 provided. 
 
 COUIiD BE NO MORE DRASTIC LEGISLATION. 
 
 The consequence is that the bill now under consideration gives th( 
 Commission the general rate-making power just as fully and for prac 
 tical purposes just as free from judicial review as it is possible tc 
 imagine. It is difficult, therefore, to understand what is meant bj 
 those who assert that this is "moderate" regulation of the railroads 
 and that it must be adopted to prevent more " drastic " regulation 
 The fact is that it would be impossible for Congress to enact legisla 
 tion which would be more drastic in theory, and in practice the extern 
 to which this legislation will be drastic will depend absolutely on th( 
 disposition of the particular individuals who for the time being con 
 stitute the Commission, subject only to such judicial review as exists 
 by virtue of the Constitution and which could not be legislated out o: 
 existence. In point of fact, the only thing more radical than this bil 
 which could be enacted would be to provide for Government owner 
 ship of the railroads. That will be the only radical step remaining tc 
 be taken after the passage of this bill, and doubtless the owners of th( 
 railroads would, so far as their pecuniary interest in the railroads is 
 concerned, welcome Government ownership with the resulting substi 
 tution of Government securities in return for their present railroac 
 holdings at a fair valuation in place of continuing to hold theif prop 
 erty subject to the self -executing regulations of the Interstate Com 
 merce Commission taking effect prior to any judicial review. 
 
 NO SUCH POWER ORIGINALLY INTENDED TO BE CONFERRED BT CON 
 
 GRESS. 
 
 The claim that any such power was originally intended to be veste( 
 in the Commission, or was universally supposed to exist, or wai 
 acquiesced in for ten years or anj' other time, is absolutely incorrect 
 and yet the disposition to take the step now proposed seems to grov 
 largely out of the idea that it is simply giving effect to what Congresi 
 had already deliberately agreed to do when it passed the original inter 
 state commerce act. That such an error could be responsible for sucl 
 a step is convincing proof of the difficulty of getting people to resor 
 to the actual fact for the correction of vague and erroneous impres 
 sions. The' report of the Senate select committee in 1886, and th( 
 repeated declax*ations of Senators and Representatives in the course o; 
 the debates, show beyond the possibility of .dispute that Congress no 
 only did not intend to give the Commission any rate-making power 
 but deliberately and positively refrained from doing so on the distinc 
 ground that it would be impracticable and detrimental to the interest! 
 of the public. There is not a word in the interstate commerce ac 
 suggesting the idea that the rate-making power was intended to b( 
 conferred, but everything in the act shows that such was not th( 
 
238 , DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 
 intention, and this has been the uniform declaration of the courts on 
 the subject. 
 
 No fair-minded man can read the decision of the Supreme Court ot 
 the United States in the maximum rate case in 1897 without appreciat- 
 ing that the clai m that Congress intended to give the Commission the rate- 
 maldng power is absolutely unfounded; nor was there any general 
 acquiescence in this assumption of power by the Commission. Year 
 by year, from the time the Commission was established, we find its 
 assumption of this power was questioned by the courts and by the 
 railroads, and at lirst by the Commission itself. And the Commission 
 itself admitted in 1892 that some of the railroads continued to dispute 
 its authority to exercise the power. The denial of the power was 
 asserted in litigation as early as 1891, was strongly pressed m litigation 
 in 1893, and was decided adversely by the Supreme Court in 1896, in 
 the first case involving the question which reached that court. It is 
 difficult to conceive how such a departure in legislation can be given 
 such an impetus on the basis of such an absolutely unfounded and 
 erroneous assumption as that Congress originally intended to give the 
 Commission the rate-making power, or that its exercise of that power 
 was universally acquiesced in for ten years, or any length of time. 
 
 WHY THE ORIGINAL ACT REFUSED TO MAKE THE ORDER SELF- 
 EXECUTING. 
 
 Not only is this argument of the supposed original intention of Con- 
 gress and the supposed general acquiescence therein made the basis for 
 giving the Commission the rate-making power, but it is also being 
 made the basis for a number of additional incidents and provisions 
 which were never even dreamed of when the interstate-commerce act 
 was passed, and which the Commission never pretended were contem- 
 plated and never attempted to effectuate. The present plan is to 
 make the Commission's orders self -executing without first being exam- 
 ined or enforced by any judicial tribunal. This theoiy was fully con- 
 sidered and distinctly rejected when the interstate-commerce act was 
 passed on the ground that the Commission was not of a judicial char- 
 acter. The present bill does not propose to relieve the Commission of 
 its various functions which will always deprive an}^ such tribunal of any- 
 thing approaching a judicial attitude. The Ccanmission is still left with 
 the duty of detecting and prosecuting all violations bj' the railroads of 
 the laws against rebates and the laws requiring the proper use of 
 safety appliances; it is still charged with the duty of being the prac- 
 tical representative and champion of the shippers in their controversies 
 with the railroads; it is still left the duty of scrutinizing railroad acci- 
 dents and seeking to ascertain and fix the responsibility therefor, and, 
 in general, of supervising railroads for the purpose of making them 
 comply with all the existing laws, and it still continues to be charged 
 with the duty of studying railroad affairs to see what additional legis- 
 lation against them in the interest of the public should be provided. 
 
 That such a tribunal with such duties is likely to have the judicial 
 temperament is impossible. The Attorney-General could better be 
 made the chief justice of the proposed court of transportation while 
 continuing to exercise his present functions than to give the Commis- 
 sion with its present functions the power to make self -executing orders 
 
DUTIES AND POWERS OF INTEE8TATE COMMERCE COMMISSION. 239 
 
 which are to become effective without any really judiciary tribunal 
 first considering them. Certainly no such theory as this was ever 
 supposed to have been adopted by -Congress or was ever universally, 
 or at all, acquiesced in, and yet -the same argument of alleged inten- 
 tion and acquiescence is being used to sweep this innovation into oper- 
 ation along with the other extensive features of the present bill. 
 Whether such a combination of utterly incompatible functions clearly 
 belonging to distinct departments of the Government can be vested 
 in a single tribunal, is an entirely novel question under the Federal 
 Constitution which must undoubtedly be raised for decision if this bill 
 is passed, although on account of the comparatively small importance 
 of the State railroad commissions a similar questibn seems never to 
 have been raised as to any of them. 
 
 JOINT RATES. 
 
 There was never any pretense that the original interstate-commerce 
 act gave the Commission the power to establish joint rates against the 
 will and judgment of the carriers interested, or, in other words, to force 
 carriers into involuntary partnerships, and the constitutionality of any 
 such provision is open to the gravest doubt, yet this innovation seems 
 almost to be incorporated in the present bill with the idea of being 
 swept into existence along with the others on the unfounded plea that 
 the whole measure is simply giving effect to what was supposed to have 
 been enacted many years ago. 
 
 RELATIVE ADVANTAGE OF COMPETING LOCALITIES. 
 
 The most that was ever pretended, even by the Interstate Commerce 
 Commission under the original act, was the power to prescribe a max- 
 imum rate, and the Commission expressly decided it had no power to 
 prescribe a minimum rate, yet the power conferred by the present bill 
 is the power to prescribe a specific rate which can neither be increased 
 nor reduced without the consent of the Commission. This will clearly 
 enable the Commission to put into effect its theories about what should 
 be the relative advantages of competing localities and which will intro- 
 duce a sectional, and possibly political, phase into the administration 
 of the interstate-commerce act which was absolutely removed from all 
 the theories of regulation which Congress seriously considered when 
 the interstate-commerce act was passed. Much of the support for the 
 present measure comes from parties interested in particular localities 
 who hope to profit by the Commission being able to give effect to its 
 theories as to the comparative commercial advantages of competing 
 communities, although everyone must, on reflection, appreciate that 
 every time the Commission helps one community by such an exercise 
 of its power it correspondingly hurts another, and also puts a check 
 upon the most wholesome competition which has ever existed in this 
 country — that is, the competition between rival localities or rival 
 sources of production for the markets of the country. 
 
2,40 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 TRAFFIC MANAGER RATES ONCE ORDERED CAN BE CHANGED ONLY BY 
 
 COMMISSION. 
 
 Moreover, this feature of the bill copstitutes the Commission the per- 
 petual traffic manager of every rate it assumes to fix, because when 
 once fixed it becomes the specific rate which must thereafter be charged 
 until the Commission authorizes a change. Consequently, every rate 
 the Commission fixes will add to its duties and difficulties, because for 
 all time thereafter it will have to supervise that rate, and no change 
 can be made to meet new conditions or to correct inequitable results 
 which experience may demonstrate without being investigated and 
 authorized by the Commission. 
 
 DOES PROPOSED ACT FACILITATE DECISIONS? 
 
 The majority of the committee reports that the present Commission 
 has failed to perform its present work in a reasonable time, and yet 
 it proposes to confer upon the Commission the most stupendous addi- 
 tional powers and duties, and expects these new herculean tasks to be 
 performed in a reasonable time, simply because it adds two members 
 to the Commission, making it necessary for a body of seven to act on 
 all the changes which the commerce of the country may demand in the 
 specific rates which the Commission may fix, instead of having those 
 matters disposed of by a body of five. The idea that any tribunal, 
 whether five or seven, or any other number, should have to sit in judg- 
 ment upon the changes necessary to be made in rates in this country 
 for the development of commerce, was never at any time in the mind 
 of Congress or in the mind of the people, but this will be the precise 
 situation if the present bill is enacted with respect to each rate and 
 rate adjustment that the Commission fixes. 
 
 The power and work of any State railroad commission in existence 
 are simply infinitesimal compared with the power and work of the 
 Interstate Commerce Commission under the proposed bill. No state 
 in the Union has as much as 6 per cent of the total railroad mileage of 
 about 212,000 miles. On an average, not 25 per cent of the traffic of 
 any one State is subject to the control of the State commission. As a 
 matter of fact, all the really important controversies between compet- 
 ing localities (which will furnish by all odds the most important and 
 difficult rate-making propositions) grow almost without exception out 
 of interstate rate adjustments with which State commissions have 
 nothing to do. The Commission, through Judge Cooley as chairman, 
 declared many years ago that the adjustment of the claims of rival 
 communities in any single State would be an enormous task, but that 
 in the Union as a whole it would be superhuman. Therefore, the 
 country is utterly without any precedent tO) support the idea that a 
 commission of seven or any other number of men can make, with the 
 necessary wisdom and promptness, the changes which commercial con- 
 ditions will from time to time demand in the specific rates and rate 
 adjustsments which the Commission maj?^ fix under the pending bill, 
 even if we assume that the Commission's original orders fixing the 
 respective rates and rate adjustments are in themselves wise and 
 proper. 
 
DUTIES AND POWERS OF INTERSTATE COMMEKOE COMMISSION. 241 
 
 POWERS CONFERRED CONTROL ALL REGULATIONS AND PRACTICES AFFECT- 
 ING TRANSPORTATION. 
 
 The original interstate-commerce act deals primarily with charj]fes 
 for transportation and regulations affecting those charges. But the 
 present bill increases its assortment of radical innovations by extend- 
 ing the power of the Commission to all regulations and practices what- 
 soever "affecting the transportation of persons or property." Under 
 this bill the regulations and practices which the Commission maj-^ tix 
 need not at all relate to or affect the charges for transportation, but 
 the Commission's power will extend to all regulations and practices 
 which affect the transportation itself. It is impossible to determine in 
 advance of judicial construction how far this innovation goes and how 
 much of the practical side of railroad transportation is thus put in the 
 power of the Commission. Practically everything a railroad does 
 affects the transportation of persons or property, and apparently the 
 Commission is to be given the power to fix all rules and practices of 
 the company which do affect such transportation, whether they relate 
 to rates and charges or not. It is certainly carrying the argument of 
 supposed original intention of Congress and supposed acquiescence far 
 beyond the limit of reason to put this innovation under its protection 
 and to rush through Congress the provision that the Commission may 
 prescribe all practices and regulations affecting transportation in this 
 country — a matter which has never been seriously presented to Con- 
 gress and which appears to have received no indepencfeht consideration. 
 
 REBATES. 
 
 The fact is that this bill is simply an aggregation of extensive inno- 
 vations, and it is the outgrowth of a remarkable series of misconcep- 
 tions. One of the most important is that in some way this bill is 
 going to aid in the prevention of secret rebates, whereas not a single 
 provision of the measure will give the slightest assistance in that direc- 
 tion or in the remotest degree help to insure that the highways of 
 commerce shall be kept open to all on equal terms. The present laws, 
 if fully enforced, will stop all rebates, and there is absolutely nothing 
 in this bill to strengthen the present laws in that respect or to facili- 
 tate their enforcement. On the contrary, this bill is going to confer 
 such tremendous and really impracticable powers upon the Commission 
 as to make it more difficult than ever for the Commission to give the 
 necessary time and attention to the paramount duty of discovering and 
 preventing secret rebates. Moreover, this bill, by authorizing the 
 Commission to prescribe specific rates, which can not be departed from 
 without application to the Commission, is going to encourage secret 
 rebates, because, when commercial conditions imperatively necessitate 
 a speedy reduction in specific rates established by the Commission, it 
 will be impossible to get the necessary consideration and action by the 
 Commission in time to meet the exigencies of the occasion, and this 
 condition will constitute an almost overwhelming temptation to the 
 railroads to violate the mandate of the law that the rate fixed by the 
 Commission must be observed until changed by the Commission and 
 to make secret reductions from such rates for the purpose of meeting 
 the immediate necessities of commerce. 
 KY— 05-^16 
 
242 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 TERMINAL TRACKS — PRIVATE REFRIGERATOR CARS. 
 
 Aside from the evil of rebates, the discontent about allowances to 
 terminal tracks and about the practices of private refrigerator car 
 lines has constituted the most prominent basis of agitation for amend- 
 ment of the interstate-commerce act, and yet there is not a. word in 
 the present bill which seeks to define any more clearly the relation of 
 the Commission or of the interstate-commerce act to these terminal 
 tracks or to the private refrigerator car lines, so that one of the prin- 
 cipal sources of agitation remains absolutely unsatisfied and is still 
 left for the consideration of the courts without any assistance from 
 Congress. 
 
 PRESENT LAW HAS BEEN CONSTRUED — PROPOSED ACT MUST BE SUBJECT 
 OF EXTENDED LITIGATION. 
 
 The status of the present act to regulate commerce has now been 
 pretty thoroughly established by the courts, and what can be done 
 under it is fairly well understood. The claim that as so construed it 
 is unavailing is utterly without support, and though the supporters of 
 the new legislation have been repeatedly urged to point to instances 
 of failure of the present law where the Commission has acted along 
 the lines presciibed by the courts, thej' have without exception failed 
 to do so. The present bill simply amounts to throwing aside the 
 reasonably well-defined sj^stem which now exists and which has not 
 been shown to be insufficient, and to substitute for it a series of the 
 most remarkable innovations, many and perhaps all of which will call 
 for judicial construction, and to put the whole question of regulating 
 interstate commerce into uncertainty for another series of years pend- 
 ing final judicial determination of the status of the new legislation; 
 and all this is proposed without any demonstration of evils which the 
 present act can not remedy, and certainly without any effort to increase 
 the effectiveness of the law with respect to the particular evils which 
 have excited the greatest attention. 
 
 PRESENT EVILS NOT ANALYZED OR REMEDIES PROVIDED. 
 
 The facts seem to demonstrate conclusively that the present evils 
 have not been sufficiently analyzed, and the effectiveness of the present 
 law has not been adequately considered. Certainly the relation of the 
 proposed bill to the existing evils is most remote, and there is abso- 
 lutely no excuse for many of the innovations which are sought to be 
 incorporated in the law. The railroads and the commerce of the coun- 
 try have no more practical protection under this bill than they would 
 have under any other form of drastic railroad legislation which could 
 be enacted. The entire subject is too large, the interests involved 
 from the public as well as the railroad standpoint are too great, and 
 the details to be considered are too numerous and complex to make it 
 just or proper that a bill so crude and uncertain as the one now pro- 
 posed should receive the sanction and the impetus which would come 
 from its passage from either House of Congress. 
 
 To borrow a phrase from one of our most accomplished statesmen, 
 the agitation for the amendment of the interstate commerce act is 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 243 
 
 simply a "fortuitous concourse of unrelated prejudices;" and the bill 
 now proposed does not remove the various causes of those prejudices, 
 but launches the country on an absolutely untried and uncertain system 
 of commercial regulation without time to consider what is really needed- 
 and what the bill really means, and yet upon a system which is fraught 
 with the gravest menace to the railroads and the commerce of the 
 country. 
 
 Walker D. Hines. 
 LoTJTSViLLE, Ky. , February 5, 1905. 
 
 Mr. Smith. 1 now ask permission — and this is my most important 
 request — that Col. Henry L. Stone, of Kentucky, address you. Col- 
 onel Stone has been a soldier, is a lawyer, and is general counsel of 
 the Louisville and Nashville Railroad Company. 
 
 Senator Cullom. Is this all you want to say, Mr. Smith? 
 
 Mr. Smith. Yes, sir; that is all I want to say myself. 
 
 STATEMENT OF COL. HENRY L. STONE, GENERAL COUNSEL OF 
 THE LOUISVILLE AND NASHVILLE RAILROAD COMPANY. 
 
 Colonel Stone. Mr. Chairman, in the brief time that will likely be 
 allotted to me this morning I should be glad at least to make a start 
 upon one question and be allowed to finish it if the short time the 
 committee is to sit will permit. 
 
 Senator Cullom. Upon some subject pertaining to this bill? The 
 
 general subject we have had discussed until we are almost worn out. 
 lease address yourself to this bill; let us see what there is in it. 
 Colonel Stone. I want to take up one question which seems to have 
 been presented by Senator Carmack at the last session of the commit- 
 tee, the constitutionality of this bill, whether or not the Congress can 
 delegate power to ^ commission to perform a legislative act. 
 Senator Cullom. Please address yourself to that. 
 Colonel Stone. The power to prescribe rates for transportation is a 
 legislative power. The Constitution provides that — 
 
 The Congress shall have power to regulate commerce with foreign nations, and 
 among the several States, and among the Indian tribes. 
 
 Also that — 
 
 All legislative powers herein granted shall be vested in a Congress of the United 
 States, which shall consist of a Senate and House of Representatives. 
 
 This legislative power that is exercised is frequently called, in the 
 decisions of the courts, an administrative power, but that it is a legis- 
 lative power has been settled b}' the Supreme Court of the U nited 
 States. In the case of Field v. Clark (143 U. S., 692) the question of 
 the power of Congress to delegate legislative power was before the 
 court. In considering the constitutionality of the act of October 1, 
 1890, containing certain reciprocity features, allowing the President 
 to suspend the operation of that act, the act was upheld simply because 
 the court held that the act, in so far as it conferred this power upon 
 the President, was administrative; that the terms of the act as to tariff 
 and regulations were prescribed by Congress; that power was only 
 vested m the President to suspend the operation of the act by proc- 
 
244 DUTIES AND POWEBS OF INTERSTATE COMMERCE COMMISyXON. 
 
 lamation after the ascertainment of certain facts. In that case Mr. 
 Justice Harlan, delivering the opinion of the court, said: 
 
 That Congress can not delegate legislative power'to the President is a principle uni- 
 versally recognized as vital to the integrity and maintenance of the system of govern- 
 ment ordained by the Constitution. 
 
 In that case Mr. Justice Lamar, in a separate opinion (in which Mr. 
 Chief Justice Fuller joined), dissented from the proposition maintamed 
 in the opinion of the majority of the court that the reciprocity pro"- 
 vision of said act was valid and constitutional legislation, but concurred 
 in the affirmance of the judgment of the court below. On this point 
 he states (Ibid., 697): 
 
 We think that this particular provision is repugnant to the first section of the first 
 article of the Constitution of the United States, which provides that "all legislative 
 powers herein granted shall be vested in a Congress of the United States, which shall 
 consist of a Senate and House of Eepresentatives." That no part of this legislative 
 power can be delegated by Congress to any other department of the Government, 
 executive or judicial, is an axiom in constitutional law, and is universally recognized 
 as a principle essential to the integrity and maintenance of the system of government 
 ordained by the Consitution. The legislative power must remain in the organ where 
 it is lodged by that instrument. 
 
 Now, is this a legislative power? 
 
 Senator Foeakek. I think we are agreed about that. The question 
 is now, if you are going to apply that decision, whether or not dele- 
 gating this power to a commission is the same as delegating it to a 
 coordinate branch of the Government, the executive or the judicial. In 
 other words, is not this Commission a part of the legislative depart- 
 ment of the Grovernment? Does it not belong to the legislative 
 department instead of to either of the other departments ? 
 
 Colonel Stone. From a constitutional standpoint I think there is no 
 difference. If the power can not be delegated to a coordinate branch 
 of the Government it can not be delegated to a subordinate commission 
 or body. 
 
 Senator Fokakee. I do not know but you are right. I only call 
 your attention to it in order to get your views. 
 
 Colonel Stone. I desire to call attention to some phases of the 
 Maximum Sate Case (167 U. S.) suggesting this question of the power 
 to prescribe rates. In the course of the opinion, delivered by Mr. 
 Justice Brewer, it is said (Ibid. , 499) : 
 
 It is one thing to inquire whether the rates which have been charged and collected 
 are reasonable— ^that is a judicial act; but an entirely different thing to prescribe rates 
 which shall be charged in the future — that is a legislative act. 
 
 Further on the extent of the powers of the Interstate Commerce 
 Commission ai'e defined as follows (Ibid., 501): 
 
 The power given is the power to execute and enforce, not to legislate. The power 
 given is partly judicial, partly executive and administrative, but not legislative. 
 
 The nature of the power conferred is described as follows (Ibid. , 605) : 
 
 The power to prescribe a tariff of rates for carriage by a common carrier is a legis- 
 lative and not an administrative or judicial function, and, having respect to the large 
 amount of property invested in railroads, the various companies engaged therein, the 
 thousands of miles of road, and the millions of tons of freight carried, the varying 
 and diverse conditions attaching to such carriage, is a power of supreme delicacy and 
 importance. 
 
0UTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 245 
 
 Finally the court said (Ibid. , 611) : 
 
 Our conclusion then is that Congress has not conferred upon the Commission the 
 legislative power of prescribing rates, either njaximum or minimum or absolute. As 
 it did not give the express power to the Commission, it did not' intend to secure the 
 same result indirectly by empowering that tribunal to determine what in reference 
 to the past was reasonable and just, whether as maximum, minimum, or absolute, 
 and then enable it to obtain from the courts a peremptory order that in the future 
 the railroad companies should follow the rates thus determined to have been in the 
 past reasonable and just. 
 
 In Interstate Commerce Commission v. Alabama Midland Kailway 
 (168 U. S., 161, 163), speaking of the assignments of error complaining 
 of the action of the lower court in not rendering a decree for the 
 enforcement of those portions of the order of the Interstate Com- 
 merce Commission which prescribed rates to be thereafter charged by 
 the defendant railroad companies for the transportation of goods, the 
 court said: 
 
 Discussion of those assignments is rendered unnecessary by the recent decisions of 
 this court, wherein it has been held, after elaborate argument, that Congress has 
 not conferred upon the Interstate Commerce Commission the legislative power of 
 prescribing rates, either maximum or minimum or absolute; and that, as it did 
 not give the express power to the Commission, it did not intend to secure the same 
 result indirectly by empowering that tribunal, after having determined what in 
 reference to the past were reasonable and just rates, to obtain from the courts a 
 peremptory order that in the future the railroad companies should follow the rates 
 thus determined to have been in the past reasonable and just. 
 
 In the speech of Mr. Hepburn in the House, in advocacy of this bill, 
 he said: 
 
 Now, we do not propose to give the Commission all the power of the Congress, but 
 we give them the power to establish a reasonable rate. When? When they have 
 ascertained that the present rate is unreasonable. That imposes two classes of duties 
 upon them — the judicial duty or function of determining whether or no a given 
 rate is unreasonable; the legislative function of, when they have so found, saying 
 what shall be a reasonable rate, so that there may be presented to the court, not only 
 a question of whether they have wisely performed this latter duty, but there is the 
 other jurisdictional question, that may be raised in any of the courts, whether they 
 have the right to act at all in the matter of fixing a rate. 
 
 Much has been said concerning a certain clause in the opinion of 
 Mr. Justice Brewer in the Maximum Rate case, and that is this: 
 
 The present inquiry is limited to the question as to what it (the Congress) deter- 
 mined should be done with reference to the matter of rates. There were three obvi- 
 ous and dissimilar courses open for consideration. Congress might itself prescribe 
 the rates; or it might commit to some subordinate tribunal this duty; or it might 
 leave with the companies the right to fix rates, subject to regulations and restrictions, 
 as well as to the rule which is as old as the existence of common carriers, to wit, that 
 rates must be reasonable. There is nothing in the act fixing rates. (167 U. S., 494.) 
 
 The question before the court in that case was simply what Congress 
 had undertaken to do by the act of 1887 to regulate commerce; it was 
 not a question as to what Congress could do constitutionally, but what 
 it had done. They said in that case, emphatically and expressly, that 
 the power had not been conferred. They did not pass upon the ques- 
 tion, because it was unnecessary, whether the power existed in Con- 
 gress to confer upon the Commission the- power to make rates. So 
 that much of the opinion is dictum — I say it with all respect — because 
 the point decided was as to what Congress had done, not what it could 
 do. I know of no decision of the Supreme Court saying expressly 
 that this power can be conferred constitutionally by Congress. There 
 is no precedent, therefore, in the way which holds the contrary. 
 
246 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Newxands. How is it with the State courts? 
 
 Colonel Stone. 1 was intending to speak of the State courts. Many 
 of the State courts have held that under their State constitutions and 
 statutes power can be conferred upon a commission to prescribe rates. 
 It will be found, however, that in many State constitutions the legis- 
 lature is given the express power to pass such laws, vesting not only 
 administrative but legislative and judicial powers in a commission. It 
 is so in Virginia, as admitted in the statement of Judge Crump 
 recently made before the House committee. They also have such a 
 provision in the -constitutions of Georgia, Florida, and some of the 
 other States. 
 
 But, however that mav be, the Federal courts are bound by the con- 
 struction given by the highest court to the State constitutions and the 
 State laws. It makes no sort of difference then whether State consti- 
 tutions can be found to the effect that such power can be conferred by 
 the legislature. 
 
 Now, if time permits, I want to speak briefly upon this particular 
 bill that is before the committee. 
 
 In the first place, this bill undertakes to grant the power which I 
 have questioned — to give jurisdiction to this Commission to fix a rate 
 upon the complaint that is provided for in section 13 of the original 
 act. That complaint may be preferred by anyone, whether interested 
 or not; by any sort of association, individual, or corporation, and it 
 may even be made by the Commission itself, because it is provided in 
 that section of the original act that a complaint instituted by the Com- 
 mission as the result of its inquiry shall have the same force and effect 
 as if it had been a formal complaint made by anyone else. 
 
 This power proposed by the Esch-Townsend bill to be conferred, 
 while ostensibly relating to a particular rate upon one commodity 
 or of one company, really confers the rate-making power upon 
 the Commission for all companies and all commodities. In other 
 words, it grants a general rate-making power over any and all lines 
 of transportation. 
 
 Senator Cullom. Have you the bill before you? 
 
 Colonel Stone. Yes, sir. 
 
 Senator Cullom. Read that provision, if you will, and let us see 
 what it says. I do not remember it myself. 
 
 Colonel Stc)ne. Section 1 provides — 
 
 That whenever upon complaint duly made under section thirteen of the act to 
 regulate commerce the Interstate Commerce Commission shall, after full hearing, 
 make any finding or ruling, declaring any existing rate for the transportation of 
 persons or property, or any regulation or practice whatsoever affecting the transporta- 
 tion of persons or property to be unreasonable or unjustly discriminatory, the Com- 
 mission shall have power, and it shall be its duty to declare and order what shall be a 
 just and reasonable rate, practice, or regulation to be charged, imposed, or followed 
 in the future in place of that found to be unreasonable or unjustly discriminatory. 
 
 The point I make is that it is not confined to any particular rate. 
 The complaint may be general in its character, embracing a number 
 of companies and a number of commodities. And when tne Commis 
 sion shall have decided that a rate is unreasonable the way is open, 
 according to the provisions of this bill, for it to prescribe rates in lieu 
 of those adjudged to be unjust or unreasonable. 
 
 Senator Caemack. That is section 13 ? 
 
 Colonel Stone. Section 13 of the original act. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 247 
 
 Senator Carmack. What does it provide ? 
 
 Senator Foeaker. That the Commission shall investigate upon com- 
 plaint by anybody. 
 
 Colonel Stone. By anybody, whether interested or not. Further- 
 more, this bill provides what may be done after full hearing, but there 
 is no notice expressly provided for to parties aflfected until the order 
 has been made and then the order becomes effective after thirty days' 
 notice to the parties affected. There is no review until after the order 
 has become self -executed. This review provided in the Esch-Townsend 
 bill is nothing more than a right that already exists under the Federal 
 Constitution to attack a rate that is unjust, that amounts to confisca- 
 tion, or that deprives one of his property without due process of law. 
 
 The committee adjourned. 
 
 Senate Interstate Commerce Committee, 
 
 Monday, February 20, 1905. 
 
 STATEMENT OF COL. HENRY L. STONE— Continued. 
 
 The Chairman. Colonel Stone, you may proceed. 
 
 Colonel Stone. Mr. Chairman and Senators, assuming, for the 
 sake of the argument, that this bill, if enacted by Congress, has con- 
 ferred in a constitutional manner the power to legislate upon rail- 
 road rates — ^which, to say the least, is a doubtful grant of power on 
 the part of Congress — I want to present for the consideration of the 
 committee some of the objections to the provisions of this particular 
 bill referred to the committee, known as the Esch-To"wnsend bill, 
 that has passed the House. 
 
 I have already stated that the powers granted are of a general 
 character; that they are not limited to isolated cases that may be 
 taken up, upon complaint, against one particular company ; but that 
 in connection with section 13 of the original act, where it is provided 
 that complaints may be made by associations, societies, individuals, 
 or corporations whether they are interested or not in the existing 
 rate, it will be easy enough for a complaint to be framed that will be 
 far-reaching in its character — ^not only affecting one railroad, but 
 many railroads; not only affecting one rate, but many rates. No 
 better illustration of that can be found than that, even under the 
 limited powers of this Commission, when they assumed that the 
 power of fixing rates for the future had been conferred upon them 
 by the original act, they, as shown in the Maximum Rate case, re- 
 ported in 167 U. S., undertook, upon certain traffic in the future 
 between Chicago and Cincinnati in the North and various points in 
 the South, to fix a maximum rate not only upon one railroad, but 
 some 15 or 20 railroads interested in that traffic, and wHich decision 
 it has been estimated affected 2,000 different rates between those 
 points. 
 
 Senator Dolliver. Was your road a party to that suit? 
 
 Colonel Stone. Yes, sir ; a very interested party. 
 
 Senator Dolliver. Some time during the course of your statement, 
 
248 DUTIES AND POWERS OF INTERSTATE OOMMEROE COMMISSION- 
 
 if you have time, I should like to have you point out what there was 
 in the order of the Commission in that case that was in violation of 
 the ordinary rules of commercial fair dealing between two sections 
 of our country. 
 
 Colonel Stone. As to the fairness of th6 rate I am not prepared to 
 enter upon that subject. They undertook to fix a maximum rate 
 beyond which these railroads should not go. 
 
 Senator Dollivee. It appears that the associated railroads of the 
 South were basing their charges upon a pooling arrangement thirty 
 years old, one made before the>city of Chicago became a manufac- 
 turing city, and the object of the Commission, it was understood, was 
 to correct discriminations against manufactured products of the 
 West trying to get into the southern market on terms of competition 
 with New York, Boston, and other seaboard cities. 
 
 Colonel Stone. That may have been the object, and the rate may 
 have been right and reasonable in itself; but I only referred to that 
 instance by way of showing that if this Commission acted under an 
 act of Congress in such a manner, affecting so many rates and so many 
 railroads upon simply one complaint, when it did not have the power 
 to fix future rates, there is no reason to expect that it will do less 
 upon a complaint when it is expressly clothed with this power of leg- 
 islating upon future rates. 
 
 Senator Dolliver. The complainants in that case were the com- 
 mercial bodies of the cities of Cincinnati and Chicago, and they were 
 obviously the parties directly in interest. They did not seek to dis- 
 turb any rates except the ones they claimed discriminated adversely 
 against them. 
 
 Colonel Stone. There is a good deal of complaint, as we discover 
 from the newspapers now, concerning the shipment of grain from the 
 Northwest, from Chicago, for instance, by way of the Illinois 
 Central and other railroads to the Gulf ports, New Orleans, Mobile, 
 and other points, at a less rate than for grain or other products of 
 like character shipped to New York. The New York Produce Ex- 
 change has made complaint as affecting the lines from Chicago to 
 New York, and asked that the rates be fixed so that New York will 
 not be at a disadvantage. Upon that complaint, made by the New 
 York Produce Exchange, the committee will see at once that the 
 Commission will have a jurisdictional fact or foundation to act upon 
 that will affect all the rates between Chicago and New York and 
 between Chicago and the Gulf ports — affecting many railroads as 
 well as many rates. 
 
 So when I contend that the power proposed by this bill to be 
 granted is not merely against one company or oiie rate, but is a 
 general power, I think I am sustained by the language of the bill 
 as well as by the history of the acts of the Commission heretofore. 
 
 But I want to call the committee's attention to another objection 
 to the bill, and that is the provision that the order shall take effect 
 within thirty days, of its own force; that before any court has had 
 an opportunity to investigate the facts, to ascertain whether the rates 
 prescribed for the future are reasonable or not, after the existing 
 rate has been condemned the final order fixing a rate for the future 
 uj)on the same conimodities goes into effect. A great deal has been 
 said about restraining orders and other processes that may be issued, 
 but there is no direct express provision allowing the court of trans- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 249 
 
 portation to suspend or supercede the order made by the Commission. 
 It is only a discretionary matter at most with the court of transporta- 
 tion, and in order to reach that result a bill in equity must be filed, 
 adressed to the chancellor, and there is no provision that anything 
 may be introduced before him, by way of .affidavits or otherwise, to 
 authorize him to issue a restraining order or preliminary injunction 
 staying the final order of the Commission on the subject. 
 
 I venture to say that not in the judiciary system of any State of 
 this Union is there a similar provision, that where an appeal is allowed 
 or bill for review of an order there is not also allowed a suspension, 
 a supersedeas, especially where sufficient bond is given to protect the 
 parties interested. The appeal should be a direct one, without requir- 
 ing the filing a bill in equity to impeach the reasonableness of an order 
 of this kind. The appeal should be direct from the order of the Com- 
 mission to the court of transportation, and if the parties aflfected, the 
 railroad company concerned, desire to do so the privilege should be 
 granted to supersede, with sufficient surety, the order of the Commis- 
 sion, so as to protect all parties interested in or affected by this new 
 rate pending litigation in the court of transportation. 
 
 Senator Foster. Colonel Stone, in the event the decision went 
 against the railroad, who would get the benefit of that bond ? 
 
 Colonel Stone. I assume that the bond might be made for the use 
 and benefit of all shippers affected adversely by the appeal. The 
 companies might be required to keep an account of all the shipments 
 pending litigation, so that there would be no trouble to ascertain who 
 the shippers were and the amount of the difference between the rate 
 as it formerly existed and the new rate, provided the new rate was 
 sustained by the court of transportation. 
 
 Senator Foster. Who would suffer — the shipper or the consumer? 
 
 Colonel Stone. If the existing rate was one that the court should 
 finally hold had been reasonable the railroad company would suffer 
 the loss sustained if it did not have the right to suspend or supersede. 
 
 Senator Foster. I mean in the event the railroad lost the suit and' 
 in case the bond became exigible by reason of the decision against 
 the road, who would be the parties to institute proceedings upon that 
 bond, or who would be the beneficiaries of the bond ? 
 
 Colonel Stone. Primarily the shipper would be the beneficiary, 
 though it might be the fact that the consumers or parties who pur- 
 chased the commodities shipped would be. 
 
 Senator Dolliver. There would be no way to distribute the pro- 
 ceeds of the bond to the public ? 
 
 Colonel Stone. Not in that case. 
 
 Senator Newlands. The contention is, Colonel Stone, that in such 
 a case the shipper who fastens this additional cost upon his customers 
 or upon the general public, if he gets the difference between the old 
 rate and the new, having already been compensated, yet receives addi- 
 tional compensation, whereas the people really injured get no in- 
 demnity. 
 
 Colonel Stone. That is true in a measure. 
 
 Senator Newlands. Can you suggest any method that would give 
 the indemnity to the persons who really suffered by reason of the 
 exacted rate ? 
 
 Colonel Stone. It would be Very difficult, if not impossible, to 
 protect the consumer in a case like that. But the consumer would 
 
250 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 only pay according to the existing rate at last, and he ought not to 
 ask or to expect more so long as there had not been a judicial determi- 
 nation of the unreasonableness of the rate. On the other hand, the 
 railroad company would lose the difference between the existing 
 rate and the rate fixed by -the Commission pending litigation, without 
 any relief whatever. 
 
 Senator Newlands. How long a time ought such a litigation to 
 consume? 
 
 Colonel Stone. That would depend very largely upon the volume 
 of proof taken on each side. It might involve the earnings, disburse- 
 ments, and operating expenses of a railroad company ; it might go 
 into very intricate questions; the proof might be lengthened consid- 
 erably. So it is impossible to fix any definite time within which 
 litigation of that character could be determined. 
 
 Senator Newlands. But, judging from experience, I assume that 
 some of these cases must take three or four years before they are de- 
 termined ; is not that so ? 
 
 Colonel Stone. Such litigation has lasted that long. 
 
 Senator Newlands. Is there any way yt)u could suggest to bring 
 such a case to a speedy determination, say within six months ? 
 
 Colonel Stone. Under the existing law such litigation as arises 
 may be expedited by the courts and be first heard in preference to 
 other litigation. 
 
 Senator Newlands. But is there no way, then, that you can suggest 
 of doing justice to the great public as well as to the railroads? I 
 can understand how it would be unjust to deprive a railroad of a 
 revenue which was afterwards determined by the court to have been 
 entirely proper ; and, on the other hand, it would be very unjust to the 
 public to have the railroad collecting an unreasonable rate for four or 
 five years, a rate which the court finally determines to be an unrea- 
 sonable one. What middle ground can you suggest that would be 
 , fair to both sides ? 
 
 Colonel Stone. I am at a loss to state. But I want the Senator to 
 consider this fact: That if a bond is given by a railroad company 
 with sufficient surety to protect the shippers at least, the company is 
 at once interested in shortening the litigation, in hastening the 
 decision that shall be final, because the liability will be the sooner 
 determined, and there will be less liability resting upon the company 
 finally if the rate fixed by the Commission should be sustained. 
 
 Senator Neweands. Is that so, that there is less liability? Does 
 not the companj' simply restore what it had illegally collected ? And 
 if it illegally collects for two years, it restores simply what has been 
 collected during that time, or if it has illegally collected for three 
 years it simply restores what has been collected during that time, so I 
 do not see that any additional loss is devolved upon the railroad 
 company. 
 
 Colonel Stone. There has been no judicial determination of the 
 question of the reasonableness of that rate, however, until the court of 
 transportation passes upon it. The only determination of that ques- 
 tion has been made by a nonjudicial body, and we do not think that 
 litigation of this character should be put upon a different footing 
 from other litigation. 
 
 Senator Newlands. Would not the railroad be more apt to speed 
 the proceedings in order to reach an early conclusion and would there 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 251 
 
 not be more likelihood of a speedy legal determination of the ques- 
 tion if we should let the law stand as it is than if we should follow 
 your suggestion? 
 
 Colonel Stone. I hardly think so, and certainly the parties would 
 not be protected from injustice and loss so well. 
 
 But I want to pass to another subject. 
 
 This bill excludes any proof on appeal exeept that which has been 
 brought before the Commission. I claim that that provision is un- 
 constitutional, and many courts have so decided. 
 
 Senator Dollivee. Does it not permit newly discovered evidence to 
 be adduced ? 
 
 Colonel Stone. The provision is that only such proof can be used 
 in the court of transportation on appeal as did not exist at the time 
 of the hearing before the Commission or such as could not have been 
 then known by the parties affected if they had been diligent. 
 
 Senator Dolliver. Is not that in substance the present law as re- 
 gards newly discovered evidence ? 
 
 Colonel Stone. That is confining this inquiry in the court of trans- 
 portation to the proof already introduced by the parties. The Com- 
 mission is a nonjudicial body, and may have made an erroneous rul- 
 ing; not being even required to be composed of lawyers under the 
 statutes, it may have excluded competent proof offered by the railroad 
 companies, and so that would not be in the record. In the record, 
 which is made a part of the proceedings on appeal and is filed with 
 the court of transportation, competent testimony may have been thus 
 excluded, and under the provisions of this bill the railroad company 
 is confined to that proof which was allowed to be introduced before 
 the Commission. In other words, I contend for the railroad com- 
 pany that the proceeding should be tried de novo, and that proof 
 should be allowed in addition to that which had been offered before 
 the Commission, if it be competent proof. 
 
 Senator Dollivee. Our object is to get a Commission that would 
 act as a court would act between contending parties. Would it be 
 fair to the Commission to permit the roads to let their presentation 
 of evidence go by default, and rely upon a trial de novo in the court 
 of appeals ? 
 
 Colonel Stone. I think so. 
 
 Senator Dolliver. It does not strike me so. 
 
 Colonel Stone. The parties ought to be fully heard before the Com- 
 mission, and if they have not been they ought to be allowed a full 
 hearing in the court of transportation. 
 
 Senator Dollivee. I see no reason why the railroads should not 
 present their whole case to the Commission. 
 
 Colonel Stone. It may be that they would. 
 
 Senator Dollivee. The Commission should not, of course, make 
 orders or decisions upon an imperfect record or in the absence of a 
 full presentation of the facts, and it seems to me that we ought, to 
 give the Commission's finding the dignity of at least having been 
 based upon a full knowledge of the situation. 
 
 Colonel Stone. This bill provides for a judicial review. The 
 court, however, must start in its investigation with the presumption 
 that the rate for the future is reasonable. The courts have expressly 
 decided that in all investigations of this kind, the court, when it 
 comes to inquire into the reasonableness of the rate fixed by the Com- 
 
252 DUTIES AND POWERS OP INTBBSTATE COMMERCE COMMISSION. 
 
 mission, starts with the presumption that the rate is reasonable. 
 That was decided in the recent case of the Minneapolis and St. Louis 
 Railroad Company v. Minnesota. (186 U. S., 257.) The court in 
 that case says : 
 
 The presumption is that the rates fixed by the Commission are reasonable, 
 and the burden of proof is on the railroad companies to show the contraiy. 
 (Citing Dow v. Beidelman, ;125 U. S., 680; Chicago, etc., E. R. Co. r. Tompkins, 
 176 U. S., 373.) 
 
 If the only proof that can be considered by the court of transporta- 
 tion is such as has been introduced before the Commission, then there 
 is no proof allowable by the court of transportation to overcome this 
 presumption of reasonableness. In other words, seven men may have 
 decided the rate fixed for the future to be reasonable, and iiye judges 
 are to pass upon the same proof as to whether the rate fixed is reason- 
 able or not, starting with the presumption that it is; so that there 
 is no way provided by which this prima facie reasonableness of the 
 rate fixed can be overcome in the court of transportation. 
 
 Senator Dollivek. I should like to hear you a little more fully 
 upon the rights of the railroad defendant, if it should not have pre- 
 sented its evidence in full and complete detail to the Commission 
 which we are creating, so as to enable it to decide this matter. 
 
 Colonel Stone. In the first place there is no time fixed for what 
 is called a full hearing in this bill. We have no limit prescribed. 
 Much of the proof that would be competent upon a question of fact 
 might be erroneously excluded by this nonjudicial body, and there 
 would be no relief in the court of transportation for the railroad 
 company if that court could not allow the proof to be introduced 
 that was excluded before the Commission. 
 
 ■ Senator Dollivek. Suppose an amendment should provide that the 
 court of transportation, upon the state of affairs being presented to 
 it, should direct the railway commission to take further testimony. 
 That would cover the objection, would it not? 
 
 Colonel Stone. Yes; if that were allowed; but there is no provi- 
 sion that the court of transportation shall allow the proof that was 
 not introduced before the Commission to be introduced before it. 
 
 Senator Newlands. Do you understand that, under the bill, the 
 court of transportation has to take the record which is presented 
 to it? 
 
 Colonel Stone. The proof that was given before the Commission ; 
 yes. 
 
 Senator Newlands. Suppose the court of transportation deter- 
 mines that an error of law has been committed in excluding certain 
 evidence presented by the railroad, "^^^lat would be the action of the 
 court, then, under the Esch-Townsend bill, as you understand? 
 
 Colonel Stone. I understand that the court of transportation is 
 powerless to allow further proof unless such proof was nonexistent 
 at the previous hearing before the Conimission or unless diligence 
 could not have made it known at that time. 
 
 Senator Neavlands. Your contention is that if the court of trans- 
 portation came to the conclusion that the Commission erred in ex- 
 cluding the testimony the court could not admit it ? 
 
 Colonel Stone. Not if the provisions of this bill be literally 
 enforced. 
 
 Senator Foster. Why could not the objection you have just stated 
 
DUTIES AND POWERS OF INTEK8TATB COMMEKOE COMMISSION. 253 
 
 to the bill be obviated by providing that all evidence may be preserved 
 by bills of exceptions, so that whatever was excluded by the Commis- 
 sion could be set forth, and in that way be brought before the court ? 
 
 Colonel Stone. A provision of that kind might cover it. 
 
 Another provision of this bill allows the Commission to fix a new 
 rate, not merely a maximum rate, but also a minimum rate. In 
 other words, the new rate that is established, although it might be 
 unreasonable, is yet the established and fixed rate. Even where 
 there was competition between railroad companies and betAveen locali- 
 ties, it is not in the power of the railroad company to reduce the rate, 
 although that rate extended to all shippers of like commodities, with- 
 out obtaining permission from the Commission to lower the rate. 
 
 Senator Foster. What is the provision of the bill you refer to? 
 
 Colonel Stone. This bill says that the rate fixed shall be a pub- 
 lished rate, and in the original act the published rate can not be de- 
 parted from, neither increased or decreased. 
 
 Senator Dollivee. Without notice. 
 
 Colonel Stone. Without notice. So that involves the obtaining of 
 the consent of the Commission, delay, and all that friction. This 
 would destroy competition if the Commission did not see fit to allow 
 the rate to be lowered between companies as well as between locali- 
 ties. That would engender, in all probability, strife and contention 
 between different companies and localities. Much of the support of 
 this measure, from the investigation I have made of it, comes from 
 rival communities or cities that want the same rate extended, not only 
 by the same line of railroad to localities, but by all railroa,ds running 
 into each city or community. We hear a great deal about wanting 
 competition, and yet this bill prevents it effectually if enacted and 
 enforced. 
 
 The Commission is given power and control not only over the 
 charges upon transportation of persons and property, but is given 
 full power and authority over all practices and all regulations that 
 affect the transportation of persons or property, whether remotely 
 or directly. The number of cars, schedules of trains, terminal facil- 
 ities, places of stopping all trains, and a thousand and one things 
 enter into this broad provision, which allows this Commission to deal 
 with practices and regulations which may affect, directly or indi- 
 rectly, the transportation of persons or property. This is a new 
 power not even mentioned in the original act, and is certainly an 
 extraordinary one with which to clothe this Conmiission. It would 
 take away from those in charge of them now, in effect, the manage- 
 ment and conduct of the railroads. No practice that might meet the 
 condemnation of this Commission could be enforced by the railroad 
 companies under the provisions of this bill. 
 
 Senator Newlands. Colonel Stone, going back to the matter we 
 were discussing a few minutes ago, I find in section 12 of the Esch- 
 Townsend Act the pr'o vision that — 
 
 No evidence on behalf of either party shall be admissible in any such suit or 
 proceeding which was not ofCered, but which with the exercise of proper dili- 
 gence could have been ofCered, upon the hearing before the Commission that re- 
 sulted in the particular order or 'orders in controversy; but nothing herein con- 
 tained shall be construed to forbid the admission, in any such suit or proceeding, 
 of evidence not existing, or which could not, with due, diligence, have been known 
 to the parties at the time of the hearing before the Commission. 
 
254 DUTIES AND POWERS OP INTEESTATE COMMERCE COMMISSION. 
 
 Do you not understand that under that, if the railroads should 
 offer certain testimony before the Commission, which was improperly 
 excluded, they could offer that evidence again before the court o± 
 transportation, and that if the court should determine that it had 
 been improperly excluded by the Commission it could then be admit- 
 ted? 
 
 Colonel Stone. It is owing to the construction to be given to the 
 word " offered." In my opinion, in the connection in which it is used, 
 it means introduced, or allowed to be presented and considered before 
 the Commission. There is no provision for making up a bill of excep- 
 tions as to what testimony was offered and rejected- 
 Senator Newlands. Your contention is that if the testimony was 
 offered and excluded, it constitutes no part of the record ? 
 
 Colonel Stone. I confess that I do not know how the court of 
 transportation might construe that provision, but, as I construe it, I 
 think it prevents the consideration of any evidence not introduced 
 before the Commission. 
 
 Senator Xewlands. I do not think it would have that interpreta- 
 tion. 
 
 Colonel Stone. There is no provision for a bill of exceptions to 
 embody proof that might have been offered and excluded erroneously 
 by the Commission, and unless a provision of that kind were incor- 
 porated in the bill there would be no power to do it. 
 
 Senator Newlands. But I imagine that if certain testimony were 
 offered before the Commission and were excluded, the record would 
 show that fact, and then if the record went up to the court of trans- 
 portation and the railroads should again offer the evidence, the only 
 question would then be as to whether it had been offered before and 
 excluded, and that would appear from the record. 
 
 Colonel Stone. That would be the course in a court of justice, Sen- 
 ator, but this Commission is not a judicial body, and in the absence 
 of a provision designed to preserve such evidence, I do not see how it 
 could be considered by the court of transportation or how it could be 
 a part of the record. This measure and others like it, which have 
 been introduced having for their object the clothing of the Interstate 
 Commerce Commission with power to prescribe rates, are supposed 
 by many to prevent the practice of allowing rebates or secret rates and 
 other devices that prevent the shippers, large or small, from being 
 
 E laced on the same footing. I have been unable to see how rates fixed 
 y the Government, through the Commission, could not be evaded 
 just as well as the rates that are fixed by the companies and published 
 as their fixed rates under the present law. 
 
 I want to say for the company that I represent before the committee 
 that if the law already upon the statute books is not sufficiently rigid 
 and severe, we are entirely willing that it may be made so by any 
 enactment of Congress, The Louisville and Nashville Railroad Com- 
 pany has never violated this provision of the law ; its books are open 
 for inspection, and I am instructed by President Smith to say that the 
 law can not be made too severe for him and his company on that 
 branch. 
 
 Senator Dollivbr. What would you say. Colonel Stone, as to the 
 creation of a body of interstate commerce inspectors possessed with 
 powers similar to those of examiners of national banks ? 
 
 Colonel Stone. Our company is perfectly willing, if it should be 
 
PCTIES AND POWERS OP INTEE8TATE COMMERCE COMMISSION. 255 
 
 SO enacted. Mr. Smith has been before the committee. He has made 
 a statement of his views of this measure. They are entitled to some 
 weight by reason of the fact that he is a practical railroad man of 
 large experience. Plis views as presented to you have the merit of 
 sincerity, and I trust that every Senator on this committee will read 
 them. I have not read his statement myself, but I know generally 
 his views upon a measure of this kind. Born in the Catskul Moun- 
 tains, spending his youth in the State of New York, and his early 
 manhood in northern Illinois, he became a railroad man at the age 
 of 22. 'V^^aen the civil war broke out he was at Stevenson, Ala. At 
 the age of 27 he had charge of all the transportation of troops and 
 supplies for Geiieral Sherman's army in northern Georgia. He has 
 been a railroad man for forty-six years. With the exception of three 
 years, when he was connected with the Baltimore and Ohio Railroad, 
 he has been with the Louisville and Nashville road. 
 
 That road, when he first became connected with it, only had an 
 insignificant line of 185 miles from Louisville to Nashville. Under 
 his management and control it has extended and been enlarged until 
 the system to-day covers 3,600 miles of road operated by that com- 
 pany, and, with the affiliated lines in which the company is interested, 
 over 6,000 miles, running and extending into thirteen different States. 
 
 Senator Dollivee. With what roads is it affiliated ? 
 
 Colonel Stone. It has control, by owning a majority of the stock 
 and other interests, of many roads, principally the Nashville, Chatta- 
 nooga and St. Louis Railway Company, in which it owns a majority 
 of the stock. The capital stock of this company, $60,000,000, is 
 worth on the open market to-day, $140,000,000. When Mr. Smith 
 took charge of the road it was not worth 25 cents on the dollar. Its 
 $110,000,000 of bonds are at a premium on the open market, its 4 per 
 cent bonds being worth to-day 103. 
 
 So I say a man like Mr. Smith, who has sturdy common sense and 
 honesty, who has had experience in the railroad business, tells you 
 that this measure will be disastrous to his interests and those he repre- 
 sents in that property it is worth considering ; it is worth more than 
 that of theorists and those who have no practical knowledge of such 
 affairs. 
 
 There is no clamor in the section through which the lines of this 
 road run. There is none at the city of Louisville. There is none in 
 any principal city of the South that I am aware of. There is no 
 complaint against the rates of this company that they are too high. 
 They are lower to-day than they have been in its history. I under- 
 stand the Interstate Commerce Commission to have said repeatedly 
 in their reports that there is no substantial complaint anywhere in 
 the United States against the rates fixed by railroad companies. 
 
 Senator Caemaok. What you mean is no complaint against the 
 amount ? 
 
 Colonel Stone. I mean the amount of the rates. 
 
 Senator DoLLmiK. There is complaint in western cities, like Chi- 
 cago, against the joint rate from Chicago to southern points for a 
 distance very much less than the distance between the same southern 
 points and the cities of Boston and New York on manufactured prod- 
 ucts; that is, there is complaint that the rates on manufactured 
 products to southern points are very much greater than the rates from 
 New York and Boston to the same southern points. 
 
256 DUTIES AND POWERS OF INTEBSTATE OOMMEKCE COMMISSION. 
 
 Colonel Stone. Shall Congress go into that question and legislate 
 in the interest of Boston against New Orleans ? 
 
 Senator Dollivee. But shoes, for example, made in Chicago and in 
 other cities similarly situated, it seems to our people, should have access 
 to the southern markets on equal terms with the Northeastern States, 
 the distance being about equal. This maximum-rate case you have 
 referred to was instituted by the protest of western manufacturers, 
 not against all rates, but because under the old Green River pool — 
 was that the name of the pool ? 
 
 Colonel Stone. I do not know. I was not engaged in railroad 
 business at that time. 
 
 Senator Dollfvee. It was because the joint rates were deliberately 
 fixed so high that agricultural products could not be sent to the 
 southern market, and the southern railroads appear to have been 
 parties to those joint rates. That was the maximum rate case. 
 
 Colonel Stone. Is it in the power of Congress or of this committee 
 to remedy anything of that kind ? 
 
 Senator Dolliver. We have tried, in the interest of interstate 
 commerce, to prevent discriminations against all localities. 
 
 Colonel Stone. Wliile the distance frou) Chicago to New Orleans 
 is practically the same as from Boston to New Orleans, yet the 
 incline from Chicago to New Orleans enables railroad companies to 
 ship products to that point more easily and at less expense than from 
 Boston. There are a great many natural advantages, all of which 
 have to be considered when you undertake to equalize rates. 
 
 Senator Dollivee. , But take the rate from Boston to Atlanta on 
 boots and shoes, why should that be less than the rate from Chicago 
 to Atlanta, when the distance from Chicago to Atlanta is very much 
 less? 
 
 Colonel Stone. Because there is water transportation for a large 
 part of it. 
 
 The Chaieman. Competition? 
 
 Colonel Stone. Competition. 
 
 Senator Dollivee. Water competition for what distance? 
 
 Colonel Stone. There is a navigable river from Savannah to 
 Augusta, not a great way from Atlanta, and the rail transportation 
 is only from the latter city to Atlanta. 
 
 Senator Dollia'ee. Do you thinlc the entire differential from Chi- 
 cago on that class of goods is based on the water transportation 
 proposition ? 
 
 Colonel Stone. The differentials might depend somewhat upon 
 distance. 
 
 Senator Newlands. You mean from Chicago ? 
 
 Colonel Stone. Yes, sir ; in that instance. But you have got to 
 allow railroad companies and those engaged in that kind of indus- 
 tries in competing with each other to take advantage of natural 
 conditions as well as other conditions. 
 
 Senator Dollivee. But these affiliated roads of which you have 
 spoken seem to have reduced competition to very much less stress 
 than formerly existed. 
 
 Colonel Stone. There may be compensation. Senator ; Boston may 
 come out in the long run about even anyway, if it is discriminated 
 against in the matter of rates on grain, for it gets the benefit of a 
 cheaper rate on its shoes. 
 
 Senator Dollivee. "What struck me was the fact that this old 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 257 
 
 agreement, which seems to have dated back before the Chicago fire — 
 and which was perfectly proper at the time it was formed, because 
 western cities were not then manufacturing cities — has stood there 
 for thirty years, and now that Chicago has oecome a great manufac- 
 turing city, yet that discrimination remains there, and when* they 
 finally got the Interstate Commerce Commission to issue a very mild 
 order in respect to it, the interstate-commerce act was practically 
 nullified by the decision of the court. 
 
 Colonel Stone. No ; I say it was simply construed by the Supreme 
 Court holding that the power never was granted. 
 
 Senator Dolliver. I do not want to be understood as decrying the 
 correctness of the decision, but we want somebody to inquire into the 
 reasonableness and justice of that situation. 
 
 Colonel Stone. That is one power that is sought to be given to the 
 Commission, but they will certainly have a large contract on hand 
 if they undertake to execute it. 
 
 Senator Newlands. You spoke of your system covering thirteen 
 States; in how many of those States are there railway commissions 
 having the power to fix State rates ? 
 
 Colonel Stone. I do not remember, Mr. Senator; but in quite a 
 number of them, if not all. 
 
 Senator Newlands. Do those commissions exercise the power them- 
 selves of fixing State rates ? 
 
 Colonel Stone. Very few of them. We have had a commission in 
 Kentucky with that power for five or six years, and they have never 
 exercised it. 
 
 Senator Newlands. But they have the power under the law to do 
 so, have they ? 
 
 Colonel Stone. The statute so reads ; but never having undertaken 
 to execute the power the courts have not construed the law so as to 
 decide whether the power was constitutionally conferred on the 
 railroad commission of Kentucky or not. 
 
 Senator Newlands. How is it with the other States? Have they 
 exercised the power of fixing State rates in any of the other thirteen 
 States? 
 
 Colonel Stone. I think some of them have. 
 
 Senator Newlands. What States, and how many ? 
 
 Colonel Stone. I do not remember. 
 
 Senator Newlands. In' some of them, four or five, do you think ? 
 
 Colonel Stone. Yes ; I should think so. 
 
 Senator Newlands. Having exercised that power, has it operated 
 to the serious injury of the companies ? 
 
 Colonel Stone. If the companies depended on the trafiic between 
 points within the State alone, they could not maintain themselves 
 at all. In the State of Illinois, in connection with what you have 
 asked, the rates there are fixed by the State commission, and Presi- 
 dent Smith says that he could not pay operating expenses in that 
 State,' although his line runs through the State, if he had to depend 
 on State trafiic alone. 
 
 Senator Newlands. Does the Louisville and Nashville operate in 
 the State of Illinois ? 
 
 Colonel Stone. Yes; from Evanston southwest in Indiana and 
 across Illinois to St. Louis. 
 RY-05 17 
 
258 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 Mr. Walker D. Hines. That is owned by the Louisville and Nash-i 
 ville and operated by it. 
 
 Senator Newlands. Is it owned bodily by the Louisville and Nash- 
 ville? 
 
 Mr. Hines. Yes, sir. 
 
 Senator Newlands. The law of Kentucky authorizes the operation 
 of a railroad outside of that State, does it? 
 
 Mr. Hines. That is my understanding. 
 
 Senator Newlands. It does not simply own stock, as I understand. 
 
 Colonel Stone. It owns and operates. 
 
 Senator Newlands. Other roads it controls by owning a majority 
 of the stock. 
 
 Colonel Stone. The lines in thirteen States are actually owned and 
 operated by the Louisville and Nashville. There are many lines in 
 which it has a controlling interest, though not operated by the Louis- 
 ville and Nashville. t 
 
 Senator Newlands. But they are regarded as being in the Louis- 
 ville and Nashville system? 
 
 Colonel Stone. No, sir; they are not regarded as pgirt of the sys- 
 tem operated by the Louisville and Nashville. 
 
 Senator Newlands. But in common parlance are they considered 
 as part of the Louisville and Nashville system ? 
 
 Colonel Stone. No, sir. 
 
 Senator Carmack. Do I understand that the road from Evanston 
 to St. Louis is owned and operated by the Louisville and Nashville? 
 
 Colonel Stone. It has a large minority holding in that company. 
 
 Senator Dolliver. Is that a holding by the Louisville and Nash- 
 ville corporation itself, or by the stockholders of that company ? 
 
 Colonel Stone. By the Louisville and Nashville itself. 
 
 Senator Newlands. Is that corporation organized under the laws 
 of Kentucky ? 
 
 Colonel Stone. Yes, sir. 
 
 Senator Newlands. And it is authorized by the law of that State 
 to own stock in other companies ? 
 
 Colonel Stone. Yes, sir. 
 
 Senator Newlands. In that way these afliliated companies are con- 
 trolled. I understood you to say that there are over 3,000 miles of 
 road owned and operated by the Louisville and Nashville. 
 
 Colonel Stone. .Three thousand six hundred miles. 
 
 Senator Newlands. In about 13 States, did I understand ? 
 
 Colonel Stone. Running into 13 States. 
 
 Senator Newlands. Iji addition to that it has lines affiliated that 
 make up nearly 3,000 miles of trackage ? 
 
 Colonel Stone. In the neighborhood of 6,000 miles altogether. 
 
 Senator Newlands. And you say that in the State of Illinois the 
 local rates are such as would not pay the operating expenses of the 
 Louisville and Nashville in that State — I mean the rates fixed by 
 statute or by the State commission ? 
 
 Colonel Stone. Yes, sir; by the State commission. 
 
 Senator Newlands. Has your road ever questioned the right of the 
 commission to fix those rates ? 
 
 Colonel Stone. No, sir. 
 
 Senator Newlands. Is there any other State in which the action of 
 
DUTIES AND P0WEK8 OF INTERSTATE COMMEECE COMMISSION. 259 
 
 .the State commission has operated to the serious injury of your 
 road? 
 
 Colonel Stone. Well, that is a very broad question. If the Louis- 
 ville and Nashville depended solely on its State traific (traffic within 
 the State) it could not succeed. Its interstate commerce, however, 
 enables it to carry on business successfully. 
 
 Senator Newlands. "Which do you regard as the more profitable, 
 the interstate or the State traffic? 
 
 Colonel Stone. The interstate traffic. 
 
 Senator Newlands. Is that larger in volume than the other ? 
 
 Colonel Stone. Oh, much larger, as I understand. 
 
 Senator Newlands. Assuming that the States have the power, as 
 you say they have, in most of these States, to fix the State rates ; that 
 the National Government exercises no control whatever over the rates 
 of railroads engaged in State traffic only, what is to prevent these 
 companies, after becoming gradually affiliated, as they are now, into 
 ten or twelve systems, from very largely increasing their rates and 
 very largely increasing their income unless some restraining power of 
 the National Government is exercised; and if you think that some 
 restraining power is necessary, what would you suggest ? 
 
 Colonel Stone. I suggest that the beSt restraint upon the power 
 of railroad companies is to have men manage them who are qualified 
 'to manage them, men who know the best interests of the companies 
 as well as of the people. T'\'Tiat is to the interest of the railroad com- 
 pany is to the interest of the people in a majority of cases. Give the 
 people a fair deal, treat all shippers properly, and the business will 
 come to the railroad. 
 
 Senator Newlands. But you will admit that by the practice of 
 consolidating railway systems in the country (concentrating owner- 
 ship and obtaining control through a community of interest) in many 
 localities competition will be practically eliminated? 
 
 Colonel Stone. In some cases that may be true. 
 
 Senator Newlands. And that is the purpose, is it not ? 
 
 Colonel Stone. I think not. 
 
 Senator Newlands. Do you not think the purpose of consolidation 
 and community of interest is to eliminate competition ? 
 
 Colonel Stone. I think not. 
 
 Senator Newlands. What is the purpose of it ? 
 
 Colonel Stone. The purpose is to place the systems of railroads 
 under the same management, to accommodate more people, to give 
 better service, and it is more economical in the management and oper- 
 ation of the railroad. 
 
 Senator Newlands. Admitting that, is not the further purpose to 
 eliminate competition? As I understand, the railroads first desire 
 to pool their earnings so as to eliminate " cutthroat competition," 
 as it is called, by the organization of these various systems, through 
 concentrated ownership, holding companies, community of interest, 
 etc. I understand that all that is intended to meet the purpose sought 
 to be accomplished by pooling, is it not ? 
 
 Colonel Stone. I do not know, Senator; it might have been in 
 some instances. The Louisville and Nashville Railroad has acquired 
 many short roads — roads that were unable to maintain themselves if 
 left alone, but they now form a part of one general system reaching 
 into these different States, developing mining and mineral interests. 
 
260 DUTIES AND POWEES OF INTERSTATE COMMEECE COMMISSION. 
 
 and reaching more markets. The rates are more uniform, being 
 under one management, and it is altogether beneficial that these 
 roads have been acquired by the Louisville and Nashville. "We have 
 sharp competition all through the South with other roads. 
 
 Senator Newlands. I have no doubt of that. I think that kind of 
 consolidation of roads has been beneficial, so far as economy of oper- 
 ation and efficiency are concerned. But we are now considering what 
 shall be done to lift unjust burdens from the people in consequence 
 of increased rates. It seems to me that is a problem before us to pro- 
 vide for in the future. Where economy of operation and efficiency 
 have come about under one control, do you not think it would be 
 better if all the railroads now embraced in your system through 
 affinity, affiliation, etc., were embraced in one national corporation? 
 
 Colonel Stone. I do not think so. I think that would make a com- 
 plete monopoly unless they were under Government control. 
 
 Senator Newlands. I speak of one corporation under national con- 
 trol. 
 
 Colonel Stone. Do you mean owned by the Government? 
 
 Senator Newlands. No ; I mean incorporated under a national act. 
 
 Colonel Stone. I think that is wholly impracticable. 
 
 Senator Newlands. Why so ? 
 
 Colonel Stone. I do not see how you could compel the present 
 organizations to go into an arrangement of that kind. Certainly the 
 National Government would have no control over the traffic between 
 points inside a single State unless the Constitution be amended. 
 
 Senator Newlands. Do tyou not think that all the roads embraced in 
 your system would prefer to have the simplicity of control and opera- 
 tion that would come from having one corporation own the entire 
 trackage ? 
 
 Colonel Stone. It might make the jnanagement of the road more 
 s=imple, but if the Government is going to take charge of the railroad 
 companies it ought to guarantee dividends, so that those who have cap- 
 ital invested may be assured of some fair return on their capital. 
 
 Senator Foster. You have stated practically that the passage of 
 this bill would be disastrous to railroad interests, as I understood you. 
 
 Colonel Stone. That is my belief.. 
 
 Senator Foster. And would affect seriously the value of this prop- 
 erty? 
 
 Colonel Stone. I think so. 
 
 Senator Foster. And would to a great extent destroy the value of 
 the property ? 
 
 Colonel Sax)NE. I believe it would. 
 
 Senator Foster. Now, Colonel, will you state your reasons for 
 that belief? This bill authorizes the Interstate Commerce Commis- 
 sion, after the railroads have established their rates, to supervise or 
 revise those rates, and if it finds the rates established by the railroads 
 to be in violation of the law, then it is empowered to substitute what 
 the Commission considers a fair and reasonable rate under the law. 
 
 Colonel Stone. It is made their absolute duty to do so ; they can 
 not avoid it. After they have once decided that a rate is unjust and 
 unreasonable, under this bill they must substitute what they consider 
 to be a just and reasonable rate. \ 
 
 Senator Foster. Then the courts of the country shall decide the 
 rights of all persons, and if the decision be against the corporation it 
 
DUTIES AND POWEBS OF INTEKSTATB COMMERCE COMMISSION. 261 
 
 can appeal for a revision or reversal of the action of the Commission. 
 "Why should an instrumentality of the Government, such as this rail- 
 road commission is, armed with this limited authority, be disastrous 
 in any way to the interests of the railroad ? 
 
 Colonel Stone. I have tried to show that it is a commission with, 
 authority unlimited, not limited, to be put in the hands of seven men 
 who are not required by the statute to possess any special qualifica- 
 tions for their work, men not experienced in the management of rail- 
 roads, not even required to be lawyers or skilled in any way or fitted 
 for this character of work. If this Commission is clothed with this 
 general authority I assume that- it will exercise that authority. 
 Bodies and individuals once possessed of authority are very apt to 
 exercise it. The very uncertainty of what the rates shall be for the 
 future between certain points or on certain commodities would alone 
 cast a shadow, in my opinion, upon the value of the securities, stocks, 
 and bonds of the railroad companies. The management could not be 
 so effective under such an arrangement as it would be under the man- 
 agement of those who have been trained and are skilled in the work 
 and management of railroads, in fixing rates, and providing for dif- , 
 ferent localities and commodities. I have tried to point out that 
 under this bill the remedy proposed would be ineffective; that the 
 court of transportation will have little power over these rates when 
 once fixed, starting with the presumption that they are reasonable, 
 and yet deprived of the right to consider any proof that might be 
 offered in addition to that which was introduced before the Com- 
 mission. 
 
 For these reasons, in common with all of our principal railroad men 
 who have spent a lifetime in the service, I incline to the belief that 
 if this bill is enacted and enforced it will be disastrous to the inter- 
 ests of the railroad companies, as well as to the people who are inter- 
 ested as employees or otherwise. In 1893 or 1894, when the hard 
 times set in, we had 94,000 employees discharged; nearly all of the 
 800,000 who were left in the service of the companies had their wages 
 decreased. If you cut down rates, if that is the prime object of this 
 bill — and it is certainly not to increase the rates — you have got to 
 cut down operating expenses; the railroad companies must be more 
 economical ; and that affects 1,300,000 employees in the service of the 
 companies to-day, not to speak of the lawyers and the officials of those 
 companies. Their wages would certainly be reduced, and many of 
 them would be discharged, and the service would not be so good. 
 
 Senator Foster. I go upon the presumption, however — and ask you 
 this question under that belief — that this Commission will be an 
 impartial tribunal, composed of intelligent and patriotic men, who are 
 honestly striving to do their duty and to enforce the law. Now, 
 why should the act of a tribunal of that character, whose acts are 
 subject to review by the courts of the country, create any such dis- 
 astrous effects? 
 
 Colonel Stone. From a lack of knowledge and experience in rail- 
 road management, however honest such managers might be, however 
 desirous to do the right thing for the companies, for the shippers, 
 and everybody else, those managers, in my opinion, would yet fall 
 short of the necessary work to be done. 1 think we had better let 
 well enough alone. 
 
262 DUTIES AND POWEBS OF INTEBSTATE COMMEBOE COMMISSIOIf. 
 
 Senator Foster. I am trying to get exactly at the objections to 
 the bill. 
 
 Colonel Stone. This is an innovation. 
 
 Senator Dolliver. But, Colonel, the general counsel of thf Penn- 
 sylvania Eailroad, acting, as we understand in the committee, with 
 the cooperation of the president of that road, some time during the 
 last Congress presented a bill designed to accomplish exactly the 
 result that this bill seeks to accomplish, accompanied, however, by a 
 provision in favor of pooling, to be submitted to the Interstate Com- 
 merce Commission and, before going into effect, to be indorc'ed by the 
 Commission, and he left the committee with the impression that that 
 whole business could safely be left with such a commission. 
 
 Senator Foster. I am very glad Senator Dolliver has meationed 
 that, because I had intended to refer to that very matter. 
 
 Senator Dolliver. That would seem to raise a difference between 
 your road and the Pennsylvania road as to the effect to be expected. 
 
 Senator Carmack. What has been the position of the Louisville 
 and Nashville Railroad Company with respect to pooling? 
 
 Colonel Stone. I am unable to state. 
 
 Senator Carmack. My recollection is that Mr. Smith was rather 
 opposed to pooling. 
 
 Colonel Stone. I think that is his view. It has no pooling ar- 
 rangement now, and could not have under existing law without vio- 
 lating the Sherman antitrust law, as well as the interstate-commerce 
 acts.' 
 
 Senator Carmack. Speaking of competition, has it not been the 
 experience of railroad managers that competition which is felt at 
 what are called competitive points has often been so keen at those 
 points that freight is frequently carried at unremunerative rates, 
 and that the railroads have asked the right to pool because the com- 
 petition at competitive points was so keen as to become ab<3olutely 
 unremunerative? How does that affect rates at noncompetitive 
 points ? 
 
 Colonel Stone. I am unable to state, Mr. Senator. Of course it 
 would depend upon the different circumstances and conditions. It 
 would doubtless be a protection to have the right to make agree- 
 ments to divide receipts on a fixed basis among railroad companies 
 and prevent loss to them, and I believe it has been proposed by Mr. 
 Spencer in his statement before the House committee that such a 
 provision ought to be incorporated in any law on this subject, sub- 
 ject to the approval of the Interstate Commerce Commission, so that 
 it would not give any unfair advantage to the roads or oppress 
 shippers. 
 
 Senator Carmack. This is the point of my question : Do not ship- 
 pers from noncompetitive points really suffer from the competition 
 at the competitive points? 
 
 Colonel Stone. That may be true. The rates may have to be 
 changed in order to compensate for losses between other points. 
 
 Senator Newlands. In looking over the Interstate Commerce Com- 
 mission report for the last year I find that the gross earnings for the 
 year 1903 were over $1,900,000,000; that the increase 'of income in 
 one year was $174,000,000. If that increase should take effect at 
 that rate every year for the next ten years it wpuld mean that ten 
 
DUTIES AND POWERS OF INTEESTATE COMMEBCE COMMISSION, 263 
 
 jears from now the increase of revenue alone would be $1,700,000,000, 
 •or very nearly double the present revenue, which, of course, would 
 mean the doubling, or more than that, of the amount available for 
 ■dividends. 
 
 Colonel Stone. Not necessarily; it might be expended in better- 
 ments, improvements, and extensions. 
 
 Senator Newlands. It might be, but that is regarded as an ex- 
 penditure on account of capital, is it not ? 
 
 Colonel Stone. Yes, sir. 
 
 Senator Newlands. In view of that fact, do you not think it nec- 
 essary that there should be some controlling power, and can not the 
 railroads themselves suggest some method by which we can arrive at 
 a fair adjustment of the question? As I understand, in Massachu- 
 setts, where they say they have no complaints, thej' limit the railroad 
 ■companies to dividends of 8 per cent. The result is that the largely 
 increased revenues goes to betterments,- to increase of wages, exten- 
 sions, etc., and I believe that is the case with the New York and New 
 Haven Kailroad ; and from all we hear there seems to be no complaint 
 in New England. Is there aot some system of automatic control that 
 ■could be suggested that would prevent an excessive income in the 
 future, and yet at the same time leave to the railroads the initiative 
 and the benefit of individual energy, enterprise, and capacity that 
 they now have ? 
 
 Colonel Stone. If there is any imperative necessity for any change 
 or innovation as to the methods that ought to be employed to remedy 
 the evil, then that might apply. But we find this country to-day in 
 as prosperous a condition as it ever was ; the railroads are prosperous ; 
 the country generally is prosperous. "Why should we interrupt that 
 state of things and make innovations that may result disastrously, 
 not onlj' to the railroads, but to the people at large ? 
 
 Senator Newlands. Your contention is that nothing in the way of 
 legislation as to rates should be done by Congress, and that upon the 
 ■question of control of the income derived from interstate commerce 
 nothing should be done ? 
 
 Colonel Stone. I think nothing should be done in those respects. 
 I think the let-alone policy is the best, especially when there is no 
 imperative necessity to make a change. 
 
 The Chairman. Colonel Stone, you have given this subject a good 
 deal of thought. Referring to lines 7 and 8 of the first section of this 
 bill, " or any regulation or practice whatsoever affecting the transpor- 
 tation of persons or property to be unreasonable or unjustly dis- 
 criminatory, the Commission shall have power, and it shall be its 
 duty, to declare and order what shall be a just and reasonable rate, 
 practice, or regulation to be charged, imposed, or followed in the 
 future " — how far does that reach? Have" you given that any par- 
 ticular thought? 
 
 Colonel Stone. I commented on that somewhat this morning. 
 
 The Chairman. I was absent at the time. If that is in your state- 
 ment I withdraw the question in the interest of saving time. 
 
 In the first section of this bill, where the proceedings are initiated 
 by a shipper, is it your understanding that the shipper has to bear all 
 the expense of this litigation from the time he files his complaint 
 until it goes to the Supreme Court? 
 
264 DUTIES AND POWERS OF INTEBSTATE OOMMEECE COMMISSION. 
 
 Colonel Stone. No, sir; there is no provision of that kind. The 
 shipper might be a perfectly irresponsible person or insolvent. 
 
 The Chairman. But, practically, is not the shipper supposed to 
 bear all this expense ? 
 
 Colonel Stone. Not at all. Under the provisions of this bill there 
 is no remedy for the railroad companies. 
 
 The Chairman. That is not my question. Suppose a shipper 
 wants to bring complaint against a railroad company for charging 
 an unjust rate. Under this bill is not that shipper bound to bear that 
 expense himself? 
 
 Colonel Stone. I do not so understand it. 
 
 The Chairman. Who would bear the expense of this litigation? 
 
 Colonel Stone. If the Government succeeds before the Commis- 
 sion it comes out of the appropriation to carry on this work of the 
 Commission ; but if it fails there is no remedy for the railroad com- 
 pany to get back any of the costs. 
 
 The Chairman. I am speaking of the position of the shipper, 
 whether he is not obliged to pay every dollar of that expense. I do 
 not see anything in the bill to enable him* to recover any part of it. 
 
 Colonel Stone. There is nothing in the bill requiring him to pay a 
 cent. 
 
 The Chairman. It seems to me that he will have to pay all the 
 costs of the proceedings from the time he opens his mouth to make 
 complaint. 
 
 Colonel Stone. He does not stand in the attitude of a plaintiff or 
 party to the proceedings. 
 
 The Chairman. The Commission can institute proceedings if it so 
 desires, but my inquiry has reference to the man who complains in 
 the first instance. 
 
 Senator Carmack. He does not have to do anything but complain. 
 
 The Chairman. He does not have to pay the costs ? 
 • Senator Carmack. I do not think so. 
 
 Colonel Stone. He only sets the proceedings on foot. 
 
 I thank the committee very kindly for its attention. 
 
 STATEMENT OF MR. L. A. DEAN, OF ROME, GA. 
 
 Mr. Dean. Mr. Chairman and gentlemen of the committee, I thank 
 you very much for this opportunity to be heard, and I will endeavor 
 to be very brief. 
 
 I represent the peach growers of north Georgia, in the capacity of 
 chairman of an executive committee appointed by a convention of 
 peach growers, that committee being created to take charge of matters 
 looking to a reduction of freight rates and refrigerator charges. 
 
 Georgia has recently come to the front in the peach industry, and 
 the business has but fairly begun. Until last year the principal ship- 
 ments were from middle Georgia, but last season north Georgia shipped 
 2,800 cars, being 500 cars more than were shipped from the balance of 
 the State. Out of this magnificent crop the growers, as a class, realized 
 no profit; many made a loss. Hardly 25 per cent of the trees now 
 planted in north Georgia have come to the bearing age. If within 
 the next three years we have such a fruitage as we had the past season, 
 we will produce from 6,000 to 8,000 cars in north Georgia alone. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 265 
 
 The Georgia farmer has learned well how to produce peaches and 
 load them into the car, but he has not acquired the art of getting them 
 to market in a manner to bring him a profit. We are in trouble. We 
 think there are three obstacles that stand in the way to defeat profit. 
 First, excessive railroad freights; second, excessive refrigerator-car 
 charges; third, bad returns from some commission mei'chants. The 
 first two we can not overcome except Congress comes to our relief. 
 The third we can and will deal with direct and in due time. By proper 
 vigilance and the adoption of business methods the dishonest commis- 
 sion merchant may no longer grow fat on Georgia peaches. 
 
 The first two obstacles are for the consideration of Congress. The 
 Supreme Court of the United States, in the case of Smythe v. Ames, 
 169th U. S. at pages 546-7, held: 
 
 The basis of all calculation as to reasonableness of rates * * * must be the fair 
 value of the property being used. * * * To ascertain that value the original cost 
 of construction, the amount expended in permanent improvements, the amount and 
 market value of its bonds and stocks, the present as compared with the original cost 
 of construction, the probable earning capacity under particular rates prescribed by 
 statute, and the sum required to meet operating expenses, are all matters of considera- 
 tion. * * * What the company is entitled to ask is a fair return upon the value 
 of that which it employs for the public convenience. On the other hand, what the 
 public is entitled to demand is that no more be exacted from it for the use of a public 
 highway than the services rendered by it are reasonably worth. 
 
 This being the law, and being founded in principle, all rates over 
 and above such a sum as will make a fair income on the real value of 
 the property in use are extortion and may be recovered back on a 
 proper case made. The conclusion is inevitable that such excess is 
 not the rightful property or earnings of the railroad company. 
 
 That existing freight rates are excessive may be shown by calcu- 
 lations based on facts stated in the Report on Statistics of Rail- 
 ways, prepared by the Interstate Commerce Commission for the year 
 ending June 30, 1903. From this report it appears that the net earn- 
 ings of the railroads in the United States were sufficient to pay 5 per 
 cent dividend on the capital stpck of all the roads and leave a surplus 
 or excess of $277,680,534. It is familiar history that all roads are 
 capitalized and bonded for vastly more than their value. We may 
 safely assume that the capital stock represents more than the value of 
 all railroad property in the United States. 
 
 If this is denied you have but to refer to the tax returns and assess- 
 ments of the several States to show that for the year 1903 the 
 aggregate tax — State, county, and municipal — paid by railroads only 
 aggregate a sum equal to 0.94 per cent on the capital stock. Every 
 citizen knows that 0.94 per cent for State, county, and municipal taxes 
 is not one-half the amount paid on other property throughout the 
 country. Thus it appears that the capital stock either represents 
 more than the value of railroad property, or it is being returned for 
 less than its value. 
 
 Assuming that the capital stock of railroads represents fully the 
 value of, the property, and that 5 per cent above all operating expenses, 
 repairs, maintenance, and taxes is a fair income, the following table, 
 which I have caused to be compiled from the report on statistics of 
 railways, shows that for the ten years prior to 1904 the earnings of 
 railroads in the United States in excess of all expenditures as above 
 and 6 per cent on capital stock aggregated the enormous sum of 
 $1,442,613,622. 
 
266 DUTIES AND POWERS 01' INTERSTATE COMMERCE COMMISSION. 
 
 Statement based on annual reports on the statistics of railways in the United States for the 
 
 years named. 
 
 Year ending June 30— 
 
 Capital stock. 
 
 Net earnings, 
 less taxes. 
 
 $586,458,486 
 666,666,083 
 507, 184, 396 
 477,284,030 
 410,303,487 
 385,524,121 
 326,427,165 
 337, 209, 641 
 309,818,614 
 303,822,201 
 
 5 per cent on 
 capital stock. 
 
 Excess of col- 
 umn 3 over 
 column 4, be- 
 ing excessive 
 earnings. 
 
 1903 
 
 86,155,659,032 
 (6,444,431,226) 
 
 6,024,201,295 
 (6,109,981,669) 
 
 5, 806, 666, 204 
 (5,881,680,887) 
 
 5,845,579,593 
 (5,646,455,367) 
 
 5,515,011,726 
 (5,618,943,172) 
 
 6,388,268,321 
 (6,430,286,710) 
 
 6,364,642,255 
 (5,270,366,819) 
 
 5,226,527,269 
 (6,340,338,602) 
 
 4,961,268,656 
 (6,385,495,573) 
 
 4,834,076,659 
 (6,366,683,019) 
 
 8307,779,962 
 301,210,066 
 290, 328^ 310 
 292,278,980 
 276,760,586 
 269,413,416 
 268,232,113 
 261,326,363 
 248,062,933 
 241,703,783 
 
 8277,680,634 
 
 1902 
 
 264,456,018 
 
 1901 ... . 
 
 216,856,085 
 
 1900 
 
 186,005,050 
 
 1899 
 
 134, 662, 901 
 
 1898 
 
 116,110,705 
 
 1897 
 
 68,196,052 
 
 1896 •- 
 
 75,883,178 
 
 1895 
 
 61,755,681 
 
 1894 
 
 62,118,418 
 
 
 1,442,613,622 
 
 
 
 
 
 
 Note. — Figures in parentheses represent funded debt. 
 
 To this excess add a sum for the excessive earnings for the year 
 ending June 30, 1904, which we assume will not be less than that 
 for 1903, to wit, $277,680,534. To this add the excessive earnings for 
 the years prior to 1894, and5'ou will easily see the excessive earnings to 
 be above 12,000,000,000, a sum equal to one-third of the entire present 
 capital stock of all the railroads in the United States. These enormous 
 excessive earnings appear in the Interstate Commerce Report in spite 
 of the fact that in keeping railroad-operating expense accounts many 
 items are charged to operating expenses that should properly be 
 charged to permanent improvements. 
 
 What a tremendous sum extorted from the people! What has 
 become of it? Gone into purchasing and building other roads for the 
 shai'eholders, for the operation of which the people must pay, first, 
 reasonable charges, and, if Congress does not give relief, also excessive 
 charges to be in like manner invested for like purposes. 
 
 If these excessive earnings are not restained what will they amount 
 to in the next ten or twenty years ? The railroad companies will be 
 able to own the Governpaent itself. 
 
 Can the people of the United States stand such a condition ? Are 
 not the people now the rightful owners of an interest in the railroads 
 of the country to the extent of these excessive charges, to wit, at 
 least to the extent of one-third the value of the entire capital stock? 
 Have not the people furnished the money to build the roads to this 
 extent? 
 
 I have had other figures made from the same reports, and they show 
 this: For the year ending June 30, 1903, the average tariff paid on all 
 freight shipped is shown to be 0.76 cent per ton per mile. The exces- 
 sive earnings for the same year as shown above aggregate $277,680,534. 
 Had this sum not been collected the rate per ton per mile would have 
 been 0.66 instead of 0.76. Assuming, then, that this sum (0.66) is what 
 is just and what ought to have been the average charge per ton per mile, 
 let us see how the Georgia peach has fared at the hands of the rail- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 267 
 
 roads. One example will illustrate. The rate on peaches from Rome, 
 Oa., in carload lots of 20,000 minimum weight to New York is 81 
 cents per hundred, equal to $162 per car. To this add $67.50 per car, 
 refrigerator car charges, from which deduct $35 per car, the actual 
 cost of icing a car from beginning to end of route, and we have $189.50 
 per car or $18.95 per ton. The distance from Rome to New York is 
 885 miles, thus maKing 2.14 cents per ton per mile, which is 3.24 times 
 as much as the reasonable or just average rate on the average freight 
 carried in the United States. 
 
 Is it possible for the peach industry to bear this enormous burden ? 
 It will be contended that the peach is harder to handle. We grant 
 this, but we are not willing to admit that it is 3.24 times as hard to 
 handle as the average commodity of the United States. Neither do 
 we feel that it is just to let the railroad companies, acting ia their own 
 behalf, be the arbiters of this vital question. 
 
 The Chairman. What is a carload of peaches worth in New Tork? 
 
 Mr. Dean. That depends largely upon the market. 
 
 The Chairman. Take the average. 
 
 Mr. Dean. You had better let me state what it is worth at home 
 before it starts. At home we are satisfied to get $1 a crate; that is 
 $150 for a carload. 
 
 The Chairman. Then it is worth in New York how much? 
 
 Mr. Dean. That varies very materially; sometimes it will hardly 
 bring the freight; at other times it will bring $1,000, and they have 
 been known to bring, in gross, as muchias $1,500 or $1,600. There is 
 a very wide divergence in the New York market-. But if we can get 
 $1 a crate, delivered on the cars in Georgia, we are satisfied. 
 
 If this Congress does not give relief and Providence favors us with 
 a peach crop this year, the railroads will get an excessive part of it 
 again, and I verily believe the Georgia peach grower will become so 
 discouraged that he will abandon his orchards and lose confidence in 
 the Government he should love and support. 
 
 As to the refrigerator-car service, in spite of the enormous charge 
 of $67.50 per car, in addition to the freight tariif from Rome to New 
 York (I speak of Rome, it being the center of the northwest Georgia 
 industry), the service was bad, peaches spoiled en route, and cars 
 could not be had at many places for loading. Still it is insisted that 
 high prices should be paid for this defective service. Yet when it 
 comes to paying damages for losses caused by bad service we meet 
 with all manner of resistance. We are frank to say, however, that 
 the crop was heavy and out of the ordinary last season, and the car 
 company was not prepared to handle it. We are informed that 
 arrangements are being made for more successful handling in future. 
 We have hopes this may be done. We do not care how the 
 refrigerator cars, are provided, whether by the railroad companies 
 themselves or through private car companies. It may be that the pri • 
 vate car system is the better, but we contend that the refrigerator-car 
 service is a part of the transportation system, a facility of the public 
 highway. No matter by whom the cars may be owned they should 
 be under the same control as the railroads. Until this is done we do 
 not feel that our industry is safe or that there is any prospect for its 
 permanent growth. 
 
 Colonel Stone, counsel for the Louisville and Nashville has just 
 stated that his systein, under the management of President Smith, has 
 
268 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISBIOK. 
 
 enormously increased its business, extended its lines, and raised the 
 value of its stocks and bonds far above par. No wonder such a result 
 has been accomplished in view of the excessive charges. I dare say 
 the amount of original capital put into these extensions is very small, 
 and the people are the ones who have made the contribution to develop 
 the system. The railroads say let well-enough alone, but what do the 
 people say? 
 
 The Chairman. The committee will now have to adjourn, as it is 12 
 o'clock. 
 
 Mr. Dean. 1 am satisfied. 
 
 Senator Newlands. You can add to your statement any figures you 
 desire. 
 
 Mr. Dean. I shall be very glad to do so. 
 
 Senator Dolliver. Put in anything you have. 
 
 Mr. Dean. I have a paper prepared in the exact language in which 
 I would like to have my statement appear in the record. 
 
 The Chairman. There is no objection to that. 
 
 Senator Carmack. Make it as complete as you desire. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 Monday^ February 5, 1905. 
 
 STATEMENT OF E. F. PERRY. 
 
 The Chairman. Please state your name, your residence, and place 
 of business, and whom you represent. 
 
 Mr. Perry. My name is E. F. Perry; my residence is Nyack, N. Y., 
 and my place of business is 66 Broadway, New York City; I am secre- 
 tary of the National Wholesale Lumber Dealers' Association, with 
 headquarters at 66 Broadway, New York. 
 
 Our association is largely a social one, with certain business features 
 connected, but in no way controlling prices, suggesting prices, sug- 
 gesting combinations, or anything of that sort. We simply gather 
 together to bring out the best for the members of an organization of 
 this sort. Our membership consists of 315 wholesale lumber dealers 
 and manufacturers of lumber, located almost entirely east of the Mis- 
 sissippi River. These members control the routing and shipping of 
 600,000 to 600,000 car loads of lumber per year. 
 
 Our members are very strongly in sympathy with the subject of 
 legislation which is now before the country of increasing the powers 
 of the Interstate Commerce Commission, and our executive officers 
 have in hand at the present time and in preparation a certain set of 
 resolutions which I should like to file with the committee as soon as 
 they are properly signed. 
 
 The Chairman. As part of your statement? 
 
 Mr. Perry. As part of my statement. 
 
 The Chairman. These are resolutions of your organization? 
 
 Mr. Perry. Yes, sir; we are simply holding them until they are 
 properly executed. 
 
 liie Chairman. The stenographer will insert them at the proper 
 place. 
 
 [Note. — These resolutions were never received.] 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 269 
 
 Senator Foster. Your organization advocates the bill that is now 
 before the House known as tne Esch-Townsend bill ? 
 
 Mr. Pekrt. 1 can not truly say that the members of out association 
 advocate that particular bill, but we do advocate that class of legisla- 
 tion upon which we have been working for some four years. 
 
 Senator Foster. Conferring on the Interstate Commerce Commis- 
 sion the rate-making power? 
 
 Mr. Perry. Yes, sir; granting them the power, as it is being dis- 
 cussed. We are heartily in sympathy with the statements in the 
 President's message to Congress in December, in which he advocates 
 conferring this power. We have not advocated any particular bill, 
 but there are several bills that seem to cover many of the questions 
 we have in mind. 
 
 Mr. E. P. Bacon. 1 should like to ask Senator Foster if he did not 
 use the phrase "rate making" instead of "rate revising;" that is, 
 giving the Commission power to revise rates that are found to be 
 unjust and unreasonable? 
 
 Mr. Daniel Davenport. I would ask the Senator if the two things 
 are not in substance the same ? 
 
 Senator Foster. I am not one of the witnesses before the commit- 
 tee. I understand the purpose of the bill is to confer upon the Inter- 
 state Commerce Commission, not the power to fix rates originally, but 
 only that, after examination, it may substitute whatever rates it may 
 • have determined to be just and reasonable. 
 
 Mr. Perry. That is what I had in mind in answering. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 Fehrwyry 23\ 1906. 
 
 STATEMENT OF ME. STUYVESANT FISH. 
 
 The Chairman. Please state your name and occupation. 
 
 Mr. Fish. Stuyvesant Fish; president of the Illinois Central Rail- 
 road Company, and president of The Yazoo and Mississippi Valley 
 Railroad Company, those being two independent corporations, operat- 
 ing together about 5,500 miles of railroad. 
 
 The Chairman. Through how many States ? 
 
 Mr. Fish. Thirteen States. 
 
 The Chairman. Please name them. 
 
 Mr. Fish. South Dakota, Minnesota, Iowa, Nebraska, Wisconsin, 
 Illinois, Indiana, Kentucky, Tennessee, Mississippi, Arkansas, Ala- 
 bama, and Louisiana. 
 
 The Chairman. We have under consideration the railroad rate- 
 making question, and particularly what is known as the Esch Townsend 
 bill that has passed the House and been referred by the Senate to this 
 committee. If you will proceed with what you have to say to that 
 question, we should be glad to hear you. 
 
 Mr. Fish. I will come to that, Mr. Chairman, perhaps a little indi- 
 rectly, though not purposely so. 
 
 The Chairman. Proceed in your own way, Mr. Fish. 
 
 Mr. Fish. The Illinois Central Railroad Company stands in a pecul- 
 iar relation to both the Federal Government and to the State of Illi- 
 nois, by which it was incorporated. The earliest act of Congress 
 
270 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 granting lands in aid of the construction of railroads, which really 
 became effective through the building of such railroads, was that entitled 
 " An act gmnting the right of way, and making a grant of land to the 
 States of Illinois, Mississippi, and Alabama, in aid of the construction 
 of a railroad from Chicago to Mobile (approved September 20, 1850)." 
 
 That act deiined very specifically the location of the railroad in 
 Illinois, and did so on lines which, in the opinion of Senator Stephen 
 A. Douglas and the other Representatives from Illinois, would best 
 serve the interests of the State, by making the initial point from which 
 the railroad was to be built ' ' the southern terminus of the Illinois and 
 Michigan Canal," viz, Lasalle, and requiring the railroad to be built 
 thence to the junction of the Ohio and the Mississippi rivers — Cairo, 
 with a branch of the same to Chicago and another branch "via the 
 town of Galena in said State, to Dubuque in the State of Iowa." As 
 at that time St. Louis was a much more important point (population 
 in 1850, 77,860) than Chicago (population in 1850, 29,963), as the 
 country in the neighberhood of Galena was exceedingly rough, and 
 nearly all of the country south of the line of the Illinois and Michigan 
 Canal a wilderness, the location is not one which private investors 
 would have selected. As an inducement to the building of the line, 
 Congress granted to the State of Illinois a large body of public lands 
 which had been in the market for very many years, and which, if not 
 disposed of in the meanwhile, would, by the subsequent graduation 
 act of August 4, 1854, have been reduced in price to 12^ cents per- 
 acre. 
 
 The grant was of the alternate, even-numbered, sections for six sec- 
 tions in width on each side of said railroad and branches, and the act 
 provided — 
 
 That the sections and parts of sections of land which, by such grant, shall remain 
 to the United States within 6 miles on each side of said road and branches shall not 
 be sold for less than double the minimum price of the public lands when sold. 
 
 As the construction of the railroad followed with all due dispatch, 
 the Federal Government not only lost nothing by the grant of the even- 
 numbered sections, but actually gained; first, in the sale of the odd- 
 numbered sections at a doubled price, and, secondly, through the set- 
 tlement of the country. What this was worth in the preservation of 
 the Union eleven years later is within the memory of all. 
 
 The act of Congress further provided that the railroad and branches 
 should be and remain a public highway " for the use of the Govern- 
 ment of the United States, free from toll or other charge upon the 
 transportation of any property or troops of the United States. 
 
 During the four years of the civil war the operation of the railroad 
 was utterly crippled by calls made upon it by the Government, and to 
 this day all transportation for the Government has been at very mate- 
 rial reductions, 1 believe 33i per cent Ipelow rates charged to other 
 shippers or ti-avelers. 
 
 The act of Congress contained another material reservation, viz: 
 
 That the United States mail shall at all times be transported on the said railroad 
 under the direction of the Post-Office Department, at such price as the Congress may 
 by law direct. 
 
 The State of Illinois passed an act accepting this act of Congress, 
 and in chartering the Illinois Central Railroad Company turned o\ex 
 to that company all that it had received from the Federal Govern- 
 ment, burdened with the conditions set forth in the act of Congress. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION:. 271 
 
 The intention of Congress to aid in the construction of a railroad in 
 several States is expressed in the title and throughout the act of 1850, 
 and this is equally true of that part of it north of the Ohio River, 
 which, while lying almost entirely in Illinois, was required to extend 
 "to Dubuque in the State of Iowa." 
 
 There is in the act of Congress no reservation whatever as to regu- 
 lation of rates. Indeed it would, in those days at least, hardly have 
 been suggested for Congress to have attempted to control one of the 
 States in such matters. Had the State built, owned, and operated its 
 railroad, as it does operate its Illinois and Michigan Canal (at a loss in 
 1902 of $124,271), no such question could have arisen. 
 
 The State having already had a disastrous experience with owning 
 railroads, and being at that time in default for interest on some mil- 
 lions of bonds, preferred to charter a private company, and in so doing 
 enacted that — 
 
 The board of directors shall have power to establish such rates of toll for the con- 
 veyance of persons and property upon the same as they shall from time to time by 
 tlieir by-laws direct and determine and to levy and collect the same for the use of 
 the said company. (Act of the State of Illinois to incorporate the Illinois Central 
 Eailroad Company, approved February 10, 1851. ) 
 
 I am fully aware that the courts have put upon this law a construc- 
 tion very different from that which was in the minds of those who 
 invested their money on the faith of the contract therein expressed, 
 but I do think it my duty to lay the facts before you, without ques- 
 tioning the decision of the courts. 
 
 However it may be with respect to the railroad company, which is 
 merely one of the many citizens of Illinois, I think you will agree 
 with me that had the State built and continued to operate the railroad, 
 the expression in the act of Congress of those restrictions in respect 
 to charges for the carriage of "property or troops of the United 
 States " and of the mails, would preclude the Federal Government 
 from also reducing the charges made by the State to other shippers 
 and travelers. 
 
 How the railroad company stands in this regard is a question which 
 we need not go into at this time. 
 
 On the 10th of February, 1861, the Hon. A. C. French, governor of 
 Illinois, approved "An act to incorporate the. Illinois Central Kailroad 
 Company." As is shown by his message, and by that of hm successor, 
 Governor Matteson, the State was at that time overburdened by. a 
 debt of some $15,000,000, which was and had been for years in arrears 
 of interest. By the charter of 1851 the State reserved to itself for 
 all time, in lieu of other taxes, 7 per cent of the gross receipts of the 
 railroad to be built thereunder. What the effect of that reservation 
 was to the State is well shown in the message made January 5, 1881, 
 by the Hon. Shelby M. Cullom, then governor of the State, in which, 
 besides reviewing the deplorable conditionsprevailing in and about 1850, 
 he congratulated the legislature on the fact that the State had, in 1881," 
 got out of debt. Not only.does his message show that the moneys 
 received in the then last two years from the Illinois Central Railroad 
 amounted to 11 per cent of the total revenues of the State from all 
 sources, but he went on to recommend that a balance of 1110,000 
 remaining of the Illinois Central Railroad fund, after the payment of 
 the State debt, be carried forward to the general revenue fund, and 
 such legislation should be had, in pursuance of the constitution, that 
 
272 DUTIES AND P0WEK8 OF INTERSTATE COMMERCE COMMISSION. 
 
 all future receipts from that source should be appropriated and set 
 apart for the payment of the ordinary expenses of the State 
 government. 
 
 I venture to submit a table showing in detail what the payments so 
 made, year by year, by the railroad company to the State have been. 
 They amount"to 122,730,529, and, excepting a slight decrease m 1904, 
 have grown steadily for many years. In the last calendar year, 1904, 
 $1,062,571 was so paid, which, capitalized at 3i per cent, gives 
 130,359,196 as representing the State's proprietary interest m the 
 railroad. This rate is taken because the company has not issued any 
 bonds bearing a higher rate than 3i per cent at any time within the 
 past ten years, in which period it has, however, at different times, 
 made three issues of bonds, bearing 3 per cent, to the aggregate amount 
 of upward of 115,500,000. 
 
 Statement showing the proportion of gross receipts of the Illinois Central Railroad Company 
 which have accrued and been paid to the State of 'Illinois, as provided in its charter. 
 
 Year ended October 31 — Con. 
 
 Year ended October 31 — 
 
 
 1855 
 
 $29, 751. 59 
 
 1856 
 
 77, 631. 66 
 
 1857 
 
 145, 645. 84 
 
 1858 
 
 132, 005. 53 
 
 1859 
 
 132,104.46 
 
 1860 
 
 177, 557. 22 
 
 1861 
 
 177,257.81 
 
 1862 
 
 212, 174. 60 
 
 1863 
 
 300, 394. 58 
 
 1864 
 
 405, 514. 04 
 
 1865 
 
 496, 489. 84 
 
 1866 
 
 427, 075. 75 
 
 1867 
 
 444, 007. 74 
 
 1868 
 
 428,397.48 
 
 1869 
 
 464, 933. 31 
 
 1870 
 
 464, 584. 52 
 
 1871 
 
 463, 512. 91 
 
 1872 
 
 442, 856. 54 
 
 1873 
 
 428,574.00 
 
 1874 
 
 •394, 366. 46 
 
 1875 
 
 375, 766. 02 
 
 1876 
 
 356, 005. 58 
 
 1877 
 
 ,316,351.94 
 
 1878. ...» 
 
 320, 431. 71 
 
 1879 
 
 325,477.38 
 
 1880 
 
 368, 348. 66 
 
 1384, 582. 52 
 396,036.11 
 388, 743. 19 
 356, 679. 62 
 367, 788. 92 
 378, 714. 50 
 414, 374. 57 
 424, 955. 89 
 460, 244. 65 
 486, 281. 13 
 538, 005. 67 
 589, 486. 02 
 753, 067. 24 
 
 553. 911. 49 
 
 616. 321. 50 
 624, 856. 39 
 624, 532. 74 
 657, 032. 81 
 696, 047. 35 
 784, 093. 01 
 844, 133. 47 
 942, 061. 19 
 
 1903 1,078,790.52 
 
 1904 1,062,571.86 
 
 1881. 
 1882. 
 1883. 
 1884. 
 1885. 
 1886. 
 1887. 
 1888. 
 1889. 
 1890. 
 1891. 
 1892. 
 1893. 
 1894. 
 1895. 
 1896. 
 1897. 
 1898. 
 1899. 
 1900. 
 1901. 
 1902. 
 
 Total 22,730,529.53 
 
 $1,062,571.86 capitalized at SJ per cent amounts to $30,359,196. 
 
 While it is not for me to speak in behalf of the State of Illinois, which 
 has- its representatives in the Senate and a most able and experienced 
 one in this committee, I do venture to call your attention to the fact 
 that' the State's interest lies in the gross receipts of the 700 miles of 
 railway which were built under the charter granted by it to the Illinois 
 Central Railroad Company in 1851, and would be diminished by any 
 ^eduction in rates. 
 
 That the people of the State have long appreciated the value of this 
 their principal source of revenue, and the importance of safeguarding it, 
 is shown by their having, in 1870, inserted into their constitution the 
 following aathe first of several separate sections: 
 
 Illinois Central Eailroad: No contract, obligation, or liability whatever of the 
 Illinois Central Eailroad Company to pay any money into the State treasury, nor 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 273 
 
 any lien of the State upon or right to tax property of said company in accordance 
 with the provisions of the charter of said company, approved February 10, in the 
 year of our Lord 1851, shall ever be released, suspended, modified, altered, remitted, 
 or in any manner diminished or impaired by legislative or other authority, and all 
 moneys derived from said company, after the payment of the State debt, shall be 
 appropriated and set apart for the payment of the ordinary expenses of the State 
 government, and for no other purposes whatever. 
 
 In the statement of payments made by the railroad company to the 
 State of Illinois, above referred to, it will be found that they increased 
 very rapidly until 1865, but began to fall rapidly in 1872 and the years 
 following. The company originally had a practical monopoly of trans- 
 porting the produce of the rich prairie lands of Illinois, which had 
 been developed by its construction, to Chicago for further distribution 
 thence bj' water to the East, and of supplying the growing population 
 of those prairies with such goods as were imported from the East by 
 way of Chicago. Soon after the close of the civil war the trunk lines 
 leading from the Atlantic seaboard began to get control of railroads 
 tapping that territory at various points and to make from their points 
 of junction with the Illinois Central the same rates to the Atlantic 
 seaboard as prevailed from Chicago. The effect was to greatly reduce 
 the revenues of the railroad companJ^ In 1872 the company began to 
 make advances to railroads in the Southern States leading from Cairo 
 to New Orleans, and upon their default in interest after the panic of 
 1873 it acquired control of them through foreclosures made in 1877 
 and formally by lease in 1882, thus realizing the original plan of a 
 continuous railroad from Chicago to the Gulf of Mexico, although not 
 to Mobile. 
 
 On the 30th of June, 1885, Governor Oglesby approved an act bear- 
 ing the somewhat extraordinary title "To increase the powers of 
 railroad corporations." I remember very well a conversation had 
 with the governof at that time, in which I promised him to go on and 
 largely increase the capital of the company and its activities in Illinois 
 and other States, and as a consequence the gross revenue on the old 
 line and the State's 7 per cent thereof. That the company has fulfilled 
 that promise is shown by the growth in its payments to the State from 
 $356,679 in 1884 to $1,062,751 in 1904.- This result has been brought 
 about by the stockholders having in the meanwhile paid in 166,040,000 
 in money, thereby increasing the capital stock from $29,000,000 to 
 '$95,040,000, and having also borrowed, in addition to the then funded 
 debt of $67,085,000, the further sum of $84,287,275, thus creating a 
 debt of 1151,372,275. 
 
 The act of the State of Illinois "To increase the powers of railroad 
 corporations" was approved June 30, 1886, and contains this proviso: 
 
 And provided further, That nothing herein contained shall be so construed as to 
 authorize or permit the Illinois Central Railroad Company to sell the railway con- 
 structed under its charter, approved February 10, 1851, or to mortgage the same, 
 except subject to the rights of the State under its contract with said company, con- 
 tained in its said charter, or to dissolve its corporate existence, or to relieve itself or 
 its corporate property from its obligations to this State under the provisions of said 
 charter. 
 
 The members of your committee, the members of Congress gener- 
 ally, and the people at large differ in opinion as to the wisdom of a 
 high protective tariff, the majority holding that the country has thriven 
 thereunder and the minority arguing that it has grown in spite of that 
 burden. However this may be, no one will question that the exac- 
 RY— 05 18 
 
274 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 tion of duties increases the cost to the consumer of all articles so taxed, 
 much less will any one question that the constant and phenomenal 
 growth of the country has been due to the absolute freedom of com- 
 merce which has prevailed among the several States. That Congress 
 has power to regulate commerce among the several States can not be 
 questioned, nor that in so doing it should, if it has not already, adopt 
 means to prevent all sorts of injustice arising from any cause and cov- 
 ered under any disguise whatever. This, however, is a very differ- 
 ent thing from fixing for the future the price of any commodity or of 
 any service, and railroad freights and fares are either commodities or 
 services. 
 
 Should the development of the country be left free anduntrammeled, 
 still greater revenues are in store for the State of Illinois. 
 
 The Hon. George F. Edmunds, for so many years a Senator from 
 Vermont, recently wrote me as follows: 
 
 I do not think it necessary for the public interests to clothe any board at present 
 with the general power to fix rates. The powers of the Interstate Commerce Com- 
 mission and of the judicial branch of the Government (including in this description 
 the executive duties of prosecution, etc. ) provided for in the so-called Sherman law 
 have been and are, I believe, entirely adequate to punish, and, in the main, prevent 
 every one of the unjust and illegal performances of the railway management and of 
 the private persons who have been or are parties thereto. A study of the history of 
 the "Sherman Act," as shown in the Congressional Record and the journals of the 
 two Houses, will show, I think, first, that Congress intended to prevent and to pun- 
 ish every unjust and unfair action both of railway managers and of private persons in 
 connection with interstate and foreign transportation, and, second, that the law was 
 entirely adequate to accomplish it if only the executive branch of the Government, 
 including Attorneys-General, district attornes's, etc., and the strictly judicial branch 
 would perform the plain duties that the law required of them. Every intelligent 
 person acquainted with public and business affairs, I am confident, understands per- 
 fectly well that the evils that the act of July 2, 1890, provided for the correction of 
 were left substantially unassailed, and continued to grow and expand until they have 
 now reached a stage that compels attention, and will, if not speedily overcome, be 
 visited with a heavy retribution. 
 
 I have expressed these views so many times during the last ten or fifteen years 
 that it seems like superero^tion to repeat them to you. What is really needed is not 
 legislation but Administration. 
 
 I desire to say that Senator Edmunds is in no way related to me or 
 to the Illinois Central Railroad Company as counsel. I simply wrote 
 to him on the subject as a friend. 
 
 Senator Carmack. Are you going to discuss the question of differ- 
 entials ? 
 
 Mr. Fish. Not specifically, but I should be glad to answer questions 
 on that subject according to my ability. 
 
 Senator Carmack. That is a matter which the committee have con- 
 sidered, and we thought you would be likely to give ils some light on 
 that particular question. 
 
 Mr. Fish. I will get to it if I have time, and then shall be glad to be 
 interrogated about it. 
 
 Senator Carmack. That is one point that I think the committee would 
 be very glad to hear you upon. 
 
 Mr. Fish. I should like to point out to the committee that the own- 
 ership of railways in the United States in the last twenty or thirty 
 years has changed very radically, and rests today with our own people. 
 They are owned by citizens of the United States. I can speak from 
 personal knowledge in regard to the Illinois Central. In 1873 eighty- 
 seven per cent of the stock of that company was held abroad, and 
 
DUTIES AKD POWERS OF INTEESTATE OOMMEECE COMMISSION. 275 
 
 thirteen per cent at home; to-day twenty- one per cent is held abroad, 
 and seventy-nine per cent at home. In the State of Illinois we have 
 1,166 stockholders, owning over $11,000,000 of the stock, and over 
 one-ninth of the whole amount of stock held by foreign and domestic 
 holders. There are over 9,000 stockholders registered on our books 
 who own a little more than half of the capital stock, and no one of 
 them owns as much as $50,000 worth. It is an ownership by small 
 holders. 
 
 The Chaikman. This is the distribution of the stock of the Illinois 
 Central that you are speaking of ? 
 
 Mr. Fish. Yes, sir. 
 
 The Chairman. Not the bonds ? 
 
 Mr. Fish. No. 
 
 Senator Millard. The bulk of the stock of your company is in the 
 hands of small holders? 
 
 Mr. Fish. Yes, sir. 
 
 The Chairman. You have a large bonded indebtedness bearing a 
 low rate of interest. In your judgment, where are those bonds held? 
 
 Mr. Fish. The largest single holder that I know of is an insurance 
 company. 
 
 The Chairman. You can not know where all of it is held, of course, 
 because much of it is payable to bearer? 
 
 Mr. Fish. Yes, sir. That one insurance company holds, I think, 
 in the neighborhood of 17,000,000 or $8,000,000. 
 
 Senator Nbwlands. What is the entire bonded indebtedness 1 
 
 Mr. Fish. About $157,000,000. Three oi the great New York 
 insurance companies and the Connecticut Mutual hold a large amount 
 of that, and much of the rest is owned by savings banks all through 
 New England and the State of New York, those bonds being by Jaw 
 an investment for savings banks and executors and trustees under 
 wills in New York and other States, and they are held in all sorts of 
 lots, large and small. It is impossible, of course, to state who are the 
 holders of the coupon bonds payable to bearer. 
 
 Senator Newlands. What is the total stock? 
 
 Mr. Fish. Ninety -five million and forty thousand dollars, the shares 
 being $100 each. 
 
 Senator Newlands. What is the entire mileage of the system ? 
 
 Mr. Fish. Of the Illinois Central, 4,301 miles; of the Yazoo and 
 Mississippi Valley, 1,162 miles. 
 
 Senator Newlands. Your total number of stockholders is what"? 
 
 Mr. Fish. About 10,000. 
 
 Senator Newlands. How many employees are there in the system ? 
 
 Mr. Fish. I should say about 45,000 on the two roads. It varies 
 according to the season. 
 
 Senator Newlands. So you have about 55,000 people interested in 
 the road as employees and stockholders? 
 
 Mr. Fish. Yes, sir. 
 
 The Chairman. Then there are the bondholders also. 
 
 Mr. Fish. I do not look upon the bondholders as interested in the 
 road. I look upon a bondholder as a creditor. 
 
 The Chairman. But if anything affects the road he would have an 
 interest and you would very soon hear from him? 
 
 Mr. Fish. That is true. 
 
276 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Dolliver. In building your extensions to Omaha and other 
 localities, how were those extensions financed? 
 
 Mr. Fish. The particular one to Omaha was financed by the issue 
 of bonds to the approximate cost of the road, bearing interest at 3 per 
 cent. The bonds did not pay for the road, and the rest was furnished 
 by the Illinois Central out of its treasury, its stock and earnings which 
 had not been divided among the stockholders. 
 
 May I go on, Mr. Chairman? 1 do not want to cut off any ques- 
 tions, but my time is short. 
 
 The Chairman. Proceed. 
 
 Senator Clapp. 1 think the committee is interested in the question 
 of differentials so far as affected by the proposed legislation, or so far 
 as the subject might be affected by "the administration of the law within 
 the scope of its provisions. 
 
 Mr. Fish. That will somewhat divert me from the line I have 
 marked out. 
 
 Senator Foster. 1 suggest, Mr. Chairman, that we let Mr. Fish pro- 
 ceed as he has mapped out his argument, and then yye can interrogate 
 him. 
 
 The Chairman. If Mr. Clapp will consent. 
 
 Senator Clapp. Certainly. 
 
 The Chairman. 1 should like to hear Mr. Fish state his objection 
 to the particular bill under consideration. 
 
 Mr. Fish. I will come to that. 
 
 The Chairman. Then proceed in j'our own order. 
 
 Mr. Fish. All of the railroads in the country are owned by over 
 1,000,000 holders whose names are registered on the books as pro- 
 prietors — corporations, firms, insurance companies, banks, trustees 
 under wills, etc. There are emploj'ed directly by the railroads of the 
 United States about 1,300,000 people. These are the owners and 
 those directly interested in railroads, and besides those there are the 
 makers of steel rails and other supplies who are interested in main- 
 taining the largest possible revenue for the railroads, which is quite a 
 different thing from the highest possible rates. 
 
 Senator Newlands. You say that the number of stockholders in the 
 railroads of the country is over 1,000,000? 
 
 Mr. Fish. I should say so. 
 
 Senator Newlands. And that the number of emplovees is about 
 1,300,000? 
 
 Mr. Fish. Those directly employed. 
 
 Senator Newlands. That would mean that the stockholders are 
 almost as numerous as the employees themselves. Now, I call your 
 attention to the fact that you said a few moments ago that the Illinois 
 Central had about 10,000 stockholders and had about 45,000 employees. 
 That would be quite out of the general proportion. How do you 
 account for that? 
 
 Mr. Fish. That was stated rather roughly, I would rather state 
 that the number of persons interested in railroads is about 1,000,000, 
 without saying that such is the number registered on the books. I 
 do not think there are that many registered. I think there are about 
 1,000,000 people interested as members of firms and corporations; 
 indeed, more than that. I am glad you called my attention to that. 
 That is a blunder, in consequence of having put that down hurriedly 
 from a statement made to me yesterday. 
 
DUTIES AND POWERS OF INTEK8TATE COMMBEOE COMMISSION. 277 
 
 The Chairman. Has there been any expression from the employees 
 of railroads, so far as you know, or from any organization or consid- 
 erable body, as to this legislation now pending before Congress? 
 
 Mr. Fish. No, sir; there has not been time to take it up, no oppor- 
 tunity to get opinions. We have had expressions of opinion froni 
 them on former occasions, and 1 have had intimations from, individu- 
 als, but nothing that could fairly be considered as representing the 
 general opinion. 
 
 The Chairman. Very well; proceed. 
 
 Mr. Fish. With regard to this proposed legislation, it seems to us 
 that the demand for it, so far as there is a public demand, has been 
 promoted directly by the Interstate Commerce Commission, for the 
 members of tha,t Commission have certainly put it in their reports, put 
 it in published interviews, in signed magazine articles, and in public 
 addresses. 
 
 Now, tailing up the territorial question, which some of you have 
 referred to as differentials, I should like to submit to the committee 
 some maps which we had prepared sometime ago, showing the drain- 
 age basin of the Mississippi River, showing that in 1890 the center of 
 manufacture was in Stark County, Ohio; the center of population was 
 in Decatur County, Ind. ; the center of wheat production was in Han- 
 cock County, 111. ; the center of corn production was in Lewis County, 
 Mo. , and the center of area was in Smith County, Kans. 
 
 In the sixth volume of the Twelfth Census, part 2, at page 24, is 
 Table IX, showing the position of the center of corn production. It 
 is there stated that in 1850 it was in west longitude 81" 43' 38", and in 
 1900 in 90° 27' 6"; the westward movement in fifty years being 8° 43' 
 28", or say 623 miles; and at page 32, in Table XXI, the center of the 
 wheat production in 1860 is given as in west longitude 81° 68' 49"; 
 and in 1900 in 94° 69' 23"; the westward movement being 13" 0' 34", 
 or say 780 miles. That is to say, there has been a movement west- 
 ward of corn production, running through those years, of something 
 over 10 miles per yeai', and of wheat production of over 15 miles per 
 year, and that seems to be a constant tendency. 
 
 Taking the report of the Interstate Commerce Commission, statis- 
 tics of railways, we find with regard to the Qulf States, that Florida 
 has 6.4 miles of railroad to every 100 square miles of territory; Ala- 
 bama 8.7; Mississippi, 7-13; Louisiana, 7.68; Texas, 4.82. 
 
 Now let us take some of the other States: Illinois has 20.41; Iowa, 
 17.20; Massachusetts, 26.39; Ohio, 22.18; Pennsylvania, 28.8; Wis- 
 consin, 12.81. 
 
 I have purposely omitted New Jersey and the District of Columbia, 
 somewhat abnormal cases. I have tried to make a fair case on both 
 sides. 
 
 Now, as to the contest of ports. We have had a free contest so far, 
 and under this bill it is sought to put the power of fixing rates in the 
 hands of a Government commission, which is going to hamper the 
 contest and bring in, as controlling the situation, in lieu of supply and 
 demand the world over, the ipse dixit of a Government commission. 
 In the matter of grain, especially that which goes to Europe, we are 
 hampered in the Gulf ports by the longer sea voyage than from New 
 York and the Atlantic seaboard. Take New York and New Orleans 
 as types: New York has great advantages over New Orleans in hold- 
 ing the good will of the business, the existing trade, in better banking 
 
278 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 and exchange facilities, and all that; it also has the very great advan- 
 tage of regular lines of steamers going and returning weekly, and when 
 returning bringing a high class of merchandise to be' shipped rapidly 
 to the interior, on which expedition is of value to the consignee. 
 
 If the Government is going to take hold of this subject, the matter 
 of distance inland must affect the situation. On this map the blue hne 
 running diagonally from northwest Wisconsin on Lake Superior through 
 Chicago to Charleston, S. C. , divides as nearly equally as may be the rail 
 distances from New York and New Orleans respectively ; everything to 
 the west and south of that is nearer to New Orleans by rail, and, a 
 fortiori, nearer to Galveston or other Gulf ports. We have a cer- 
 tain trade at New Orleans. For instance, I cut a slip from a 
 paper a day or two ago which shows that for the week ending Feb- 
 ruary 4 the shipment of corn from New Orleans 'to Europe was 
 2,421,981 bushels, and from all the ports of the United States, includ- 
 ing New Orleans, in the same week 5,137,821 bushels; and that for 
 the corresponding week last year the amount of corn shipped out of 
 all ports in the United States was only 2,031,289 bushels. 
 
 The Chairman. The shipment from New Orleans being about half 
 of that shipped from all ports ''. 
 
 Mr. Fish. Yes, sir; that is abnormal, of course. When the Gov- 
 ernment comes to take hold of this, if it does, it will have to consider 
 not only the inland rate, but the foreign rate, the rate bj' ship to the 
 point of destination in Europe, Bremen, or Liverpool, or what not. 
 The price on the farm will be the European price, less the cost of get- 
 ting it there. To-day the farmer of Iowa or Nebraska has a choice of 
 routes; he may send by the Gulf ports or by Atlantic ports; if the 
 Gulf ports happen to present the cheapest rates the farm products 
 will go that way, and when Atlantic ports have the cheapest rates 
 the products will then go that way. But the Government must take 
 into account all the factors in the problem — the ocean freight, compe- 
 tition, European markets, the character of crops in Argentina and 
 other foreign countries, as well as many other factors with which this 
 Government is absolutely powerless to deal. This Government can 
 not control ocean carriage after it gets outside the 3-mile limit, 
 and the ocean carriage js a necessary part of the cost of getting grain 
 from the locality where it was produced in the West to Liverpool or 
 any other European port. 
 
 The Chairman. If the Government should delegate the proposed 
 power to the Commission, would the Commission find any limitations 
 that do not exist in respect to the railroads % The railroads are free. 
 They do these things by consent of the shippers and among them- 
 selves. But if this power were put into the hands of the Commission 
 would the Commission be limited to some uniform rule? 
 
 Mr. Fish. It would have to be limited in some way under the act of 
 Congress. 
 
 The Chairman. This bill provides for fixing the rate. In fixing 
 that rate what limitations would be upon Congress, if you please, in 
 exercising its power through the Commission? 
 
 Mr. Fish. However they fix the rate, they can not fail to discrimi- 
 nate in favor of one place as against another. 
 
 The Chairman. Are you sure of that, Mr. Fish? 
 
 Mr. Fish. I am absolutely certain. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 279 
 
 The Chairman. That is, it will discriminate in favor of a port in 
 one State as against a port in another State ? 
 
 Mr. Fish. They must do it. 
 
 The Ghaieman. Can you state to the committee just how that will 
 happen ? 
 
 Mr. Fish. I will try. The conditions are changing conditions; the 
 crop conditions change practically every month of the year, and 
 whereas the movements of our great cereals commence in July or 
 August, yet Australia comes in with a disturbing factor. Then the 
 European countries change their tariffs and their conditions; they give 
 a bounty on imports or exports, as they choose. Then there are the 
 conditions of war or peace. Suppose this war in the East were to stop, 
 and these 400,000 Russians were to go back to their homes to cultivate 
 wheat; that would have its effect on the next crop, not on this. The 
 prices are changing in all these markets, and the rates of freight are 
 changing on ocean vessels. The regular liners have something approach- 
 ing a tariff, but then, there is the tramp steamer which takes a very 
 large proportion of the tonnage, especially from the South. The 
 Senator from Louisiana knows better than I do, probably, what that 
 proportion is; those tramp steamers are free lances, and some of them 
 are at New Orleans all the time; they try to get the best rates they 
 can, but their laj'^ time in New Orleans necessitates their taking such 
 cargo as they can get and at any price they can get. 
 
 How can any five gentlemen here in Washington watch all those 
 conditions and" deal effectively with them? Freight rates do not cover 
 merely the charge for carriage, but must be affected by the markets in 
 every State. Some States have markets and some have none. For 
 instance, Mississippi, as Senators know, has practically no market in 
 the State; her markets are Memphis, Tenn., Mobile, Ala., and New 
 Orleans, La. Yet justice mustbe done to Mississippi. Then the Pacific 
 coast comes in. How are you going to balance things between the 
 Atlantic ports and Gulf ports, between the Lake ports and the Pacific 
 ports? It can not be done. On that I will stake my reputation for 
 veracity. It needs no prophet to see that nobody can do it. Not only 
 these Washington men can not do it, but nobody can. 
 
 The Chairman. You stated that the United States would have no 
 jurisdiction over vessels on the ocean' outside the 3-mile limit. Could 
 not the Commission be invested with power to fix joint rates for both 
 land and water? Could not the United States say that a vessel should 
 not clear from any port in the United States unless its rates were so 
 and so ? After a vessel gets out on the broad ocean it can do as it 
 pleases, but it seems to me that the Commission could be vested with 
 authority to say to that vessel, " You shall not clear unless your joint 
 rate from Chicago to Liverpool is so and so." 1 draw your attention 
 to that as a matter of inquiry and 1 want information, perhaps more 
 legal than practical, if you can give it. 
 
 Mr. Fish. I can not answer the legal question, but the practical 
 part I can. 
 
 The Chairman. You said a while ago that we would have no juris- 
 diction to confer on the Commission the power of fixing a joint rate 
 from Chicago to Liverpool, but might not the Commission say to a 
 vessel, "You shall not clear from New Orleans or Mobile unless you 
 conform to the rate which seems to us to be just and right?" 
 
280 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Mr. Fish. In answer to that, the effect again would be to discrimi- 
 nate against some port, because you have got to adjust the rate, not 
 only with regard to wheat coming from the West, which we have been 
 considering, but you have got to consider it with respect to the whole 
 cargo and every item in it. Suppose a vessel has taken some cotton 
 in New Orleans at the rate fixed by the Commission, are you going to 
 be so unjust as to hold that vessel because another man has shipped 
 another part of the cargo of that vessel at a wrong rate? 
 
 The Chairman. I do not think it will ever be contemplated to try 
 to fix water rates, but I think it is contemplated to give the Commis- 
 sion power to take charge of the joint rates — land and water, lakes and 
 coastwise. 
 
 Mr. Fish. The rate on the Great Lakes is a different proposition, 
 because ('ongress has jurisdiction there; but it strikes me that if you 
 attempt any regulation of rates on the high seas you will drive ships 
 out of the business; that if they can go to the ports of other countries 
 and get freights without such regulation they will go to other countries 
 for their business, and there will be fewer ships coming to this country. 
 
 The Chairman. That seems to be a substantial and practical objec- 
 tion. 
 
 Mr. Fish. You will not fail to remember that we do not own the 
 ships. There are almost no American ships engaged in this business. 
 In New Orleans we never see the American flag flying from a ship 
 going to Europe. 
 
 The Chairman. Unfortunately, you rarely see it in New York. 
 
 Mr. Fish. There are one or two American lines to-day from New 
 York. 
 
 Senator Clapp. Are they mostly Norwegian ^ 
 
 Mr. Fish. No. They are mostly English, some German, some 
 French, some Spanish, some Danish, and a good many Norwegian. 
 They are of all nations of Europe, and more Spanish than one would 
 suppose. 
 
 Senator Newlands. I understood you to say that the rates as to the 
 great staples are necessarily varied from time to time according to the 
 conditions, both domestic and foreign? 
 
 Mr. Fish. Yes, sir. 
 
 Senator Newlands. And you say that a body of five men in Wash- 
 ington could not, with good judgment, meet these changing conditions, 
 that nobody could do it? As a matter of fact, do not the traffic man- 
 agers of the railroads meet that very question now? 
 
 Mr. Fish. No, sir; it is met for them. The traffic managers them- 
 selves have about as little power over the rates as Mr. Greety, the head 
 of the Weather Bureau here, has over the weather. He reports what 
 he finds. 
 
 Senator Newlands. The railroad companies do have some people, 
 however, who fix these rates, do they not? 
 
 Mr. Fish. They find a certain number of elements in the problem 
 and then they work out the problem, that we can move a certain com- 
 modity at a certain rate; the conditions are such that in order to move 
 it it is necessary to do certain things, and when we can do those things 
 and meet those conditions then we contract to make that movement. 
 
 The Chairman. It is the conditions that govern? 
 
 Mr. Fish. The conditions govern. 
 
DUTIES AND POWERS OF INTEBSTATE COMMERCE COMMISSION. 281 
 
 Senator Newlands. Is that done by the traffic managers of each 
 system or association exchanging views ? 
 
 Mr. Fisn. There is an exchange of information rather than of views. 
 That process is going on to-day in certain places with regard to cer- 
 tain kinds of business — as, for instance, in Memphis and New Orleans 
 in regard to the cotton business. 
 
 Senator Dolliver. What machinery have the railroads now for 
 deciding a controversy between shippers and carriers? Have the 
 railroads any machinery for arbitrating or considering at length the 
 differences between shippers and carriers as to charges? 
 
 Mr. Fish. Let me ask you, S,enator, do you mean the difference 
 between an individual shipper and a carrier? 
 
 Senator Dolliver. I do. 
 
 Mr. Fish. The individual, if he thinks himself overcharged, makes 
 his claim, and that is worked out through the claims department. If 
 the company admits the claim, the shipper gets his money back. If he 
 is not satisfied with that, he sues the company. 
 
 Senator Dolliver. I am informed that just now there is a very 
 sharp controversy between the shipping community and the railroads 
 as to the charges and practices of the railroad companies, and what 
 we are endeavoring to do, if possible, is to create some tribunal not 
 interested on either side which shall act as a sort of judge betweela the 
 public and the carriers in cases of controversy. Do you regard that 
 as a feasible scheme ? 
 
 Mr. Fish. Of course it may be feasible, but I doubt whether it is just. 
 In fact, I think very strongly it is not just to the railroad companies to 
 hale them into a special court, where other citizens and taxpayers are 
 not taken. It is much more unjust, under the present scheme as modi- 
 fied by the bill under consideration, to give to Government officials 
 these powers, for what you call the Interstate Commerce Commission 
 is the prosecuting officer who investigates. The Commission then 
 becomes the grand jury to which the presentment is made, becomes alsO' 
 the court of first instance, and their finding is intended to be prima facie 
 evidence. That would not be tolerated in any other business in any other 
 land. It is unjust. That there should be tribunals I agree entirely, 
 but so far as there is any complaint I venture to differ from the Sena- 
 tor in this: that there is not, to my knowledge, any general complaint, 
 nor has there been for a long time any complaint, with regard to rates, 
 that they are excessive. What agitation has been had on that subject, 
 is factitious and fictitious absolutely. It has been promoted by inter- 
 ested parties, and it is very easy to see who those interested parties 
 are, aside from the Commission. 
 
 Take the case of a middle man^and all shippers are middlemen — who 
 has what he claims is an overcharge; he makes his claim against the 
 railroad company; at the same time he sells his goods, adds the amount 
 of his freight bill upon the selling price of his goods; that combined 
 amount is passed on to the wholesale merchant, and then it is passed 
 on (with his profit added) to the retailer, and from the retailer, with 
 his profits added, it is passed on to the final consumer. The fellow 
 who eats the loaf of bread made from the flour manufactured from the 
 wheat is the fellow who pays the unjust charge that has been made for 
 the carriage of wheat from South Dakota to Pillsbury's mill at Min- 
 neapolis; but who ever heard of one of these middlemen, when he 
 
282 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 recovers the amount of his overcharge, returning one dollar of it to 
 the fellow to whom he sold the flour or to the man who ate the bread 
 made from the flour ? 
 
 Senator Dollivee. If there is an habitual overcharge like that, ought 
 there not to be some machinery by which the individual or company 
 making the overcharge can be brought to judgment? 
 
 Mr. Fish. Yes, but 1 deny that it is habitual; it may happen occa- 
 sionally. I can show you testimonj' of foreigners in regard to this 
 matter. I have the testimony of Mr. Priestley, a British expert on 
 railroad rates in Europe and India, who was over here making investi- 
 gations on this subject. I would like to read to 3'ou, also, Mr. Chair- 
 man, a few words from a translation of one chapter of a book by Pierre 
 Leroy-Beaulieu, who is the first writer on economic. questions in 
 France, and probably in Europe. His book is entitled Les Etats- 
 Unis au XX" Siecle " — the United States in the Twentieth Century. 
 That chapter begins by considering the conditions of the United States 
 and of the railroads, showing that in this counti-y the railroads have 
 created both the production and the traffic; that they have promoted 
 the colonization of lands, which, without the railroads, would not have 
 been cultivated for a very long time in view of the impossibility of 
 otherwise transporting the products; and he winds up with this 
 sentehce: 
 
 If we wish to seek for models of railway operations, it is in the direction of Ameri- 
 can liberty that we must turn and not to sterile operation by the State. 
 
 The Chairman. Let that translation go into the hearing. 
 
 LES ETATS-UNI8 ATI XX» SIECLE. 
 
 By PiEEEE Leroy-Beaulieu. 
 
 [Literally translated from the original French.] 
 
 Fourth Part — Chapter First. 
 
 the railways. 
 
 Great as has been the part played by the railroads, and profound as may have 
 been the economical revolution caused by their introduction, their importance has 
 been greater in new countries than anywhere else. In the old countries of western 
 and central Europe, with dense population, they commenced in their beginnings by 
 collecting traffic already active, due to a production already intense. Of course bv 
 the market facilities they have afforded they have enormously increased this traffic 
 and this production. In new countries, in great part uninhabited, much more 
 extended and more rugged than Europe, they have done more. They have created 
 both the traffic and the production; they have permitted the colonization of lands 
 which without them would not have been cultivated for a long time, in view of the 
 impossibility of transporting their products to distant points, and of obtaining from 
 enormous distances many commodities necessary for life which could not be raised 
 in these lands on account of local conditions being unfavorable to them. We may 
 boldly say that without the railroads three-quarters of the immense territory of the 
 United States, situated too far from the sea and having insufficient communication 
 by rivers or lakes, would be still almost deserts, and would not play in the economical 
 life of the world a more important part than Siberia did, for instance, before being 
 lifted from her isolation by the Trans-Siberian Railroad. 
 
 Americans perceived from the very beginning the great importance of railways in 
 the development of their country. As soon as they were put in possession of this 
 marvelous implement they covered their country with it. Since 1850 the United 
 States has been among the first of the nations of the world in the extent of its rail- 
 ways. It has possessed more than France and England put together. It has not 
 
DLTTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 283 
 
 ceased to extend them with great rapidity, and since about 1860 it has had at all 
 tiines more than the whole of Europe. The variety of traffic for which the railroads 
 of the United States must provide, the necessity to which they are put to carry rap- 
 idly, at Jow rates and for very long distances, commodities, most of them bulky and 
 of small value, while accommodating the local traffic, which is very great, as there 
 are very few good public highways, has obliged the builders of such means of trans- 
 portation, subject besides to a boundless competition, to seek for all possible improve- 
 ments. Not being hampered by any troublesome regulations, free to venture all 
 trials that might seem useful to them, they have devoted themselves to this work 
 with remarkable success. They have taken and are still taking the initiative in 
 many new inventions which are streaming from them through the world, or are des- 
 tined to do so. It is for this reason that the study of American railways, which in 
 their operation provide in addition one of the best means of cooperation with the 
 industrial business of the United States, deserves particular attention. 
 
 According to the most recent report of the Interstate Commerce Commission, 
 the official body to which is entrusted — rather loosely — the oversight of the opera- 
 tion of American railways, thetotal length of the system was in June 30, 1902, 202,472 
 mile.a, say 325,777 kilometers. This represents fully 40 per cent of-the system of the 
 entire world, which seems to be 760,000 kilometers. It is obviouslj^ more than the 
 European system, which is 296,000 kilometers. Finally, it is seven times the French 
 system. The following figures show the development of the American railways since 
 their "origin. 
 
 Length of the American railway system to June SO of each year. 
 
 [In kilometers.] 
 
 1830 37 
 
 1840 4,500 
 
 1850 16,000 
 
 1860 49,000 
 
 1870 85,000 
 
 1880 150,000 
 
 1890 268,000 
 
 1900 311,000 
 
 1901 317,000 
 
 1902 325,777 
 
 The period in which the construction was the most active extends, as will be 
 noticed, from 1870 to 1890. As soon as the wounds of the civil war began to heal 
 Americans covered the States west of the Mississippi with railroads where the first 
 transcontinental railway, the Union ' Pacific Railway, opened in 1864, was already 
 extended. At the same time the States of the East where metallurgical industries 
 and coal mining operations were beginning to take a great development, were multi- 
 plying the lines of their systems. The great and increasing receipts of the existing 
 lines were inducing the building of competing systems. At the summit of the rail- 
 way mania, the year 1887 alone saw the construction of 20,000 kilometers of railway 
 lines, h-alf of the present French system. Since 1890 all the great lines have been 
 built. There are no less than six different roads which permit you to go from one 
 ocean to the other. They moved even too quickly and outstepped the needs of the 
 traffic, and in fact they were obliged to relax the rate of construction, especially after 
 the great crisis of 1893, at which time a great number of railway companies failed. 
 Nearly one-third of the American system was placed for a time in the hands of 
 receivers. In consequence of this from July 1, 1896, to June 30, 1897, only 2,700 
 kilometers of road were opened. This was a minimum. Prosperity returned and 
 for each of the three last fiscal years, 1899-1900, 1900-1901, 1901-2, they opened 
 to traffic 6,520, 6,260, and 8,420 kilometers, respectively. 
 
 If we consider the area and the population of the country we see that the American 
 systems represent 4.05 kilometers per square myriameters, and 41.5 kilometers per 
 10,000 inhabitants. The first of these two proportions naturally increases contin- 
 uously as the area of the country remains invariable. The second one seems to have 
 risen a little since 1899 when it was calculated at 41 kilometers, but it has decreased 
 in comparison to 1893, when it was calculated at 42J kilometers. It is probable that 
 if we have to figure it for long periods it will tend to fall a little for the future. The 
 population even to-day is very scattered on the greater part of the American terri- 
 tory, and very long lines are required to serve it. But in many parts of the West 
 the railways may become sufficient, by an increase of rolling stock, for a greater 
 traffic. It seems very probable that they will not extend their lines in proportion 
 to the population that will settle along their lines. Regarding the East it will only 
 require, in order to meet an increase of traffic, to double or quadruple the tracts on 
 certain lines of the sytem extremely congested already. Taken as a whole in fact, 
 not only by comparison with its population, but alpo in comparison to its area, the 
 American system is far greater than the European, notwithstanding that in equal 
 
284 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 area, the United States is four times less populous than Europe. For each^ siiuare 
 myriameter we figure in our old Europe only 2.8 kilometers of track, one-third less 
 than in the United States. 
 
 Among all the States of the Union the State of Nevada, the least populated and the 
 most arid, in fact a regular desert, is the least furnished with railroads. It has only 
 0.55 kilometer per square myriameter. It has, nevertheless, nearly as much as Nor- 
 way, 0.7 kilometer per square myriameter, which is far better populated, but which 
 we must also admit is admirably served by sea. Two other States only, Wyoming 
 and Arizona, have less than 1 kilometer of railway per square myriameter; that is to 
 say, their system is weaker than that of Russia, but these States also are really deserts 
 and the greatest part of them will remain such. Their population is not one inhab- 
 itant per one square kilometer, while in European Russia it reaches20. It is not to the 
 whole of this last country that we should compare them, but to the most deserted 
 provinces of the Tsar's -Empire, to the sterile steppes of Astrakhan, or to the frozen 
 lands of Arkangel. In the whole Union there only are ten States or Territories out 
 of fifty which are less abundantly served by railroads than Spain and Portugal, which 
 have 2.7 kilometers of road per square myriameter. But all these States have less 
 than 4 inhabitants per square kilometer, while Spain and Portugal and many other 
 countries which have fewer roads, such as the Balkan countries, have more than 30 
 inhabitants. In fact the less populated regions and those less endowed by nature in 
 the United States are far better provided with means of transportation than many 
 European countries which are more thickly inhabited and often more fertile. It is 
 easily conceived that these greater facilities of communications in America have 
 stimulated production. 
 
 In the same way that the less inhabited States of the Union are better served than 
 the European countries which are sparingly or even moderately populated, the more 
 advanced States have more railroads than any other country in the Old World, Belgium 
 excepted. The latter having 22 kilometers per square myriameter, surpasses New 
 Jersey, which leads in the United States and has only 19 kilometers for the same 
 area. But we should consider that New Jersey has not quite 100 inhabitants per 
 ' square kilometer, while Belgium has more than 200. Eight States have systems 
 more congested than the United Kingdom of Great Britain and Ireland (11 kilo- 
 meters per square myriameter) and none of these approaches the British Isles as to 
 density of population. Fourteen States in all, including the eight preceding, have 
 more roads in proportion to their area than France (8 kilometers per square niyria- 
 m_eter). These fourteen States occupy the zone situated between the Atlantic, the 
 Great Lakes, the Ohio and the Mississippi, and al>^o Iowa beyond the river. All 
 his region taken in equal area is but half as thickly inhabited as our country. 
 
 But if we take, on the other hand, the population as a basis of comparison the large, 
 thinly inhabitated States of the Rocky Mountains are in the first rank, while the 
 industrial States of the East, having often a small area and a large population, come 
 the last. In the same way in Europe, Sweden has the most railroads in comparison 
 with its inhabitants, 24 kilometers per thousand. Only six States of the Union are 
 behind Sweden — Maryland, on one side, and the five adjoining States, New York, 
 New Jersey, Connecticut, Massachusetts, and Rhode Island, on the other. 
 
 Little Rhode Island, with its 7.7 kilometers per 10,000 inhabitants, has fewer lines 
 in comparison with its population than France (11.5), Germany (9.5), Belgium (9.9), 
 and the United Kingdom (8.6). The people of the 44 other States or Territories 
 have at their disposal many more lines than those of any European country. Nevada 
 leads with 349 kilometers per 10,000 inhabitants. 
 
 It is natural that being so well provided with railroads the Americans do not extend 
 their lines with the same feverish activity as they did formerly, and it is without 
 astonishment that we see that in 1894 and 1900 the miles of road"opened tor traffic in 
 the United States were inferior in length to those opened by Europe, which is less 
 well provided. 
 
 The fact which surprises us very much is that Americans think it useful still to 
 build many thousands of kilometers each j^ear, to the extent that in 1902 they again 
 surpassed Europe for the length of new lines opened for traffic. This continuous 
 construction would not be easily explained were it not often due less to necessity of 
 serving new centers of traffic or of removing the congestion of certain old sections 
 than to competition existing between the great American companies. These do not 
 hesitate to build lines parallel to those of their rivals situated only a few kilometers 
 and some times only a few hundred meters apart, if they believe that they may find 
 some direct or indirect profit, were it only to obtain traffic with greater certainty over 
 their main lines. 
 
 It is especially in the agricultural regions of the West between the Lakes— Illinois, 
 the Mississippi, and the one hundredth degree of longitude west — which marks the 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 285 
 
 beginning of lands with insufficient communication by water that the American lines 
 have been extended since 1900. This part shows 5,000 kilometers constructed, or 
 rather more than half of the total extension in 1901-2. The Pacific States and those 
 of the Eocky Mountains come next, with 1,000 kilometers for this last fiscal year; and 
 the group formed by the six Southern States — Kentucky ,. Tennessee, Georgia, Florida, 
 Alabama, and Mississippi — have almost an equal amount. On the contrary, in the 
 East and Northeast the increase in the systems naturally has been very small, and 
 in pome States none at all. 
 
 We have seen the great growth of American railways. What use is made of them? 
 What is the traffic of this 'immense system? It is very large. The tonnage carried 
 by all the American railways in 1902-3 rises to 581,832,000 tons. This is a little less 
 than that of the two preceding fiscal years when it rose to 583,000,000 and nearly 
 594,000,000 tons, but it is more than 1898-99, when it was only 510,000,000 tons. 
 We refer to real tonnage without double use. It is obtained by calculating for 
 each company the real tonnage loaded on cars on its own system. If we should 
 calculate in this country (where the systems are very much mixed, and in conse- 
 quence numerous loads pass over many systems), the total tonnage which runs on 
 the tracks of the different companies we would reach the amount of 1,200,000,000 
 tons, which would not after all have a great meaning. On the whole, of the real 
 tonnage, 304,000,000 were furnished by mining products (this is more than one-half), 
 68,000,000 by forest products, 54,000,000 by agricultural commodities, 15,000,000 by 
 live stock, 84,000,000 by manufactured goods, more than 56,000,000 by miscellaneous 
 articles, most of those being also manufactured goods. We may see by that what an 
 important traflSc the mines assure to the railroads. This is also one of the causes of 
 the inferiority of traffic on most of our French systems (which are carrying only 
 110,000,000 tons) caused by the poverty of our subsoil. 
 
 In regard to travelers it has been impossible to obtain the exact figures of their 
 transportation. 
 
 We have only the rough figure of 649,878,000 passengers, in which each one is 
 counted as many times as he has traveled on different lines, which is frequently 
 many times. 
 
 On the other hand, it is possible to establish exactly the number of kilometers 
 traveled by all these travelers and all the tons of merchandise. As each company 
 calculates the number of kilometers traveled over by each passenger or tons on its 
 system, we have not here a double statement. 
 
 American railroads have carried for the last fiscal year over 253,000,000,000 ton- 
 kilometers, and 31,700,000,000 passenger-kilometers. .These figures are constantly 
 increasing. For 1901-2 the increase is 12 per cent for the passengers and 8 per cent 
 for the tonnage in comparison with 1900-1901. At the most critical moment of the 
 last economical crisis, in 1893-94, the amount of tons-kilometers fell to 128,000,000; 
 that of passenger-kilometers to 19,000,000,000. Before this crisis the first figure had 
 attained a maximum of 149,000,000,000 and the second 22,600,000,000, in 1892-93. 
 
 The truly enormous progress made by the traffic of the American railways during 
 the last ten years shows how greatly both production and wealth have increased in 
 the United States. 
 
 If we compare this traffic to that of the European systems we observe a very 
 curious and important fact. The number of tons forwarded by railways is nearly 
 five times greater than in France— 582,000,000 against about 125,000,000, which 
 means that an American forwards on an average twice and a half times as many goods 
 as a Frenchman, since the United States has almost exactly double our population. 
 
 On the other hand, the number of passengers is proportionately less in the United 
 States than in our country. While in France more than 400,000,000 passengers have 
 been carried in the course of 1902, there were only 639,000,000 in the United States. 
 As the population of France is a little less than 40,000,000 and that of America 
 nearly 80,000,000, every Frenchman travels ten times a year by railroad and every 
 American eight times only. 
 
 This is a surprising statement and one which seems to be the reverse of what 
 would be generally expected. It is easily explained, however. This smaller move- 
 ment of the Americans is only apparent. In fact they travel more than we do. 
 They have an extremely improved system of electric railways (the statistics of which 
 are not included in the above figures), and which monopolizes the suburban traflic 
 and even the interurban travel between neighboring towns. 
 
 Massachusetts, for instance, which is exclusively an industrial State, where most 
 of its population is urban, has a greater length of tramways and electrical railways 
 than of steam railways. 
 
 Consequently the latter lose in the United States a very great part of a service 
 which in France, and generally in all countries, includes the largest number of pasr 
 sengers, who are actually more numerous in America than in our country. 
 
28G DUTIES ATSTD POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 If it is true, as has been said, that progress for society, as well as for men, consists 
 ia the differentiation and the increasing specialization of organs, the establishment 
 of these, special methodsof transportation for short distance movements at very short 
 intervals of time is certainly progress. It relieves the real railroads of a service 
 which disturbs their principal business and which is difficult to handle economically 
 and permits them to bring to a higher degree of perfection the transportation of per- 
 sons to ordinary and long distances and the forwarding of merchandise, which is 
 their essential domain. . 
 
 Passengers and merchandise naturally move much longer distances than m France, 
 an average of 48 kilometers per passenger, which comes near to the average of the 
 Lyons-Orleans and the southern systems of France (47 and 46 kilometers), which 
 have a small suburban se-vice. But this is far greater than the average of the west- 
 ern, eastern, and northern lines of France (22, 26, and 28 kilometers), where the 
 suburban service preponderates. 
 
 We must always consider that this covers only the traveling of one passenger on 
 one road, and that if he uses other systems his real journey is longer. In order to 
 obtain this we must increase the figures and raise them in the United States more 
 than in France. The average distance a ton is moved, taking into account all the 
 systems it uses, is also far longer in the United States; it is more than three times 
 that of France— 433 kilometers against 142. This difference explains itself on account 
 of the difference of area of the two countries and of the enormous distances which 
 separate many agricultural or mining regions from the great centers of consumption, 
 or from the seaports. This is advantageous for the American railways, as the 
 expenses required for loading or unloading, which are the same for any distance, 
 assume a less proportion of the cost of operation when the distance is longer. 
 
 The traffic of the American systems is therefore quite different from the traffic 
 of the French systems; there is proportionately more freight and less passengers. 
 In order to point out how great this difference is, let us revert to the figures of pas- 
 senger and ton kilometers. The number of passenger-kilometers on the American 
 railways attained in 1902 to 81,700,000,000. In other words, that was the total num- 
 ber of kilometers traveled over by all the passengers in the course of the year. The 
 average length of the systems on which these passengers traveled ia 319,000 kilome- 
 ters. It follows that an average of 99,000 jjassengers have traveled over each kilometer. 
 Our six great French systems reckoned in the same year 12,500,000,000 passenger- 
 kilometers for 34,000 kilometers of line, which equals 370,000 per kilometer. This is 
 nearly four times as many as in America. 
 
 On the other hand, 253,000.000,000 ton-kilometers have been moved in the United 
 States. This shows that 793,000 tons have been moved over each kilometer of the 
 American lines. The six great French systems forwarded only 15,500,000 ton-kilo- 
 meters; that is 456,000 tons per kilometer. This is scarcely more than half of the 
 figures attained in theUnited States. Much fewer passengers, a great deal more freight, 
 in proportion to the length of their lines. These are the features thatdistinguisii the 
 American railroads from the French railroads. 
 
 If we lay stress on the different conditions which exist on the French and Ameri- 
 can systems, it is on account of the importance of keeping them in mind when we 
 reach the question of rates. The importance of the transportation of merchandise 
 and the length of the distances traveled permit the American railroads, all other things 
 being equal, to give concessions to shippers which can not be made by the railroads 
 of our country. Besides this, the low price of coal lessens to a great extent the cost 
 of operating expenses, and finally the abundant supplies of common merchandise, 
 like coal, minerals, raw agricultural products, which being shipped b>- full carloads 
 necessitate less handling, contribute still more to the reduction of expenses. 
 
 Having thus presented the part which natural advantages have in reducing the 
 tariffs of the American railroads below ours, it is just to add that the skillful manage- 
 ment of the transportation companies, the ingenuity of the operators, the technical 
 improvements they have introduced, and their commercial skill have highly con- 
 tributed to reduce the tariffs to the very low rates to which they have fallen in the 
 United States. The average receipts of the American systems per ton and per mile 
 (1,609 meters) in 1902 was 0.757 cent, the cent being the hundredth part of a' dollar, 
 which is worth consequently 5.18 centimes. This represents 2.43 centimes per ton- 
 kilometer. In France the average tariff is nearly double, which does not mean that 
 it is double for the same class of goods, because the proportion of dear and high-cUiss 
 commodities, on which consequently a heavy rate is charged, is far greater in our 
 shipments. American tariffs have decreased a great deal during the last ten years. 
 In 1902 the average was 2.009 centimes per ton-kilometer; in 1899 it fell gradually 
 to 2.003 centimes. Since then, under the impulse of general prosperity, prices and 
 profits have increased, the companies have raised considerably, the salaries of their 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 287 
 
 employees, and they also thought that they could increase their tariffs to some extent. 
 Such an increase would hardly be permitted in Europe. But in the United States, 
 where railroad operation is more strictly commercial, they make certain allowances 
 to the customer in time of depression when he can not pay high prices, as in 1893- 
 1897, with the option of asking him a little more in prosperous times when his 
 purse is better furnished and when tonnage is very great. When it has become cus- 
 tomary, this manner of dealing is perhaps preferable, since it reduces the price of 
 transportation when the selling prices and the commercial profits are diminishing. 
 This does not prevent, however, a general tendency toward the reduction of rates, 
 which manifests itself in a most apparent manner, as noticed when we were consider- 
 ing long periods of time. 
 
 As the tariffs fluctuate according to circumstances, so also they vary in different 
 sections of America on account of the quality of the commodities transported, the 
 price of fuel, the rate of wages, and the density of the traflBc. Among the ten terri- 
 torial groups between which the Interstate Commerce Commission divides the 
 United States, the one that has the lowest average tariff is the third group, which 
 comprises the section between the Ohio and the Great Lakes, the States of Indiana, 
 Ohio, the southern part of Michigan, and the western end of Pennsylvania. This 
 is the region of foundries and cheap coal. The traffic is very great and the average 
 jiroduct of the ton-kilometer does not exceed 1 centime 9 mill. In the fourth group, 
 with Illinois, Iowa, Wisconsin, upper Michigan, and Minnesota, the greater part of 
 the two Dakotas, where fuel is also cheap, where they handle along with the cereals 
 much coal and mining products, the tariff is also very low, 2 centimes 1 mill. The 
 same fact is true for the second group (New York, the greater part of Pennsylvania, 
 New Jersey, and Maryland), where the transportation of coal, anthracite, and metal- 
 lurgical products predominates, and where fuel is also cheap. Everywhere else the 
 tariff is above the general average of the country. It is considerably above 3 cen- 
 times in all the region situated west of the Missouri and of the lower Mississippi, 
 that is, in more than half of the country. At the opposite end of the country, in 
 the group of the New England States, where the industries are more diversified, and 
 produce articles of a higher finish, and where coal is dearer, it -reaches 3 centimes 
 8 mill. This is almost the average of our northern system (4 centimes) which is, 
 however, the lowest rate on the French railways. 
 
 If American rates are very low for merchandise, they are, or at least they appear 
 to be, high for passengers, for which the average receipts are 6 centimes 4 mill, per 
 kilometer, while it falls below 4 centimes in France. We must also observe that in 
 the receipts of the American companies there is not included the extra charges paid 
 for parlor cars and sleeping cars, which belong to private companies, most of them to 
 the celebrated Pullman Company. But as there is only one class in the United States, 
 except on a few lines in the West, these parlor cars and sleeping cars replace not only 
 our "palaces de luxe," butalso our first-class cars, and many important express trains 
 are composed exclusively of such cars. If we should calculate these extra charges, 
 the amount of which is considerably more than those paid in France, to the Cie des 
 Wagons-Lits, we should have to still more increase the figure given for passenger 
 rates in America. 
 
 The tendency to decrease is less conspicuous for these rates than for merchandise. 
 In 1892 the rate was 6 centimes 8J mill, and in 1899 the lowest was 6 centimes 2 mill. 
 This higher rate is explained in the first place by the greater cost in America of 
 everything directly or indirectly connected with personal services and next by the 
 smaller amount of suburban traffic for which the rates in France are very low on 
 account of the extremely reduced prices made to the commuters, while, as we have 
 said, this service is performed by the suburban electric railroads in America. 
 
 But let us return to merchandise, which constitutes to a great extent the principal 
 traffic of the American systems. How can they successfully carry it at such low 
 rates? The answer is very simple. It is on account of the excellent adaptation of 
 the rolling stock to the requirements and by a perfect use of this equipment. The 
 railroads m the United States possessed in 1902, according to the report of the Inter- 
 state Commerce Commission, 41,225 locomotives, 36,987 passenger cars, 1,546,101 
 freight cars, and 57,097 miscellaneous cars. This rolling stock has been largely 
 increased these last two years; since in 1894 it was composed of 35,492 locomotives, 
 33,018 passenger cars, 1,205,169 freight cars, and 39,891 miscellaneous. 
 
 It does not seem enormous at first sight when we compare it to the rolling stock 
 in service on the six great French systems, whose lines are one-ninth in length, and 
 which possess 10,000 locomotives, 26,000 passenger cars, and 260,000 freight cars. 
 But the difference between the capacity of the American cars and that of the French 
 cars is far from being expressed by these figures. The American cars are long boxes, 
 placed on bogies, an idea of which can be given by regarding the large first-class 
 
288 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 corridor coaches with seven divisions introduced recently on most of the great French 
 systems, which are of the same shape. While in France we have still generally cars 
 of 8 and 10 tons, the average capacity of American cars is 28 tons (short tons of 2,000 
 pounds or 901 kilograms), which is more than 25 metric tons. The total capacity of 
 these 1,546,000 cars is, therefore, 38,000,000 metric tons. There are only 57,000 cars 
 of less than 40,000 pounds capacity— that is, less than 18 tons— and their total 
 capacity is only 2 per cent of the whole. On the other hand, the cars of more than 
 27 tons have a total capacity of 26,000,000 tons, in other words, more than two-thirds 
 of the whole, and among these there are 150,000 thirty-six to forty ton cars, having a 
 carrying capacity of 2,250,000 tons. , 
 
 The capacity of these last two classes together forms therefore 21 per cent of the 
 entire carrying capacity of the American rolling stock. These cars with such large 
 capacity facilitate operation very greatly. With the same gross load a train com- 
 posed of such cars carries much less deadweight than a train composed of small cars, 
 and thus may carry a greater paying load. Besides it is of much less length, as there 
 are less couplers, and for this same reason it can be better handled. It is on account 
 of the use, more and more cimraon, of these large cars that Americans have been 
 able to increase enormously the weight of the goods carried bv each train. In 1902 it 
 was 296 tons, against 281 in 1901 and 270 in 1900. In 1897 it was only 264, and in 1892 
 181 only. By this increase in the load of each train they have succeed in taking care 
 of a much larger traffic, while increasing but very little the number of trains. That 
 is to say, by increasing very slightly their expenses for wages of employees and rela- 
 tively little for the cost of fuel, although the necessity for carrying heavier loads has 
 led naturally to the construction of more powerful locomotives consuming more coal. 
 
 The number of kilometers traveled by American trains was 800,000,000 in 1902, 
 against 787,000,000 in 1901, 780,000,000 in 1900, 812,000,000 in 1899, and 807,000,000 in 
 1898. So, since 1899 the goods tonnage carried on the American systems has increased 
 14 per cent (510,000,000 to 582,000,000 tons), and the amount of ton-kilometers has 
 advanced more than 25 per cent (123,000,000,000 to 157,000,000,000 tons), while on 
 account of the larger load of the trains the number of train-kilometers has dimin- 
 ished. This is truly a great masterpiece of operation. If we go back to 1892, we see 
 that the number of ton-kilometers was 88,000,000,000. It has therefore increased 
 fince that time by more than 80 per cent. On the other hand, the number of train- 
 kilometers was 776,000,000 then, and that has only increased 3 per cent. Truly 
 extraordinary progress has thus been realized during this interval. 
 
 The service of American railways included, in 1902, 1,189,000 engineers and em- 
 ployees and workingmen of every rank. It is less in comparison to the extent of 
 their lines than the staff of the French railways, which surpasses the figure of 250,000. 
 This staff has much increased in number during the past ten years. 
 
 In 1893 it was composed of 875,000 persons. In 1894, under the influence of the 
 dull times, it fell to 779,000. Later it rose little by little, but did not reach the 
 figures of 1893 until 1898. Since then, the traffic having increased very rapidly and 
 the companies having made many improvements, which had been awaiting better 
 times in order to keep down the expenses to those absolutely necessary during the 
 depression, the number of employees has increased more than one-third in four years: 
 
 We find here also the same method of operation as the one we were speaking of 
 with regard to the rates. 
 
 The wages have increased during these four years more even than the number of 
 the staff, passing from $495,000,000 in 1898 to $676,000,000 in 1902. 
 
 Among the 1,189,000 persons employed by the railways 41,000 are working in the 
 general offices, 399,000 upon maintenance of way and buildings, 228,000 on the main- 
 tenance of rolling stock, 518,000 on operation properly so called, and 2,000 in \ari- 
 ous positions. The men working on the tracks have increased the most since ten 
 years ago, and especially in the last four years, because of the work of all kinds required 
 on account of the increase of traffic or adjourned in the period of the dull times of 
 1893 and 1897. The gross receipts of operation have increased to 27,800 francs per 
 kilometer, against 23,200 in 1892 and 19,600 in 1895 and 1897, in which years they 
 were the lowest. The operating expenses are 18,000 francs to-day instead of 15,500 
 in 1892 and 15,200 in 1895 and 1897. Their movement has followed almost exactly 
 that of the earnings. 
 
 The coefficient of operation is 64 per cent, whiih is considerably more than in 
 France. The gross earnings are also much less in America than in our" country, where 
 they rise above 40,000 francs per kilometer for the large companies. This is not 
 astonishing on account of the enormous difference between the densitv of the two 
 populations, 73 for the one and 10 for the other. 
 
 What is now the financial result of the operation of the railways of the United 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 289 
 
 States? The account of losses and gains of the whole systum shows as follows, accord 
 ing to the reports of the Interstate Commerce Commission: 
 
 [In millions of dollars.] 
 
 Gross receipts of operation 1, 736. 4 
 
 Income from investments 33. 
 
 Total gross income 1, 769. 4 
 
 Operating expenses 1, 116. 2 
 
 Miscellaneous expenses .5 
 
 Total expenses 1, 116. 7 
 
 Net income 652. 7 
 
 Interest on bonds 260. 3 
 
 Sundry debts 7. 7 
 
 Taxes , 54. 5 
 
 Total fixed charges 322.5 
 
 Amount to be disposed of 330. 2 
 
 Dividend on shares 157. 2 
 
 Amount remaining for improvements on road, rolling stock and sur- 
 plus , ■ 173. 
 
 From this last item 135,000,000 have been used for the improvement of the tracks, 
 $5,000,000 to cover the deficit of the weak lines, $38,000,000 have been employed in 
 various ways, and $95,000,000 constitute the real surplus — the sum held for re- 
 serves, etc. 
 
 This shows that the financial situation of the whole American system appears to 
 be very healthy to-day. AVhen the operating expenses and the taxes are paid there 
 remains a gross balance of nearly $600,000,000, $268,000,000 of which are absorbed 
 by the interest on the debt. There remains still an excess of $330,000,000, less than 
 half of which is used for dividends. The bonds have, therefore, a large margin and 
 must be considered as being in general very well guaranteed. Their entire total 
 exceeds $6,000,000,000; their interest as paid then averages 4J per cent. As to the 
 shares, the entire total of which is $6,000,000,000, their dividend is hardly more than 
 2J per cent, but a large amount of them, especially of the common shares, do not 
 represent money really invested. Besides, there are many which are stated in dupli- 
 cate, as a large number of the great companies own the majority and sometimes even 
 the entire amoilnt of the shares of smaller companies. 
 
 On the whole, the prosperity of the American system, as well as the excellent 
 condition of its service, is undeniable. 
 
 If we wish to seek for models of railway operations it is in the direction of Ameri- 
 can liberty that we must turn, and not to sterile operation by the State. 
 
 Mr. Fish. May 1 give also in this connection the opinion of Mr. 
 Priestley, sent here by the government of India? Mr. Priestley says 
 in his report: 
 
 The present prosperity of the United States of America is to no small extent due 
 to the low rates charged for transportation. 
 
 Senator Foster. How do the freight rates in this country compare 
 with the freight charges in those countries where the railroads are 
 under the control of the Government? 
 
 Mr. Fish. Precisely that comparison I have not made, only I know 
 they must be lower because ours are lower than in any other country 
 of the world. 
 
 Senator Kean. About half ? 
 
 Mr. Fish. I should say about half. 
 
 Senator Foster. You have no statistics on that subject? 
 
 Mr. Fish. I have a little pamphlet here somewhere on that, sub- 
 ject, not my own. 
 RY— 05 19 
 
290 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 Senator Newlands. You were saying that these matters are arranged 
 by the traffic managers upon information received from each other, 
 that each acts according to his own judgment upon that information. 
 Take this entire area of the Mississippi watershed tapped by New 
 Orleans ; how many traffic managers in that entire region act in that 
 way? 
 
 Mr. Fish. They act together in groups. There is very little traffic 
 in New Orleans except that which may be called local. The traffic 
 managers are not located in New Orleans; the traffic men there are 
 subordinate officials, freight agents, etc. In the great centers, like 
 Chicago, most of the railroads operating for that territory have, their 
 general offices, and quite a number have them in St. Louis and in 
 Minneapolis and St. Paul. 
 
 The Chairman. Is it not a fact that most of the roads reaching 
 Chicago have their offices there? 
 
 Mr. Fish. Yes. Mr. Stubbs, of the Southern Pacific, has his office 
 there. 
 
 Senator Newlands. How many men are engaged in that kind of 
 work — the more important work, not the details — in that region ? 
 
 Mr. Fish. Each company has one chief of its traffic department, who 
 is either vice-president or traffic manager. Mr. Stubbs's title is traffic 
 director. 
 
 Senator Newlands. Do you think there are 20 in that entire region ? 
 
 Mr. Fish. Oh, yes; there are 24 railroads reaching Chicago. 
 
 Senator Newlands. But many of them belong to one system, do 
 they not? 
 
 Mr. Fish. 1 mean railroads operated independently, as independ- 
 ently as the Lake Shore was of the Michigan Central Avhen they were 
 in active competition with each other. Such competition in traffic was 
 intense up to three j^ears ago. 
 
 Senator Newlands. But that competition has been diminished 
 through various arrangements, community of interest, etc. ? 
 
 Mr. Fish. Yes, sir. 
 
 Senator Newlands. Do you suppose the number would be 50 ? 
 
 Mr. Fish. No; I do not think it would be over 50 in the Middle 
 West. 
 
 Senator Newlands. Assuming that we should oi'ganize a tribunal 
 of this kind to act upon this matter, could not the United States out 
 of those 50 men get 5 experienced men who could act upon these 
 matters as intelligently, getting their information in the same way, as 
 the men who now act? 
 
 Mr. Fish. I do not think they could, because they would have to 
 consider an entirely different set of questions. For instance, the traffic 
 manager of the Illinois Central is looking out for the interests of that 
 road and the country served by it; he does not bother himself about 
 New England, or about the entreme Pacific coast or ]\Iexico or Canada; 
 ou the other hand, the Michigan Central runs through Canada, and 
 the Southern Pacific runs into Mexico, so the Michigan Central must 
 consider the conditions in Canada, and the Southern Pacific must con- 
 sider the conditions in Mexico, as well as other conditions. But any 
 tribunal formed under this bill must consider the conditions of the 
 whole United States. 
 
 Senator Newlands. Not necessarily. I can understand that if vou 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 291 
 
 could logically divide the United States into different transportation 
 sections you might have proper transportation for each community. 
 
 Mr. Fish. But our Congress is limited by the Constitution against 
 discriminating among ports. If you will give me a body thatwill look 
 out for New Orleans that will be all I want. 
 
 Senator Newlands. You would not object to that? 
 
 Mr. Fish. Not if they will work for New Orleans; but I do not think 
 New York would like that. 
 
 Senator Doi-livee. You speak of the present rates to New Orleans 
 being abnormal; to what do you refer? 
 
 Mr. Fish. I refer to such rates as were recently made on grain from 
 Nebraska. 
 
 Senator Dollivek. Is the Illinois Central participating now in grain 
 freight to New Orleans ? 
 
 Mr. Fish. Yes; a little. We do not carry it if we can help it. 
 
 Senator Dolliver. Do you know what rate has been fixed from 
 Omaha to the seaboard and New Orleans ? 
 
 Mr. Fish. Not specifically; I have heard that it is Hi cents to 
 Baltimore. 
 
 Senator Dollivee. Are you familiar with the changes that have 
 been made in the intermediate rates to those ports as compared with 
 the whole rates? 
 
 Mr. Fish. No. Thej' would be affected by it necessarily. 
 
 Senator Dollivee. For example, if you were making a rate from 
 Omaha to New Orleans, what changes would be made in the rates of 
 places situated as are Waterloo and Dubuque? 
 
 Mr. Fish. I suppose as soon as that business was moving, the rates 
 would hare to be reduced. But, frankly, I do not follow the rates, as 
 you can see; that is not my province. I should be glad to have our 
 traffic-department people come here and give you all mat. 
 
 Senator Dollivee. I am informed that places east of Omaha ship 
 their products to Omaha for a sort of running start to New Orleans or 
 to New York, so that they ship half across the State of Iowa to Omaha 
 to get a starting point for that favored rate. I wanted to inquire a 
 little about that. That is a subject that very much interests that 
 community. 
 
 Mr. Fish. I doubt about that being the case. Are you sure of that 
 being done. Senator? 
 
 Senator Dollivee. I have a letter to that effect — not as respects the 
 Illinois Central. The writer told me that they were sendin'g freight 
 from Dennison, Iowa, to Omaha in order to get a good square start to 
 New York. 
 
 Mr. Fish. That may be done under some sort of theoretical adjust- 
 ment. 
 
 Senator Fostee. You stated, I believe, that you wanted to direct 
 your attention especially to some particular objections to this bill. 
 
 The ChaiRxMan. I should like to hear Mr. Fish as to the diiEculty of 
 settling rates between railroad companies and communities under the 
 power proposed to be lodged in a commission under this bill; for 
 instance, wnat effect it would have on Atlantic coast commuitities as 
 against westei'n communities. 
 
 Mr. Fish. The contest among communities is of course a contest for 
 all time. If the rates could be adjusted so as to do absolute equity as 
 
292 DUTIES AND POWERS OF INTERSTATE COMMi^ECE COMMISSION. 
 
 between communities, giving to each hamlet and town and city the 
 advantages of its position to-day, what motive would there be to 
 attempt to develop any one of these localities as regards freight rates? 
 It has its share; it can get no more. You have taken away the stimu- 
 lus. As it is to-day every town in the West and South, the more rap- 
 idly growing parts of the" country, less thoroughly developed parts of 
 the country, is hoping to be a metropolis; every one has its ambitions 
 high, is seeking business, and is getting it. 
 
 To illustrate those inequalities between cities I had written to several 
 ofBcers of our company asking them to tell me what the people com- 
 plained of. A week ago I received a reply saying that the people 
 were complaining of inequality in the rates, and this instance was given 
 me, that the rate from Omaha to Minneapolis on wheat was practi- 
 cally the same as the rate from Kansas City to Minneapolis, a greater 
 distance. That looked unjuston the face of it. The same mail brought 
 me a letter from another of our men, who took the Kansas City point of 
 view. He says the rate on packing-house products from Omaha, into the 
 southeast territory (Mississippi, Louisiana, Alabama, Georgia, and 
 South Carolina), is the same as from Kansas City, although the 
 distance from Kansas City is less. Each of those instances is, on its 
 surface, an inequality. But each man from his locality is complaining 
 of the thing he does not like and saying nothing about the thing he 
 does like — you will never get that out of him. And so it is all over. 
 We are perfectly satisfied when we get what we want. I am perfectly 
 satisfied when 1 have a good crop unless I see my neighboi" has had the 
 benefit of planting and reaping something that 1 had not sense enough 
 to plant, and then I am not satisfied. 
 
 Senator Dollivek. There is no element of malice or prejudice enter- 
 ing into this rate, is there? 
 
 Mr. Fish. None whatever. The point with the railroad manager 
 is to get the most he can out of his own traffic. 
 
 Senator Doli.iver. Is there any tendency among traffic managers to 
 build up great cities and ignore the industrial interests of smaller 
 communities? 
 
 Mr. Fish. No, sir; but there is a physical law which governs the 
 whole universe, the attraction of the greater mass. That manifests 
 itself in this business in the fact that the wholesale business is done 
 more cheaply than retail business. We have been trying for twenty- 
 five years to get New Orleans where it was before the civil war. In 
 two of the three years, 1858, 1859, and 1860 the value of exports from 
 New Orleans exceeded the value of the exports from New York, and 
 that was not due to abnormallj- high prices of cotton. That is what 
 we are now aiming to get back. We are entitled to our share of that 
 business in the Mississippi Valley. 
 
 The Chairman. Are not the physical conditions such that you could 
 almost start a barrel of flour at Minneapolis and have it roll down hill 
 to New Orleans, but on the other hand it would not roll over the Alle- 
 gheny Mountains? 
 
 Mr. Fish. It would not; it might go down the Mohawk Valley. 
 
 Sensftor Newlands. What is the difference in distance ? 
 
 Mr. Fish. Minneapolis is nearer to New Orleans than New York is. 
 
 Senator Newlands. How about Chicago ? 
 > Mr. Fish. Chicago is exactly the same distance from New Orleans, 
 912 miles. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 293 
 
 Senator Newlands. Is the rate for these great staples from Chicago 
 to New Orleans less than from New York to New Orleans? 
 
 Mr. Fish. No, sir; I think they are about the same. That is ray 
 impression. 
 
 The Chairman. Do not the railroads make more money carrying 
 freight from Chicago to New Orleans than from New York to New 
 Orleans, having less to contend with? 
 
 Mr. Fish. There is less to contend with, but on the other hand there 
 is the Pennsylvania Railroad from Chicago to New York, a short line, 
 a four-track road the greater part of the way, and it has a tremendous 
 tonnage, especially in coal. 
 
 The Chairman. Could not the Illinois Central make more money 
 out of its haul to New Orleans than the Pennsylvania could out of its 
 haul to New York ? 
 
 Mr. Fish. I do not know about that. Our expenses on account of 
 terminals are less, of course. I think we are destined in the Gulf ports 
 to take the coarse raw grain, lumber, bulk cotton, and things that 
 take up space, because land is so cheap and the cost of terminals is so 
 small. 
 
 Senator Dolliver. How do you establish the lumber rates from 
 the southern lumber country on your road to the upper Mississippi 
 country ? 
 
 Mr. Fish. I do not know exactlj'^ how they are established. I know 
 I had a great deal of trouble about that matter last year before the 
 Interstate Commerce Commission. 
 
 Senator Dolliver. I have received several communications from 
 people who once did lumber business in Iowa, stating that the lumber 
 rates from points in Louisiana, I think, and possibly from Mississippi, 
 have been greatly increased; 
 
 Mr. Fish. They have advanced 2 cents per hundredweight, and we 
 have been under trial before the Interstate Commerce Commission in 
 regard to that. For myself and others interested in that subject I 
 justified that increase on the ground that the price of everything we 
 have consumed has increased. On coal, iron, wages, and lumber itself 
 the price has gone up, and the value of lands has gone up. We are 
 large consumers of lumber as well as large carriers of it, and we 
 have advanced rates, and those rates have been tinder investigation a 
 long time. I do not think the Commission has yet decided the case. 
 We tried to justify our advance, but of course I do not know whether 
 the Commission in its decision will justify that increase or not. 
 
 Senator Dolliver. The Commission has no power to decide it now 
 and order you fo pa}^ a certain rate. 
 
 Mr. Fish. Thej^ can decide that we charged too mush, and we must 
 reduce. They can not compel us to reduce to a spsidtic amount, but 
 they can coriipel us to i-educe. 
 
 Senator Dolliver. If they decide that your rate complained of was 
 unreasonable, without undertaking to order you to charge what would 
 be a reasonable rate, what would be the course of your road in relation 
 to that finding or opinion ? 
 
 Mr. Fish. We would consider whether we could afford to haul at 
 the reduced rate. If we could not afford it we certainly would not do 
 it. We could not. You can not get blood out of a turnip. You can 
 not make a man work for nothing. 
 
294 DUTIES AND POWERS OF INTERSTATE COMMEBOE OOMMISSIOHr. 
 
 Senator Dolliver. There is an acute controversy pending between 
 the lumber interests and the carriers, we will say; and what we are 
 trying to do is to get somebody whose judgment would be binding 
 upon all parties tp that controversy. Suppose there is a controversy 
 between one of your shippers and your road which you can not adjust 
 between yourselves. Is it wise for the Government to let a controversy 
 of that sort go on without decision, each party telling the other that 
 he will not do what is desired and fighting about that rate, with no 
 tribunal existing anywhere with jurisdiction to hear it and in an 
 unbiased way determine it? That is the question we ha^'e to deal 
 with. 
 
 Mr. Fish. If those gentlemen will go with us into the Federal courts 
 and state their whole case, showing what they paid for those lands, 
 what they are worth to-day, what they have been made worth by the 
 transportation facilities we have afforded them,' we will meet those 
 shippers in the Federal courts, where 1 think justice can be done 
 between us. I remember when that land was offered at 33 cents an 
 acre, and some of it was bought at 12 cents. What is it worth to-day? 
 
 The Chairman. If the power were given to fix rates which the rail- 
 roads thought too low, then the railroads might say that thej' had not 
 the cars, or would they say that they would not haul because they 
 would lose money by it? 
 
 Mr. Fish. They could not haul at a loss. 
 
 The Chairman. You said a while ago that we can not compel a man 
 to work for nothing. Suppose the rate on fruit from California is 
 fixed at too low a figure, and the railroads refuse to haul it. Fruit is 
 perishable, is it not? 
 
 Mr. Fish. Yes. 
 
 The Chairman. Suppose the railroads do not say outright that they 
 will not haul, but simply content themselves with saying they can not 
 furnish the cars. There is no power provided in this bill, or attempted 
 to be provided, to compel the railroads to haul. Of course there is 
 the law of common carriers that they must haul promptly. But sup- 
 pose the railroad people say we won't send oui' cars to California, 
 because we can make more money by keeping them here. The power 
 is proposed to be given by the Escn-Townsend bill to fix a rate, but 
 the power to enforce that rate is not given, and the railroad might 
 think it better to fight it out in court. What have you to say about 
 that? 
 
 Mr. Fish. You can not do it. You can make a railroad operate for 
 a while at a loss, but you can not compel a railroad to continue to do 
 business at a loss. If it observes the rate fixed by the Commission and 
 loses money by it, it will make up that loss by overcharges on other 
 freights, and then you would be creating a worse injustice or the rail- 
 road must become bankrupt, which is a condition I take it that the 
 Government does not contemplate, nor does it contemplate to secure 
 by act of Congress any such condition as we had in 1894. 
 
 Senator Carmack. Are there not certain points where competition 
 has been very keen and where the railroad has been compelled fre- 
 quently to carry freight from those competitive points at very low 
 rates, sometimes unremunerative rates, and that that has drawn busi- 
 ness from the noncompetitive points, and does not that affect injuri- 
 ously the rates at the noncompetitive points ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 295 
 
 Mr. Fish. I think that is so. Naturallj'^ the business is drawn to 
 the centers by the competition at those centers. So in the banking 
 .business and other business. 
 
 Senator Carmack. Do not the rates from the noncompetitive points 
 suffer on that account? 
 
 Mr. Fish. They have failed to receive, perhaps, their proportionate 
 share of the general reduction; I do not think there has been any 
 advance, in consequence of that, at the noncompetitive points. 
 
 Senator Carmack. I know; but I am speaking relatively. 
 
 Mr. Fish. The noncompetitive points to-day are very few where the 
 railroads are close together. Where an east-and-west line crosses a 
 north-and-south line the competitive point is not merely the point of 
 crossing, but the effect of the rate goes back from those points into 
 that whole territory on each line as far as the grouping of rates takes 
 place. Do 1 make myself clear ? 
 
 SenatorCAEMACK. Yes, I see. 
 
 Mr. Fish. Then the equality of rates works around in a circle, and 
 these two circles are almost tangential, of course depending upon dis- 
 tances and rates. But we have very few noncompetitive stations. 
 
 This Esch-Townsend bill is a new bill, as to which, so far as I have 
 been advised, no testimony has been taken on behalf of the railroads 
 chiefly interested, except certain officials of the Louisville and Nash- 
 ville Railroad and its affiliated line — two out of 800 operating railroads. 
 
 Senator Newlands. Into how many systems are those 800 operating 
 railroads combined? 
 
 Mr. Fish. It is pretty hard to say. There are in the West certain 
 large systems. Take Mr. Harriman's group, the Union Pacific and 
 Southern Pacific; that is a large one. Take Mr. Hill's organization, 
 the Great Northern and the Northern Pacific. Then there is the 
 Atchison. But when you come east of Chicago you begin to find a 
 great many independent roads, and in New England they become 
 increasing!}' numerous. It would be very hard for me to say how 
 many there are. 
 
 Senator Newlands. Could you at some time give us an idea of what 
 ■each system comprises and the mileage of each system ? 
 
 Mr. Fish. I. think we could work that out; it would take time, but 
 I should be very glad to do it, so far as I can work it out from the 
 reports of the companies. I can testify now that the Illinois Central 
 and the Yazoo and Mississippi Valley are independent corporations; I 
 happen to be president of both companies. A great many people 
 think they are under the same control; they are in a sense, and they 
 are not in another; the boards of directors are different men. I think 
 Senator Carmack .knows the directors of the Yazoo and Mississippi 
 Valley; that the majority are independent men, citizens of Tennessee 
 and Mississippi. 
 
 Senator NEWiiANDS. Yet they pursue a harmonious policy ? 
 
 Mr. Fish. Yes; I do not quarrel with them much myself. 
 
 Senator Newlands. I do not understand that it amounts to a com- 
 bination, but there is a certain community of interest. 
 
 Mr, Fish. There is a true community of interest there, though I 
 take a good deal of exception to that phrase in other respects. Nobody 
 has any interest in our company except our own people, and our direct- 
 ors have no interest in any other railroad company whatever, nor have 
 1 personally. 
 
296 DUTIES AND POWEBS OP INTERSTATE COMMERCE COMMISSION. 
 
 THE EFFECT OF SUCH LEGISLATION AS THE ESCH-TOWNSEND BILL UPON 
 EAILEOAD DEVELOPMENT. 
 
 The idea that the Government would take from railroad companies' 
 the right to make rates and vest this power in a commission has only 
 obtained recent recognition. That such legislation seriously impairs 
 confidence in railroad values, no one with any financial knowledge 
 would dispute. The effect of such legislation will necessarily be very 
 serious and far-reaching. The amount of capital originally put in rail- 
 road building by those living contiguous to railroads is inappreciable. 
 In the early history of railroad building this was done to a considerable 
 extent in New England, but the amount of such contribution, compared 
 with the whole volume of capital that has gone into railroads, is incon- 
 siderable, especially in the West. The great bulk of such capital came 
 from money centers, and largely from abroad. 
 
 ' If at the time when our great railroad systems were projected there 
 had been on the statute books an act which indicated the purpose of 
 the Government to turn over that part of the administration of railroad 
 companies which most vitally touches their revenues to Government 
 officials, or if the idea had been seriously entertained that such a con- 
 dition would ever come about, it is certain that we would have had no 
 such railroad development as our country has seen, and that in all prob- 
 ability such enterprises would have been left to governmental action. 
 If such had been the case, railroads would have been few and far be- 
 tween, as compared with what we have now, and it follows that instead 
 of the vast development of this continent in all directions, the utiliza- 
 tion of lands, the opening up of mines, and the building of cities which 
 have amazed the world, the progress would have been comparatively 
 slow, and many places which now are centers of civilization would be 
 a wilderness. Our railroad system is vast, comprisingmorethan200,000 
 miles, exceeding that of all Europe, and being 40 per cent of that of 
 all the world. They are here, are immovable, and whether they pros- 
 per or not the capital embarked in them can not be withdrawn. How- 
 ever disappointing such legislation may be to those who invested in 
 them, yet it will not in all probability reduce the mileage of any sys- 
 tem. In certain States and sections the railroad systems are almost if 
 not entirely adequate to the wants of the people. We have, however, 
 other States and sections much larger in number where there are either 
 no railroad facilities or the facilities are inadequate. 
 
 To maintain systems already established, necessary branches and 
 feeders may be built even in the face of hostile legislation, but it is 
 quite certain that no promoter of a new railroad would have the hardi- 
 hood to propose to any capitalist to furnish the money to build a new 
 railroad whose administration in all matters touching the revenues 
 would be put under such a body as an interstate commerce commis- 
 sion. If such legislation as that proposed shall be enacted into a law, 
 it must be done with a full understanding that it will operate to com- 
 pletely paralyze the building of independent railroad lines. WMle 
 this will not involve as much to the country as would have been 
 involved twenty years ago, yet it can not be doubted that the result . 
 will be serious enough to very large sections of the country. It may 
 be that but little more mileage will be necessary to serve all of the 
 demands of most of the New England States and such States as Illi- 
 nois, but it is still more manifest that if the population and business 
 
DUTIES AND POWERS OF INTERSTATE COMMEEOE COMMISSION. 297 
 
 of the Southern and Western States are to be anything like commen- 
 surate with their areas and natural resources their railroad mileage 
 will have to be very largely increased. Of course it is possible that 
 the States themselves will go into railroad building, and thus supple- 
 ment their needs; but would the States be willing to invest heavily in 
 highways of commerce whose revenues will be controlled by the 
 National Government? If the United States Government can control 
 the revenues of railroad companies, chartered by States which carry 
 interstate commerce, then why can it not, by the same token, control 
 the revenues of railroads built by the State so far as interstate com- 
 merce is concerned ? > 
 
 EFFECT OF PROPOSED LEGISLATION ON SOUTHERN PORTS. 
 
 Before the civil war a large proportion of foreign commerce was 
 carried on through Southern ports, especially New Orleans. The bulk 
 of the New Orleans business arose from water transportation. After 
 the civil war, on account of the vast increase of the wealth of the 
 North, the establishment of foreign business connections, and the devel- 
 opment of railroad systems, the contrast between the amount of foreign 
 business done through Northern ports with that done through South- 
 ern ports was startling. The foreign business through Southern ports 
 had to be recreated. To-day it has reached enormous proportions and 
 their old-time prestige has been reestablished with the most flattering 
 prospects for the future. Although the rivers, and especially the Mis- 
 sissippi River, control the rates, and will continue to do so, even though 
 the steamboat traffic shall not be reyived, yet the bulk of foreign com- 
 merce passing through Southern ports is from railroad traffic. 
 
 The railroads of the South, always inadequate, were bankrupted by 
 the war. It was necessarj^ to rebuild them, and this was done mainly 
 with Northern and foreign capital. While the railroad systems of the 
 South have been largely expanded, thej^ are by no means adequate to 
 the needs of a population that the area and resources of the Southern 
 States can support. The grades of the railroads from N orthern markets 
 to Southern ports are lower than the grades from the same markets to 
 Eastern ports. Over equal distances and all other conditions being the 
 same, freight can be hauled to Southern ports at less cost. To main- 
 tain and further expand the present foreign commerce of Southern 
 ports, it is absolutely necessarj- that the roads going to those ports 
 shall carrj'^ freight for less compensation per mile than that for which 
 it is carried to Eastern ports, for the Eastern ports have a large advan- 
 tage over the Southern ports in ocean mileage, and this advantage, 
 which is represented by the greater expense of ocean traffic from for- 
 eign ports to Southern ports must be overcome by shrinkage of the 
 cost of railroad transportation to those ports. 
 
 The first section of the Esch-Townsend bill gives the right to set 
 aside a rate and makes it the duty of the Commission to declare and 
 order " what shall be a just and reasonable rate, practice, or regulation 
 to be charged, imposed, or followed in the future in the place of that 
 found to be unreasonable," etc. Thus the authority not only is given, 
 but the duty is enjoined to fix a rate in the place of the one complained 
 of. If a rate shall thus be fixed from the great centers where com- 
 modities of foreign commeace originate to a southern port, this rate 
 is by the act made the rate that shall prevail in the future. It shall 
 
298 DUTIES AND POWEBS OF INTERSTATE COMMEEOE COMMISSION. 
 
 prevail until set aside by a court or changed by the Conamission. If 
 this rate shall be a distance rate— that is to say, if from such points ot 
 origin the same rate shall be charged per mile by railroads going to 
 eastern and southern ports— then in respect of a large amount of such 
 traffic there will be a complete paralysis of southern ports. The Com- 
 mission will have it in their power thus practically to discriminate 
 against them and relegate them to the condition that they were ]ust 
 after the civil war. 
 
 It is absolutely necessary that conditions shall be flexible and that 
 emergencies can be met promptly by the railroad companies which have 
 built up the foreign commerce of these ports, and which are, in their 
 prosperity, identified with them for all the future. It will not do to 
 say that the Commission has power to give relief. There would have 
 to be a complaint, an investigation, and a finding before action by the 
 Commission. If the Commission had nothing to do but look out for 
 the interests of southern ports, they could hardly, remote as they will 
 be from the scene of action, act with sufficient promptness to meet the 
 exigencies that will arise. With the multitude of duties that this act 
 will put upon them, it is idle to think that there could be any relief 
 which would be adequate. Western and southern railroads will be at 
 a disadvantage by reason of distance from Washington. The eastern 
 ports, on account of their wealth, their business connections, and the 
 wealth of their railroad companies engaged in interstate commerce, can 
 command the constant and efficient service of a regular merchantmarine. 
 The business of the southern ports has, until comparatively a recent 
 period, been dependent, and is now and for a long time will be largely 
 dependent upon an irregular merchant marine. It will be many years 
 before a merchant marine plying to those ports having anything like the 
 stability and efficiency of that of the eastern ports can be expected. 
 On account of this uncertain, irregular, and sometimes spasmodic serv- 
 ice, railroad rates on exports must be flexible so as to be adapted to 
 the combinations that are necessary with the marine rates which are 
 fluctuating. 
 
 When tne Illinois Central Railroad Comparij' first went into New 
 Orleans there was no banana business and practically no export grain 
 business. The business in lumber was hardly appreciable. AH of these 
 now constitute an immense traffic through the port of New Orleans. 
 What has been done by the Illinois Central Railroad Company and 
 other railroad companies at New Orleans has in various degrees been 
 done by other railroad companies in respect of Pensacola, Gulfport, 
 Mobile, and Galveston. Th e business of rival ports in different sections 
 of the country may well be stimulated by the competition and enter- 
 prise of rival railroad companies, but if the business of such ports shall 
 either be stimulated or repressed directly or indirectly through govern- 
 mental action, then there will surely arise as acute a condition as has 
 ever existed between the different sections of our common country. 
 We will come back to where we were before the adoption of the 
 Constitution. 
 
 THE UNION OF IBEECONCILABLE FUNCTIONS IN THE INTERSTATE 
 COMMERCE COMMISSION. 
 
 It is hoped by those who are intrusted with the immense railroad 
 interests of the country that if there shall be legislation under which 
 the revenues of the companies are to be. subjected to governmental 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 299 
 
 administration they will at least be safe-guarded to the same extent that, 
 and in the same manner as, the property rights of other citizens are. 
 We have been accustomed to think and to assert with pride in our insti- 
 tutions that no property, or property right, can be taken from one and 
 transferred to another without the judgment of an impartial tribunal. 
 Everyone recognizes that if the charges of common carriers are to be 
 a subject matter of governmental investigation and adjudication it is 
 necessary, on account of the expense and difficulty of complaining 
 patrons to successfully assert their rights, that this burden should be 
 borne by the Government. It was expected therefore in pursusnce 
 of such measures that the Government would afford speedy and eco- 
 nomical means for investigating such complaints and that steps would 
 be taken to afford relief. 
 
 Compensation for carriage, when reduced through governmental 
 action, is a transfer of money that would belong to the carrier to the 
 pocket of the shipper. • In every instance where the rights of one cit- 
 izen are thus inquired into, with the result that benefit accrues to 
 another by the ;forced payment of money or otherwise, a hearing is 
 provided before such transfer is enforced before a judge or a judge 
 and jury who have formed and expressed no opinion on the subject 
 and who approach the investigation with impartial minds. If the Gov- 
 ernment snould provide for adequate and prompt investigation, so as 
 to relieve the patron of the railroad of this burden, and that then upon 
 a prima facie case of wrongdoing there should be a hearing before " 
 some tribunal which would approach the subject-matter submitted for 
 decision with unprejudiced and impartial minds, there would be an 
 equality in the status of all citizens before the law. But if, before a citi- 
 zen is sued, the part}' complaining should fir-st go before the judge and 
 relate his grievance and the judge should then make an ex pai'te inves- 
 tigation and, having his zeal fired by the sense that a wrong had been 
 committed, should nale the accused before him and then proceed to 
 trial, it would not be long before he would be impeached, and yet, 
 under the proposed act, that very condition is not only sanctioned, but 
 required to be a part of the judicial machinery by which the conflict- 
 ing rights of railroad companies and their patrons are to be adjusted! 
 
 Men will have to be re-created with different attributes before it can 
 be expected that the investigator and denouncer of a supposed wrong 
 can remain in that serene atmosphere which is necessary for fair judi- 
 cial action. If either the Interstate Commerce Commission or some 
 law officer of the Government acting under one of the great Depart- 
 ments should hear complaints, investigate, denounce, and prosecute 
 before the regular Federal courts which up to that time had received 
 no mental bias in the case, those interested in railroad properties would 
 at least feel that their interests were not being purposely discriminated 
 against, and that in the trial of their rights they were not being sub- 
 jected to an essen.tiall}' different procedure from th'at provided for 
 other litigants. 
 
 Under this act the findings of the Interstate Commerce Commission 
 are held to be prima facie correct. They go into force within thirty 
 days. If they are wrong and shall be finally reversed, yet there is no pos- 
 sibility of the railroad companies being made whole on accountof such 
 errors. The difference between the I'ate fixed by the commission and 
 the rate that should have been fixed is lost forever without any possibility 
 of recovery, and thus the railroad company suffers in a different way 
 
300 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 and in a different degree from any other litigant, and by the action of 
 those who, on account of the absolutely irreconcilable nature of their 
 functions, can not have the impartial judicial temperament. Any sys- 
 tem so essentially wrong as that may, under the stress of the times, 
 be established, but it can not endure unless there shall be a radical 
 change in our attitude toward the principles of equal and exact justice 
 which have always been regarded as an essential part of our Govern- 
 ment. 
 
 One of the chief arguments advanced b;^ proponents of enlarged 
 powers for the Interstate Commerce Commission is that there is no 
 desire or intention to confer upon the Commission authority to " make " 
 rates primarily for the railroads; that it is proposed simply to have 
 the Commission pass upon individual complaints, leaving the initia- 
 tion of rates still in the hands of the railroad companies. 
 
 This, they say, is the full extent of the power sought to be conveyed 
 in the original act^creating the Commission or .that is contemplated in 
 the present measure under discussion in Congress. 
 
 Whatever the intention may be, the real effect of such legislation 
 will, in the opinion of the Supreme Court of the United States, be 
 entirelj' different. In one decision already made by the Supreme 
 Court it says that if this Commission had such power — 
 
 There would be no escape from the conclusion that it would be within the discre- 
 tion of the Commission, of its own motion, to suggest that the interstate rates on all 
 roads of the country were unjust and unreasonable, notify the several roads of such 
 opinion, direct a hearing, and upon such hearing make one general order reaching 
 every road and covering every rate. (Maximum freight-rate case (167 U. S., 479) < 
 decided by Supreme Court May 24, 1897; opinion of court, p. 509.) 
 
 MINGLING OF LEGISLATIVE, EXECUTIVE, AND JUDICIAL FUNCTIONS. 
 
 The trouble with the Commission under the present law, and under 
 this bills that Congress has sought to combine in that one body more 
 or less of the attributes of the legislative, the executive, and the 
 judicial branches of the Government. They are an administrative body 
 charged at present with certain quasi-judicial functions, and they are 
 now seeking to get the purely legislative function. The more you mix 
 them the worse they will be and the weaker. 
 
 While I think something could be done— if I may be pardoned the 
 suggestion — it would be on the lines that* President Koosevelt has sug- 
 gested, to subordinate the Commission to one department of the Gov- 
 ernment, say that of Commerce and Labor, and coordinate it to the 
 system of the Government under the Constitution. 
 
 Senator Newlands. Have those who control the various railway 
 systems of the country ever come together with a view to shape some 
 law that would be just to investors in railways and at the same time 
 just to shippers— that would involve this subject of national control 
 where differences exist betw.een shippers and the railroads'^ 
 
 Mr. Fish. I believe they have. Personally I have not been a party 
 to that, but I believe it has been done in the past. So far as the Illi- 
 nois Central and the Yazoo and Mississippi Valley Railroads are con- 
 cerned, they were not a party to it. 
 
 Senator Newlands. The difficulty in Congress is that most of the 
 gentlemen who represent railroads come before the committee and 
 deny the right or the wisdom of intrusting the rate-making power to 
 any body. 
 
DUTIES AND POWERS OF INTERSTATE COiMMERCE COMMISSION. 301 
 
 Mr. Fish. I do not deny the right, but I do the wisdom. 
 
 Senator Newlands. It struck me that if the capable railroad men of 
 the country, who have prosecuted with such brilliant success the work 
 of building railroads, would simply recognize the, difficulty we have at 
 hand now — the adjustment of contentions between shippers and rail- 
 roads and between communities and railroads — and make up their minds 
 that they would submit to Government control, and then simply address 
 themselves to the question of getting the most competent, the most 
 impartial, and the most speedy tribunal for the determination of these 
 questions, we might reach a solution. 
 
 Mr. Fish. I think so. 
 
 Senator Newlands. The gross revenue of all the railroads of the 
 country during the past year was about $1,950,000,000, and that was 
 an increase of $174,000,000 over the gross income of the preceding 
 year. Assuming that that rate of increase goes on in the future as it 
 has in the past (though at present it does not appear likely), it would 
 mean that in the coming ten years the gross revenue of all the railroads 
 would be pretty nearly double. The fear that the public has is that 
 in consequence of this gradual combination of railroads, through pur- 
 chase, consolidation, holding companies, and community of interest, 
 there will be either a gradual increase of rates or theire will be a stop 
 put to the gradual diminution of rates that has been going on as the 
 result of competition, and that the result will be that the railroads in 
 the aggregate will get from the public very much more than they are 
 entitled to, and that some control will have to be put upon that. There 
 is no disposition, as I understand, upon the part of anybody to imperil 
 the investments of the bondholders or stockholders. The only q^ues- 
 tion is as to what kind of a bill we can shape to be absolutelv fair to 
 every interest. As one member of the committee, I am sure I should 
 be very glad to invite cooperation of men skilled in railroading in 
 shaping such a bill. 
 
 Mr. Fish. Of course I can only speak for myself. 1 shall be glad 
 to give you such aid in any work of that kind, and I think the railroad 
 men generally are of the same opinion. I question the wisdom of 
 attempting to put in the hands of any governmental body the fixing of 
 the price of anj;^ service, for the same reason that I would resist any such 
 attempt to fix prices of any other article or service whatsoever. Such 
 laws were undertaken in the middle ages. They tried to fix the prices 
 of wheat and bread. New Yorkto-day has a usury law at 6 per cent, with 
 this exception that a loan made on Wall street collateral can be made 
 for over $5,000 at any rate if reduced to writing. My farmer friends 
 up in Putnam County pay 6 per cent on their mortgages, or in case 
 oi a loan to good men they sometimes pay only 5 per cent. I am bor- 
 rowing some myself in Putnam County to the amount of $5,000, and I 
 think I get that a little on account of my reputation. But the boj's on 
 Wall street get their money at 2 per cent or If, and once in a while 
 they have to pay as high as 20 or 30 per cent per annum for a few 
 days. This Townsend bill is a sumptuary proposition, and where have 
 all sumptuary laws wound up? 
 
 Senator Newlands. In New England, instead of fixing the rate of 
 interest, they control the amount of dividends to be paid by railway 
 corporations. 
 
 Mr. Fish. By the original charters. 
 
302 DUTIES AlfD POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 Senator Newlands. I understand the Boston and Maine is not per- 
 mitted to pay over 8 per cent and the New York, New Haven and 
 Hartford not over 10 per cent. The increased earnings on account ot 
 greater population and income and the growth of business have m 
 consequence largely gone into the betterment of the roads, diminution 
 of rates, and improvement of service, and possibly to increase of 
 wages. "What do you think of that method of regulation ? 
 
 Mr. Fish. That was the original contract, just like these excessive 
 payments of money by the Illinois Central to the State of Illmois, for 
 we pay more than double other taxes. It is provided in our original 
 contract, however, and of course we have to stand up to it. 
 
 Mr. Newlands. You would not regard that as a wise system of reg- 
 ulating rates in the future? 
 
 Mr. Fish. No, sir. 
 
 Senator Newlands. Do you think that by limiting their dividends 
 so as to increase income, that that increase would in the future go 
 toward betterments and lower rates ? 
 
 Mr. Fish. No. My reason for that is this: That the circumstances 
 are so different on the various railroads. Take our road, for instance; 
 our stock represents money actually paid in, but that is not always 
 the case with other roads. It would be grossly unfair to our people 
 to say that the Illinois Central should not have the power to do as it 
 chooses with the money invested more than fifty years ago. 
 
 Senator Newlands. Assume that bj' a system of values it could be 
 put on a fair basis, that objection would fall, would it not? 
 
 Mr. Fish. If you could get over the difficulty, that particular one 
 would fall, but I think the difiiculty would remain. 
 
 Senator Newlands. Starting with the assumption that these roads 
 are gradually being consolidated in various ways, and that the consoli- 
 dation is beneficial to the public in the better service performed and 
 greater economy of operation, how are we to prevent the increase of 
 income and of rates in the future if the railroads are allowed to exer- 
 cise their own will as to the rates, unregulated or uncontrolled by any 
 power? 
 
 Mr. Fish. You quoted the gross earnings of the railroads in the 
 United States last year. Those gross earnings, as you stated, were 
 11,900,000,000 as against 11,726,000 the year preceding. There was 
 that tremendous increase, but it must not be forgotten that there was 
 also an increase of operating expenses which, according to the report 
 of the Interstate Commerce . Commission, were for this year 
 $1,257,000,000 and last year 11,116,000,000. The income from oper- 
 ation was this year $643,000,000 and last year 1610,000,000. 
 
 Senator Newlands. What was the net increase? 
 
 Mr. Fish. Thirty three million dollars. Out of all that vast sum of 
 money that is all the increase in the return to them from the operation 
 Qf the railroads. We did not want to increase our rates, but we were 
 obliged to increase them as our expenses increased. As taxes, wages, 
 and other expenditures go up we must get that money back from 
 somewhere. The figures for the year ending June 30, 1904, are going 
 to show a further increase in operating expenses. How it will come 
 out for all the railroads of the United States I do not know, but I know 
 something about the individual railroads. The trouble with these sta- 
 tistics is that they are stale. The figures in this report only come down 
 to June 30, 1903. 
 
DUTIES AND P0WEB9 OF INTEBSTATE COMMEKCE COMMISSION. 303 
 
 Senator Newlands. Do you not think the gross revenues of all the 
 railroads last year exceed those of previous years ? 
 
 Mr. Fish. I think the gross revenue did, but not the net revenue. 
 That is my impression about it. I only wish we could have the 
 statistics more promptly. 
 
 Senator Newlands. Unless we put some control over the roads there 
 is nothing to prevent them from raising whatever revenue they desire. 
 
 Mr. Fish. But the moment they raise the revenue they fail to move 
 somebody's freight. Our reports show that in the past we have 
 always moved an increasing amount of tonnage as we have developed 
 the country. Take coal, for instance; we can move coal from the 
 mines of Illinois at the rates now prevailing; but the rates vary at 
 diiferent times according to the conditions existing at the mines. Coal 
 is very easily mined in Illinois. 
 
 Senator Newlands. Do you not think these very low rates we have 
 had have been the result of very active competition between the roads, 
 and that as that active competition is diminished by consolidation, 
 through these various methods, into eight or ten railway systems for 
 the whole country, the natural tendency will be either toward a per- 
 manency in rates or an increase of rates, and not toward reduction of 
 rates, as in the past? 
 
 Mr. Fish. I do not contemplate a permanent increase of rates under 
 normal circumstances. I do, however, contemplate a lessening degree 
 of diminution, just as if out of 100 you take one-tenth of 1 per cent, and 
 out of the remainder one-tenth of 1 per cent, and so on, you constantly 
 make a less and less reduction, because there is less to take away from. 
 Our rates now are lower than those of any country in.the world. 
 
 Senator Dollivee. Have you observed or taken pains to examine 
 the effect of the regulation of I'ailway rates by the board of trade 
 under the authority of the British Parliament? 
 
 Mr. Fish. I know a little about that. I have not examined it lately; 
 1 did some years ago. I do not know that I can illuminate the com- 
 mittee. Probably the Senator knows more about it than I do. My 
 ■ recollection is that the board of trade appoints one man, then a judge 
 is delegated, and then a third man is appointed in some way to repre- 
 sent the shippers. 
 
 Senator Dollivek. Parliament has fixed a maximum rate through- 
 out the realm, and has given this power, in substance, of fixing I'ates, 
 in case of complaint, to a tribunal created by law or which has been in 
 existence in one form or another since 1844, if I have read the statutes 
 correctly. What I wanted to get at was the railroad view of the prac- 
 tical operation of that attempt of Parliament to control these rates 
 through a commission appointed for that purpose. 
 
 Mr. Fish. I have seen something of that, and if I can find it I shall 
 be glad to send it to the committee. It was some years ago that I saw 
 it. As I remember, one member of that tribunal is a law judge corre- 
 sponding to our Federal judges, and there are three members of the 
 body. 
 
 Senator Dollivek. What I wanted to get at is the effect of this 
 control of rates for niany years in a country not noted particularly 
 for unnecessary interference with business. 
 
 Mr. Fish. As I remember, I think that court has no power to fix 
 rates. I think they inquire into the injustice and the relation of rates- 
 and determine those questions as our courts do. I think perhaps they 
 fix a maximum beyond which a rate shall not go — a theoretical rate. 
 
304 DUTIES AND POWERS OF INTEE8TATE COMMERCE COMMISSION. 
 THE TEXAS IMPORT RATE CASE. 
 
 I have noted frequent references to the decision of the Sapreme 
 Court in the import rate case such as would indicate a belief that some 
 wrong to inland shippers was involved in the practice under which 
 from a port of entry to the interior a less rate was charged upon 
 imported commodities than that charged upon like commodities not 
 imported for carriage between the same points. I am forced to 
 believe that these conclusions arise from an inadequate understanding 
 of the conditions. 
 
 In the first place it rarely if ever happens that like commodities 
 the one imported and the other not imported, go from the same port 
 to the same point in the interior. It may happen, and doubtless does 
 happen, that other things of like general nature, so far as the condi- 
 tions of carriage are concerned, may go between such points, but the 
 fact that the railroad company charges less upon the imported goods 
 is no unfair discrimination. Indeed, the general result is that there 
 is a tendency, on account of the carriage of the imported goods,_ to 
 lower the tariff on all inland goods. The imported goods in question 
 would not go to New Orleans at all and from New Orleans to interior 
 points but for the reduced railroad rate. Inasmuch as the marine 
 Tate is greater to New Orleans than to Eastern points there must be 
 a compensation in the railroad rate, for otherwise such goods would 
 never reach the port of New Orleans. In respect of some of them, 
 they would never come to America at all if the combined marine and 
 railroad rate were not such as to enable them to reach interior mar- 
 kets so as to m^et competition. The rpvenue derived by the railroad 
 •company from carrying traific which otherwise it would not get at all 
 enables the railroad company, by increasing its revenues, to give its 
 domestic patrons better service and better rates than otherwise it 
 could. It gives the consumer advantages of competition which other- 
 wise would not exist. Whenever a railroad company, which must be 
 operated anyway, can get, even though at close figures, a business 
 which otherwise it would not get, this necessarily increases its effi-' 
 ciency, and the tendency is to enable it to carry generally at lower 
 rates. 
 
 Senator Clapp. You have a commission in Illinois?' 
 
 Mr. Fish. Yes. 
 
 Senator Clapp. The courts have decided that under your charter 
 you are subject to that commission. Do you know what attention they 
 pay in fixing rates to the relation of intrastate traffic to interstate 
 traffic? 
 
 Mr. Fish. They have not taken that up to my knowledge. 
 
 Senator Clapp. Have they ever fixed any rates for your road ? 
 
 Mr. Fish. They have, generally, for all the railroads, and we have 
 conformed to them. 
 
 Senator Clapp. Did they prescribe a schedule? 
 
 Mr. Fish. They prepared a tariff. In Iowa there is a distance tariff. 
 The same conditions prevail there. 1 happen to be more familiar with 
 Iowa than Illinois. But the charges on our road are below the tariff'. 
 
 Senator Clapp. It was stated nere the other day by a gentleman 
 representing a southern road— the Louisville and NashvHle, which 
 operates in Illinois — that the Illinois commission fixes rates. I inquired 
 in order to ascertain whether that commission took into account the 
 intrastate traffic as related to the interstate in fixing the rates. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 305 
 
 Senator Caemack. He stated generally with respect to all interstate 
 business. 
 
 Senator Clapp. Domestic business, yes. 
 
 Mr. Fish. That is a legal question. The part of the Louisville and 
 Nashville road in the State of Illinois is in what we consider pretty poor 
 territory. The Illinois Central running to Chicago, where there is a 
 great market, might have a good business, and we happen to have a 
 better coal business than they have. But I think the Illinois end of 
 the Louisville and Nashville is pretty poor property. 
 
 Senator Dollivee. You say that the Illinois Central does not live up 
 to its privileges under the rates made by the Illinois State commission. 
 
 Mr. Fish. We simply can not get them. 
 
 Senator Dollivee. Have you any reason to fear that the orders of 
 the Commission established by the National Government for the con- 
 trol of railway rates would be more oppressive upon these great prop- 
 erties than the orders of a State commission in a State like Illinois? 
 
 Mr. Fish. No, sir; I should not thjnk they would be more oppres- 
 sive; 1 think they would be more unequal. It is a much more complex 
 problem, because you multiply every factor in the Illinois rate situa- 
 tion by 45 for the total number of States — unless you gentlemen created 
 a new State the other day. 
 
 Senator Dollivee. We have not done that yet. 
 
 Mr. Fish. As you go on the situation becomes more complicated. 
 
 belief, UNDEE the ESCH-TOWNSEND bill, by the COUET of TEAN8- 
 POETATION IS AT BEST ILLUSOEY. 
 
 The act will in all probability in practice deny the railroad com- 
 panies all relief until a trial upon the merits, provided such a trial can 
 be obtained under this bill, which is more than doubtful. While sec- 
 tion 1 provides that any person affected by the order of the Commis- 
 sion and deeming it to be contrary to law "may institute proceedings 
 in the court of transportation, sitting as a court of equity, to have it 
 reviewed and its lawfulness, justness, or reasonableness inquired into 
 and determined," and while section 7 establishes a court "with full 
 jurisdiction in law and equity," which shall have exclusive jurisdiction 
 of all suits and proceedings "to restrain, enjoin, or otherwise prevent 
 the enforcement and operation of any order," etc., and while section 
 14 provides that the court shall be deemed always open for " making 
 and directing all interlocutory motions, orders, rules, and other pro- 
 ceedings, including temporary restraining orders, preparatory to the 
 hearing," etc., yet when we come to consider all this in connection with 
 section 12 it is quite evident that temporary restraining orders would 
 not, except in cases of palpable and manifest injustice, be granted. 
 
 Section 12 provides that the case shall be reviewed upon the original 
 record, except when there is newlj' discovered evidence, which was not 
 known at the former hearing, or could not have been known with due 
 diligence. It also provides that " the findings of fact made and reported 
 by the Commission shall be received as prima facie evidence of each 
 and every fact found." Therefore unless there shall be newly dis- 
 covered evidence brought to the attention of the court, when a restrain- 
 ing order is asked for, or unless there is no competent evidence in the 
 record upon which the findings could rest, the railroad company would 
 at once be met by a statement from the court that it had nothing to 
 BY— 05 20 
 
306 DUTIES AKD POWEKS OF INTEESTATE COMMEBCB COMMISSION. 
 
 proceed upon except findings of fact, which were to be taken as_ prima 
 facie correct, and which could not upon a preliminary hearmg be 
 determined to be incorrect, but could only be so found after a full 
 hearing, and that upon such an aspect of the ease a restrainmg order 
 could not be allowed. 
 
 The bill, as arranged, amounts practically to a denial of all relief until 
 after a final hearing upon the merits. 
 
 Thus the action of a body which has stimulated a heai;ing,_ has itself 
 given the hearing and the decision, keenly bent upon righting a sup- 
 posed wrong, however erroneous, can not be relieved against, with the 
 result that the railroad companies must lose forever without any pos- 
 sibility of recoupment all of the revenue that may be cut off by such 
 a tribunal. 
 
 The Chairman. Suppose the southwestern traflnc territory falls 
 under the domination and control of one management, which we may 
 call a monopoly; suppose that the price of transportation of freight is 
 advanced beyond what is reasonable and just or beyond what the peo- 
 ple can bear, should there not be some power lodged somewhere to 
 correct that abuse or evil, or whatever you may call it? 
 
 Mr. Fish. Theoretically I should say yes; as a practical proposition 
 I doubt it, because you must suppose that men who are intrusted with 
 such large property have sense enough to know that they must not 
 kill the goose that lays the golden egg. They must go on and develop 
 that territory. Take the most prosperous parts of the country that 
 have been developed by the railroads. Those of you from the Western 
 States are very familiar with the territory served by the Chicago, 
 Burlington andQuincy Road in western Illinois, in Iowa, and Nebraska 
 in early days. What part of the country has been developed more 
 rapidly ? 
 
 The Chairman. I admit that wherever railroads have gone they 
 have developed the country beyond any other agency. But now we 
 have reached a point where, by consolidation, a whole district may 
 come under one combination, and we have not yet the practical knowl- 
 edge or experience to see whether or not that has promoted the public 
 good. 
 
 Mr. Fish. Take the State of Pennsylvania, for instance, and what 
 country has prospered as that has ? The Pennsylvania Railroad has 
 been spending money lavishly in that State. But the appeal is to the 
 enlightened self-interest of the managers of these roads, and that 
 serves to bring in some of my own experience. Take the country 
 south of Senator Carmack's home at Memphis, that Yazoo country. 
 We have gone in there and are developing it by building little branch 
 roads all the time. Why ? True, the soil is good and is covered with 
 timber, but in that territory we can maintain rates because there we 
 have something approaching a monopoly. The Southern Railroad 
 is in that territory, the Illinois Central is in there, and the Yazoo and 
 Mississippi Valley, but those are all that are in there. We can develop 
 that country, and we do go on developing it. 
 
 Senator Caemack. It is to the interest of the railroads to develop 
 the country and create as much business as possible. But suppose a 
 case where one great company has a monopoly of the business, do you 
 think it could be trusted to divide fairly the profits of that develop- 
 ment as between themselves and the people? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 307 
 
 Mr. Fish. The people would not agree to the division. That is as 
 true as that you can not divide an apple satisfactorily between two 
 boys. 
 
 Senator Cakmack. But if one boy has the absolute power to decide 
 how it shall be divided, will the other boy get his share? 
 
 Mr. Fish. You have struck the exact point. You can not create 
 territory in which there is absolute monopoly, and least of all a monop- 
 oly of that part of the business under the control of Congress, to wit, 
 the commerce among the States as distinguished from domestic com- 
 merce. Suppose such a territory as Senator Elkins spoke of in the 
 Southwest should pass into the hands of one corporation, and that 
 that corporation should unduly harass and tax that territory in the 
 matter of rates, the country" to the north of it would develop and 
 grow and become the producers of articles of interstate commerce. 
 It would be unjust toward those people; I can see that; but you can 
 not make a monopoly of commerce among the States and of commerce 
 with foreign nations unless you suppose that all the railroads in the 
 United States shall come practically into the hands of one man or one 
 group of men, and then there is nothing to follow but Government 
 ownership. 
 
 Senator Newlands. It is complained that under existing conditions 
 abuses are created in the shape of private-car lines, such as the Armour 
 Company's lines, and I have heard mentioned also the Blue Line and 
 the Merchants' Despatch. It is claimed that oftentimes large stock- 
 holders and traffic managers of other lines are interested in these 
 private-car lines, and that a large amount of money is drawn from the 
 public in that way which does not appear in the returns of the rail- 
 road companies to the Interstate Commerce Commission. What is 
 your view regarding these pi'ivate-car lines ? 
 
 Mr. Fish. 1 believe they are an abuse pure and simple, and that 
 they ought to be stopped, with certain exceptions. We nandle prob- 
 ably, relatively to our whole business, more perishable merchandise 
 than any railroad in the country, and we have probably the largest 
 equipment of fruit and refrigerator cars owned by the company. Yet 
 we use those private cars owned by Armour, Swift, and the others. 
 We make as little use of them as is possible, but we have to use them 
 to a certain extent. For instance, in Omaha the packers naturally 
 insist that we shall carry in their cars. We take freight to New Orleans 
 and the South in those cars, and naturally desire return freight to the 
 North to be transported in those cars. The private-car business has 
 been grossly abused by the officers, agents, and directors of railroad 
 companies, though I think there is very little of that to-day. 
 
 Senator Newlands. You mean to say that those officials have been 
 interested ? 
 
 Mr. Fish. Formerly they were interested, to my knowledge, and 
 swindled their own employers years ago — no question about that. 
 But I think that condition does not prevail to any great extent to-day; 
 it may be sporadic here and there. But there are exceptions. A case 
 was given me some j^ears ago, and I think the condition still prevails. 
 In northern Ohio they grow grapes, which, of course, are perishable, 
 and have to be moved within a period of thirty to sixty days. The 
 railroad lines can not afford to buy their own cars for that traffic, and 
 therefore they use Armour cars, we will say, for that purpose. That 
 
308 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 is on the east and west lines, but it is different on north and south 
 lines. Take the banana trade, which moves all the year through and 
 uses a thousand cars a month out of New Orleans, 13,000 cars of bananas 
 were hauled out of New Orleans last year. 
 
 Senator Newlands. Is that freight entrusted to the Armour car 
 lines? 
 
 Mr. Fish. No, sir; that is carried in our own cars almost exclu- 
 sively. Of course if we happened to ha\e Armour cars there at the 
 particular time, we should use them, but we have done as little as 
 possible with them. It has become a necessity, however, for shippers 
 on other roads to either use those private cars or go out of thebusiness. 
 
 Senator Newlands. Is there anything to prevent these private cars 
 being used for general purposes when they are not required for use 
 during the special period and for the special service? 
 
 Mr. Fish. They are not adapted to general freight purposes. It 
 would not do to ship coal or anything of that sort in them. They are 
 not easily loaded with other freight, and there are many other reasons 
 why other freight should not be shipped in them. 
 
 Senator Newlands. Your contention is that in the case of a small 
 company that has a certain produce coming to fruition within a short 
 period of time, it would be a hardship to require them to own a suffi- 
 cient number of cars adapted to that service ? . 
 
 Mr. Fish. I do not see how they could do it. 
 
 Senator Newlands. What suggestion do you make on that line, so 
 far as legislation is concerned? 
 
 Mr. Fish. I do not see how you could prevent a railroad company 
 from hiring such cars. There is nothing wrong per se in the hiring 
 of cars. The abuse is in paying to the owner of the cars so high a 
 price that he can rebate the rate. Do I make myself clear on that? 
 
 Senator Newlands. Yes. 
 
 Mr. Fish. If the owner of the car is paid for its use too high a 
 price he can rebate the charge, and there is a wrong in that matter. 
 Without going into too much detail about it, occupying the position I 
 do, I am yet willing to go on record as saying that I am with you so 
 far as you will go in this legislation. I do not want rebates. I do 
 not want to specify private cars. I do not want to specify undue ter- 
 minal charges for three-fourths of a mile of railroad and giving a 
 20 per cent of the rate charged on 500 miles. All such tricks I want 
 stopped, and I think the majority of the railroad men are with you 
 and with the President on that, absolutely. 
 
 The Chairman. Are you clear, Mr. Fish, that the enactment of this 
 bill, or of one like it, would stop railroad building, on the theory that 
 men will not put their money into an enterprise where another person, 
 who has no money interest in it, regulates it to the most important 
 extent of fixing the rates ? 
 
 Mr. Fish. I am very clear on that subject, for this reason: People 
 
 §0 into railroad business for the great prizes they suppose to be in it. 
 ome railroads have been very profitable, -^vithout question, but on the 
 average railroads have not been profitable. 
 
 The Chairman. Do you think if this bill had been enacted and been 
 in effect, and it had been supposed that Governmental supervision 
 would have taken place, that there would not have been as much 
 money invested in railroads ? 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 309 
 
 Mr. Fish. I am confident of that — and more than that. Let me give 
 you some more experience. Since the act of 1887 and the provision in 
 the present act forbidding pools, there has not heen in the United States 
 anj'^where, with a single exception, a railroad built for a share in the 
 pool, as the Nickel Plate and the West Shore were built for a share in 
 the New York and Chicago pool. It was in their prospectus, if you 
 remember it, that the pools existed, and that those who went into it 
 were to take so much in the Chicago pool, so much in the Buffalo pool, 
 so much in the Cleveland pool, and that there were so many railroads to 
 divide the total of such pools. The moment they got their tracks 
 built they demanded and got a share of each pool; that is what forced 
 the Vanderbilts to buy those roads. Since 1887 there have been no 
 railroads built for a share in a pool, and only one considerable inde- 
 pendent railroadhas been built since then, and that is the Kansas City, 
 Pittsburg and Gulf Eailroad of about 800 miles. 
 . The Chairman. Would the effect of this law, to your mind, be of 
 immense advantage to those sections that already enjoy a large railroad 
 mileage? 
 
 Mr. Fish. Yes, sir; it would nave a tendency to preserve the status 
 quo and to prevent growth. The Commission could do absolutely 
 nothing with these rates except just to say that the rates which are in 
 effect shall continue, and- then whatever change occurred would not 
 be in the direction of growth. 
 
 The Chairman. You think the effect of the exercise of the power 
 would be what? 
 
 Mr. Fish. It would be to decrease rates, because there would be no 
 motive the other way. 
 
 The Chairman. Do you think there would be a great many com- 
 plaints filed if the law went into effect? 
 
 Mr. Fish. I should think probably a great many, but it is hard to 
 tell. It would depend somewhat upon the position the Commission 
 should take in regard to it. As I recollect, when the Commission was 
 organized in 1887, under Judge Cooley, it rather deprecated the filing 
 of complaints instead of inviting them. 
 
 The Chairman. If rates were reduced, would it not naturally fol- 
 low that expenses would be reduced ? 
 
 Mr. Fish. No. If you reduce rates, one effect might be to increase 
 the volume of freights, for things would move. 
 
 The Chairman. Would they not do that in the first instance, then? 
 
 Mr. Fish. They are doing it every day. But the question is. What 
 rate will the traffic bear? That is to say, at what rate can we pick 
 up this or that commodity here and move it yonder in order to sell it? 
 
 The Chairman. But ordinarily it would have the effect to reduce 
 expenses, would it not? 
 
 Mr. Fish. No, sir. To reduce rates would not reduce expenses 
 unless it stimulated traffic to.a much greater extent; and if that would 
 happen, the traffic managers would reduce the rates to-day. 
 
 Senator Newlands. Keduced rates would probably increase ex- 
 penses? 
 
 Mr. Fish. They would increase expenses, for reducing the rates does 
 not necessarily inci-ease the tonnage. 
 
PRIVATE CAR-LINE SYSTEMS. 
 
 Senate Interstate C!ommerce Committee, 
 
 Friday, January S7, 1905. 
 
 STATEMENT OF E. M. FERGUSOIT. 
 
 The Chairman. You may state your name, place of residence, 
 business, and whom you represent. 
 
 Mr. Ferguson. My name is E. M. Ferguson; Duluth; and I have 
 the honor of appearing before this committee representing the fol- 
 lowing organizations : 
 
 The Western Fruit Jobbers' Association ; the National Eetail Gro- 
 cers' Association; the Minnesota Jobbers' Association; Wisconsin 
 Retail and General Merchandise Association; Wisconsin Master 
 Butchers' Association; Minnesota State Retail Grocers' Association; 
 Duluth Retail Grocers' Association; Superior Eetail Grocers' Asso- 
 ciation, Superior, Wis.; Lake Superior Butchers' Association, Du- 
 luth, Minn.; Duluth Commercial Club; Duluth Produce and Fruit 
 Exchange; Iowa Fruit Jobbers' Association ; seeking- your assistance 
 to obtain relief from a situation that 'to many of us has become, and to 
 all of us soon will become unless relief is speedily given, tantamount 
 to commercial slavery. 
 
 It must be plain to all that commercial freedom in any line of 
 industry has ceased when a gigantic trust like the Armour interests 
 are permitted, through ownership and operation' of private car lines, 
 to absolutely control the common highways in so far as the use of 
 such highways may be required in the transportation of that particu- 
 lar kind of traffic for which their cars are a necessary instrumentality 
 of carriage, thus enabling the Armour interests (who it will be re- 
 membered are also merchants in the commodities transported in their 
 cars) to completely dominate over all independent dealers to the extent 
 of fixing rates, conditions, and terms under which such independent 
 dealers may use the common highways. 
 
 The Chairman. There is a bill I introduced January 18. Have 
 you seen that bill ? 
 
 Mr. Ferguson. I have seen it. Senator, but I have not had time to 
 examine it as closely as I should like. 
 
 The Chairman. If you have any suggestions to make in the way 
 of amendments, the committee will be glad to have them. You may 
 state whether you think the bill is sufficient. 
 
 Senator Clapp. Mr. Ferguson desires to discuss this question rather 
 from the standpoint of his line of business. 
 
 The Chairman. We will permit him to proceed in any way he likes. 
 
 Senator Carmack. Let him proceed with his statement, if he so 
 prefers. 
 
 Mr. Ferguson. My purpose in making a general statement is, in the 
 first place, to somewhat outline my position, and to that end I shall 
 deal rather largely with conclusions. I shall be pleased to answer 
 
 311 
 
312 PRIVATE CAE-LINE SYSTEMS. 
 
 such questions as may be put to me with reference to practices or 
 proposed legislation, or legislation along the lines I am seeking. 
 
 Senator Caemack. Would you prefer to complete your statement 
 before questions are asked ? 
 
 Mr. Ferguson. In a general way; yes. Eates for the forced use 
 of the Armour cars, such as are now in vogue, amount to the granting 
 to the Armour interests rebates not only upon their own shipments, 
 but upon all shipments made by their competitors. The knowledge 
 which, according to. the terms of the contract, the Armour interest 
 may obtain concerning the shipments of their competitors is of itself, 
 backed by ample capital, sufficient advantage to enable them to crush 
 out all competition. There is no commercial freedom or equal rights 
 on our common highways when the weak, independent dealers are 
 permitted to use the common highways only through the grace and 
 under the espionage of their strong and especially favored competitor. 
 That such conditions are in existence to-day, and have been publicly 
 established for more than six months, with no relief in sight, and no 
 abatement of the practices, is cause for thoughtful men to pause to 
 inquire. Whither are we drifting, where will be the end, what the 
 result? The situation is serious; strong hands only can prevent the 
 crisis. 
 
 The private car-line companies in the dual capacity of carrier and 
 merchant can never honestly serve the public, and to continue them 
 in any form is an extremely dangerous departure from the now exist- 
 ing legal practices. 
 
 Therefore, in the best judgment of the organizations which I have 
 the honor of representing, it would be a fatal mistake to undertake to 
 continue them. Especially do we believe it would be a mistake, now 
 that the car-line companies have been discovered wilfully violating the 
 spirit, if not the letter of the law, to now legalize them by attempting 
 to make of them cominon carriers and bringing them under the juris- 
 diction of the Interstate Commerce Commission. Such a law would 
 force independent dealers, such as I represent, to transact business 
 on the common highways through such competitors as the Armour 
 interests and under their espionage. This would permit the Armour 
 interests to have full knowledge of their competitors' business. Yet 
 the same reason for protecting the privacy of these shipments exists 
 as those that obtain for protecting the privacy of the United States 
 mails. 
 
 Further, such a law would double the duties of the already over- 
 burdened Interstate Commerce Commission, increase the almost non- 
 understandable and multitudinous tariff schedules now filed with the 
 Commission, and divide the responsibilities between two common 
 carriers so that it would be next to impossible to fix a responsibility. 
 
 Again, by and through the close relationship existing between car- 
 rier railway company and carrier car-line company, the channel 
 would be provided for a thousand and one evasions of any law now 
 existing or proposed. The shipping public could not detect a manip- 
 ulation through such a channel, and the Commission doubtless would 
 not undertake of its own motion to do so. 
 
 Nor is the Commission provided with the necessary sanction that 
 such duties would involve, enabling the Commission to inquire into 
 the carrier's affairs to the same extent that bank examiners inquire 
 into the affairs of national banks. The shipper's only chance for 
 
PRIVATE CAR-LINE SYSTEMS. 313 
 
 protection would be the accidental discovery of these discrimina- 
 tions, and then the prosecution of the carrier at shipper's expense, 
 the burden of proof always being with the shipper. 
 
 Therefore, if it be claimed that present or proposed law affords 
 relief, such relief in most cases would be too tardy and remote to save 
 the injured party from commercial murder. There is no bona fide 
 reason for the existence of these parasites upon our common high- 
 ways except that of greed and graft. The system has stolen upon 
 us secretly and stealthily, not because of public demand for superior 
 or especial service, but because of the community of interest between 
 contracting carriers and car lines, and, in my opinion, it is safe to 
 conclude that where that community of interest does not exist the car 
 lines are unable to obtain contracts. 
 
 It is worthy of note that many railway companies are bitterly 
 opposed to the system, and characterize it is infamous and iniqui- 
 tous, and it also charged by some railway representatives that the 
 system saps at the vitals of certain railway companies, and that it 
 will build up the greatest trust in the world. 
 
 I will point out the fallacy of the contentions offered in support 
 of the car-line system, if it is desired. There is not one good reason 
 why it should exist, and countless reasons why it should not. To make 
 common carriers of car lines by legislative enactment, if it can be 
 done, in my opinion would prove an ineffectual remedy, further com- 
 plicate an already complex proposition, raise new questions for 
 shippers to litigate at their own expense, give a great impetus to the 
 car-line business, create a refrigerator monopoly, through which 
 would be obtained control of all food supplies, and build up a 
 
 freater and more vicious trust than the world has ever known or 
 reamed of. If the car-line system be legalized and continued upon 
 the same theory the now interested carriers and car lines are contend- 
 ing for the right to continue this system, they will next be contending 
 for the right to extend this system to cover and include box cars and 
 all other instrumentalities of carriage, and they will maintain then, 
 as now, that the carriers can more economically provide themselves 
 with equipment under the holding company system than for each 
 carrier to own its own equipment, because of the varying demand 
 for the different kinds of equipment at various seasons of the year. 
 And if the privilege to continue the system with respect to one style 
 of equipment is granted, I think it must be granted with respect to 
 other kinds of equipment when demanded. 
 
 That the carriers have failed to perform their full duty to the 
 public (their common-law duty of supplying cars), and that some 
 certain locality has been neglected by the carrier with respect to 
 furnishing cars, and that such localities have been served by these 
 car-line companies at exorbitant and extortionate charges' for the serv- 
 ice is not a sufficient reason for legislation that would bring the inde- 
 pendent dealer, who would wish to use the common highways, under 
 the domination of his powerful trust competitor, thereby absolutely 
 legislating into serfdom thousands of law-abiding citizens who are 
 entitled under our Constitution to equal rights and protection in 
 pursuing their chosen vocation. 
 
 The proper course, in my judgment, and of those that I represent, 
 is to eliminate, root and branch, all these barnacles from our common 
 highways, and to say to the carriers, "you whom we have given 
 
314 PRIVATE CAR-LINE SYSTEMS. 
 
 sovereign rights and franchise must discharge your full obligation 
 to the public, the obligation you assumed when you accepted the 
 franchise ; and you can not delegate any part of that duty to special 
 interests under any terms. You must keep these highways open alike 
 on equal terms to all, and you must furnish all the necessary carrying 
 equipments to protect the commerce originating on your several 
 lines. Failing in this, you will forfeit back to the people the 
 charter they gave you." 
 
 Any remedy designed to continue car lines will place independent 
 dealers at such a disadvantage that they will be compelled to bow 
 to the inevitable and yield up their business and independence to the 
 great merchant car-line trust. 
 
 Senator Newlakds. How many of these parasite car lines, to 
 which you refer, are there? 
 
 Mr. Ferguson. About 300. 
 
 Senator Newlands. Three hundred different lines? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. How many of them are under the control of 
 the Armour Company ? 
 
 Mr. Ferguson. I do not know how many are under their control. 
 We know the Armour lines all as one company; for instance, the 
 F. G. E. (the Fruit Growers' Express), and other lines, all managed 
 and controlled by the Armour Company. 
 
 Senator Newlands. Do you mean to say that the Armour Com- 
 pany control is distributed over different corporations that are en- 
 gaged in this business? 
 
 Mr. Ferguson. No. 
 
 Senator Newlands. Are they all in one corporation? 
 
 Mr. Ferguson. No, sir; I mean to say that the Armour Car 
 Line Company controls such car lines as the Armour Car Line, 
 the Fruit Growers' Express, the Kansas City Fruit Express, and 
 one or two others. These are different lines, but they are all con- 
 trolled by the Armour people, and they are to all intents and pur- 
 poses one company. They control about 8,000 fruit cars, according 
 to their testimony before the Interstate Commerce Commission. 
 With those 8,000 cars they obtain secret exclusive contracts with 
 a large number of carriers who ship from the fruit belts. When 
 making shipments we are compelled to use their cars to the exclu- 
 sion of all others, even though we may own cars ourselves, and 
 even though we may be able to provide cars for half of what they 
 require us to pay, or for no charge at all. We are not permitted 
 to use our own cars. 
 
 Senator Caemack. How are you prevented? 
 
 Mr. Ferguson. By the secret contract, a copy of which I have here 
 and will offer later, if desired. That contract permits no other cars 
 to be used on their lines and if they use one of their own cars for 
 an interstate shipment to me or to any other firm, under the pro- 
 visions of that contract the railroad company must bill the advance 
 charges and collect them, and return them to the Armour Company. 
 
 Senator Foster. I understood you to say that these private car 
 lines act in a dual capacity — as common carriers and as merchants? 
 
 Mr. Ferguson. Yes. 
 
 Senator Foster. I wish you would explain to me, if not to the 
 committee, exactly what you mean by that. 
 
PEIVATE CAR-LINE SYSTEMS. 315 
 
 Mr. Feegtjson. I mean that Armour & Co., the directorate of 
 which is practically the same as that of the Armour Car Line 
 Company, have established throughout the country branch packing 
 houses or places for selling packing-house products, and a few 
 years ago they began trading in products other than packing-house 
 products — I am not positive as to the order, but, for illustration, 
 butter, then eggs, then poultry, then different kinds of farm prod- 
 ucts — potatoes, cabbage, and such things — then apples, then pine- 
 apples, then green vegetables, such as practically all the wholesale 
 produce dealers of the country handle; and practically all of the 
 commodities that must be transported under refrigeration have until 
 recently been handled by Armour & Co. through their branch meat 
 houses and transported in their cars and brought into markets and 
 sold in competition with dealers. Under the terms of the contract it 
 is simply a mathematical calculation to show just how long it will 
 take to put me out of business. It is not a theory, it is a condition 
 that confronts us, this advantage varying from $100 to $200 per car 
 for goods going to the same market. The Armour Company are 
 enabled to lose on every car of stuff they sell ; they may sell below 
 cost and make a handsome profit in the sale of the goods through their 
 traffic department. 
 
 Senator Foster. Who owns these private car lines ? 
 
 Mr. Ferguson. It is supposed in this particular case that the 
 Armour Car Line owns them. I am very much of the opinion that 
 they would be unable to get such advantageous contracts without 
 there existed a community of interest. 
 
 Senator Newlands. You mean that they are interested in the rail- 
 roads themselves ? 
 
 Mr. Ferguson. I mean that there must be a community of interest 
 in some way. I am not able to add details, and that is a conclusion 
 only. 
 
 Senator Newlands. Community of interest between the traffic man- 
 agers of the roads and the managers of the private car lines ? 
 
 Mr. Ferguson. Between the people who enable them to make the 
 contracts. That would be my opinion. 
 
 Senator Newlands. The people on both sides ? 
 
 Mr. Ferguson. No. I should think it is fair to conclude that the 
 carriers, or those who enable the contracts to be made, were interested 
 in the car line companies. 
 
 Senator Clapp. You are engaged yourself in dealing in these com- 
 modities ? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Foster. You state that secret contracts or understandings 
 exist between the parties who deal in private car lines and the rail- 
 roads, do you not? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Foster. You have made that statement ? 
 
 Mr. Ferguson. Yes, 
 
 Senator Foster. You say you have those contracts ? 
 
 Mr. Ferguson. Yes. 
 
 Senator Foster. Between whom were those contracts made ? 
 
 Mr. Ferguson. I have a copy of one made between the Pere Mar- 
 quette Railroad and the Armour Car Line Company. 
 
 Senator Foster. In this contract who represented the car lines? 
 
316 PRIVATE CAR-LINE SYSTEMS; 
 
 Mr. Fergttsoit. What company do you mean ? 
 
 Senator Foster. Yes. 
 
 Mr. Ferguson. The Armour Car Line Company. 
 
 The Chairman. How many cars have the Armour Company? 
 
 Mr. Ferguson. Their testimony before the Interstate Commerce 
 Commission shows that they had 8,000 in the fruit busmess, as you 
 will find by inquiring in regard to the testimony given before the 
 Interstate Commerce Commission at the June car line hearmgs m 
 Chicago. The number of cars engaged in the fruit busmess, as per 
 their statement at that time, was 8,000. The total number of cars 
 they stated at that hearing to be 12,000. 
 
 The Chairman. Does that include the cars for meat and live stock? 
 
 Mr. Ferguson. Yes, sir ; they so testified. 
 
 Senator Carmack. When was that hearing ? 
 
 Mr. Ferguson. Last June. 
 
 The Chairman. What did the Commission do in this important 
 case ? What was their finding ? 
 
 Mr. Ferguson. I will say in reference to that, that on the 22d day of 
 August, 1903, 1 made informal complaint to the Interstate Commerce 
 Commission with respect to these contracts. I had for some time 
 been inquiring into the private care line practices. I believed the 
 charges to be illegal. I had asked the railroad companies to take 
 issue with me in court with respect to these charges, and requested 
 that a friendly suit be brought, in order to secure a ruling, but was un- 
 able to obtain that result. After some time and some correspondence 
 we were able, however, to get the Commission to move of its own mo- 
 tion, and that resulted in the Pere Marquette and Michigan Central 
 car line hearings. At that hearing we made out a case as complete as 
 is possible to make out, I believe, under existing laws. The character- 
 ization of it by the Commission is doubtless familiar to all of you. 
 The conditions were characterized as being shocking, and as violating 
 the spirit of the law, if not the principle, and as giiHing Armour & 
 Co. such advantages that independent industry could not possibly 
 stand against. But the Commission is not sure with respect to their 
 jurisdiction in the matter. They have held a subsequent hearing, 
 inquiring into the same practices in a broader way. At that first 
 hearing testimony was limited to the Michigan practices, and much 
 of the testimony I had to offer at that hearing was excluded by reason 
 of the hearing being limited to Michigan practices. 
 
 Mr. E. P. Bacon. At this point may I ask Mr. Ferguson a ques- 
 tion ? Mr. Ferguson, would you be willing to give way at this point 
 in order that Judge Cowan may be heard ? He has been waiting for 
 some time to appear before the committee, and at the last meeting it 
 was specially understood that he should have an opportunity to be 
 heard. As your argument and presentation will undoubtedly be pro- 
 longed, I ask you if you will afford him the floor this morning, in 
 order that he may not be required to remain in the city longer ? 
 
 Mr. Ferguson. I am under the direction of the committee, but I 
 yield willingly to Judge Cowan. 
 
 The Chairman. Is it entirely convenient for you, Mr. Ferguson, 
 to stay here in the city and meet us to-morrow if we can have a 
 meeting ? 
 
 Mr. Ferguson. Yes. I am at the service of the committee. I have 
 only stated to you certain conclusions in a sort of general way, but I 
 
PKIVATE CAR-LINE SYSTEMS. 317 
 
 have documentary evidence and a large amount of detail that I be- 
 lieve are very important, and which I should like to submit to the 
 committee before they pass upon this question. 
 
 The Chairman. This is a very important matter, and the commit- 
 tee, I am sure, would like to hear you. We should be very glad to 
 hear you to-morrow or at such time as we can agree upon, if it suits 
 your convenience to stay. We want all these facts before the com- 
 mittee. 
 
 Mr. Ferguson. I anticipate that it will be necessary for me to 
 remain here for a few days at least, and if I may be accorded a hear- 
 ing in the near future I shall be very glad to appear again. 
 
 Senator Carmack. I should like to have Mr. Ferguson's opening 
 statement printed for the use of the committee. It will aid the com- 
 mittee, I think, in questioning Mr. Ferguson, if we have his open- 
 ing statement printed, so that we can study it carefully and examine 
 him more intelligently. 
 
 Following is the contract referred to by Mr. Ferguson above : 
 
 Exhibit A. 
 
 This agreement, made and executed in duplicate tliis 23rd day of December, 
 A. D. 1902, by and between the Armour Car Lines, a corporation organized and 
 existing under the laws of the State of New .Jersey, hereinafter Icnown as " The 
 Car Line," party of the first part, and the Pere Marquette Railroad Company, 
 a corporation organized and existing under the laws of the State of Michigan, 
 hereinafter known as " The Pere Marquette," party of the second part. 
 
 Witnesseth : That for and in consideration of the sum of one dollar ($1.00) 
 by each of the parties hereto to the other in hand paid, the receipt whereof is 
 hereby aclcnowledged, and in further consideration of the mutual covenants 
 and agreements hereinafter set forth to be kept and performed by each of the 
 parties hereto, it is hereby agreed as follows : 
 
 1. That the Car Line agrees to furnish to the Pere Marquette at some point 
 or points on the Pere Marquette lines properly constructed fruit cars lettered 
 " Fruit Growers' Express," " Kansas City Fruit Express," or " Continental 
 Fi'uit Express," sufficient in number and furnished in such order as to carry 
 with reasonable dispatch the fruit which the Pere Marquette shall be tendered 
 by shippers during the life of .this contract ; and the Car Line agrees to keep 
 said cars properly iced and under refrigeration, so as to protect fruit in car 
 loads while in transit over the lines of the Pere Marquette and to destination. 
 
 2. The Pere Marquette agrees and obligates itself to use the ear line's equip- 
 ment exclusively in the movements of fruits under refrigeration from points on 
 its leased and operative lines, except the Detroit and Lake Erie Railroad in 
 Canada, during the term of this contract, excepting from Grand Rapids, Mich- 
 igan, and excepting In the case of such shipments of fruit as are destined to 
 points on the lines of the Pere Marquette, and to Milwaukee, Wisconsin, and 
 Manitowoc, Wisconsin, for which shippers may request Pere Marquette system 
 refrigerators as are in suitable condition, as the Pere Marquette may elect, 
 shall be used In the handling of said fruits when the same are destined to 
 points beyond the Pere Marquette Railroad ; but in that event the car line's 
 regular refrigerator charge, as indicated hereinafter, is to be applied and the 
 shipments iced and handled under the supervision of the car lines. 
 
 3. The car line agrees to erect icing platforms at Grand Rapids and St. 
 Joseph, Michigan, and provide other convenient facilities for the proper icing 
 of cars used in the business referred to. 
 
 4. The car line's charges to be made for superintending, loading, furnishing 
 refrigeration, and handling the business generally, under its supervision in any 
 cars used for same, not to exceed on peaches and plums the rates shown in car 
 line's tariff number 296, in effect August 1st, 1902, hereto attached and made a 
 part hereof, and not to exceed on green apples, green pears, and grapes the rates 
 shown In car line's tariff number 297, In effect August 1st, 1902, hereto attached 
 and made a part hereof. It being understood and agreed that the car line's 
 charges from Pere Marquette stations in Michigan shall in no case exceed 
 charges made by the car Hue for refrigerating similar fruits from stations also 
 
318 PRIVATE CAR-LINE SYSTEMS. 
 
 situated on the lines of other roads in Michigan. The car line's charges 
 referred to shall be billed as advance charges on each carload and shall be paia 
 to the car line by the accounting department of the Pere Marquette monthly, 
 it being understood that in event property is refused and sold at destination, 
 through no fault of the railroad companies interested, or the car line, that the 
 car line will join the railroad companies in prorating on a revenue basis any 
 deficiency between the amount of transportation charges and proceeds of sale 
 that may exist. In case consignees refuse to pay refrigerating charges, and 
 agent at destination is unable to collect the same, the railroad shall be reim- 
 bursed for the amount advanced to the car line. 
 
 5. The Pere Marquette shall pay the car line three-quarters (f ) of one 
 cent per mile run by each car of the car line used in said refrtgeration service, 
 both loaded and empty, except on such cars as may be left over at the end of 
 the season in shipping districts and hauled empty to connections, as provided 
 for in the last sentence of this paragraph, while in service upon the lines of the 
 Pere Marquette, and furnish free transportation over its lines for the use of 
 representatives of the car line engaged in looking after the fruit movement re- 
 ferred to, including permits to ride on freight trains on the condition, however, 
 that the car line shall (and it hereby agrees to) indemnify, protect, and save 
 the railroad company harmless from any loss, damage, or expense on account 
 of any claim against the railroad company growing out of injury sustained, or 
 claimed to have been sustained, either in person or property, by any employee or 
 agent of the car line receiving such free transportation over the lines of the 
 railroad under the provisions of this contract, whether or not such injury is 
 due to the negligence of the Pere Marquette or its employees. And the Pere 
 Marquette also agrees to instruct its agents to obtain by wire from the officers 
 of the Pere Marquette such information as may be requested by the car line's 
 representatives. The Pere Marquette further agrees to deliver promptly any 
 cars left over at the close of the season to such connections as are indicated 
 by the car line, provided the car line shall not ask the Pere Marquette to haul 
 its empty cars further than the junction point at which cars were received. 
 
 6. The Pere Marquette agrees to sell the car line such quantity of Ice at 
 Selby, Ionia, Ludington, and Saginaw as the Pere Marquette can reasonably 
 spare, from time to time, if required by the car line, on basis of not to exceed 
 two dollars ($2.00) per ton in bunkers of cars. 
 
 7. The car line agrees to assume all liability for, and promptly adjust and pay, 
 and indemnify and save the Pere Marquette harmless from claims arising fi-om 
 any failure on its part to properly ice and keep iced said refrigerator cars fur- 
 nished and supplied by it as aforesaid to the Pere Marquette. 
 
 8. This contract to become operative the date of Its execution and terminate 
 November 1st, 1905. 
 
 In witnesseth whereof the said parties have liereto caused this contract to be 
 executed in duplicate by their proper officers the day and year first above 
 written, 
 
 Akmoub Car Lines, 
 
 By . 
 
 Pebe Mabqitette Bailboao Company, 
 By . 
 
 Senate Committee on Interstate Commerce, 
 
 Monday, January 30, 1905. 
 
 STATEMENT OF E. M. FERGUSON— Continued. 
 
 The Chairman. Mr. Ferguson, you are entitled to the floor. Your 
 subject is the abuses and evils of private car-line systems. 
 
 Mr. Feeguson. Yes, sir ; almost entirely. 
 
 The Chairman. You may proceed. 
 
 Mr. P'erguson. Mr. Chairman and Senators, I may take up a 
 part of the time allotted me in refuting and pointing out the fal- 
 lacies of the statements and contentions offered in support of the 
 private car-line system as it exists to-day. 
 
PRIVATE CAR-LINE SYSTEMS. 319 
 
 Or I may outline a part of the known advantages enjoyed by the 
 merchant car-line trust. The advantages are almost endless, and no 
 doubt they are as yet only known in part. 
 
 Or I may devote some time in calling your attention to the incon- 
 sistent testimony offered before the Interstate Commerce Commis- 
 sion at the car-line hearings, a careful perusal of which will disclose 
 the iniquities of the system and, to some extent, its possibilities. 
 
 Car-line witnesses evade answering or qualify their answers to 
 nearly every pertinent question, except with respect to their names 
 and places of residences, resorting to the " I don't know," " I think 
 so," " I think not," or " That comes under some other department 
 of the system." And so, as the system exists to-day, it seems that 
 any law may be violated with impunity, or any crime committed 
 without fear of detection or punishment. 
 
 . Now, if you give this system a new life and a new inpetus by 
 giving them any sort of legal standing, it will be but a few years 
 until the system will have consumed all, even the Government itself. 
 It will close forever the avenues of industry, and posterity's heritage 
 will be a vassaled land. 
 
 I may also take up some time going over documentary evidence 
 in my possession, in the way of letters, agreements, and secret 
 instructions. 
 
 Or perhaps it is desired to question me with respect to my open- 
 ing statement of Friday last. 
 
 I simply open in this manner, Mr. Chairman, in order that I may 
 briefly indicate the many different phases of this question. It would 
 be impossible for me, or for anyone, to go into all phases in the 
 brief space of time allotted. I shall therefore ask the committee 
 to indicate which particular phase they would prefer me to take up. 
 
 Senator Kean. We all know the evils exist. What remedy do you 
 propose ? 
 
 Senator Dollivee. I would like you to go into detail as to the 
 character of these transactions which you claim work a discrimina- 
 tion against persons not on the inside of the car-line business. 
 
 Senator Caemack. For instance, you state here : 
 
 Rates for the forced use of the Armour cars, such as are now in vogue, 
 amount to the granting to the Armour interests rebates not only upon their 
 own shipments, but upon all shipments made by their competitors. 
 
 Make that plain. 
 
 Senator Dollivee. I would like him to give a typical illustration 
 of that. 
 
 Mr. Feeguson. For instance, prior to the year 1900, in the Michi- 
 gan territory, we were able to ship fruits of al|l descriptions under 
 refrigeration, and carriers furnished refrigerator cars. The railroad 
 rate included the icing. Beginning with that year, the railroad 
 companies undertook to charge what they termed the actual cost 
 for ice on a tonnage basis. That practice continued until the advent 
 of the Armour car-line system upon those roads, under which prac- 
 tice we paid a varying icing charge, according to the weather to some 
 extent, and according to the service as to time, or, rather, when a 
 car was delayed in transit it naturally required more ice to properly 
 refrigerate it; and in such cases the extra expense fell upon the 
 shipper ; but the charges amounted to sums varying from $5 to $15 ; 
 
320 PEIVATE CAB-LINE SYSTEMS. 
 
 I believe $15 was the highest charge we ever paid for icing a car from 
 Michigan points to Duhith. The average would be somewhere be- 
 tween $7.50 and $10 per car. And, mind you, that was m addition 
 to the rate that had previously obtained. . 
 
 In the year 1902 the Pere Marquette road entered into an exclu- 
 sive contract with the Armour car-line companies, the terms ot which 
 prevented any other railroad or shipper from furnishing a car and 
 prevented the Pere Marquette road itself from furnishmg a car to 
 any shipper for any interstate business. 
 
 The Chairman. What was the date of that contract? 
 
 Mr. Ferguson. December 23, 1902. 
 
 The Chairman. Have yon a copy of it? 
 
 Mr. Ferguson. It is in the record. 
 
 The Chairman. That is the one that is printed ? 
 
 Mr. Ferguson. Yes, sir. • 
 
 The Chairman. I have not read the contract yet. As I under- 
 stand, by the terms of that contract no other* shipper could ship on 
 that line ? 
 
 Mr. Ferguson. That is correct. In the testimony of Mr. Patri- 
 arch, traffic manager, in his testimony before the Interstate Com- 
 merce Commission at the June hearing, to a question propounded by 
 Commissioner Prouty as to what that company would do pro\'ided 
 Commissioner Prouty owned the car and intended it for shipment, 
 Mr. Patrick answered it: " We could not accept it." 
 
 The Chairman. That does not appear affirmatively in the provi- 
 sions of the contract, does it? 
 
 Mr. Ferguson. It appears that the engagements with the Armour 
 car-line company are that their cars are to be handled exclusively. 
 
 Senator ICean. Those in the refrigerating business? 
 
 Mr. Ferguson. Yes, sir. Immediately upon entering into these 
 contracts the refrigerating charges were advanced to $45 per car 
 from Michigan points to Duluth. 
 
 Senator Foster. Do you mean $45 additional ? 
 
 Mr. Ferguson. No; not an additional $45, but from what the 
 charge had been up to $45. The former charge had varied from $5 to 
 $15, so that, estimating it very liberally, the average was not to ex- 
 ceed $10, the advance being the difference between $45 and $10. 
 
 Senator Carmack. So there was an average increase of $35 per car ? 
 
 Mr. Ferguson. Yes, sir; and this full rate was always collected, 
 whether in transportation much or little ice was required. 
 
 The Chairman. Between what points? 
 
 Mr. Ferguson. Between Michigan common points and Duluth, a 
 distance of a little over 500 miles. 
 
 The Chairman. Was the same charge made from intermediate 
 points ? 
 
 Mr. Ferguson. If it is not digressing too far, I might say that 
 Vice-President Kobins's testimony will be found in the records of the 
 Michigan hearings, to the effect that distance was not a consideration 
 in the making of transportation refrigerator charges. He was rather 
 forced into that position by having attempted to ride two horses at the 
 same time going in opposite directions. The charge from Michigan 
 points to Duluth being $45, the charge from Michigan points to Den- 
 ver, Colo., a distance of something like 1,000 miles more, being $55, 
 and, being asked if it was not true that they were, nQt exia^bfed to 
 
PEIVATE CAR-LINE SYSTEMS. 321 
 
 enforce the rate to Denver because of coming in competition with 
 western fruits, his previous attitude did not admit of his giving 
 assent to that. Therefore he answered no, and admitted that distance 
 was not the consideration. It naturally follows that the considera- 
 tion was, what will the- traffic bear? Sizing up all the competitive 
 conditions — ^their opportunities imder the exclusive contract — how 
 much can we get ? Such is the question with them — nothing else. 
 
 Now, coming back to the Michigan contracts, the first year it was 
 not an exclusive contract in so far as it applied to all markets. There 
 were exceptions, among which was Grand Eapids, Mich. There 
 shippers were permitted to use any car they were able to get, or any 
 car that any other railroad could furnish ; or, if the Pere Marquette 
 or the Michigan Central offered their own cars, they were not required 
 to pay these Armour refrigerator charges. Cross-examination of 
 General Manager Patriarch at the hearing disclosed that it was 
 impossible for his company to enforce this contract at Grand Rapids, 
 for the reason that the Grand Rapids and Indiana and Grand Trunk 
 were not parties to the secret compact ; and, as he stated, to attempt to 
 enforce it on the shippers at Grand Rapids would divert the business 
 to the Grand Trunli and the Grand Eapids and Indiana. 
 
 Senator Kean. Is the Grand Rapids and Indiana a part of the 
 Pennsylvania system ? 
 
 Mr. Ferguson. I am not positive as to that. Senator. But that tes- 
 timony discloses conclusively that the Armour car-line system can not 
 live under open and free competition; and it discloses conclusively 
 that there is no public demand for it, that the shippers do not want it, 
 and the shippers never use it except there is no alternative. 'And yet, 
 in the face of this, no doubt these car-line companies will come before 
 you and say that it is because of the public demand for those cars 
 that that system was originated, the demand resulting because of the 
 superior and scientific service of the car-line system. 
 
 The Chairman. Suppose that this private car system did not obtain, 
 and that you wanted to ship, say, 20 cars of fruit, of beef, or anything 
 that goes in refrigerated cars, the railroads are not provided with 
 those cars, are they? You, being an independent shipper, not con- 
 nected with this private-car system, how would you get your 20 car- 
 loads taken ? 
 
 Mr. Ferguson. I would say in answer to that that if the railroad 
 companies were not provided with cars, they were remiss in their duty. 
 
 The Chairman. You people are independent, and they say they 
 have not any cars. 
 
 Mr. Ferguson. I was coming to that in a moment. 
 
 The Chairman. Make it plain how helpless you people are under 
 those circumstances. You understand my idea ? 
 
 Mr. Ferguson. I understand your question perfectly. I will say, 
 in respect to that, that we never had any more trouble getting cars — 
 and I do not think as much — prior to the inauguration of this sys- 
 tem as we have had since. I have been engaged in shipping from 
 Michigan for a number of years, and I never laiew the time when I 
 was unable to get a refrigerator car to properly protect the shipments 
 I wanted to make from the State of Michigan. 
 
 The Chairman. Generally, do the railroads have refrigerator cars 
 of their own, outside of the Armour trust ? 
 
 Mr. Ferguson. Yes, sir ; they do. A large portion of them do own 
 KT— 05 21 
 
322 PRIVATE CAE-LINE SYSTEMS. 
 
 their own refrigerator cars. They want to accommodate us, but 
 they will be compelled to adopt this system unless it is shut oil, be- 
 cause the system is getting in ahead of them on all connecting lines, 
 and has made exclusive contracts so that a railroad companies car 
 when it is not in use on the owner's line under the exclusive contracts 
 can not earn mileage, because the connecting lines will not handle 
 these cars. .. o 
 
 Senator Newlands. What have you to say regarding this matter' 
 It is claimed that the ownership of these refrigerator cars by one 
 company operates in the line of economy, because they can shift the 
 cars to localities where they are immediately needed. For instance, 
 these cars, so far as fruits and vegetables are concerned, will be needed 
 in California at one time, in Florida at another, and m Delaware at 
 another for the peach crop ; so that if the cars are controlled by some 
 central organization it can distribute these cars with a view to econ- 
 omy of operation in the various sections of the country where they are 
 required. 
 
 Mr. Ferguson. Senator Newlands, may I finish answering the 
 question as to rebates first and then answer you ? 
 
 Senator Newi.ands. Certainly. 
 
 Mr. Ferguson. I am pretty nearly through with respect to the re- 
 bate feature. I wanted to lead up to it by showing how the use of 
 the cars was forced. I have shown you what preAaous refrigerator 
 charges were. That ought to be accepted, and I think it must be 
 accepted, as the maximum cost of the service or the railroad companies 
 would not have provided the service for that amount. So all in 
 excess of that amount paid the Armour Car Line Company is in every 
 essential a rebate, pure and simple. 
 
 Senator Dolliver. But not a rebate which discriminates between 
 individual shippers ; it seems to be more in the nature of an extortion 
 for the benefit of these lines. I would like to have you point out 
 where the element of discrimination among shippers is made by that 
 system, or if it is not made among independent shippers, whether it 
 operates as a discrimination in favor of the Armour Car Line Com- 
 panies themselves going into this fruit business. 
 
 Mr. Ferguson. Senator Dolliver, I am a shipper from the State of 
 Michigan; the Armour car line, through the Armour Company, are 
 shippers not so much from the State of Michigan, and because that 
 they made the defense that they were not dealers in Michigan fruit 
 other than apples, but they handle practically all the commodities 
 we do, or they did up until immediately after the Chicago car line 
 hearing. 
 
 Senator Doi-LiATiR. Take your previous statement, and I under- 
 stand they rob the rest of you impartially ? 
 
 Mr. Ferguson. I think not impartially. They have their friends. 
 That will be disclosed by reading the testimony given at the subse- 
 quent car-line hearing held in Chicago in October. For instance, it 
 was disclosed that Mr. Watson admitted getting about $50,000 a 
 year out of the Armour car lines. He admitted getting this 
 amount in the way of rebates from the private car lines. Of course 
 they did not call it rebates. They are provided with a system that 
 permits them to eyade all these fine points. They sell the commod- 
 ities transported in their cars in competition with all dealers. T 
 
PEIVATE CAR-LINE SYSTEMS. 323 
 
 being a shipper, and they being shippers, they get several times that 
 which the service is worth. It is in everj' essential a rebate. 
 
 Senator Kean. Does the Pere Marquette own any refrigerating 
 cars? 
 
 Mr. FERGtrsoN. Their testimony was that they owned 110 cars. 
 
 The Chairman. According to your testimony, they could furnish 
 you cars? 
 
 iMr. Ferguson. They could not after entering into the contract. 
 They are not permitted to under that contract. 
 
 The Chairman. That forces you to go to the Armour trust? 
 
 Mi-. Ferguson. Yes, sir. I may say, further, that the Chicago, 
 Milwaukee and St. Paul, the Chicago and Northwestern, the Chicago, 
 St. Paul, Minneapolis and* Omaha, the Northern Pacific, Wisconsin 
 Central, and others were all anxious to put their cars into Michigan 
 territory, but they were not allowed to do so, as Michigan roads 
 would accept them. They offered the cars for the purpose of earn- 
 ing mileage. Likewise, I am told that the Santa Fe Car Line 
 Company, which is owned by the Santa Fe road, wanted to put their 
 refrigerator cars into Michigan territory, but Michigan roads would 
 use them. My first knowledge of the Michigan roads' attitude in 
 that respect was after learning about these contracts. I asked the 
 Milwaukee commercial agent at Detroit to wire the general office 
 that I wanted refrigerator cars to load with grapes at Michigan 
 points. He wired their Detroit office to place refrigerator cars 
 there to be loaded with grapes. The Detroit office wired back that 
 because of the exclusive Armour contract with the Pere Marquette 
 and' Michigan Central railroads, those roads refused to accept any 
 other cars. We were offered othei" refrigerator cars, and have been 
 all the time, but are not permitted to use them. The same conditions 
 obtain on the Frisco line. I have letters that I may show you, which 
 will disclose that it took me kix weeks to find out whether or not we 
 would be compelled to use Armour cars, and whether or not any 
 charge other than the published tariff' rate would be charged. 
 
 At the end of six weeks' correspondence with the traffic department 
 of that road I had received no satisfactory answer other than a letter 
 stating, among other things, that they had entered into a contract with 
 the Armour lines to furnish cars. They did not say an exclusive con- 
 trad;. They refused to answer my question whether they would com- 
 pel us to use these cars or not. I may go to any of the commercial or 
 railroad agents and try to ascertain what it will cost me to transport 
 car-refrigerated products from one point to another, but it is abso- 
 lutely impossible to find out. I have telegrams here that I will show 
 you, if you desire. On one occasion I tried to ascertain from the rail- 
 road office in Duluth the cost of transportation from Tyler, Tex., to 
 Duluth. The agent wired the general office at Chicago asking what 
 refrigerator charges would be. I asked two roads at the same time — 
 the Chicago, Milwaukee and St. Paul and the Chicago, St. Paul, Min- 
 neapolis and Omaha. The first wire was sent on the 14th and on the 
 21st they Avired back advising that the refrigerator charges from 
 Texas to Kansas City would be $60. 
 
 The Chairman. That is over the Frisco ? 
 
 Mr. Ferguson. Over the Gould system. 
 
 The Chairman. That was not the Armour trust, was it? 
 
 Mr. Ferguson. That was the A. R. and T. 
 
324 PRIVATE CAR-LINE SYSTEMS. 
 
 The Chairman. If you go to a road and ask for a refrigerator car 
 not subject to these exclusive contracts, does that road charge you the 
 same as the Pere Marquette? I believe you said there was an ad- 
 vance of $45, You understand what I mean. Take a road running 
 into Texas. 
 
 Senator Caemack. What did the Armour car line do about that 
 shipment you were speaking of? 
 
 Mr. Ferguson. In Texas it is another system ; the A. R. T. Com- 
 panjr has the right of way on all Gould lines. The tariffs are not 
 published and filed and the public knows nothing about thena. We 
 can not go to any of our railroad offices and ascertain what it will cost 
 to lay goods into our market. When these charges run anywhere 
 from $50 to $100 per car you can easily understand how important it 
 is to know, before buying goods, what it is going to cost for refrigera- 
 tion. At least 75 per cent of our goods are bought f. o. b., and not 
 handled on a commission basis, so if we are unable to obtain that 
 information we are compelled in many instances simply to overlook 
 the business. 
 
 Senator Caemack. With reference to that line you were speaking 
 of in connection with the charge of $60, did it have the same contract 
 with the Armour car line that the Pere Marquette road had ? 
 
 Mr. Ferguson. The Texas roads or the Gould system operates 
 under their own private car line system about the same as the Armour 
 car lines, except that so far as I know they are not connected with the 
 selling of the products transported by them. 
 
 The Chairman. Apparently they have an understanding to make 
 the charges about the same? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Dolliver. Do the Armour people have agents buying fruit 
 in Michigan? 
 
 Mr. Ferguson. I think they do not have any agents buying fruits 
 in Michigan, except apples. They have bought apples largely, but I 
 think not small fruits. It is only a matter of time, however, when 
 they will reach the other products. I do not know that they buy 
 Michigan peaches, but they buy and handle most all of the commodi- 
 ties for which their cars must be used as a ftecessary instrumentality 
 of carriage. They began by taking up one commodity at a time and 
 gradually extended. The rebates they receive upon this traffic go to 
 provide an ever-increasing war and corruption fund to be used in 
 subduing other fields of industry. The system is rapidly concentrat- 
 ing the wealth of the country in one central treasury box. The money 
 so concentrated will not lie idle, and as soon as there is a surplus it 
 is used in extending the system to the various fields of productive 
 activity. They tell you they have gone out of the business of selling 
 the commodities transported in their cars. What does that suggest? 
 Does it suggest that in their minds it would place them in a better 
 light before Congress or the courts? But admit, if you will, that 
 they have discontinued as selling agencies of the commodities referred 
 to, does that signify anything, or has any assurance been given or 
 offered that it is not their intention to reengage in this business as 
 soon as this present agitation has subsided ? 
 
 I am told that the Hammond Packing Company is owned and con- 
 trolled by the Armour Packing Company, and I wish to state that 
 
PBIVATE CAB-LINE SYSTEMS. 325 
 
 the Hammond Packing Company are selling, in competition with 
 other dealers in our market, all sorts of produce. Just prior to my 
 departure from Duluth I was advised that they had just received a 
 carload of flour to be sold by them on the market. The question 
 before us is, Are the carriers going to become the merchants of this 
 country ? If they are, there is absolutely no hope for the independent 
 merchants, and you will soon create in this country a department store 
 over which this system will dominate and through which the com- 
 merce of the nation must be done. If you permit a holding company 
 to control all of the carrying equipment, it is of but little consequence 
 who owns or controls the railroads, as the ownership of the carrying 
 equipment is the key to the situation. Can any single mind conceive 
 the concentrated power that would be given to any one holding com- 
 pany owning the carrying instrumentalities of the country ? It would 
 be within such holding company's power to manipulate in such an 
 invisible way, without fear of detection, as to make or mar any com- 
 munity or any person or persons they saw fit. For instance, by the 
 slightest manipulation cars may be concentrated at one point or with- 
 drawn from another, as it may best serve the interests of the system. 
 One shipper may be favored by being kept well supplied with cars, 
 while through and by manipulation cars may be withheld from 
 another shipper, all of which may be designedly done and yet it would 
 be impossible to prove it. 
 
 I want to go back once more to that Michigan proposition. The 
 moment those exclusive contracts went into effect we were compelled 
 to pay for this so-called fancy icing and scientific supervision, and, 
 in addition to paying these increased refrigerator charges, we were 
 helped out by the carriers to the extent of 10 cents per hundredweight 
 transportation charges, notwithstanding that by the terms of the ex- 
 clusive contract we were compelled to provide the cars by hire from 
 the Armour Car Line Company, thereby relieving the carrier of the 
 necessity of furnishing refrigerator cars as they had previously been 
 doing. 
 
 The Chairman. All these other lines, outside of the Pere Mar- 
 quette, have a refrigerator system of their own or one owned by the 
 Armour lines ; is that so ? 
 
 Mr. Feegttson. Yes; or contracts with some other private car-line 
 company. 
 
 The Chairman. This advance of $45 you spoke of, do they all 
 maintain about that rate throughout the shipping country — say the 
 Santa Fe, the Chicago, Burlington and Quincy, or the Northern 
 Pacific? 
 
 Mr. Ferguson. Not in any instance are these exorbitant refriger- 
 ator charges enforced, except upon such roads as are under contracts 
 or agreements whereby one refrigerator car-line company has the ex- 
 clusive privilege of furnishing these cars. This was quite well illus- 
 trated in the Michigan car-line hearing I have just cited with respect 
 to the enforcement of these charges at Grand Eapids, Mich., as it was 
 disclosed there that these charges could not be enforced until compe- 
 tition between the carriers had been entirely eliminated and all car- 
 riers had become a party to the compact. Yet, in the face of the 
 Grand Eapids situation that I have just cited, the Armour Car Line 
 Company's attorney stated before the Interstate Commerce Commis- 
 sion that Armour & Co., or the Armour Car Line Company, did not 
 
326 PRIVATE CAR-LINE SYSTEMS. 
 
 claim to be surrounded by a halo, but they did claim that they had 
 rescued the Michigan growers from the clutches of the worst nest of 
 commission merchants that ever infested any community, and ihey 
 referred particularly to the local produce buyers around Grand Rap- 
 ids; and, in support of the statement just adverted to, they claim 
 that their refrigerator cars would run to any and every point of the 
 compass and over any lines of rails ; and that by reason of this broad- 
 ened refrigerator service outside buyers in great numbers froni the 
 various markets of the country had come into the Michigan territory 
 and bought large quantities of Michigan fruit that they would not 
 have bought had it not been for the Armour Car Line service; and 
 that by reason of this buying competition was stimulated, the growers 
 receiving higher prices for their products because they were not com- 
 pelled, as it was claimed they heretofore had been, to sell their prod- 
 ucts to the local buyers. 
 
 This looks like good argument, taken at its face value, but careful 
 inquiry into conditions as they exist will not support the statement 
 They show the contrary to be" true. This buying competition which 
 they would have you believe would stimulate the interest of the 
 grower is the same kind of competition that they have so successfully 
 eliminated at the stock yards when buying cattle. As to whether or 
 not this statement is true, I will refer you to the testimony of Traffic 
 Manager Patriarch, of the Pere Marquette Railroad, as given a little 
 later in this hearing, at which time he was requested to state from 
 their records the total number of cars produced and the total number 
 of cars shipped under refrigeration to interstate points from points 
 on their line for the previous four years. Without having the data 
 before me I will not undertake to give the exact figures, but will 
 state that this testimony covered a period two years prior to the 
 time of entering into this Armour contract as well as two years sub- 
 sequent, and that prior to the operation of this contract about 33 per 
 cent of the total production had been shipped to interstate points 
 under refrigeration. 
 
 Beginning with the first y«ar of the contract and when the con- 
 tract was only partially enforced, competitive markets like Grand 
 Rapids being excepted from its operation, and the shipping public 
 having no definite knowledge concerning the contract except as they 
 came in contact with the practices whenever it was desired to make 
 shipments, this year about 30 per cent only of the total production 
 was shipped under refrigeration to interstate points. The total 
 number of cars shipped to interstate points under refrigeration was 
 1,937. 
 
 The next year, when all competition among the carriers had been 
 eliminated, the contract extended to include competitive markets, 
 the shipments fell off -305 cars to interstate points under refrigera- 
 tion, the total number of such shipments being 1,632, or 21 per cent 
 of the total production. This clearly discloses that the markets were 
 not broadened, but that, on the contrary, the operation of these con- 
 tracts was in effect to restrain trade and commerce. 
 
 Senator Kean. Do you mean that only 21 per cent was interstate 
 traffic? 
 
 Mr. Ferguson. Interstate traffic under refrigeration. The remain- 
 der must have been sold to buyers in local markets, like Grand Rap- 
 
PRIVATE CAE-LINE SYSTEMS. 327 
 
 ids, and reconsigned to terminal points, such as Chicago and Mil- 
 waukee. 
 
 Senator ICban. That is interstate commerce ? 
 
 Mr. Ferguson. It is interstate commerce, but these roads concede 
 it to be their duty to furnish all instrumentalities of carriage for 
 commerce consigned to terminal points and deny that it is their duty 
 to furnish refrigerator cars for mterstate points beyond their termi- 
 nals; this upon the theory that a refrigerator car is not a necessary 
 instrumentality of carriage. I do not know that you want me to go 
 into discussion of that question. Now that refrigerator cars have 
 become absolutely necessary to carry on certain commerce, and now 
 that vast industries are dependent for their continuation on the use of 
 such cars, and, further, that carriers have undertaken to handle this 
 traffic and have engaged in it and have held themselves out as carriers 
 of such products, and published tariff rates, I think that it will be' 
 generally conceded without argument that the refrigerator car has 
 become as much a necessary instrumentality of carriage under com- 
 mon law as any other car. 
 
 Senator Newlands. How many of these private car lines a^e there ? 
 
 Mr. Ferguson. I would not undertake to state definitely about that. 
 Senator. There are no statistics anywhere, that I know of, that will 
 give this information ; but it has been testified somewhere, if I recol- 
 lect rightly, that there are about 300, but most of them are insignifi- 
 cant. For instance, most of the large shippers are gradually getting 
 into the private car line business, providing themselves in some in- 
 stances with only a very few cars, sufficient only to create the chan- 
 nels through which they may receive special favors or lower freight 
 rates or rebates. 
 
 Senator Newlands. You say there are about 300 such lines ? 
 
 Mr. Ferguson. I say it has been testified. I have read that 
 somewhere. There is no definite information on the subject. 
 
 Senator Caemack. Give the name of the company having the larg- 
 est number. 
 
 Mr. Ferguson. The largest and principal one is the Armour Oar 
 Line Company. 
 
 Senator Newlands. How large a business does that company trans- 
 act, in your opinion ? 
 
 Mr. Ferguson. I largely rely on the testimony of Mr. J. W. 
 Midgely, who, as a railroad representative, testified before the Inter- 
 state Commerce Commission that from the data he was able to obtain 
 he would estimate 50,000 privately owned cars in the United States. 
 
 Senator Newlands. How many of them are owned by the Armour 
 Company ? 
 
 Mr. Ferguson. -He said no one knows. The Armour witnesses tes- 
 tified that they are operating 8,000 cars in the fruit carrying busi- 
 ness, and that they own and operate, all told, about 12,000 cars. 
 
 The Chairman. I got the idea somehow that the number was 6,000 
 only. 
 
 Mr. Ferguson. It has been so testified, with respect, however, to 
 such lines as are controlled by the company known as Armour Car 
 Line Company. In addition to this^ they claim to operate, under a 
 separate corporation, sixteen or seventeen hundred cars known as 
 " F, G. E.," or Fruit Growers' Express cars, these cars being the ones 
 
828 PRIVATE CAR-LINE SYSTEMS. 
 
 they obtained by purchase when they bought out the Earl Fruit Com- 
 pany, of California. " . u -i 
 
 Senator Newlands. Have you any reason to believe that the rail- 
 road companies themselves, or the leading stockholders in the rail- 
 roads, are interested in these private car lines? . . 
 
 Mr. Ferguson. As a matter of deduction, yes. I think it is a fair 
 conclusion to arrive at that no such profitable contracts as the ones 
 under discussion could be obtained from any railroad company except 
 where a community of interest or a sharing of the profits in some 
 manner by and between the car lines and the officials of the railway 
 companies made such contracts possible. Especially would this seem 
 true when the operation of these contracts brings the carriers into 
 such constant and bitter conflict with the shippers and patrons they 
 attempt to coerce. 
 
 Senator Newlands. Is there any proof of that in the record of 
 these hearings and investigations to which you refer ? 
 
 Mr. Ferguson. I have not seen any, Senator ; no, sir. 
 
 Senator Newlands. Is there any private car line that approxi- 
 mates the Armour Company in the number of cars it owns ? 
 
 Mr. Ferguson. In discussing this question I am speaking largely of 
 refrigerator-car lines and their practice as it is with these car lines 
 that, as a shipper and dealer, I come in contact. There are the stock-car 
 lines, with which I do not come in contact, but I understand that one of 
 these companies, at least, owns and controls about 8,000. Then there 
 are the tank-line companies for transporting oil, and any nmnber of 
 small companies engaged in transporting dairy products, beer, etc. 
 Then there are such companies as the M. D. T., or the Merchants' 
 Despatch Transportation Company, which company, I understand, 
 controls about 8,000, about one half refrigerator and the other half 
 box cars. This company, however, charges the shipper nothing extra 
 for its service. It simply solicits business from the shipping public 
 at published tariff rates, and receives from the carriers, with which it 
 has contracts, a certain percentage of the freight earnings. In addi- 
 tion to the ones mentioned there are many others. 
 
 Senator Newlands. You have referred to refrigerator cars and 
 stock cars. What other kinds of cars are there that come under the 
 designation of private cars or cars owned by private car-line compa- 
 nies? 
 
 Mr. Ferguson. I think they are classified as tank-line cars, stock 
 cars, and refrigerator cars. 
 
 Senator Newlands. Which class has the largest number of cars ? 
 
 Mr. Ferguson. Definite knowledge as to this is unobtainable. I 
 should say, however, that there are more privately owned refrigera- 
 tor cars than any other class. 
 
 Senator Newlands. Have you any knowledge as to the number of 
 refrigerator cars owned by the railroads of the country? 
 
 Mr. Ferguson. Not the total number. 
 
 Senator Newlands. I understood you to state as a fact that many 
 of the railroads have refrigerator cars, but that they are unable to 
 use them by reason of this contract with these private car-line com- 
 panies ? 
 
 Mr. Ferguson. What I have intended to make plain was that many 
 carriers owning and operating refrigerator cars on their own lines 
 find it impossible to have their cars used by connecting line%when 
 
PRIVATE CAE-LINE SYSTEMS. 329 
 
 they are not required for use by the carrier so owning them, the reason 
 of this being that the private car-line owners are in ahead of them and 
 have connecting lines tied up under exclusive contracts which pro- 
 hibit the use of any refrigerator car not owned by the car-line 
 companies. 
 
 Senator Nbwlands. Now, will you take up the question I asked you 
 some time agOj as to the economical operation of these special cars ? 
 It is claimed tnat these cars are not used throughout the year in any 
 one section, that the economical operation of the system involves shift- 
 ing cars from one section of the country where they are not required to 
 another section where they are required, and that that necessitates 
 their being under one control. 
 
 Mr. Feegtjson. I would not undertake to state there was nothing in 
 that theory, but if that be accepted as a good reason for the existence 
 of this system, upon the same theory it would be a good proposition 
 to bring all the business of the country under trust control, and fur- 
 ther, and upon the same theory, it may be considered a good business 
 proposition to extend this system to include box and all other kinds 
 of cars and every instrumentality of carriage, because it is well known 
 that there are varying demands for the different styles of equipment 
 at different periods of the year ; for instance, the demand for box cars 
 in which to ship wheat from the wheat country is very heavy at cer- 
 tain seasons of the yjgar and light at others ; also, these varying 
 demands are noticeable in the requirements for flat cars, furniture 
 cars, and, in fact, every other style of equipment. So, if you accept 
 that as a sufficient reason for the existence or continuation of the pri- 
 vate car line system the system will extend until it absorbs all instru- 
 mentalities of carriage. 
 
 Senator Nbwlands. If it be a fact that the distributipn of these 
 cars in the various sections as they are needed results in economy in 
 the service, so that the whole service is charged with the expense of 
 a less number of cars, would not that indicate that there is a need of 
 some such holding company ? Would it not be wiser, then, to exercise 
 public control over such a company rather than to absolutely prevent 
 its existence? 
 
 Mr. Ferguson. Senator Newlands, in reply to that question, if 
 there has been any economy, as they claim, and will claim, I am sure 
 the public has had no benefit of it, for, instanter, upon the making 
 of these exclusive contracts, refrigerator charges have been advanced 
 to the public from 300 to 500 per cent; and if the reasons exist, as 
 they state, for the building up of this system — ^because refrigerator 
 cars are in so little demand, or rather because the demand comes at a 
 particular time of the year ; 
 
 Senator Newlands. And is not continuous. 
 
 Mr. Ferguson. What have you to say with respect to that reason 
 obtaining in California, where the private car-line system was really 
 incepted and where the demand for refrigerator cars is the rule 
 and not the exception, particularly on the Southern Pacific road, 
 from whose territory th^ere is a never-ceasing flow of fruit and 
 solid train loads of fruit are being daily shipped to eastern markets 
 in refrigerator cars, such cars being a necessity there, both as summer 
 and winter cars, to protect against heat and cold? This economic 
 feature, upon which they base so much, could not have obtained 
 with respect to California territory, and with respect to middle 
 
330 PRIVATE CAR-LIITE SYSTEMS. 
 
 western and southern territory, I am sure we got along very nicely 
 without this private car-line system, and, in fact, much better betore 
 its advent than after. 
 
 Senator Newlands. But you do not quite apprehend my question. 
 
 Mr. Ferguson. I think I do. ■ . 
 
 Senator Newlands. Assuming that the charge is excessive, of 
 course that can be regulated and reduced by some system of pubbc 
 control. Now, the question I ask is this : Assuming that we have ten 
 great systems of railways; that each one of those systems is com- 
 pelled to keep on hand a certain number of refrigerator cars for a 
 limited service of only three months in the year, which would, of 
 course, require a very much larger number of refrigerator cars for 
 service throughout the entire country than would be the case if those 
 cars were held by one company ; that this one company could assign 
 certain cars to a certain section during the three months they were 
 needed there, then those cars could be assigned to another section 
 for the three months they were needed there, and go around in that 
 way, thus obtaining a continuous use of the cars — assuming that 
 there are only three months' use in each case. Now, I ask you 
 whether the wiser course would not be to permit such a system, 
 putting it under public regulation and control as to rates? 
 
 Mr. Fekgttson. Mr. Senator, unless you a»e willing to pay as 
 a price for that holding-company system the commercial freedom 
 of this country, or rather the complete annihilation of all independ- 
 ent industry, I would say it would be unwise to permit the holding- 
 company system. 
 
 Senator Newlands. But can not that be controlled also? Your 
 complaint ie that private car-line companies are not only carriers, 
 but merchants ? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Of course that could be forbidden. The two 
 occupations, of course, ought not to be united. 
 
 Mr. Ferguson. Under such a system you would promote a holding 
 company first, perhaps, for all refrigerator cars. To legalize this 
 system means to give it a new impetus, and it is fair to conclude that 
 the now strongest known company (the Armour car lines) , assisted 
 by the vast amount of traffic they have to offer the various different 
 carriers, would soon obtain complete control by extending their con- 
 tracts to all lines of roads. The smaller private car-line companies 
 would then be compelled to go out of business by sale to the Armour 
 car-line company at the best figures obtainable; and further, by 
 permitting this system you allow every carrier in the country to be- 
 come physically incapacitated to handle, or protect the commerce 
 originating on their several lines, because they would fail to own or 
 provide themselves with such cars, relying as they do upon the hold- 
 ing company to supply them. "^Vhat would it mean to the fruit in- 
 dustry^upon any carrier's line if such carrier were to be stripped of its 
 refrigerator cars at a season of the year when they were most needed? 
 
 Senator Carmack. It would put them under heavy penalty. 
 
 Mr. Ferguson. I do not know how you would compel a holding 
 company of this sort to furnish a carrier with refrigerator cars 
 if it did not choose to do so ; and you will search the Armour car-line 
 contracts in vain for any bond to insure a fulfillment of the Armour 
 
PRIVATE CAE-LINE SYSTEMS. 331 
 
 car line's engagements to provide cars. I know in many instances 
 they do not provide cars when needed, and the shipper alone suffers 
 therefor. 
 
 Senator Newlands. Self-interest would prompt them to furnish 
 cars in order to make their money. Understand, I have no fixed 
 views on this subject. I am simply putting questions for the pur- 
 pose of eliciting information. But it seems to me" a good deal can 
 be said in favor of economy of operation resulting from one or more 
 holding companies, which could shift these cars to the different 
 parts of the country as they are required, provided they are under 
 public control, so as to prevent rebates and discriminations, and also 
 so as to prevent excessive charges.' You could regulate such com- 
 panies just as you can regulate the charges and the income of the 
 railroads themselves. 
 
 Mr. Fergtison. Upon the same theory you may recommend the 
 consolidating under one head of all the railroad companies of this 
 country. Answering your question with respect to self-interest 
 prompting car lines to furnish the cars, allow me to suggest that self- 
 interest may likewise prompt them to withhold the cars, and it is also 
 fair to presume that the same self-interest would prompt the carriers 
 to furnish the cars were they prohibited from depending upon the car 
 lines for their supply. 
 
 Senator Foster. What remedy do you suggest, Mr. Ferguson? 
 
 Mr. Ferguson. I suggest that the railroad companies, to whom 
 we have given control of these common highways, and whom we have 
 invested with sovereign rights, perform their full obligations to the 
 public ; that they furnish all the instrumentalities of carriage, either 
 by ownership outright or by lease from other common carriers bona 
 fide such. I would not want to class industrial common- carrier rail- 
 roads as bona fide common carriers, as such may be used simply as a 
 holding company to own and control these cars. 
 
 Senator Kean. Have not the Armour Car Line Company leased 
 their cars to railroads ? 
 
 Mr. Fergttson. There is no lease about it. The railroads have 
 given the Armour Car Lines the exclusive privilege of supplying the 
 refrigerator cars — that is, such roads as have entered into any agree- 
 ment with them, and also the unrestrained privilege to charge the 
 public any price the traffic will bear for their service, and, in addition 
 to this, such carriers pay the Armour Car Lines a mileage fee, which 
 in itself is highly profitable. If you would inquire with respect to 
 these contracts the carriers will tell you they have nothing to do with 
 them, that the arrangements are made by and between the Armour 
 Car Lines and the shippers. 
 
 Senator McLaurin. Do the private car-line companies carry any 
 goods or freight except their own ? 
 
 Mr. Ferguson. Yes, they do; and we are compelled to transport 
 in their cars all of the commodities we handle that originate upon 
 lines operating under these exclusive contracts. 
 
 Senator McLaurin. I did not get in at the commencement of your 
 statement, and that is the reason I asked. 
 
 Mr. Ferguson. With your permission, Mr. Chairman, I will read 
 a short letter in order to give you a brief illustration of what we, as 
 independent dealers, are up against: 
 
3B2 PRIVATE CAR-LINE SYSTEMS, 
 
 [Armour & Co. Gteneral offices, 205 La Salle street, Chicago, m. Butter, egg, and poultry 
 department, St. Paul, Minn.] 
 
 Mat 13, 1904. 
 
 Aekansas Vailey Shippees' Union, 
 
 Van Buren, Ark. 
 
 Deae Sms : As we intend to handle quite heavily through the St Paul office 
 for our branches in this immediate Northwest car lots of potatoes onions 
 cabbages, and tomatoes, we should be pleased to have you quote us on any or 
 these by wire or letter on receipt of this, and write us fully, ^^P'^'^^^^. " y°" 
 will be shipping these items in car lots and to what extent, and wnat is your 
 season for each. , , „„- „.,, 
 
 We will buy this class of goods delivered at our branches up here and will 
 remit immediately on arrival in full for each car, or we would be willing to 
 pay drafts on arrival and inspection of each car as a matter orf convenience 
 for shipper. 
 
 Awaiting your prompt reply, we are, „ ^ 
 
 Yours, truly, Akmouk & Company, 
 
 F. L. P. 
 
 That F. L. P. means F. L. Parshall, manager. This was sent to 
 the Arkansas Shippers' Union, and it was returned to the B. Presley 
 Company, St. Paul, Minn., which company is large handlers of the 
 products grown and shipped by this association. It was returned 
 with this notation at the bottom : 
 
 Mr. Muephy: I have never answered any of these people's letters, as it 
 seems to me they are getting out of their line. They ask commission men to 
 use their cars and then turn around and try and rob them out of their 
 business. 
 
 Yours, truly, J- L- Rea. 
 
 Van Bdeen, Aek., May 19, 190^. 
 
 Senator Kean. The Armour Company, as I understand, buy vege- 
 tables and make soups and all such things? 
 
 Mr. Ferguson. Yes ; I will admit they make soups and everything 
 else, but I am unwilling to admit that their vegetable department 
 is run in the interest of the soup business ; on the contrary, they buy 
 these vegetables to be resold by them in all the markets of the country 
 in competition with independent dealers who are compelled to use 
 their cars. For illustration, the St. Paul, Minn., house purchases eight 
 or ten cars of produce and reconsigns them out to the branch houses 
 under control of the St. Paul house, such as their branch houses at 
 Duluth and Superior, Wis. ; Ashland, Wis. ; Fargo and Grand Forks, 
 N. Dak., etc. The Armour Company simply determined to control 
 this field of industry, and to accomplish this through the Armour 
 Car Line system; for instance, the commodities brought by them to 
 our market and sold. And I am told that the same practices were 
 engaged in by them in all other markets — that is, the selling of such 
 commodities at prices never to exceed the prices that independent 
 dealers were compelled to pay for such commodities. In fact, their 
 whole profit is arranged for in their traffic department, and they may 
 sell a carload of refrigerated products at a loss and still make a 
 handsome profit on the traffic end of the business. 
 
 The Chairman. Do they hang out an exhibit in their various 
 offices, showing their tariff charges, as the railroads are required 
 to do? 
 
 Mr. Ferguson. I have heard testimony to the effect that such 
 tariff sheets were on exhibition at certain railway stations, but I have 
 
PRIVATE CAR-LINE SYSTEMS. 333 
 
 never seen any such exhibition; and further, such tariffs are not 
 filed with the Interstate Commerce Commission. 
 
 The Chairman. Can you go into the freight office at Grand Rapids 
 or Duluth and find what the charges are on the Armour refrigerator 
 cars to points in Texas and elsewhere ? 
 
 Mr. Fergttson. I do not know with respect to the Grand Rapids 
 station, having never been in it, but I do know that such tariffs are 
 not on exhibition at the Duluth railroad offices ; and I further know 
 that any information with respect to these charges is difficult to 
 obtain from any of the railroad commercial offices maintained at 
 Duluth, notwithstanding the fact that they have large offices there, 
 Duluth being an important shipping market. 
 
 The Chairman. That seems to be a violation of the law outright. 
 The law says all rates shall be published, and I think we ought to 
 see that they are published. 
 
 Mr. Ferguson. As I said here on Friday last, I believe we have as 
 much protection under existing laws as we would have under any 
 proposed act to bring them under control. In my opinion we can 
 in time reach this evil under existing common and statutory law. 
 We admit that the car line companies are not common carriers and 
 not amenable to any of the laws governing common carriers, but we 
 believe that the carriers entering into these secret and exclusive con- 
 tracts with the private car line companies are doing so in violation of 
 existing laws, and that such carriers are responsible for the acts of the 
 car line companies, the car line companies being essentially the 
 agents of the carriers ; and upon this theory we are now proceeding in 
 court as rapidly as possible. I have been engaged in this work for 
 some time, endeavoring to have the question litigated and the legal 
 status of the car lines established. If I live long enough I may suc- 
 ceed, but in the meantime my business is being throttled under the 
 operation of this vicious system. By what remedy am I to be reim- 
 bursed for such loss of business, and how is the measure of damages 
 to be determined ? 
 
 The Chairman. I want to know if you have ever ascertained what 
 are the net profits on an Armour refrigerator car for one day, includ- 
 ing the profit on ice and everything. I should think about three- 
 fourths of a cent a mile. 
 
 Mr. Ferguson. In some instances 1 cent per mile. 
 
 Senator Kean. To the railroad company for hauling the car ? 
 
 Mr. Ferguson. The railroad company pays the Armour Car Line 
 Company. 
 
 The Chairman. What is the net profit per day on one of these cars, 
 as nearly as you can state ? 
 
 Mr. Ferguson. I will have to take that up, beginning with the mile- 
 age question. 
 
 The Chairman. Can you not tell us without going into details ? 
 
 Mr. Ferguson. No. In one of the reports of the Interstate Com- 
 merce Commission — I think the seventeenth annual report — ^will be 
 found a statement to the effect that these refrigerator cars on a mile- 
 age basis alone reproduce the car in three years' time. When the car 
 line witnesses were asked that question at the hearing before the 
 Interstate Commerce Commission, they testified they could not state 
 the amount of profit, because they did not know ; and their records, 
 it was stated, cud not disclose, for in keeping their records they did 
 
334 PRIVATE CAE-LINE SYSTEMS. 
 
 not go into details to that extent, and only knew what their profits 
 amounted to as a whole ; but it was testified by certain car line wit- 
 nesses that the profit would probably amount to something like $4 a 
 year per car. 
 
 The Chaikman. Is that all ? 
 
 Mr. Ferguson. I think that is their testimony at one of the hear- 
 ings ; not at both of the car line hearings. 
 
 The Chairman. That is outside of mileage? 
 
 Mr. Ferguson. Yes ; but I want to give you an example as to the 
 manner in which they arrive at their conclusion with respect to the 
 profit earned by a car on a particular trip. At the June car-line 
 hearing it was' disclosed that prior to the exclusive contracts the 
 Armour car lines had in effect a tariff, from Michigan points to Bos- 
 ton, of $20 per car for refrigerated peaches. Immediately upon 
 securing the exclusive contracts these refrigerator charges were ad- 
 vanced to $55 per car. At that hearing one of the car-line officials 
 testified that their profit per car per trip ranged from $4 to $6. 
 When asked to explain how he arrived at that conclusion his answer 
 was that after deducting all expenses from the total amount of 
 charges collected they had about that profit, the debits, as it was 
 stated, being principally for ice; and according to the contract that 
 is provided for in the Michigan territory by the railroad company 
 at a maximum charge of $2 per ton. It was claimed, however, that 
 higher prices for ice were paid in eastern territory. 
 
 The witness was then asked to explain how many tons of ice were 
 required and the cost of such ice, and the testimony was to the effect 
 that the car would be iced twice before leaving point of shipment, 
 then reiced at Port Huron and Detroit and several other places in 
 transit, and that so much ice would be put in the cars at each re- 
 icing station. After laboring diligently along this line the witness 
 was able to account for $31 ■worth of ice, based upon extravagant 
 estimates as to the amounts used to ice a car between Michigan points 
 and Boston, thus leaving an unexplained balance of $24. When 
 asked to explain further what other expenses entered into this trans- 
 action sufficiently to reduce this $24 to the $4 or $6 that had pre- 
 viously been stated represented the profit on this single transaction 
 the witness replied that there was a general supervision charge, and, 
 further, that they_ had traveling men in the field. An examination 
 of the contract will disclose that their traveling men are provided 
 with railroad passes. 
 
 The Chairman. They might also have said they had to pay their 
 interest on their debt. 
 
 Mr. Ferguson. That is true. And further, it was stated by this 
 same witness that they had telegraphing expenses; and, last, there 
 was the postage and stationery account to be taken into considera- 
 tion. This testimony is matter of record, and this statement may be 
 verified. 
 
 The Chairman. I ask you, as a business man familiar with the 
 subject, at what figure would you estimate the net profits, taking into 
 consideration the icing, the mileage, and everything, that a car 
 makes per day ? 
 
 Mr. Ferguson. I should think $10 to $12 a day. 
 
 The Chairman. One car ? 
 
 Mr. Ferguson. One car. 
 
PRIVATE OAR-LINE SYSTEMS. 335 
 
 The Chairman. Think what that means ! 
 
 Mr. Ferguson. I do think what it means. That is what I am 
 here for. 
 
 The Chairman. That means a net profit of $140,000 a day. 
 . Mr. Ferguson. My statement is with reference to when the cars are 
 in use. There is a certain amount of waste time. 
 
 The Chairman. Allow that they run one hundred and fifty days in 
 the year. 
 
 Mr. Ferguson. I think it would be a liberal proposition to divide 
 that. 
 
 The Chairman. Say $5 a day. Let us get this on the record. 
 
 Mr. Ferguson. That, mind you, is an estimate, and I am positive 
 it is low enough. 
 
 The Chairman. Say $6 a day, and the Armour people own 12,000 
 cars. That would be $72,000 a day. Could they receive this enor- 
 mous amount of profit from the operation of that many cars, thus 
 enabling them to sell their products at a loss and make dividends out 
 of their traffic department? 
 
 Mr. Ferguson. A friend of mine who resides at Kansas City, and 
 with whom I recently talked, stated to me that a gentleman thor- 
 oughly familiar with the traffic department of the Armour Company, 
 as well as with the details of the whole system, had recently stated 
 to this Kansas City friend of mine that Armour & Co. could sell at a 
 loss all of the commodities that they handle in all of their departments 
 and still make a handsome dividend on their whole business on their 
 traffic department alone. 
 
 The Chairman. That of itself would drive out the independent 
 operator, would it not ? 
 
 Mr. Ferguson. There is absolutely no hope for the independent op- 
 erators unless you separate this system from the carriers and pre- 
 vent it from doing the merchandising of the country. And further, 
 I may state that in the selling of these products through their branch 
 houses they are loaded into their peddler meat cars and shipped to 
 customers "at country., points and sold at practically the same price 
 at point of delivery as those that obtain at point oi shipment, prac- 
 tically nothing being added to the price of goods for delivering them 
 100 or 200 miles; or, in other words, this contraband freight is de- 
 livered without charge. 
 
 Senator Kean. What do you mean by contraband freight ? 
 
 Mr. Ferguson. That which is not allowed under car loading under 
 the classification. 
 
 The Chairman. Say these cars earn $1 a day for three hundred 
 and sixty days in the year. If the Armour people own 14,000 cars, 
 there would be $14,000 a day. If you estimate it at $5 a day the 
 amount would be simply enormous. 
 
 Senator Foster. Estimate that they only run one hundred days in 
 the year, and the result would be $7,200,000. 
 
 Mr. Ferguson. That appears startling, but not to those who have 
 knowledge of the system. Some authorities estimate the Armour sys- 
 tem's yearly profits, derived from the traffic department, at $25,- 
 000,000 a year. 
 
 Senator Foster. Is that net profit ? 
 
 Mr. Ferguson. You may designate it what you please, but it is 
 
336 PBIVATE CAR-LINE SYSTEMS. 
 
 essentially rebates paid them, not only on their own shipments, but 
 upon the shipments of others as well. 
 
 Senator Foster. Have the operations of these Armour car lines 
 ever been investigated hj the Interstate Commerce Commission? . 
 
 Mr. Ferguson. Yes, sir? 
 
 Senator Foster. Have they inquired into their total operating ex- 
 penses, their receipts, profits, and dividends ? 
 
 Mr. Ferguson. No, sir; the Commission have no authority to do 
 this, as Armour car lines are not common carriers, and therefore not 
 amenable to the act to regulate commerce. 
 
 The Chairman. We can not conclude your testimony to-day, un- 
 questionably. It is now 12 o'clock, and we must go to the Senate. 
 We will have to give you further time. For my part, I want further 
 to develop this question and have more light. 
 
 Senate Committee on Interstate Commerce, 
 
 January 31, 1905. 
 
 STATEMENT OF E. M. FEEGUSON— Continued. 
 
 Senator Dolliveb (in the chair). Mr. Ferguson will proceed. 
 
 Mr. Ferguson. Mr. Chairman and Senators, with your permission 
 I would like to offer this morning, and have read into the records, 
 some letters and other documentary evidence that I have in support of 
 the contentions I have made. I think to proceed in this manner may 
 save considerable time in the consideration of this question. After I 
 shall have finished with that I may take up the questions that, in my 
 opinion, will suggest themselves to the committee. I have prepared 
 a statement to some extent along that line, and I think it would assist 
 very materially in getting the matter properly before the committee. 
 May I proceed along that line, Mr. Chairman ? 
 
 Senator Dolliveb. Certainly. 
 
 Mr. Ferguson. I referred yesterday to the impossibility of getting 
 any definite knowledge with respect to these refrigerator charges that 
 would enable us to determine, with any degree of accuracy, the total 
 cost of transportation, which, as we all know, is a large element of the 
 total cost of all products laid down, and is information that is absolutely 
 essential for the buyer to have before making purchases. With this 
 object in view, 1 offer the following letter: 
 
 Chicago, Milwaukee and St. Paul Railway Company, 
 
 Office of Commercial Agent, 
 
 Dululh, Minn., June 14, 1904, 
 Messrs. Knudsen-Fekquson Fruit Company, 
 
 Duluth, Minn. 
 Gentlemen: Confirming telephone conversation of this date: 
 The rate on peaches, carloads, from Tyler, Tex., to Duluth is 80 J cents per hun- 
 dredweight, minimum 20,000 pouilds. 
 
 We are not at this writing able to state what thfe refrigeration charges would be 
 nor what kind of cars would be furnished by originating lines for this business. 
 Will, however, take up the matter of refrigeration charges and advise soon as possible. 
 Yours, truly, 
 
 0. L. Kennedy, 
 Commercial Agent. 
 
PBIVATB CAB-LINE SYSTEMS. 337 
 
 Mr. Kennedy is not the local freight agent, but is the commercial 
 agent looking after the commercial interests of the road. In accord- 
 ance with that letter the following wire was sent on the same date. 
 
 DuLtiTH, Minn., June 14, 1904. 
 E. S. Keeley, 
 
 Chicago, Milwaukee and St. Paul Railway, Chicago, III. 
 Wire quick refrigeration charges fruit and vegetables from Texas common points 
 to Dulutti. 
 
 C. L. Kennedy. 
 
 Mr. Keeley is the general freight agent of that system. 
 
 Senator Dolliver. The Milwaukee system? 
 
 Mr. Ferguson. Yes, sir. Not hearing from that wire promptly or 
 getting further information 1 again took up the matter with Mr. 
 Kennedy. I am not advised and do not know how many wires were 
 sent or received before final answer. 
 
 Chicago, III., June SI, 1904. 
 C. L. Kennedy, Duluth, Minn.: 
 
 Your wire 14th. Eefrigeration charges, vegetables, Texas, common points to Kansas 
 City, $60 when moving in A. E. T. equipment. K-21. 
 
 E. S. Keeley. 
 
 Senator Carmack. What do the initials A. R. T. stand for ? 
 
 Mr. Ferguson. American Refrigerator Transportation. That is 
 the private car line system of the Gould lines, operated practically the 
 same as the Armour system. 
 
 Senator Millard. How many cars do you understand they have in 
 that system ? 
 
 Mr. Ferguson. My best information on that subject is that they 
 own somewhere in the neighborhood of 3,000 or 4,000 cars. I have 
 nothing really definite about it; but I want to call your attention to 
 the fact that that message referred to does not give the information 
 required. I had asked for information with respect to charges from 
 Texas common points to Dulutb, as the first message will indicate. 
 This message gives the charges from Texas common points to Kansas 
 City, which information was of very little value to me, and it does not 
 disclose whether or not we would be compelled to use these private 
 cars or whether or not any other car could be used. The information, 
 you will observe, is very indefinite — not at all sufficient to enable any- 
 one in business to intelligently purchase supplies. 
 
 Senator Dolliver. .What was the object in concealing that infor- 
 mation? Were these people also in the fruit and vegetable business 
 at Duluth? 
 
 Mr. Ferguson. No, sir; they were not. But it has been the com- 
 mon practice of private car line systems to keep such information con- 
 fined to at least a small circle. 
 
 Senator Dolliver, Would not that entirely ruin a shipper's busi- 
 ness if nobody knew or could get information about it? 
 
 Mr. Ferguson. The general information is known to the trade; 
 that is, that the roads are operating under these contracts, and other 
 private car line contracts will exact an extortionate refrigerator 
 charge, varying from time to time and from year to year, and we 
 usually have no definite knowledge on that subject until we begin 
 shipping from these points and pay our first freight bill. 
 
 Senator Dolliver. So you think there ought to be a published 
 statement of those charges? 
 
 KY— 05 ^22 
 
338 PRIVATE CAB-LINE SYSTEMS. 
 
 Mr. Ferguson. No, sir. I think that those charges should all be 
 incorporated in the railroad rate itself; that there should be no segre- 
 gating of any part of the rate as a special rate. I can see no real value 
 in fixing by law the transportation rate if you leave open the retrig- 
 erator charges to be manipulated at will. ^ j • au 
 
 Senator Newlands. Then you would have that charge fixed in the 
 published schedule containing the classitication and rates? 
 
 Mr. Ferguson. Yes, sir; Iwould have the classification provide tor 
 it. We are willing to pay what refrigerator service is worth. It is 
 admittedly worth more than the rate for box-car service. The rate 
 ought to be provided for the same as other elements entering into 
 transportation charges are taken into consideration and provided for. 
 
 Senator Newlands. Your suggestion-, then, involves the doing awa,y 
 with these private-car line companies and the prosecution of their 
 business by the railroads themselves? 
 
 Mr. Ferguson. Yes, sir. 
 
 There has been more or less said with reference to this being purely 
 a commission men's fight; that growers were in nowise interested in it; 
 that growers wanted this car-line service — that it was useful to them. 
 I want to offer the following letter from a grower, which is a sample 
 of many letters whicli 1 have received: 
 
 D. McNallie, grower and shipper of small fruits, strawberry plants a specialty, 
 Sarcoxie, Mo., January 2, 1905. 
 
 1 will say that Sarcoxie is on the Frisco railroad. 
 
 [D. McNallie, grower and shipper of small fruits, strawberry plants a specialty.] 
 
 Sarcoxie, Mo., January S, 1905. 
 E. M. Ferguson, Duluth, Minn. 
 
 Dear Sir: Have just read your resolutions and your paper aa published in Kansas 
 City Packer and want to thank you for same, as I feel that if there is not a change 
 brought about the fruit business will soon be destroyed, as it gets worse every year. 
 A tew years ago the railroad company tried to assist us, and would allow us to select 
 our refrigerator cars, but that is passed; we are not consulted now; no matter what 
 the service is we have to use the Armour line. Can't the fruit growers assist you 
 people in getting some relief through Congress? Why can't you send some instruc- 
 tions to every fruit organization in the United States and have them turn loose on 
 their Congressman from their district and the Senators from their State, and if Con- 
 gress adjourns without acting, then petition the President to call an extra session to 
 act on the questions. The fruit growers are more interested in this than the com- 
 mission men, or, at least, should be, as it is them that has to stand the losses. For 
 that reason I think if there is anything they can possibly do it will be willingly done 
 with pleasure. Will you please send me one of the pamphlets with your paper and 
 resolutions, and if the growers can do anything let us know. 
 
 Yours, very truly, D. McNallie. 
 
 Here is another letter from Sarcoxie: 
 
 [OSace of Sarcoxie Horticultural Association, J. F. Wagner, secretary.] 
 
 Sarcoxie, Mo., June IS, 1904. 
 Knudsen-Ferquson Fruit Company, Duluth, Minn. 
 
 Gentlemen: I have just read article marked in Herald of June 8th. Am pleased 
 to learn that the matter has been brought before the Interstate Commerce Commis- 
 sion. Keep the ball rolling, and success will finally come. 
 
 There is another matter concerning shipping of fruit that should be brought before 
 this same tribunal; that is, the routing of cars. We are not permitted to even know 
 over what lines our fruit is taken. Should we place routing on our billing it is 
 scratched out by agent here. * * * 
 
 Yours, truly, J. p. Wagner. 
 
PEIVATE CAK-LINE SYSTEMS. 339 
 
 I have omitted the latter portion of this letter, which does not refer 
 to this subject. 
 
 Senator Nbwlands. Regarding routing, would you regard it as good 
 railroading to permit the shipper always to designate the route by 
 which his goods are to be delivered at a particular point? What diflfer- 
 ence does it make to him so that they arrive there, and may it not 
 make a great deal of difference to the transportation company to have 
 the power to route the freight according to convenience, movement of 
 trains, and other conditions that may result in economical operation? 
 
 Mr. Ferguson. It is of vital importance to the shipper to have 
 something to say as to the routing. I have some papers and letters 
 upon that particular subject, which I shall reach in just a moment or 
 two, and also some railroad correspondence that I think will throw 
 considerable light on the subject. 
 
 Senator Newlands. That is one of the things you complain of, is it, 
 that the shippers are not allowed to route their goods? 
 
 Mr. Ferguson. One of the things; yes, sir. 
 
 It was stated by a gentleman from San Francisco, who appeared 
 before the committee — I think on Friday last — that the fruit growers 
 of California, as I remember it, had no complaint, and that statement 
 has been made from time to time. I want to offer a letter on that 
 subject. 
 
 [F. T. Barnard, brokerage and commission, packer of Santa Clara, Vacavllle, and San Joaquin 
 
 Valley dried fruits.] 
 
 ViSALiA, Cal., April S6, 1904. 
 Knudsbn-Fbegbeson Feuit Company, 
 
 Duluth, Minn. 
 Gentlemen: In reply to your favor of the 18th, will say that there are 200 cars of 
 deciduous fruits shipped from this point, and I am sure I can fill your wants in 
 peaches, pears, and plums. In regard to the Santa Fe, will say that you are mis- 
 taken in regard to the deal between they and Armour. They are together in the 
 orange deal, but not in deciduous fruits. The Santa Fe wants to bring them to 
 terms in this line also and is making a strong fight for business. As to the Armour 
 method of doing business, will say that two years ago the shippers made a strong 
 protest to the S. P. Co. of the methods and asked them to put on a line of cars of 
 its own. They considered the proposition, and Armour was afraid it would come 
 to this, and so he bought out the Earl Fruit Company and organized the Distributors 
 Company, and got all of the shippers into it and then they put in a petition to the 
 S. P. to continue the service^under the Armour cars, and so got another contract of 
 the S. P. for five years. Of course he could not let it be known that he was the Earl 
 FruitX'ompany, and Qerber was put in as president as a cat's-paw, but we all know 
 that it is he just the same. 
 
 Very truly, yours, F. T. Barnard. 
 
 This letter is from an outside dealer and shipper in California. As 
 to the statement made by him, I have no definite knowledge; but. from 
 what knowledge I have I am inclined to accept that as representing the 
 true state of affairs at that place. 
 
 I also desire to offer this letter: 
 
 South Haven, Mich., December 4, 1903. 
 Knudsen-Feeguson Fruit Company, 
 
 Dululti, Minn. 
 Gentlemen: Answering your favor of November 30, relative to Armour charges, 
 would say that all shipments of fruit made this year from the State of Michigan on 
 the lines of the Pere Marquette and Michigan Central were forwarded in cars fur- 
 nished by the Armour car lines (Fruit Growers' Express and Kansas City Fruit 
 Express). We made formal demand upon the agent of the Michigan Central at 
 South Haven for equipment other than Armour cars, and were informed that his 
 
340 PBIVATE CAB-LINE SYSTEMS. 
 
 company had contracted with Armour for the exclusive use of their cars lor the 
 handling of fresh fruit, and that no other cars would be furnished. We endeavored 
 to use cars of the Merchants' Despatch (a fast freight line of the Michigan Central), 
 as we had done in former years, but were refused their use for shipments outside the 
 State of Michigan. We made several attempts to secure C. N. and W., R. I., and 
 Santa Fe cars (these roads being anxious to furnish them) , but could not obtain them 
 through either the Michigan Central or Pere Marquette. 
 
 We were informed by Mr. C. E. Wolcott, agent of the Armour Car Lines, Grand 
 Rapids, Mich., that his people had the exclusive contract referred to and would not 
 allow shipments to be handled without ice and under ventilation except upon pay- 
 ment of car rental. 
 
 Which means that if shippers did not use ice they would have to pay 
 for the use of the car anyway. 
 
 There certainly seems to be no more reason why car rental should be charged tor 
 the use of cars for shipments of fruit, than for coal, lumber, canned goods, or other 
 commodities, especially as the railroads pay the Armour lines mileage on the cars, 
 which is in addition to the car rental collected from consignee. 
 
 When the fruit business started the railroads were glad to furnish refrigerator cars, 
 iced, without charge, to secure the business. The next step was to charge for the 
 actual cost of the ice, and now with this Armour arrangement the charge is three to 
 four times the actual cost of icing. 
 
 This practice is very profitable to the railroads, as while special refrigerator equip- 
 ment is required, first-class rates are charged both carloads and L. C. L., and as 
 shipper is required to guarantee the charges companies are secured against loss in 
 case of rejection of shipment at destination. 
 
 In conclusion we would again state that no arrangement of any kind whatsoever 
 was made by the shippers of this vicinity with the Armour Refrigerator Lines, and 
 that the first intimation had of the Armour arrangement was from officers of the two 
 roads mentioned. 
 
 Very truly, yours, Gill & Ckaky Fkdit Co. (Limited). 
 
 Per R. W. Craey. 
 
 Senator Newlands. That letter refers to the Merchants' Despatch 
 line. Is that a private-car company ? 
 
 Mr. Ferguson. Yes, sir; not, however, in the same sense as the 
 ones under discussion. I referred to that line yesterday. I believe 
 they claim to be common carriers, to transport at railroad companies' 
 published rates of freight. They simply solicit the business, and from 
 the lines to which they turn over this business thej^ get a commission — 
 part of the earnings. 
 
 Senator Dollivee. That is a very old institution ? 
 
 Mr. Ferguson. Very old; yes, sir. 
 
 Senator Newlands. How many private-car' companies are there, to 
 your knowledge? 
 
 Mr. Ferguson. I think there is no definite information with respect 
 to that. There are not so many of the very large ones, but there are 
 a great many small, insignificant car companies owning only a few 
 cars— simply, perhaps, originated for the purpose of securing some 
 special advantage from the railroad companies. 
 
 Senator Millard. Very few car companies carry on the mercantile 
 business, as you claim the Armour car lines do. 
 
 Mr. Ferguson. I know of no others. 
 
 Senator Newlands. Your contention is that all these cars now used 
 by these private car line companies should be owned by the various 
 operating companies? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. And should be used just as their other freigh 
 cars are? 
 
PRIVATE CAR-LINE SYSTEMS. 341 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. With a published schedule as to classification 
 and rates for freight? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. You insist upon it, notwithstanding the fact 
 that these cars have special adaptation simplj' to a particular line of 
 business which permits their operation only through a few months in 
 the year at particular places ? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Would there not be some practical inconven- 
 ience in having 2,000 operating companies — I believe there are that 
 number in this country — each one of which would have to keep an 
 equipment of these different kinds of cars that are adapted only to 
 special business and can be used only in a particular locality and dur- 
 ing only a small part of the year? Would not that mean a great 
 waste? 
 
 Mr. Ferguson. The statements made in support of that contention 
 are, as a rule, very extravagant statements with respect to the number 
 of cai's required. I propose to take that up and think I will get at it 
 in a fairly intelligent manner a little later. I have made a memo- 
 randum of it. 
 
 Senator Newlands. All right. 
 
 Mr. Ferguson. I also desire to offer the following letter: 
 
 [H. Elmer Moseley & Co., wholesale dealers In potatoes, onions, beans, and apples.] 
 
 Geand Rapids, Mich., April 7, 1904. 
 Knudsen-Feeguson Fkuit Company, 
 
 Duluth, Minn. 
 
 Gentlemen: Yours of April 5 at hand. We are of course interested in this sub- 
 ject. We understand that the Armour people have again made arrangements with 
 the railroads diverging from Grand Rapids to control the refrigerator business dur- 
 ing the coming fruit season. We fear we will not have much fruit to ship, but the 
 contract will apply just the same whether our local roads have sufficient equipment 
 of their own or not. The only information we can give is the information which can 
 be obtained from any well-informed shipper at this point. We ship more in refrig- 
 erators than the majority of shippers, as we make a specialty of potatoes in car lots 
 throughout the year, and therefore ship not only from Grand Rapids but from many 
 stations in the country. Majority of our fruit shippers are confining their fruit ship- 
 ments to the Grand Rapids market 
 
 The railroad company even tried to hold up owners of private refrigerator lines. 
 We understand that one company, at least, owning a few refrigerators were permitted 
 last year to use their own cars only under earnest protest. 
 
 Yours truly, H. E. Moseley & Co. 
 
 Senator Dollivek. Would it not cover the point which Senator 
 Newlands makes if the law required the railroads to carry any cars 
 which the shipper might be able to secure? You say that the North- 
 western and the Milwaukee railroads stood ready to carry such cars. 
 Suppose the law required the Pere Marquette and all other railroads 
 to allow the shipper to secure cars to be used? 
 
 Mr. Ferguson. But unless the law likewise prohibits the use of the 
 very profitable car line business those cars will eventually come under 
 the control of some private car line system, either such as the one 
 under discussion, or the railroads, for the additional profit offered, will 
 operate them under the same system. 
 
 Senator Dolliver. Suppose the law should put the cars being used 
 under the interstate commerce law as carriers, requiring all of them to 
 
342 PRIVATE CAE-LINE SYSTEMS. 
 
 publish their rates and requiring all their rates to be reasonable, with 
 such machinery for enforcing that as we may devise, would not that 
 cover the situation? 
 
 Mr. Feeguson. Personally, I am of opinion that they are as much 
 now under the interstate commerce law as they would be under such a 
 measure. 1 think the railroad companies under existing law are required 
 to furnish the necessary instrumentalities of carriage. I do not know 
 whether such a law would reach the owners of the private car lines 
 simply because they were owners. 
 
 Senator Dollivee. It is a fact, at any rate, that these private car 
 lines do not count themselves under any obligation, by reason of the 
 interstate commerce acts, to publish their rates. 
 
 Mr. Feeguson. Yes, sir. 
 
 Senator Dollivee. Therefore — and that is a question before the 
 courts now — suppose the law brought all these private car lines under 
 the interstate commerce act, making all its provisions applicable to 
 them, how far would that go to abate the complaint you make? 
 
 Mr. Feeguson. T think, in the first place, there is no public demand 
 for the existence or the continuation of private-car lines. I think, to 
 bring them under the jurisdiction of the Interstate Commei'ce Com- 
 mission, to legalize and continue the system, would simply be to create 
 another common carrier for our highways; would make two common 
 carriers to deal with where we now have but one; would provide chan- 
 nels for all sorts of manipulations and evasions. I do not believe that 
 if you appointed the entire population of the United States as a police 
 force you could protect the public against manipulations through that 
 channel. I think, through such a channel, manipulations and evasions 
 of the law would be practiced. 
 
 Senator Dollivee. Would you make it unlawful for any railroad to 
 convey merchandise in cars other than its own cai's or those owned by 
 some other railway line? 
 
 Mr. Feeguson. I did not quite understand the question. 
 
 Senator Dollivee. I say, would you make it unlawful for a railroad 
 to convey merchandise in cars other than its own or in the cars of some 
 other railway line? 
 
 Mr. Feeguson. Yes, sir. 
 
 Senator Dollivee. How would a law like that stand in the courts 
 with these vast properties built up? 
 
 Mr. Feeguson. 1 suppose all these proposed laws will be eventually 
 thrashed out in the courts. No matter what legislation is enacted with 
 respect to private-car line evils, the constitutionality of the act will 
 doubtless be a matter for court determination. With respect to the 
 vast property interests that may be disturbed by legislative enactment 
 prohibiting the carriers from using privately owned freight cars, I am 
 inclined to think that we are apt to consider the private-oar line own- 
 ers only, and their property interest that may be disturbed, and forget 
 the vast property interests of the masses, that are now being violently 
 disturbed, which in the aggregate are greater by far than the property 
 interests of the private-car owners. 
 
 Senator Dollivee. But when the law allows a property interest to 
 be built up in that way without interference, what I am asking is how 
 far Congress could abruptly destroy the value of that property and 
 prevent its use without encountering great legal difficulties? 
 
 Mr. Feeguson. You say "the law allows." I think that inquiry 
 
PRIVATE CAB-LINE SYSTEMS. 343 
 
 will disclose that this question has not been passed upon by any court 
 or sanctioned by any law. The practice has been pretty largely secret. 
 
 Senator Dolliver. It has been a long time since the first organiza- 
 tion of companies, aside from railway companies, for the purpose of 
 building up and operating transportation systems outside of railway 
 corporations, and whether it has been lawful or not the law has made 
 no interference with it. According to your statement there would 
 appear to be a vast number of these cars and a large number of these 
 companies duly incorporated under the laws of the various States. 
 What I am interested in is whether Congress could abruptly destroy 
 the value and prevent the use of this property without raising legal 
 difficulties. 
 
 Mr. Ferguson. I would not insist or suggest that this change be 
 Drought about abruptly, but would suggest that such a law, if it be 
 enacted, take effect six months or more after its passage, thus giving 
 the carriers and the car lines a reasonable time in which to adjust their 
 affairs to meet the new situation. 
 
 Senator Newlands. I presume you would expect the railroad com- 
 panies to buy these cars and pay a fair value for them? 
 
 Mr. Ferguson. I think that queston would very quickly settle 
 itself. I think that some of the brightest business men are interested 
 on both sides of the question, and if the use of the privately owned 
 cars were prohibited bj^ law the car line companies and the carriers 
 would quickly get together on some common ground and adjust this 
 matter fairly between themselves. 
 
 Senator Newlands. Can you give us any idea of how much capital 
 is actually invested in these cars? I do not mean the nominal paper 
 capitalization of corporations, but the amount that has been put in 
 their cars and other machinery that they use. 
 
 Mr. Ferguson. I have stated before. Senator, that I know of no 
 place where that information may be obtained. The car line compa- 
 nies not having been considered public-service corporations or common 
 carriers, have not been required to file with the Government any state- 
 ment with respect to their business in any particular. 1 think the 
 information is unobtainable. 
 
 Senator Newlands. Could you not approximate it by ascertaining 
 the number of cars, and then finding out the cost of each car ? 
 
 Mr. Ferguson. It has been estimated that there are 50,000 privately 
 owned cars. 
 
 Senator Newlands. Refrigerator cars, you speak of, do you ? 
 
 Mr. Ferguson. I know of no way of getting definite information 
 with respect to the number and various kinds of privately owned cars, 
 and rely entirely upon testimony bearing upon this subject given 
 before the Interstate Commerce Commission at the car-line hearings, 
 particularly the October hearing. 
 
 Senator Newlands. Have you any idea what is the average cost of 
 each one of these cars? 
 
 Mr. Ferguson. It was stated by witnesses at those hearings that 
 a refrigerator car costs about $1,000. 
 
 Senator Newlands. That would represent a total cost of, say, 
 $50,000,000. Are these refrigerator cars much more expensive than the 
 ordinary box cars? 
 
 Mr. Ferguson. I think not. Evidence was offered to the effect that 
 the cost of an ordinary box car of the old type was in the neighbor- 
 
344 PRIVATE CAK-LINE SYSTEMS. 
 
 hood of $700 or $800. The later styles or larger box cars that are 
 being now commonly built I understand cost about fl,000 each, or 
 practically the same as a refrigerator car. 
 
 Senator Newlands. 1 had the impression that the refrigerator cars 
 were very expensive. If, however, it is the fact that they are not so 
 much more expensive than the ordinary box cars that would simplify 
 the question very much. 
 
 Mr. Ferguson. I will reach that a little later, and if I may be per- 
 mitted to continue this documentary evidence that I have to oflfer I 
 should prefer doing so. 
 
 Now, as to whether .or not this private car-line system provides a 
 better service and insures an adequate supply of refrigerator cars, I 
 wish to offer the following letter which discloses a refrigerator car 
 shortage in California, where these private car-line practices obtain, 
 and I may add that this is only illustrative of conditions that obtain 
 from time to time in the shipping districts throughout the country 
 where refrigerator cars are required: 
 
 Grand Forks, N. Dak., June. 9, 1904. 
 KnudseN'Fehguson Fruit Company, 
 
 Duluth, Minn. 
 Gentlemen: Owing to the scarcity of cars the past ten days we were unable to get 
 your car out until the 7th. 
 
 Your car F. G. E. 14891, contains Riverside seedlings. Sweets, and St. Michaels, 
 and hope you will be pleased with same. 
 Don't you want a car of Valencias and a car or two of lemons? 
 
 Yours, truly, C. H. Robinson. 
 
 P. S. — Will send you manifest in a few days. 
 
 Senator Dollivee. I suggest, if you have a considerable number of 
 those letters, that they be printed without reading. 
 
 Mr. Ferguson. I have no more to offer referring to that particular 
 subject. 
 
 It has also been stated that the shipper voluntarily entered into these 
 arrangements. With respect to that I offer the following letter: 
 
 Mattawan, Mich., December 7, 4903. 
 K. F. F. Co., Dvluih, Minn. 
 
 Gentlemen: Yours of the 11/30 at hand, and the Hon. Mr. Tread way, of the M. C. 
 R. R., came to me and said that their business for hauling fruit had been given to the 
 Armour people and I would have to use Armour cars, and if I would sign a blank 
 contract that he had to that effect I would get a small discount onicing cars. Well, 
 I would not sign for about ten days, and then they came back and I was told that I 
 had better sign, and I could see no way out of it, so I signed. We tried several 
 times in the fruit season for other cars and was told that we could not have them, 
 as Armour & Company was looking after the fruit interest, and if you would like a 
 copy of that contract I will try and get one for you. 
 
 Respectfully, A. H. Campbell, 
 
 Manager of Mattawan Fruit Shippers' Association. 
 
 Senator Newlands. Are we to understand that whenever a shipment 
 is made on these Armour cars the shipper makes a special contract with 
 the Armour Company regarding that particular shipment, and that 
 oftentimes that contract means a reduction or rebate to a particular 
 shipper? 
 
 Mr. Ferguson. Not in every instance. The contract referred to 
 there has reference to a half-tank icing arrangement whereby the 
 
PRIVATE CAR-LINE SYSTEMS. 345 
 
 shipper is given what is known as a half-tank service at a reduced 
 rate — that is, the ice bunkers of the refrigerator cars contain false 
 bottoms or divisions that may be used, whereby only the upper por- 
 tion of the ice bunkers are filled with ice for short distances. Certain 
 perishable products, for instance, grapes, may be transported under 
 this half-tanking arrangement; but this sort of refrigeration is never 
 absolutely safe, and is never used, to my knowledge, for refrigerating 
 carload shipments of peaches; but, in order to avoid the very extor- 
 tionate full-tank arrangement, shippers are induced, even at some risk 
 to themselves, to avail themselves of the half-tanking service, though 
 in order that any shipper may be privileged to ship under the half- 
 tank arrangement, which reduces the refrigerator charges from Michi- 
 gan points to Duluth, for instance, from $45 per car to $27 per car, 
 the shipper is first required to sign a contract with the car line com- 
 
 f)any, tne conditions of which are to release both the carrier and car 
 ine companies from all responsibility of safe carriage, the risk being 
 entirely with the shipper. 
 
 The testimony given before the Interstate Commerce Commission 
 inquiring into these practices also discloses that, as a special induce- 
 ment for shippers to sign these half -tank contracts, the car lines agree 
 to give such shipper a reduction of 10 per cent from whatever full- 
 tank service such shipper may thereafter require. It will be observed 
 th^at, as a matter of protection, shippers are practically coerced into 
 signing these half-tank contracts, the object plainly being, first, to 
 relieve carrier and car line companies from responsibility of safe car- 
 riage; second, to form a basis for the statements advanced by carriers 
 and car lines that shippers have entered into contracts with the car 
 lines for this service. 
 
 Senator Newlands. Is that reduction accorded to all shippers, or 
 simply to particular shippers? 
 
 Mr. Ferguson. I do not know. 
 
 Senator Newlands. I mean, is it a matter of negotiation in each 
 particular case whether a shipper will be charged more or less ? 
 
 Mr. Ferguson. In my opinion, these matters are subjects of nego- 
 tiation whenever and wherever it appears to the car-line company to 
 their interest to enter into such negotiations. 
 
 Senator Newlands. That is clearly violative of every rule relating 
 to common carriers. 
 
 Mr. Ferguson. With respect to the shipments referred to, our firm 
 were the shippers, having purchased these goods f. o. b., and parties 
 entering into these half-tank contracts were not authorized by our 
 firm to and could not, of course, without our sanction enter into any 
 arrangements that would be binding on us, as they were only author- 
 ized to load and bill cars to us. 
 
 Now, as to whether we can get information from the highest traffic 
 officials of these roads that are operating under exclusive contracts with 
 respect to whether or not we will be compelled to use Armour cars 
 when originating shipments on points along such lines of roads, and as 
 to whether or not the Armour car-line charges will obtain, I wish to 
 offer the following correspondence between our attorney, Roger S. 
 Powell, of Duluth, and B. B. Mitchell, traffic manager, Michigan Cen- 
 tral Railway, Detroit, Mich. : • 
 
346 PEIVATE CAE-LINE SYSTEMS. 
 
 I 
 
 DuLOTH, Minn., March S6, 1904. 
 B. B. Mitchell, 
 
 Traffic Manager Michigan Central Railway, Detroit, Mich. 
 Dear Sir: The Knudsen-Ferguson Fruit Company, of this city, is concerned about 
 the matter of the shipment of perishable fruits from the territory served by your road 
 during the coming season. They would like to know whether it will be incumbent 
 upon them, or upon their consignors, to deal with private companies instead of with 
 the railroad company in getting refrigerator cars during the next season. It is a 
 matter of much importance to them. It would seem to be the duty of a common car- 
 rier to furnish all the carriage equipment for produce carried by it, and any other 
 arrangement is not satisfactory to this company. Will you let me know as soon as 
 may be whether the conditions of last year in this respect are to obtain during this 
 1? 
 Yours, truly, Eoger S. Powell, 
 
 Attorney for Knudsen-Ferguson Fruit Company. 
 
 Michigan Central Railroad Company, 
 General Freight Traffic Manager's Office, 
 
 Detroit, Mich., March S8, 1904. 
 Mr. Roger S. Powell, attorney-at-law, No. 414 Manhattan building, Duluth, Minn. 
 
 Dear Sir: I am favored with yours of the 25th instant in the matter of refrigera- 
 tion service for the coming season's fruit crop. 
 
 I can not advise you at the present moment whether last season's conditions will 
 prevail this season or not. 
 
 Yours, truly, B. B. Mitchell, 
 
 General Freight Traffic Manager. 
 
 DnLUTH, Minn., April 1, 1904. 
 M. N. Mitchell, Esq., 
 
 Oeneral Traffic Manager, Michigan Central Railway, Detroit, Mich. 
 
 Dear Sir: I am in receipt of your favor of the 28th ultimo in reply to a letter of 
 mine of the 25th addressed to B. B. Mitchell, as traflSc manager of the Michigan 
 Central Railway, and note its contents. 
 
 Perhaps my former letter was not as specific as it should have been. I am given 
 to understand by my client that your company during last year did not permit the 
 use of refrigerator cars on your line for freight destined beyond the State limits, 
 excepting Armour refrigerator cars or refrigerator cars controlled by Armour & Co., 
 and that a shipper of fruits beyond the State limits, where such fruits were taken by 
 you as initial carrier, was confined to the use of Armour refrigerator cars. My client 
 would like to know whether or not your company during the coming fruit season 
 will permit the use of other refrigerator cars on your line than the Armour refrigerator 
 cars or cars of lines controlled by Armour & Co. The season of refrigeration is near 
 at hand, and while you say you can not "at the present moment" advise as to what 
 the practice will be during the coming season, I hope that you will be able to inform 
 me on this matter at an early date. 
 
 Yours truly, Roger S. Powell, 
 
 Attorney for Knudsen-Ferguson Fruit Company. 
 
 To the last letter addressed to Mr. Mitchell, we have, as yet, receiveu 
 no reply. It will be observed that I, as a shipper, can not get any 
 definite information with respect to the use of these Armour cars or 
 the charges therefor, even after having the matter taken up with the 
 initial carrier by my attorney. 
 
 1 have a file of letters here, all of which I will not read, with refer- 
 ence to the practices on the Frisco line. I will hand them to the ste- 
 nographer in order that they may appear in the record. 
 
PRIVATE CAB-LINE SYSTEMS. 347 
 
 [Knudsen-Perguaon Fruit Company, general commiseion merchants, Jobbers, and wholesale dealers 
 in foreign and domestic &uife9, candies, cigars, and tobaccos.] 
 
 DuLUTH, Minn., March S8, 1904. 
 A. S. Dodge, 
 
 Freight Traffic Manager St. Louis and 
 
 San Francesco Railroad Company, St. Louis, Mo. 
 Dear Sie; The berry season will soon open on points along your line and we shall 
 no doubt be shipping a good many cars when the season opens. During the past 
 seasons we have had more or less trouble about routing our cars over lines that would 
 give us the best service and handle to the best advantage for us account of your com- 
 pany refusing to respect our routing instructions when bill of lading was presented 
 to agent at point of shipment. We would be very much pleased to have you advise 
 us what we may say to our representative in Arkansas and Missouri this year in 
 regard to the policy that your company will pursue in matters of this kind during 
 the coming shipping season and whether or not our instructions designating the lines 
 over which shipments will travel after leaving your rails will be observed and fol- 
 lowed by your agent and your company. 
 Hoping to receive an early reply, we beg to remain, 
 Yours, very truly, 
 
 Knudsbn-Febguson Fruit Company. 
 
 St. Louis and San Francisco Eailhoad Company, 
 
 St. Louis, April 4, 1904. 
 Messrs. Knudsen-Feequson Fruit Company, 
 
 Duluth, Minn. 
 Gentlemen: Your favor of the 28th ultimo, addressed to Freight Traffic Manager 
 Dodge, has, owing to his absence from the city, been referred to me for attention. 
 Replying have to say that during the past ten years we have had a great deal of expe- 
 rience in the handling of carload shipments of strawberries originating from points 
 on our line, by reason of which we reserve the privilege of specifying lines over which 
 such shipments should travel, and in doing so we invariably turn such shipments to 
 the short rails of lines whose schedule time to various destinations is most favorable. 
 Such action on our part we find to be necessary in order to make the berry-growing 
 industry remunerative to the growers and for the further reason of minimizing claims 
 against this company. If you have any special choice in routing of berries handled 
 from points on oiir line and will advise us the principal point of shipments, destina- 
 tion, etc., together with name of the line you prefer such shipments to travel over, 
 and we find that such line or lines in position to accord the service favorable to 
 that as accorded by other lines, it is more than likely that we will issue instructions 
 to our forwarding agents to bill shipments routed as you may elect. 
 Yours, truly, 
 
 Ohas. Hall. 
 
 [Knudsen-rerguson Fruit Company, general commission merchants, jobbers and wholesale dealers in 
 foreign and domestic fruits, candies, cigars, and tobaccos.] 
 
 Duluth, Minn., April 7, 1904. 
 Mr. Chas. Hall, 
 
 A. G. F. A., St. Louis and San Francisco Railroad Company, St. Louis, Mo. 
 
 Deae Sir: We have your favor of the 4th instant, and after carefully reading the 
 same wecan hardly see that our letter of the 28th ultimo to your traffic manager has 
 been replied to. 
 
 The right of routing such shipments as we control from points on your line over 
 connecting rails after leaving your line is a right that is unquestionably ours. To 
 back us up in this opinion, we have two square-toed decisions, one by the Interstate 
 Commerce Commission and one by the United States court. 
 
 We can hardly take seriously your statement that the retaining of the right of rout- 
 ing by your company is in the interest of shippers and growers. 
 
 We are not fighting the battles of other dealers in our line, but we are insisting 
 upon our rights as they appear to us, and after carefully looking over your circular 
 of last year marked "Private, A 42," and the different routings as designated therein 
 and their inconsistency with good service, have decided to take this matter up before 
 
348 PRIVATE CAB-LINE SYSTEMS. 
 
 the opening of the season and ask you to give us a letter that we may hand to out 
 representative in the Southwest, instructing agents to respect routing as indicatea Dy 
 him on such shipments as he may make us. If the other dealers are willing to accept 
 the conditions of your circular, we have no objections to their doing so. 
 
 We also wish to ask whether or not we will be privileged to use such refrigerator 
 cars as we may be able to get from other lines, or will we be compelled to use private- 
 car companys' refrigerator cars in making shipments of perishable truits irom points 
 on your line. An early reply will greatly oblige. 
 
 Yours, truly, _ _, 
 
 Knudsen-Ferguson Fruit Company. 
 
 St Louis and San Francisco Railroad Company, 
 
 St. Louis, April 21, 1904. 
 Knudsen-Ferguson Fruit Company, 
 
 Duluih, Minn. 
 Gentlemen- This will serve to acknowledge receipt of your letter of the 7th instant, 
 which was written in reply to mine of the 4th instant, in which I endeavored to 
 define to you our position with reference to the routing of strawberry shipments 
 originating at points on rails of this company in northern Arkansas and southwest 
 Missouri, any more than I omitted to state as being one of the important reasons for 
 our reserving the right to route this particular traffic beyond our own rails aa being 
 the necessity for our calling upon our several connections for specific number of 
 empty refrigerator cars to enable us to move the berries as fast as they are offered. 
 In order for us to prevail upon such connections furnishing us with the requisite 
 number of empties, it is naturally necessary for us to pledge ourselves to return to 
 such connections the same cars under berry loading, or, at least, to turn them a car 
 of berries for every empty they furnish. This, together with other reasons as eiiumer- 
 ated in my communication to you of the 4th instant, renders it necessary for us to 
 take the routing of these berries in our own hands. Would like to make an excep- 
 tion in your case if it were consistent for us to do so. 
 
 Yours, truly, Chas. Hall. 
 
 [Knuaaen-Pergnson Fruit Company, general oomml^ion merchants, jobbers and wholesale dealers 
 in foreign and domestic fruits, candies, cigars, and tobaccos.] 
 
 DuLUTH, Minn., April Z6, 1904. 
 Chas. Hall, 
 
 Assistant Oeneral Freight Agent, St. Louis and 
 
 San Francisco Railroad Company, St. Louis, Mo. 
 
 Dear Sir: We acknowledge receipt of your favor of the 21st instant, but must still 
 insist that our former letter has not beenreplied to. We have asked you two specific 
 questions relating to traffic on your line and you must certainly do one of two things, 
 either comply with our wishes or refuse to do so. In arranging our business we 
 must know what to depend upon, and we have an absolute right to demand whether 
 or not it is your intention to route as you see fit or permit us to control our own busi- 
 ness. We ask you to give us a definite, specific, and unqualified answer to the fol- 
 lowing questions: 
 
 Will you observe and respect our routing instructions? 
 
 Will you permit us to use such refrigerator cars as we may be able to get on our 
 own terms, or will you require us to use the private car company's refrigerator cars 
 in making shipments of berries from points along your line? 
 
 In answering the above questions, please bear in mind that we do not care for any 
 explanation as to the local conditions that, from your point of view, justify you in 
 assuming the absolute control of this business, regardless of the wishes of the ship- 
 per. We simply demand to know what traffic conditions we must contend with in 
 doing business. The conditions that you evidently intend to impose will have a 
 direct and positive effect upon bur business, and as your company is a common car- 
 rier, amenable to all laws governing all such carriers, you can not refuse to give a 
 shipper unqualified information concerning a traffic question of this kind. Please 
 let us have an answer without further beating around the bush. 
 Yours, truly, 
 
 Knudsen-Fbrquson Fruit Company. 
 
PEIVATE CAK-LINE SYSTEMS. 349 
 
 St. Loras and San Francisco Railroad Company, 
 
 St. Lmiis, April ^9, 1904- 
 Knudsen-Ferquson Fruit Company, 
 
 Duluth, Minn. 
 Gentlemen : I refer to my letter to you of the 21st instant, and your reply of the 
 25th instant with reference to movement of strawberries from points on our line 
 destined to the Northwest, when I say that this company reserves the right to route 
 such traflie beyond its own rails and to employ such refrigerator equipment for 
 handling same as we may elect. 
 
 Yours, truly, Chas. Hall, 
 
 Per L. E. L. 
 
 [Knndsen-rerguaon rruit Company, general commission merchants, jobbers and whole?n,le dealers 
 in foreign and domestic fruits, candies, cigars, and tobaccos.] 
 
 Duluth, Minn., May 18, 1904. 
 A. S. Dodge, 
 
 Traffic Manager St. Louis and San Francisco Railroad Company, 
 
 St. Louis, Mo. 
 DsAR Sir: After an exchange of several letters between your traffic department 
 and our firm, dating from March 28, 1901, to April 29, 1904, we have finally suc- 
 ceeded in getting from your traffic department the following letter: 
 
 "Knudsen-Febguson Fruit Company, 
 
 "Duluth, Minn. 
 "Gentlemen: I refer to my letter of the 21st instant and your reply of the 25th 
 instant, in reference to the movement of strawberries from points on our line destined 
 to the Northwest, when I say that this company reserves the right to route such 
 traffic beyond their own rails and to employ suph refrigerator equipment for hand- 
 ling same as we may elect. 
 
 "Chas. Hall, 
 "Assistant Oeneral Freight Agent." 
 
 Our request for information concerning the manner in which your company intend 
 to handle this traffic was met with a series of evasive letters, written with the evi- 
 dent intention of keeping as far away from the subject-matter and the points of issue 
 as possible. Our questions in our former letters were plain questions and may have 
 been answered in plain, straightforward language. Mr. Hall's reply, as above quoted, 
 is, in all probability, as definite as we will be able to draw from your traffic depart- 
 ment on this particular subject and the use, or, rather, the forced use, of private 
 refrigerator cars. 
 
 It IS perhaps not necessary for us to state that you are far exceeding your rights as 
 a common carrier in forcing upon us the use of these private refrigerator cars and also 
 reserving for yourselves the absolute right of routing cars beyond your rails regard- 
 less of the wishes of the shipper, or, in other words, selling this traffic to the highest 
 bidder for return tonnage. 
 
 We are physically unable to prevent your company from handling this business in 
 this_ manner, but we wish to serve notice upon you at this time that we shall hold 
 your company strictly responsible for any and all damage to any of our shipments 
 while in transit clear up to the point of destination. We shall, "further hold you 
 responsible for any damage that our business may sustain by reason of being com- 
 pelled to use private refrigerator company's cars to the exclusion of all others and 
 at their price, and that all refrigerator charges will be paid under protest. We mean 
 to carry this matter to the courts for the purpose of enforcing you to observe our 
 rights in the premises. 
 
 Yours, truly, Knudsen-Ferguson Fruit Company. 
 
 St. Louis and San Francisco Railroad Company, 
 
 ,S!. Louis, May S3, 1904. 
 Knudsen-Ferguson Fruit Company, 
 
 Duluth, Minn. 
 
 Gentlemen: I have read your letter of the 18th with reference to the routing of 
 berries and have also been informed of the previous correspondence you have had 
 with this company on the subject. You have stated your position so fully and 
 frankly that I think a similarly frank statement from us is in order. 
 
350 PBIVATB CAE-LINE SYSTEMS. 
 
 To begin with, I take it that our interests are mutually to encourage the grower, 
 otherwise neither of us will gain anything. One of the first essentials of such encour- 
 agement is an adequate supply of refrigerators, which shall be on hand at the time 
 and place and in the quantities needed. The railroad company has no refrigerator 
 equipment of its own, and past experience has demonstrated that it is not practica- 
 ble to rely on individual shippers in such an emergency, as both shippers and con- 
 signees look to the railroad company for their car supply. Your company, so far as 
 I know, is the only one that desires to take this burden upon itself. In order to 
 insure this car supply we have contracted with the Armour car lines to put their cars 
 in the service. 
 
 This year we expect to move between 1,000 and 1,200 cars of berries from our local 
 field. At the beginning of the shipping season we had probably less than 100 Armour 
 cars on our rails. In order that the car lines might secure empties from our connec- 
 tions we were compelled to guarantee a loaded movement to offset the empty haul, 
 and in order to make our guaranty good we have got to have the routing in our own 
 hands. 
 
 I advise you thus fully the circumstances which make it impossible for us to com- 
 ply with your requests that you may see that our action is not a mere arbitrary 
 assumption of power, but is the outcome of conditions which can not be ignored. 
 Respectfully, 
 
 A. S. Dodge, Third Vice-President. 
 
 [Knudsen-Ferguson Fruit Company, general commission merchants, jobbers and wholesale dealers 
 in foreign and domestic fruits, candies, cigars, ana tobaccos.] 
 
 DuLUTH, Minn., May SO, 1904. 
 Mr. A. S. Dodge, 
 
 Third Vice-President St. Louis and 
 
 San Francisco Railroad Company, St. Louis, Mo. 
 
 Deak Sih: I refer to your letter of the 23d instant, replying to our letter to you of 
 the 18th insta,nt, when I thanked you for your courteous and rather frank reply. 
 
 It is my opinion we can better understand each other by coming out into the lime 
 light and discussing this matter upon its merits and from a business standpoint. 
 
 I can hardly coincide with your views that your company is justified in the course 
 you have taken in reference to the arbitrary routing of berry shipments and the 
 compulsory use of private car company's refrigerator cars at prices arbitrarily set by 
 private corporations. 
 
 To begin with, we take it that you are not obligated to any connecting line for the 
 use of these private car company's refrigerator cars, as they are not the property of 
 any connecting lines. 
 
 Your contention that the connecting lines that haul and deliver these private cars 
 to your company's rails at Kansas City and St. Louis are entitled to the haul of the 
 loaded cars in return and in payment for the services that they have rendered in 
 delivering empties, in our opinion is not a consistent position for your company to 
 take, for the following reasons: 
 
 First. It is not reasonable or just that your company should be permitted to rOute 
 our shipments contrary to our interest for the purpose of discharging your own busi- 
 ness obligations, and, as has been the practice of your company, over lines of rails 
 not equipped to give the best and most expedited service. I refer now to your Rock 
 Island routing. Such shipments are almost invariably delivered twent)'-four hours 
 late and mvariably receive rough handling. Thus you are causing our business to 
 suffer m discharging your company's business obligations. 
 
 Second. Under your method of arbitrary routing connecting lines look to initial 
 lines for business, not to the consignee, and as soon as it becomes evident to sifch 
 connecting hues that consignee has no control over the business they will seek to 
 dicker with the initial line, and will be careless and entirely neglectful of consignee's 
 interest, as there will be no incentive for them to please consignee, and the initial 
 line will be the only party interested whose favor the connecting lines will curry 
 
 Third. If this tonnage is worth anything by the way of bringing return business 
 or business influence, it is fair to presume that the consignee or consignor should be 
 privileged to so dispose of sueh tonnage in their own interest. 
 
 Fourth. It is no justification of your company's position that you are not the 
 owners of refrigerator cars, as we are of the opinion that it is every common carrier's 
 common-law duty to provide the necessary equipment for the transportation of the 
 
PRIVATE CAB-LINE SYSTEMS. 351 
 
 products along its lines of rails, and because they do not find it convenient to own 
 such equipment and find it necessary to employ foreign equipment at certain seasons 
 of the year does not justify a common carrier in compelling consignor to pay the hire 
 of such foreign equipment. 
 
 Fifth. If your company was short of refrigerator cars, and say one or a number of 
 your shippers was in a position by reason of influence with connecting lines to deliver 
 to your company any number of refrigerator cars, it would seem that such a transac- 
 tion would operate to relieve your company unless it was their desire to create a con- 
 dition that would permit of a monopoly such as now exists of the privilege to use 
 such equipment upon your rails. 
 
 Sixth. I fully agree with you that it is to your company's interest to encourage 
 the growers along your lines of rails, but in your zeal to promote the interest of the 
 grower you should not become totally oblivious of the interest of the shipper and the 
 consuming public, and for our part we can not see where the grower's interest are 
 best served by your company's present method, which adds an additional and exces- 
 sive charge for refrigeration and the use of private cars for the carrying charge or freight 
 rate, which in itself is excessively high. This extra and excessive refrigerator charge 
 must of necessity operate toward lower prices for the grower and higher prices for 
 the consuming public. 
 
 Concluding, a year ago your routings were entirely different to our market, and 
 your circular. Private A 42, designating the lines of rails over which shipments must 
 travel from various different points along your line to various points in the Northwest, 
 was issued on April 21, 1903, some time prior to the beginning of strawberry movement 
 along your Une, and we can hardly see that your company was in a position to know 
 at that time just what connecting lines could haul and deliver empties to your company 
 at Kansas City and St. Louis, as such services could not be performed for your company 
 until such times as you were in need of this equipment, hence it would seem that such 
 services could nothave been the consideration ininfluencing your company in preparing 
 your routing list, as such services could "not have been performed by any connecting 
 lines at the time circular and routing list were issued. We are still of the opinion that 
 your company's duties as a common carrier are not being discharged, and inasmuch as 
 our business is being made the sufferer therefor it is our intention to have the matter 
 rectified either by amicable understanding with your company or, failing in that, to 
 ask the courts to define our rights in the premises. 
 Yours, truly, 
 
 Knudsen-Fehguson Fruit Company. 
 
 [Frisco system. St. Louis and San Francisco Railroad Company. Freight traffic department cir- 
 cular No. 42-A. (Cancels Circular No. 42.) Eoutlng instructions to govern movement of straw- 
 berries, season 1903.] 
 
 St. Louis, Mo., April SI, 1903. 
 To Agents: 
 
 During the movement of strawberries from your station there will be very per- 
 sistent solicitation to the shijjpers by the representatives of our connections at Kansas 
 City and St. Louis. They will naturally make all manner of promises to shippers 
 as to quick time. It will, therefore, be necessary for you to explain to them that we 
 have made all arrangements with connections to handle this business by expedited 
 train service, with a view of getting the berries to market in the quickest time possi- 
 ble, as we fully appreciate the great importance of giving this trafiic expedited serv- 
 ice in preference to any other freight moving. 
 
 I have prepared a routing list, which indicates the roads to which we will deliver 
 the berries. As stated before, we have arranged with these lines for special move- 
 ment over their rails, and I feel it will only be necessary for you to exj)lain this 
 matter to them in the event they should express a desire to have their berries 
 routed via some line not shown in routing list. It might be well for you to say tx) 
 shippers that in the event our train is delayed and does not reach St. Louis or 
 Kansas City in time to deliver to the roads specified in the routing list, we will see 
 that the berries are delivered to the line which can take them to destination in the 
 quickest possible time, regardless of the fact that such roads may not be the one 
 designated in the following routing instructions. 
 
 Please understand that these instructions are confidential and must not be made 
 public. Under no circumstances must representatives of foreign roads or fast lines 
 be allowed to examine the instructions contained in the circular. If necessary to 
 
352 
 
 PRIVATE OAB-LINE SYSTEMS. 
 
 satisfy shippers, agents may display to them the first page of instructions shown in 
 the circular, but under no circumstances should the instructions be allowed to leave 
 your possession. Please see to it that these instructions are strictly complied with. 
 
 J. A. MiDDLBTON, 
 
 General Freight Agent, St. Louis, Mo. 
 
 I hereby certify that the foregoing is a true copy of the original. 
 
 [seal.] H. J. Mannis, 
 
 Notary Public, St. Louis County, Minn. 
 Dated July 30, 1903. 
 
 [Page 2, Circular No. 42-A.] 
 
 No. 
 
 Route via — 
 
 Albert Lea, Minn 
 
 Atchison, Kan 
 
 Baltimore, Md 
 
 Buffalo,N.Y 
 
 Burlington, Iowa 
 
 Cedar Rapids, Iowa 
 
 Chicago, 111 
 
 Cincinnati, Ohio 
 
 Cleveland, Ohio 
 
 Colorado Springs, Colo 
 
 Columbus, Ohio 
 
 Council Bluffs, Iowa 
 
 Davenport, Iowa 
 
 Dayton, Ohio 
 
 Denver, Colo 
 
 Des Moines, Iowa 
 
 Detroit, Mich 
 
 Dubuque, Iowa 
 
 Duluth, Minn 
 
 Ft. Madison, Iowa 
 
 Galesbuig, 111 
 
 Grand Rapids, Mich 
 
 Hamilton, Out 
 
 Hannibal, Mo 
 
 Indianapolis, Ind 
 
 Keokuk, Iowa 
 
 Kingston, Ont 
 
 La Crosae, Wis 
 
 La Fayette, Ind 
 
 Leavenworth , Kan 
 
 Lincoln, Neb 
 
 Manitowoc, Wis 
 
 Marinette, Wis 
 
 Marshalltown, Iowa 
 
 Mason City, Iowa 
 
 Menomome, Mich 
 
 Milwaukee, Wis 
 
 Minneapolis, Minn, (from Mo. points only) 
 Minneapolis, Minn. (from Ark.poiutsonly) 
 
 Minnesota, Transfer, Minn 
 
 Montreal, P. Q 
 
 Nebraska City, Neb 
 
 New York, N. Y •. 
 
 Omaha, Neb 
 
 Oskaloosa, Iowa 
 
 Ottawa, Ont 
 
 Peoria, 111 
 
 Philadelphia, Pa 
 
 Pittsburg, Pa 
 
 Pueblo, Colo 
 
 •Quebec, P. Q 
 
 Quincy, HI 
 
 St. Joseph, Mo 
 
 St. Paul, Minn, ffrom Mo. points only) 
 
 St. Paul, Minn, (from Ark. points only) 
 
 St. Louis, St. L. K. and N. W. 
 
 Kan.sas Citv, K. C. St. J. and C. B. 
 
 East St. Loiiis, B. and O. S. W. 
 
 East St. Louis, Wabash. 
 
 St. Louis, St. L. K. and N. W. 
 
 Kansas City, C. M. and St. P. 
 
 East St. Louis, C. and A. 
 
 East St. Louis, B. and O. S. W. 
 
 East St. Louis, 0. C. C. and St. L. 
 
 See Note 1. 
 
 East St. Louis, B. and O. S. W. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 East St. Louis, C. B. and Q. 
 
 Ea.st St. Louis, Vandalia Line. 
 
 See Note 1. 
 
 Kansas City, C. G. W. 
 
 East St. Louis, Waba-sh. 
 
 East St. Louis, C. B. and Q. 
 
 Kansas City, C. G. W. and Nor. Pao. 
 
 St. Louis, St.L.K.andN.W. 
 
 East St. Louis, C. B. and Q. 
 
 East St. Louis, Wabash. 
 
 East St. Louis, Wabash. 
 
 St. Louis, St. L. K. and N. W. 
 
 East St. Louis, Vandalia Line. 
 
 St. Louis, St. L. K. and N. W. 
 
 East St. Louis, Wabash. 
 
 St. Louis, C.B. and Q. 
 
 East St. Louis, Wabash. 
 
 Kansas City, Mo. Pae. 
 
 Kansas City, K. C. St. .T. and C. B. 
 
 East St. Louis, Wabash. 
 
 Kansas City, C. M. and St. P. 
 
 Kansas City, C, M. and St. P. and la. Central. 
 
 Kansas City, C. M. and St. P. and la. Central. 
 
 Kansas City, C. M. and St. P. 
 
 Kansas City, C. M. and St. P. 
 
 Kansas City, C. M. and St. P. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 East St. Louis, Wabash. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 East St. Louis, Vandalia Line. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 Kansas City, C. -M. and St. P. and la. Central. 
 
 East St. Louis, Wabash. 
 
 East St. Louis, B. and O. S. W. 
 
 East St. Louis, C. and A. 
 
 East St. Louis, Vandalia Line. 
 
 See Note 1. 
 
 East St. Louis, Wabash. 
 
 St. Louis, St. L. K. and N. W. 
 
 Kansas City, St. J. and G. I. 
 
 Kansas City, C. M. and St. P. 
 
 Kansas City, K. C. St. J. and C. B. 
 
 I hereby certify that the foregoing is a correct copy of an original copy of "page 2, 
 Circular No. 42-A." 
 
 Witness my hand and official seal this 17th day of August, 1903. 
 
 [seal.] H. J. Mannis, 
 
 Notary Public, St. Louis County, Minn. 
 
PRIVATE CAB-LINE SYSTEMS. 353 
 
 [Page 3, circular No. 42— A.] 
 
 To- 
 
 Route via— 
 
 
 
 Salt Lake City, Utah 
 
 
 Springfield, Ohio 
 
 East St. Louis, C, C, G. and St. L. 
 
 ■Stillwater, Minn 
 
 Kansas City, C, M. and St. P. 
 
 Kansas City, K. C, St. J. and C. B. and S. C. and P. 
 
 St. Louis, St.L., K. and N, W. 
 
 Kansas City. St. J.andC.B,,OmahaandSt.P.,M.and 0. 
 
 East St Louis Vandalia Line 
 
 
 
 Superior, Wis 
 
 Terre Haute, Ind . ... 
 
 
 See Not. 1. 
 
 Toledo, Ohio 
 
 East St. LouiB, T. Jt. L. and W. 
 
 
 
 East St. Louis, Wabash. 
 
 West Superior, Wis 
 
 Kansas City.St. J.andG.B.,OmahaandG.,St.F.,M.andO. 
 
 Washington, D, C 
 
 Winona, Minn 
 
 East St. Louis, C, B. and 0. 
 
 
 
 Note 1. — Shipments of berries destined to Colorado points, including Denver, Colorado Springs, 
 Pueblo, and Tnnidad, when origination at stations in Missouri, will be routed via Burrton and Santa 
 Fe. When origination at stations in Arkansas via Kansas City and Union Pacific, except that if ship- 
 pers insist on inserting routing instructions at variance with the above, agents will respect such 
 instructions. 
 
 Agents should understand that this privilege applies to Colorado only. 
 
 I hereby certify that the foregoing is a correct copy of an original copy of " page 
 3, circular No. 42— A." 
 
 Witness my hand and official seal this 17th day of August, 1903. 
 
 [SBAL.] H. J. Gbannis, 
 
 Notary Public, St Louis County, Minn. 
 
 Senator Newlands. Will you explain the necessity of the shipper 
 having an advantage in choosing the routing? 
 
 Mr. Ferguson. Yes, sir. In the first place, it is necessary for the 
 shipper to designate the lines over which nis shipment shall travel in 
 order to insure to the shipper the best possible service. If this right 
 be denied or taken from the shipper, the connecting lines that receive 
 and handle these shipments to destination will curry favor only with 
 the initial line, upon the theory that only the initial line controls such 
 routing. It is therefore not a matter of serious consequence with such 
 connecting lines as to what quality of service they give the shipper, 
 knowing, as they do, that whether the service be good or bad the 
 shipper can not take the business away from them. 
 
 benator Newlands. You think that the privilege of routing enables 
 the shipper to secure better service from the connecting lines? 
 
 Mr. Ferguson. Decidedly so. 
 
 Senator Newlands. Better than if the routing were entrusted entirely 
 to the initial carrier? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Yes; but if you assume that there should be equal 
 service to all, does not that involve a contradiction in that it involves 
 a service varying according to the vigilance the shipper exercises in 
 regard to choosing his route? 
 
 Mr. Ferguson. That theory is based upon the assumption that equal 
 service is or will be given by all roads, but that is not a condition and 
 never will be. 
 
 Senator Newlands. But our aim is to get an equal service, to estab- 
 lish a system, to secure it. 
 
 Mr. Ferguson. Let me add that these shipments originating on the 
 Frisco lines, of which I am now speaking, are delivered to connecting 
 
 BY— 05 23 
 
354 PRIVATE CAB-LINE SYSTEMS. 
 
 lines either at Kansas City or St. Louis. At those points there are 
 raanv diverging lines that may carry the shipments to destination, and 
 those diverging lines give a varying grade of service. 1 will show you 
 a little later secret routing instructions that will clearly disclose that 
 this tonnage is given to connecting lines absolutely irrespective ot the 
 quality of service rendered. I will also endeavor to show you that 
 these practices are all chargeable to the private car line system, and 
 do not obtain upon lines of roads where car-line practices are not in 
 vogue. 
 
 Senator Dollivek. By quality of service do you have reference to 
 distance? 
 
 Mr. Fekguson. No; I refer to the time involved in carrying ship- 
 ments to destination and the manner in which they are looked after 
 while in transit. 
 
 Senator Dolliver. The method of handling? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Dollivek. I can see distinctly, Mr. Newlands, that where 
 there are two lines, one long and one short, to the same destination, it 
 would be a little to the advantage of the shipper to have his goods dis- 
 patched over the shorter line. 
 
 Senator Newlands. Yes. 
 
 Mr. Ferguson. I will reach and offer within a few moments some 
 documentary evidence upon this subject that will bring this matter 
 clearly before you. 
 
 With reference to letter dated April 4, 1904, from Charles Hall, 
 A. G. F. A., to the Knudsen-Ferguson Fruit Company, it will be 
 observed that Mr. Hall, as the traffic official of the Frisco road, was 
 unwilling to permit the Knudsen-Ferguson Fruit Company to desig- 
 nate the routing to govern their shipments until the matter had first 
 been submittea to him, in order that, according to his statement, he 
 might satisfy himself as to whether or not the lines so designated to 
 carry these shipments were in position to accord proper service; this 
 potwithstanding the fact that the responsibility of their company 
 would cease when they had delivered such shipment to connecting 
 lines in good order and received receipt therefor. In other words, 
 Mr. Hall seemed to wish to establish a sort of protectorate over the 
 Knudsen-Ferguson Fruit Company's business. The real design, how- 
 ever, which Mr. Hall does not disclose, was that the Frisco system 
 and the private-car-line system desired to retain in their own hands 
 the right of routing these shipments that they might sell the tonnage 
 to the highest bidding connecting line. It is purely a matter of bar- 
 gain and sale, and one of the high officials of connecting lines so admit- 
 ted to me, and I think I will be able to show this to be clearly true 
 before I am through. 
 
 Senator MgLaurin. If you wanted your freight to take a certain 
 route and gave the freight to the initial line, can that line refuse to 
 take it over its route and deliver it to the next line? 
 
 Mr. Ferguson. Yes, sir; and they will. We are not allowed to have 
 anything to say about it. Be it remembered that the traffic to which I 
 now refer is of a highly perishable nature, and it is very essential that 
 it be given the best possible service, and further, that we be kept fully 
 informed as to its progress in transit and as to what time it will arrive in 
 market, etc., in order that we may make our arrangement for the sale 
 of these products in advance of arrival. This is an absolute essential 
 
PRIVATE CAB-LINE SYSTEMS. 355 
 
 to the successful handling of perishable coramodities, and when we are 
 allowed to designate the routing and when the connecting lines look to 
 us for this tonnage they endeavor to serve us well, giving us the best 
 grade of service possible, instead of buying the tonnage from the initial 
 line. Under the private-car-line system, however, these privileges are 
 all taken away from us. The initial carrier designating the routing, 
 and not always consigning shipments over the same route, we find it 
 absolutely impossible to obtain any knowledge as to the whereabouts of 
 our shipments or as to the progress they are making in transit. The 
 initial carrier in many instances refuses to give us any information at 
 all as to what connecting lines shipments have been delivered to. 
 
 Senator Carmack. Do you mean they will not tell you, after they 
 have shipped, that the shipment has been made? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Is that because they are unwilling to give the 
 information, or because they do not know? 
 
 Mr. Ferguson. In my opinion it is because such carriers are engaged 
 in so many unwarrantable practices that the general instructions from 
 the superior oflBcers are to seal the lips of all subordinates, upon the 
 theory that to talk at all may disclose something that, in their opinion, 
 should not come to public notice. 
 
 Senator MgLaurin. Suppose there is some other railroad with which 
 they have no agreement, and you want your freight to go over that 
 railroad, will they not take your freight to that railroad and turn it 
 over to it if you demand it? 
 
 Mr. Ferguson. No, sir; they will not, if it is possible to carry ship- 
 ment to destination over some line with which they are operating 
 under agreement. 
 
 Senator McLaurin. Under whose agreement — yours and theirs ? 
 
 Mr. Ferguson. No, sir. 
 
 Senator McLaurin. Agreement between them and somebody else? 
 
 Mr. Ferguson. Yes, sir; between the originating line and the line 
 that gets the business. I will reach that in a moment. 
 
 Senator Newlands. That arises from the fact, does it not, that 
 almost every line, though in itself independent as a State corporation, 
 is part of some general system constituting a continuous line? 
 
 Mr. Ferguson. No, sir; it does not. 
 
 Senator Newlands. Does it not arise from that? 
 
 Mr. Ferguson. In some instances it may, but that is not the rule. 
 It is the exception. The real reason I will disclose a little later when 
 I come to it, at which time I will offer the secret routing instructions 
 that govern the perishable tonnage originating on the Frisco system. 
 
 On motion of Senator Carmack, the committee closed the doors for 
 an executive session. 
 
 Senate Committee on Interstate Commerce, 
 
 Friday,, February 3, 1905. 
 
 STATEMENT OF E. M. FERGUSON— Continued. 
 
 Senator Kean (in the chair). Mr. Ferguson, the committee will 
 ask you to proceed with your statement. 
 
 Mr. Ferguson. Mr. Chairman and Senators, I am thoroughly 
 mindful of the valuable time of the committee that I am taking up. 
 
356 PBIVATE CAR-LINE SYSTEMS. 
 
 and likewise duly appreciative of the consideration shown me, and 
 for that reason it is my desire to conclude as rapidly as possible, tint 
 inasmuch as there are such great interests involved in this question i 
 feel that the committee should be placed in possession o± all the intor- 
 mati on I may have pertaining to this suljject. 
 
 On account of the so-called " economic theory "of the holding com- 
 pany, which has been advanced as a reason for the existence and tne 
 continuation of this system, I have deemed it necessary to go some- 
 what into details in order that I may show up the real design ot this 
 system, and after that it will be much easier for me to explode the 
 economic theorv. I believe that I shall be able to do so m a manner 
 that will show that that feature of the question is entitled to but very 
 little consideration. - , , . i -= • i, j 
 
 Now, Mr. Chairman, when last before you I had partly fanished 
 reading the correspondence that had taken place between the trattic 
 department of the St. Louis and San Francisco Eailroad and the 
 Knudsen-Ferguson Fruit Company about the routmg of straw- 
 berries originating at points on their line with respect to the use of 
 Armour refrigerator cars. 
 
 It will be observed that there is no direct answer to my questions. 
 In all the letters I have written I have asked, " Will you compel us to 
 use refrigerator cars belonging to private car-line companies? " 
 Mr. Hall's reply states that they reserve the right to use whatever 
 refrigerator equipment they may elect, but gives no information as 
 to what that equipment will be or whether or not we may use any 
 other equipment. 
 
 To Mr. Hall's letter I replied as follows, directly my reply to 
 A. S. Dodge, traffic manager, he being the highest traffic official : 
 
 [Knudsen-Perguaon Fruit Company, general commission merchants, jobbers and wholesale 
 balers in foreign and domestic fruits, candies, cigars, and tobaccos] 
 
 DuLUTH, Minn., May 18, 1904. 
 A. S. Dodge, 
 
 Traffic Manager, St. Louis and San Francisco 
 
 Railroad Company, St. Louis, Mo. 
 
 Deab Sie : After an exchange of several letters between your traffic depart- 
 ment and our firm, dating from March 28, 1904. to April 29, 1904, we have finally 
 succeeded in getting from your traffic department, the following letter : 
 " Kntjdsen-Feeguson Pkuit Company, 
 
 "Duluth, Minn. 
 
 " Gentlemen : I refer to my letter of the 21st instant, and your reply of the 
 25th instant, in reference to the movement of strawberries from points on our 
 line, destined to the Northwest, when I say that this company reserves the right 
 to route such traffic beyond their own rails and to employ such refrigerator 
 equipment for handling same as we may elect 
 
 " Chas. Hall, A. G. F. A." 
 
 Our request for information concerning the manner in which your company 
 intend to handle this traffic, was met with a series of evasive letters written 
 with the evident intention of Iceeping as far away from the subject-matter and 
 the points of issue as possible. Our questions in our former letters were plain 
 questions and may have been answered in plain straightforward language. 
 Mr. Hall's reply as above quoted, is in all probability as definite as we will be 
 able to draw from your traffic department on this particular subject and the 
 use or rather the forced use of private refrigerator cars. 
 
 It is perhaps not necessary for us to state that you are far exceeding your 
 rights as a common carrier in forcing upon us the use of these private refrig- 
 erator cars and also reserving for yourselves the absolute right of routing care 
 
PRIVATE CAE-LINE SYSTEMS. 357 
 
 beyond your rails regardless of the wishes of the shipper, or, in other words, 
 selling this traffic to the highest bidder for return tonnage. 
 
 We are physically unable to prevent your company from handling this busi- 
 ness in this manner, but we wish to serve notice upon you at this time that we 
 shall hold your company strictly responsible for any and all damage to any of 
 our shipments while in transit clear up to the point of destination. We shall 
 further hold you responsible for any damage that our business may sustain 
 by reason of being compelled to use private refrigerator company's cars, to the 
 exclusion of all others, and at their price, and that all refrigerator charges will 
 be paid under protest. We mean to carry this matter to the courts for the 
 purpose of enforcing you to observe our rights in the premises. 
 Yours, truly, 
 
 Knudsen-Fjsequson Feuit Company. 
 
 Now, with your permission, I desire to read three letters, in order 
 to complete the reading of the correspondence carried on between the 
 traffic department of that line and our firm in regard to getting in- 
 formation as to what practices would obtain on their lines governing 
 shipments of strawberries during the season of 1903. I desire to read 
 them these letters for the purpose of calling your attention to the 
 evasive replies and the shifting position of the writer. I will begin 
 by reading the following letter from Charles Hall, assistant general 
 freight agent: 
 
 St. Louis and San Francisco Railroad Company, 
 
 St. Louis, April 29, 1904. 
 Knudsbn-Ferguson Fetjit Company, 
 
 Duluth, Minn. 
 Gentlemen : I refer to my letter to you of the 21st instant, and your reply of 
 the 25th instant, with reference to movement of strawberries from points on 
 our line destined to the Northwest, when I say that this company reserves the 
 right to route such traffic beyond its own rails and to employ such refrigerator 
 equipment for handling same as we may elect. 
 
 Yours, truly, Chas. Hall. 
 
 Mr. Dodge replied to my letter, as follows : 
 
 St. Louis and San Francisco Railroad Company, 
 
 St. Louis, May 2S, 190^. 
 Knudsen-Ferguson Fruit Company, 
 
 Duluth, Minn. 
 Gentlemen : I have read your letter of the 18th, with reference to the rout- 
 ing of berries, and have also been informed of the previous correspondence you 
 have had with this company on the subject. You have stated your position so 
 . fully and frankly that I think a similarly frank statement from us is in order. 
 To begin with, I take it that our interests are mutually to encourage the 
 grower ; otherwise neither of us will gain anything. One of the first essentials 
 of such encouragement is an adequate supply of refrigerators, which shall be on 
 hand at the time and place and in the quantities needed. The railroad company 
 has no refrigerator equipment of its own, and past experience has demonstrated 
 that it is not practicable to rely on individual shippers in such an emergency, 
 as both shippers and consignees look to the railroad company for their car sup- 
 ply. Your company, so far as I know, is the only one that desires to take this 
 burden upon itself. In order to insure this car supply we have contracted with 
 the Armour car lines to put their cars in the service. 
 
 Senator Kean. They have no equipment of their own ? 
 
 Mr. Ferguson. So they say, but it was six weeks before they ad- 
 mitted it, and in the meantime the berry season was over. He might 
 have answered my questions in the first place. 
 
 This year we expect to move between 1,000 and 1,200. cars of berries from our 
 local field. At the beginning of the shipping season we had probably less than 
 100 Armour cars on our rails. In order that the car lines might secure empties 
 from our connections we were compelled to guarantee a loaded movement to off- 
 set the empty haul, and in order to make our guaranty good we have got to 
 have the routing in our own hands. 
 
358 PBIVATE CAB-LINE SYSTEMS. 
 
 In other words, they want to compel our traffic to pay the connect- 
 ing line. At least that is the statement here for concentrating the 
 Armour cars. 
 
 I advise you thus fully the circumstances which make it impossible for us to 
 
 comply with your requests that you may see that our action is not a mere aroi- 
 
 trary assumption of power, but is the outcome of conditions which can not be 
 
 ignored. , „ _, 
 
 Respectfully, .-^- »• 1^°"™' , 
 
 Third Vice-President. 
 
 Here is the final letter in reply : 
 
 tKnudsen-Ferguson Fruit Company, general commission merchants, jobbers and wholesale 
 dealers In foreign and domestic fruits, candies, cigars, and tohacoos.J 
 
 DuLTJTH, Minn., May 30, 1904. 
 Mr. A. S. Dodge, 
 
 Third Vice-President St. Louis and 
 
 8m Francisco Railroad Company, St. Louis, Mo. 
 
 Dear Sir : I refer to your letter of the 23d instant, replying to our letter to 
 you of the 18th instant, when I thank you for your courteous and rather frank 
 reply. 
 
 It is my opinion we can better understand each other by coming out into the 
 lime light and discussing this matter upon its merits and from a business 
 standpoint. 
 
 I can hardly coincide with your views that your company is justified in the 
 course you have taken in reference to the arbitrary routing of berry shipments 
 and the compulsory use of private car company's refrigerator cars at prices 
 arbitrarily set by private corporations. 
 
 To begin with, we take it that you are not obligated to any connecting line 
 for the use of these private car company's refrigerator cars, as they are not the 
 property of any connecting lines. 
 
 Your contention that the connecting lines that haul and deliver these private 
 cars to your company's rails at Kansas City and St. Louis are entitled to the 
 haul of the loaded cars in return and in payment for the services that they have 
 rendered in delivering empties, in our opinion, is not a consistent position for 
 your company to take for the following reasons : 
 
 You will remember that they stated in the previous correspondence 
 that it was by reason of the necessity of their getting refrigerator 
 cars from the connecting lines. 
 
 First. It is not reasonable or just that your company should be permitted to 
 route our shipments contrary to our interests for the purpose of discharging 
 your own business obligations, and, as has been the practice of your company, 
 over lines of rails not equipped to give the best and most expedited service. I 
 refer now to your Rock Island routing. Such shipments are almost invariably 
 delivered twenty-four hours late and invariably receive rough handling. Thus 
 you are causing our business to suffer in discharging your company's business 
 obligations. 
 
 Second. Under your method of arbitrary routing connecting lines look to ini- 
 tial lines for business, not to the consignee, and as soon as it becomes evident 
 to such connecting lines that consignee has no control over the business tliey 
 will seek to diclter with the initial line, and will be careless and entirely neglect- 
 ful of consignee's interest, as there will be no incentive for them to piease con- 
 signee, and the initial line will be the only party interested whose favor the 
 connecting lines will curry. 
 
 Third. If this tonnage is worth anything by the way of bringing return liusi- 
 ness, or business influence, it is fair to presume that the consignee or consignor 
 should be privileged to so dispose of such tonnage in their own interest. 
 
 Fourth. It is no justification of your company's position that you are not the 
 owners of refrigerator cars, as we are of the opinion that it is every common 
 carrier's common-law duty to provide the necessary equipment for tlie transpor- 
 tation of the products along its lines of rails, and because they do not ^nd 
 it convenient to own such equipment and find it necessary to employ foreign 
 equipment at certain seasons of the year does not justify a common carrier in 
 compelling consignor to t)ay the hire of such foreign equipment. 
 
PEIVATE CAE-LINE SYSTEMS. 359 
 
 J'ifth. If your company was short of refrigerator cars, and, say, one or a num- 
 ber of your shippers was In a position by reason of influence with connecting 
 lines to deliver to your company any number of refrigerator cars, it would seem 
 that such a transaction would operate to relieve your company unless it was 
 their desire to create a condition that would permit of a monopoly such as now 
 exists of the privilege to use such equipment upon your rails. 
 
 I will say in that connection that we were offered refrigerator cars 
 in large numbers by the Northwestern road, who offered to deliver 
 them at terminals of the Frisco system, but the Frisco system would 
 not accept the cars. 
 
 Sixth. I fully agree with you that it is to your company's interest to encourage 
 the growers along your lines of rails, but in your zeal to promote the interest of 
 the grower you should not become totally oblivious of the interest^of the shipper 
 and the consuming public, and for our part we can not see where the grower's 
 interests are best served by your company's present method, which adds an ad- 
 ditional and excessive charge for refrigeration and the use of private cars for 
 the carrying chai;ge or freight rate, which in itself is excessively high. This 
 extra and excessive refrigerator charge must of necessity operate toward lower 
 prices for the grower and higher prices for the consuming public. 
 
 Be it remembered that this correspondence refers to shipments from 
 the same territory as are located the growers whose complaints with 
 respect to the service I have previously read. 
 
 Senator IVIillaed. You stated that the Northwestern offered to fur- 
 nish cars; were those the cars of that company or of some private 
 corporation ? 
 
 Mr. Fergttson. Their own cars. The Northwestern, the Northern 
 Pacific, and the Chicago, Milwaukee and St. Paul all offered us their 
 cars. 
 
 Senator Kean. Is not this the case: That this traffic is a varying 
 traffic ; that it is not continuous throughout the whole year over these 
 lines, and that, therefore, these cars are shifted from one line to an- 
 other ? For instance, fruit is raised in one section in one month, and 
 the following month in another section fruit is raised and shipped, 
 and therefore the cars have to be shifted around to the different roads. 
 Is not that one of the reasons for having in use cars belonging to these 
 private line companies ? 
 
 Mr. Ferguson. There is a slightly varying demand at times for all 
 instrumentalities of freight carriage. During the summer months 
 on all lines throughout the fruit-producing sections there is almost 
 a continuous demand for refrigerator cars for the shipment of 
 perishable goods, and as soon as that demand ceases refrigerator 
 cars are in demand for the shipment of fall products — apples, pota- 
 toes, and other things — and are used as winter cars throughout the 
 winter. I think careful inquiry will develop the fact that refrigera- 
 tor cars are to a large extent in continuous use upon the lines of most 
 carriers. They may be used for transporting almost any commodity 
 that box cars are used for. I intend to answer that question more 
 fully. Senator, before I conclude, when I will go into it a little more 
 explicitly. 
 
 Senator Foster. Can a refrigerator car be used for the transporta- 
 tion of any freight other than that of a perishable nature? 
 
 Mr. Ferguson. Yes, sir ; and they are so used. 
 
 Senator Kean. But it would hardly pay them to handle a $1,000 
 car when a $450 car would do just as well. 
 
 Mr. Ferguson. The testimony does not disclose that there is that 
 difference in the cost. The extra freight rate taxed against coiii- 
 
360 PEn^ATE CAE-LINE SYSTEMS. 
 
 modities transported in refrigerator cars will soon pay the entire 
 cost of a refrigerator car, leaving the car after a short time in service 
 net profit to the owners. 
 
 Senator Kean. What is the cost of a refrigerator car ? 
 
 Mr. Ferguson. It has been testified to be about $1,000. 
 
 Senator Kean. That is about what I thought. What is the cost 
 of a box car? 
 
 Mr. Ferguson. The old type, I think, cost between $700 and $800; 
 but the later and larger cars now being manufactured I understand 
 cost practically about the same as refrigerator cars. 
 
 Senator Kean. What does a box car cost ? 
 
 Mr. Ferguson. I am now speaking of box cars. 
 
 Senator Foster. Practically there is very little difference in the 
 cost of construction? 
 
 Mr. Ferguson. Very little difference. I rely upon the testimony 
 given by witnesses before the Interstate Commerce Commission. 
 
 The Chairman. Cars with steel bottoms cost $860. and a box car 
 of the best type, with steel beams, has been constructed during the 
 last year for $700. 
 
 Mr. Ferguson. The concluding portion of this letter is as follows: 
 
 Concluding, a year ago your routings were entirely different to our marlcet, 
 and your circular, Private A 42, designating the lines of rails over which ship- 
 ments must travel from various different points along your line to various points 
 in the Northwest, was issued on April 21, 1903, some time prior to the beginning 
 of strawberry movement along your line, and we can hardly see that your company 
 was in a position to know at that time just what connecting lines could haul and 
 deliver empties to your company at Kansas City and St. Louis, as such services 
 could not be performed for your company until such times as you were in need 
 of this equipment, hence it would seem that such services could not have been 
 the consideration in influencing your company in preparing your routing list, 
 as such services could not have been performed by any connnecting lines at the 
 time circular and routing list were issued. We are still of the opinion that your 
 company's duties as a common carrier are not being discharged, and inasmuch 
 as our business is being made the sufferer therefore it is our intention to have the 
 matter rectified either by amicable understanding with your company or, failing 
 in that, to ask the courts to define our rights in the premises. 
 Tours, truly, 
 
 KnUDSEN-FeBGUSON FEtHT COMPANY. 
 
 Mr. Dodge has never replied to that letter. 
 
 That brings me up to their secret routing agreement, the secret 
 instructions to govern the routing and shipment of the strawberries 
 originating on their lines, and it is so inconsistent with their state- 
 ments made in the letters I have filed that it seems to me their state- 
 ments should not be considered at all 
 
 The Chairjian. You are talking of the St. Louis and San Fran- 
 cisco road ? 
 
 Mr. Ferguson. Yes, sir; and I bring this argument in here at this 
 time to refute all their contentions and to further show that double 
 dealing, secret engagements, and vicious discriminations always 
 obtain as soon as the privately owned refrigerator cars appear upon 
 any road, and to further indicate how impossible to locate the blame, 
 fix responsibility, or to know or learn the real design. 
 
 The Chairman. Do you know the approximate number of car- 
 loads of strawberries hauled from Arkansas and southwest Missouri 
 northward in one season? Have you those figures at hand? 
 . Mr. Ferguson. Mr. Dodge, in his statement, says they expect to 
 
PEIVATE CAB-LINE SYSTEMS. 361 
 
 move from 1,000 to 1,200 cars by the Frisco line; so I should think 
 it probable, from that statement, that the southwestern traffic would 
 be in the neighborhood of 1,800 to 2,000 cars for a normal crop. Of 
 course, the crop varies from year to year, according to weather con- 
 ditions largely. 
 
 The Chairman. Can you state approximately what is the rate 
 from those southwestern points to Chicago, Milwaukee, or Kansas 
 City? ^ 
 
 Mr. Ferguson. The rates from what points? 
 
 The Chairman. From points in Arkansas or in the strawberry- 
 producing country. 
 
 Mr. Ferguson. I should say they vary from $1.06 to $1.23 per 100 
 pounds, not including refrigeration. 
 
 The Chairman. Now, give the rate per carload as well as you can. 
 Is it very high ? 
 
 Mr. Ferguson. It is more than $200 per car. That does not in- 
 clude refrigeration. 
 
 The Chairman. How many tons of strawberries can you load in 
 one car ? 
 
 Mr. Ferguson. The southern classification provides for a mini- 
 mum of 17,000 pounds, and whether we load that much in a car or 
 not, we are required to pay for 17,000 pounds. The western classifi- 
 cation provides for a minimum of 20,000. The minimum changes 
 at Kansas City, so that we frequently find it to our advantage to pay 
 two local rates instead of paying the through rate — that is, pay the 
 local rate on the minimum to Kansas City, and then pay the local 
 rate on the minimum from Kansas City to our market. 
 
 The Chairman. One car will haul about 10 short tons? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. Will it haul morel 
 
 Mr. Ferguson. They frequently do haul more. 
 
 The Chairman. Can you put in more than 10 tons? 
 
 Mr. Ferguson. We frequently do, and in that case we are required 
 to pay the excess. 
 
 The Chairman. From what point is this $200 rate for strawberries 
 to Kansas City, Duluth or Chicago ? 
 
 Mr. Ferguson. Say from Van Buren and Fayetteville, Ark., to 
 Duluth. 
 
 The Chairman. That is $200 per car or more? 
 
 Mr. Ferguson. Slightly over $200 ; and to that you may add about 
 $90 for Armour, making total charges nearly or about $300. 
 
 Senator Foster. What is the value of a carload of strawberries? 
 
 Mr. Ferguson. It varies. The markets fluctuate violently. 
 
 Senator Foster. Say the average value. 
 
 Mr. Ferguson. I want later to call the attention of the committee 
 to the fact that the fruit men always have to consider the perishable 
 nature of their shipments, and therefore can not always add freight 
 to cost of goods when fixing selling price. You must sell according 
 to market conditions when goods arrive regardless of cost. 
 
 Senator Foster. So you pay $300 freight from Arkansas to Du- 
 luth. What is the average value of a carload of strawberries in 
 ordinary times? 
 
 Mr. Ferguson. Perhaps there would be no two seasons alike, be- 
 
362 PKIVATE CAE-LliSTE SYSTEMS. 
 
 cause crop conditions all over the country have to be taken into con- 
 sideration. 
 
 Senator Foster. State it approximately. 
 
 Mr. Fergu,son. They sold as low last year as $1.25 per 24-quart 
 
 C3>S6S. 
 
 The Chairman. What is the value in carload lots? What is the 
 value of a whole carload ? • i . i. 
 
 Mr. Ferguson. From $700 to $900, the selling price m the market. 
 
 The Chairman. And the freight is $300? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chahiman. Who gets that $700 to $900, the shipper or the 
 grower ? 
 
 Mr. Ferguson. The shipper. There are times when they are 
 worth from $1,300 to $1,500; again when the value at shipping 
 points are less than $500 per car. 
 
 The Chairman. The freight is about one-third of the value? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. Fruit is in a classification by itself ? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. How long does it take a shipment to go through? 
 
 Mr. Ferguson. The fourth morning after leaving point of origin, 
 except in the case of Vanburen and Fayetteville, for our market, 
 from which points it is generally the fifth morning. But as to the 
 other points farther north deliveries are made the fourth morning 
 after shipment. 
 
 Now, I want to read this private and secret agreement. 
 
 The Chairman. That is a very important subject, I think. Ex- 
 plain all about that, and why they made it. 
 
 Mr. Ferguson. It reads as follows : 
 
 [Frisco System. St. Louis and San Francisco Railroad Company. Freight TrafSo Department. 
 Circular No. 42-A (cancels Circular No. 42). Routing instructions to govern movement of 
 strawlDerries, season 1903.] 
 
 St. Louis, Mo.; April 21, 190S. 
 To Agents : 
 
 During the movement of strawberries from your station there will he very 
 persistent solicitation to the shippers by the representatives of our connections 
 at Kansas City and St. Louis. They will naturally make all manner of prom- 
 ises to shippers as to quick time. It will therefore be necessary for you to 
 explain to them that we have made all arrangements with connections to handle 
 this business by expedited train service, with a view of getting the berries to 
 market in the quickest time possible, as we fully appreciate the great impor- 
 tance of giving this traffic expedited service In preference to any other freight 
 moving. 
 
 I have prepared a routing list, which Indicates the roads to which we will 
 deliver the berries. As stated before, we have arranged with these lines for 
 special movement over their rails, and I feel it will only be necessary for you 
 to explain this matter to them in the event they should express a desire to have 
 their berries routed via some line not shown in routing list. 
 
 I never knew a shipper who did not have a preference as to what 
 lines his goods should go over. 
 
 It might be well for you to say to shippers that in the event our train is de- 
 layed and does not reach St. Louis or Kansas City in time to deliver to the roads 
 specified in the routing list, we will see that the berries are delivered to the 
 line which can take them to destination In the quicltest possible time, regard- 
 less of the fact that such roads may not be the ones designated in the following 
 routing instructions. 
 
PRIVATE CAR-LINE SYSTEMS. 368 
 
 I want to call attention in this connection to Mr. Dodge's state- 
 ment that it was for the purpose of concentrating cars and discharg- 
 ing their obligations to connecting lines with which he had tariff 
 arrangements. This statement says that it is in the interest of the 
 growers and shippers and expedited service. 
 
 Please understand that these instructions are confidential and must not be 
 made public. Under no circumstance must representatives of foreign roads 
 or fast lines be allowed to examine the instructions contained in the circular. 
 
 "Fast lines!" They knew a fast line would puncture that par- 
 ticular bubble, and yet they state here that it is entirely in the interest 
 of an expedited service ! 
 
 If necessary to satisfy shippers, agents may display to them the first page 
 of Instructions shown in the circular — 
 
 A piece of duplicity ! 
 
 but under no circumstances should the instructions be allowed to leave your 
 possession. Please see to it that these instructions are strictly complied with. 
 
 J. A. MiDDLETON, 
 
 General Freight Agent, St. Louis, Mo. 
 I hereby certify that the foregoing is a true copy of the original. 
 Dated July 30, 1903. 
 [SEAL.] H. J. Mannis, 
 
 Notary Puilic, St. Louis County, Mo. 
 
 Senator Kean. This circular seems to have left their possession, 
 notwithstanding the instruction at the close. 
 
 Mr. Ferguson. It seems so ; yes*. I want to show you how incon- 
 sistent that statement is with respect to an expedited service being 
 the impelling motive. Take our home markets for illustration; St. 
 Paul, Minneapolis, Duluth, and West Superior are all served by the 
 same roads, and that which would be the best service for one of those 
 markets would be the best service for all of them. Duluth via 
 Kansas City, Chicago and Great Western and Northern Pacific; 
 Minneapolis, Minn., from Missouri points only — that is only a little 
 farther north on the same line — Kansas City, Chicago, Milwaukee 
 and St. Paul; Minneapolis, Minn., from Arkansas points only — an 
 entirely different route — Kansas City, St. Louis and Council Bluffs; 
 St. Paul, the same as Minneapolis; West Superior, Wis., just across 
 the bay from Duluth, another routing; Kansas City, St. Louis and 
 Council Bluffs, via Omaha, Chicago, St. Paul, Minneapolis and 
 Omaha. 
 
 And I' will say that each year these routing instructions change. 
 During the time that this agreement was in force all of our shipments 
 had to go via Kansas City. This year it was impossible for us to 
 get a car shipped via Kansas City. They went to St. Louis, and were 
 there delivered to the Rock Island or to the Chicago, Burlington and 
 Quincy ; we were never advised which. 
 
 The Chairman. How many miles out of the way is it to go via St. 
 Louis ? 
 
 Mr. Ferguson. They can give the same time, but they do not do 
 it except occasionally. It is possible to deliver goods to our market 
 shipped via St. Louis in the same time that is occupied for a ship- 
 ment from the same points via Kansas City. 
 
 The Chairman. Explain the reason for these changes. Why are 
 
364 PEIVATE CAE-LINE SYSTEMS. 
 
 they made? I should expect it was for the reason that they made 
 more money. 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chaikman. Explain how they make more money by that rout- 
 ing. 
 
 Mr. Ferguson. I am unable to state just what agreement obtains 
 between those particular lines, and there may be a different agreement 
 in each case. I will say, however, that one of the high officials of 
 one of the roads that was favored by this agreement told me that it 
 was reciprocal tonnage ; that they gave these connecting lines so much 
 of the business originating in their territory upon the condition that 
 so many cars originating at points on these favored roads should be 
 routed over the Frisco line when consigned to competitive southwest- 
 ern points. 
 
 Senator Kean. What injury was worked to you by that arrange- 
 ment? 
 
 Mr. Ferguson. The injury that we were unable to ascertain the 
 whereabouts of our goods, which were perishable. It is necessary for 
 us to know where our goods are while in transit, in order to success- 
 fully handle them. We must know what progress they are making 
 toward the market and when to expect them, in order that on their 
 arrival we shall have had proper arrangements made for their sale. 
 A further injury to us lies in the fact that all those roads do not serve 
 us alike. Some of them endeavor to give us a much better service 
 than others. For instance, the Chicago, Milwaukee and St. Paul 
 takes an especial interest in that business, so that the moment a car is 
 received by them at Kansas City we get a wire — " F. G. E.," or what- 
 ever it is — " delivered at " a certain time " for you," and they will 
 keep us advised as to where that car is. But over these other roads 
 we are unable to obtain this information. 
 
 The Chairman. Then you, as a shipper, would rather ship over 
 the Chicago, Milwaukee and St. Paul than over the Northwestern ? 
 
 Mr. Ferguson. The Northwestern also gives us very good serv- 
 ice. The Rock Island does not. The Chicago and Great Western 
 iocs not. And I will say that the year before this agreement was in 
 force we were shipping apples from Arkansas in the fall of the year. 
 Apples do not require the close attention and prompt service that 
 strawberries do, and we were unable to ship a car over the Great 
 Western road because the Frisco line would not permit that sort of 
 routing, and everything had to go via St. Louis. I have some friends 
 with the Great Western road, and have sometimes desired to favor 
 their road with some of the business, and consigned some of our cars 
 to Kansas City to be reconsigned at St. Paul, in which instances they 
 were unloaded and transferred by dray to other roads. 
 
 A footnote to these instructions says : 
 
 Note 1.— Shipments of berries destined to Colorado points, including Denver 
 Colorado Springs, Pueblo, and Trinidad, when origination at stations in Mis- 
 souri, will be routed via Burrton and Santa Fe. When origination at stations 
 In Arkansas via Kansas City and Union Pacific, except that if shippers insist on 
 inserting routing instructions at variance with the above, agents will respect 
 such Instructions. 
 
 Agents should understand that this privilege applies to Colorado only. 
 
 Colorado is the only free State in the Union with respect to this 
 traffic. 
 
PRIVATE CAK-LINE SYSTEMS. 365 
 
 The Chairman. How is the shipper hurt by this secret routing? 
 Does he pay more? That is the main question. Does it work an in- 
 jury to the shipper? 
 
 Mr. Ferguson. A decided injury; he does not pay any more 
 freight, but it is the service. 
 
 The Chairman. You mean the time? 
 
 Mr. Ferguson. The time ; the morning is our market hour for per- 
 ishable goods like strawberries, and a delay of one hour may cost a 
 shipper $100 or $150, or even much more. 
 
 The Chairman. This works delay rather than an increase of 
 freight rate? The delay is the cause, or may be the cause, of loss? 
 
 Mr. Ferguson. It works a delay, and places the dealer in such a 
 position that he is unable to obtain the knowledge necessary for intel- 
 ligent handling of the goods. 
 
 I now want to call your attention also to the fact that these routing 
 instructions were dated . before the shipments of berries began ; I 
 mean the concentration of cars and all that was in advance of the cor- 
 respondence, and so the consideration stated in the correspondence 
 could not have been the impelling motive. The consideration was 
 their own interest. How much more can we milk out of this traffic? 
 That was the only consideration. Of course they will deny that, but 
 it is true. I have a paper clipping here containing an interview with 
 Mr. Swift, denying that there is a beef trust in existence, but people 
 do not believe him. I have another one here, where Armour & Co. 
 deny that they handle or are dealers in commodities transported in 
 tiieir cars, but the people do not believe it. 
 
 Now, I desire to call your attention to just one or two salient fea- 
 tures of this contract, which I have underscored. I will not read the 
 entire contract. 
 
 2. The Pere Marquette agrees and obligates itself to use the car line's equip- 
 ment exclusively in the movement of fruits under refrigeration from points on 
 its leased and operative lines, except the Detroit and Lake Erie Railroad in 
 Canada, during the term of this contract, excepting from Grand Kapids, Mich., 
 and excepting in the case of such shipments of fruit as are destined to points on 
 the lines of the Pere Marquette, and to Milwaukee, Wis., and Manitovfoc, Wis., 
 for which shippers may request Pere Marquette system refrigerators as are in 
 suitable condition, as the Pere Marquette may elect, shall be used in the hand- 
 ling of said fruits when the same are destined to points beyond the Pere Mar- 
 quette Railroad ; but in that event the car line's regular refrigerator charge, as 
 indicated hereinafter, is to be applied and the shipments iced and handled under 
 the supervision of the car lines. 
 
 I think there was something said to the effect that the reason why 
 the line in Canada was excepted was that they did not know just 
 exactly how the practices would be tolerated there. 
 
 In case consignees refuse to pay refrigerating charges and agent at destina- 
 tion is unable to collect the same, the railroad shall be reimbursed for the 
 amount advanced to the car line. 
 
 What does that indicate? It indicates the clear consciousness on 
 their part that they were engaged in an altogether unwarrantable 
 and illegal business and did not want to take the chances of forcing 
 agent to sue anybody for the collection of these charges. They did 
 not want to litigate that question. That is the only reason that that 
 condition is in that contract. As you all know, every railroad agent 
 is under bond for the collection of these charges ; he has the property 
 
366 PRIVATE CAR-LINE SYSTEMS. 
 
 in his hands, and he is not permitted to use his own discretion in' 
 delivering the goods except at his own peril. 
 
 The Chairman. He takes the risk ? 
 
 Mr. Ferguson. He takes the entire risk and is under bond. An 
 agent delivers them at his own peril. 
 
 The Chairman. An agent might sometimes deliver goods without 
 receiving the charges, but if he does so he takes the risk ? 
 
 Mr. Ferguson. As a matter of fact, they always do as much for the 
 railroad company's convenience as anybody else. Sometimes our cars 
 arrive and are not expensed for days. I presume anyone not stand- 
 ing in good credit would not be allowed to take the goods without 
 paying the charges; but it is the custom of railroad agents to make 
 deliveries to reputable firms, and afterwards, as soon as the bills are 
 made out, they are presented for collection and paid. But the terms 
 of this contract oblige the railroad company to collect these charges 
 and make monthly settlements with the car-line . company. They 
 were f arsighted enough to see that some one, at some time, somewhere, 
 might have the hardihood to refuse to pay these charges, and that is 
 the reason that provision was put in there. They wanted to provide 
 for such a contingency. 
 
 Senator Kean. In your dealings with railroads you probably make 
 monthly or weekly settlements? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Kean. Then every ten days? 
 
 Mr. Fergiison. No fixed time at all. Oftentimes a freight bill may 
 not be presented for two weeks after the arrival of the consignment, 
 because the charges do not always follow promptly or because the 
 ngent is sometimes unable promptly to make out the bills. 
 
 The Chairman. The railroad agents collect for the private-car 
 lines, do they not? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. Always? 
 
 Mr. Ferguson. Entirely. 
 
 The Chairman. And the accounts are made up how? For the 
 railroad or the private-car line ? 
 
 Mr. Ferguson. The expense bill is rendered to the consignee, and 
 unless the consignee demands it the expense bill never indicates any 
 car-line charges. They usually render bills in lump sums. 
 
 The Chairman. To the railroad itself ? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. So you have absolutely nothing to do with the 
 private car line ? 
 
 Mr. Ferguson. No, sir. The car is ordered from the railroad. 
 
 Senator Millard. What is your objection to that manner of doing 
 business ? 
 
 Mr. Ferguson. Which business ? 
 
 Senator Millard. The business about which you were reading, the 
 payment of these charges. It sounds to me just like a business propo- 
 sition. 
 
 Mr. Ferguson. I am not objecting to it. I am only calling your 
 attention to what it evidently discloses. 
 
 5. The rere Marquette shall pay the car line three-quarters of 1 cent per mile 
 run by each car of the car line used In said refrigeration service, both loaded 
 
PRIVATE CAK-LINE SYSTEMS. 367 
 
 and empty, except on such cars as may be left over at the end of the season 
 in shipping districts and hauled empty to connections, as provided for in the 
 last" sentence of this paragraph, while in service upon the lines of the Pere 
 Marquette, and furnish free transportation over its lines for the use of repre- 
 sentatives of the car line engaged In looking after the fruit movement referred 
 to 
 
 Senator Kean. If they had passes, would not that be a discrimina- 
 tion? 
 
 Mr. Ferguson. I think it is a discrimination. 
 
 The Chairman. That is contrary to law, and they may be fined 
 for it? 
 
 Mr. Ferguson. It is pretty hard work, though, to get the Govern- 
 ment to move. And it is a pretty big undertaking for one man. 
 
 The Chairman. Yes; it would be. The shippers do not like to 
 do it. 
 
 Mr. Ferguson. Let me continue : 
 
 including permits to ride on freight trains on the condition, however, that the 
 car line shall (and it hereby agrees to) indemnify, protect, and save the rail- 
 road .company harmless from any loss, damage, or expense on account of any 
 claim against the railroad company growing out of injury sustained, or 
 claimed to have been sustained, either in person or property, by any employee 
 or agent of the car line receiving such free transportation over the lines of the 
 railroad under the provisions of this contract, whether or not such injury is 
 due to the negligence of the Pere Marquette or its employees. And the Pere 
 Marquette also agrees to instruct its agents to obtain by wire from the officers 
 of the Pere Marquette such information as may be requested by the car line's 
 I epresentatives. 
 
 That is broad enough to permit the car-line companies, who are 
 dealers in competition with us, to call for any information in refer- 
 ence to shipments over these roads. 
 
 6. The Pere Marquette agrees to sell the car line such quantity of ice at 
 Selby, Ionia, Ludington, and Saginaw as the Pere Marquette can reasonably 
 spare, from time to time, if required by the car line, on basis of not to exceed 
 $2 per ton in bunlsers of cars. 
 
 They do not figure on any $6 or $7 per ton for ice. That is the 
 maximum price. They do not say how much less. 
 
 Senator Kean. Who pays for putting the ice in the car ? 
 
 Mr. Ferguson. This contract says it is to be delivered in the 
 bunkers. 
 
 Senator Kean. Not in the bunkers of the cars? 
 
 Mr. Ferguson. Yes, sir ; in the bunkers of the cars, at a maximum 
 charge of $2 a ton. 
 
 The Chairman. Eight there let me ask what are the charges to 
 Boston? 
 
 Mr. Ferguson. They vary according to conditions. 
 
 The Chairman. But the average. We know the advantage they 
 get in that contract — $2 maximum, delivered in the bunkers. What 
 do they charge you ? 
 
 Mr. Ferguson. At least $8 to $12 per ton. 
 
 The Chairman. Over the Pere Marquette and its connections to 
 Boston ? 
 
 Mr. Ferguson. Yes, sir ; and $45 from those points to Duluth, and 
 it would require a varying amount, according to weather conditions. 
 
 The Chairman. But the price to you is $8 and $12 per ton, and to 
 the private-car lines it is $2 per ton ? 
 
368 PRIVATE CAR-LINE SYSTEMS. 
 
 Mr. Ferguson. Yes, sir ; and in many instances beyond that. 
 There was a case in court in Chicago with reference to the charges 
 on a carload of cantaloupes from Posey ville, Ind., where the railroad 
 charge was $39 and the Armour charge was $45 on the car. The 
 charges are made without regard to distance. 
 
 The Chairman. The Armour people got more out of it than the 
 railroad ? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Dolliver. How did that case get into court? Did the 
 shipper sue the railroad to recover ? 
 
 Mr. Ferguson. As I understand the case,. from press reports and 
 other information, there was a consignment of cantaloupes to Coyne 
 Brothers, on South Water street, in Chicago, from a firm in Cincin- 
 nati — Riley & Co. I understand the goods were shipped to Coyne 
 Brothers for the account of Eiley & Co. ; that the consignee refused to 
 pay the Armour charge of $45, on the ground that it was outrageous ; 
 that the Armour car lines brought suit ; and the shipper, as I under- 
 stand, came to Chicago and testified that he had entered into such 
 an agreement with Armour & Co. to serve him in that respect' that 
 the charge of $45 was satisfactory, and that that amount was being 
 held by the consignee subject to the disposition of the court. The 
 court held in that case that it belonged to the Armour car-line com- 
 pany. I think the case was taken up on appeal. 
 
 Here is something that has just been handed me: 
 
 A SAMPLE OF ABMOUE EXTOEIION. 
 
 Again, referring to the Ellis car of tomatoes, that we may still more fully 
 understand the effect of the Arnlour exclusive contracts, we have to know that 
 the distance from Gibson, Tenn., to Chicago is 522 miles, and from this point the 
 Armours charged the Messrs, Ellis $73.92 for icing, while the icing charged by 
 the Illinois Central Railroad from Nevir Orleans to Chicago, a distance of 923 
 miles, is only $30 per car ; so that in this Instance the Armour exclusive contract 
 enabled the Armour lines to charge $43.92 more for refrigeration for a distance 
 of 522 miles than the Illinois Central, upon whose lines there are no exclusive 
 contracts, charges for a distance of 923. 
 
 But if this statement shows an intolerable state of affairs, what shall we think 
 when we are made aware that upon the selfsame day in which the Messrs. Ellis 
 received this car of tomatoes from Gibson, upon which they paid the $73.92 
 icing charge, they received a like car of tomatoes from Memphis, which is a 
 few miles farther from Chicago than Gibson, and upon this Memphis car the 
 icing cost was only $15, and, to make matters worse, the car used from Memphis, 
 upon which the icing cost was $15, was an Armour car, but hauled over a road 
 where no exclusive Armour contract exists. 
 
 Senator Kean. That was via the Illinois Central ? 
 
 Mr. Ferguson. The $15 charge was over the Illinois Central, but 
 there was no exclusive contract there. There was no opportunity for 
 plunder to that extent. 
 
 Senator Carmack.. What was the point of destination? 
 
 Mr. Ferguson. Chicago. These two cars were from Memphis and 
 Gibson, both in the State of Tennessee, and the destination in each 
 case was Chicago. 
 
 Senator Kean. Over what road did the consignment go that paid 
 $73.92? 
 
 Mr. Ferguson. Can you inform me, Mr. Meade? 
 
PRIVATE CAR-LINE SYSTEMS. 
 
 369 
 
 Mr. Meade. No; I can not. One road had an exclusive contract 
 and the other had not. The $15 charge, I think, was by the Illinois 
 Central. 
 
 Mr. Fekgtjsgn. Now, I want briefly to call your attention to some 
 of the necessary advantages that the Armour interests enjoy on the 
 common highways. The advantages that this interest enjoys on the 
 common highways are only in part known, but they are and have been 
 sufficient to build up that great octopus (the beef trust) that the 
 United Statees, through its able Attorney-General, is endeavoring 
 to free the people from. 
 
 The initial or first-known Armour advantage is the mileage, said to 
 be three-fourths of a cent a mile ; how much more we know not. 
 
 Second. The exclusive privateering privilege, enabling them to 
 levy tribute on all traffic to the full extent the traffic will bear. In 
 the system's parlance the forced tribute is designated "A reasonable 
 charge for scientific refrigeration." This advantage amounts to 
 from 25 per cent of the total railroad charge to, in some instances 
 equal to, and in others exceeding, the railway's total freight charges 
 for transporting. The obliging contracting carrier collects these 
 charges from the consignee, returning same to the Armour car lines. 
 
 Third. The right of routing is taken from the shipper, the initial 
 line designating over what connecting lines shipments shall travel, 
 and this without respect to service or time schedules of connecting 
 lines. The carriers claim that this is necessary in order to pay such 
 favored connecting lines for concentrating the Armour cars, and yet, 
 in the face of such claims, testimony before the Interstate Commerce 
 Commission is to the effect that connecting lines pay car lines as 
 high as 12i per cent, or one-eighth of their earnings, on aU shipments 
 so delivered to them. 
 
 Fourth. Car line packing-house products, according to all rules 
 of classification, should pay a higher rate of freight than fresh fruit, 
 and first classified the same as green fruit ; but, m order to help out 
 the infant beef industry, a commodity classification is arranged for, 
 of which the following is an example: 
 
 Dis- 
 tance. 
 
 Fitilt, 
 third 
 clafis. 
 
 Beef 
 (com- 
 modity 
 rate). 
 
 Differ- 
 ence. 
 
 Chicago to Dnluth 
 
 Kansas City to Duluth . 
 
 Omaha to Duluth 
 
 Sioux City to Duluth . . . 
 Cedar Bapids to Duluth 
 
 478 
 699 
 501 
 
 409 
 
 Cents. 
 44 
 53 
 45 
 45 
 44 
 
 Cents. 
 28} 
 40 
 35 
 35 
 
 m 
 
 Per cent, 
 64 
 
 54 
 
 Thus packing-house products, originally classed by the carriers 
 themselves the same as green fruit, en]oy a commodity rate of 28 to 54 
 per cent lower than fresh fruit, and packing-house traffic bears no 
 additional burden for fancy refrigeration or scientific supervision. 
 
 Be it always remembered that the Armour interests are competitors 
 in the buying and selling markets of the commodities transported in 
 their cars. 
 
 Under the terms of their contracts their men travel on passes, 
 while independent competitors must pay fare. The deadhead wires 
 BY— 06 24 
 
370 PBIVATE CAB-LINE SYSTEMS. 
 
 are at their command, and doubtless the "R. R. B." service also, in 
 order that they may save postage; and they control the supply ot 
 cars and may so manipulate that independents can not get ca,rs (see 
 Eighteenth Annual Report of the Interstate Commerce Commission), 
 and the same complaint is heard everywhere. . 
 
 Sixth. Michigan independent shippers, who are buying potatoes 
 in competition with Armour, may get a refrigerator car by paying the 
 agent $10 for the plain use of the car, notwithstanding the carrier 
 pays the Armour car lines three-fourths of a cent per mile as car 
 
 rental. , . , to 
 
 The Chairman. Does the agent get that, or the private-car lines? 
 Mr. Feeguson. It is in the testimony before the Interstate Coni- 
 merce Commission, in the Michigan car-line hearing, that the Pere 
 Marquette and Michigan Central did not furnish the potato buyers 
 with refrigerator cars necessary to protect such shipments from pos- 
 sible frost damage in transit, and that the agents had instructions to 
 offer them this alternative— an Armour car at $10, or line up a box car 
 at your own expense, put a stove in it if necessary, and send a man 
 along with it to protect the goods from freezing. Mr. Patriarch 
 also testified at that time that 15,000 carloads of potatoes originated 
 on their line annually under that practice, and that 75 per cent of the 
 total production demanded refrigerator cars for shipment. But they 
 made no pretense of serving the public to that extent. Please bear 
 that in mind, because they nave already stated that there was little 
 demand for refrigerator cars. 
 
 Such practices definitely fix the Armour advantage over competi- 
 tors in the buying market at not less than $10 per car on potatoes, 
 and $10 per car on an average market is considered a fair profit for 
 a buyer handling potatoes in carload lots. 
 
 Seventh. Our perishable shipments that require pjoper icing and 
 care in transit we are compelled to turn over to the tender mercies 
 of the Armour car lines to be cared for or neglected, as it may suit 
 their interest to do. 
 
 California shipments, for instance, ten to fourteen days in transit, 
 cars may be permitted to run out of ice while in transit, say for two 
 days, and thus inflict great damage to the contents. Of course the 
 car is well iced before it reaches destination. The owner is greatly 
 damaged, but no one under the heavens can definitely fix the re- 
 sponsibility. Hence the owner alone suffers. I am satisfied that 
 such practices obtain, though I can not prove them. 
 
 Eighth. By the terms of the contracts the railway companies 
 engage to furnish, by wire, any information the Armour interest 
 may ask for covering any shipment made in these cars; the way- 
 bills are made in duplicate by the railway agent at the point of ship- 
 ment, and one copy mailed to the Armour car lines. Thus the inde- 
 pendent shippers are always at the mercy and in the hands of their 
 powerful trust competitors. No industry can long stand against 
 this system. It will, unless effectually wiped out, ruin every inde- 
 pendent industry in this country and create a department store, 
 through which the commerce of this country will be handled. 
 
 Senator Dollivek. Are those cars owned simply by stockholders 
 in the Armour company, or by the company itself? Is there any 
 dispute about that? 
 
PBIVATE CAB-LINE SYSTEMS. 371 
 
 Mr. Ferguson. They are owned by a distinct corporation, I believe. 
 
 Senator Dolliver. How far is the beef-packing company, the 
 Armour company, identified with the Armour car lines ? 
 
 Mr. Ferguson. The directors are practically the same in each case. 
 
 Now, I want to read briefly from the last annual report of the 
 Interstate Commerce Commission : 
 
 III. 
 
 • The stockholders of Armour & Co. own the stock of the Armour Car Lines 
 Company. Certain commission merchants claimed, in the course of our Investi- 
 gation, that Armour & Co. was dealing in the fruits and vegetables which were 
 transported under refrigeration in the cars of the Armour Car Lines Company, 
 and that its control of these cars gave it an important advantage over them in 
 the handling of these commodities. 
 
 It is apparent that this would be the case If Armour & Co. does, in fact, deal 
 in these articles. The right to use a car itself while denying one to its competi- 
 tor, a knowledge of the exact location of every carload owned by its competitor, 
 must give to Armour & Co. a most decided advantage, which, in these times of 
 small margins, might amount to a practical monopoly in some sections. The 
 Armour Car Lines Company denied, however, that Armour & Co. was engaged 
 in the handling of fruits. This was so stated at our hearing last June. At a 
 subsequent hearing in September the attorney of the Armour Car Lines Com- 
 pany said that Armour & Co. had finally withdrawn from business of that 
 character, from which we infer that the charges of the complaining commission 
 merchants might have been in a measure well founded. 
 
 It was conceded that Armour & Co. is engaged in handling dairy products, 
 including poultry and eggs, also vegetables — among other things potatoes — ^which 
 are produced In certain parts of Michigan in large quantities. . The movement 
 of potatoes from this section during the winter months requires refrigerator 
 cars, and shippers experience great difficulties in obtaining such cars. We are 
 in receipt of complaints from the shippers of potatoes in Michigan stating that 
 Armour & Co. is bfiying in competition with them; that while they are unable 
 to obtain cars. Armour & Co. sends its own cars to whatever point may be 
 desired, and thereby secures a most Important advantage in the item of trans- 
 portation, which Is gradually driving other buyers out of the market. 
 
 Senator Newlands. How is it that refrigerator cars are required 
 for potatoes in the winter ? 
 
 Mr. Ferguson. In order to protect them from freezing. There is 
 almost a constant demand for refrigerator cars. I am going to call 
 the attention of the committe to that later. 
 
 Senator Newlandb. They are so arranged that they keep the cars 
 warmer in winter and cooler in summer than the outside temperature? 
 
 Mr. Ferguson. Yes, sir ; simply a little heavier construction, with 
 insulated walls and floors ; and they are required for the transporta- 
 tion in winter of the same commodities that they are required for in 
 transportation in the summer, except that in the winter they do not 
 require ice. 
 
 These complaints were received too late for formal investigation at the recent 
 hearing referred to. It is manifest that Armour & Oo. might obtain that advan- 
 tage if it saw fit to do so. The proper supply of cars often determines the 
 ability to engage in the handling of a particular commodity, and the person 
 who controls that supply has an incalculable advantage over his competitor who 
 does not. 
 
 IV. 
 
 Armour & Co., as is well known, is an extensive shipper of dressed meats and 
 packing-house products, from 150 to 200 cars being sent Bast daily from its 
 plant at Chicago alone. It is also well understood that this firm, in common 
 with all other large packing houses, ships its products in Its own cars, which 
 
372 PRIVATE CAR-LTNE SYSTEMS. 
 
 In this case are those of the Armour Car Lines Company. The use of these 
 cars is paid for upon a mileage basis, being at the rate of 1 cent a mile from 
 the Missouri River to Chicago and of three-fourths of a cent a mile from Chi- 
 cago east, unless the traffic moves via Montreal, in which case 1 cent per mile 
 is paid, the allowance being for the movement of the car in both directions. 
 Whether a particular mileage is or is not profitable to the owner of a private 
 car depends largely upon the manner in which those cars are used. If in con- 
 stant motion, a given wheelage rate is much better, of course, than when use 
 is less constant. These cars of the packers are moved East upon an express 
 schedule, and the testimony tends to show that their owners require the prompt 
 return of the carsT which usually come back empty. Without doubt, under the 
 conditions of their use, the mileage paid is extremely profitable. This suffi- 
 ciently appears from the fact that the packing houses at Chicago have recently 
 entered into a contract with the Pere Marquette Railroad Company, extending 
 for a period of seven years, by which that company agrees that the present 
 rates upon dressed meats and packing-house products shall not be advanced 
 during the life of the contract and that the mileage paid for the use of these 
 cars shall not be reduced. 
 
 Thus they recognized the necessity of knowing seven years ahead 
 what they were going to do, but they did not recognize our necessity 
 of knowing twenty-four hours ahead. 
 
 In consideration of this, the packing houses each agree to deliver to the Pere 
 Marquette a certain number of cars weekly. 
 
 Plainly, to whatever extent the amount paid for the use of these cars ex- 
 ceeds a reasonable compensation the o^vne^ of the car is preferred in the mat- 
 ter of the freight rate to a shipper of the same commodi^ who owns no cars. 
 This discrimination can only be prevented, so long as the use of private cars is 
 permitted, by making the compensation for the use of the car, which is paid to 
 the owner of the traffic carried, subject to public control. 
 
 It must not be inferred that all the abuses springing from the use of the pri- 
 vate car are enumerated above. 
 
 Senator Millard. What is that you are reading from? 
 
 Mr. Ferguson. The Eighteenth Annual Report, the last report, of 
 the Interstate Commerce Commission. 
 
 Senator Kean. Do you think the railroads get any advantage from 
 the extra freight that the private-car lines receive? 
 
 Mr. Ferguson. In my opinion they do ; yes. 
 
 Senator Kean. Do you mean the companies or the officers? 
 
 Mr. Ferguson. I do not mean the companies; I mean the people 
 who enter into the agreement. 
 
 Senator Kean. My question is whether the railroad companies do. 
 
 Mr. Ferguson. I do not think they do. 
 
 Senator Newlands. But you believe that the officials of the rail- 
 roads do? 
 
 Mr. Ferguson. I do. 
 
 Senator Newlands. You believe they are interested in these side 
 companies ? 
 
 Mr. Ferguson. In my opinion they are. 
 
 Senator Foster. Have you finished ? 
 
 Mr. Ferguson. Except as to some conclusions that I intend to make 
 later. 
 
 Senator Foster. You have, in a very intelligent and interesting 
 way, set out the abuses of these private-car-line systems. I would like 
 to ask you what remedy you suggest for those abuses ? 
 
 The bill under consideration is Senate bill 6709, which substantially 
 provides that the provisions of the act of Congress regulating com- 
 merce and the several acts amendatory thereto shall apply, as far as 
 
PEIVATE CAB-LINE SYSTEMS. 373 
 
 practicable, to any person or persons engaged in the private-car-line 
 business. 
 
 It further provides that the owner or operator of any such private 
 cars engaged in interstate transportation is declared to be a common 
 carrier and subject to all the provisions of these different statutes. 
 
 It further provides that the owners or operators of private freight 
 cars shall report under oath to the Interstate Commerce Commission, 
 which report shall state the number of cars operated by such persons 
 or firms ; also the names of the persons or corporations owning these 
 cars, the amount of mileage of all cars so operated, the rate of mileage 
 and per diem paid by each railroad over which said cars are operated ; 
 the total earnings of the cars, and further provides that every railroad 
 operating private cars not owned by the railroad companies shall file 
 with the Interstate Commerce Commission at the same time, and in 
 the same manner in which other tariff schedules are by said act re- 
 quired to be filed, a schedule of mileage and per diem rates paid for 
 tiie operation and hauling of such cars. 
 
 It further provides that it shall be unlawful for any railroad com- 
 pany operating within the borders of the United States to pay any 
 other rate of compensation with respect to the operations of such pri- 
 vate cars than those specified in the schedules so filed. 
 
 And it further provides that it shall be unlawful for any common 
 carrier engaged in the operation of freight cars to solicit, accept, or 
 receive any concession or enter into any agreement or device, or prac- 
 tice any discrimination with respect to the operation of such freight 
 cars; and then it provides a penalty for the violation of any of the 
 provisions of this act. 
 
 What have you to say as to this bill ? Will it afford or give a rem- 
 edy for the abuses of which you complain ? 
 
 Mr. Ferguson. Answering all your question. Senator, would 
 involve quite a discussion. 
 
 Senator Caemack. I suppose Mr. Ferguson will have to appear 
 again at our next sitting. 
 
 Mr. Ferguson. I only want it to appear that before I conclude I 
 shall answer this question and all the others that have been pro- 
 pounded. There are several I would like to answer. 
 
 Senator Foster. What I want is your suggestion for a correction of 
 these evils. 
 
 Senator Carmack. He says he will be able to answer more fully 
 hereafter. 
 
 Senator Foster. I wish you would, Mr. Ferguson, look over the 
 bill and study it, and see if you approve of it, or if it can be amended 
 in such a manner as to meet the abuses of which you complain. 
 
 Senator Carmack. I would like you to think further of the sugges- 
 tion already made in regard to requiring all the railroad companies 
 themselves to equip their roads with refrigerator cars. 
 
 Mr. Ferguson. That is the proper solution. 
 
 Senator Carmack. You think so? 
 
 Mr. Ferguson. Absolutely. There is no other solution of the ques- 
 tion. 
 
 Senator Foster. Your idea, then, is to require the railroads them- 
 selves to furnish refrigerator cars? 
 
 The Chairman. Mr. Ferguson will appear again at the next meet- 
 ing of the committee. 
 
374 PRIVATE CAK-LINE SYSTEMS. 
 
 U. S. Senate Committee on Interstate Commerce, 
 
 Monday^ Fiyruary 6, 1905. 
 
 STATEMENT OF E. M. FERGUSOW— Continued. 
 
 Mr. Ferguson. Mr. Chairman and Senators, in concluding, I have 
 three questions to deal with: 
 
 1. The conaparative service of the car-line system. 
 
 2. Its so-called "economic" feature. 
 
 3. The remedy. 
 
 And, if I may ask it, I should prefer that 1 may be allowed to con- 
 clude without too much interruption, holding myself in readiness, 
 after I shall have concluded, to answer such questions as I may be 
 able to answer. 
 
 First, if it be the pleasure of the committee, I shall take up the 
 question of the comparative service of the car-line system. This 
 question I have to some extent thrashed over when replying to ques- 
 tions, and I also discussed it before the House committee on Saturday. 
 If the committee should be of the opinion that it would take too much 
 of its time for me to go into this, or if Senators do not care to hear 
 me further upon that phase of the question, I will continue with the 
 second question, as to the so-called " economic" feature of the system. 
 
 Senator Ejban. I am not one of those who do not care to hear you 
 further. 
 
 Mr. Ferguson. Thank you. 
 
 Car lines maintain they render a superior class of service, a more 
 expensive service, and that they also superintend loading, etc. As to 
 this. Traffic Manager Patriarch testifies that the car-line service is in 
 no way superior to P. M. service, and all shippers testify that there 
 is no supervision exercised by the car-line companies in any respect. 
 
 Car lines claim to scientifically ice cars en route. Yet Michigan 
 contracts extend only to the terminals of the Michigan roads ai'ound 
 Chicago and Milwaiiee, and from there west and southwest shipments 
 travel over lines not controlled by car lines. Therefore, the icing 
 done by railroad companies and shipment are under entire care and 
 supervision of the common old-fashioned railroad companies that the 
 car lines tell, you are incapable of serving the public in this capacity. 
 
 Car-line companies simply instruct railway station agents at point 
 of origin to write on bill of lading " ice when necessary," or at cer- 
 tain points, and connecting carriers obey these instructions. As to 
 the cost of the ice, the contract provides that the railway companies 
 shall furnish it at $2 per ton, delivered in the bunkers when necessary. 
 Wlw in bunkers, if this icing is done by car-line experts? 
 
 With respect to expert icing, car lines claim they crack the ice and 
 put in salt — an old practice which is common with all carriers and 
 upon which car lines nave no patent. 
 
 Is it not strange that large systems like the C, M. & St. P. Rwy., 
 G. N. Ewy., N. P. Rwy., C. & N. W. Rwy., C, St. P. M. & O. Rwy., 
 C, B. & Q. Rwy., and others have been able to get along without these 
 self-styled "scientific" ice breakers? These roads have not adopted 
 this so-called fancy service, which is proof that they do not want or 
 need it. 
 
PRIVATE CAR-LTNB SYSTEMS. 3^5 
 
 It is claimed that private cars reach to any and every market over 
 any line of road. Therefore, broadens markets and increases compe- 
 tition in buying. This is not true, as I will show; but first 1 wish to 
 direct attention to the statement of the Armour car-line representative, 
 that they have rescued the grower from a coterie of local buyers^ by 
 bringing in outside buyers, thereby stimulating buying competition in 
 the interest of the growers. It has been quite generally beUeved that 
 this was a sort of competition the Armour interests did not believe in, 
 and the sort of competition that they have successfully overcome in 
 their, as yet, main line of business, buying at stock yards. 
 
 In this benevolent work they were doubtless prompted by the same 
 divine inspirator that induced them to stretch out their strong arm to 
 rescue the cattlemen. They have completed their task in that direc- 
 tion and now have the cattlemen by the throat, as well as the public, to 
 whom they sell the finished stock-yard products. 
 
 Now, as to the truth of the statement with respect to broadening 
 the markets for the Michigan growers. Page 172, Official Notes, 
 I. C. C. June car-line hearing, Traffic Manager Patriarch testified, 
 with reference to the total production and the total interstate ship- 
 ments from points on the Pere Marquette Railway during the preced- 
 ing four years, as follows: 
 
 Year. 
 
 Total 
 number 
 of ears 
 
 fruit 
 shipped. 
 
 Interstate, under 
 refrigeration. 
 
 Care. 
 
 Percent. 
 
 1900 
 
 4,860 
 8,706 
 6,454 
 7,826 
 
 1,436 
 1,128 
 1,937 
 1,632 
 
 32 
 
 1901 
 
 
 1902 
 
 
 1903 
 
 21 
 
 
 
 In 1902, 1 beg to state, the contract was not in full force at all points 
 on the Pere Marquette road; Grand Eapids and some other points, 
 by reason of competition at those points, were excepted. 
 
 From this it will be noted that while the maximum production was 
 reached in 1903, the first year that the exclusive contragt was in full 
 force, that interstate shipments fell off 306 cars as compared with the 
 preceding year and were reduced from an average of about 32 per 
 cent to 21 per cent of the total production, therefore increasing by a 
 large percentage the amount sold on the local markets to local buyers 
 and shipped to markets located on the carrier's terminal. 
 
 With respect to providing ice, would state that it is done in most 
 instances by the car-line people — by the same companies or persons that 
 perform these services for the railway companies. Particularly is this 
 true in territory not covered by exclusive contracts. While cars may 
 originate in the exclusive contract territory and pass out of that ter- 
 ritory after a few miles travel, the buyer is compelled to pay car-line 
 charges for the services performed by the connecting railway car- 
 riers. 
 
 As to thes tatement that ice in certain localities costs $6 to $7 per 
 ton, I will state that I have in my possession expense bills rendered 
 for ice at points in the desert country where ice is doubtless as difficult 
 to obtain as any other place in the United States, at 12.60 per ton, 
 delivered in the bunkers. 
 
376 PRIVATE CAB-LINE SYSTEMS. 
 
 With respect to the Michigan growers who testified at the June car- 
 line hearing in Chicago that the Armour car-line service had enhanced 
 the value ol their land and products, would say that their conclusions, 
 according to their own testimony were based upon their statement that 
 they were located at noncompetitive points, and the railway company 
 did not furnish them sufficient cars in which to ship their products, 
 and for that reason an Armour car under any terms and conditions 
 was better than no car at all. 
 
 But if this be admitted as a reason for maintaining the private car- 
 line system it must also be admitted that it is not a carrier's duty to 
 furnish cars, and I do not believe anyone is desirous of releasing the 
 carrier from that duty. 
 
 Car-line companies state they pay out large sums of money on 
 account of loss and damage claims. If this be true their records are 
 the best evidence. Why not require a detailed statement and ascertain 
 to whom they are paying these claims. It may be interesting to know. 
 Certainly the shippers do not make their loss and damage claims 
 directly to the car-line companies. They file with the railway com- 
 pany, and Traffic Manager Patriarch testifies that he could not remem- 
 ber paying any claims on this traffic, nor did he know of any pending 
 adjustment. 
 
 Traffic Manager Patriarch testified that their company's only reason 
 for entering into these contracts was to provide the cars in the cheap- 
 est manner possible. Car-line service in other respects was in nowise 
 superior or different to that which the railway company had previously 
 been giving, except that it provided a more adequate supply of cars. 
 Therefore, according to this testimony, it must be conceded that the 
 contract was entirely in the interest of the carrier. Similar testimony 
 was given by other competent witnesses. Yet, in the face of this tes- 
 timony, it will be strongly urged upon you gentlemen that the supe- 
 rior "scientific" car-line service is better for the people, and there- 
 fore Congress should protect the shipping public by compelling the 
 public to use this service, thereby bringing them under the legal domi- 
 nation of the infamous (though as they would have you believe, munifi- 
 cent) car-line system. 
 
 It is erroneously claimed that it is no part of a carrier's duty to fur- 
 nish refrigerator cars or refrigeration. If that should be the case, by 
 what right of law do they assume the authority to farm out that privi- 
 lege under exclusive contract to some favored car-line company, thereby 
 preventing an independent shipper from providing himself with refrig- 
 erator cars on such better terms as may be obtained, and by these con- 
 tracts bringing the independent dealer under the complete domination 
 of his powerful merchant car-line competitor? 
 
 If it is not the carriers duty to furnish this service, it is clearly not 
 their lawful right to provide for it by exclusive contract. 
 
 These same carriers have engaged in the perishable traffic, and that 
 traffic has now become enormous. Vast industry is dependent upon 
 the use of refrigerator cars, which car has become as much a necessary 
 instrumentality for carriage as any other car. It is therefore the car- 
 riers' common-law duty to furnish it. 
 
 The general freight agent of the Michigan Central Railway testified 
 before the I. C. C. (June car line hearing) that his company was oper- 
 ating under an Armour exclusive contract. Yet, prior to that hear- 
 
PKIVATE CAR-LTNE SYSTEMS. 377 
 
 in^, the traflSc manager of the Michigan Central Railway Company 
 wrote to the Hon. J. D. Yeomans, Commissioner, as follows: 
 
 Replying further to your communication of the 14th instant in the matter of 
 informal complaint from the Knudsen-Ferguson Fruit Company, of Duluth, Minn., 
 I find that the car rental of $45 per car (which I understand included refrigeration 
 as well) on the two cars named was charged as stated; not by this company, how- 
 ever, but by the Armour Refrigerator Oar Line, who arranged with the shipper for 
 the use of the cars. 
 
 The amount charged, I believe, is in accordance with the schedule published and 
 filed by the Armour car line. 
 
 B. B. Mitchell, 
 
 Traffic Manager. 
 
 Yet at the same time the Michigan Central was operating under an 
 Armour exclusive contract, and the shipper had no option in the 
 matter, and Mr. Mitchell knew it. 
 
 On pages 64 and 104, Official Notes, June car-line hearing, will be 
 found Traffic Manager Patriarch's testimony that certain points on 
 their line were excepted from the operations of these exclusive con- 
 tracts during the year 1902, particularly Grand Rapids, Mich., because, 
 as stated, the G. R. & I. and the Grand Trunk railways were hot 
 parties to the secret compact, and for the P. M., or Michigan Central 
 roads to force the use of the Armour cars upon the shippers at this 
 point would result in throwing all of the business to the outside lines. 
 
 In view of the testimony as indicated above, is it not clear that the 
 iniquitous private car-line system can not obtain under full and open 
 competition, and that there is no merit to the system and no merit to 
 the car line's contention with respect to superior service, and that the 
 public is better served under this system than otherwise? The Grand 
 Rapids situation clearl}' demonstrates that the public use the system 
 only when compelled to do so, and that plunder instead of economy 
 has and always will be the motive and design. 
 
 In the following year, 1903, the G. R. & I. and Grand Trunk were 
 won over and taken into the secret compact. Then and there ended 
 commercial freedom of the Grand Rapids fruit industry, and all ship- 
 
 8ers but one at that point are now yielding up tribute to the system, 
 •ne shipper there, who happened to own thirty refrigerator cars that 
 he had operated for years on the mileage basis alone, was at first denied 
 the privilege of using his own cars in making shipments; but in order 
 that this shipper might not become troublesome, as his protests indi- 
 cated he may, this shipper was privileged to use his own cars in mak- 
 ing shipments to his customers on one condition only, to wit, that he 
 become a party to the secret compact, and agreed to charge his cus- 
 tomers the Armour rate, which the railway companies kindly offered 
 to bill as advance charges against all shipments so made, collect from 
 the consignee at destination, and rebate this shipper the difference 
 between the Armour charges collected and the actual cost of ice, based 
 upon the total amount used. 
 
 And it will be noted in this case that the railway company under- 
 took to do the icing itself, or rather arranged for its bemg done by 
 the connecting lines over which shipments might travel. This arrange- 
 ment amounted to the granting to this shipper a handsome rebate on 
 each and every car shipped, but be it remembered that this arrange- 
 ment was not of his own seeking, but, on the contrary, he was com- 
 pelled to subscribe to this trust agreement in order that there -may be 
 no competition for the car line at this point. Be it further remem- 
 
378 PRIVATE CAB-LINE SYSTEMS. 
 
 bered that this is the same car line company that would have you 
 believe they were engaged in the munificent work of bringing in buy- 
 ers from all parts of the country to buy the Michigan products, to the 
 end that competition in buying may be stimulated in the growers' 
 interest. 
 
 In view of all of this willful and manifest misrepresentation, it 
 would seem that any and every statement made in defense of this 
 system should be given but little consideration at the hands of fair- 
 minded men. 
 
 It is claimed carriers can not aflford to own refrigerator cars. The 
 net earnings of all these fruit-carrying roads will not support such a 
 statement. Further, the mileage of f cent per mile, according to the 
 seventeenth annual report of uxe Interstate Commerce Commission, 
 reproduces the car in three years' time. Any solvent carrier may 
 float a loan at 3 or 4 per cent, and provide a f und'with which to build 
 cars, thereby saving such carrier the diflference between the small 
 amount of interest they would pay as compared with the excessive 
 mileage charges they are paying car-line companies. 
 
 Further, the excessive freight rate charged and collected on com- 
 modities transported under refrigeration over commodities transported 
 in box or ventilated cars is sufficient to soon pay the entire cost of the 
 car. For- example, comparative rate, California to Duluth, fruit 
 under refrigeration, railroad rate $1.25 per hundredweight, minimum 
 26,000 pounds or |325 per car. Refrigerator charge in addition to 
 this, from $75 to $107.50 per car. Rate on onions and potatoes, which 
 is still higher than grain and other commodities, 75 cents per hundred- 
 weight. Difference, 50 cents per hundredweight, a total difference on 
 26,000 pounds of $130 per car. This excess revenue would be still 
 further increased with refrigerator charges added, but will leave 
 refrigerator charges to cover any or all costs of extra or special serv- 
 ice that the carrier may claim is given, leaving the net difference not 
 less than $130 per car. 
 
 Senator Newlands. What distance is that? 
 
 Mr. Ferguson. That is 2,000 miles, approximately. 
 
 Cars should easily make the round trip, from California to Duluth 
 or any like distance, in thirty days, or twelve trips per year. But 
 make liberal allowances, and estimate eight trips per year, and you 
 have a total net excess earning of $1,040 per year on each car. 
 
 From Chicago to Duluth the rate on fruit under refrigeration is 44 
 cents per h undredweight. Vegetables (not green) shipped in ventilated 
 or box cars, 22 cents per hundredweight. Refrigeration extra. Excess 
 railroad rate on fruit over vegetables, 100 per cent, or 22 cents per 
 hundredweight, based on 24,000 pounds, would yield excess earnings 
 on car of fruit of $52.80 as against a car of vegetables. A car wUl 
 make the round trip, Chicago to Duluth, each week. The running 
 schedule each way is 86 hours. But allow liberally, if you will, for 
 delays and all sorts of things that the car lines will tell you about, and 
 allow that a car makes the trip in two weeks' time, or 26 trips per 
 year. The excess revenue is easily calculated at $1,372.80. 
 
 In the interest of brevity, will make only these two comparisons. 
 They are fair examples, and sufficient in my judgment, to direct atten- 
 tion to the proper channels for investigation, believing that all that is 
 necessary to establish our case is that the facts be known. 
 
 Grain rates, Duluth to Chicago, are still much lower than the vege- 
 
PRIVATE CAR-LINE SYSTEMS. 379 
 
 table rate. Therefore, in view of the onerous burden that the fruit 
 shippers are bearing, I submit that fruit has paid well the price of 
 commercial freedom and should be freed from this system that is 
 thi'ottling the industry. 
 
 With respect to the demand for refrigerator cars being limited to a 
 few weeks or a few months, as was testified. Traffic Manager Patriarch 
 admitted that about 15,000 cars of potatoes annually were shipped from 
 points on his company's line, and that 76 per cent of such shipments 
 demanded a refrigerator car if it were to be had, but that his company 
 would not undertake to furnish them, and the shipper had the privilege 
 of buying lumber and lining box cars at his own expense, to be used for 
 potatoes. Further testimony developed that agents were instructed to 
 say to shipper, "We will get you an Armour refrigerator car if you 
 want to pay us flO." This, of course, without the use of ice or any of 
 the fancy icing serv^ice, and notwithstanding that the testimony of one 
 of the car-line representatives was that they did not collect car rental 
 from both shipper and carrier, and that the mileage of three-fourths of 
 a cent per mile yielded a very satisfactory return. 
 
 Traffic Manager Patriarch testified (same hearing): I wish to state 
 also that the same condition, with reference to the use of refrigerator 
 cars, obtains on practically all lines — that his company could not 
 safely undertake to handle the fruit business originating at points on 
 their line and consigned to points beyond their terminals with less 
 than 2,500 to 3,000 refrigerator cars, all available at the opening of 
 the season. Yet later it is shown by his own testimony that the pre- 
 vious year only 1,632 cars were moved under refrigeration to points 
 beyond P, M. terminals, and that in 1901, in which year shipments to 
 points beyond their terminals reached the maximum, only 1,937 cars. 
 
 Allowing that cars will consume an average of thirty days in mak- 
 ing round trip to Atlantic coast points, and to near-by points a trip 
 per week, the average time consumed .by car in making round trip 
 may be fairly estimated at two weeks. Now, allow that 1,000 of these 
 1,632 cars were shipped in six weeks' time, it could be safely figured 
 that every car would average two trips during the six weeks. On 
 this extravagantly liberal basis, 500 refrigerator cars would meet all 
 requiremente, and of this number it may be safely concluded that one- 
 half or more would be gladly furnished by connecting lines that are 
 anxious not only to get the haul, but also to keep their surplus cars in 
 use, earning mileage. 
 
 Senator Newlands. Between Michigan points and what other points 
 could they make round trips ? 
 
 Mr. Ferguson. I said that thirty days may fairly be estimated to 
 be the average time consumed from Michigan points to Atlantic points 
 and return. 
 
 Senator Newlands. In two weeks a round trip could be made with 
 refrigerator cars. They are not liable to be diverted to other locali- 
 ties as other cars are? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. They go and return, and in that journey are 
 not liable to be used for any other purpose, as I understand. That 
 would be a short time for a coal car or an iron-ore car, because such 
 cars are frequently diverted and sent to other points. 
 
 Mr. Ferguson. There is testimony to the effect that these cars are 
 required to move and return on express time. I feel that 1 have 
 
380 PRIVATE CAR-LTNE SYSTEMS. 
 
 allowed very liberally in allowinjj- thirty days from Michigan points 
 to A-tlantic points. The round trip could be made in one week to 
 points nearer by. 
 
 Senator Mil'lakd. But the round trip from Michigan points to 
 Atlantic points can be made in thirty days? 
 
 Mr. Ferguson. Yes, sir. 1 think a liberal estimate to all points 
 would be two weeks. Personally, I do not think the average round 
 trip consumes two weeks' time. 
 
 The Chairman. That is, the average to all points would be two 
 weeks? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. The railroad lines do not divert these refrigerator 
 cars as they frequently do other freight cars ? 
 
 Mr. Ferguson. They do divert western shipments to some extent, 
 but I do not know that that is the case with reference to Michigan 
 shipments. The very perishable nature of Michigan peaches, for 
 instance, prevents shipping great distances. Michigan peaches are not 
 strong shipping fruit. 
 
 The Chairman. In -your country do they get return freights from 
 the East? 1 know thej"^ get return freights to California. 
 
 Mr. Ferguson. They may have return freight, but 1 think there is 
 a statement in one of the reports of the Interstate Commerce Commis- 
 sion that Armour's cars do not wait for return freight, because they 
 earn the same mileage when empty as when loaded. Cars are there- 
 fore required to be returned promptly without waiting for loads in 
 the interest of Armour's car-line mileage earnings. 
 
 The Chairman. They sometimes get return freight, but that would 
 be almost accidental. 
 
 Mr. Ferguson. I know of my own knowledge of the C, M. and 
 St. P., the C, St. P., M. and O., Wisconsin Central, and N. P. rail- 
 ways offering refrigerator cars to serve northwestern shippers from 
 Michigan territory, but Michigan roads would not accept these cars. 
 Am also told this is true with respect to many other roads, par- 
 ticularly the Santa Fe Railway, who own and operate a large refriger- 
 ator system, but find it impossible to use their cars at most fruit 
 shipping points because the Armour system is in ahead of them with 
 their exclusive contracts. 
 
 It may therefore be safely concluded that if the P. M. Rwy. were 
 required to own 250 additional refrigerator cars, they would be 
 equipped to meet all requirements, and because of the onerous trans- 
 portation charges this traffic is bearing, the P. M. could well afford to 
 provide these cars. I think it is a very liberal and safe conclusion that 
 250 additional refrigerator cars, with" what would be furnished them 
 by connecting lines, would be ample. 
 
 Senator Newlands. Would be ample for that particular road? 
 
 Mr. Ferguson. For that particular road. 
 
 Senator Newlands. Now, Mr. Ferguson, I understand your conten- 
 tion to be that there is no necessity for these private car line compa- 
 nies; that these refrigerator cars could be owned by the different 
 operating companies of the country ? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. That there is nothing in the contention that the 
 limited time during which these cars are used in a particular locality 
 necessitates their belonging to one company that will control the entire 
 
PEIVATE CAE-LINE SYSTEMS. 381 
 
 traffic throughout the country, so that they can distribute cars accord- 
 ing to the necessities of the different localities. In that connection I 
 want to ask you whether in shipping, for instance, from California to 
 New York over eight or ten different lines, you would be likely to 
 have the same expedition in shipping and care in transporting as you 
 would have if these cars were under one control for the entire distance? 
 
 Mr. Ferguson. Without question we would have just as good serv- 
 ice under railroad control as we have to-day. 
 
 Senator Newlands. Regarding these consolidations of roads that 
 have practically taken place in the various systems — community of 
 interest, etc. — do you find, so far as expedition ?ind delivery are con- 
 cerned, that there has been any improvement during the past few 
 years? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. You do not? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. Is there any improvement in certainty and 
 quickness of delivery of these perishable articles? 
 
 Mr. Ferguson. No, sir; not where consolidation has taken place. 
 
 Senator Newlands. There is some uncertainty ? 
 
 Mr. Ferguson. Yes, sir; in some directions time agreements pre- 
 vent expedited service. 
 
 Senator Newlands. What are time agreements? 
 
 Mr. Ferguson. One road may own and operate a shorter line 
 between two markets, which market may also be reached by several 
 roads; the carriers get together and all agree upon a certain time within 
 which the longer road could easily make the trip, and all agree upon 
 time schedules alike, although the shorter line may be able to give 
 quicker or better service than could be obtained under the time schedule 
 arrangement. 
 
 Senator Newlands. Take a fruit region in California served by a 
 short road, say one 50 miles long, that connects with the Santa Fe or 
 the Southern Pacific system, which, of course, have their connections 
 through to the Atlantic coast; would it be your contention, as to that 
 railroad 50 miles long, that it should be under obligations either to 
 own or to secure in some way a sufficient number of refrigerator cars 
 to meet the convenience of that locality during a period of only five or 
 six weeks ? 
 
 Mr. Ferguson. Yes, sir; either by ownership or lease from other 
 common carriers. 
 
 Senator Newlands. How could you conveniently accomplish that? 
 How could such an arrangement be made for those cars? 
 
 Mr. Ferguson. Those conditions have always been met without 
 any great effort on the part of the carrier. The connecting lines that 
 get a portion of that haul keep informed as to the products to be 
 shipped along such lines, and know their shipping seasons, when and 
 where the business will originate. 
 
 Senator Newlands. So as to be able to furnish the cars? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. But it would be the large lines that would 
 furnish the cars, not the small ones. 
 
 Mr, Ferguson. The responsibility should rest primarily with the 
 initial line, but I do not thmk there would be any great responsibility; 
 that responsibility is more theoretical than real. 
 
382 PRIVATE CAB-IiTNE SYSTEMS. 
 
 Senator Newlands. You think they could easily make arrange- 
 ments with connecting lines? 
 
 Mr. Ferguson. Yes, sir. 
 
 With respect to the private car-line system being economical for the 
 carrier, I claim their own showing conclusively demonstrates the con- 
 trary to be true, and that the excessive mileage they are paying 
 exceeds by considerable the amount that would pay interest on a suf- 
 ficient principal to own these cars. 
 
 Therefore, one should look askance at this contention and direct 
 the mind to inquiring as to the probability of community of interest 
 being the impelling motive. 
 
 But all such contentions, to my mind, are absolutely immaterial. 
 If in the interests of the carriers' convenience you are ready to legalize 
 the car-line system, it must be upon the theory that it is fair to release 
 the carriers from their obli^tions to the public whenever it is in the 
 carriers' interest to do so. The practice will rapidly spread, and upon 
 the same theory they will soon be seeking a release from their obliga- 
 tion to the public of furnishing box cars or any other instrumentality 
 of carriage, and I doubt that if the privilege be granted with respect 
 to one style of equipment that its application could be denied to any 
 other style of equipment. 
 
 If it be economy to the carrier, the public certainly derives no bene 
 fit, for instanter upon the execution of these exclusive contracts 
 refrigerator charges are increased from 300 to 500 per cent. 
 
 Further, with respect to the total number of cars required for all 
 lines, Armour car line's representative testified before Interstate Com- 
 merce Commission (June hearing) that their company operated only 
 8,000 refrigerator cars in the fruit business. They serve with these 
 cars not only the P. M. Ry. Co. , whose traffic manager testified his 
 company would need 2,500 to 3,000 cars at the opening of the season, 
 but the Michigan Central, the G. E. and I. Rwy., and the Grand Trunk 
 Rwy. in Michigan, each of which would presumably need a like num- 
 ber. In addition, they were serving the Georgia peach territory and 
 practically all of the Southern States, besides the great Southern Pacific 
 system, from whose territory there is a constant and never ceasing 
 flfow of fruit in refrigerator cars; and this is all being done with 8,000 
 cars. So it can be seen that the extravagant statements of certain 
 carriers with respect to the large number of cars they would need may 
 be materially pared down. 
 
 If each road was required to own a sufficient number of cars to 
 reasonably protect the commerce originating on their several lines, 
 the natural interchange of traffic would take care of itself, and though 
 a car may go off from its owners' line it would be all the time earning 
 the regulation mileage charge of three-quarters of a cent per mile, 
 therefore no hardship to the owner. 
 
 The private car-line practices for a long time were confined to the 
 California roads, where the demand for refrigerator cars is the rule 
 the year through and not the exception. Hence none of the arguments 
 that the system is justified because of the limited demand for refriger- 
 ator cars would obtain in support of the California situation. This 
 statement is clearly borne out by the action taken by the Santa Fe 
 road in building and equipping tlieir own refrigerator cars. 
 
 Senator Newlands. Do I understand that the Santa Fe owns its 
 own refrigerator cars? 
 
PRIVATE CAR-LINE SYSTEMS. 383 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. How is it with the Southern Pacific? 
 
 Mr. Ferguson. They do not. 
 
 Senator Newlands. They have exclusive arrangements with the 
 Armour Co. ? 
 
 Mr. Ferguson. Yes, sir. Formerly that was the case with the 
 Santa Fe, but a few years ago they built and equipped their own 
 refrigerator cars, and I think they now own in the neighborhood of 
 6,000 refrigerator cars that are in use on any line in the country where 
 they can obtain business. 
 
 Senator Newlands. 1 thought you said there were only 8,000 alto- 
 gether in the country? 
 
 Mr. Ferguson. No, sir; my testimony is that the Armour car lines 
 own and operate 8,000 fruit cars. The Santa Fe road, in place of 
 putting their equipment in with their other equipment and operating 
 it under the same rules, followed the example of the Armour Car 
 Lines Company with respect to charges and practices. 
 
 Senator Newlands. Is that Santa Fe car-line system separate from 
 their general system? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. A separate corporation? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Simply has -the same name? 
 
 Mr. Ferguson. Not exactly the same name; its name is the Santa 
 Fe Refrigerator Transportation Company. 
 
 Senator Kean. Is it a separate corporation or is it fflmply operating 
 a car-line system ? 
 
 Mr. Ferguson. I am not positive as to its being a separate corpora- 
 tion, but it is operated separately, and their manager testified before 
 the Interstate Commerce Commission that they were giving on Cali- 
 fornia fruit shipments rebates from $35 to |35 per car upon me theory 
 that they were a private corporation, a car-line company, not amen- 
 able to the laws governing common carriers, therefore they may do 
 that which a common carrier was by law prohibited from doing. So 
 I take it that they must be organized as a separate corporation on the 
 Armour plan. 
 
 Senator Newlands. They are subject to the same criticism you make 
 as to the Armour car lines? 
 
 Mr. Ferguson. Yes, sir. 
 
 The Chairman. Are you sure that none of these private car line 
 companies publish their rates from their various offices, as railroad 
 companies are required to do? I think you answered in regard to that 
 as respects the Armour car lines company. What is your information 
 as to the other car line companies? 
 
 Mr. Ferguson. My information is that none of them publish their 
 rates from their offices, as required by law. Proceeding, I might go 
 on pointing out the fallacies of all car line contentions, but to my mind 
 it is a waste of time, and I should not have undertaken to have done 
 so to any extent had 1 not reason to believe that all of these conten- 
 tions have and will be offered in defense of the system. 
 
 I have something further to say with respect to the so-called economic 
 feature of the car-line sj'^stem. 
 
 Senator Newlands. Please state briefly how many refrigerator cars 
 there are in the country. I think you stated once before, but I do 
 not recall it. 
 
384 PRIVATE CAE-LINE SYSTEMS. 
 
 Mr. Ferguson. I have no definite information on that subject. My 
 impression is that one of the annual reports of the Interstate Com- 
 merce Commission contains the information that there are in the 
 neighborhoodof 55,000, but I do not want to be positive as to that. 
 
 Senator Newlands. The Armour Company owns 8,000 of them, and 
 the Sante Fe Car Lines Company owns 6,000. Do you know of any 
 other private car lines-companies that own any? 
 
 Mr. Ferguson. O, yes; there are many. There are many small 
 owners, such as brewers and dairymen, who own 25 or 50 cars. There 
 are other large ones, like the Merchants' Despatch and the American 
 Refrigerator Transit Company, and all the packing companies own 
 refrigerator cars of their own. 
 
 Senator Newlands. You have referred very frequently to the Pere 
 Marquette Railway. Is that a very large railway system? 
 
 Mr. Ferguson. About 1,700 miles. 
 
 Senator Newlands. In what States ? 
 
 Mr. Ferguson. Very largely in Michigan. 
 
 Senator Kean. Not 1,700 miles in Michigan? 
 
 Mr. Ferguson. No; it is the system. 
 
 Senator Kean. It has only become a large system within the last 
 few months? 
 
 Senator Newlands. By consolidation. 
 
 Mr. Ferguson. Their system is 1,700 miles, and has been for some 
 time. I think for more than two years. 
 
 Senator Newlands. Has that been accomplished through consolida- 
 tion, do you know? 
 
 Mr. Ferguson. It has to quite an extent. I am not familiar with 
 the diflFerent consolidations, but during the past number of years they 
 have been gradually acquiring other lines. 
 
 Senator Newlands. You speak of that line so frequently because it 
 taps the fruit region in which you are particularly interested; is that so ? 
 
 Mr. Ferguson. No, sir; I speak of that line so frequently because 
 we have a coot of the exclusive contract between that line and the 
 Armour Car Lines Company, and we have the testimony as to the 
 practices, which are illustrative of the conditions existing elsewhere. 
 Armour Car Lines admit similar contracts and practices to obtain 
 wherever they operate. 
 
 Senator Newlands. Is there any reason to believe that the owners 
 of the stock in the Pere Marquette Railroad and in the Armour Car 
 Lines Company are the same, or substantially the same? 
 
 Mr. Ferguson. I would not want to say that they are the same, but 
 I feel that where such valuable exclusive contracts are given out there 
 must be a sharing of the profits in some way. 
 
 Senator Newlands. That is surmise, or suspicion. 
 
 Mr. Ferguson. A conclusion. 
 
 Mr. E. P. Bacon. Mr. Chairman, may I make a request? There 
 are two gentlemen here from New York, one of whom was promised 
 the floor at half past eleven, or at least after Mr. Ferguson had occu- 
 
 ?ied the floor half an hour. They find it necessary to return to New 
 ork, and unless you can have another meeting to-morrow they will 
 have no opportunity to speak without doing so to-day. I would ask 
 that Mr. Ferguson yield to have that arrangement carried out. 
 
 Mr. Ferguson. Mr. Chairman, I have already yielded the floor two 
 or three times to Mr. Bacon. I have been here more than two weeks 
 
PRIVATE CAK-LINE SYSTEMS. 385 
 
 waiting to conclude my hearing. I shall conclude in a short time, 
 and I feel that, inasmuch as I have so nearly concluded now, I am 
 entitled to the floor as against someone who has very recently arrived. 
 1 should like to conclude if I may. 
 
 Senator Kean. I move that Mr. Ferguson be allowed to conclude. 
 
 The Chairman. I am anxious to hear these gentlemen from New 
 York, and there are some gentlemen here from Georgia who want to 
 be heard. But I feel, Mr. Bacon, that we ought to let Mr. Ferguson 
 conclude. Or could you conclude at the next meeting, Mr. Ferguson, 
 without inconvenience? 
 
 Senator Kean. I think it is only fair that Mr. Ferguson should 
 retain the floor. 
 
 Mr. Ferguson. I want to say that I have a very strong personal 
 reason for insisting upon concluding to day, and that is that my part- 
 ner, Mr. Knudsen, who is here with me, was yesterday taken very 
 seriously ill. 
 
 The Chairman. 1 think Mr. Ferguson must be allowed to conclude, 
 Mr. Bacon. 
 
 Mr. Bacon. If it can be arranged that these New York gentlemen 
 can appear before you at a meeting to-morrow 
 
 The (Chairman. We can not tell about that. I have other commit- 
 tee meetings to attend, and no doubt other Senators have other 
 engagement. 
 
 Mr. Bacon. I regret very much to have interrupted Mr. Ferguson. 
 
 The Chairman. It seems to be the sense of the committee that Mr. 
 Ferguson be allowed to proceed. 
 
 Mr. Bacon. I yield to the judgment of the committee, of course. 
 
 Mr. Ferguson. In my opening statement 1 said I was unwilling to 
 state that, theoretically speaking, there was not some apparent economy 
 in the holding company system, not only for refrigerator cars, but for 
 all other instrumentalities of railway carriage. But I did not admit of 
 this economy, neither do I think it exists, or that the public would 
 under that system be given lower transportation charges or better 
 service, but that the contrary would prevail. 
 
 The elaborate, extravagant organization which car-line officials have 
 testified as necessary for the proper operation of their car-line system 
 forms the basis for the exhorbitant refrigerator charges demanded and 
 collected. 
 
 While I do not admit they maintain the extensive organization they 
 have testified they do, I do admit that they have, to a large extent, 
 succeeded in convincing the public that such is true, and the cost of 
 maintaining this separate, altogether unnecessary, common-carrier 
 organization will in the future as in the past be accepted as a proper 
 basis upon which to determine the reasonable value of the service. 
 Therefore I maintain that if there be any economy in the holding com- 
 pany system by reason of reducing the total number of cars required, 
 and keeping such cars more constantly employed (if that be possible), 
 that the saving that may be possible in this respect under the holding 
 company system (assuming that the holding company deals fairly and 
 honestly with the public, and I do not believe it would) would not equal 
 by a large percentage the total increased transportation charges that 
 would be demanded of the public and allowed because of the extra 
 expense of the holding company or second common carrier. 
 BY— 05 ^25 
 
886 PRIVATE CAR-LIlirE SYSTEMS. 
 
 So you may continue with the false theory that such practices will 
 reduce the cost of the service to the public, and organize a third pr a 
 fourth holding company to perform some other part of the carrier's 
 duty; and I assure you that each new organization will be the signal 
 for enhancing transportation charges, and the cost of maintaining the 
 extra organization will form the basis of such demands. _ If there be 
 a lingering doubt in your minds with respect to this question and what 
 the result would be as to loweiing the cost of service to the public, 
 then I say to you that you will search in vain through the commercial 
 history of this country for the record of that trust or monopoly the 
 efforts of which have been to lower the cost to the public of the com- 
 modities or service over which it had control. 
 
 And further, if you still be of the opinion that there be an economic 
 feature in this question entitled to consideration, I ask you to consider 
 its relative nonimportance, because, if the Armour car line, with 8,000 
 fruit cars, can serve half of the railways in this country it may be 
 safely assumed that each carrier would need but to own a few refrig- 
 erator cars to do the same work, the cost of which cars is not great, 
 and because of their excess earnings they quickly pay their entire 
 cost. And, again, carriers are paying in the mileage fee a much larger 
 sum annually for the use of such cars than would be the interest upon 
 money enough to own them. 
 
 If in your minds you are inclined to favor the holding-company 
 system because of its supposed economic feature, I ask you to consider 
 the public and independent industries, and if the property rights of 
 the car lines appeal to you, likewise let the property rights of the 
 toiling masses appeal to you. Their rights, too, have been intrusted 
 to your care, and it is their property rights that are being now so 
 violently disturbed and will eventually be totally annihilated unless 
 you protect them against the rapacity of this vicious system. The 
 prosperity and contentment of the masses is of far greater importance 
 to you and to this Government than is it that a great trust like Armour 
 & Company be allowed to continue their work of subjecting independ- 
 ent industry and piling up millions they do not need. The entire cost 
 of the Armour refrigerator cars has been wrongfully wrung from 
 the public many times over. If there be any delicacy as to disturbing 
 the property rights of the car lines, 1 suggest that the car lines' cars 
 by all laws of right should now belong to the public. 
 
 Senator Kean. To the public, do you say 'i 
 
 Mr. Ferguson. Yes, the public have paid for them many times over 
 through extortionate charges collected from the public. And though 
 it may be said that, while the law has never sanctioned the car-line 
 system, yet it has permitted it to exist and grow, it must also be 
 admitted that the independent fruit industry has been permitted and 
 sanctioned by law, and the continuation of the private car line system 
 means its annihilation. If the system be legalized, either in its pres- 
 ent form or as a holding company, it will result in a monopoly, the 
 stronger company absorbing all the weaker ones. One holdmg com- 
 pany owning all the refrigerator cars, and perhaps soon all other rail- 
 way cars, would possess power beyond the conception of man. I 
 doubt that you could by law compel the holding company to furnish 
 cars to new or outside roads. And roads not parties to the combine 
 could not own and operate their own cars in competition with the 
 combing, 
 
PBIVATB CAB-LINE SYSTEMS. 387 
 
 You could not compel holding companies to own and keep on hand 
 a sufficient number of cars to meet any and all demands, and, economy 
 being the order of the day, it is not likely that it would attempt to 
 provide for the maximum demand. The carriers which are permitted 
 to depend for their supply upon the holding company, in place of own- 
 ing their own cars, may experience a car shortage. Who suffers? 
 Not the carriers, except as to the earnings on a few cars of freight. 
 The x'eal sufferer would be the owner of perishable products, who may 
 be entirely wiped out because of inability to ^et refrigerator cars. 
 And if, by law, he attempts to fix responsibility, he finds it next to 
 impossible to do so under the twin common-carrier system. 
 
 The holding company sj\stem for competing common carriers has 
 been condemned. Its menace to the public as owning and operating 
 two competing railroads is insignificant compared with the menace to 
 the public of a holding company owning and operating all the refrig- 
 erator cars of this company. Such a holding company may dictate 
 terms to the public or outside carriers. . It may, by invisible manipu- 
 lation of the car supply, make or mar any person, firm, or market. 
 It would absolutely eliminate competition, both as to transportation 
 charges, style of equipment, and service. Kailway pooling as com- 
 pared with it would be an innocent game. Refrigerator car-line prac- 
 tices arc a discrimination against the growers of and dealers in perish- 
 able products. These interests do not want these practices legalized 
 or temporized with. They want the system exterminated. They want 
 the right to use the common highways in transporting perishable com- 
 modities and to have their commerce as fully protected by law as any 
 other commerce. And this, 1 think, can not be done under any refrig- 
 erator car-line system. 
 
 If the so-called economic theory is to be a consideration in determin- 
 ing the solution of the private car line question, I beg of you to con- 
 sider its relative nonimportance and the awful price the public will be 
 called upon to pay for the so-called economic system, from which the 
 public could never hope to receive any benefit. On the contrary, the 
 system would result in not only higher transportation charges, but 
 poorer service, and also higher prices for food supplies; a great food 
 trust would soon obtain. 
 
 The commerce of the country should not be subjected to the ever- 
 increasing menace of the car-line system and practices. The system 
 must be eliminated sooner or later. It is easier and safer to do it now 
 than later, when it may have grown doubly strong and the question 
 more difficult of solution. 
 
 The secret engagements and double dealing with the public will be 
 found wherever these car-line companies operate. The convenient 
 channel is provided by permitting the two to work together upon the 
 common highways, and you can not stop or prevent similar practices 
 by extending the jurisdiction of the Interstate Commerce Commission 
 to these car-line companies and declaring them to be common carriers. 
 Such a law would, for the immediate future, give the car-line com- 
 panies a legal standing, provide a convenient channel for manipula- 
 tion, place a screen between the shipper and the vicious secret agree- 
 ment, from which the shipper would nave no protection. I therefore 
 "ecommend that, if we are to have legislation, it be designed to elimi- 
 nate rather than to continue the system, the continuance of which, in 
 
388 PRIVATE CAK-LINE SYSTEMS. 
 
 my judgment, would only serve to further complicate the transporta- 
 tion question, arouse new and greater animosities against the railways 
 of this country, which is neither desirable in the interests of the rail- 
 ways or the public. 
 
 Private car line practices have done much to inflame the public mind 
 against the railways of this country and will continue to contribute in 
 that direction unless the car-line system be eliminated. I therefore 
 believe that a majority of the railways of this country will welcome 
 legislation that will rid the highways of the car-line parasite. 
 
 I would also recommend that the express companies be made amen- 
 able to all existing or proposed interstate-commerce laws. 
 
 Now, Mr. Chairman, I wish briefly to call your attention to a few 
 other matters and then I shall have finished. 
 
 The Chairman. Can you tell me approximately what the investment 
 is in private car lines — how many millions? 
 
 Mr. Ferguson. I can not. 
 
 The Chairman. You do not know? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. Would the objections you make to this private 
 car line system, in the transportation of perishable goods, etc. , apply 
 to the Pullman service? 
 
 Mr. Ferguson. That is a separate and distinct service. I distinguish 
 between the two — the one as being a necessary instrumentality of car- 
 riage and the other not. 
 
 Senator Newlands. Your objections then would not apply to the 
 Pullman service? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. Do you represent associations of men who are 
 engaged in shipping these perishable goods? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. What associations do you represent? 
 
 Mr. Ferguson. A large number of them. I am president of the 
 Western Fruit Jobbers' Association, and also of the Minnesota State 
 Shippers' Association. 
 
 Senator Newlands. Have these associations had any convention or 
 any exchange of views? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. Is the sentiment which you have expressed the 
 sentiment that generally prevails? 
 
 Mr. Ferguson. Unanimously so. 
 
 My argument will doubtless be replied to by the very able general 
 counsel for the Armour car lines, Mr. Urion, and while there exists a 
 wide difference of opinion between us with respect to the question 
 under discussion, and while I stand unalterably opposed to nearly all 
 that he contends for or represents, I am not unconscious of the great 
 ability and dexterous skill he possesses, all of which will be brought 
 into play when defending the last stand of the Armour car lines. 
 
 That he will take advantage of any technical opening I may have 
 left in my attack is to be expected. I fully appreciate that, were the 
 merits of the case equally divided between us, the contest would be 
 unequal, because of Mr. Urion's superior skill and well-known ability 
 as an attorney. 
 
PRIVATE CAE-LINE SYSTEMS. 389 
 
 Senator Newlands. In any of these investigations has the Armour 
 Car Lines Company ever made a showing of its receipts, operating 
 expenses, and profits? 
 
 Mr. Ferguson. No, sir. 
 
 Senator Newlands. They have simply given the unsupported state- 
 ments of their attorneys and employees? 
 
 Mr. Ferguson. Yes, sir. 
 
 The plain people can not afford to employ men of Mr. Urion's abil- 
 ity; therefore must present their case in a plain way. They must rest 
 their case not upon their representative's skill to defend or ability to 
 attack, but upon truth and justice, both of which are so overwhelm- 
 ingly on our side in this case that, to my mind, there can be no room 
 for two opinions in the minds of unbiased men as to our being entitled 
 to a complete remedy. 
 
 As a plain business man, I have endeavored to place our case before 
 you from a business man's point of view. 1 have told you, as nearly 
 as in me lies, a plain, unvarnished tale of truth relating to the work- 
 ings of a vicious system of commercial brigandage that is robbing the 
 many in the interest of the few. 
 
 Doubtless much will be said by car-line representatives in contra- 
 diction of what I have placed before you, and in this connection I beg 
 to suggest that unsupported statements are not the best evidence and 
 should not be taken where the records may be peculiarly within the 
 reach of or in the possession of the car-line company. 
 
 Doubtless many of my statements will be challenged. In this con- 
 nection I wish to state that 1 have carefully refrained from making 
 any statements that I have not or can not support by documentary 
 evidence or sworn testimony, and in most cases the testimony of the 
 car-line witnesses themselves. 
 
 Doubtless car-line representatives will take issue with respect to the 
 estimated profits these refrigerator cars are earning, and will state that 
 charges are assessed in accordance with service rendered. Mr. Rob- 
 bins, at the October car-line hearing, under oath, testified that it was 
 impossible from their books to know anything about the refrigerator- 
 car profits. Therefore my conclusions are as competent as any that 
 may be given by the car lines' representatives bearing on the question 
 of profite. I am sure my estimate is low, based on the Armour rates: 
 Gibson, Tenn., to Chicago, 522 miles, $73; South Haven, Mich., to 
 Duluth, Minn., 600 miles, $45; Posey ville, Ind., to Chicago, 150 miles, 
 $45; other points in proportion. 
 
 I understand that Mr. Bobbins, before the House committee, last 
 Saturday, made a general and sweeping denial of all that had been 
 charged against the Armour system. Although I was not present, nor 
 have I seen his testimony, I undei'stand he denied, among other things, 
 that railroad agents furnish Armour car lines with copies of way bills 
 covering shipments made in Armour cars. In the June car-line hear- 
 ing a traffic official of the defendant railway testified, under oath, that 
 such was the practice. The testimony is within easy reach of all. 
 
 Further, if necessary, I will furnish testimony of railroad ap-ents who 
 have acted under such instructions. 
 
 I also understand that he denied that Armour & Co. were dealers in 
 tomatoes, as I had stated they were, admitting they bought cai'loads of 
 tomatoes for use in their soup factory. Again the many-sided system 
 apparently affords opportunity through so many avenues for easy 
 
390 PRIVATE CAR-LINE SYSTEMS. 
 
 escape. Not so in this instance, however, as there are no soup facto- 
 ries in Duluth that might have used the carloads of tomatoes shipped 
 there; and further, if the committee desires it, I will furnish affidavits 
 from retail grocers, hotel keepers, and restaurant proprietors who 
 bought the tomatoes of the Armour Packing Company. 
 
 I only briefly touch upon this line of their testimony. It indicates 
 the extemities to which they are reduced. 
 
 Mr. Robbins also manifested a willingness to digress from the real 
 issue by attacking the motives of Mr. Meade of the National League 
 of Commission Merchants. I am not a member of that organization, 
 or connected with it in any manner. The firms 1 represent are largely, 
 dealers who buy f . o. b. most of the commodities they handle, and the 
 Armour extortions and practices fall heavily upon them. 
 
 That Mr. Meade may be a stockholder in a private car line com- 
 pany is of no consequence in the settlement of the private car line 
 question as to whether the system is right or wrong. That which we 
 are discilssing pertains to the duties and prohibitions of common car- 
 riers, the private car line evil and its effect upon the public, and our 
 proposed remedy. 
 
 Mr. Meade may be interested in a private-car line, but he is only 
 one of the countless thousands who have felt the heavy hand of 
 Armour and are now seeking relief. I want to see the privately 
 owned cars prohibited, whether they belong to Mr. Armour or to Mr. 
 Meade. 
 
 If Mr. Meade, as a stockholder in a private-car line company, sub 
 ordinates his personal interest to that of the public by seeking legisla- 
 tion that prohibits the carriers from hauling freight cars not owned 
 by the carriers outright or by other bona fide common carriers, then 
 be that to his credit. 
 
 Now, Mr. Chairman and Senators, I wish to thank you very sin- 
 cerely for the patience you have exhibited in listening to me and for 
 the courtesies extended. 
 
 I will outline in a general way the legislation desired by the Western 
 Fruit Jobbers' Association, the National Retail Grocers' Association, 
 and the other organizations that 1 represent, leaving the legal ques- 
 tions and the form of the bill to be worked out by this committee. 
 
 Senator Kean. What is that — a combination of the fruit growers of 
 the West? 
 
 Mr. Ferguson. The WesternFruitJobbers' Association is an organ- 
 ization of wholesale fruit dealers whose membership is drawn largely 
 from States west of Michigan and Ohio. 
 
 We desire legislation: 
 
 1. That will require common carriers engaged in interstate com- 
 merce to furnish all the rolling stock and other instrunlentalities for 
 the safe carriage of freight originating on their several lines, and for- 
 bid all such carriers hauling cars carrjdng freight of any description 
 that are not owned and controlled by such carriers themselves or by 
 other common carriers bona fide such and not created or existing for 
 any other purpose. 
 
 Prohibit the common carrier industrial railroad. 
 
 2. Provide that every charge incident to said carriage of freight 
 shall be comprised in the freight rate and filed with me Interstate 
 Commerce Commission, and that no part of a transportation charge 
 shall be segregated and designated as a local service charge. 
 
PRIVATE CAE-LINE SYSTEMS. 391 
 
 The language of the law in this particular should be clear, so as to 
 leave no room for doubt or contention on any item of transportation 
 charges. 
 
 3. We desire legislation that will effectuall}' dissociate the carrying 
 business from that of merchandising, believing as we do, that carriers 
 in the dual capacity of carriers and merchants can never serve the 
 public honestlj'. 
 
 4. In order that existing or proposed laws may be more effective 
 and that the remedy under existing or proposed laws may be more 
 within the reach of small shippers, we recommend that the jurisdic- 
 tional feature of existing laws be changed so that a shipper may bring 
 suit in the court of his own residence. 
 
 6. We are strongly of the opinion that the same reasons exist for 
 protecting' the privacy of commerce upon the highways as those that 
 obtain for protecting the privacy of the United States mails; that is, 
 to the extent that one shipper should not receive illegitimate knowl- 
 edge of another shipper's affairs. We, therefore, recommend that the 
 carriers be prohibited from giving information about shipments while 
 en route to any other than consignor and consignee and their agents 
 and employees. 
 
 6. We strongly urge and recommend the placing of express cora- 
 
 Eanies under the provisions of the laws now existing and that shall 
 ereafter be enacted relative to common-carrier railroads engaged in 
 interstate commerce. 
 
 We believe there is a growing and almost imperative demand that 
 express companies be made amenable to laws designed to govern 
 common-carrier railroads. 
 
 The organizations that I represent cover the United States. 
 
 The Western Fruit Jobbers' Association, of which I am president, 
 has an enrolled membership of more than one hundred of tne largest 
 wholesale fruit firms in the Western States, and its membership is 
 rapidly increasing. 
 
 The National Retail Grocers' Association is comprised of more than 
 3,000 local grocers' associations, scattered throughout the country. 
 
 The Minnesota Shippei's and Receivers' Association is a recent 
 organization, with a membership of more than two hundred shippers 
 and receivers within the State of Minnesota. 
 
 The other State and local associations that I represent are numerous 
 and extensive, and all are seeking legislation as indicated above. 
 
 The Chairman. Mr. Ferguson, the members of the committee have 
 been very much interested in your statements and have been glad to 
 hear you. 
 
 Senator Newlands. It seems very difficult to shape any law that 
 will prevent the evasions, some of which you describe. As soon as 
 one difficulty is met, a new onje is discovered to which the law does not 
 apply. Let me ask you this: Among the people with whom you have 
 talked on tMs question, is .there any growth of the feeling that the 
 ultimate solution of this whole matter is Government ownership? 
 
 Mr. Ferguson. 1 hear that quite commonly expressed. 
 
 Senator Newlands. Amongst business men and conservative men? 
 
 Mr. Ferguson. Yes, sir. I wish to state that your question has 
 suggested a thought to me. It is difficult, I agree, to enact a law that 
 will prevent all these discriminations, and it is all the more difficult to 
 enact such a law when you have three or four parties to deal with. 
 
392 PRIVATE CAE-LINE SYSTEMS. 
 
 Our contention is that by stripping the hiffhwa3's of all these unneces- 
 sary organizations the avenues through which discriminations may be 
 practiced are lessened. 
 
 Senator Nbwlands. Your idea is that the thing to do is to simplify, 
 as much as possible, the entire transportation system of the country, 
 so as to make it easily understood, and eliminate all these complexities? 
 
 Mr. Ferguson. Yes, sir. 
 
 Senator Newlands. I agree with you. 
 
 Mr. Fekguson. Such are certainly my sincere convictions. 
 
 Senate Committee on Interstate Commerce, 
 
 Thursday^ February ^3, 1905. 
 
 STATEMENT OF MR. J. J. WAXELBAUM, OF MACON, GA. 
 
 Mr. Waxelbaum. I desire to submit a few facts in connection with 
 fruit shipping from the State of Georgia pertaining to the exclusive 
 contracts now held by the Armour Car Lines with the different rail- 
 roads in Georgia. 
 
 I desire to say that I consider the private car line a necessity in the 
 transportation of fruit requiring refrigeration, but believe the facts 1 
 shall state will prove that the present charges are exorbitant, and that 
 the exclusive contracts do not accord the shipper proper treatment. 
 I say that I believe the private car line necessary, inasmuch as in a 
 large crop year like 1904 I do not believe it possible for the railroads 
 to look after the proper icing of cars, and for this reason I believe an 
 independent medium should be provided. 
 
 I nave learned that several gentlemen shipping peaches from the 
 State of Georgia have testiiied before the House committee that the 
 Armour service was satisfactory and conditions generally were more 
 satisfactory than previous to 1899, when all refrigerating companies 
 were free to compete for the shipment of fruit. 1 desire now to state 
 briefly the fruit situation in Georgia since 1892, at which time I became 
 identified therewith. 
 
 In 1892 there was a small movement in car lots which were moved 
 in C. _F. T. cars at the rate of $90 for refrigeration, or which moved 
 in railroad refrigerators, upon which it was necessary to pay the 
 actual expense of icing, which was approximately $50. 
 
 I will now go to 1896, in which year there were eight or nine hundred 
 cars of peaches shipped from the State of Georgia. That year there 
 were several refrigerating companies in the field, among which were 
 Armour Car Lmes, C. F. T. Company (at that time an independent 
 concern, since absorbed by the Swift Transportation Company), the 
 I. F. D. B. Company, the A. R. T. Company, and others wbich I can 
 not at present recall. The above-named crop gave the refrigerating 
 companies some embarrassment, as they were unable to figure what to 
 expect, having nothing from previous years to base their figures on, 
 and there was a consequent inconvenience or possible loss to some 
 shippers in obtaining cars. 
 
 The next notable crop was in 1898, in which season there were 
 twenty-seven or twenty-eight hundred cars shipped from Georgia. 
 
PRIVATE CAR-LINE SYSTEMS. 393 
 
 Practically the same conditions existed, with the same companies operat- 
 ing, as in 1896. And again, with nothing practicable to base estimates 
 on, some people were inconvenienced and some failed to get cars at 
 the proper time. 
 
 We now come to 1899, when Armour secured the now famous exclu- 
 sive contract in the State of Georgia, the first one with -the Central of 
 Georgia Railroad, upon whose lines the larger portions of peaches are 
 shipped from middle Geoi'gia. 
 
 From 1898 until 1904 there was no crop of importance. In 1904 
 the crop from the State at large was something over 5,000 cars; and I 
 desire to state, in justice to the Armour Company, that there was no 
 trouble as far as we were concerned, or, as far as I have learned, in 
 middle Georgia, regarding the placing of cars when the same were 
 ordered. However, in north Georgia we are confronted with the 
 problem that was forced upon the car companies operating in middle 
 Georgia in 1895 and 1898, namely, an enormously large crop with 
 nothing of practical value to base on from former years, the result of 
 which was something disastrous to the fruit growers of north Georgia. 
 
 I will insert here extracts from the Atlanta Journal, under date of 
 August 23. This article speaks of a meeting of peach growers held in 
 Adairsville, Ga. , August 23. 
 
 STATEMENT OF CAR MEN. 
 
 The car people say no ice could be had nearer than 600 miles. Mr. Walcott stated 
 that when the season began he only had 300 tons o^ ice in storage. The growers 
 naturally would like to know whj; more ice had not been procured and placed at 
 their disposal. The question is still unanswered. The Armour people claim thai; 
 the crop was underestimated as the reason we could not be accommodated. While 
 this may be true, say the growers of northwest Georgia, yet it was not true of the 
 Western and Atlantic Railroad, who were the largest shippers. The total movement 
 for the whole of the north Georgia section was 2,837 cars, 2,250 of which they claim 
 they handled in twelve days. 
 
 FKUIT PILED ON GROUND. 
 
 The growers can prove that as many as 15 cars of peaches were piled out on the 
 ground and all available places here for twenty-four to thirty-six hours day after day. 
 Some days rain fell and mud and cinders were splashed and splattered 3 crates high- 
 Some had to be repacked. Statements were made by responsible men that owing 
 to a lack of cars picking in the orchards was suspended and as much as 3,000 crates 
 in an orchard were no unusual loss. The refrigerator people were asked to explain 
 why a car of peaches of the same picking, out of the same orchard, packed by the 
 same people, and all put into a car and sealed, when opened in market would bring 
 as many as five different prices. They were asked why a car of peaches would 
 arrive in market with both ends of the car rotten and the middle of the car salable. 
 
 I will not insert here any more of this article, but will attach the 
 entire article to this statement. 
 
 In connection with the north Georgia feature I desire to say that I 
 can readily understand the situation that confronted the car people, 
 and am fully satisfied that they were up against a hard proposition 
 and did all that any one set of men could possibly have done under 
 the circumstances, and I only mention this feature to justify my 
 position in assuming that conditions are not as good at the present 
 time as they were previous to 1899, when there were competing com- 
 panies in the field. I say this because, previous to 1899, any conserva- 
 tive shipper could secure from the refrigerator car line a contract 
 guaranteeing him cars within a reasonable time after notice was given. 
 I will add at this point that there is a case of record that I know of 
 
394 PRIVATE CAB-LINE SYSTEMS. 
 
 where cars were not furnished to a shipper, and this shipper recovered 
 from the car line after suing them. 
 
 The difference, as I see it, regarding north Georgia at this time is 
 that, unfortunately, there was no competition, and therefore no ship- 
 per, no matter how cautious or prudent he may have been, could have 
 availed himself of a contract which would have protected him when 
 the unfortunate situation arose. 
 
 It further occurs to me that it is unreasonable to suppose that 
 Armour alone could do what Armour together with the other car lines 
 could not do when confronted with such a serious ptoblem. 
 
 1 now desire to submit correspondence passed between my firm and 
 the Fruit Growers' Express (the Armour Car Lines) between June 28, 
 1904, and July 7, 1904. You will note in this correspondence that 
 we called attention of the Armour people to the fact that certain series 
 of cars they were furnishing could not be properly loaded with the 
 minimum prescribed by them, and we asked them to give us cars of 
 sufficient capacity to hold the minimum they demanded payment on. 
 You will note that on July Y, after we informed them that we were 
 loading one of their small cars, I asked them if they would charge us 
 on a minimum of 650 ci-ates. They returned our letter by a messenger, 
 who carried it, with the following remark: 
 
 Respectfully returned. Our tariff 550 crates minimum will be applied. Fruit 
 Growers' Express. Fleming. 
 
 Commenting on this circumstance, I wish to make you familiar with 
 the following facts: That in a case brought by the Georgia Fruit 
 Growers' Association against the railroads in 1904, Mr. Powell, of the 
 Southern Railway, said that the railroads or car companies do not 
 claim fruit should be loaded six high. At this same hearing Mr. King, 
 a representative of Armour Car Company, stated that he did not 
 consider six high safe. You will readily understand the injustice of 
 their 650 minimum under these circumstances, when, as a matter of 
 fact, you can not get over 490 crates of peaches in their small cars 
 when packed five high. I find that in 1904 we shipped some of their 
 small cars with the following- number of crates: One car with 574, 
 two cars with 653, one with 560, one with 525, one with 504. 
 
 So that you may understand this, I desire to state that there are 
 times when we must load cars heavily, even though we recognize that 
 in doing so we are taking a great risk. Among different reasons fo 
 doing this are the following: A man does not like to pay for what h 
 don't get; when we receive an order for a minimum carload of peaches 
 and ship less than carload minimum, our customer would have cause 
 for complaint. We do not always judge correctly the peaches we will 
 have on a certain day, and the result is that we must load the surplus 
 in the cars above their capacity so as to move them at all. 
 
 According to Mr. Winburn's (of the Central of Georgia Railroad) 
 statement in the above-mentioned hearing, from Fort Valley, in 1901, 
 there moved 170 large cars and 357 small ones; in 1902, 270 large cars 
 and 378 small ones; in 1903, 120 large cars and 204 small ones; from 
 Marshallville, in 1901, there moved 91 large cars and 204 small ones; 
 in 1902, 104 large cars and 202 small ones; in 1903, 83 large cars and 
 101 small ones, making a total of 185 large cars and 446 small cars 
 moving in three years from these two stations, or 561 more small cars 
 than large cars. 
 
PRIVATE CAE-LINE SYSTEMS. 395 
 
 In this connection this shows a remarkable statement of fact. In 
 addition to exorbitant charges demanded from the 'shipper, the Armour 
 Car people demanded and collected fl0,845 from the shippers of these 
 two stations for goods they actually could not deliver, and if same 
 were delivered they were delivered at the shippers' risk. 
 
 In a friendly conversation on February 20, 1905, with the car people, 
 when I brought these matters to their attention again, they stated fiiat 
 they would have no objection to going back to the old system of mak- 
 ing a blanket rate per car themselves. Inasmuch as a package system 
 is one of their own innovations, it is a case of the fort they built not 
 being strong enough to protect them, and as soon as they are attacked 
 thej' flee to their old field. 
 
 1 understand that Armour says the shippers are satisfied. I under- 
 take to submit that if the shippers could see the small quantity 
 of ice in the ice bunkers of cars they ship, and recognize that numerous 
 icing stations have been cut off in the last five years, they would better 
 understand why they have had so much trouble with bad peaches 
 arriving in the market in past seasons. I undertake to say that the 
 ones who are satisfied are the ones who have done well with their ship- 
 ments, and, speaking for these, it is well to say leave well enough 
 alone; but I do not believe that the majority of north Georgia shippers 
 would come under the leave- well-enough-alone heading. 
 
 In 1898 and previous the ice company charged |5 per ton for ice in 
 the bunkers and 14.50 in the body of the cars. This is what we paid 
 for what little icing we did, and we presume it is what Armour paid. 
 From 1899 the price of ice at Macon was reduced to the refrigerating 
 company to $3 per ton, which we think ran until 1904, or possibly 
 through the season of 1904. Some few weeks ago I received indirect 
 information that Armour got ice in Macon this year, or did get it last 
 year, for $2.50 per ton in the bunkers. 
 
 As previously stated, there are less icing stations than there were 
 previous to 1899. Previous to 1899 the refrigerator companies paid 
 $5 to shippers or loaders of cars for the loading of cars. This price 
 dropped until in 1904 $2.50 was the price paid for the loading of cars. 
 If my memory serves me rightly, refrigeration in 1898 was $65 or $70 
 net per carload. Since 1899 the minimum charge has been $68.75, 
 which charge is still maintained. Notwithstanding icing stations have 
 been cut on, the price of ice has declined from $5 to $2.50 per ton, 
 and the cost of loading cars has been arbitrarily reduced by Armour 
 from $5 to $2.50. 
 
 In addition to the $68.75 refrigeration on a car of peaches, the mile- 
 age earned by a car from Georgia to New York, round trip, is $15, 
 making $83.75 gross, each car earns. Against this 10 tons of ice is 
 the most liberal estimate for ice consumed on a trip, in addition to the 
 $2.50 for loading. Using these figures you can readily see that the 
 extreme cost to the car company on said car of peaches could not be 
 over $35, which leaves them a net profit of very nearly $50 on every 
 car of peaches shipped. 
 
 To give you an idea of the possibilities of this business, I submit to 
 you the following: On July 11 we shipped from Barnesville F. G. E. 
 car 18110. This car made the trip to New York with 630 crates of 
 peaches, and was again shipped from Barnesville to the same destina- 
 tion on July 23 with 602 crates of peaches, this car having made, in 
 this length of time, without figuring the return mileage on the second 
 
396 PRIVATE CAE-LINE SYSTEMS. 
 
 trip, gross $176.50, pr a net profit of upward of $106. On July 13 
 we shipped from Barnesville to New York car 1Y119 with 570 crates 
 of peaches. On the 28th we shipped the same car from Griffin to 
 Chicago with 460 crates of peaches. The earnings of this car are an 
 easy matter of calculation. I submit these two propositions as stated 
 above, as showing the possibilities of this business. 
 
 I read in some testimony before your committee something regarding 
 scientitic icing and the use of salt in said icing. Regarding this feature 
 I will say that I have observed this business closely, not from my office, 
 but from the actual shipping of the fruit, and the only salt that I ever 
 saw used in shipping peaches from Georgia was used, bought, and paid 
 for by myself. 
 
 I desire to here call your attention to our experience at different times 
 last year. On one occasion, at Barnesville, 1 mounted a car that was 
 loaded with peaches, and on lifting the plugs out of the top of same dis- 
 covered the ice in the bunkers three-fourths gone. Mr. King says, in his 
 testimony before the Commission, that ice half melted will not give 
 proper circulation. I immediately called the railroad agent's attention to 
 this car, so as to have car iced immediately at Barnesville. Mr. Dew- 
 berry made diligent efforts to find Armour's agent to have said car iced, 
 and I can not say at this time from recollection whether he found the 
 man or not, but I can say positively that his efforts to have this car iced 
 immediately were of no avail. I then requested Mr. Dewberry to have 
 the plugs taken out of this car and let the switch engine speed the car 
 up and down the track to blow out the hot air, and also to wire Atlanta 
 to be prepared to ice this car promptly, as the ice was very low. After 
 taking this precaution I am pleased to state that this car gave us no 
 trouble at destination. 
 
 On another occasion, at Griffin, a car of peaches that I was shipping 
 was already attached to a train on the main line. When 1 got up on 
 the car, and on examining same, there was not 300 pounds of ice in 
 both bunkers. I immediately took the plugs out, requesting the con- 
 ductor to run this car into Atlanta ventilated and have same iced on 
 reaching Atlanta; which instructions were carried out. The next 
 morning Mr. McKay, of the Armour lines, called upon me and asked 
 me if 1 knew who took the plugs out of said car. I informed him that 
 1 did it. He said to me "Don't yon know that, with that car being 
 thoroughly cool when those peaches went in there, it would carry to 
 Atlanta all right? '^ 1 told hmi that I not only did not know it, but 
 that L did not believe it, which 1 thought I demonstrated when I sent 
 the car into Atlanta ventilated. 
 
 I will not go further into the controversy with Mr. McKay at this 
 time. However, I desire to say that this car also reached destination 
 in good order, which proved that I certainly did the proper thing, and 
 from experience of other shippers it is still rather doubtful whether 
 Mr. McKay's idea would have had like results. 
 
 1 desire to insert here a letter written to Mr. J. G. Carlisle, com- 
 mercial agent of the Central of Georgia Railroad, on August 2,' 1904; 
 also his reply written on August 12, 1904. These read as follows: 
 
 ^, -r ^ ^ Macon, Ga., August H, 1904. 
 
 Mr. J. G. Carlisle, 
 
 Agent, Macon, Oa., 
 Dear Sir: You will recall me calling on you two or three weeks ago relative to 
 the detention charged on No. 21190. This car, according to my recollection was 
 placed one morning at 11 o'clock and was returned the following afternoon at 4 
 
PRIVATE CAR-LINE SYSTEMS." 397 
 
 o'clock, having moved in both directionB on your regular schedule on the Thomas- 
 ton Branch from Barnesville. When I was speaking to you, you took the position 
 that this $5 charge was a matter between the refrigerator company and ourselves. 
 1 toot the position that, inasmuch as you make an arbitrary rule as to what cars 
 we must use in the shipment of peaches, it was a matter between the railroad 
 and ourselves. Another matter I mentioned as cause for the position I took was 
 the fact your agent arbitrarily insisted that this $5 detention charge should go as 
 an advance charge, and would not make the shipment otherwise. As matters now 
 stand, we insist we are not in position to make any claim on the refrigerator com- 
 pany. If you still insist that the railroad is not due us this $5 charge, kindly state 
 your reasons, so as to place ourselves in position to undertake the recovery of this 
 nnjust charge. Your immediate attention wUl oblige. 
 Yours, truly, 
 
 J. J. Waxelbaum & Co. 
 
 • Macon, Gk., August IS, 1904. 
 [Refrigeration: Fruits and vegetables, $6 detention charges on F. G. E. 21190.] 
 
 Mr. J. J. Waxelbaum, Macon, Ga: 
 
 Dear Sir: I have your favor of August 2 in regard to detention charge made by 
 Fruit Growers' Express people on F. G. E. 21190. I am advised by our agent at 
 Barnesville that this car was not ready to return on the regular schedule and did not 
 move on the regular schedule into Barnesville, as stated by you. It was necessary 
 for this company to perform a special service in order to get this car into Barnes- 
 ville, sending an engine from Barnesville to Marshburn's packing shed for same. 
 Inasmuch as the Fruit Growers' Express Company publish the fact that they will 
 collect detention charges after twenty-four hours on cars placed for loading, and as 
 they have collected this from other shippers, I do not see that we can very well dis- 
 criminate, and hope you will take the matter up with Mr. I. M. Fleming, their gen- 
 eral southern agent, if you feel you have not been treated right in this matter. 
 Yours, truly, 
 
 J. G. Carlisle, 
 Commercial Agent, Central of Georgia Railway Company. 
 
 You will note from Mr. Carlisle's letter that the railroad performed 
 a special service for us on this car. Referring to this matter, I desire 
 to say that the railroad never asked us or mentioned this matter to us 
 except in this letter, and we submit that if they had asked us for extra 
 pay they would have been entitled to it and would have got it; but we 
 insist that Armour & Co. were not entitled to |5 detention on this car 
 because we were thirty hours in loading it, when the State of Georgia 
 gives us forty-eight hours to load cars and does not give description of 
 said cars. You will see that Mr. Carlisle refers to Mr. Fleming, but 
 we did not go to Mr. Fleming, as we concluded that, inasmuch as it 
 took Mr. Carlisle ten days to reply to our letter, he had this matter 
 up with Mr. Fleming, although he does not say that he had. In my 
 opinion, he not only had this matter up with Mr. Fleming, but I truly 
 believe that he tried to get us the return of this charge, which was an 
 unjust one. 
 
 I now desire to mention another matter regarding detention. I had 
 a car placed at the Spalding Mills one morning at 10 o'clock. That 
 night I went to Macon, returning to GriflSn shortly before 10 the fol- 
 lowing morning. Upon my return to Griffin I was met by Armour's 
 representative, also by my own agent, both of whom informed me that 
 the car was loaded. 1 req nested Armour's man to have that car brought 
 uptown immediately and iced, and requested my man to learn from the 
 agent what time the next train would leave. Being informed that the 
 train would leave some time after 1, I paid no particular attention to 
 this car until after dinner, when, having in mind that I would bill 
 
398 PHIVATE CAB-LINE SYSTEMS. 
 
 same out so as to move on the first train, I went to the agency shortly 
 before 1 o'clock and gave instructions on this car. I was informed 
 that there was |5 detention on same. ' 1 told the agent the circum- 
 stances, and he told me that Armour's man told him he must collect the 
 $5, as our twenty-four hours was up at 10 o'clock, and we should have 
 given billing instructions at that time. 
 
 I could not move the agent, although he understood the reasonable- 
 ness of my position, and 1 know very well that if it had been within 
 the agent's power he would have readily billed this car. After com- 
 municating by messenger and 'phone with the agent, I could not move 
 him from his position. He finally informed me that I could sign the 
 bill of lading without the detention. I later learned that Mr. Carlisle 
 happened through Griffin, and, having the circumstances explained to 
 him, readily instructed the agent to sign the bill of lading without the 
 detention, which was done. 
 
 I submit that, without an exclusive contract, no concern doing busi- 
 ness would attempt to work such arbitrary rulings upon their custo- 
 mers. What makes these matters worse is the fact that we frequently 
 load cars in one and a half to three hours, and the average loading 
 for an entire season would not be six hours, and yet they attempt to 
 enforce this $5 detention under unreasonable circumstances notwith- 
 standing the above facts. Previous to 1899 we never heard of such a 
 thing as a detention charge in Georgia peach shipping. 
 
 Another reason we submit to you why the exclusive contract is not 
 the proper thing is that, with present conditions allowed to continue, 
 there would be no hope of ever receiving the benefit of an improved 
 car, which may hereafter be discovered. It would be a plain case of 
 maintaining the cheapest constructed car possible with which to do 
 the work, which, I insist, is not the proper thing in this age of 
 improvement. 
 
 In connection with the Armour minimum of 650 crates, I beg to call 
 your attention to the fact that the railroad only requires a minimum 
 on a small car of 476 crates, and a large car 535 crates, and yet the 
 gentlemen who are apparently satisfied with Armour's treatment 
 ttiroughout, wish the railroad to reduce their minimum below its 
 present standard. Regarding this, I desire to say, in justice to the 
 railroad, that I consider their present minimum a reasonable and 
 proper one, but their rates out of Georgia are exhorbitant, and if I can 
 get the proper indorsement of the growers I will show to the Commission 
 that their present rates are too high, and will not base my conclusion 
 on any generalities, but strictly upon a statement of facts and figures 
 that apply only to the Georgia peach business. I first tried to get the 
 growers to join in this movement, lose or win, and am now trying to 
 get the growers to pledge themselves, in the event we win, so that I 
 may arrange this case on a contingent basis, and I hope to have same 
 in shape within the next six weeks. 
 
 You gentlemen all know a greal deal about the beef trust and the 
 pooling of interests between the Armour and Swift people, but the 
 following narrative will surprise you regarding these two mammoth 
 concerns. It seems to be a case of pooling interests when they have 
 to, but, on the other hand, a case of the survival of the fittest in a 
 hand-to-hand fight. 
 
 In 1901 Mr. Turpin, representing the Swift Transportation Com- 
 pany, owning the C F. T. cars, called upon me and urged me in every 
 
PRIVATE CAB-LINE SYSTEMS. 399 
 
 possible manner to use some of their cars for our shipments from 
 Southern Railway points. The Southern Railway at that time was not 
 under any exchisive contract. Mr. Turpin finally got our consent to use 
 some of these cars from Roberta, on the Southern Railway. The night 
 that we loaded the first Swift car with peaches I received a 'phone 
 message from the dispatcher's office of the Central Railroad advising us 
 that said car of peaches was at Fort Valley, bunkers out of ice, and that 
 the Central Railroad could not accept this car unless we made arrange- 
 ments with the ice company to have said car iced, which arrangements 
 we promptly made to let car come forward. The following day we 
 took this matter up with the ice company and were informed that they 
 would charge the ice to Swift, and would not give us any trouble on 
 that account. If my recollection serves me rightly, the same thing 
 happened the following night. I desire to state that I wired the man 
 in charge at Roberta, and told him I was informed the car was out of 
 ice, and he promptly wired that the car left there with plenty of ice. 
 
 The next car that came through Fort Valley went through there 
 with padlocks on every bunker. Armour's representative took the 
 matter of using Swift cars up with me, and the next I heard of the 
 matter was from the commission man to whom the peaches were 
 shipped, wiring me that said car of peaches was reported to him with 
 no ice and that I should use the Armour cars, which were always 
 properly iced. 
 
 I submit to you that this inconvenience goes to show an intimida- 
 tion, and to show the domination that Armour held over the Central 
 of Georgia Railroad at that time. Of course the last two statements 
 ai'e only a conclusion of my own, and should be so regarded. 
 
 Another matter that I desire to call your attention to, under the 
 existing conditions, is the fact that it is impossible to make a less-than- 
 carload shipment to a small inland market without paying the refrig- 
 eration on the whole car, which prohibits this particular traffic. I 
 think the time has come when there are not sufficient large cities at 
 which to market the Georgia, peach crop, and we must make use of 
 small markets that can use from five to ten thousand pound shipments.' 
 The railroad names less-than-carload rates which can be tolei'ated, but 
 the refrigerator rates can not be tolerated for this particular business. 
 
 No doubt the car-line people will attack me vigorously, and will 
 state to you that when the case was brought against the railroads by 
 the Georgia Peach (Growers' Association they were informed that their 
 rates were satisfactory. Inasmuch as I have given you figures above 
 that can be relied upon, I submit to you that there is no reason to 
 sustain this contention. They will likely tell you that there is no 
 possibility of handling the traffic without the exclusive contract; but 
 I insist that with open competition — each tub on its own bottom — it 
 will prove another case of the survival of the fittest. And if by this 
 test Armour proves to be the fittest, I will gladly follow the ranks of 
 other shippers and use his cars, but I had rather do so willingly than 
 to be forced to do so. 
 
 No doubt the car-line people will tell you that their claims are a 
 large item of expense, which doubtless is true, but I submit to you 
 that I have shipped in Armour cars no less than 250 cars of peaches, 
 and for the first time I have a claim with these people, which is now 
 pending in my home county. 
 
 I do not remember whether this claim is for $700 or $1,000, but 
 same covers the improper attention to three or four cars of fruit in 
 
400 PRIVATE CAR-LINE SYSTEMS. 
 
 one season— in fact, in one week. So if our business can be relied upon 
 as any basis, the claim feature is not as material as they may want you 
 to believe. As stated to you at the outset, we have been shipping 
 from Georgia since 1892, the claims above referred to being the only 
 ones we have ever made against any refrigerator line. 
 
 In conclusion 1 desire to say, emphatically, that I have the utmost 
 regard and respect for the gentlemen representing the Armour service, 
 and also, in fairness to. the railroads (who seem to get fired upon in 
 every battle), that, as far as I am concerned, the railroads handling 
 the fruit business out of Georgia are doing everything that could be 
 expected, and, with the only exception that the rate is too high, I am 
 ready to go on record for the statement that there is nothing that I 
 know of that they can do to improve their part of the service. 
 
 [rrom Atlanta Journal, August 23, 1904.] 
 
 Many peach men discuss car shortage— Committees are named at AdairmUe to investigate 
 alleged negligence of railroads. 
 
 Adaiesville, Ga., August 23. — The call issued last week for a meeting of the peach 
 growers of this section who had suffered loss at the hands of the railroads and refrig- 
 erator car company, was responded to by about one hundred and twenty-five of the 
 largest growers at the meeting held yesterday. Many visitors interested were 
 present from neighboring towns and cities. 
 
 The meeting was organized by electing Col. J. W. Gray, chairman, and Col. 
 Eosser Thomas, secretary. 
 
 The growers discussed the condition of things as they saw them and they realized 
 them. Talks were made by several, and questions discussed for about two hours. 
 Not only was the grower heard, but the railroads and refrigerator car company had 
 representatives present. Mr. Sams was there for the Nashville, Chattanooga and St. 
 Louis Railroad, with some of his assistants. Mr. Walcott, of the Fruit Growers' 
 Express, with his assistants, was also on the ground and made a talk to the growers. 
 
 The facts brought out and not contradicted by the roads and car people are, in short, 
 that the road and car people made various estimates of the crop. The refrigerator 
 people placed the probable output at 950 cars and the railroad placed it at 1,000 to 
 1,050. The actual cars handled was something about 1,100, showing conclusively 
 that the refrigerator people had ample notice of the extent of the movement, and 
 this being true the people naturally wanted to know why on the second day's ship- 
 ment cars were short and peaches had to be unloa.ded from the wagons on the ground. 
 
 STATEMENT OF CAR MEN. 
 
 The car people say no ice could be had nearer than 600 miles. Mr. Walcott stated 
 that when the season began he only had 300 tons of ice in storage. The growers 
 naturally would like to know why more ice had not been procured and placed at 
 their disposal. The question is still unanswered. The Armour people claim that 
 the crop was underestimated as the reason we could not be accommodated. While 
 this may be true, say the growers of northwest Georgia, yet it was not true of the 
 Western and Atlantic Railroad, who were the largest shippers. The total move- 
 ment for the whole of the north Georgia section was 2,837 cars, 2,250 of which they 
 claim they handled in twelve days. 
 
 The growers complained that their cars were not routed as they directed, and that 
 the rauroads refused to route them as they wished. In reply to this, to-day, Mr. 
 Sams said all cars had to be given back to the road from which they came and that 
 they could not violate the rule. The growers say that this rule of the transportation 
 companies caused delay of from twelve to thirty-six hours. 
 
 The shipments east from here going over the Southern, Seaboard Air Line, and the 
 Atlantic Coast Line, time is supposed to be about fifty-four hours. The growers say 
 owing to delay in transportation that two days' shipments would arrive on the same 
 day at New York, which caused a glut in the market. 
 
 PEUIT PILED ON GHOUND. 
 
 The growers can prove that as many as 15 cars of peaches were piled out on the 
 ground and all available places here for twenty-four to thirty-six hours day after day. 
 Some days rain fell and-mud and cinders were splashed and splattered three crates 
 high. 
 
PRIVATE CAR-LINE SYSTEMS. 401 
 
 Some had to be repacked. Statements were made by responsible men that, owing 
 to a lack of cars, picking in the orchards was suspended, and as much as 3,000 crates 
 in an orchard were no unusual loss. The refrigerator people were asked to explain 
 why a car of peaches of the same picking, out of the same orchard, packed by the 
 same people, and all put into a car and sealed, when opened in market would bring 
 as many as five different prices. They were asked why a car of peaches would arrive 
 in market with both ends of the car rotten and the middle of the car salable. One 
 car of this character the grower was offered here $600 for, in round numbers, only 
 brought $52 in New York. These questions remain unanswered satisfactorily to our 
 growers. 
 
 Growers who were present when cars arrived in the market, stated that the top 
 layer, or about 100 crates, was always damaged and sometimes lost by the time of 
 its arrival, even in markets as close to us as Cincinnati, with the ice bunkers only 
 half full of ice. This brought on a discussion as to the minimum car number, and 
 that it should be lowered, it now being 550. Mr. Walcott replied that if the mini- 
 mum was lowered the rate would be raised in proportion, and that the grower did 
 not have to put in the full 550. He intimated that the Armour Company might 
 withdraw entirely from this territory. 
 
 COMMITTEE IS NAMED. 
 
 The meeting, on motion of Colonel Dean, of Rome, appointed a committee of three 
 to take evidence, employ a stenographer, and prepare the grievances of our growers. 
 This coTnmittee will soon get down to business and will find out exactly what each 
 grower lost, what his damage was, what trouble was caused, and where the blame 
 lay. Until this report is made the growers are resting on their oars and getting 
 ready to right themselves. The blow they have received was a heavy one. Many 
 of them are behind and not getting any money; the crop has left them in bad condi- 
 tion. The correspondent heard of one man to-day who had cut his trees down, and 
 all would be in better condition for the future if they would do likewise did they 
 know that this season would be repeated. 
 
 It was estimated to-day that tlie increase next year would be 50 per (;ent more 
 bearing trees. It was stated that of the crop this year 65 per cent had been paid for 
 transportation and icing. This point will be found out in the investigation. 
 
 FUNDS FOE INVESTI/3ATI0N. 
 
 The meeting appointed a committee of three, Hon. George A. Veach, Mr. C. P 
 Turner, and Mr. R. L. Franklin, to collect funds and devise ways and means to 
 prosecute the investigation and pay the necessary expense of a shorthand reporter, etc. 
 
 The meeting will result, it is thought, in good to the growers whether they enter 
 suit against the transportation companies or not. They have found out some things 
 they did not know and will know how to avoid them in the future. 
 
 The meeting also brought out the fact that Adairsville is the center of the greatest 
 Elberta peach growing in the world, this year shipping within a radius of 9 miles 
 over 1,000 cars of peaches. The word world is used advisedly, for the statement was 
 made to-day by the Armour people that northeast Georgia had handled more cars 
 than any section in the same length of time. 
 
 The mass meeting was not expecting to be honored by having some half dozen 
 of the leading railroad and car people with them, but was glad they came. Neither 
 did they expect to have growers from out the neighborhood, but the many who 
 came were more than welcome, and added much by their presence to the meeting. 
 
 It was conceived to be a family meeting, as we might term it, "A community of 
 interest," as united action has been called by others in different lines, but all this 
 only shows with what interest our people view the development, and that outsiders 
 have been aroused. The growers will be called to meet when the committee is 
 ready to report. 
 
 Macon, Ga., June SS, 1904. 
 Fruit Gbowehs' Express, Gty. 
 
 Gentlemen: We beg to advise you that we will ship the crop of peat;hes from 
 S. M. Marahburn, located 4 miles from Barnesville, on the Thomaston branch. In 
 connection therewith we desire to state that, inasmuch as you put a minimum charge 
 of 550 crates on all cars, we shall expect you to furnish at this siding cars that will hold 
 this minimum. We have found from experience that your F. G,.E. 14 and 15 series 
 
 BY— 05 2S 
 
402 PKIVATE CAR-LTNE SYSTEMS. 
 
 and yotir K. C. F. E. cars will not hold the number of crates you require us to pay 
 on. We therefore desire to state, foryour information and guidance, thatif youdemand 
 payment on a minimum of 550 crates, we will cause to be delivered at said siding, at 
 all times that we ship cars from this siding, 550 crates of peaches, and will insist 
 upon payment from your company for such a number of crates of peaches as the 
 man in charge of loading fails to properly pack in said car. 
 
 We trust that you will instruct your agents to give us your 16, 17, 18, and 21 series 
 of cars, so that there will be jio unpleasant relations; but we insist that, in justice to 
 ourselves, we are entitled to have cars to load in that will hold the minimum that 
 you require payment on. We shall send a copy of this letter to Mr. Wilbourn, super- 
 intendent of the Central of Georgia road. 
 
 Very truly, yours, J. J. Waxelbaum & Co. 
 
 Macon, Ga., June SS, 1904. 
 C. B. Wilbourn, 
 
 Superintendent Macon Diinsion, Macon, Oa. 
 Dear Sib: Kindly note attached letter, which is a carbon copy of letter we 
 addressed to the Fruit Growers' Express this date. We think you will agree with 
 us that inasmuch as the refrigerating company charges on a minimum of 550 crates, 
 that it is their duty to furnish us with cars that will hold this minimum. 
 
 Hoping that you can aid us in securing cars of sufficient capacity to load 550 crates, 
 and thus avoid what may be unpleasant relations between the refrigerating company 
 and ourselves, beg to remain, 
 
 Very truly yours, J. J. Waxelbaum & Co. 
 
 Macon, Ga., June SO, 1904. 
 Messrs. J. J. Waxelbaum & Co., 
 
 Macon, Ga,, 
 Gentlemen: I beg to acknowledge your letter of 28th instant, advising that you 
 will ship the crop of peaches from the S. M. Marshburn orchard, located 4 miles 
 from Barnesville, on the Thomaston branch. Our cars of the fourteen and fifteen 
 thousand series, and K. C. F. E. cars, are loaded with minimum in regular course of 
 business at other points, and we do not admit that they will not hold the minimum, 
 and would be glad to have you advise your authority for the statement that they will 
 not. We can not undertake to switch out certain series cars for certain orders. We 
 would be glad to accommodate you and give you nothing but 40-foot cars for your 
 entire business, but are not in position to say we can do so in each case. 1 note you 
 say you are sending copy of your letter to Mr. Wilbum. We are sending him a copy 
 of this letter. 
 
 Yours, truly, I. M. Fleming, 
 
 General Southeastern Agent. 
 
 Macon, Ga., July S, 1904. 
 Mr. I. M. Fleming, City. 
 
 Dear Sir: Yours 30th ultimo received and noted. Beg to advise that we have 
 loaded 14 and 15 series and K. C. F. E. cars, and we find we can go 14 rows across 
 the car lengthwise. It is an easy matter of calculation that 14 rows, 5 high, 35 to a 
 row, is 490 crates. We think you will further agree with us that fruit shippers uni- 
 versally agree that it is not safe to pack peaches over 5 high in your cars. It is from 
 a standpoint of actual experience that we have learned this fact, and we have no 
 authority to quote. We sincerely trust that we will get your larger series in making 
 our shipments. 
 
 Very truly, yours, J. J. Waxelbaum & Co. 
 
 Copy to C. B. Wilbum. 
 
 Macon, Ga., July 4, 1904. 
 Messrs. J. J. Waxelbaum & Co., 
 
 Macon, 6a. 
 
 Gentlemen: I have yours of the 2d instant in reference to wanting the large series 
 cars for loading fruit in Barnesville. 
 
 We will endeavor to keep you supplied with them, but, as stated, we can not 
 always make it convenient to do so but will whenever it ia possible. 
 Yours, truly, 
 
 . I. M. Fleming, 
 
 General Southeastern Agent. 
 
PRIVATE CAR-LINE SYSTEMS. 403 
 
 Macon, Ga., Jidy 7, 1904: 
 Feuit Gbowees' Express, (My. 
 
 Gentlemen: We are advised that car F. G. B. No. 14946 has been placed at Marsh- 
 burn's siding to-day and is being loaded. Please advise us if it is your intention to 
 charge us on a minimum of 550 crates on this car. Your prompt advice will oblige, 
 Very truly, yours, * 
 
 J. J. Waxblbaum & Co. 
 Returned. 
 Our tariff 550 crates minimum will be applied. 
 
 Fkuit Geowbks' Express. 
 Fleminq. 
 
APPEl^DIX. 
 
 Resolutions of State legislatures with resfect to enlarging the powers of 
 the Interstate Oommerce Commissimi. 
 
 [Senate Resolution No. 31.] 
 
 Be it resolved hy the senate of Indiana, That the United States 
 Senators and Representatives of Indiana in the Congress of the United 
 States are requested to use their influence toward enacting into law at 
 the present session of the Congress the recommendation contained in 
 the President's message that " the Interstate Commerce Commission 
 should be vested with the power, where a given rate (for the trans- 
 portation of property in interstate or foreign commerce) has been 
 challenged, and after full hearing found to be unreasonable, to decide, 
 subject to judicial review, what shall be a reasonable rate to take its 
 place; the ruling of the Commission to take effect immediately and 
 to obtain unless and until it is reversed by the court of review." 
 
 Hugh H. Miller, 
 
 President of Senate. 
 
 Julian D. Hogate, 
 
 Secretary of Senate. 
 
 State of Kansas, 
 Office op the Secretary of State. 
 
 I, J. R. Burrow, secretary of state of the State of Kansas, do hereby 
 certify that the following and annexed is a true and correct copy of 
 the original enrolled senate concurrent resolution No. 2, now on file 
 in my office. 
 
 In testimony whereof I have hereunto subscribed my name and 
 affixed my official seal. Done at Topeka, Kans. , this 22d day of Feb- 
 ruary, 1905. 
 [seal.] J. R. Burrow, 
 
 Secretary of State. 
 By Will P. Wilson, 
 Assistant Secretary of State. 
 
 [Senate concurrent resolution, No. 2,] 
 
 Senate concurrent resolution instructing our Senators and requesting 
 our Representatives in Congress to procure the speedy passage of a 
 bill empowering the Interstate Commerce Commission to determine 
 just and equitable rates for the transportation of persons and prop- 
 erty in our interstate commerce and enforce them by order of said 
 Commission. 
 Whereas the rates of transportation of persons and property in 
 
 our interstate commerce vitally affect all classes of our citizens; 
 
 405 
 
406 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Whereas the existing tariff rates for the transportation of persons 
 and property in our interstate commerce ai"e higher now than the pres- 
 ent business interest of the country will justify, and in numerous cases 
 extortionate; and 
 
 Whereas the Interstate Commerce Commission, since the decision 
 of the Supreme Court of the United States, is without power under 
 the law to determine what are just and reasonable rates for the trans- 
 portation of persons and property in our interstate commerce and 
 enforce any order made by said Commission in relation thereto: There- 
 fore, be it 
 
 Resolved hy the seriate, the Iwuse concurring therein. That our Sen- 
 ators be instructed and our Representatives in Congress be requested 
 to vote for, and use all honorable means to procure, the speedy passage 
 of a law further defining the powers and duties of the Interstate Com- 
 merce Commission, or interstate commerce court, so that said Com- 
 mission or court shall be empowered in all cases, after hearing, to 
 determine what are just and reasonable rates for the transportation of 
 persons and property in our interstate commerce, and with full power 
 to enforce any order made in relation to such rates of transportation 
 and property, and to secure such enactment at the present session of 
 Congress we recommend the passage of President Roosevelt's adminis- 
 tration bill. 
 
 Resolved further. That correct copies of this resolution be enrolled, 
 signed by the speaker of the house and president of the senate, and 
 sent to each of our Senators and Representatives in Congress; and 
 that a copy be sent to the President of the Senate of the United States, 
 and a copy to the Speaker of the House of Representatives, and that 
 they be requested to lay the same before their respective bodies. 
 
 I hereby certify that the above concurrent resolution originated in 
 the Senate, and passed that body January I7th, 1905. 
 
 D. J. Hanna, 
 
 Passed the house January 26, 1905. 
 
 President of the Senate. 
 W. S. KrEtsinger, 
 Secretary of the Senate. 
 
 W. R. Stubbs, 
 Speaker of the House. 
 F. W. Knapp, 
 Chief Clerh oftJie House. 
 
 [Concurrent resolution introduced by the committee on railroads relating to Inter- 
 state Commerce Commission.] 
 
 Memorial by the North Dakota legislature urging Congress to enact 
 a law giving increased power to the Interstate Commerce Com-~ 
 mission. 
 
 Whereas the arbitrary power of the railroads to fix rates, subject to 
 no modification by the shippers or the people, has by unjust discrimi- 
 nations built up huge monopolies that ai-e antagonistic to public good: 
 Therefore be it 
 
 Eesolved ly the senate of the ninth legislative assemUy of the State of 
 North Dakota, the. house of representatives concurring, That we urge 
 
DUTIES AND POWERS OF INTERSTATE OOMMEKCE COMMISSION. 407 
 
 and earnestly request our Senators and Members in Congress to assist 
 in the enactment of a law giving increased power to Interstate Com- 
 merce Commission in conformity with the recommendations contained 
 in President Roosevelt's message to Congress. 
 
 Resolved, That an engrossed copy of these resolutions be forwarded 
 to each of our Senators and Members in Congress. 
 
 A memorial from the legislature of the State of Minnesota to the 
 Congress of the United States, for the early enactment of a law, 
 giving the Interstate Commerce Commission enlarged and adequate 
 powers to regulate railroad rates. 
 
 Resolved hy the house of representatives of the State of Minnesota, 
 the sen,ate thereof concurring, That the Congress of the United States 
 be and is hereby respectfully urged to enact into law, as speedily as 
 practicable, authority to the Interstate Commerce Commission to 
 adequately and effectively regulate railroad rates, and to enforce such 
 reasonable rates as it may fix. , 
 
 Resolved, That the secretary of state be and is hereby requested to 
 forthwith transmit certified copies of this memorial to the Senate and 
 the House of Eepresentative& of the Congress, and to send copies to 
 each of the Senators and Representatives therein from this State. 
 
 Approved February 7, 1905. 
 
 United States of America, 
 
 State of Minnesota, 
 Department of State. 
 1, P. E. Hanson, secretary of state of the State of Minnesota, do 
 hereby certify that I have compared the annexed copy with the orig- 
 inal memorial in my office of a memorial from the legislature of the 
 State of Minnesota to the Congress of the United States, being H. F. 
 No. 2, approved February 7, 1905, and that said copy is a true and 
 correct transcript of said memorial and of the whole thereof. 
 In testimony whereof I have hereunto set my hand and affixed the 
 
 freat seal of the State, at the capitol, in St. Paul, this 9th day of 
 'ebruary, 1906. 
 [seal.] p. E. Hanson, Secretary of State. 
 
 [House memorial No. l.J 
 
 Whereas an effort will be made in the Congress of the United 
 States at this session to enlarge the powers of the Interstate Com- 
 merce Commission, giving said Commission power to regulate freight 
 charges on the great lines of railways in the United States: Therefore, 
 
 Be it resolved. That our Senators and Representatives in Congress 
 be requested to give their support to said measure to the end that the 
 great question of the regulation of freight rates may be canied to an 
 effective solution. 
 
 Approved January 25, 1905. 
 
408 duties and powers of interstate commerce commission. 
 
 State of Arkansas, Department of State. 
 
 United States of America, 
 
 State of Arkansas, Secretary's Office. 
 I, O. C. Ludwig, secretary of state of the State of Arkansas, do 
 hereby certify that the attached instrument of wi'iting is a true and 
 correct copy of house memorial No. 1, approved January 25, 1906, 
 and of the whole thereof, and has been compared with the original 
 which was filed in this office on the 25th day of January, 1906. 
 
 In testimony whereof I have hereunto set my hand and affixed my 
 official seal. 
 Done at the city of Little Rock, this 9th day of February, 1906. 
 [seal.] O. C. Ludwig, 
 
 Secretary of State. 
 Jno. W. Crockett, 
 Deputy Secretary of State. 
 
 [Senate Joint Resolution No. 1. Adopted by the Washington State legislature, 
 
 session 1905.] 
 
 Whereas President Theodore Roosevelt is making a praiseworthy 
 eflfort to induce the National Congress to enlarge and strengthen the 
 powers of the Interstate Commerce Commission to the end that rail- 
 road.s and other common carriers may be brought under proper control; 
 and 
 
 Whereas The people of our State are in hearty sympath\' with the 
 efforts of the President: Therefore, 
 
 Besolvedhy the senate, the house concurring. That we earnestly urge 
 upon our Senators and Congressmen to assist President Roosevelt in 
 every legitimate way in bringing about the desired legislation. 
 
 Resolved, That a copy of these resolutions be mailed to Senators 
 Foster and Ankeny , and Congressmen Jones, Cushman, and Humphrey. 
 
 State of Kansas, Office of the Secretary of State: 
 
 I, J. R. Burrow, secretar}^ of state of the State of Kansas, do hereby 
 certify that the following and annexed is a true and correct copy of 
 the original enrolled house concurrent resolution No. 2 now on file in 
 my office. 
 
 In testimony whereof I have hereunto subscribed my name and 
 affixed my official seal. Done at Topeka, Kans., this 21st day of Feb- 
 ruary, 1906. 
 [seal.] J. R. Burrow, 
 
 Secretary of State. 
 By Hill P. Wilson 
 Assistant Secyretary of State. 
 
 [House concurrent resolution No. 2.] 
 
 Be it resolved hy the legislature of the State of Kansas, That the leg- 
 islature of the State of Kansas indorse the recommendations of Presi- 
 dent Roosevelt in his message to Congress as to proposed methods of 
 legislation dealing with corporations engaged in interstate commerce: 
 And, further, 
 
DUTIES AND P0WEB8 OP INTERSTATE COMMERCE COMMISSION. 409 
 
 Resolved, That we request our Senators and Representatives in the 
 Congress of the United States to support such measures as shall come 
 before Congress to give additional powers to Interstate Commerce 
 Commission, and to enact into law said recommendations of President 
 Roosevelt. 
 
 I hereby certify that the above concurrent resolution originated in 
 the house, and passed that body January 12, 1905. 
 
 W. R. Stubbs, 
 
 Speaker of the House. 
 
 F. W. Knapp, 
 
 Chief Clerk of the House. 
 
 Passed the senate January 27, 1905. 
 
 D. J. Hanna, 
 
 President of the Senate. 
 W. S. Kretsingek, 
 
 Secretary of tlie Senate. 
 
 [Concurrent resolution of Minnesota legislature.] 
 
 Whereas an effort is now being made in the United States to pre- 
 vent the rights of the people from being subordinated to those of the 
 great transportation companies and other powerful moneyed inter- 
 ests: Therefore 
 
 Be it resolved hy the senate and Iwuse of representatives concurring ., 
 That we heartily commend the heroic efforts now being put forth by 
 our President, Theodore Roosevelt, and others to control by law such 
 companies and interests. 
 
 Resolved further. That we respectfully request our Senators and 
 Representatives to Congress to assist our President in passing laws to 
 efEciently control by Government the highways of commerce and to 
 keep them o'pen to all our citizens on equal terms and to regulate all 
 corporations engaged in interstate business. 
 
 Resolved further.. That a copy of the foregoing resolutions, when 
 adopted, be sent by the secretary of the senate to the President and to 
 each of our Senators and Representatives in Congress. 
 
 State of Missouri, House of Representatives, 
 
 Jefferson City, Mo. , Februwry '2, 1906. 
 Senator F. M. Cockrell, 
 
 United States Senate, Washington, D. C. 
 Dear Sir: I have the honor to herewith transmit to you, by order 
 of the house of representatives, a concurrent resolution this day 
 adopted bj' the general assembly of the State of Missouri. 
 Very respectfully, yours, 
 
 B. F. Russell, 
 Chief Clerk House of Representatives. 
 
410 DUTIES AJND POWEKS OF INTERSTATE COMMP^BCE COMMISSION. 
 
 [Joint resolution.] 
 
 Whereas the President of the United States, in his last annual 
 address to the Congress, recommended that " the Interstate Commerce 
 Commission should be vested with the power, where rate (for the 
 ti-ansportation of property in the interstate or foreign commerce) ha.s 
 been challenged and, after full hearing found to be unreasonable, to 
 decide, subject to judicial review, what shall be a reasonable rate to 
 take its place; the ruling of the Commission to take effect immediately 
 and to obtain unless and until it is reversed by the court of review : " 
 Therefore, 
 
 Be it resolved iy the house of representatives {tJte senate concurring 
 therein). That the Senators and Representatives of Missouri in the 
 Congress of the United States be requested to use their best efforts 
 to secure the enactment of such laws as will best tend to the carrying 
 out of the recommendations of the President with reference to the 
 enlargement of the powers of the Interstate Commerce Commission, 
 and that a copy of this resolution, duly authenticated, be transmitted 
 to each of our Representatives in the Congress. 
 
 [Senate Joint Memorial No. 1.] 
 
 To the honorable Senate and House of Representatives of the United 
 
 States in Congress assembled: 
 
 Whereas experience and the decisions of the Federal courts have 
 demonstrated that legislation applying to public carriers engaged in 
 interstate commerce is required for the protection and preservation of 
 the rights of the shipper and passenger: Therefore be it 
 
 Resolved, That we, your memorialists, the ninth legislative assem- 
 bly of the State of Montana, respectfully petition your honorable 
 body, in the exercise of the power to regulate commerce between 
 the several States granted by the Constitution of the United States, 
 to speedily enact such legislation as will insure reasonable and equita- 
 ble rates and charges for the transportation of property and passen- 
 gers between the States and prevent unreasonable and unjust discrimi- 
 nation in the conduct of the business of interstate commerce, and to 
 that end that the Interstate Commerce Commission be given the power 
 and authority not only to determine when rates are unreasonable, but 
 also to determine and establish reasonable rates in lieu of such rates as 
 may be by said Commission adjudged unreasonable; be it further 
 
 Resolved, That the secretary of state be, and he is hereby, directed 
 to transmit copies of this memorial to the President of the United 
 States, the President of the Senate, the Speaker of the House, and 
 our Senators and Representatives in Congress. 
 
 Edwin Norris, 
 
 Approved Januarj'^ 30, 1905. 
 
 Filed January 30, 1905, at 3.20 p. m. 
 
 President of the Senate. 
 Wyllys a. Hedges, 
 Speaker of the House. 
 
 J. K. Toole, Oovernm'. 
 
 A. N. YODER, 
 
 Secretary of State. 
 
duties and powers of interstate commerce commission. 411 
 
 The State of Wyoming, 
 Office of the Secketaky of State. 
 United States op America, State of Wyoming^ ss: 
 
 I, Fenimore Chatterton, secretary of state of the State of Wyo- 
 ming, do hereby certify that the hereunto attached is a full, true, and 
 correct copy of house joint memorial No. 3 of the eighth legislature 
 of the State of Wyoming, the same being a resolution memorializing 
 the Congress of the United States to enact adequate legislation relat- 
 ing to interstate commerce in adulterated, misbranded, and delete- 
 rious foods, drugs, and medicines. 
 
 In testimony whereof I have hereunto set my hand and affixed the 
 great seal of the State of Wyoming. 
 Done at Cheyenne, the capital, this 21st day of February, A. D. 1905. 
 [seal.] F. Chatterton, 
 
 Secretary of State. 
 By C. L. Hinkle, 
 
 Deputy. 
 
 House joint memorial No. 3, memorializing the Congress of the United 
 States to enact adequate legislation relating to interstate commerce 
 in adultei'ated, misbranded, and deleterious foods, drugs, and medi- 
 cines. 
 
 Be it resolved iy the house of representatives of the State of Wyoming.^ 
 the senate concurring, That the Congress of the United States be mem- 
 orialized as follows: 
 
 Whereas the legislature of the State of Wyoming ha vvag heretofore 
 enacted laws for the protection of the people against adulterated, mis- 
 branded, and deleterious foods, drugs, and medicines, and realizing the 
 necessity for adequate legislation by Congress to protect the States 
 against interstate commerce, which is beyond the control of the State 
 in such prohibited articles: Now, therefore, be it 
 
 ResoVoed, That the Congress of the United States is hereby requested 
 to speedily enact sufficient legislation prohibiting interstate commerce 
 in adulterated, misbranded, and deleterious drugs, foods, and medi- 
 cines to the end that the laws of our State relative thereto may be more 
 effective. 
 
 Approved February 20, A. D. 1905. 
 
 The State of Wyoming, 
 Office op the Secretary of State. 
 
 United States op America, State of Wyoming., ss: 
 
 I, Fenimore Chatterton, secretary of state of the State of Wyom- 
 ing, do hereby certify that the hereunto attached is a full, true, and 
 correct copy of house joint memorial No. 3 of the eighth legislature 
 of the State of Wyoming, the same being a resolution memorializing 
 the Congress of the United States to enact adequate legislation relat- 
 ing to interstate commerce in adulterated, misbranded, and deleterious 
 foods, drugs, and medicines. 
 
412 DUTIES AND P0WEK8 OP INTERSTATE COMMERCE COMMISSION. 
 
 In testimony whereof I have hereunto set my hand and affixed the 
 great seal of the State of Wyoming. 
 
 Done at Cheyenne, the capital, this 21st day of February, A. D. 1905. 
 [seal.] F. Chattekton, 
 
 SeG)'etary of State. 
 
 C. L. HiNKLE, 
 
 Deputy, 
 
 House joint memorial No. 3, memorializing the Congress of the United 
 
 States to enact adequate legislation relating to interstate commerce 
 
 in adulterated, misbranded, and deleterious foods, drugs, and 
 
 medicines. 
 
 Be it resolved hy the house of representatives of the State of Wyom- 
 ing, the senate concurring. That tne Congress of the United States be 
 memorialized as follows: 
 
 Whereas the legislature of the State of Wyoming having heretofore 
 enacted laws for the protection of the people against adulterated, mis- 
 branded, and deleterious foods, drugs, and medicines, and realizing 
 the necessity for adequate legislation by Congress to protect the States 
 against interstate commerce, which is beyond the control of the State 
 in such prohibited articles: Now, therefore, be it 
 
 Resolved, That the Congress of the United States is herebj' requested 
 to speedily enact sufficient legislation prohibiting interstate commerce 
 in adulterated, misbranded, and deleterious drugs, foods, and medi- 
 cines, to the end that the laws of our State relative thereto may be 
 more effective. 
 
 Approved February 20, A. D. 1905. 
 
 [Joint resolution No. 5 S.] 
 
 Whereas the present interstate commerce law has, by experience, 
 been proven to be ineffectual in securing to the people just and reason- 
 able rates for the transportation of persons and property; and 
 
 Whereas great and continuous effort has been made to secure Con- 
 gressional legislation, to the end that the Interstate Commerce Com- 
 mission be given such power as to insure the establishment and main- 
 tenance of just and reasonable rates for such transportation to the 
 people of this country; and 
 
 Whereas President Roosevelt has made recommendations to Con- 
 gress, in his recent message, that "the Interstate Commerce Commis- 
 sion should be vested with the power, where a given rate for the 
 transportation of property in interstate or foreign commerce has been 
 challenged, and, after full hearing, found to be unreasonable, to decide, 
 subject to judicial review, what shall be a reasonable rate to take its 
 place, the ruling of the Commission to take effect immediately and 
 to obtain unless and until it is reversed by the court of review: " There- 
 fore, be it 
 
 Resolved hy the senate {the assembly concun'ing), That we respect- 
 fully memorialize the Fifty-eighth Congress of "the United States to 
 enact, at its present session, such legislation as shall comply, in letter 
 and spirit, with the said recommendations of President Roosevelt, and 
 we respectfully demand of the Senators and Repi-esentatives, and each 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 413 
 
 of them, representing this State in the Congress of the United States 
 to vote for, and urge to the best of their ability, the immediate enact- 
 ment into law of such proposed legislation; and be it further 
 
 Resolved^ That a copy of the foregoing be immediately transmitted 
 by the secretary of state to the President of the United States, the 
 President of the Senate of the United States, and to the Speaker of 
 the House of Representatives, and to each of the Senators and Repre- 
 sentatives from this State. 
 
 J. O. Davidson, 
 President of the Senate. 
 T. K. Eaton, 
 Chief Clerk of the Senate. 
 J. S. Lemoot, 
 Speaker of the Assembly. 
 C. O. Marsh, 
 Chief Clerk of the Assembly. 
 
 [Senate joint resolution No. 3.] 
 
 Whereas the President of the United States in his last annual mes- 
 sage to Congress pointed out the necessity of governmental regulation 
 of railroad rates and service through the delegated power of Congress, 
 given to the Interstate Commerce Commission; and 
 
 Whereas there is now pending before Co]}gress legislation looking 
 toward the amendment of the interstate commerce act as recommended 
 by the President: Therefore 
 
 Be it resolved hy the senate of the fifteenth general assembly of the 
 State of Colorado, the house concurring, That we heartily approve 
 of the views set forth in the last annual message of the President of 
 the United States on this subject, and we urge that such legislation 
 may be promptly passed as will give the Interstate Commerce Commis- 
 sion adequate power to correct rates and to regulate service on the 
 railroads of the United States; and be it further 
 
 Resolved, That the Senators and Members of the House of Repre- 
 sentatives in Congress from Colorado be instructed to use every effort 
 to secure the passage of such legislation during the present session of 
 Congress. 
 
 William H. Dickson, 
 Speaker of the House of Repres&rdatmes. 
 Jesse F. McDonald, 
 President of the Senate. 
 Approved January 26, 1905. 
 
 Alva Adams, 
 Oovernor of the State of Colorado. 
 
414 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Letters and petitions from, chambers of commerce^ loaa^ds of trade, clvhs, 
 and associations favoring legislation which will enlarge the powers of 
 the Interstate Gommerce Commission with respect to fixing railroad 
 rates. 
 
 North Side Board of Trade of the City of New York, 
 
 Metropolis Theater Building, Novemher 2, 1903. 
 
 This is to certify that at a meeting of the North Side Board of Trade 
 of the City of New York held this day the following resolutions were 
 adopted: 
 
 ■ ResoVoed, That the North Side Board of Trade of the City of New 
 York recognizes the great benefit to the commercial interests of the 
 country secured bv the enactment by the last Congress of the so-called 
 Elkins bill prohibiting any departure from published tariff rates for 
 the transportation of property, whether by the payment of rebates or 
 otherwise, and subjecting both carrier and shipper toheavy penalties 
 for violation thei-eof , and which has proved effectual in removing the 
 flagrant wrong of discrimination between individual shippers. 
 
 Mesolved, That it is the sense of this board that it is of equal impor- 
 tance that legislation should be enacted for the prevention of unjust 
 discrimination in tariff rates between different sections and localities, 
 and between different descriptions of traffic, and also to prevent the 
 continuance of rates unreasonable in themselves. We believe this can 
 be effected by conferring authority upon the Interstate Commerce 
 Commission to determine, upon full hearing, under the provisions of 
 the present law, what change shall be made in a rate or practice found 
 to be discriminative or unreasonable, such determination to be imme- 
 diately operative and so continue until overruled by the courts: 
 Therefore 
 
 Resolved, That the Fifty-eighth Congress be, and hereby is, respect- 
 fully memorialized to enact such legislation as will, in its judgment, 
 accomplish the purposes above indicated, and give practical effect to 
 the primary requirement of the "Act to regulate commerce" that 
 "All charges made for any service rendered or to be rendered in the 
 transportation of passengers or property, or in connection therewith, 
 shall be reasonable and just." 
 
 Resolved, That copies of the foregoing resolutions be forwarded to 
 the President of the Senate and to the Speaker of the House of Kepre- 
 sentatives, to the chairman of the Senate Committee on Interstate 
 Commerce, and to the chairman of the House Committee on Inter- 
 state and Foreign Commerce, and also to the Senators and Represent- 
 atives from the State of New York. 
 
 Albert E. Davis, Preddent. 
 O. G. Angle, Secretary. 
 
 Petitions similar to the above were received from the Chamber of 
 Commei'ce, city of Wichita, Kans.; State Board of Trade, Chamber of 
 Commerce, of Utica, N. Y. ; Board of Trade, St. Paul, Minn. ; the 
 railroad committee of the Dubuque Club, Dubuque, Iowa; Board of 
 Trade of Lowell, Mass. ; and Board of Trade of Massillon, Ohio. 
 
duties and poweks 01' interstate commerce commission. 415 
 
 Keeseville Board of Trade, 
 
 February %0, 1905. 
 Hon. T. C. Platt,. Washington., D. C. 
 
 Dear Sir: At a meeting of the Keeseville Board of Trade, held on 
 the 16th day of February, the following resolution was adopted: 
 
 Besolved, That the Board of Trade of Keeseville, N. Y. , hereby pro- 
 tests against any ill-advised or hurried action by Congress with refer- 
 ence to railroad rates, believing, as the subject is orie which concerns 
 the interests and prosperity of all, adequate consideration should be 
 given the subject before any legislation be attempted on the matter. 
 Yours, truly, 
 
 J. H. A. Bond, Secretary. 
 
 The Chamber of Commerce of San Francisco, 
 
 San Francisco, December 7, IdOli.. 
 Hon. Wm. p. Frye, 
 
 President of the Senate, Washington, D. C. 
 Dear Sir: I have the pleasure of inclosing herewith an attested 
 copy of a resolution adopted by the board of trustees of the Chamber 
 of Commerce of San Francisco July 12, 1904, in favor of H. R. 6273 
 and S. 2439, Fifty-eighth Congress, second session, further defining 
 the duties and powers of the Interstate Commerce Commission. 
 
 Commendino- this matter to your courteous consideration, I have 
 the honor to subscribe myself, 
 
 Yours, respectfully, E. Scott, Secretary. 
 
 [Resolution adopted by the board of trustees July 12, 1904.J 
 
 Whereas we believe that the commercial interests of the United 
 States require that further Congressional action is necessary in regard 
 to the Interstate Commerce Commission: Therefore the Chamber of 
 Commerce of San Francisco have 
 
 Besolved, That we hereby respectfully request the Senators and 
 Representatives from California to use their efforts to induce the 
 National Congress to take favorable action upon bill H. R. 6273 and 
 bill S. 2439, Fifty-eighth Congress, second session, to further define 
 the duties and powers of the Interstate Commerce Commission. 
 
 The Chamber of Commerce of San Francisco, 
 Geo. a. Newhall, President. 
 
 Attest: 
 
 [seal.] . E. Scott, Secretary. 
 
 Chamber of Commerce of the City of Milwaukee, 
 
 February 88, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman Committee on Interstate Commerce, 
 
 United States Senate, Washington, D. C. 
 Dear Sir: I have the honor to convey to you the following 
 expression of the views of the Milwaukee Chamber of Commerce, 
 adopted at a special meeting of its board of directors, held on the 27th 
 
416 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 instant, in replj'^ to a letter of the president of the New York Produce 
 Exchange, addressed to the Committee on Interstate Commerce of the 
 United States Senate, and also to the leading commercial bodies of 
 the country, soliciting their support: 
 
 The Milwaukee Chamber of Commerce has for over twenty years advocated rail- 
 road regulation of interstate commerce, and approved of the law of 1887 creating an 
 Interstate Commerce Commission, which law, among other powers, was intended 
 and supposed to invest the Commission with the power to correct rates and enforce 
 its rulings, subject to the revision of the courts. 
 
 The Commission exercised that power for about ten years, beneficially to the public 
 and without injury to the railroad interests. It caused no ruin to railroad companies 
 and no consequent calamity to the public. After ten years— in 1897— a case involv- 
 ing the question of the powers of the Commission having been appealed to the 
 United States Supreme Court, that court held, in substance, that the language of 
 the act itself did not clearly and definitely empower the Commission to make rates, 
 though the decision implied that Congress had the power to delegate such powers to 
 the Commission; and in several subsequent rulings in regard to State railroad com- 
 missions, the United States Supreme Court has sustained the legislative power to 
 delegate to a railroad commission the power to make rates, subject always to review 
 by a competent court. 
 
 The Esch-Townsend bill would enact the strengthening power essential to the 
 usefulness of the Commission. It embodies the recommendations of the President 
 of the United States and of the commercial bodies having knowledge of and an 
 interest in the subject. Bills having the same purpose and effect have been before 
 sessions of Congress since 1897. Hearings on these bills have been had before the 
 committees of Congress, at which testimony, opinion, and argument, voluminous and 
 exhaustive, mostly by railroad officials and lawyers, have been heard and consid- 
 ered, and the House of Eepresentatives, on the 9th t)f February, after ample delib- 
 eration, passed the Esch-Townsend bill by a vote of 326 against 17, and this Chamber 
 of Commerce has urgently petitioned the United States Senate to pass that bill with- 
 out amendment. This commercial body can therefore see no reason for stultifying 
 itself by compliance with your request. The need of such legislation, the power of 
 Congress to grant it, and the power of the courts to prevent unreasonable action 
 under it, so as to protect the railroads and railroad investments, aj-e well understood 
 and carefully guarded in the bill. 
 Yours, very truly, 
 
 [seal.] W. J. Langson, Secretary. 
 
 Chamber of Commerce of the City of Milwaukee, 
 
 January 11., 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman Interstate Commerce Committee of the Senate, 
 
 Washington, D. C. 
 Dear Sir: I beg to convey to you the following protest unanimously 
 adopted at a meeting of the board of directors of the Chamber of 
 Commerce of the city of Milwaukee, January 10, 1906. 
 Yours, very truly, 
 
 W. J. Langson, Secretary. 
 
 Chairman Hbpbukn, 
 
 Of the Interstate Commerce Committee of the House of Representatives, 
 
 Washington, D. C: 
 The Chamber of Commerce of Milwaukee, Wis., through its board of directors, 
 desires hereby emphatically to protest against your discourteous treatment of Mr. E. P. 
 Bacon, who appeared before your committee in behalf of the bill introduced by 
 Representative Cooper to strengthen the Interstate Commerce Commission, and 
 especially do we condemn and protest against the insulting, browbeating, and tyran- 
 nous methods of Eepresentatiye Mann, of your committee, who, by occupying all the 
 time given to the hearing with personal questions and remarks, succeeded in pre- 
 venting Mr. Bacon from making the statements and arguments pertinent to the 
 matter before the committee. Mr. Bacon is a citizen well known and highly respected 
 
dijTies and powers of interstate commerce commission. 417 
 
 in this state, and in the matter before your committee represents this and many 
 other commercial bodies whose members are engaged in interstate commerce. 
 
 Resolved, That copies of the above protest be sent to the Wisconsin Senators and 
 Eepresentatives and to the members of the Committees on Interstate Commerce, 
 and also to the President of the United States. 
 Attest: 
 
 E. G. CouBTEEN, President. 
 W. J. Langson, Secretary. 
 
 Chambee of Commerce of the Citt of Milwaukee, 
 
 January 25, 1905. 
 Dear Sir: In behalf of the Chamber of Commerce of Milwaukee I 
 earnestly request that you will exert your great influence with the 
 members of the Committee on Interstate and Foreign Commerce to 
 secure the prompt reporting of a suitable bill to carry into effect the 
 recommendation of the President for the enactment of legislation 
 empowering the Interstate Commerce Commission to correct rates 
 found to be unreasonable, the revised rate to go into effect unless and 
 until the court of review reverses it. 
 Yours respectfully, 
 
 S. Gr. CouETEEN, President. 
 Attest: 
 [seal.] W. J. Langson, Secretary. 
 
 Chamber of Commerce of the City of Milwaukee. 
 
 Hon. William P. Frye, 
 
 President United States Senate, Washington, D. C. 
 
 Dear Sir: At a special meeting of the board of directors of the 
 Milwaukee Chamber of Commerce, held November 24, 1903, the 
 following preamble and resolutions were adopted: 
 
 Whereas, The Elkins law enacted by the last Congress, inflicting 
 heavy money penalties for the granting or receiving of any concession 
 from published tariff rates for the transportation of property, by the 
 payment of rebates or otherwise, seems to have been effectual in 
 removing the great wrong of discrimination between individual ship- 
 pers, and 
 
 Whereas, The prevention of discrimination in tariff rates between 
 different localities and descriptions of traffic is equally important to 
 the commercial interests of the country, which tne interstate com- 
 merce law, as interpreted by the Supreme Court, provides no effective 
 means of accomplishing: Therefore 
 
 Resolved, That the Chamber of Commerce of the City of Milwaukee 
 hereby petitions Congress to enact legislation empowering the Inter- 
 state Commerce Commission to determine, upon full hearing of all 
 parties in interest, what change shall be made in a rate or practice 
 found to be discriminative or unreasonable, such determination to be 
 immediately operative, and so continue until overruled by the courts. 
 
 Resolved, That a certified copy of the foregoing resolutions be for- 
 warded to the President of the Senate and to me Speaker of the House 
 of Representatives, and also to the chairman of the Committee on 
 Interstate Commerce of the Senate, and to the chairman of the Com- 
 mittee on Interstate and Foreign Commerce of the House of Repre- 
 sentatives. 
 
 HY— OB 27 
 
418 DUTIES AKD POWERS OF INTERSTATE COMMERCE C0MMI8SI01T. 
 
 Besol/ved, That the Senators and Representatives in Congress from 
 this State be earnestly requested to exert their influence in every 
 proper way to secure the legislation above outlined at the coming 
 regular session of Congress. 
 
 E. G. CouRTEEN, President. 
 
 [seal. J Yif J. Langson, Secretary. 
 
 Spokane Chamber of Commerce, 
 
 Spokane., Wash., November 6, 1903, 
 
 Whereas the Spokane Chamber of Commerce recognizes the great 
 benefit to the commercial interests of the entire country secured, by 
 the enactment by the Fifty-seventh Congress of the so-called Elkins 
 bill, which is aimed to prevent discrimination between individuals by 
 departure from published tariff rates or by offering or granting, 
 soliciting or accepting, any rebate or concession therefrom and sub- 
 jecting both carrier and shipper to heavy penalties for violation of its 
 provisions; and 
 
 Whereas the so-called Elkins bill, as passed by the Fifty -seventh 
 Congress, makes no provision for the prevention of unjust discrimina- 
 tion in tariff rates between different localities or sections, in the classi- 
 fication of freight, or between carload or less than carload rates, nor 
 for protection against the continuance of rates unreasonable in them- 
 selves; and 
 
 Whereas the discrimination in railwa3' rates against Spokane, as 
 compared with the so-called Pacific coast terminal points, has done 
 more to retard the growth and commercial importance of this city and 
 the development of the rich, natural resources of the entire interior 
 territory tributary thereto than all other influences combined; and 
 
 Whereas it is the unanimous opinion of this commercial body that 
 these abuses can be remedied only by investing the Interstate Com- 
 merce- Commission with the authority necessary to enforce its 
 decisions; and 
 
 Whereas it is the unanimous opinion of this chamber that such 
 authority conferred on the Interstate Commerce Commission will 
 accomplish the purposes for whith the Commission was primarily cre- 
 ated as set forth in the "Act to regulate commerce," that "All charges 
 made for any service rendered or to be rendered in the transportation 
 of passengers or property or in connection therewith shall be reason- 
 able and just:" Therefore be it 
 
 Resolved., That the Fifty-eighth Congress be, and the same is hereby, 
 respectfully memorialized to enact such legislation as will give to the 
 decisions of the Interstate Commerce Commission, in effect, the force 
 of a court judgment; that is, that the Commission shall have power to 
 determine, upon full hearing of all parties interested, what change in 
 the rate or practice of a common carrier found to be unreasonable or 
 discriminative shall be made to correct the wrong, such determina- 
 tion to become immediately operative, subject to review by any circuit 
 court of the United States having jurisdiction; be it further 
 
 Besolved, That copies of the foregoing resolutions be forwarded to 
 the President of the Senate and to the Speaker of the House of Rep- 
 resentatives; the chairman of , the House Committee on Interstate and 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 419 
 
 Foreign Commerce, and to the chairman of the Senate Committee on 
 Interstate Commerce, and also to the Senators and Representatives 
 from the State of Washington. 
 
 F. E. GooDALii, President. 
 Attest: 
 
 L. G. MoNKOE, Secretary. 
 
 Spokane Chamber of Commerce, 
 
 Spokane, Wash., Jarmary 23, 190^.. 
 
 Whereas the commercial interests of Spokane have never received a 
 just recognition from the railroads, but have been retarded in their 
 natural growth and development because of unfair discrimination in 
 rates, contrary to the fundamental principles of the interstate-commerce 
 law, and 
 
 Whereas the railroads having the power to adjust all rate discrimi- 
 nation against Spokane and every other city, town, and village of the 
 country so burdened, and have persistently refused to do so, even 
 when such discrimination was affirmed by the law aimed to give to all 
 of the people equal rights; and 
 
 Whereas the Constitution of our Government, as enunciated by 
 Theodore Roosevelt, and each and every Chief Executive for and by 
 the people who have preceded him, gives to the people of Spokane 
 equal rights with all the people; and 
 
 Whereas it has been demonstrated by actual trial that the interstate- 
 commerce law designed to give equality in rates is abortive, in that it 
 has no power to enforce its decisions; and 
 
 Whereas we find that to secure our rights we must secure an enforce- 
 ment of the law, and that to secure an enforcement of the law we must 
 first give to the law power to enforce its judgments; and 
 
 Whereas, in our judgment, the remedy to this disease of the body 
 politic is to be found in the enactment into law by Congress of House 
 bill No. 6273, introduced December 8, 1903, by Hon. H. A. Cooper, of 
 Wisconsin, and Senate bill No. 2439, introduced December 12, 1903, 
 by Hon. J. V. Quarles, of Wisconsin, and recommended by the execu- 
 tive committee of the interstate-commerce law convention : Therefore, 
 be it 
 
 Resolved, That we, the board of trustees of the Spokane Chamber 
 of Commerce, acting in behalf of the membership and entire commer- 
 cial interests of the city of Spokane, do hereby most earnestly recom- 
 mend the passage of House bill No. 6273 and Senate bill No. 2439, as 
 hereinbefore mentioned, and that we most earnestly petition the mem- 
 bers of the Washington delegation in Congress to give to the bills 
 their indorsement and all aid and support necessary to secure the 
 speedy enactment of the bills into law; and be it further 
 
 Resolved, That a copy of these resolutions be sent to the President 
 of the United States, the President of the Senate, Speaker of the House 
 of Representatives, the chairman of the Senate Committee on Inter- 
 state Commerce, the chairman of the House Committee on Interstate 
 and Foreign Commerce, and also to each of the Senators and Repre- 
 sentatives from the State of Washington. 
 
 F. E. GooDALL, President. 
 
 Attest: 
 
 [seal.] L. G. Monroe, Secretary. 
 
420 duties and powers of intjee8tate commerce commission. 
 
 The Cairo Board of Trade, 
 
 Cairo, 111., January 26, 1904- 
 
 Chairman Senate Committee Interstate Commerce, 
 
 Washington, D. C 
 
 Dear Sir: At a meeting of the Cairo Board of Trade held December 
 3, 1903, the inclosed resolution was unanimously adopted. We beg to 
 request and hope that you can consistently aid in such legislation as 
 may be presented to accomplish the benefits as set forth in the resolu- 
 tion. 
 Thanking you for past favors, 
 
 Very respectfully, J. S. Aisthorpe, 
 
 President. 
 P. W. Barclay, Secretary. 
 
 [Submitted by committee on transportation and rates.] 
 
 Resolved, That the Cairo Board of Trade of the city of Cairo, 111., 
 recognizes the great benefit to the commercial interests of the country 
 secured by the enactment by the last Congress of the so-called Elkins 
 bill, prohibiting any departure from published tariff rates for the 
 transportation of property, whether by the payment of rebates or 
 otherwise, and subjecting both carrier and shipper to heavy penalties 
 for violation thereof; and which has proved effectual in removing the 
 flagrant wrong of discrimination between individual shippers. 
 
 Resolved, l%at it is the sense of this board that it is of equal impor- 
 tance that legislation should be enacted for the prevention of unjust 
 discrimination in tariff rates between different sections and localities, 
 and between different descriptions of traffic, and also to prevent the 
 continuance of rates unreasonable in themselves. We believe this 
 can be effected only by conferring authority upon the Interstate Com- 
 merce Commission to determine, upon full hearing, under the pro- 
 visions of the present law, what change shall be made in a rate or 
 practice found to be immediately operative, and so continue until over- 
 ruled by the courts; therefore 
 
 Resolved, That the Fifty-eighth Congress be, and hereby is, respect- 
 fully memorialized to enact such legislation as will, in its judgment, 
 accomplish the purposes above indicated, and give practical effect to 
 the primary requirements of the "act to regulate commerce," that 
 "all charges made for any service rendered or to be rendered in the 
 transportation of passengers or property, or in connection therewith, 
 shall be reasonable and just." 
 
 Resolved, That copies of the foregoing resolutions be forwarded to 
 the President of the Senate and to the Speaker of the House of Rep- 
 resentatives; to the chairman of the Senate Committee on Interstate 
 Commerce, and to the chairman of the House Committee on Interstate 
 and Foreign Commerce, and also to the Senators and Representatives 
 from the State of Illinois. 
 
 Adopted December 3, 1903. 
 
 Attest: 
 
 [seal.] p. W. Barclay, Secretary. 
 
duties and powers of interstate commerce commission. 421 
 
 The Philadelphia Boaed of Trade, 
 
 Bourse Building, 
 
 February S, 1905. 
 To the honordble the Senate and House of Representatives of the United 
 States in Congress assembled: 
 
 This memorial of the Philadelphia Board of Trade respectfully 
 represents — 
 
 That this Board, representing in its membership the commercial, 
 trade, and manufacturing interests of Philadelphia, believes that the 
 demand for further amendments to the interstate-commerce law is 
 justified, but feels that all such amendments should be most carefully 
 considered, having in view the protection of the broad interests of the 
 shipper as well as those of the transporter. In this belief the Phila- 
 delphia Board of Trade heartily indorses the action taken at the 
 thirty-fifth annual meeting of the National Board of Trade, held in 
 Washington, D. C., January 17, 18, and 19, 1905, in the practically 
 unanimous adoption of the resolution in the report of its committee 
 on railroad transportation, presented and signed as follows, to wit: 
 
 KEVISION OP HATES BY THE INTERSTATE COMMERCE COMMISSION. 
 
 The National Board of Trade, believing that the interests of the people demand 
 not only that the rates of transportation should be reasonable and that there should 
 be no unjust discriminations or preferences, but also that there should be a more 
 effective governmental supervision of all transportation agencies, expresses the earn- 
 est hoije that Congress will, in its wisdom, and as speedily as possible, enact such 
 legislation as will, with justice to all interests concerned, secure a more speedy and 
 more effectual correction of any abuses in transportation methods or operations which 
 may, upon due inquiry, be found to exist; and to that end that power be given to 
 the Interstate Commerce Commission to revise any rates found to be unreasonable 
 or discriminating, the revised rates not to go into effect until the action of the Com-» 
 mission shall have been, upon review, confirmed by the circuit court of the United 
 States of competent jurisdiction. 
 
 G. Waldo Smith, New York; W. T. Robinson, Philadelphia; Fred. MuUer, 
 
 New Orleans; Clinton White, Boston; N. B. Kelly, Philadelphia; 
 
 E. P. Bacon, Milwaukee; H. T. Newcomb, Washington, D. C. ; J. T. 
 
 McHugh, Cincinnati; Wm. M. Coates, chairman, Philadelphia. 
 
 The Philadelphia Board of Trade, during the consideration of the 
 present interstate-commerce law, protested against the adoption of 
 section 5 of the act declaring illegal the practice of pooling. The 
 board does not consider that the operation of that section of the law 
 has proven the wisdom of its enactment, but is convinced that dis- 
 crimination in rates, rather than cooperation of competing railroads, 
 is the abuse that should be remedied. 
 
 That this feeling now prevails throughout the country is proven by 
 the action of the National Board of Trade in the adoption of the fol- 
 lowing resolution at the meeting above referred to: 
 
 LEGALIZING TRAFFIC AGREEMENTS. 
 
 Resolved, That the National Board of Trade earnestly advocates legislation by Con- 
 gress to amend the interstate-commerce law so as to permit reasonable traffic agree- 
 ments by railroads, under the supervision and control of the Interstate Commerce 
 Commission, to the end that unjust discrimination may be prevented and reason- 
 able, uniform, and stable rates be established. 
 
 The Philadelphia Board of Trade also indorses the following resolu- 
 tion adopted by the National Association at the same meeting: 
 
 PRIVATE CAR LINES AND ORIGINATING OR TERMINAL RAILROADS. 
 
 Resolved, That the act to regulate interstate commerce be amended, to wit: That 
 private car lines and originating or terminal railroads engaged in interstate commerce 
 be considered as common carriers and subject to the interstate commerce act. 
 
422 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Therefore your memorialist, the Philadelphia Board of Trade, refer- 
 ring to the foregoing representations, earnestly recommends that 
 amendments to the interstate commerce law shall be so drafted as to 
 be in harmony with the suggestions of the National Board of Trade, 
 whose delegates come from all parts of the United States, and whose 
 recommendations are considered wise and conservative and tending 
 toward securing conditions alike just to the shipper and transporter. 
 
 And your memoralist will ever pray. 
 
 -^^^^^' Joel Cook, President. 
 
 t^^^^-3 W. B. TucKBE, Secretary. 
 
 WoKOESTER Board of Trade, 
 
 ■ Worcester, Mass., Fehrua/ry 13, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman, Committee on Interstate Commerce, 
 
 Washington, D. C. 
 My Dear Senator: At a recent meeting of the directors of Worces- 
 ter board of trade, a set of resolutions were adopted advocating the 
 passage of an act which shall give the Interstate Commerce Commis- 
 sion more power on lines suggested by the President in recent utter- 
 ances. These resolutions have been sent to the entire Massachusetts 
 delegation, and this board has requested the State board of trade to 
 take further immediate action. 
 
 I am directed to request you, as chairman of the Senate Committee 
 on Interstate Commerce, to report the bill passed by the House, at as 
 early a date as practicable. 
 The resolution adopted is as follows: 
 Respectfully, 
 
 H. M. Sawyer, Secretary. 
 
 worcester board of trade. 
 
 Worcester, Mass., , . 
 
 Whereas Theodore Roosevelt, President of the United States, has 
 called the attention of Congress by message to the necessity of some 
 reasonable legislation which shall give the Interstate Commerce Com- 
 mission power over the rates and rules of interstate transportation, 
 and has also called the attention of the people in general to it in a 
 public address; and 
 
 Whereas the correct settlement of this question is a vital one to the 
 business interests of this countrj^: 
 
 Resolved, That the Worcester Board of Trade urge upon the mem- 
 bers of Congress from Massachusetts, both in the House and Senate, 
 the speedy passage of such legislation as is called for by the President's 
 message. 
 
 Besolmed, That a copy of these resolutions be sent to the Massachu- 
 setts members of Congress, both of the House and Senate; and 
 
 BesoUed, That the delegates from the Worcester Board of TVade to 
 the Massachusetts State Board of Trade urge on the latter body the 
 speedy passage of similar resolutions. 
 
DUTIES AND P0WBK8 OF INTERSTATE COMMEKCE COMMISSION. 423 
 
 The Kochester Chamber of Commeeoe, 
 
 Rochester^ N. Y.. February 13, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman Senate Committee, Interstate Commerce, 
 
 Washington, I). C. 
 Dear Sir: The Rochester Chamber of Commerce is on record as 
 being in favor of giving more power to the Interstate Commerce 
 Commission, and respectfully request that your committee report the 
 bill which was passed on the 9th instant by the House of Representa- 
 tives at as early a date as is practical. 
 
 Yours, very truly, John M.. Ives, 
 
 Secretary. 
 
 Petition of members of the Grand Junction, Colo., Chamber of Com- 
 merce for the passage of the Cooper-Quarles Interstate Commerce 
 bill. 
 
 To the honoraile Senators and Representatives in Congress from the 
 State of Colorado.. 
 
 Gentlemen: We, the undersigned, members of the Grand Junction 
 Chamber of Commerce, being an association of business men at Grand 
 Junction, Colo. , who have associated together under the aforesaid 
 name for the purpose of advancing the commercial and industrial inter- 
 ests of western Colorado and eastern Utah, do most respectfully^ peti- 
 tion that you and each of you use every effort reasonably within your 
 power to secure the enactment of the measure now pending in Con- 
 gress known as the Cooper-Quarles bill (H. R. 6273 and S. 2439), the 
 object of which said legislation is to extend the powers of the Inter- 
 state Commerce Commission, as shown by the bills herein referred to. 
 The commercial interests of our community have always been ham- 
 pered by the most indiscriminate interstate freight rates of any com- 
 munity in the United States, and we have for years attempted to have 
 these unjust discriminations corrected, and with full knowledge of the 
 condition of affairs which now confront us and which have confronted 
 us for years, we desire to say to you and each of you that in our judg- 
 ment no Representative in Congress can correctly represent the inter- 
 ests of this community of western Colorado and of all of Colorado on 
 this subject except by using every effort for the passage and enact- 
 ment into law of the purposes of these bills herein referred to; and 
 we therefore respectfully ask your assistance as representatives of 
 our people and of their commercial interests. 
 Very respectfully, 
 
 Jas. H. Lee, feed and implement business; J. S. Carnahan, 
 city attorney; Geo. J. D. Williams, county treasurer; 
 Thadd. Parker, physician; E. M. Slocomb, merchant; 
 J. W. Powell; E. A. Alwood, Colorado Abstract and 
 Title Company; The Anderson Scovill Merchandise 
 Company; J. H.Ramey; Richard H.Sullivan, weather 
 observer; R. H. Baylis: G. Van Hoonbeke, attorney; 
 Harry Burnett, hotel proprietor; H. E. Frost, editor; 
 J. A. McCulloch, merchant; Henry Nichols, Manager 
 Mesa County Abstract Company; M. A. Delaplain, 
 
424 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 real estate; Daniel Bradbury, county assessor; G. W. 
 Caldwell, deputy assessor; "W. S. Wallace, attorney; 
 S. B. Hutchinson, of the Rich Hutchinson Realty Com- 
 pany; James F. Walker, rancher; C. F. Walker, 
 rancher; Morgenthan & Derch, notions and novelties; 
 
 B. W. Vedder, superintendent waterworks; H. E. John- 
 son, contractor and builder; A. A. Miller, real estate. 
 
 C. D. Smith & Co., druggists, Grand Junction, Colo.; 
 W. J. Meyer & Co., merchants; C. E. Drew, merchant; 
 W. F. White, merchant; Henry R. Rhone, attorney; 
 
 D. W. Aupperle, real estate; The Mesa Dry Goods Co. ; 
 J. W. Osborn & Son, grocerymen; The Leay Nettinger 
 Mercantile Company, dry goods; Sherman W. Moody 
 Jewelry Company, jewelers; C. D. Fisher, secretary; 
 Rob. A. Orr; G. J. Carpenter, seedsman; S. G.McMullin; 
 C. P. Bliss, merchant; Chas. E. Bond, merchant; Geo. 
 N. Falconer, secretary chamber of commerce; W- E. 
 Piatt, merchant; H. F. Vorbeck, dealer in books and 
 music; W. Wilhelmjr, brew master; A. A. Miller, real 
 estate; Geo. L. Williams, shipper. 
 
 Sacramento Chamber of Commerce, 
 
 Sacramento^ Cal., Decemher^l, 1901f.. 
 Hon. Geo. C. Perkins, 
 
 United States Senator, Washington, D. C. 
 
 Dear Sir: At a meeting of the board of directors of the S acra- 
 mento Chamber of Commerce held on December 14 the inclosed reso- 
 lution was adopted, and 1 was instructed to forward copy of same 
 to you. 
 
 Very truly, yours, John C. Ing, 
 
 Secretary Ohawher of Commerce. 
 
 Whereas those branches of trade and industry in our midst which 
 are seeking distant markets are hampered and discouraged by abnor- 
 mal freight conditions and unsatisfactory train service, and particu- 
 larlj'^ is this true of important fruit industry, which can only live 
 under favorable freight conditions and equitable freight charges; and 
 
 Whereas the Interstate Commerce Commission, as constituted under 
 existing law, has no power to regulate the evils complained of; and 
 
 Whereas there is a bill (H. R. 12778), introduced by Congressman 
 William Randolph Hearst, before the present Congress, which pro- 
 poses to increase the powers of the Interstate Commerce Commission 
 and to expedite the final decision of cases arising under the act to 
 regulate commerce by creating an interstate commerce court: Now, 
 therefore, be it 
 
 Mesolved, That public policy and the betterment of local conditions 
 make the passage of said bill imperative and desirable; and be it further 
 
 Resolved, That a copy of these resolutions be forwarded to our Rep- 
 resentatives in Congress and their support and influence urged in behalf 
 of said proposed legislation. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 425 
 
 Resolutions adopted at a meeting of the Utica Chamber of Commerce 
 
 November 15, 1904. 
 
 Besol/ued, That the Utica Chamber of Commerce hereby approves 
 the Cooper-Quarles bill, so-called, extending the power of the Inter- 
 state Commerce Commission, so that when rates made by railroads are 
 complained of before the Commission as unjust and unreasonable, the 
 Commission, after full hearing and investigation, shall not only have 
 power to so decide, as under tne act at present, but to further decide 
 what rates are just and reasonable in the premises and, subject to 
 review by the courts, to enforce its said decision. 
 
 That in view of the condemnation expressed by the United States 
 Supreme Court in the case of the Cincinnati, New Orleans and Texas 
 Pacific Eailway V. Interstate Commerce Commission, 162 U. S. S. C. R., 
 page 194, etc., of the practice of railroads in withholding their evidence 
 before the Commission and then for the first time seeking to present 
 it to the court in proceedings to review the decisions of, the Commis- 
 sion, the Utica Chamber of Commerce favors changing the language 
 of the Cooper-Quarles bill so that the court may, in its discretion, 
 cause any additional evidence that parties desire to offer to be taken 
 before the Commission instead of by the court and requiring the Com- 
 mission to return the same with its further report and opinion thereon. 
 
 Resolved, That the legislation committee be requested to forward a 
 copy of this resolution to the Congress of the United States, and to 
 circulate a petition requesting Congress to pass the said Cooper-Quarles 
 bill, so-called, amended as suggested in the resolution, and also request 
 the Senators from the State of New York and our Representatives in 
 Congress to do all in their power to bring about said result. 
 
 A true copy. 
 
 Gael Humphrey, Secretary. 
 
 Resolutions unanimously adopted at a regular meeting of the board of 
 trustees of the Albany, N. Y., Chamber of Commerce held December 
 6, 1904. 
 
 Resolved, That the Chamber of Commerce of the city of Albany, 
 N. Y., hereby recommends the passage of the H. R. bill. No. 6273, 
 introduced by Mr. Cooper, of Wisconsm, having for its object the fur- 
 ther definition of the duties and powers of the Interstate Commerce 
 Commission. 
 
 Resol/oed, That in the judgment of the chamber of commerce the 
 business interests of the whole country demand such legislation and 
 such amendments to the interstate commerce law as shall confer upon 
 the Interstate Commerce Commission power to correct unjust discrimi- 
 nation in rates not only between individual shippers, as provided by ■ 
 • the Elkins bill, but also between localities and commodities. 
 
 Resolved, That a copy of this resolution be forwarded to the Sena- 
 tors and Representatives of this State, also to other parties directly 
 interested in the passage of the above-mentioned bill. 
 
 [seal.] William B. Jones, Secretary. 
 
426 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSIOIT. 
 
 Wateetown, N. Y. , Janumry ^^, 1905. 
 Hon. Thomas C. Platt, 
 
 Senate Chamber, Washington, D. C. 
 Dear Sir: At a meeting of the Chamber of Commerce of Water- 
 town, N. Y., held on the 23d instant, the following resolutions were 
 unanimously adopted. 
 
 With great respect, your obedient servant, 
 
 G. R. Hanford, Secretary. 
 ■Resolved, That the Chamber of Commerce of Watertown, N. Y., 
 heartily approves of the course of the President of the United States 
 in urging upon Congress the passage of laws to stop rebates and insure 
 equal treatment for all shippers, including the bill to enable the Inter- 
 state Commerce Commission to fix rates when excessive, and all other 
 necessary legislation to render prompt and effective relief. 
 
 Resolved further. That a copy of this resolution be forwarded to the 
 United States Senators from this State and the Congressman from this 
 district, with a request for their favorable consideration. 
 
 The Cleveland Chamber of Commerce, 
 
 December 21, 1904.. 
 Hon. Charles Dick, Washington, D. C. 
 
 Dear Sir: The secretary has the honor of transmitting to you here- 
 with a copy of a resolution adopted by The Cleveland Chamber of 
 Commerce, in regular session, last evening: 
 
 Resolved, That The Cleveland Chamber of Commerce approves of 
 the action of the interstate commerce law convention in petitioning 
 Congress to confer authority upon the Interstate Commerce Commis- 
 sion to determine what change shall be made in rates complained of, 
 found, upon full hearing, to be discriminative or unreasonable; such 
 determination to be operative upon thirty days notice to the carrier, 
 and so continue until overruled by the courts; subject to suspension, 
 however, upon the order of the circuit court, pending review, upon 
 application of the carrier. 
 
 Resolved, That this chamber approves of Senate bill 2439, intro- 
 duced in the Senate December 12, 1903, by Hon. J. V. Quarles, of 
 Wisconsin (H. R. 6273, by Mr. Cooper, being identical), entitled "A 
 bill further to define the duties and powers of the Interstate Com- 
 merce Commission," as being the measure calculated to bring about 
 the conditions desired, as stated above. 
 
 Resolved, That the board of directors of this chamber be requested 
 to advise the members of Congress from Ohio of this action and to 
 request their support of this measure. 
 
 Very respectfully, F. A. Scott, Secretary. 
 
 Chamber of Commerce, 
 
 San Diego, Cal., , . 
 
 Resolved, That it is the belief of the Chamber of Commerce of San 
 Diego, Cal. , that the best interests of the citizens of the United States 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 427 
 
 would be conaei'ved by the passage of a bill enlarging the powers of 
 the Interstate Commerce Commission, creating a special court with 
 exclusive jurisdiction on interstate-commerce cases, permitting appeals 
 to the Supreme Court only when a constitutional question is involved, 
 and not permitting a stay on appeal which would allow an indefinite 
 delay in the going into effect of new rates and thus effectually destroy- 
 ing the efficiency of proposed new regulations; Be it further 
 
 Resolved, That a copy of this resolution be transmitted by the secre- 
 tary of this chamber to our representatives in Congress. 
 
 I hereby certify that the foregoing resolution was duly adopted at 
 the regular weekly meeting of the board of directors of the San Diego 
 Chamber of Commerce, held Friday, January 20, 1905. 
 
 EuFus Choate, 
 Acting Secreta/ry. 
 
 Extract from the records of the thirty-fourth annual meeting of the 
 National Board of Trade, held in Washington, D. C, January 19- 
 
 21, 1904. 
 
 AMENDMENT OF INTERSTATE-COMMEECE LAW. 
 
 Whereas the National Board of Trade has at various times approved 
 and recommended legislation to strengthen the interstate-commerce 
 act by amendments to more definitely and specifically vest power in 
 the Interstate Commerce Commission, in order that the act may serve 
 the manifest purposes for which it was intended: Therefore, 
 
 Resolved, . That the National Board of Trade urges upon Congress 
 the pressing necessity of legislation to amend the act in this respect 
 during the present session of Congress. 
 
 Resolved, That the National Board of Trade favors legislation 
 designed to protect both travelers and carriers against fraudulent and 
 irregular practice in passenger traffic. 
 
 J. J. Sullivan, 
 President National Board of Trade. 
 
 J. P. TUCKIT, 
 
 Secretary. 
 
 Board of Trade, 
 Manhato, Minn. , , . 
 
 At a meeting of the board of trade held at Mankato, Minn. , March 
 8, 1904, the following resolution was unanimously carried: 
 
 Resolved, That it is the sense of this board that the interstate^com- 
 merce law be so amended as to provide that the orders of the Inter- 
 state Commerce Commission declaring what rate, regulation, or prac- 
 tice would be just and reasonable in any given case shall become 
 operative within thirty days, or in case of proceedings for review, 
 then within sixty days. 
 
428 duties and powers of interstate commerce commission. 
 
 Chamber of Commerce of the City of Milwaukee, 
 
 Fehruary ^1, 1905. 
 Hon. S. B. Elkins, 
 
 Ohai/rman Committee on Interstate Commerce., Washington. 
 Dear Sir: I inclose to you copy of a letter which I have addressed 
 to the New York Produce Exchange to-day. 
 
 Yours, truly, Robt. Eliot, ' 
 
 Chairman. Committee on Transportatimi, 
 
 Milwaukee Chamber of Commerce. 
 
 Chamber of Commerce of the City of Milwaukee, 
 
 February 21, 1905. 
 
 New York Produce Exchange, JSfew York City. 
 
 Dear Sirs: Mr. Hebert's letter urging this commercial body to 
 appeal to the United States Senate Committee on Interstate Commerce 
 and ask delay and deliberation on the Esch-Townsend bill is received, 
 3our principal objection being against the rate-making power which 
 the bill proposes to vest in the Commission in case it be found after 
 hearing that the rate or rates established by the railway companies 
 are excessive or unjustly discriminative. 
 
 We wish to call your attention to the. fact that that power was sup- 
 posed to be vested in the Interstate Commerce Commission when the 
 act was passed in 1887, and was in operation for a period of ten years 
 without any of the destructive or calamitous effects which you seem 
 to apprehend. After the railway companies had submitted to the 
 exercise of this power in 1897 a case involving it was presented to 
 the Supreme Court of the United States, which court held in sub- 
 stance that making a rate to remedj^ an unjust rate was nevertheless 
 tantamount to making rates, and the language of the law was not suf- 
 ficiently definite and specific to vest that power in the Commission. 
 Although the court in its decision implied that it would be competent 
 for Congress to cure that defect. 
 
 Since that time effort has been made during eight years to get such 
 strengthening legislation enacted. Hearings have been had and vol- 
 umes of testimony and opinion are on file in the Congressional Records 
 showing deliberation without end. 
 
 This chamber of commerce has consistently and repeatedly and 
 urgently petitioned both Houses of Congress to enact such legislation, 
 and recently has telegraphed and written its Representatives and Sen- 
 ators in that behalf. The commercial bodies of the Middle West and 
 West have generally done likewise. The recommendations of the 
 President of the United States in his message to Congress clearly and 
 vigorously recommend such legislation. It can not be expected, 
 therefore, that this chamber of commerce will stultify itself by com- 
 pliance with your request. 
 
 Very respectfully, yours, 
 
 Robt. Eliot, 
 Chairman Committee on Transportation, 
 
 Milwaukee Chamber of Commerce. 
 
DUTIES AND POWEES OF INTEBSTA.TE COMMERCE COMMISSION. 429 
 
 The Retail Merchants' Board of 
 
 Trade of Steubenville, 
 Steuhenville, Ohio, February 18, 1905. 
 Hon. Charles Dick, Washington, D. C. 
 
 Dear Sir: You will please find inclosed a resolution adopted by the 
 Retail Merchants' Board of Trade of this city, relative to the Esch- 
 Townsend bill. 
 
 The merchants and citizens of this section desire that this bill should 
 become a law, if possible, and hope that you will bring your influence 
 to bear in securing the passage of the same. 
 1 am, very truly, yours, 
 
 C. L. Williams. 
 
 Whereas the House of Representatives of the United States has 
 
 Eassed a bill known as the Esch-Townsend rate bill, which is in the 
 ands of the United States Senate, which seeks to provide such regu- 
 lations as will insure to the individual shipper the same rate as that 
 now enjoyed by the corporations and trusts; 
 
 Whereas some of the members of the United States Senate are 
 antagonistic to such a measure and are not giving the President of the 
 United States their aid in securing the passage of such a bill: There- 
 fore be it 
 
 ResoVoed, That we, the members of the Retail Merchants' Board of 
 Trade of the city of Steubenville, Ohio, request that our Senators from 
 Ohio, Hon. Joseph B. Foraker and Hon. Charles Dick, give their aid 
 to the President of the United States in securing the passage of such 
 a bill, and that they vote for the passage of this measure. 
 
 The Retail Merchants' Board of Trade, 
 L. M. Leopold, President. 
 Andrew Forsythe, Secretary. 
 
 B. Frank Murphy, 
 
 C. L. Mueller, 
 
 C. L. Williams, Commitiee. 
 
 Resolutions unanimously adopted at a meeting of the Corn Belt Meat 
 Producers' Association, of Ida County, Iowa, held at the court-house, 
 Thursday, February 3, 1905. 
 
 ResoVoed, That we heartily indorse the position of President Roose- 
 velt with reference to the necessity of giving increased power to the 
 Interstate Commerce Commission. The interests of the farmers and 
 stock raisfirs of Iowa demand the early enactment of a law which will 
 give the Commission power to not only declare a rate unreasonable and 
 unjust, but to fix a rate which will be reasonable and just, said rate to 
 become effective and remain in force until set aside by the courts. 
 And we respectfully urge the Senators and Representatives represent- 
 ing the State of Iowa to support any measure that will put into effect 
 the recommendations of the President, and the president and secretary 
 are hereby instructed to mail a copy of these resolutions to our Sena- 
 tors and Representatives. 
 
 Wm. K. Van Wagoner^ 
 
 President. 
 
 A. Sykes, 
 
 Secretary. 
 
430 duties and l^owees of interstate oommekcb commission. 
 
 La Crosse Board of Trade, 
 
 La Crosse, Wis. , December 10, 1903. 
 Hon. Joseph V. Quarles, 
 
 Senate ChaTuher, Washington, D. C. 
 Dear Sir: At a meeting held on the 7th instant the directors of the 
 Manufacturers and Jobbers' Union of La Crosse had under considera- 
 tion the bill to be introduced in Congress to define the powers of 
 the Interstate Commerce Commission, and the following resolution 
 was unanimously adopted: 
 
 Resolved iy the directors of the Ma/nufacturers and Jobbers' Union 
 of La Crosse, Wis., That after thorough consideration of the bill to be 
 introduced in Congress defining the powers of the Interstate Commerce 
 Commission, they heartily approve of the same, and the secretary is 
 hereby instructed to forward a copy of this resolution to our Senators 
 and Representatives in Congress with a request that they use every 
 effort to procure its passage. 
 
 I understand that the bul has since been introduced as H. 6273, and 
 I respectfully request your consideration for the foregoing resolution. 
 Yours, truly, 
 
 K. Calvert, Secretary, 
 
 The Commercial Club, 
 Indianapolis, Wovember 11, 1903. 
 Hon. C. W. Fairbanks, 
 
 United States Senate, Washington, D. C. 
 
 Dear Sir: The following resolutions were adopted by the board of 
 directors of the Commercial Club of the city of Indianapolis Novem- 
 ber 10, 1903: 
 
 Resolved, That the Commercial Club of the city of Indianapolis 
 recognizes the great benefit to the commercial interests of the country 
 secured by the enactment by the last Congress of the so-called Elkins 
 bill, prohibiting any departure from published tariff' rates for the 
 transportation of property, whether by the payment of rebates or 
 otherwise, and subjecting both carrier and shipper to heav}' penalties 
 for violation thereof, and which has proved effectual in removing the 
 flagrant wror^ of discrimination between individual shippers. 
 
 Resolved, That it is the sense of this board that it is of equal 
 impox'tance that legislation should be enacted for the prevention of 
 unjust discrimination in tariff rates between different sections and locali- 
 ties and between different descriptions of traffic, and also to prevent 
 the continuance of rates unreasonable in themselves. We l^lieve this 
 can be effected only by conferring authority upon the Interstate Com- 
 merce Commission to determine, upon full hearing, under the pro- 
 visions of the present law, what change shall be made in a rate or 
 practice found to be discriminative or unreasonable, such determina- 
 tion to be immediately operative and so continue until overruled by 
 the courts; therefore 
 
 Resolved, That the Fifty-eighth Congress be, and hereby is, respect- 
 fully memorialized to enact such legislation as will, in its judgment, 
 accomplish the purposes above indicated and give practical effect to 
 the primary requirement of the "act to regulate commerce," that 
 "all charges made for any service rendered or to be rendered in the 
 
DUTIES AND POWERS OF INTERSTATE OOMMEKCE COMMISSION. 431 
 
 transpoi-tation of passengers or property, or in connection therewith, 
 shall be reasonable and just." 
 
 Besolved, That copies of the foregoing resolutions be forwarded to 
 the President of the Senate and to the Speaker of the House of Kep- 
 resentatives; to the chairman of the Senate Committee on Interstate 
 Commerce, and to the chairman of the House Committee on Interstate 
 and Foreign Commerce, and also to the Senators and Representatives 
 from the State of Indiana. 
 
 Lewis Hoover, Secretary. 
 
 Western Fruit Jobbers' Association, 
 
 Omaha, Janua/ry 10, 1905. 
 Hon. J. H. Millard, 
 
 United States Senate, Washington, D. C. 
 
 Dear Sir: I beg to inclose herewith the memorial of the Western 
 Fruit Jobbers' Association to the Congress of the United States 
 adopted at the annual convention of said association held in this city 
 December 29, 1904. .The names appended to the certificate are those 
 of the president and secretary of this association for 1904. 
 
 I would respectfully request, on behalf of this association, the 
 presentation of this petition to the honorable Senate of the United 
 States in due and proper form,' to the end that such legislation may be 
 speedily enacted as will relieve jobbers of fruits and produce from the 
 unjust burden imposed by private car lines, and especially the monop- 
 oly of private refrigerator cars, in accordance with the facts and sug- 
 gestions therein set forth. 
 
 This association includes a large proportion of the jobbers of fruits 
 and produce in the States of the West— Wisconsin, Illinois, Missouri, 
 Iowa, Minnesota, South Dakota, Nebraska, Kansas, and Colorado — and 
 its membership is already becoming rapidly extended in these and the 
 States adjoining. 
 
 Requesting your good offices in the presentation of this memorial, I 
 am, my dear sir, 
 
 Very respectfully, yours, E. B. Branch, Secretary. 
 
 Petition of the National Retail Grocers' Association concerning pri- 
 vate car-line system. Copy Armour Company contract. 
 
 To the Congress of the United States: 
 
 Whereas Armour & Co. and their allied interests, in furtherance of 
 a general purpose to control the food supply of the country, have prac- 
 tically succeeded in reference to all meats in securing such control, 
 and are fast getting control of all dairy products and of all fruits; and 
 
 Whereas it has been abundantly shown through investigations of 
 the Interstate Commerce Commission and is common knowledge that 
 the monopoly already secured in meats, and the monopoly rapidly 
 being secured in dairy products and in fruits, is made possible only 
 through the cooperation and connivance of the common carriers of 
 the country; and 
 
 Whereas such cooperation is largely wrought out and effected 
 through the instrumentality of private refrigerator cars and the mak- 
 
432 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 ing of contracts between the carriers and "Armour Car Lines" and 
 otner owners- of private cars, not common carriers, which contracts 
 provide not only for the leasing of the refrigerator cars hy the_ car- 
 riers at an excessive mileage charge, but the carriers, in addition 
 thereto, turn over the refrigerator service, a strictly transportation 
 service and one largely performed, after such contracts are made, by 
 the carriers themselves, to the private car line and allow it to make 
 the rates and charges for the service without any restriction whatever 
 as to its reasonableness, and the carrier engages to haul none other 
 than the refrigerator cars of the particular car line being dealt with, 
 and to.act as collecting agent for the car line in collecting refrigeration 
 charges, and, further, engages to inform the car line (whose parent 
 interests are also mammoth dealers in the commodities carried under 
 refrigeration) by wire of the movements of each car, its destination 
 and consignee, and such further information as may be called for by 
 the car line; and 
 
 Whereas under these practices the carriers, under the pretext that 
 refrigeration is not a part of the transportation charge, fail to include 
 in their published rates the charges for refrigeration, leaving these 
 charges flexible and to be manipulated by the private car line to suit 
 its own purpose, and 
 
 Whereas under these contracts the common carriers commit to the 
 private car lines (who, in case of "Armour Car Lines," at least, are 
 dealers in the commodities carried) the exclusive care and oversight of 
 its competitor's goods in transit, that is, commit a trust to the private 
 car line, which car line is, by all principles of law, unqualified and 
 unfit to perform the trust, and 
 
 Whereas the railroads, ignoring their common-law duty to furnish 
 necessary equipment (the means of forcing the observance of which 
 duty, however, is not within the powers of the Interstate Commerce 
 Commission, and only within the power of the courts and unavailable 
 to the ordinary patron of a railroad), justify the situation on a claim of 
 inability to supply themselves with refrigerator cars because of their 
 cost, and, going a step farther in subterfuge, justify their making of 
 these exclusive contracts on the ground that "Armour Car Lines" 
 and other private car lines are the only sources of supplj' for refrig- 
 erator cars, and that these private car lines will not lease the refrig- 
 erator cars to the i-ailroads unless the railroads turn over to the private 
 car lines the refrigeration service and the compensation therefor to be 
 fixed by the private car lines, and 
 
 Whereas in the past, as soon as these exclusive refrigeration con- 
 tracts are entered into, the charge for refrigeration has been advanced 
 from 300 to 500 per cent, exceeding in many instances all the rest 
 of the transportation charges, and 
 
 Whereas the general advance in trajisportation rates in the recent 
 past through the elimination of competition among carriers has been 
 marked and strong, and ' 
 
 Whereas there is at present no control whatever upon the railroad 
 interest in the matter of making rates, and 
 
 Whereas these practices are operating so as to leave the common 
 carriers without any refrigerator cars whatever of their own, the sup- 
 ply thereof being in private hands to be furnished or withheld as the 
 interests of the holders may dictate, and 
 
 Whereas such a situation is intolerable and a reproach to the people 
 
DUTIES AND POWERS OP INTERSTATE OOMMERCE COMMISSION. 433 
 
 of the United States and absolutely threatens the property interests of 
 all producers and shippers of refrigerated products, and 
 
 Whereas in an inquiry held before the Interstate Commerce Com- 
 mission at Chicago, 111., June 2 and 3, 1904, investigating the refrig- 
 eration and private car line practices in the Michigan fruit belt, such 
 exclusive contracts, the salient features of which are herein recited, 
 were all proved against two interstate common carriers, and yet no 
 order in tne premises has been made nor can be made by the Interstate 
 Commerce Commission under the present laws, and 
 
 Whereas under the present laws substantially all that the Interstate 
 Commerce Commission can do is to investigate and show up the vari- 
 ous abuses of interstate traffic, and 
 
 Whereas so long as private freight cars and dealings between the 
 private freight-car owners and the common carriers are tolerated it 
 leaves the channel open for a thousand and one evasions of any law that 
 is now enacted or that may be enacted relating to interstate traffic: 
 
 Now, therefore, the National Retail Grocers Association, in annual 
 convention assembled at Cincinnati, Ohio, on the the 25th day of Jan- 
 uary, 1905, do hereby respectfully petition your honorable body to 
 speedily enact such legislation as — 
 
 First. Will empower the Interstate Commerce Commission to adjust 
 and modify railroad rates, on complaint, substantially as provided in 
 .the Quarles-Cooper bill now pending before Congress. 
 
 Second. Such as will require common carriers engaged in interstate 
 commerce to furnish all the rolling stock and other instrumentalities 
 for the safe carriage of freight originating on their several lines, and 
 forbid all such carriers hauling cars carrying freight of any and every 
 description that are not owned and controlled by such carriers them- 
 selves or by other common carriers, bona fide such, and not created 
 or existing for any other purpose. Prohibit the common carrier 
 industrial railroads. 
 
 Third. Provide that every charge incident to the safe carriage of 
 freight shall be comprised in the freight rate as fixed and filed with 
 the Interstate Commerce Commission, so that the same shall furnish 
 full and complete data from which it can be determined what it will 
 cost to safely transport any article of freight from one to another 
 given point so as to leave no room for contention upon any item of 
 such charges. 
 
 Fourth. Prohibit common carriers engaged in interstate commerce, 
 their officers or agents, dealing in any article of freight carried by 
 them. 
 
 Fifth, Provide that whenever a shipper claims to have been dam- 
 aged by any act of a common carrier subject to the provisions of the 
 interstate-commerce act, such shipper may bring suit in the United 
 States district or circuit court of his own residence and make the proc- 
 ess of such courts in such case run to any and every point in the United 
 States. 
 
 Sixth. Prohibit common carriers or their employees giving infor- 
 mation about shipments while en route to anyone other than the con- 
 signor and consignee and their agents and employees. 
 
 Seventh. Place'Cxpress companies under the provisions of the laws 
 now existing and that may hereafter be enacted relative to common- 
 carrier railroads engaged in interstate commerce. 
 
 We hereby certify that the above and foregoing memorial was duly 
 
 EY— 05 28 
 
434 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 adopted and passed by the National Retail Grocers' Association on the 
 25th day of January, 1905, in convention at Cincinnati, Ohio, and the 
 secretary instructed to transmit the same to the Congress of the United 
 States and a copy thereof to the President of the United States. 
 Attest: A. W. Farlingee, President. 
 
 Fred Mason, Secretary. 
 
 A copy of an exclusive contract between the Pere Marquette Rail- 
 road Company, a common carrier, and "Armour Car Lines," a private 
 car line having the same directorate as Armour & Co., is hereto 
 attached for inspection and marked "Exhibit A." 
 
 Exhibit A. 
 
 This agreement, made and executed in duplicate this 23rd day of. December, A. D. 
 1902, by and between the Armour Car Lines, a corporation organized and existing 
 under the laws of the State of New Jersey, hereinafter known as "the Car Line," party 
 of the first part, and the Pere Marquette Railroad Company, a corporation organized 
 and existing under the laws of the State of Michigan, hereinafter known as "the 
 Pere Marquette," party of the second part, 
 
 Witnesseth, that for and in consideration of the sum of one dollar ($1.00) by each 
 of the parties hereto to the other in hand paid, the receipt whereof is hereby acknowl- 
 edged, and in further consideration of the mutual covenants and agreements herein- 
 after set forth to be kept and performed by each of the parties hereto, it is hereby, 
 agreed as follows: 
 
 1. That the Car Line agrees to furnish to the Pere Marquette, at some point or 
 points on the Pere Marquett* lines, properly constructed fruit cars lettered "Fruit 
 Growers' Express," " Kansas City Fruit Express," or "Continental Fruit Express," 
 sufficient in number and furnished in such order as to carry with reasonable despatch 
 the fruit which the Pere Mar(juette shall be tendered by shippers daring the life of 
 this contract; and the Car Line agrees to keep said cars properly iced and under 
 refrigeration so as to protect fruit in carloads while in transit over the lines of the 
 Pere Marquette and to destination. 
 
 2. The Pere Marquette agrees and obligates itself to use the Car Line's equipment 
 exclusively in the movements of fruits under refrigeration from points on its leased 
 and operative lines, except the Detroit and Lake Ene Railroad in Canada, during the 
 term of this contract, excepting from Grand Kapids, Michigan, and excepting in the 
 case of such shipments of fruit as are destined to points on the lines of the Pere Mar- 
 quette, and to Milwaukee, Wisconsin, and Manitowoc, Wisconsin, for which shippers 
 may request Pere Marquette system refrigerators as are in suitable condition, as the 
 Pere Marquette may elect, shall be used in the handling of said fruits, when the same 
 are destined to points beyond the Pere Marquette Railroad; but in that event the 
 Car Line's regular refrigerator charge, as indicated hereinafter, is to be applied, and 
 the shipments iced and handled under the supervision of the Car Lines. 
 
 3. The Oar Line agrees to erect icing platforms at Grand Rapids and St. Joseph, 
 Michigan, and provide other convenient facilities for the proper icing of cars used in 
 the business referred to. 
 
 4. The Car Line's charges to be made for superintending, loading, furnishing refrig- 
 eration, and handling the business generally, under its supervision in any cars used 
 for same, not to exceed on peaches and plums the rates shown in Car Line's tariff 
 number 296, in effect August 1st, 1902, hereto attached and made a part hereof, and 
 not to exceed on green apples, green pears, and grapes the rates shown in Cpr Line's 
 tariff number 297, in effect August Ist, 1902, hereto attached and made a part hereof. 
 It being understood and agreed that the Car Line's charges from Pere Marqi ette sta- 
 tions in Michigan shall in no case exceed charges made by the Car Line for refriger- 
 ating similar fruits from stations also situated on the lines of other roads in Michigan. 
 The Car Line's charges referred to shall be billed as advance charges on each carload 
 and shall be paid to the Car Line by the accounting department of the Pere Mar- 
 quette monthly, it being understood that in event property is refused and sold at 
 destination through no fault of the railroad companies interested or the Car Line 
 that the Car Line will join the railroad companies in prorating on a revenue basis 
 any deficiency between the amount of transportation charges and proceeds of sale 
 that may exist. In case consignees refuse to pay refrigerating charges and agent at 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 435 
 
 destination is unable to collect the same, the railroad shall be reimbursed for the 
 amount advanced to the Car Line. 
 
 5. The Pere Marquette shall pay the Car Line three-quartera (J) of one cent per 
 mile run by each car of the Car Line used in said refrigeration service both loaded 
 and empty, except on such cars as may be left over at the end of the season in ship- 
 ping districts and hauled empty to connections as provided for in the last sentence 
 of this paragraph, while in service upon the lines of the Pere Marquette and furnish 
 free transportation over its lines for the use of representatives of the Car Line 
 engaged in looking after the fruit movement referred to, including permits to ride 
 on freight trains, on the condition, however, that the Oar Line shall (and it hereby 
 agrees to) indemnify, protect, and save the railroad company harmless from any 
 loss, damage, or expense on account of any claim against the railroad company 
 growing out of injury sustained or claimed to have been sustained, either in person 
 or property, by any employee or agent of the Car Line receiving such free transpor- 
 tation over the lines of the railroad under the provisions of this contract, whether or 
 not such injury is due to the negligence of the Pere Marquette or its employees. 
 And the Pere Marquette also agrees to instruct its agents to obtain by wire from the 
 oflBcera of the Pere Marquette such information as may be requested by the Car Line's 
 representatives. The Pere Marquette further agrees to deliver promptly any cars 
 left over at the close of the season to such connections as are indicated by the Car 
 Line, provided the Car Line shall not ask the Pere Marquette to haul its empty cars 
 farther than the junction point at which cars were received. 
 
 6. The Pere Marquette agrees to sell the Car Line such quantity of ice at Selby, 
 Ionia, Ludington, and Saginaw, as the Pere Marquette can reasonably spare, from 
 time to time, if required by the Car Line, on basis of not to exceed two dollars 
 (12.00) per ton in bunkers of cars. 
 
 7. The Car Line agrees to assume all liability for and promptly adjust and pay, 
 and indemnify and save the Pere Marquette harmless from, claims arising from any 
 failure on its part to properly ice and keep iced said refrigerator cars furnished and 
 supplied by it as aforesaid to the Pere Marquette. 
 
 8. This contract to become operative the date of its execution and terminate 
 November 1st, 1905. 
 
 In witness whereof, the said parties have hereto caused this contract to be exe- 
 cuted in duplicate by their proper oEBcers the day and year first above written. 
 
 Armour Car Lines, 
 
 By . 
 
 Pere Marquette Railroad Company, 
 By ■■ . 
 
 PETITION. 
 
 To the Congress of the United States: 
 
 Whereas, at a meeting of the Utica Chamber of Commerce, held at 
 the rooms in Utica, N. Y., November 15, 1904, it was unanimously- 
 resolved as follows, to wit: 
 
 That the Utica Chamber of Commerce hereby approves the Cooper- 
 Quarles bill, so called, extending the power of the Interstate Com- 
 merce Commission, so that when rates made by railroads are com- 
 plained of before the Commission as unjust and unreasonable, the 
 Commission, after full hearing and investigation, shall not only have 
 power to so decide, as under tne act at present, but to further decide 
 what rates are just and reasonable in the premises and, subject to 
 review by the courts, to enforce its said decision. 
 
 That in view of the condemnation expressed by the United States 
 Supreme Court in the case of the Cincinnati, New Orleans and Texas 
 Pacific Railway v. Interstate. Commerce Commission, 1G2 U. S. S. C. 
 R., page 194, etc., of the practice of railroads in withholding their 
 evidence before the Commission and then for the first time seeking 
 
436 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 
 to present it to the court in proceedings to review the decisions of the 
 Commission, the IJtica Chamber of Commerce favors changing the 
 language of the Cooper-Quarles bill so that the court may, in its dis- 
 cretion, cause any additional evidence that parties desire to oflEer, to 
 be taken before the Commission instead of by the court and requiring 
 the Commission to return the same with its further report and opinion 
 thereon. 
 
 Therefore, we manufacturers, merchants, shippers, and consignees 
 of Utica and vicinity do hereby indorse and approve the foregoing 
 action taken by the Utica Chamber of Commerce, and do hereby 
 request Congress to pass the said Cooper-Quarles bill, so-called, 
 amended as above suggested, and do hereby request the Hon. Thomas 
 C. Piatt and the Hon. Chauncey M. Depew, Senators from the State 
 of New York, and the Hon. James S. Sherman, Member of Congress 
 from this district^ to do all in their power to bring about said resvHt. 
 Dated, Utica, N. Y., November 16, 1904. 
 
 Foster Bros. Mfg. Co., O. S. Foster, treasurer; The Ske- 
 nandoa Cotton Co., N. E. Devereux, president; Oneita 
 Knitting Mills, N. E. Devereux, treasurer; Nellis, 
 Amos & Swift, H. J. Amos, treasurer; J. C. Living- 
 ston Co., J. C. Livingston, president; Utica Pipe 
 Foundry Co., John A. Kernan, treasurer; Savage 
 Arms Co., Arthur Savage, managing director; G. F. 
 Allison & Co. ; Foster-Allison Co. ; The Eagle Brewing 
 Co., John Quinn, president; The Gulf Brewing Co., 
 William F. Welch, president; Mohawk Valley Cap 
 Factory, per R. P. McLoughlin; International Heater 
 Co., F. E. Wheeler, president; Lowery Brothers; 
 Frank L. Jones; True Belting Co., Dayton G. True; 
 Geo. W. Head Co., per T. G. McMahon; Utica 
 Sprayer Co., per T. G. McMahon; Utica Fixture Co., 
 W. S. French, treasurer; Giblin & Co. All of Utica. 
 Charles Millar & Son Co., Henry W. Millar, president; 
 Chas. H. Childs & Co., by Chas. H. Childs, president; 
 The Standard Harrow Co., Chas. H. Childs, treasurer; 
 Munson Bros. Co., A. H. Munson, treasurer; Eureka 
 Mower Co., A. E. Cole, secretary; Hart & Grouse Co., 
 H. Gilbert Hart, president; New York Radiator Co., 
 H. Gilbert Hart, vice president; Utica Heater Co., 
 C. E. Hodges, assistant treasurer; Utica Steam and 
 Mohawk Valley Cotton Mills, Geo. De Forest, treas- 
 urer; Utica Knitting Co., by Geo. W. Oatley, assist- 
 ant treasurer; D. C. Hurd & Fitzgerald; The Tallnian 
 Boot and Shoe Co., by Geo. H. Shotthafer, treasurer; 
 Griffin & Hoxie; H. H. Cooper & Co.; Williams & 
 Morgan; John C. Hieber & Co.; Rathbun & Co.; 
 Clark, Horrocks Co.; William E. Gray; Wright-Dana 
 Hardware Co., B. H. Wright; The Bowne-Gaus Shoe 
 Co., F. J. Bowne, treasui-er; Johnson & Murray — all 
 
 Burrell&Co., 
 
DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 437 
 
 Little Falls, N. Y. ; Gilbert Knitting Co., J. J. Gilbert, 
 president; Stacey Cheese Co., by Irving E. Stacey; 
 Barnet Leather Co., S. J. Barnet, vice-president; Jacob 
 Zoller; Maxwell Mfg. Co., by Chas. A. Evans, treas- 
 urer, New Hartford, N. Y.; Olympian Knit Goods 
 Co., D. L. Davies, treasurer and manager; Utica Cot- 
 ton Co., W. H. Cloher, jr., president; Samuel Row- 
 croft; Denton & Waterbury, Whitesboro, N. Y. ; H. 
 Waterbury & Sons Co., M. H. Waterbury, secretary, 
 Oriskany, N. Y.; Remington Arms Co., Wilfrid Hart- 
 ley, treasurer, Ilion, N. Y. ; Remington Typewriter Co. , 
 
 F. F. McClain, secretary; Tucker File arid Cabinet Co., 
 by S. T. Russell, treasurer; F. Coleman Carriage and 
 Harness Co., F. Coleman, manager; Sterling Mms, E. 
 
 G. Wood, treasurer, Ilion, N. Y.; Camden Knitting 
 Co., Camden, N. Y.; Camden Cabinet Co.; F. H. Co- 
 nant's Sons; Camden Water Wheel Works; Lyman P. 
 Haviland; Frank S. Harden, McConnellsville, N. Y.; 
 Harden & Christian; Tuttle & Co. ; Chas. Harden; John 
 A. Roberts & Co., Utica; A. S. & T. Himter. 
 
 Petitions from chamhers of commerce and ioards of trade against legis- 
 lation empowering the Interstate Commerce Commission to regulate 
 rail/road rates. 
 
 Tacoma Chamber op Commerce and Board of Trade, 
 
 Tacoma, Wash. , February 9, 19C4- 
 Hon. Francis W. Cushman, M. C. , 
 Hon. Wesley L. Jones, M. C. , 
 Hon. Will E. Humphrey, M. C, 
 Hon. Addison G. Foster, U. S. S., 
 Hon. Levi Ankeny, U. S. S. , 
 
 Washington, D. C. 
 Gentlemen: House bill 6273, identical with Senate bill 2439, defin- 
 ing the duties and powers of the interstate-commeice law, has been 
 before this body for consideration. It was referred to the proper 
 committee and the committee reported in favor of taking no action and 
 laying it on the table. The report of the committee was unanimously 
 adopted. By this action the Tacoma Chamber of Commerce stands on 
 record as against the passage of the said bill. 
 Very truly, 
 
 Tacoma Chamber of Commerce and Board of Trade, 
 W. E. Bkonson, President. 
 J. S. Whitehouse, Secretary. 
 
438 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 [Resolution of the board o! trade of San Francisco, Cal., protesting against legislation giving to the 
 Interstate Commerce Commission the arbitrary right to fix railroad freight rates, and recommend- 
 ing an increase in the number of members of said Commission.] 
 
 BoAKD OF Trade of San Francisco. 
 The following resolutions, adopted by the board of directors of the 
 
 Merchants' Association of San Francisco, at a meeting held January 
 
 20, 1905, were appi'oved and adopted as the resolutions of the Board 
 
 of Trade of San Francisco: 
 
 Whereas the present welfare of the manufacturers, producers, 
 wholesalers, and jobbers of the Pacific coast, and the future growth 
 and development of their various and varied business interests depend 
 largely upon a system of rate making by the transcontinental rail- 
 roads, by which the terminal rate to which the jobbing and manufac- 
 turing cities of the coast are justly entitled by reason of water compe- 
 tition is recognized; and 
 
 Whereas determined effort has been made in the past by the manu- 
 facturers, producers, wholesalers, and jobbers of other sections to do 
 away with said terminal rates to Pacific coast cities, and substitute 
 therefor a system of rates based on distance or mileage, ignoring 
 water competition; and 
 
 Whereas the assistance rendered the manufacturers, wholesalers, 
 and jobbers of the Pacific coast by the transcontinental railroads in 
 combating said effort to establish rates, based on distance or mileage, 
 satisfies us that the interests of the coast will be best served by leav- 
 ing the authority to make rates where it now is, in the hands of the 
 carriers, who are familiar with the exceptional conditions on the Pacific 
 coast and the Northwest, subject to review by the Interstate Com- 
 merce Commission upon complaint of the shipper who feels that a 
 given rate is wrong: Now therefore, be it 
 
 Resolved, That the Merchants' Association of San Francisco, while 
 expressing the highest respect for and confidence in, personally and 
 collectively, the members of the Interstate Commerce Commission, 
 respectfully urges that no legislation be adopted whereby said Com- 
 mission would be given the arbitrary right to make rates, as inexpe- 
 dient and not to the advantage of business interests of this community, 
 and that we recommend in lieu thereof that the Commission be increased 
 to seven members and that in view of the vast commercial interests 
 involved and the differences governing transportation on the Pacific 
 coast and in the Northwest that the two new members thus added to 
 the Commission should be appointed one from the Pacific coast and 
 one from the Northwest, so that all geographical sections of the 
 country would be represented; and be it further 
 
 Resolved, That the law under which the Commission is at present 
 operating is, in our judgment, a proper one, if proper measures are 
 taken to expedite the hearing of cases upon appeal, which would con- 
 template the establishment of a court of transportation whose decision 
 Would be final except in cases where the constitutionality of the decree 
 was questioned. 
 
 Attest: 
 
 A. A. Watkins, President. 
 H. L. Smith, Secreta/ry. 
 
DUTIES AND POWERS OE INTERSTATE OOMJIERCE COMMISSION. 489 
 
 [Resolution of the Chamber of Commerce of Marysvllle, Cal., remonstrating against the enactment 
 of legislation giving to the Interstate Commerce Commission the arbitrary right to fix rates for 
 freight on railroads.] 
 
 The Maeysville Chamber of Commerce, 
 
 Marysville, Cal., February I, 1906. 
 
 Retolutiom adopted by the board of directors of the MarysviUe Chamber of Commerce, of 
 
 MarysviUe, Cal. 
 
 Whereas the present welfare of the manufacturers, producers, 
 wholesalers, and jobbers of the Pacific coast and the future growth and 
 development of their various and varied business interests depend 
 largely upon a system of rate making by the transcontinental rail- 
 roads by which the terminal rate to which the jobbing and manufac- 
 turing cities of the coast are justly entitled by reason of water compe- 
 tition is recognized; and 
 
 Whereas determined effort has been made in the past by the manu- 
 facturers, producers, wholesalers, and jobbers of other sections to do 
 away with said terminal rates to Pacific coast cities, and substitute 
 therefor a system of rates based on distance or mileage, ignoring water 
 competition; and 
 
 Whereas the assistance rendered the manufacturers, wholesalers, 
 and jobbers of the Pacific coast by the transcontinental railroads in 
 combating said effort to establish rates based on distance or mileage 
 satisfies us that the interests of this coast will be best served by 
 leaving the authority to make rates where it now is, in the hands of 
 the carriers, who are familiar with the exceptional conditions on the 
 Pacific coast and the Northwest, subject to review by the Interstate 
 Commerce Commission upon complaint of the shipper who feels that a 
 given rate is wrong: Now, therefore, be it 
 
 BesoJ/oed, That the MarysviUe Chamber of Commerce, whUe ex- 
 pressing the highest respect for and confidence in, personally and 
 collectively, the members of the Interstate Commerce Commission, 
 respectfully protest against any legislation whereby said Commission 
 would be given the arbitrary right to make rates as inexpedient and 
 not to the advantage of business interests of this community, and that 
 we recommend in lieu thereof that the Commission be increased to 
 seven members, and that in view of the vast commercial interests 
 involved and the differences governing transportation on the Pacific 
 coast and in the Northwest the two new member's thus added to the 
 Commission should be appointed one from the Pacific coast and one 
 from the Northwest, so that all geographical sections of the country 
 would be represented; and be it furtner 
 
 Resolved, That the law under which the Commission is at present 
 operating is, in our judgment, a proper one, if proper measures are 
 taken to expedite the hearing of cases on appeal, which would contem- 
 plate the establishment of a court of transportation whose decisions 
 would be final, except in cases where the constitutionality of the decree 
 was questioned. 
 
 Marysville Chamber of Commerce, 
 W. F. Sperry, President. 
 C. F. Aaron, Secretary. 
 
440 DUTIES AND POWEBS OF INT EBSTATE flOMMEBCE OOMMlSStOlf. 
 
 [Preamble and resolution adopted by the Gilroy Board o£ Trade of Gilroy, Cttl.] 
 
 Febkuakt 17, 1905. 
 
 Whereas the present welfare of the manufacturers, producers, 
 wholesalers, and ]obbers of the Pacific coast, and the future growth 
 and development of their various and varied business interests depend 
 largely upon a system of rate making by the transcontinental rail- 
 roads, by which the terminal and commodity rates to which the pro- 
 ducing, jobbing, and manufacturing localities of the coast are justly 
 entitled by reason of water competition is recognized; and 
 
 Whereas determined effort has been made in the past by the manu- 
 facturers, producers, wholesalers, and jobbers of other sections to do 
 away with said rates to and from Pacific coast cities, and substitute 
 therefor a system of rates based on distance or mileage, ignoring water 
 competition; and 
 
 Whereas the assistance rendered the producers, manufacturers, 
 wholesalers, and jobbers of the Pacific coast by the transcontinental 
 railroads in combating said efl'ort to establish rates based on distaiuce 
 or mileage satisfies us that the interests of the coast will be best served 
 by leaving the authority to make rates where it is now, in the hands 
 of the carriers who are familiar with the exceptional conditions on 
 the Pacific coast and the Northwest, subject to review by the Interstate 
 Commerce Commission upon complaint of the shipper who feels that 
 a given rate is wrong: Now, therefore, be it 
 
 Resolved^ That they, while expressing the highest respect for and con- 
 fidence in, personally and collectively, the members of the Interstate 
 Commerce Commission, respectfully protest against any legislation 
 whereby said Commission would be given the arbitrary right to make 
 rates as inexpedient and not to the advantage of business interests of 
 this commumty, and that we recommend in lieu thereof that the Com- 
 mission be increased to seven members, and that in view of the vast 
 commercial interests involved and the differences governing transporta- 
 tion on the Pacific coast and in the Northwest, that the two new members 
 thus added to the Commission should be appointed one from the Pacific 
 coast and one from the Northwest, so that all geographical sections of 
 the country would be represented. And be it further 
 
 Resolved, That the law under which the Commission is at present 
 operating is, in our judgment, a proper one, if proper measures are 
 taken to expedite the hearing of cases upon appeal, which would con- 
 template the establishment of a court of transportation whose decision 
 would be final, except in cases where the constitutionality of the decree 
 was questioned. 
 
 J. W. Thayer, President. 
 F. N. Blake, Secretary. 
 
 [Memorial of the Chamber of Commerce of Troy, N. Y., remonstrating against the passage of the bill 
 to increase the scope and power of the Interstate Commerce Commission without full and free 
 consideration.] 
 
 Chamber of Commerce, 
 Tray, M. Zi, Fefyruary 15, 1905. 
 United States Senate, Washington, D. C. 
 
 Gentlemen: At a meeting of the board of directors of the Chamber 
 of Commerce of Troy, N. Y., held Tuesday, February 14, the follow- 
 ing resolutions were adopted: 
 Resolved, That the Chamber of Commerce of Troy, N. Y., protests 
 
DUTIES AND POWEKS OF INTEESTA.TE COMMERCE COMMISSION. 441 
 
 against hurried or ill-advised action by Congress on legislation in 
 regard to railroad matters, believing before any attempt be made to 
 pass such bill adequate time and consideration should be given this 
 stupendous subject; and be it also 
 
 Resolved, That a copy of the above resolution be sent to our United 
 States Senators and Representatives in Congress, to the chairman of 
 the Interstate Commerce Committee, United States Senate, to the 
 chairman of the House Committee on Interstate and Foreign Com- 
 merce, and to the local newspapers of the city of Troy. 
 Respectfully, yours, 
 
 Jas. H. Caldwell, 
 
 President. 
 
 S. E. HUTTON, 
 
 Secreta'j'y. 
 
 [Preamble and leBolutions adopted by the board of directors of the Manufacturers and Producers' 
 Association of California, January 19, 1905.] 
 
 Whereas the present welfare of the manufacturers, producers, whole- 
 salers, and jobbers of the Pacific coast and the future growth and 
 development of their various and varied business interests depend 
 largely upon a system of rate-making by the transcontinental railroads, 
 by which the terminal rate to whicn the jobbing and manufacturing 
 cities of the coast are justly entitled by reason of water competition 
 is recognized; and 
 
 Whereas determined effort has been made in the past by the manu- 
 facturers, producers, wholesalers, and jobbers of other sections to do 
 away with said terminal rates to Pacific coast cities, and substitute 
 therefor a system of rates based on distance or mileage, ignoring water 
 competition; and 
 
 Whereas the assistance rendered the manufacturers, wholesalers, and 
 jobbers of the Pacific coast by the transcontinental railroads in com- 
 batting said efforts to establish rates based on distance or mileage, 
 satisfies us that the interests of the coast will best be served by leaving 
 the authority to make rates where it now is, in the hands of the car- 
 riers, who are familiar with the exceptional conditions on the Pacific 
 coast and the Northwest, subject to review by the Interstate Commerce 
 Commission upon complaint of the shipper who feels that a given rate 
 is wrong: Now, therefore, be it 
 
 Resolved, That the Manufacturers and Producers' Association of 
 California, while expressing the highest respect for and confidence in, 
 personally and collectively, the members of the Interstate Commerce 
 Commission, respectfully protest against any legislation whereby said 
 Commission would be given the arbitrary right to make rates as inex- 
 pedient and not to the advantage of business interests of this commu- 
 nity, and that we recommend in lieu thereof that the Commission be 
 increased to seven members, and that in view of the vast commercial 
 interests involved and the differences governing transportation on the 
 Pacific coast and in the Northwest that the two new members thus 
 added to the Commission should be appointed one from the Pacific 
 coast and one from the Northwest, so that all geographical sections of 
 the country would be represented: And be it further 
 
 Resolved, That the law under which the Commission is at present 
 operating is, in our judgment, a proper one, if proper measures are 
 
442 DUTIES AND POWERS Ol' TNTEBSTATE COMM.EBOE COMMISSION. 
 
 taken to expedite the hearing of cases upon appeal, which would con- 
 template the establishment of a court of transportation whose decision 
 would be final except in cases where the constitutionality of the decree 
 was questioned. 
 
 Manufacturers and Pkoducebs' 
 
 Association of California, 
 
 A. ScARBORO, Pi'esident, 
 E. Goodwin, Secretcmy. 
 
 These resolutions were indorsed by the San Jose Chamber of Com- 
 merce at the regular meeting of January 24, 1905. 
 
 V. A. ScHELLEK, President. 
 Jno. McMahill, Secreta/ry. 
 
 Letters from labor' organizations protesting against the regulation of 
 railroad rates hy the Federal Oovernment. 
 
 Brotherhood op Locomotive Engineers, 
 
 Otsego Division, No. 58, 
 
 Oneonta, If. F. 
 At a regular meeting of the Otsego Division, No. 58, Brotherhood 
 of Locomotive Engineers, held at their rooms February 19, 1905, the 
 following resolutions were unanimously adopted: 
 
 Resolved, That we are unalterably opposed to the passage of the 
 bill now pending in Congress, known as the Townsend-Esch rate 
 measure, as it appears to us that a change of rate would affect us first, 
 and unfavorably so, through a reduction of wages. 
 
 Besolv^d, That a copy of this resolution be sent to State Senator 
 W. L. Brown and United States Senators Piatt and Depew. 
 [seal.] a. B. Hotaling, C. E. 
 
 W. B. Auchenpaugh, F. A. E. 
 
 Oneonta Board of Trade, 
 
 Oneonta., N. Y.., February 8, 1905. 
 Hon. T. C. Platt, 
 . Senate Chamber, Washington, D. C. 
 
 Dear Senator: At a meeting of the board of trade held in Oneonta 
 to-day the following resolution was unanimously adopted: 
 
 Resolved, That while we are strongly opposed to having any favor- 
 itism shown in freight rates or any rebates granted to anj^one, we are 
 equally firmly opposed to the Townsend-Esch bill, which would give 
 the Interstate Commerce Commission power to arbitrarily fix rates 
 of transportation upon the railroads of the country, thus endangering 
 capital invested in the railroad properties, and liable to unfavorably 
 affect the wages paid employees and impair the large holdings of rail- 
 road securities held by savings banks and life insurance companies and 
 other institutions in which the general public is interested. 
 
 Irving H. Rowe, President. 
 M. L. FoED, Secretary. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 443 
 
 Oneonta, N. Y., Fehraary26, 1905. 
 
 At a regular meeting of Susquehanna Lodge, No. 71, Brotherhood 
 of Locomotive Firemen, the following, resolution was unanimously 
 adopted: 
 
 Whereas we believe the Townsend-Esch bill, now pending in the 
 United States Senate, will, if it becomes a law, empower the Interstate 
 Commerce Commission to arbitrarily fix rates of transportation upon 
 railroads; and 
 
 Whereas we believe that one of the efPects of such legislation would 
 be endangering capital invested in railroad properties and liable to 
 affect the wages of railroad employees; and 
 
 Whereas we look with disfavor on the use of arbitrary power by 
 public and private bodies, and are also opposed to any legislation that 
 would seriously affect railroad earnings, as it must necessarily affect 
 the wages of railroad employees. Therefore we are opposed to the 
 passage of the Townsend-Esch bill, which would give tne Interstate 
 Commerce Commission power to fix rates of transportation upon the 
 railroads of the cou ntry . W e believe that before any legislation on this 
 matter be attempted adequate time and consideration should be given 
 the subject: _ 
 
 ResoVued, therefore, That we denounce any and all legislation of an 
 arbitrary nature and all legislation which will have the effect of reduc- 
 iag the compensation of wage-earners. 
 
 Resolved'., That a copy of the above resolution be sent to our United 
 States Senators and to our New York State senator representing this 
 district. 
 
 P. H. Keeyan, Master. 
 
 Attest: A. F. Hates, Secretai'y. 
 
 [seal.] 
 
 Bkotherhood of LocoMOTrvE Engineers, 
 
 Electric City Division, No. 382, 
 
 Buffalo, N. T., April 13, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman Senate Coinmittee, Washington, D. C. 
 Dear Sir: We, the locomotive engineers of Buffalo, N. Y., take 
 the liberty of placing in your hands a set of resolutions which explains 
 their views, trusting that in the sitting of your committee in the near 
 future fair recognition may be expected from your honorable commit- 
 tee in support of the engineers in solving that all-important question, 
 peace between capital and labor. 
 Very respectfully, yours, 
 
 N. W. Shaw, Chief, 
 550 South Division Street, Buffalo, M. Y. 
 
 [Inclosure.] 
 
 To the honorable m&mhers of ths Senate and House of Representatives 
 
 of the United States of America. 
 
 (jrENTi,EMEN: The peculiar character of the bill now pending and 
 awaiting the further action of your honorable body, known as a bill 
 to supplement and amend the act entitled "An act to regulate com- 
 
444 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 
 merce" approved February 4, 1887, should invite your most careful 
 consideration regarding that in the rigid application of its workings, 
 should it become a law, we find, believe, and declare, after an exhaust- 
 ive review of the nature of said bill, that to commission a few with 
 the power which this bill provides would be to offer a substantial pre- 
 mium to a human weakness, "despotism," thereby legislating agreater 
 evil by far than the evil of favoritism, which this bill is pleased to 
 term "an unfavorable contract," thus transferring the power of dis- 
 crimination between a questioned probability and a slight presump- 
 tion, and by its enactment reverse the course of coming events that 
 holds forth a very promising future to railroad labor and prove a step 
 backward in establishing closer relations between capital and labor; 
 and pursuant to that belief we the engineers of Division No. 382, 
 Brotherhood of Locomotive Engineers, at Buffalo, N. Y., in a reg- 
 ular session assembled, deem it wise and prudent to offer a concerted 
 protest, and to further qualify such, be it 
 
 Hesolved, That we are most earnestly opposed to any discrimination 
 or so-called favoritism, if any such exists, and, while the engineers' 
 organization is nonpolitical in character, we are as a body strongly 
 opposed to any law or measure which abounds with arbitrary latitude; 
 and be it further 
 
 Hesolyed, That the Townsend bill, now awaiting further action, has 
 given rise to a belief that its aims and purposes would endanger the 
 prosperity of railroad companies, their securities, abridge their ri^t 
 of con-tract, and diminish their revenues, a burden which would seri- 
 ously effect the wage-earners employed in the various departments of 
 railroad; and be it further 
 
 Resolved, That we appeal to the wise judgment of our Eepresenta- 
 tives, when next in Congress assembled, and pray you forget not the 
 laborer. Fair revenues to the railroad companies, you will appre- 
 ciate, means fair wages to its employees. Enact only such laws which 
 will open wider the door between capital and labor, and in solving one 
 of the problems that confronts this mighty nation, not only a privi- 
 lege but a duty that rests largely with you, gentlemen, and in per- 
 petuating such confidence and trust that should only exist between the 
 two extremes. May God be with you in doing what is right. 
 
 Adopted March 28, 1905. 
 
 N. W. Shaw, 
 Wm. Tunket, 
 j. m. loftus, 
 
 Committee. 
 
 Opinion of som,e raihoay officials on the regvlation of rates hy tJie 
 Federal Government — ad/verse. 
 
 rOplnion of Walker D. Hines, first vice-president of the Louisville and Nashville Railroad Company.] 
 
 Louisville and Nashville Railroad Company, 
 
 First Vice-President's Office, 
 
 Louisville, Ky. , Jamuary 8, 190^. 
 Hon. S. B. Elkins, 
 
 Ghai/rman Committee on Interstate Gommerce, 
 
 U. 8. Senate, Washington, D. G. 
 My Dear Sir: As requested in your favor of the 18th instant, I 
 submit, as far as seems practicable in a communication of this charac- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 445 
 
 ter, my views upon S. 2430, introduced by Senator Quarles on the 
 12th instant, entitled "A bill further to define the duties and powers 
 of the Interstate Commerce Commission." 
 
 I. 
 
 The first section grants to the Interstate Commerce Commission the 
 power to make, for every railroad company in the United States, all 
 the rates for the interstate transportation of persons and property, 
 and to prescribe for all such carriers all regulations, practices, and 
 facilities afforded in connection with such interstate transportation. 
 The Commission itself is to determine how often and how far it will 
 exercise this wide grant of power. It can embrace in any one pro- 
 ceeding as many rates, regulations, practices, and facilities, and as 
 many carriers as it sees fit. The Supreme Court of the United States 
 has pointed out that under the power which this bill proposes to grant: 
 
 It would be within the discretion of the Commission of its own motion to suggest 
 that the interstate rates on all the roads in the country were unjust and unreasona- 
 ble, notify the several railroads of such opinion, direct a hearing, and upon such 
 hearing make one general order reaching every railroad and covering every rate. 
 (167 U. S., 479, 509.) 
 
 This section proposes to grant to the Commission all the Federal 
 power which can be imagined over the interstate business of each of 
 the railroads in this country, with an aggregate mileage of over 
 200,000 miles, and likewise over the interstate business of all the 
 country's countless localities, industries, and enterprises, so far as 
 that depends upon or is affected by transportation over the separate 
 railroads of the country. 
 
 This section proposes a complete reversal in the policy of the Gov- 
 ernment toward interstate transportation. The far-reaching nature 
 and consequences of the power thus proposed to be created and dele- 
 gated to the Commission can not be exaggerated. 
 
 II. 
 
 Section 2 of this bill proposes to create the additional power of com- 
 pelling railroads to enter into such joint rates as the Commission may 
 choose to establish and to divide the same in the proportions fixed by 
 the Commission. It proposes to destroy the right which each carrier 
 now has of determining when, how, and with what carriers it will 
 engage in joint transportation arrangements. It will largely increase 
 the Commission's power beyond that necessarily resulting from the 
 first section over the comparative prosperity of rival communities and 
 industries on different railroads. It will deprive the railroads of 
 much of their ability to protect themselves and the communities 
 dependent upon them. This section, like section 1, is a complete and 
 radical departure from any Federal regulation heretofore established. 
 
 HI. 
 
 Section 3 of this bill attempts to provide for a judicial review of 
 
 the acts of the Commission in the exercise of the powers granted by 
 
 . sections 1 and 2. It is well established, however, that those powers 
 
 are exclusively legislative in character and that the courts can not be 
 
 vested with jurisdiction to pass upon the policy or propriety of legis- 
 
446 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 lative acts. The Commission would therefore exercise the vast 
 powers conferred upon it secure from judicial intervention, except in 
 cases of such palpable abuse of power as would be held by the courts 
 to amount to the taking of property without due process of law, or, 
 in other words, to confiscation of the property of the carrier. More- 
 over, if the Commission be clothed with the legislativepower proposed 
 it is clear that the courts will resolve every doubt in favor of any 
 action the Commission may take, and will be averse, except in the 
 most extreme cases, to making the minute investigation into the com- 
 plicated details always involved which will be necssary to the forma- 
 tion of an independent conclusion adverse to that of the Commission. 
 
 But even this imperfect review would not be available for the car- 
 rier's protection pending final hearing by the court, except in those 
 instances where' the court could be convinced prior to the final hearing 
 that the order was clearly unlawful or erroneous, or, in other words, 
 clearly confiscatory. Pending such decision by the court the carrier 
 would have to observe the orders of the Commission, and sustain, 
 without the possibility of recoupment, all losses flowing from per- 
 forming the Commission's order. 
 
 The limited review above described would not be available in cases 
 not amounting to confiscation, no matter how serious the loss to the 
 carrier; also, it would seem to be not available in matters affecting the 
 relative adjustment of rates between competing localities or enter- 
 prises, as these would seem to be essentially matters of legislative 
 policy concerning which the court would have no basis for interference. 
 
 IV. 
 
 Railroad property is affected with a public use and is, therefore, 
 subject to governmental regulation as far as may be necessary to pro- 
 tect the public interests. Yet, as the railroads have mainly been built 
 by private capital, which must sustain without any indemnity every loss 
 resulting from disaster, commercial depression, or unwise or unjust 
 governmental interference, justice demands that public regulations 
 should be restricted to what is really necessary to public protection. 
 Not only fair treatment to the private capital invested in railroads, 
 but the promotion of the industrial and commercial interests of the 
 country, will be best subserved by leaving to private management 
 the greatest initiative and control consistent with the public interest. 
 Moreover, the best interests of the body politic imperatively demand 
 that no bureau or department of the Government snould be invested 
 with vast powers over the property and prosperity of the country if 
 those powers are not really essential to public protection, and espe- 
 cially if those powers are, for practical purposes, absolute or arbitrary 
 in nearly all the instances in which they will be exercised. 
 
 It is my deliberate judgment that if these radical innovations are 
 entered upon and the virtual management of all interstate business of 
 all the railroads in the United States and of all the interstate transpor- 
 tation interests of all commercial and industrial enterprises in the 
 country are thus given over into the hands of the Interstate Com- 
 merce Commission, that body will be, by all odds, the most formidable 
 power in the nation. The possibility of injury and hardship, not 
 merely to the railroads, but to the commercial and industrial intei-ests, 
 of rival communities and sections can not be overstated. I do not 
 believe any tribunal in the world now possesses commercial power 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 447 
 
 approaching that which would be wielded by the Interstate Conimerce 
 Commission if vested with this practically unlimited power over the 
 stupendous interstate and foreign commerce of this vast country. 1 
 do not believe any tribunal can be established which would be com- 
 petent to perform these functions. Considering the varied and incon- 
 sistent functions — legislative, administrative, and judicial — of the 
 Interstate Commerce Commission, and considering the history of that 
 Commission, the mistakes it has made and the thirst for power it has 
 shown, that Commission is, in my opinion, manifestly unequal to the 
 performance of powers of such magnitude and difHculty. 
 
 V. 
 
 The claim persistently made that the powers above described may 
 now be exercised, without governmental protection, by the railroads, 
 either collectiv-ely or separately, is untrue. While the present laws 
 have been studiously belittled by the Commission, they nevertheless 
 confer upon that body powers of very great importance and constitute 
 a substantial and undoubtedly ample safeguard to the public interests. 
 Despite constant assertions to the contrary, unreasonable and unjustly 
 discriminatory rates can now be effectually prevented through the 
 instrumentality of the Commission and the courts. 
 
 Propriety or impropriety of action by the railroads is a judicial 
 question, and their improper acts can be judicially prevented. Pro- 
 priety or impropriety of action by the Commission in the exercise of 
 a legislative power to make rates is not a judicial question, and its 
 improper acts can not be prevented judicially or otherwise unless the 
 impropriety amounts to confiscation. 
 
 VI. 
 
 I respectfully submit that such interest as has been developed in 
 favor of conferring these enormous powers upon the Interstate Com- 
 merce Commission is based on misconception of the state of the pres- 
 ent laws and on misconception of the extent of the powers proposed. 
 An innovation of such radical and dangerous character will, of course, 
 not be attempted without the fullest inquiry and consideration, if 
 that inquiry is entered upon by your committee the views briefly sum- 
 marized in this letter will, if the opportunity is afforded, be fully sub- 
 stantiated in detail and with all necessary proof and illustrations. 
 Yours, truly, 
 
 Walker D. Hines, 
 Fi/rst Vice-President. 
 
 [Opinion of Lucius Tuttle, president of the Boston and Maine Railroad.] 
 
 Boston and Maine Railroad, 
 
 President's Office, 
 
 Boston., January 11., 190^.. 
 Hon. S. B. Elkins, 
 
 Chairman Committee on Interstate Commerce., 
 
 United States -Senate, Washington, D. C. 
 Dear Sir: I beg to acknowledge receipt of your letter of Decembei' 
 18, 1903, asking me to give my views on Senate bill 2439, amending 
 
448 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 the interstate-commerce law, introduced into the Senate on December 
 12, 1903, by Senator Quarles. 
 
 I have considered this bill as carefully as is consistent with the time 
 I have been able to give to it, and beg to submit for your considera- 
 tion the following views: 
 
 The proposed bill gives new and extraordinary powers to the Inter- 
 state Commerce Commission in addition to those now vested in it by 
 law. The power is given not only to declare a rate unjust, unreason- 
 able, or discriminatory, but also to declare what is and shall be for the 
 future a just and reasonable rate, and to require railroads to obey such 
 decision. 
 
 Under section 1 it further gives the power to declare what regula- 
 tion or practice affecting any rate would be just and reasonable, and 
 to require such regulation or practice to be amended accordingly. 
 
 Under section 2 it gives the power to the Commission, having once 
 by order substituted a new rate, where the rate is a joint one, to decide 
 as to the division of such rate between the joint carriers. 
 
 Under the same section it gives the power to fix the just relation of 
 rates to or from common points on the lines of the several carriers. 
 
 Section 1 further prescribes that such order shall be in force within 
 thirty days, if no review is claimed, and must be obeyed by the carrier. 
 
 Section 3 prescribes that if a review is claimed the order shall take 
 effect within sixty days, subject only to the right of the court to sus- 
 pend the same pending review, "if clearly unlawful or erroneous." 
 
 Section 3 also provides for an appeal to the Supreme Court of the 
 United States, but with the limitation that neither the order of the 
 circuit court nor the execution of any writ or process thereon shall be 
 stayed or suspended during the pendency of such appeal. 
 
 tTnder section 5 refusal to obey or perform any order of the Com- 
 mission subjects the person offending to a penalty of $5,000 for each 
 day of the continuance of such violation. 
 
 As I have indicated above, the scope of this bill is not confined to 
 the rate-making power, "it goes far beyond this and extends to a divi- 
 sion of joint rates and also to the just relation of rates to or from com- 
 mon points. 
 
 1 will consider first the rate-making power. 
 
 In the case of Interstate Commerce Commission v. Cincinnati, etc. 
 R. R. Co. , (167 U. S. Reports, 505), Mr. Justice Brewer of the Supreme 
 Court of the United States said: 
 
 The power to prescribe a tariff of rates for carriage by a common carrier is a legis- 
 lative and not an administrative or judicial function, and, having respect to the large 
 amount of property invested in railroads, the various companies engaged therein, the 
 thousands of miles of road, and the millions of tons of freight carried, the varying 
 and diverse conditions attaching to such carriage, is a power of supreme delicacy and 
 importance. 
 
 In this connection I wish to call to your attention that under section 
 17 of the interstate-commerce act, as amended by act of March 2, 1889, 
 it is provided that a majority of the Commission shall constitute a 
 quorum. In section 19 of said act it is further provided that the Com- 
 mission "may by one or more of the Commissioners prosecute any 
 inquiry necessary to its duties, in any part of the United States, into 
 any matter or question of fact pertaining to the business of any com- 
 mon carrier subject to the provisions of this act." 
 
 From the above it would appear that this power which is well char- 
 acterized h} Judge Brewer as one of supreme delicacy and importance, 
 
DUTIES AND POWEKS OP INTEKSTATE COMMERCE COMMISSION. 449 
 
 involving the interests of all the common carriers of the country, may- 
 be exercised so far as determining all questions of fact, by any one of 
 the five Interstate Commerce Commission. After an experience of 
 some thirty years in the railroad business, I confess that the mere 
 possibility of granting such a power to a body of five or, as shown 
 above, to one person, makes me almost stand aghast. 
 
 1 do not deny, of course, that the power to fix a rate may be exer- 
 cised by Congress, or may be given to an administrative body, such 
 as the Interstate Commerce Commission, and I know that such power 
 has been given in many States of the Union. It must be apparent, 
 however, on a little reflection, that the exercise of such power in a 
 State is a comparatively simple matter. The relations of the people 
 to the carrier and of the respective carriers to one another in one 
 State may be grasped and understood and the common-law require- 
 ment of just and reasonable rates may be reasonably enforced by such 
 a body. When, however, the suggestion is made that one small body 
 of men, and even one member of that small body, shall be given such 
 power embracing forty-five States in the Union, and the various rela- 
 tions of carrier to carrier, town to town, and city to city, I am clear that 
 no body of men can ever be found capable of satisfactorily interpreting 
 and administering such a law. 
 
 I have so far confined my remarks to the rate-making power, but 
 the bill under consideration also authorizes the Commission to pass 
 upon all the regulations, practices, or facilities which affect rates, to 
 disapprove those initiated by the carrier, and to approve and prescribe 
 others which the carrier must accept and maintain until and unless, by 
 application to the United States court, he can cause them to be set aside._ 
 
 This is certainly a new departure and would seem to make the Inter- 
 state Commerce Commission part not merely of the operating staff, but 
 of the direction and management of every interstate railroad in the coun- 
 try. How can it be otherwise? All the regulations of a railroad, all. 
 its practices, all the facilities it affords the public, affect rates more 
 or less and are decided upon and allowed with a view to their bearing 
 upon rates. Thus rates are directly involved in the number of trains 
 to be run daily between any given points, in the speed of such trains, 
 in the character of the cars and engines used, in the number and class 
 of men manning each train, in the wages of employees, and in all the 
 other thousand and one details connected with the actual operation of 
 a line of railway. So, rates are directly affected by the course of each 
 carrier as respects the maintenance and improvement of its plant, by 
 the quality and weight of the rails it puts down, by the ballasting of 
 its roadbed, by the curves it straightens and the trestles it fills up, by 
 the grade crossings it abolishes, and by the accommodations it fur- 
 nishes its patrons in the way of sidetracks, freight houses, and passen- 
 ger stations. Indeed, if all the practices of a carrier affecting its rates 
 are to be supervised by the Commission and made to conform to its 
 views, it is difficult to see how the financial management of the carrier 
 can escape, and why the Commission naay not determine what shall be 
 spent in and charged to operating expenses, what shall be deemed 
 expenditure for permanent betterments, what shall be declai'ed in the 
 way of dividends, what may be prudently carried as floating debt, and 
 when and for what purposes stock or bonds may be issued. 
 
 In brief, if this bill is to be construed and applied according to its 
 terms, all the affairs of a railroad corporation, from those of the 
 
 RY— 05 29 
 
450 DUTIES AND POWEE8 OF INTERSTATE COMMEBCE COMMISSION. 
 
 greatest to those of the least importance, are practically within the 
 jurisdiction of the Interstate Commerce Commission. Were such a 
 jurisdiction to be actually and actively exercised, the injury to the 
 railroad systems concerned would be something incalculable. A joint 
 control and responsibility shared between directors on the one hand 
 and the Commission on the other would be simply paralyzing — would 
 be fatal to efficiency and enterprise in the management and would be 
 financially disastrous both by reason of its direct effects upon rail- 
 road business and by reason of the distrust it would excite in investors 
 in railroad securities. The best thing to be said for the act probably 
 is that, with the possible exception of the fixing of rates, the act would 
 be found unworkable and that all the legal powers possessed by the 
 Commission would not be exercised. 
 
 But its ineptitude ought not to help a bill which is vicious in prin- 
 ciple, since it takes property from those who own i^. and in the public 
 mind will continue responsible for its management and since, to pre- 
 vent or punish any abuses connected with such management, the Com- 
 missioners are already clothed with ample authority. 
 
 Another important feature of the bill relates to the judicial pro- 
 ceedings provided for. Any order of the Commission, whatever its 
 nature and whatever the amount involved, may be taken to a circuit 
 court of the United States for review, and thence by appeal to the 
 Supreme Court of the United States. The objections to this part of 
 the bill are obvious and pay be briefly stated. In the first place, it 
 puts upon the courts duties which, if not always and wholly adminis- 
 trative, will be very largely so. The proper functions of a court are 
 of course judicial, call for the adjudication of controversies between 
 contesting litigants, and require nothing of the court except knowl- 
 edge of the law and the ability to apply it to a given state of facts. 
 Under this bill, however, if the extensive jurisdiction given to the 
 Commission is actually exercised, it will be incumbent on the judges 
 of the courts concerned to qualify themselves as experts in every 
 branch of the railroad business. In the next place, should this bill 
 be used by the Commission for all it is worth, it might well happen 
 that the general usefulness of more or less of the courts would be 
 greatly impaired. The act expressly provides that cases involving an 
 order of the Interstate Commerce Commission shall have precedence 
 of all other cases except criminal cases, so that cases originating under 
 the Quarles bill might well be so numerous as to greatly impede the 
 trial of all other civil suits. 
 
 As regards the railroads themselves, the operation of this part of 
 the bill IS to put them in much the same position as if they were in 
 the hands of receivers. As in the case of ordinary receiverships, the 
 court, under this bill, is the real power behind the directors and the 
 Interstate Commerce Commission, and may at any time be called upon 
 to settle a line of policy or determine a point of management. An 
 ordinary railroad receivership is, however, temporary, and is insti- 
 tuted only to conserve the interests of all concerned until a permanent 
 management is installed. But the quasi-receivership established by 
 the Quarles bill will be as permanent as the legislation in which it is 
 embodied. That the results can be only mischievous, injurious as 
 regards both the courts and the railroads, can hardly be doubted. 
 Yours, truly, 
 
 Lucius Tuttle, President. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 451 
 
 [Opinion of J. Ramsey, jr., president of the Wabash Railroad Company.] 
 
 The Wabash Railroad Company, 
 
 General Offices, 
 On Lake Shore Railway, January 5, 1904,. 
 Hon, S. B. Elkins, 
 
 Washington, D. C. 
 My dear Sir: I laid your letter of December 18, inclosing copy of 
 Senate bill No. 2439, aside for further consideration and it has been 
 overlooked until the present time. 
 
 The passage of the proposed bill would be very objectionable to all 
 railroad companies. It is like a great many of the bills passed, or pro- 
 posed to be passed, and tends to put the control of friendly arrange- 
 ments between railroads in the hands of the Interstate Commerce Com- 
 mission. The railroads, as a rule, are very liberal in arranging for 
 the interchange of traffic with other lines, looking to the broadening 
 of their facilities for reaching all territories, but at the same time the 
 control of these friendly relations between railway lines should not be 
 placed in the hands of the Commission. As I construe it, it also makes 
 the rates fixed by the Commission binding upon the railroads without 
 waiting for the decision of the court of last resort. I do not like the 
 idea of putting so much power in the hands of the Commission. 
 
 It seems to me the interest of shippers as well as that of the railroads 
 is perfectly safe when left to the decision of the courts, and in view of 
 the fact that the courts have, in nearly all the proceedings brought 
 before them by the Interstate Commerce Commission, decided in favor 
 of the railroads, shows that the railroads are acting pretty square in 
 the whole matter of rates, facilities, and nondiscrimination. 
 Yours, very truly, 
 
 J. Kamsey, Jr. 
 
 [Opinion of John R. Webster, vice-president and general manager of the Omaha Bridge and Terminal 
 
 Raflway.] 
 
 Omaha Bridge and Terminal Railway, 
 
 Omaha, Mebr., January SI, 1905. 
 Hon. J. H, Millard, 
 
 United States Senate, Washington, D. C. 
 Dear Sir: I thought I would take the liberty of bringing to your 
 attention an idea with regard to the railroad question, which was given 
 me by a friend, who writes as follows: 
 
 In this connection, I wonder if it has ever occurred to any of your Nebraska 
 statesmen who are advocating giving to the Interstate Commerce Commission power 
 to fix railroad rates, what sort of a show Nebraska would get as against, we will say, 
 Pennsylvania, when a commission appointed by an Eastern president, living and 
 doing business on the Atlantic coast, shall come to consider the relative interests of 
 Nebraska and, say, Pennsylvania or New York. Won't such a commission, from its 
 environment, be of necessity more inclined to favor the Atlantic ports than those of 
 the Gulf of Mexico; and if so, will not the Nebraska farmer lose the benefit which 
 he now has of two outlets for his grain to Europe, one via the Atlantic porta and the 
 other via the Gulf? Business from your town is now going via the Gulf very largely. 
 Does Nebraska want that route closed? I do not say that the Federal Commission 
 would close it, but I do say, without hesitation, that a Federal Commission located 
 in Washington would be much more amenable to the daily and hourly arguments 
 of the Atlantic ports than to occasional visits and letters from those interested in the 
 Gulf ports or in far-away Nebraska. 
 
452 DUTIES AND P0WEE8 OF IKTEBSTATE COMM.EECE COMMISSION. 
 
 It is' astonishing to me that members of Congress are allowed to believe that the 
 West really wants power to fix rates to be vested in a Federal Commission, in 
 which, as now constituted, there is not a single member, except Mr. Yeomans, of 
 Iowa, coming from any part of the territory west of the Allegheny Mountains, and 
 which Commission has its office on the Atlantic Coast, at Washington. Indeed Mr. 
 Yeomans has been away from Iowa so long as to have really become an Eastern 
 man, and the same thing would happen to any Western appointee who shall serve 
 for many years in Washington. No man can divest himself of the subtle influence 
 of his daily environment. With members of Congress it is somewhat different, as 
 they go home in the long vacation and come up for reelection once in two years, 
 and no one can fail to notice the difference in this respect between members of 
 Congress and members of the Senate, who are originally elected for longer terms 
 and rather more liable to secure reelection. 
 
 I believe my friend is right. It has been my experience in going to 
 Washington that you might as well talk to stone men as to present to 
 a committee of Congress any question of abstract justice. They are 
 all so influenced and prejudiced by other considerations. It is a note- 
 worthy fact that all measures before Congress whose object is to par- 
 ticularly benefit the West have a hard fight. If this is so before a 
 body in which the West has representatives, what earthly show would 
 we have for justice with an Interstate Commerce Commission upon 
 which we have no representatives ? 
 
 While I am a railroad man, and you may think I look at this only 
 from a railroad standpoint, you also know that my interests are at 
 Omaha, and an3'thing that will assist in building up our city will receive 
 my heartiest support and cooperation. I verily believe that Omaha 
 will be seriously injured by giving to the Interstate Commerce Com- 
 mission rate-making power. 
 
 I call your attention to the time when Omaha did file a complaint 
 before the Interstate Commerce Commission, and that Commission 
 came here to take testimony and hear arguments in the case. You 
 will remember that the very strongest kind of a case was presented, 
 but it had no more effect upon the Commission than the blowing of 
 the evening wind. 
 
 To-day Omaha occupies an enviable position. We are the gateway 
 for the grain of the West when it is going either to the East or South. 
 We owe this position to those railroads which reach the Gulf of Mex- 
 ico. There is to-day a fight being made by the Eastern roads to take 
 this business away from Omaha and center it in Chicago. If the Inter- 
 state Commerce Commission possessed now the power which many 
 people are seeking to give it, it would not be a week before that Com- 
 mission would so fix rates as to destroy the Gulf competition and take 
 away from Omaha the grain market which is being built up here. 
 
 Another thought: It is proposed that in case of joint tariffs the 
 Interstate Commerce Commission shall fix the proportion which each 
 road shall receive for the through haul. Now the rate on grain from 
 Omaha to Baltimore is, I think, 24 cents, and the proportions are 11 
 cents from Omaha to Chicago and 13 cents from Chicago to Baltimore. 
 That is, the roads west of Chicago receive 11 cents for a 500-mile 
 haul, as against 13 cents for a thousand mile haul on the other side. 
 Now, with an Interstate Commerce Commission made up of eastern 
 men, whose sympathies would be with the eastern roads, having the 
 power to determine the proportion of these rates, do you not see that 
 the rates on the western parts of the line would be materially reduced ? 
 That is, without benefiting the shipper a particle, the western railroads 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 453 
 
 would be injured. If their through business were thus affected, the 
 western roads would have to do one of two things— either increase the 
 local rates, which the people out here would have to pay, or go out of 
 business. It certainly would be a very serious blow to the develop- 
 ment of the West to take from those who are acquainted with our con- 
 ditions, whose sympathies are with us, who are interested in the 
 upbuilding of this part of the nation, and to put into the power of men 
 almost aliens, who have no interest in our welfare, the right to deter- 
 mine what rates our people shall pay for railroad transportation. 
 Yours, truly, 
 
 John R. Webstke, 
 
 Oeneral Mcmager. 
 
 [Opinion of L. E. Johnson, President and General Manager of the Norfolk and Western Kailway.] 
 NOKFOLK AND WeSTEEN RAILWAY COMPANT, 
 
 Roanoke^ Ya. , January 18, 1903. 
 Hon. Stephen B. Elkins, 
 
 Senate, Washington, D. C. 
 
 Deak Sir: Referring to your late letter about Senate bill No. 2439, 
 further to define the duties and powers of the Interstate Commerce 
 Commission, I desire to say that 1 have examined and considered this 
 bill with care. 
 
 The bill is a radical departure from the present law and deprives 
 railroad companies, in matters of procedure and appeal of the ordi- 
 nary rights accorded every litigant. It would appear to be the 
 purpose of this bill to close the doors of the courts to railroad com- 
 panies and to prevent the courts from passing judgment upon the pro- 
 priety and justice of the orders of the Commission. It is difficult 
 to understand why the draftsman of this bill should fear to have a 
 court review the order of the Interstate Commerce Commission, unless 
 it is from the fact that the orders of the Interstate Commerce Com- 
 mission have, in the great majority of cases, been found unjust and 
 erroneous by the courts, where resort had been made to the court for 
 their enforcement. I am told by good authority that of the 24 cases 
 in the official court reports, the Interstate Commerce Commission has 
 failed to sustain the justice of its orders in 20 cases, has only been sus- 
 tained in 3, and in 1 case it was partially reversed and partially 
 sustained. This statement alone, which you readil3' can verify, fur- 
 nishes perhaps the most convincing objection against the bill, and 
 probably explains the desire of the draftsman of the bill to deprive 
 railroad companies of the protection of the courts in contested cases. 
 
 In those cases where the Commission did not appeal to the court, 
 the carriers, in practically every instance so far as is known to me, 
 obeyed the orders of the Commission and as to all such cases there was 
 no need for an appeal to the courts, the orders being reasonable and 
 proper. The bill, however, seems an attempt on the part of doubtless 
 well-intentioned persons to give ejffect to those orders of the Inter- 
 state Commerce Commission which, in the past fifteen years, have 
 failed in practically every instance to obtain the sanction of the courts, 
 due to some substantial error or failure of the Commission to under- 
 stand the situation and view it broadly, doing justice to all interests 
 involved. In short, the only effect of the bill, in view of the history 
 
454 DUTIES AND POWEKS OF INTERSTATE OOMMBEOE COMMISSION. 
 
 of the Commission's orders briefly outlined above, would seem to me 
 to be to carry into effect pendente lite those orders of the Commission 
 which will not stand the scrutiny of the courts because the orders are 
 erroneous. 
 
 In conclusion, let me add, and I hope without being tedious, that 
 the members of the Interstate Commerce Commission do not seem to 
 be unanimous in the view that the Commission should be given the 
 rate-making power. Hon. Charles A. Prouty, in an address before the 
 fifteenth annual meeting of the American Economic Association, at 
 Philadelphia, December 27, 1902, which address is published in The 
 Railway Age, Vol. XXXV, page 22, expressed the opinion that the 
 true solution of the matter would be legislation creating a special tri- 
 bunal which he termed a "commerce court," charged with the duty of 
 reviewing and enforcing the orders of the Commission, and he also 
 suggested that there should be an ultimate appeal from the decisions 
 of the commerce court to the Supreme Court of the United States. 
 His idea then was that the members of the commerce court would be 
 appointed for life, and, as he expressed it, "would, therefore, possess 
 the conservatism of a court." Proceeding, he very frankly pointed 
 out what he conceived to be the advantages of such a new tribunal, 
 and, incidentally, he exposed the weakness of the structure of the 
 present Commission in the following language: 
 
 They (the proposed commerce court) would not come in direct contact with the 
 parties in the same way that a commission does, and hence would be removed from 
 those influences of a quasi personal nature. They would stand responsible to public 
 opinion for the proper discharge of their duties. After all, they would speedily 
 become an expert body, even more familiar with the matters at issue than a com- 
 mission itself, and would be able to act intelligently and promptly. 
 
 The Commission has affirmatively demonstrated by the history of 
 its orders since the act to regulate commerce was passed by Congress 
 in 1887 that the Commission's orders are obeyed where they are rea- 
 sonable, and where they should not be obeyed, because they are unrea- 
 sonable, the rates ordered by the Commission should not be enforced 
 pendente lite. 
 
 In view of the foregoing facts, we believe that the great interests of 
 the shipping public, of markets, of locality, and of the railways them- 
 selves would be positively injured by the passage of the present 
 measure. 
 
 I have no doubt other objections to this bill have occurred to you or 
 will be presented to you by others. I thank j'ou for giving me the 
 opportunity of presenting to you my views with regara to this bill. 
 Truly, 
 
 L. E. Johnson, 
 President mid General Momager. 
 
 [Opinion of tlie president of tlie Erie Railroad Company.] 
 
 Erie Railroad Company, 
 OmcB OF THE President, 
 New York, January 5, WO^. 
 Hon. S. B. Elkins, 
 
 U. S. Senate, WasJ'Sngton, D. O. 
 Mt Dear Sir: Acknowledging the receipt of your valued favor of 
 the 18th ultimo, permit me to apologize for not sooner replying 
 
DUTIES AND P0WEE8 Ob' IUTEE8TATE COMMERCE COMMISSION. 455 
 
 thereto, but a press of other matters has made it impossible for me to 
 give it earlier attention. 
 
 In general, Senate bill 2439, a copy of which you inclose, should not 
 pass. It is in line with a great deal of similar legislation which has a 
 growing tendency to establish business usages by statute, and this is 
 mischievous and should defeat the bill. So long as there is unre- 
 stricted ocean navigation from Port Arthur, Tex., to Portland, Me., 
 so long must there be discriminating and varying rates, to accommo- 
 date the several sections of the country tributary to those ports; and 
 the complications existing are so manifold that it would be quite 
 impossible for any commission to have jurisdiction over them. 
 
 The Interstate Commerce Commission seeks a power that would 
 make it the equal of its creator — the Congress of the United States — 
 and is making continual efforts to induce Congress to endow it with 
 the rate-making power. Its function should be to act as an arbitrator 
 between carriers, shippers, and communities and to indicate the solu- 
 tion of the differences, the final settlement to be made in the courts 
 and not by the Commission. 
 
 It has been written, with truth, that 
 
 The Interstate Commerce Commission has committed itself to a political heresy 
 which, if carried to its logical conclusions, would wreck the commercial and indus- 
 trial interests of this country and endanger the perpetuity of our governmental 
 system. The very idea that five men, of whom three would constitute a majority, 
 can properly direct the course of the commercial and industrial development of the 
 country is too absurd for serious consideration. 
 
 I do not think the common carriers stand for any relaxation of the 
 just and wholesome regulation that may be promulgated by the Inter- 
 state Commerce Commission, but I think every man who stands for 
 good government and for the interests of property should conscien- 
 tiously oppose this bill, and in saying this I am not speaking as the 
 president of a railroad or as the representative of any corporation, 
 but as an American citizen. I do not know that the scope of your 
 letter intended that I should give you my private opinion. I have no 
 official opinion that is fit to quote, and, did I give it, it might be said 
 to be the outgrowth of prejudice; but, in the interests of everyone, 
 the Interstate Commerce Commission should stand where it is, so far 
 as its authority is concerned. 
 
 Yours, truly, F. D. Undebwood, 
 
 President. 
 
 [Opinion of A. E. Wilder, cashier of The Garden City Bank and Trust Company, San Jose, Cal.] 
 
 San Jose, Cal., February 19., 1905. 
 
 Dear Sir: Our attention is directed to an item in the new inter- 
 state-commerce bill,, which, it seems to us, covers a wide stride in the 
 affairs of government. 
 
 The commerce of the country has been created, its territories devel- 
 oped, and its cities built under the systems of the different sections 
 competing for the same market, wherein the railroads, for self-interest, 
 have been compelled to help their respective territories, although they 
 no longer have different rates between the same points; indeed, the law 
 will not permit them to do so. 
 
 Under this system the United States has made greater strides than 
 any other nation in the world. It has at times and in places been sub- 
 
456 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 jected to abuses, such as that pertaining to private car lines, which 
 do not come under the Government's control at all, or in the way of 
 special favors to large interests. These evils should be eradicated, 
 but to give the control of the revenue of the railroads to a commission 
 of live or seven men is a very different matter and, according to men 
 of experience, will increase the rebate evil inasmuch as no railroad 
 will make an open rate if it can help it which may be used by the 
 commission to hammer down its other rates. 
 
 So far as we in California are concerned, if we were put upon a 
 mileage basis we could not compete in the eastern markets with other 
 sections of the United States with anything like equality. Our rates 
 are necessarily lower per mile to and from the East than the railroad 
 rates of other sections. Our railroads are not interfering with our 
 prosperity, but are contributing thereto. 
 
 Aside from this, if millions upon millions of dollars have been 
 invested in good faith in property such as railroads, and they be sub- 
 jected to Congressional action whereby the revenues and thereby the 
 value itself of the property may be placed at the mercy of a commis- 
 sion of men having no financial responsibility therefor, you will create 
 a distrust among our people in all forms of investment that mean 
 progress. You will lessen the initiative in the creation of wealth where 
 large capital is involved and, indeed, change the whole trend of action 
 with reference to investment. 
 
 Go slow; railroads are a part of our commercial life. They are well 
 established and, as we do not suffer thereunder, let us take no chances 
 by overburdening the Commission with power that will cause it to be 
 assailed by every visionary and every self-interest in the country. 
 Yours, truly, 
 
 A. E. Wilder, Cashier. 
 
 Hon. George C. Perkins, 
 
 United States Senator, Washington, D. C. 
 
 [Opinion of J. W. Forgeus, Santa Cruz, Cal.] 
 
 Santa Cruz, Cal., February 17, 1905. 
 Hon. George C. Perkins, 
 
 United States Senator, Washington, D. O. 
 Dear Sir: I observe by the Esch-Townsend bill that the idea is 
 gaining ground with some of our good friends that they have a large 
 proprietary interest.in the railroads, especially if the railroads of their 
 particular locality do not follow the judgment of our friends in the 
 matter of freight rates. The Constitution of the United States says 
 that Congress shall have the power to regulate commerce between 
 States; that was before the existence of railroads. If you will look 
 into the matter I think you will find that the Constitution was drafted 
 with a very careful view of not interfering with property rights then 
 existent in any manner whatsoever. The clause mentioned was to keep 
 the States from quarreling one with another. It seems to me a far cry 
 to construe it to a point of virtually taking charge of the property of 
 the railroad companies. One may quibble as he pleases, but that is 
 what it is when you give control of the revenues over to five lawyers 
 from east of the Missouri River. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 457 
 
 So far as I can make out the only howl from the people is that the 
 fellow with the most freight is apt to club the railroads into giving 
 him something better than they do the little chaps. If you can fix it 
 so that the Interstate Commerce Commission can keep the big fellow 
 from reaching for more than his share or the railroads from lending 
 an ear to his wishes, all right, but do not monkey with the business of 
 the country to please the fellows who would like to have the Govern- 
 ment run everybody's business except their own. This talk about rail- 
 roads being public enterprises is all right, but so are a great many other 
 things; the wheat crop, for example, which I need three times a day. 
 If you really mean business, why not go the whole way and, instead of 
 taxing the enterprise and energy of railroads and other wealth creat- 
 ing factors, tax the inertia of the fellow who sits back while other 
 people make him rich and yowls about their enterprises. 
 
 Some of our friends talk about eminent domain and public franchises 
 as if they were conferring great favors thereby, while as a matter of 
 fact we are very eager to turn such rights, so-called, over to people 
 with enterprise, that these enterprising people may increase the wealth 
 of the community concerned. If you are going to put any strings on 
 franchises in the way of rate regulations, do it when the franchises are 
 granted, but after one million people have invested ten billions of dol- 
 lars in railroads under the impression that they were really buying 
 something do not turn their property over to five lawyers without 
 financial responsibility, drawing $7,500 per year each, and possessing the 
 nerve to think that they can deal justice to this valuable property and 
 to all its patrons with the aid of a few clerks. 
 
 We have no kick out here about railroads and their rates. What we 
 want is service, and you can be sure the railroads can not give it if they 
 can not get the money to pay for it. 
 
 Yours, truly, J. W. Fokgeus. 
 
 [Opinion of Mack & Co., wholesale druggists, San Francisco, Gal.] 
 
 San Francisco, February 21, 1905. 
 Hon. Geokge C. Perkins, 
 
 United States Senate, Waskmgton, D. C. 
 
 Dear Sir: Referring to House of Representatives bill No. 17761, 
 introduced on the 14th of January, 1905, by Mr. Esch, we have care- 
 fully read over this bill, and referring particularly to section 1, 
 wherein it is provided that the Interstate Commerce Commission shall 
 have power and it shall be its duty to declare and order what shall be 
 a just and reasonable rate, it occurs to us that it is proper for us, as 
 merchants, to protest against the enactment of this clause into law, 
 because we, as merchants, are opposed to anybody not intimately 
 interested or connected with our business having a voice in the con- 
 duct of same to the extent of declaring what may upon the surface 
 appear to be a proper return for the service rendered. 
 
 We well know that an intelligent decision in such a matter can not 
 be rendered without going into every detail of our business, and which 
 would manifestly be impossible for the Commission to do in the case 
 of the railroad rates, to enable them to make an equitable and prompt 
 decision of what such rates should be. 
 
 We also are of the opinion that it is delegating more power in this 
 particular instance to the Commission over this phase of the internal 
 
458 DUTIES AND POWEBS OF INTEB8TATE COMMERCE COMMISSION. 
 
 affairs of a quasi public institution, which by giving our tacit consent 
 to or by not protesting against same, than thej' should be entitled to 
 have. For the foregoing reasons, we protest against the enactment 
 of this clause. 
 
 In conclusion, the tendency of such legislation is, in our opinion, to 
 accustom the people to the idea of public ownership of railroad prop- 
 erty, and we are unalterably opposed to such public ownership. Our 
 experience is that competition between private companies has resulted 
 in far greater comfort and benefits to the public than if the railroads 
 were owned by the Government. We have noted this difference par- 
 ticularly during recent travels in Europe, where the railroads are 
 owned by the Government, and the difference in the style, quality, and 
 comfort of the cars as compared with those in this country is so marked 
 that we are strengthened in our view that the Government should not 
 become owners of the railroads. 
 Respectfully, yours, 
 
 Mack & Co. 
 
 Letters from hanks, hankers, owners of railroad stocks, shippers, etc., 
 protesting against the regulation of railroad rates oy the Federal 
 Government. 
 
 The Third National Bank of St. Louis, 
 
 Februa/ry 3, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman, Interstate Commerce Committee, 
 
 United States Senate, Washington, D. C. 
 Dear Sik: I earnestly urge you to give favorable consideration to 
 the advisability of taking no action during this session of Congress in 
 the direction of the proposed legislation covering the making of rail- 
 road rates, etc. 
 
 I am not personally interested in the stocks of any steam railroads, 
 and it is only my interest in the general welfare and prosperity of the 
 country that prompts me to write you on this subject. 
 
 I think it would be ill advised and ill timed not to give thorough 
 and full consideration to a measure which affects so broadly and vitally 
 the interests of banks, investors, and the public generally. 1 am a 
 believer in letting well enough alone, but I have no objection to the 
 proposed legislation if it is found advisable after a full consideration 
 of its many interesting phases. 
 
 However, at this time my best judgment of the subject is that the 
 matter should be approached with a great deal of caution; surely, not 
 hurried through this session of Congress when there is no actual need 
 for such urgency. 
 
 Very truly, yours, C. H. Huttig, 
 
 President. 
 
 The Arizona National Bank, 
 Tucson^ Ariz., FebrvMry 9, 1^05. 
 Hon. S. B. Elkins, 
 
 United States Senator, Washington, D. C. 
 Dear Sir: Eef erring to what is known as the Quarles-Cooper bill, 
 introduced at last session of Congress, if I am correctly informed, 
 this bill is for the purpose of increasing the power of the Interstate 
 
DUTIES AND POWEES OF INTERSTATE OOMMEEOE COMMISSION. 459 
 
 Commerce Commission — in fact, to create a body that will have full 
 power to make and unmake all interstate passenger and freight rates. 
 
 Exercising the right of free speech secure to every citizen, I desire 
 to enter formal protest against the passage of such bill, believing that 
 the present law, which subjects railroad freight and passenger rates to 
 the Commission, is adequate and affords full protection against exces- 
 sive or discriminating tariffs. Especially does it seem to me to be 
 improper to place so much power in the hands of a commission made 
 up of political appointees, familiar neither with sectional conditions 
 nor commercial interests. I fully believe that any modifications they 
 might make would bring about a complete revolution in business 
 circles in the West. 
 
 Under present conditions, and under the law as it now reads, rates 
 have been made and determined by the railroads, and everything is 
 satisfactory, hence well enough should be left alone. 
 
 Hoping for the ultimate defeat of a measure which seems to me to 
 be dangerous in the extreme, I beg to remain, 
 
 Yours, very truly, J. M. Oemsbt. 
 
 The Akizona National Bank, 
 Tucson^ Aris., February 9, 1905. 
 Hon. S. B. Elkins, 
 
 United States Senator, Washington, D. C. 
 
 Dear Sir: Having noticed in the press dispatches from Washing- 
 ton that a bill is before Congress to increase the power of the. Inter- 
 state Commerce Commission, deem it my duty as a citizen interested 
 in the welfare of this section to address you on the subject. 
 
 If I correctly understand the purport of the bilj, the Interstate 
 Commerce Commission will have full power to fix interstate rates and 
 force upon transportation companies compliance with their orders. I 
 believe the provisions of the law as now framed, subjecting existing 
 rates to governmental oversight and safeguarding against unreasona- 
 ble or discriminating rates, are ample, and will always be, if properly 
 administered, and am earnestly opposed to further legislation by which 
 an initiative in fixing rates should be given to a general commission 
 not familiar by special experience with business in hand nor in imme- 
 diate touch with the commercial interests involved. A substantial 
 disturbance of the system of interstate rates now obtaining to and 
 from this Territory would mean disaster to the business interests. At 
 the same time such rates should be supervised, and, in my opinion, 
 plentiful provision to that end exists in the present law. I therefore 
 believe that the proposed changes looking to the increase of authority 
 of the Commission in the sense of vesting it with authority to fix 
 rates are inexpedient and .will be detrimental to the business interests 
 of this community. 
 
 Trusting in the full defeat of a measure so radically at variance 
 with our interests, I beg to remain, 
 
 Very truly, yours, B. M. Jacobs, 
 
 Presidjent. 
 
460 duties and powers of interstate commerce commission. 
 
 The State National Bank, 
 Memphis, Term., February ^2, 1906. 
 Hon. Stephen B. Elkins, 
 
 Chairman Interstate Commerce Ccmmittee, 
 
 Washington, D. C. 
 
 Dear Sir: The proposed legislation by Congress, as embodied in 
 the Esch-Townsend bill of the House, is of far reaching eflfect, and of 
 vast importance to the people of the whole country. It affects every 
 individual and every community, and is one upon which we feel that 
 your committee would like to have expression from as many as possible. 
 
 While it may be admitted that some legislation might be beneficial, 
 we have grave doubts as to the advisability of the measure as now 
 proposed. The question is one of such vast importance that we beg 
 that it shall receive the most careful consideration, and that no hasty 
 or premature action be taken upon the measure. 
 
 We think that the proposed legislation should be left with the people 
 for a while until, at least, a more general expression of their conclu- 
 sions may be had. 
 
 Very truly, M. S. Buckingham^ 
 
 President. 
 
 The Bank of Ventura, 
 Ventura, Gal. , Februarry 15, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman of the Senate Committee on Inter'state Commerce, 
 
 Washington, JD. C. 
 Sir: 1 write you. with reference to a bill now before Congress, 
 known as the Quarles-Cooper bill, which has been drawn with a view 
 to giving the Interstate Commerce Commission greater power. 
 
 Now, I firmly believe they should be given power to abolish the 
 rebate system and to prevent discrimination in favor of private car 
 lines, but I am afraid of the proposition to give them power to regu- 
 late freight rates as between the East and West and vice versa. Under 
 the law as it now stands rates have been made and establishedy by 
 the railroads on what is known as the postage-stamp rate regardless 
 of distance, and I earnestly believe that anything that could interfere 
 with this custom would work great injury to the Pacific coast. 
 
 Respectfully, yours, E. P. Foster. 
 
 Southern Arizona Bank and Trust Company, 
 
 Tucson, Ariz. , February 9, 1905. 
 Hon. Stephen B. Elkins, Washington, D. C. 
 
 Dear Sir: Relative to the Quarles-Cooper bill, now before Con- 
 gress, which bill is drawn with a view of giving the Interstate Com- 
 merce Commission full power to make and unmake all railroad rates, 
 I want to say that while I believe that some changes in the present 
 rate conditions are desirable, I do not think the proper people to make 
 these changes are political appointees, and I believe that such changes 
 as they might make would bring about a complete revolution in busi- 
 ness circles in the West, especially on the Pacific slope, and that it 
 
DITTIES AND POWERS O ' INTERSTATE COMMEBOE COMMISSION. 461 
 
 would be very unwise to delegate this power, unless it was to be given 
 to a high tribunal who should be entirely free from political influence 
 of any kind or character, and whose fitness for their position should be 
 the fact of their having a thorough and complete knowledge and 
 experience in high railroad circles. 
 
 RespectfiSly, N. E. Plumer, President. 
 
 Yolo County Savings Bank, 
 Woodland, Cal., March 17, 1905. 
 Hon. Stephen B. Elkins, Washington, D. G. 
 
 Deak Sik: We have noticed in the press recently a great deal of com- 
 ment upon rate legislation as proposed in the Esch-Townsend bill. It 
 does not strike us that this bill is the correct measure to remedy what 
 the public generally protest against, viz, rebates and discriminating 
 practices said to have been indulged in by certain lines; but, on the 
 contrary, by placing the right to make rates in the hands of the Inter- 
 state Commerce Commission is very apt to work against the best 
 interests of shippers, particularly those of the Pacific coast. The rail- 
 roads have handled the question of rates on commodities produced in 
 our section, viz, green fruit, dried fruit, wine, nuts, raisins, etc., on 
 such lines as to enable our producers to come in competition with the 
 producers located more favorably with relation to eastern markets, 
 upon which we are dependent. We are not sure of the policy that 
 may be considered by the Interstate Commerce Commission as correct 
 for the Pacific coast, but we are inclined to think mileage will cut 
 more figure than heretofore in rate adjustments in case the rate-making 
 power is placed in their hands. This would be ruinous to Pacific coast 
 interests, and we take this means of saying to you that, so far as rate 
 making is concerned, we think it should be left to the carriers, with 
 some means provided to review and adjust promptly questions per- 
 taining to rates that may be considered unfair. 
 Yours, very truly, 
 
 J. I. MoCoNNELL. 
 
 First National Bank, 
 Missoula, Mont. , February 6, 1905. 
 Senator Stephen B. Elkins, Washi?igton, D. C. 
 
 Sir: As a shipper, I am opposed to a commission of five men having 
 absolute authority to make rates for all railroads in the country, as it 
 would be impossible for a commission of that kind to give the business 
 of the country the attention it requires. They would be compelled to 
 make general rates which would be on a mileage basis, and a rate that 
 would apply in one section of the country will not apply in another 
 section, and would absolutely kill many prosperous enterprises here in 
 the West, as all well-managed railroads are willing to assist by making 
 necessary rates to build up enterprises along the line of their road. 
 It very frequently happens that in certain districts cars must be hauled 
 long distances empty. To avoid this long haul of empty cars, railroad 
 companies are willing and do make low rates on commodities in order 
 to load the cars in the direction the empties are going. 1 know several 
 
462 DUTIES AND POWERS OF INTEKSTATE COMMBKCE COMMISSION. 
 
 instances of this kind in our own section of the country at the present 
 time, and know that the railroad companies have madevery low rates 
 in order to build up industries that would give them this required ton- 
 nage to offset the long haul of the empties. These conditions could 
 not and would not be met by a commission such as is proposed, for 
 the reason that it would be impossible for them to investigate such 
 cases and give them the necessary attention, and I had rather take my 
 chances with the railroad company than the commission proposed, to 
 get an equitable rate adjustment, as it would be much easier to reach 
 the traffic men now in charge of such matters, and they would under- 
 stand the conditions more thoroughly than could any commission who 
 were trying to supervise all the railroads of the country. 
 
 The time may come when such a commission will be necessary, but 
 in my judgment that time has not yet arrived. An interstate com- 
 merce commission such as we now have, given more authority along 
 certain lines, is well enough, but I do not believe that a commission 
 of five men can and will do justice to the railroad companies and the 
 shippers at the same time, as the task is far too great, and the shippers 
 will certainly get the worst of it in the end, as the railroad companies 
 would hesitate to put these lower rates into effect, fearing that the 
 commission would want to bring all rates down to that level, as it is 
 well known by the business interests throughout the whole country 
 that some commodities can and should stand higher rates than others, 
 which would make a general rate impractical fixed on a mileage basis. 
 Very truly, 
 
 T. L. Geeenough. 
 
 Consolidated National Bank, 
 Tucson, Ariz. , January W, 1906. 
 Hon. Stephen B. Elkins, United States Senator. 
 
 Deae Sie: Referring to what is known as the Quarles-Cooper bill, 
 which was introduced at the last session of Congress, should this bill 
 become a law the Interstate Commerce Commission will have auto- 
 cratic power to fix interstate rates and enforce a compliance with those 
 rates thus established. It seems to me that the provisions of the law, 
 as it now stands, subjecting existing rates to governmental oversight, 
 fully safeguard against excessive, unreasonable, or discriminating 
 charges, and taking that view of it, I am earnestly opposed to further 
 legislation, by which an initiative in fixing rates should be given to a. 
 general commission not familiar by special experience with the business, 
 nor in close touch with the commercial interests involved. 
 
 Nothing could be more disastrous to the business interests of this 
 western territory than a substantial disturbance of the system of inter- 
 state rates now obtaining to and from this territory, or of the basis on 
 which that system rests, or in the authority by which the rates them- 
 selves are fixed. At the same time I believe that such rates should be 
 supervised, but in my judgment ample provision to that end exists 
 in the law as it now stands, if properly administered. I therefore 
 believe that the proposed changes in the law, looking to an increase 
 of authority in the Commission, vesting it with power to fix rates are 
 inexpedient, and will be inimical to the business interests of this com- 
 munity. Viewing the matter in this light, I trust that no changes will 
 
DUTIES AND POWEES OF INTERSTATE OOMMEECE COMMISSION. 463 
 
 be made in the existing laws governing the powers of the Interstate 
 Commerce Commission. 
 
 With esteem, I beg to remain, respectfully, 
 
 M. B. Freeman. 
 
 Wm. Collins & Sons, Bankers, 
 
 Ventura, Cal., February 10, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman of Senate Committee on Interstate Commerce, 
 
 Washington, D. C. 
 
 Sir: I have read with considerable interest various press dispatches 
 from Washington referring to proposed legislation with view to giv- 
 ing the Interstate Commerce Commission fuller authority, and while 
 I Slink that some action may be necessary along that line I fear that 
 it may be carried to an extreme — this particularly applies to the 
 Quarles-Cooper bill. 
 
 I am in hearty accord with any just measures that may be taken to 
 prevent secret rebates or the abuse of private car lines, etc., but I do 
 not believe that rate-making power should be vested in any Federal 
 body. 
 
 The making of freight rates I believe to be safe in the hands of 
 traffic officials of railroads, whose business it is to be thoroughly 
 posted on the requirements of their respective territories, and I 
 believe this to be more applicable to the Pacific slope than even to 
 other parts of the United States. 
 
 California is a great producing State, and my experience and obser- 
 vation is that the railroad managers have made a successful study of 
 the problem of enabling producers to find a ready market for their 
 products. As a result practically the entire United States is open to 
 us, a fixed rate, usually satisfactory to all, bein^ applicable to all 
 points regardless of distance. Any change in this condition I feel 
 would be to the great detriment of our State, and I would urge that 
 you keep this feature in plain view and that it will actuate you in 
 your action on this measure. 
 
 Kespectfully, yours, J. S. Collins. 
 
 The First National Bank, 
 
 OF San Jose, Cal., 
 
 March 1, 1905. 
 Hon, Stephen B. Elkins, Washington, D. C. 
 
 ! Sir: There is now before your committee a bill granting larger 
 power to the Interstate Commerce Commission. Among other things, 
 the bill contemplates giving them the right to establish railroad rates. 
 I desire to call your attention to some of the existing conditions on 
 the Pacific coast. 
 
 At present we are enjoying a very reasonable rate of $1 per hundred 
 on dried fruits shipped east in boxes. The bulk of our product con- 
 sists of this commodity. The rate is a postage-stamp rate covering all 
 
464 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 territory from the Missouri River to the Atlantic seaboard, and is an 
 extremely liberal one. 
 
 On heavier freight, such as wines, beans, and grain, the rate is even 
 more favorable, because these products can be snipped by water. 
 
 I trust that this matter will appeal to you, and that you will realize 
 the importance of allowing matters to remain as they are at present. 
 We, of the Pacific coast, feel that we are enjoying liberal treatment at 
 the hands of the railroads, and we fear that should this rate-making 
 power be given to the Interstate Commerce Commission the probabil- 
 ities are that they would raise the rate rather than to allow it to remain 
 as it is or to lower it. 
 
 I am, very respectfully, 
 
 Jos. D. Radfoed, President. 
 
 The Garden City Bank and Trust Compant, 
 
 San Jose, Col. , February 19, 1905. 
 
 Dear Sir: Our attention is directed to an item in the new interstate 
 commerce bill which, it seems to us, covers a wide stride in the affairs 
 of government. 
 
 The commerce of the country has been created, its territories devel- 
 oped, and its cities built under the systetas of the different sections 
 competing for the same market, wherein the railroads, for self-inter- 
 est, have been compelled to help their respective territories, although 
 they no longer have different rates between the same points; indeed, 
 the law will not permit them to do so. 
 
 Under this system the United States has made greater strides than 
 any other nation in the world. It has at times and in places been sub- 
 jected to abuses, such as that pertaining to private car lines which do 
 not come under the Government's control at all, or in the way of 
 special favors to large interests. These eVils should be eradicated, 
 but to give the control of the revenue of the railroads to a commission 
 of five or seven men is a very different matter, and, according to men 
 of experience, will increase the rebate evil, inasmuch as no railroad 
 will make an open rate if it can help it which may be used by the 
 commission to hammer down its other rates. 
 
 So far as we in California are concerned, if we were put upon a 
 mileage basis we could not compete in the eastern markets with other 
 sections of the United States with anything like equality. Our rates 
 are necessarily lower per mile to and from the East than the railroad 
 rates of other sections. Our railroads are not interfering with our 
 prosperity, but are contributing thereto. 
 
 Aside from this, if millions upon millions of dollars have been in- 
 vested in good faith in property such as railroads, and they be sub- 
 jected to Congressional action whereby the revenues and thereby the 
 value itself ot the property may be placed at the mercy of a com- 
 mission of men having no financial responsibility therefor, you will 
 create a distrust amon^ our people in all forms of investment that 
 mean progress. You will lessen the initiative in tlie creation of wealth 
 where large capital is involved, and indeed change the whole trend of 
 action witii reference to investment. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 465 
 
 Go slow. Eailroads are a part of our commercial life, they are well 
 established, and, as we do not suffer thereunder, let us take no chances 
 by overburdening the Commission with power that will cause it to be 
 assailed by every visionary and every self-interest in the country.- 
 Yours, trulyj 
 
 A. E. Wilder, Cashier. 
 Hon. Stephen B. Elkins, 
 
 Chairman Interstate Commerce Committee, 
 
 Washington, D. G. 
 
 First National Bank, 
 Salinas City, Cal. , Felruary 22, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman Interstate Commerce Committee, Washington, D. C. 
 Dear Sir: Referring to the Interstate Commerce Commission bill 
 now pending before Congress, we wish to state to you at this time the 
 conditions as we see it. 
 
 This great country of ours, which has been built up entirely from the 
 efforts of private interests and ownership to-day stands foremost as a 
 commercial nation. We in California are enjoying a part of that 
 prosperity, and this has been made possible by the transportation 
 facilities; the railroad rates have been such that we have been able to 
 place our commodities on the Eastern markets and we look with dis- 
 gust upon any legislation that gives the power to make rates upon 
 these commodities to any commission of five or seven men, not doubt- 
 ing but they will endeavor to work to the best of their ability, but is 
 it possible for five or seven men to accomplish such a task? From a 
 business standpoint it must be easier to get the shipper to accept a 
 rebate or a discriminative rate than to get the railroad to give one, and 
 this seems to be the- bone of contention between the large and small 
 shipper, and as the Commission now has the power to stop such prac- 
 tices, we insist that they should endeavor to enforce their powers 
 before asking for more. If they have not sufficient working force or 
 appropriation give them more, but do not place in their nands the 
 power to destroy the business interests of any section of the country, 
 which might be done very easily by a misconception of conditions. 
 Yours, truly, 
 
 J. H. Menke, President. 
 
 Chas. J. Whisman, Cashier. 
 
 Third National Bank, 
 Columbus, Oa. , Fehniary 9, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman, United States Senate, Washington, D. C. 
 Sir: Consultation with numerous customers of ours, in whom we 
 have great confidence and with whom we are in confidential relation, 
 conArinces us that our people do not wish the present bill before Con- 
 gress, giving to the Interstate Commerce Commission the power to 
 make rates to railroads, to pass. 
 
 BY— 05 30 
 
466 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 This city is essentially a manufacturing one, and in consultation with 
 our manufacturers, especially those customers of this bank and all of 
 whom have large investments, we find that they feel their interest 
 would best be conserved by dealing directly with the railroads. 
 
 We are aware of the fact that it is popular to discuss "curbing the 
 roads and standing by the people." If these things are needed, some 
 other plan can probably be evolved other than the bill now before 
 Congress for that purpose. 
 
 Our own relations with railroads have been decidedly pleasant, and 
 as most of the directors in this bank are largely interested in manu- 
 facturing and trade, we feel our own individual interest, that of our 
 customers, and of the bank itself all lead to the conclusion that it would 
 be a wise thing for the bill under discussion to be defeated. 
 
 If you can be of assistance to us in this matter it will be appreciated 
 and remembered by, 
 
 Yours, very truly, Third National Bank, 
 
 By Gr. GuNBY Jordan, President. 
 
 Citizens Savings Bank, 
 Paditcah, Ky. , February 7, 1905. 
 
 Dear Sir: I do not own a share of stock in any steam railroad, but 
 am yet impelled to express mj' views on the subject of the proposed 
 law to establish a commission whose province it may be to establish 
 rates for the transportation companies. 
 
 My interest in this matter is that of one who has the future growth 
 and advancement of the country at heart. 
 
 I am convinced that such a law would be the greatest possible deter- 
 rent to the future building and development of railroads that could be 
 devised. 
 
 At present railroad securities present the safest and most attractive 
 investment now before the people, when stability and remunerative 
 returns on the Investment are to be sought. The millions now invested 
 in such enterprises are doubtless fully understood by you, and to 
 repeat them would be entirely superfluous. That these investments 
 should be disturbed by a law that seems as radical as the one now pro- 
 posed would, from my point of view, prove an incalculable calamity. 
 Men capable of devising equitable tariff rates for transportation should 
 have an extensive schooling in the business, and when it is to be con- 
 sidered that Government commissions are often, if not always, selected 
 for political reasons, and that such appointees are but illy paid, it is 
 not probable that the Government would secure the aid of the kind of 
 talent necessary to handle a proposition of such magnitude. 
 
 The idea of having such private interests or the ownership of such 
 an extensive private property as that represented by the railroads of 
 the country subservient to control of a few men whose tenure is largely 
 political is very repugnant to that held by every good citizen, in my 
 opinion, that what he has earned is his own and should not be absolutely 
 controlled by someone else, even under Government control. The 
 question of controlling rebates and discrimination among clients of rail- 
 roads is one that is no doubt proper, and this matter is now, as I 
 understand it, fully met by the powers of the Interstate Commerce 
 Commission. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 467 
 
 I hope your committee will consider, with more than your usual good 
 attention, the power for evil that such a law may hold, and that the 
 proposed law may be defeated. 
 I am, very truly, yours, 
 
 W. F. Paxton. 
 Senator Elkins, Washington^ D. O. 
 
 American German National Bank, 
 
 Padncah, Ky. , February 8, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman Senate Committee on Interstate Commerce, 
 
 Washington, D. C. 
 Dear Sir: Referring to the House bill which fixes or makes rates 
 for railroad tonnage, I desire to say that in my opinion it will be a 
 dangerous experiment and react upon the business of the country 
 generally. Therefore I desire to enter my protest. 
 
 1 do think, however, that a bill regulating the rates so far as to insure 
 us against rebates and discriminations would be a most excellent 
 measure. 
 
 Yours, very truly, Geo. C. Thompson, President. 
 
 People's Savings Bank, 
 Sacramento, Cat., February 22, 1905. 
 Hon. S. B. Elkins, 
 
 U. S. Senator, Washington, D. C. 
 
 My Dear Sir: In the pi'ess dispatches from Washington I notice 
 there is a bill before Congress known as the Quarles-Cooper bill, which 
 is drawn with the view of giving the Interstate Commerce Commission 
 full power to make and unmake all interstate passenger and freight 
 rates. I deem it my duty as a citizen interested in the welfare of Cali- 
 fornia to address you on this subject. 
 
 Some changes in our present rate conditions may be necessary, but 
 I do not think the changes should be made by political appointees; for 
 I really believe that any modifications they might make would bring 
 about a complete revolution in business circles in the West, and espe- 
 cially on the Pacific coast, to its great detriment. 
 
 It has always appeared to me that interstate rates affecting the inter- 
 ests of this coast have been fixed by the railroad with a knowledge and 
 appreciation of our conditions, which we could not expect in the case 
 of any Federal commission, which is usually composed of members 
 who are wholly appointed from parts of the country removed from the 
 Pacific coast. 
 
 Under the law as it now reads and under present conditions rates 
 have been made and determined by the railroads by which our manu- 
 facturers and others have been able to find a market for their goods 
 naturally tributary to them. For the commercial interests of the 
 Pacific coast it is most important that the system of rate making should 
 not be done on a mileage basis from the East to the West, and vice 
 versa, and 1 would ask that you give this measure very careful con- 
 sideration before lending it your support. 
 
468 DUTIES AND POWERS OF INTBKSTATB COMMERCE COMMISSION. 
 
 1 deem it unnecessary to say more on this subject, feeling that the 
 expressions contained herein and those from others interested in this 
 matter will bring it before you in such a way that the interests of the 
 Pacific coast will be fully protected. 
 
 Yours, truly, Geo. W. Lorenz, Cashier. 
 
 People's Savings Bank, 
 Sacramento, Oal., February 23, 1905. 
 Hon. S. B. Elkins, 
 
 United States Senator, Washington, D. G. 
 
 Dear Sir: I see by the newspapers that there is a bill before Con- 
 gress to increase the powers of the Interstate Commerce Commission, 
 said bill being known as the Quarles-Cooper bill, and the intention of 
 same being as stated — ^to increase the powers of the Interstate Com- 
 merce Commission; in other words, to give them full power to make 
 and unmake all interstate passenger and freight rates. 
 
 I think perhaps some of the rates might be changed or modified, but 
 to make a complete revolution in the business circles in the West, 
 especially on the Pacific slope, would be a great detriment to this 
 coast. So far as I know, the experience of the Pacific coast manufac- 
 turers, jobbers, and merchants has shown that interstate rates, in so 
 far as they have borne on the interest of this coast, have been fixed by 
 the railroads with a knowledge and appreciation of conditions that 
 could not be expected from a Federal commission whose members are 
 appointed from parts of the country removed from the Pacific coast, 
 who therefore do not have the knowledge of the situation as interested 
 parties in California have. 
 
 It is my honest conviction that the rate making should not be done 
 on the mileage basis from the Atlantic to the Pacific at the present 
 time; and under the law as it now reads rates have been determined 
 by the railroads, by which the Pacific coast manufacturers and others 
 have been able to find a market for their goods tributary to them. 
 I think it would be disastrous to the business interests of this coast if 
 the present rates should be disturbed and interfered with. 
 
 I have talked with a great many shippers in San Francisco, Fresno, 
 and Sacramento, and they all seem to take the same view as I do in 
 this matter. I would suggest that you give this your careful consid- 
 eration, and see if you do not see it in the same light as I do. I hon- 
 estly think I express the feelings of the shipping communitv, at least 
 from our own locality; and what would apply to Sacramento, San 
 Francisco, and Fresno would apply to the wnole Pacific coast. 
 I remain, yours, respectfully, 
 
 Wm. Beckman, 
 President Peoples Samings Bank and 
 
 ex-Railroad Commissioner of California. 
 
 Savannah, Ga., February 16, 1905. 
 Hon. Stephen B. Elkins, 
 
 United States Senator, Washington, D. C. 
 Dear Sir: In common with many others who are interested in the 
 welfare and prosperity of railways, I beg respectfully to call your 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 469 
 
 attention to the inclosed clipping from the New York Times, which 
 fully conveys the sentiments of holders of railway securities in this 
 section. A few years ago nearly every railway in the South was 
 bankrupt, thereby entailing on many the loss of a lifetime's savings. 
 Then the roads were reorganized. Many of our people are largely 
 interested in their securities, and now an interstate commission is 
 likely to be appointed to fix rates, which, if carried through by the 
 Senate, will most likely prove disastrous to railwa3'^s and to investors 
 in their securities. Rebates are wrong, oppressive rates are wrong. 
 Pooling is considered desirable. The aim should be just and fair rates 
 and the railway officials are far more competent to adjust these matters 
 than any commission that can be formed. 
 Claiming your kind indulgence for trouble. 
 Very truly and respectfully yours, 
 
 May I trouble you for a reply? 
 
 Malcolm Maclean. 
 
 Office of the P. B. & H. Moulding Co., 
 
 Syracuse, JV. Y., FAruary 7, 1905. 
 Hon. Stephen B. Elkins, 
 
 Ohairman Interstate Commerce Committee. 
 Dear Sik: As a stockholder in the Erie Railroad Company 1 am 
 opposed to the Interstate Commission for fixing rates for transportation. 
 I am a manufacturer. Would you believe anyone outside of a per- 
 son in daily contact with our workmen could fix the wages to my 
 employees — why is it not applicable to rates for transportation of 
 freights? 
 I am opposed to placing such authority in the hands of a commission. 
 Yours, very truly, 
 
 Francis Hall. 
 
 Zabriskie, Burrill & Murray, Counsellors at Law, 
 
 New York, lehruary 8, 1905. 
 Dear Sir: As the holder of stocks of a number of railroad com- 
 panies, and representing other persons who hold stocks in very con- 
 siderable amounts, I beg to protest against the project now under 
 consideration in Congress to confer Upon the Interstate Commerce 
 Commission, and against the idea of conferring upon any Government 
 agency, the power to fix rates for railroads. 
 
 While in common with most other persons I recognize the evils of 
 secret rebates and of other devices by which some shippers receive 
 advantages over other shippers, I also am persuaded that the making 
 of rates by any tribunal or commission under authority of the Gov- 
 ernment would be injurious both to the owners of railroad property 
 and to the public. 
 
 Respectfully, yoursi, 
 
 George Zabriskie. 
 Hon. Stephen B. Elkins, 
 
 Chairman of the Committee on Interstate Commerce 
 
 of the United States Senate, Washi/ngton, D. C. 
 
470 DUTIES AND POWERS OF INTERSTATE COTVIMEROE COMMISSION. 
 
 Savannah, Ga., February 9, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chcdrman Senate Oommittee on Interstate Comrnerce, 
 
 Washington, D. G. 
 
 Being a large holder of railway securitiea, I have wanted to write 
 you on the "rate question," but reading in the Wall Street Journal 
 of the 8th instant the inclosed slip, which is identical with my views, 
 1 send the same rather than writing you a long letter. Kindly read 
 the clipping, which I trust may be in accord with views of your own. 
 An acknowledgment would be appreciated. 
 
 Yours, truly, Geo. J. Mills. 
 
 THE RATE QUESTION. 
 
 To the Editor of the Wall Street Journal: 
 
 Notwithstanding the babel of voices over the subject of interstate-commerce regu- 
 lation, I venture to offer something by way of assistance in finding a path out of the 
 confusion. Agitation has gone far enough. We have had sufficient general declama- 
 tion that something ought to be done. What is most needed from this time on is 
 sober consideration as to what is right and proper to be done. 
 
 I desire in the first place to admit that there are two sides to the question, and 
 that behind the furious effort to obtain further legislation there is to some extent 
 valid reason. Except for the opposition from the railroad interests, the wish for 
 more legislation would soon be gratified. There is one point of difficulty in the 
 situation, which, if removed, would tend greatly to diminish the opposition from the 
 railroad companies, and serve to clear the way for final disposition of the trouble. 
 
 In about all the bills which have been formulated it seems to have been regarded 
 as proper and necessary to provide that a rate fixed by the Commission in substitu- 
 tion for the railroad company's rate should prevail during the interval, until after 
 hearing and determination by the courts. If this provision were reversed, and the 
 railroad company's rate allowed to stand until final action by the court, it seems to 
 me that about all the ground for objection on the part of the railroad companies 
 to the other features of proposed legislation would be removed. Can not the advo- 
 cates of new meaaures be induced to yield on this proposition? To the most drastic 
 law for the eradication of unjust discrimination in any form there is, or should be, 
 unanimous consent. That thing is a public enemy and outlaw, and the license to 
 destroy it should be conceded by everybody. There is very much in this admission 
 to the advantage of the shippers. 
 
 In the creation of the Commission provision is already made by which anybody's 
 complaint against a railroad company may be prosecuted at the Government's 
 expense. 
 
 "The present objection to delay encountered in the prosecution before the courts of 
 issues between the Commission and the railroad companies may be removed by the 
 establishment of a new court to take special cognizance of such issues. Another con- 
 cession to shippers in this connection can be made. In order to avoid any willful 
 purpose on the part of the railroad company to cause delay by dilatory action in 
 takmg an appeal from an order of the Commission let it be provided that if within 
 fifteen or thirty days the railroad company fails to take an appeal the rate fixed by 
 the Commission shall go into effect. 
 
 With all these points of advantage secured to the shippers can they reasonable 
 object to the right of the railroad companies to have their rates prevail until set 
 aside by the courts? Does not the claim for this right rest upon solid ground? 
 
 In the conduct of railroad business railroad managers stand in precisely the same 
 attitude with respect to receipts and expenditures as the managers of any industrial 
 enterprise. They are continually measuring their income alongside their expenses. 
 For them there is no appropriation from public funds to make up deficiencies. They 
 either keep their heads above water or drown in receiverships. They are necessarily 
 large borrowers of money. Vast interest payments must be met by them at various 
 intervals throughout the year. Their cost of supplies and the wages of their 
 employees are always being raised as high as they can be. Demands are incessant 
 for increased facilities to meet the wants of the public. Taxes gradually increase 
 upon them, as well as the rnanifold burdens which legislatures in the exercise of 
 police power put upon them in the form of track elevation in cities, the elimination 
 
DllTIES AND POWERS OF INl'SESTAtfi COMMEKOE COMMISSION. 471 
 
 of grade crossings over highways, and the various other methods and devices pre- 
 scribed for the protection of Hfe and property. 
 
 Confronted by all these and other unmentioned responsibilities, for which revenue 
 out of the operations of the business alone must be derived, 'is it in accordance with 
 any known business, economic or legal principle, that traffic oiBcials may be inter- 
 fered with in making the delicate and complicated adjustment of revenues to obliga- 
 tions, except by judicial proceedings and order of the courts? Even courts, which 
 must be the final arbiter in such matters, should exercise their authority with the 
 greatest caution and conservatism on the proposition to disturb the work of trained 
 experts, whose whole time is given to the study of rate-making problems. The 
 court has only the testimony of witnesses for its guide, but most men are more capa- 
 ble in thought than in speech. Many traffic men upon the witness stand could not 
 properly set forth all the facts, reasons, and intuitions by means of which a rate had 
 been determined upon. They could not do justice to their case. They would be 
 far better at their desks or in conference with associates. 
 
 What managers of a large industrial enterprise would want to take the risk of 
 disaster to their business involved in a scheme which permitted the selling price of 
 their commodities to be continually interfered with by an outside authority, respon- 
 sible in no way for the obligations of the concern? How much more may the appre- 
 hension of railroad officials be stirred at the contemplation of such a condition with 
 the much vaster volume of obligations and expenses than attach to ordinary business 
 institutions? 
 
 Furthermore, in the light of past experience, would it not seem rather unaccount- 
 able that advocates of further legislation should regard as a matter of course the 
 propriety of allowing the Commission's rate to stand in preference to that of the 
 traffic men until action by the courts? Since the Commission was established it has 
 taken issue in the courts with the railroad companies on the reasonableness of rates 
 forty-three times, and lost its contention forty-one times. With a record like that 
 for erroneous judgment, why should the presumption of reasonableness be given to 
 the rates fixed by the Commission instead of those fixed by the railway companies? 
 
 I would suggest to the opposing forces in this controversy a compromise along the 
 following line: The creation of a legal tribunal with special jurisdiction of contro- 
 versies between the Commission and the railway companies on the question of rates; 
 the continuance of the railway companies' rates after being declared unreasonable 
 by the Commission until set aside by the court; the Commissioner's rate to go into 
 effect, however, if within fifteen days after the decision of the Commission the rail- 
 way companies should fail to take an appeal; any enactment designed to remove the 
 last vestige of unlawful discrimination m any form whatsoever. 
 
 Amicus Cubi.s;. 
 
 Amekicus, Ga. , February 9, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chai/rman Committee on Interstate Oom/merce, 
 
 Washington, D. C. 
 Deae Sie: Being the owner of some railroad securities I wish to 
 write you in reference to the bills now pending in Congress regulat- 
 ing the power of the Interstate Commerce Commission. As I under- 
 stand it this or these bills virtually take the fixing of freight rates out 
 of the carriers or railroads' hands and vests it in the above Commission, 
 and I believe that this will not result to the best interests of the coun- 
 try at large, as it will be next to an impossibility to pick out a repre- 
 sentative body of men who will give each and every section of this 
 country that rate to which it may be entitled. This seems to me to be 
 taking one's property out of one's hands and dictating what profit it 
 shall or shall not be entitled to. I do not believe that such power to 
 a small body of men will encourage the building of railroads, and we 
 have yet a vast amount of territory to be covered. No one but the 
 owner in actual charge of an enterprise can tell the cost of equipment 
 and of running same. I believe that unjust discrimination, rebates, 
 cutting of rates, etc. , should be legislated upon, but I do not believe 
 
472 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 an}'^ bill allowing the Interstate Commerce Commission to dictate the 
 charge which shall be made by each and every railroad to be a just 
 one, as it virtually means a great reduction in the valuation of railroad 
 stock and a curtailment of any more railroad lines. 
 Very truly, yours, 
 
 Mrs. Elizabeth Jakrett Eldeidge. 
 
 Hon. Stephen B. Elkins, 
 Hon. Wm. p. Hepburn, 
 
 Chairmen. 
 Gentlemen: I am a large holder of the securities of the Erie Rail- 
 road Company, and I am in favor of any law to be enacted that will 
 Erevent the cutting of rates, unjust discriminations, and all other dis- 
 onest practices that would be beneficial not only to the public in 
 general, but to the railroads as well. 
 
 It is, however, the opinion of those who have had the best oppor- 
 tunity for studying the situation, that it would be a serious mistake 
 to have a bill passed authorizing the Interstate Commerce Commission 
 to fix rates for transportation. 
 
 I am, gentlemen, yours, very truly, 
 
 Eduard N. Tailek. 
 New York, February 7, 1905. 
 
 New York, Fehruary 11, 1905. 
 Hon. Stephen B. Elkins. 
 
 Dear Sir: I do not know as it is necessary to protest against such a 
 hasty piece of legislation as the passage of the Townsend-Esch bill in 
 the House, for I feel fully assured that the experience and business 
 ability in the Senate will fully correct the wild action of the House. I 
 am retired from business, have invested money in good railroad stock, 
 and feel that intrusting the power of fixing railroad rates to an inter- 
 state commission is an extremely dangerous measure in more ways than 
 one. 
 
 A measure fraught with such consequences certainly deserves serious 
 consideration, and not such action as has been seen in the House. While 
 measures to prevent unjust discriminations on the part of the railroads 
 may be for good, the fixing of rates by the Interstate Commerce Com- 
 mission is wholly for evil and should not become a law. 
 Yours, very truly, 
 
 Edward A. Morrison. 
 
 L. Levy & Co., 
 
 New York, FebrvMry 6, 1905. 
 Hon. Stephen B. Elkins, Olmirman. 
 
 Dear Sir: At the suggestion of President Underwood, of the Erie 
 road, we take the liberty of writing you to express our views with 
 regard to the disposition of bills now before your committee relative 
 to the railway rate question. 
 
 We represent holders, both in this country and abroad, of large 
 quantities of railway securities, and are both personally and collat- 
 
DUTIES AKD POWERS OP INTEE8TATB COMMERCE COMMISSION. 473 
 
 erally interested in the subject ourselves, acting frequently in the 
 capacity of advisers to our share of the investing public. 
 
 As such it may not be presumptuous for us to put before you our 
 opinion on a subject of so vital a nature to everyone. 
 
 We consider that any measure "that will prevent the cutting of 
 rates, unjust discriminations, and all other dishonest practices" will 
 be an unmixed blessing, but we are equally firm in our conviction 
 that nothing could be more dangerous and pernicious to the last degree 
 than placing the power of fixing rates for transportation with the 
 Interstate Commerce Commission. 
 
 Aside from the fact that this would be opposed to all ideas of 
 American business principles, and destructive to a great extent of 
 that liberty of action which underlies our whole commercial progress, 
 it would, in our judgment, work no end of harm to the stability of 
 values throughout this whole country. 
 
 That this Government, through some properly appointed official, 
 could supervise or enforce the honest conduct of the railway business 
 is admissible, but that it should in any way interfere with or dictate 
 the actual rates is, in our humble opinion, absolutely inadmissible. 
 We are squarely and strongly opposed to the Interstate Commerce 
 Committee having the power to fix rates. 
 
 We beg to remain, with great respect, very truly, yours, 
 
 L. Levy & Co. 
 
 American Fiscal Coeporation, 
 
 N&uo York, Februa^ 7, 1905. 
 Hon. Stephen B. Elkins, 
 
 Senate Ckamher, Washington, D. O. 
 My Dear Senator: I write you with reference to the bills relating 
 to interstate commerce now under consideration by the Committees on 
 Interstate and Foreign Commerce of the Senate and House of Repre- 
 sentatives of the United States, of which you are chairman of the Sen- 
 ate Committee. 
 
 Am a very small shareholder of railroad securities, in fact, almost 
 too insignificant to address you or Mr. Hepburn's committee on the 
 subject, but of course have a general interest in such affairs, and to 
 my mind any bill or bills which would arbitrarily fix rates of trans- 
 portation over the different lines of railroads in the United States 
 would be a distinctively bad measure. It would be the entering wedge 
 of Governmental control of the railroads of the United States, and 
 would interfere not only with corporate rights but private rights as 
 well. 
 
 Yours, very truly, William Babcock, , 
 
 President. 
 
 Strafford Savings Bank, 
 
 Dover, N. H., January 27, 1905. 
 Hon. Stephen B. Elkins, Ohdrman. 
 
 Dear Sir: We are large holders of railroad stocks and bonds, and 
 while we are in complete accord with the President in his desire to 
 prevent rebates and all unjust discriminations, we can not agree with 
 
474 DUTIKS AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 him that this can best be accomplished by giving to the Interstate 
 Commerce Commission unlimited power to fix rates. 
 Very truly, 
 
 E. R. Brown, President. 
 
 The Continental Insurance Company, 
 
 Wew York City, January 30, 1905. 
 Hon. Stephen B. Elkins, 
 
 Chairman Committee on Interstate Commerce, 
 
 The Senate, Washington, D. C. 
 Dear Sir: This company is a large holder of railroad stocks and 
 bonds, and, while we favor legislation that will prevent unfair discrim- 
 ination, we desire respectfully but earnestly to protest against the 
 enactment of any law giving to the Interstate Commerce Commission 
 the power to make rates, believing as we do that such legislation is 
 unwise and unnecessary, in that it will — 
 
 First. Give power to a few men comparatively inexperienced in 
 such matters to fix a value upon a service that must be performed 
 whether the compensation payment is adequate or not, and so is likely 
 to work a hardship upon the thousands of security holders who are 
 the real owners of the railroads. 
 
 Second. Because competition has in the past resulted in as good 
 service, at lower rates, by the railroads of the United States as is to 
 be found in the world, and it is fair to assume that like results will be 
 had in the future. 
 
 If away Qould be found to prevent overcapitalization in connection 
 with all corporations engaged in interstate-commerce business there 
 would, in our opinion, be no need for any other remedial legislation. 
 Yours, very truly, 
 
 Henry Evans, President. 
 
 ^) 
 
 St. Louis, Mo., February ^, 1905. 
 Hon. S. B. Elkins, 
 
 Chairman Interstate Commerce Committee, 
 
 United States Senate, Washington, D. C. 
 
 Dear Sir: My attention is attracted to legislation proposed for 
 making rates for railroads, etc., and I take the liberty of urging that 
 no action be taken in that direction at this session of Congress. 
 
 It is a subject of vital importance, affecting the interests of the gen- 
 eral public not only in the matter of railroad rates, but the vast invest- 
 ment interests of the general public in railroad securities as well; hence 
 it seems desirable that a full hearing should be had by your honorable 
 committee befoi'e any definite measures are determined upon. 
 
 If it were only a question of the general good in controlling railroad 
 charges, the necessity for, exhaustive investigation might not obtain; 
 but the general public is extensively interested as holders of the secu- 
 rities of said railroads, and it is a matter of grave doubt as to which is 
 the most important interest. What is deflected in one channel, if any- 
 thing, is returned to the same parties through the medium of the other, 
 and only a very careful analysis of the subject will determine in which 
 direction rests the public good; hence the apparent necessity for defer- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 475 
 
 ring action beyond this session, in order that the subject may be 
 exhaustively treated by your honorable committee before definite 
 action is observed. 
 
 I am, dear sir, yours, respectfully, 
 
 Geo. T. Cram, President. 
 
 Office of Superintendent of the Poor, 
 
 Wayne County, 
 Lyons, JV. I", Feh'imry 6, 1905. 
 Hon. Stephen B. Elkins, 
 Hon. Wm. p. Hepburn. 
 
 Dear Sirs: As a railroad stockholder I do not object to a law being 
 enacted that will prevent the cutting of rates or paying of rebates. 
 1 believe in giving the small shipper just as good a chance as the large 
 one, but I do not think it is right for the President to appoint a set 
 of men to make railroad rates; and 1 do not think it is just to the 
 stockholders and owners to have some outsider say what the rate 
 shall be. 
 
 I hope you will use your influence as far as you can to prevent such 
 an act being passed. 
 
 Yours, very truly, 
 
 J. S. Jordan. 
 
 40 Wall Street, 
 iVW Torh, Fehnmry 7, 1905. 
 Hon. Stephen B. Elkins. 
 
 Sir: As an owner of a number of shares of the stock of several rail- 
 road companies, both individually and as trustee, as a depositor and 
 stockholder in banks and trust companies, as the holder of policies in 
 life and fire insurance companies, I respectf ullj' state that I am opposed 
 to the passage of any railway rate bills empowering the Interstate 
 Commerce Commission to fix, i. e., reduce, rates, for the following 
 reasons: 
 
 Such a law would clothe an irresponsible body of men, appointed by 
 the President, with power, by limiting and reducing the revenues of 
 railroad companies, to determine the value of mj securities and the. 
 amount of income I shall receive, with power to render valueless my 
 life and fire insurance policies and to jeopardize my interest as stock- 
 holder or depositor in banks, trust companies, etc. It could conceiv- 
 ably operate to confiscate the property which I have worked all my 
 life to acquire. 
 
 Apart from pers6nal considerations, such power conferred upon seven 
 Presidential appointees would place in their power the earnings and 
 savings of over 1,200,000 railroad employees, with their families — 
 say, 5,000,000 of people; of 1,000,000 shareholders, or 4,000,000 or 
 5,000,000 persons; of 7,000,000 savings-bank depositors; many mil- 
 lions of holders of policies in life, fire, and other insurance companies; 
 indeed, of practically everyone in the United States who has inherited, 
 earned, or saved money, be the sum large or small. 
 
 That rebates, unjust discriminations, and other dishonest practices 
 should be prevented goes without saying; but as these are illegal 
 
476 DUTIES AKB POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 under present laws it seems superfluous to clothe a body with further 
 powers when it does not exercise the powers it already possesses nor 
 enforce the laws already enacted. 
 
 Respectfully, yours, Wm. Morton Gbinnell. 
 
 Savannah, Felruary 27, 1905. 
 Hon. Stephen B. Elkins, 
 
 United States Senate, Washington, D. C. 
 
 Dear Sir: I take the liberty of writing you, on behalf of rayself 
 and a number of my friends who are larg-ely interested in railway 
 properties, as to the bill now before the Senate for the control of 
 railroad rates throughout the United States. 
 
 I am heartily in opposition to thebili, as I believe the operation of 
 such a measure would be tantamount to the confiscation of all the 
 rail lines in the country. The ownership of all the railways by the 
 Government is so adverse to the principles of our form of govern- 
 ment that 1 hardly believe any political party could dare to promote 
 such a measure. It would be almost impossible for the appointment 
 of a Federal railway commission which would make fair and just 
 rates, owing to the fact that politicians not conversant with the busi- 
 ness would be appointed, and not competent, impartial individuals. 
 
 On the other hand, the people have many grievances which should 
 be redressed, as the businesses of many firms have been ruined by 
 railroad rebates. If the Government should pass a stringent law 
 preventing all possibilities of rebates, I think the public should be 
 satisfied and the railways would be able to earn fair interest on their 
 vested properties. 
 
 1 am, dear sir, yours, very respectfully, 
 
 J. F. Minis. 
 
 Pittsburg, Pa., Februaryd, 1905. 
 Hon. Stephen B. Elkins, 
 
 United States Senate, Washington, D. O. 
 Dear Sir: As a stockholder in the Erie Railroad Company, I am 
 requested by Mr. Underwood, president of the company, to write you, 
 protesting against the passage of the present House railroad-rate bill. 
 1 do this the more readily as it seems to me that such an important 
 matter as this should not be hurried through in the manner in which 
 the legislation has been handled in the House, because it seems to me 
 that the bill is defective and unjust to railroad companies and their 
 stockholders in allowing the rate to be fixed by the Interstate Com- 
 merce Commission during the time litigation may be in progress 
 between shippers and the railroad companies as to alleged unjust rates. 
 It seems to me that while a certain amount of control of rates by a 
 Government commission is advisable, to place in the hands of any 
 body of men the arbitrary right to fix rates prior to judicial investiga- 
 tion involves the granting of too great power to any body, however 
 honest they may personally be. I am heartily in favor of legislation 
 prohibiting rebates, but believe that I voice the sentiment of railroad 
 stockholders generally against placing the power, such as is contem- 
 plated, in any body prior to judicial determination. 
 Very sincerely, 
 
 C. F. Patterson. 
 
DUTIES AND POWERS OF INTEHSTATE COMMERCE COMMISSION. 477 
 
 San Fkancisco, Cal., February'31, 1905. 
 
 Mt Dear Sir: I beg to take the liberty to protest through 5'ou 
 against the Quarles- Cooper bill now pending before your honorable 
 body, having as its aim and object certain antirailroad legislation which 
 the manufacturing interests I represent believe to be harmful in the 
 highest degree to commercial interests, particularly in California and 
 to the country as a whole. 
 
 The interests I represent are employing an average of 1,000 mechan- 
 ics each and every working day in the year, and such employment 
 would be seriously affected if power is vested in the Interstate Com- 
 merce Commission to establish rates of freight; particularly would 
 this be so if the rates were to be made upon a mileage basis, which I 
 understand is the method proposed to be adopted if the bill above 
 referred to becomes effective. 
 
 We are marketing quite a percentage of our product in the large east- 
 ern consuming centers, and thereby come in direct competition with the 
 manufacturers at or near these consuming centers who are operating 
 upon short hauls, and if the rates on our products from this coast were 
 baaed upon mileage on the same basis of rates applying for short hauls 
 in the Eastern States it would preclude the possibility of our market- 
 ing any of our products in these particular markets, which would have 
 the effect of lessening our output and thus materially reducing the 
 number of our employees. 
 
 Without questioning the integrity or the ability of the gentlemen 
 that may now or later compose the Interstate Commerce Commission, 
 I do not believe siich a body is competent to name rates, with due con- 
 sideration to the different conditions surrounding shipments arising 
 from so manv different points and from so many different lines of 
 railways. W^e believe, as a matter of fact, that conditions as they 
 arise from time to time and not traffic managers make the freight rates. 
 1 do not believe that the small number of members of which the Inter- 
 state Commerce Commission is composed are qualified, notwithstanding 
 the great amount of clerical assistance they may call to their aid, to 
 take the place of the large number of traffic officials that now have the 
 naming of the different rates of freight. 
 
 We are quite certain that if the bill above referred to becomes a 
 law our interests will be materially affected, and we do not believe 
 that it is your disposition to permit an injury to be done to coast 
 interests, particularly those of California, without a protest on your 
 part, and to this end I address you as above. 
 
 Yours, very truly, 2. S. Cather, Secretary. 
 
 Hon. Geo. C. Perkins, 
 
 United States Senator, Washington., D'. G. 
 
 Hon. Stephen B. Elkins, . ^hico, Cal. , Feh^^ry 8, WbZ. 
 
 Ohairmam, Senate Committee Interstate Com.merce, 
 Congressman Hepburn, 
 Geo. C. Perkins, 
 
 DUNOAN McKlNLAY, 
 
 Washington, D. C. 
 Gentlemen: As a citizen of California, an extensive shipper of its 
 products, interested in all things which make for the growth and wel- 
 fare of this State, I desire .to address you on the subject of the pro- 
 
478 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 posed legislation to increase the power of the Interstate Commerce 
 Commission. 
 
 The bill referred to is the Quarles-Cooper bill, which is drawn with 
 the view of giving the Commission full power to make and unmake all 
 interstate passenger and freight rates. 
 
 The great railroad interests of the West are so linked and cemented 
 with our commercial life that such power, when vested in the Commis- 
 sion, might bring about a complete revolution in business to the 
 detriment of the Pacific coast. 
 
 At present the rates here are fixed with full knowledge of the con- 
 ditions in the growing West. The railroad interests promote and 
 encourage the development of the country; rates are fixed with full 
 appreciation of our conditions, which could not be expected in the case 
 of a Federal commission, whose members are chiefly, if not wholly, 
 appointed from parts of the country remote from the Pacific coast. 
 
 We deem it the utmost importance to the commercial interests here 
 that the system of rate making should not be done on a mileage basis 
 from the East to the West, or vice versa. 
 
 Our manufacturers, producers, merchants, and jobbers, under pres- 
 ent conditions, have been able to find a market for our production, and 
 have met the railroad interests on common ground in arranging such 
 rates as would tend to build up the West, all interested in common. 
 Nothing could be more disastrous to the business interests on this coast 
 than disturbance in the manner of making these interstate rates. 
 
 As one of your constituents, would ask that very careful considera- 
 tion be given this measure before lending it your support. 
 
 -fours, respectfully, j,_ ^_ Reynolds. 
 
 Los Angeles, Cal. , February 10, 1905. 
 Mr. Stephen B. Elkins, Chairman Interstate Commerce Commission 
 
 Committee, Senate; 
 Mr. William P. Hepburn, Chairman Interstate Comm.erce Commis- 
 sion Committee, House of Representatives; 
 Mr. James McLaughlin, Congressman ^Seventh District; 
 Mr. Thomas R. Bard, Senator, 
 
 Washington, D. C. 
 Gentlemen: There has been a great deal of comment on a bill now 
 before Congress to grant increased powers to the Interstate Commerce 
 Commission, empowering them to name, publish, and maintain inter- 
 state freight and passenger rates. 
 
 Having thoroughly studied the interests of the Pacific coast, have 
 concluded that should such legislation be adopted it would be very 
 detrimental to us. The conditions at present existing and the powers 
 at present invested in the Interstate Commerce Commission meet all 
 requirements, and any such radical change as is contemplated by the 
 Quarles-Cooper bill, or any other measure in sympathy therewith, 
 would cause a ^reat disturbance in commercial conditions, which at 
 present are satisfactory. This proposed legislation being a matter of 
 so much importance to us, we deem it expedient at this time to direct 
 you attention thereto and have no doubt but that you will seriously 
 interpose objections to the adoption of any such measures. 
 
 Respectfully, yours, , , ..^ 
 
 ^ •' •' ' Llewellyn Iron Works, 
 
 By Reese- Llewellyn, President. 
 
LIST OF LETTERS, PETITIONS, RESOLUTION'S, AND TELEGRAMS 
 IN FAVOR OF THE PASSAGE OF A BILL FOR THE REGULATION 
 OF FREIGHT RATES, ETC. 
 
 A. A. Bumham, secretary National Business 
 League, Chicago, lU. 
 
 John J. Scales, chairman Refrigerator Car Lines 
 Committee of the National League of Commis- 
 sion Merchants, assembled at New Orleans, 
 La. 
 
 L. A. Rosing, acting secretary Minnesota Muni- 
 cipal and Commercial League, in convention 
 assembled. 
 
 Henry W. Pratt, secretary Boston Branch of the 
 National League of Commission Merchants, 
 Boston, Mass. 
 
 John D. Wiley, secretary Detroit Branch of Na- 
 tional League of Commission Merchants, of 
 Detroit, Mich. 
 
 J. B. Boyer, secretary Liberty League, of Grand 
 Junction, Colo. 
 
 W. C. Webber, vice-president, American Society of 
 Equity, of Rochester, Minn. 
 
 Greenspring Farmers' Institute Society, of Green- 
 spring, Ohio. 
 
 Chas. C. Gilbert, secretary South Woodlawn Im- 
 provement Society, of Pawtucket, R. I. 
 
 Milo Ward, secretary Commercial Exchange, 
 Des Moines, Iowa. 
 
 Maurice M. Wall, chairman Buffalo Lumber Ex- 
 change, Buffalo, N. Y. 
 
 John W. Wenmann, secretary Indianapolis Fruit 
 and Produce Commission Merchants' Exchange, 
 of Indianapolis, Ind. 
 
 John Floyd, secretary Grain and Flour Ex- 
 change, of Pittsburg, Pa. 
 
 A. Gassaway, secretary Toledo Produce Ex- 
 change, Toledo, Ohio. 
 
 S. H. Herrick, secretary Riverside Fruit Ex- 
 change, kiverside, Cal. 
 
 A. T. Hamilton, manager Ontario-Cucamonga 
 Fruit Exchange, Upland, Cal. 
 
 John P. Dunn, secretary Duarte-Monrovia Fruit 
 Exchange, Duarte, Cal. 
 
 L. Garvey, president St. Louis Fruit and Produce 
 Exchange, St. Louis, Mo. 
 
 James F. Parker, New York Produce Exchange, 
 New York, N. Y. 
 
 T. S. Midlands, secretary Merchants' Exchange, 
 San Francisco, Cal. 
 
 Ernest Schneider, secretary Cincinnati Furniture 
 Exchange, Cincinnati, Ohio. 
 
 R. P. Woodbury, secretary Kansas City Live 
 Stock Exchange, Kansas City, Mo. 
 
 George H. Coller, secretary Youngstown Build- 
 ers' Exchange, Youngstown, Ohio. 
 
 John McNamara, secretary Denver Real Estate 
 Exchange, Denver, Colo. 
 
 L. N. Van Hook, secretary St. Louis Cotton Ex- 
 change, St. Louis, Mo. 
 
 C. W. Baker, secretary Chicago Live Stock Ex- 
 change, Chicago, 111. 
 
 E. F. Creson, president Builders' Exchange, 
 Memphis, Tenn, 
 
 B. F. Southwick, secretary Boston Fruit and 
 Produce Exchange, Boston, Mass. 
 
 Earl P. Van Luven, secretary San Bernardino 
 County Fruit Exchange, San Bernardino, Cal. 
 
 Geo. H. Morgan, secretary Merchants' Exchange, 
 St. Louis, Mo. 
 
 Board of Directors of the Savannah Cotton Ex- 
 change, Savannah, Ga. 
 
 Wilbur Walker, secretary Merchants' Exchange, 
 Oakland, Cal. 
 
 W. W. Beatty, secretary Grain and Flour Ex- 
 change, Pittsburg, Fa. 
 
 Chas. L. Hutchines, Travelers and Merchants' 
 Association, Baltimore, Md. 
 
 R. C. Irvine, secretary Sacramento Jobbers' Asso- 
 ciation, Sacramento, Cal. 
 
 Chas. H. Knapp, chairman Travelers and Mer- 
 chants' Association, Baltimore, Md. 
 
 Wm. P. Boynton, secretary Alton Retail Mer- 
 chants' Association, Alton, 111. 
 
 Henry A. Riese, Western Fruit Jobbers' Associa- 
 , tion, Bloomington, 111. 
 
 C. W. Bailey, secretary Business Men's Associa- 
 tion, Geneva, 111. 
 
 C. F. Grantz, secretary Moline Business Men's 
 Association, Moline, 111. 
 
 W. C. B. Tobbins, secretary Massachusetts Whole- 
 sale Lumber Association, of Boston, Mass. 
 
 Frederick W. Rank and others, of the Moline 
 Retail Merchants' Association, of Moline, 111. 
 
 R. M. Millican, secretary Post J, Indiana Division, 
 Travelers' Protective Association, Evansville, 
 Ind. 
 
 J. M. Pritchard, secretary Indiana Hardwood 
 Lumbermen's Association, Indianapolis, Ind. 
 
 F. L. Davis, secretary State Dairymen's Associa- 
 tion, Montpelier, Vt. 
 
 C. B. Riley, secretary Indiana Grain Dealers' 
 Association, Winamac, Iiid. 
 
 J. G. Thomas, secretary Post R, Travelers' Protec- 
 tive Association of America, Muncie, Ind. 
 
 W. D. Chambers, secretary Travelers' Protective 
 Association of America, Post G, Terre Haute, 
 Ind. 
 
 A. Glese, secretary South Side Business and Im- 
 provement Association, of Columbus, Ohio. 
 
 C. B. Jenkins, secretary Ohio Millers' State Asso- 
 ciation, Marion, Ohio. 
 
 G. P. Mix, secretary Palouse Implement Dealers' 
 Association, Moscow, Idaho. 
 
 A. N. Wiseley, secretary Northwestern Ohio Swine 
 Breeders' Association, of Ottawa, Ohio. 
 
 The Wholesale Lumber Dealers' Association, of 
 Cleveland, Ohio. 
 
 Hylton Swan, secretary United States Export 
 Association, New York, N. Y. 
 
 Edward P. E. Troy, secretary Richmond District 
 Improvement Association, of San Francisco, 
 Caf 
 
 Reinbeck Branch Iowa Meat Producers' Associa- 
 tion. Reinbeck, Iowa. 
 
 Will J. Hacker, secretary Post M, Illinois Divi- 
 sion, The Travelers Protective Association of 
 America, Danville, 111. 
 
 B. H. Whitney, secretary Wholesale Lumber 
 Dealers' Association, Toledo, Ohio. 
 
 Chas. B. Ware, secretary St. Louis Manufactur- 
 ing Association, St. Louis, Mo. 
 
 H. J. Hodge, secretary Western Retail Imple- 
 ment and Vehicle Dealers' Association, assem- 
 bled in Kansas City, Mo. 
 
 E. E, Williamson, commissioner Receivers and 
 Shippers' Association of Cincinnati, Cincin- 
 nati, Ohio. , T, . 
 
 Receivers and Shippers' Association of Dayton, 
 
 Jas. M. Reilly, secretary New Jersey Lumher- 
 men's Protective Association, Newark, N. J. 
 
 M. S. Mathews, secretary Minnesota Retail Hard- 
 ware Association and Retail Hardware Dealers' 
 Mutual Fire Insurance Company, Minneapolis, 
 Minn. , ^ . „ 
 
 L. 0. Whitney, secretary Merchants and Manu- 
 facturers' Association, Milwaukee, Wis. 
 
 479 
 
480 DUTIES AND P0WEB3 OF INTERSTATE COMMBBOE COMMISSION. 
 
 E. F. Perry, secretary National Wholesale Lum- 
 ber Dealers' Association, New York, N. Y. 
 
 R.M.Millioan, secretary Post J, Indiana Division, 
 Travelers' Protective Association, Evansville, 
 Ind. 
 
 Geo. W. Hotchkiss, secretary Illinois Lumber 
 Dealers' Association, Chicago, 111. 
 
 Alexander Helper, secretary Commercial Asso- 
 ciation, Danville, Va. 
 
 C. H. Mclsaac, secretary Manufacturers' Associa- 
 tion, Portland, Oreg. 
 
 J. W. McCord, secretary Ohio Shippers' Associa- 
 tion, Columbus, Ohio. 
 
 E. Goodwin, secretary Manufacturers and Pro- 
 ducers' Association of California, San Francisco, 
 Cal. 
 
 W. C. Ramsdell, secretary Business Men's Associa- 
 tion, Middletown, N. Y. 
 
 C. C.Hopkins, secretary Fernando Fruit Growers' 
 Association, Fernando, Cal. 
 
 Chas. L. Hutchines, secretary Travelers and 
 Merchants' Association, Baltimore, Md. 
 
 P. J. Zeehandelaar, secretary Merchants and 
 Manufacturers' Association, Los Angeles, Cal. 
 
 W. S. Hill, secretary Efetall Implement Dealers' 
 Association, Alexandria, S. Dak. 
 
 H. A. Wray, secretary South End Business Men's 
 Association, Chicago^ 111. 
 
 Louis F. Henry, chairman legislation committee. 
 Business Men's Association, Bloomington, 111. 
 
 E. A. HardmaUj chairman Gentralia Retail Mer- 
 chants' Association, Centralia, 111. 
 
 Henry C. McLean, secretary Carriage Builders' 
 National Association, Wilmington, Del. 
 
 J. F. Madden, secretary Placer County Fruit 
 Growers' Protective Association, assembled at 
 Loomis, Cal. 
 
 W. F. Stevens, secretary the Lasalle Retail Mer- 
 chants' Association, Lasalle, 111. 
 
 Whittier Citrus Association, Whittier, Cal. 
 
 Frank D. Askew, president Wholesale Saddlery 
 Association of the United States, Kansas City, 
 Mo. 
 
 J. H. Johnson, secretary Oklahoma TrafBc Asso- 
 ciation, Oklahoma City, Okla. 
 
 The Dubuque Shippers' Association, Dubuque, 
 Iowa. 
 
 R. H. Bennett, jr., secretary Merchants' Credit 
 Association of California, San Francisco, Cal. 
 
 R. A. Kellogg, secretary Western Pince Shippers' 
 Association, Spokane, Wash. 
 
 H. L. Resing, Southwestern Kansas and Okla- 
 homa Implement and Hardware Dealers' Asso- 
 ciation, Wichita, Kans. 
 
 R. E. Pettus, secretary Huntsville Wholesale Gro- 
 cers' Association, Huntsville, Ala. 
 
 C. F. Martin, secretary National Live Stock Asso- 
 ciation, assembled at Portland, Oreg. 
 
 Geo. C. Houghton, secretary New England Shoe 
 and Leather Association, Boston, Mass. 
 
 Geo. A. Stibbens, secretary Grain Dealers' National 
 Association, Chicago, 111. 
 
 E. K. Curtis, secretary Merchants' Association, 
 Lafayette, Ind. 
 
 Board of Directors, Atlantic Freight Bureau, At- 
 lanta, Ga. 
 
 R. F. Clary, secretary North Montana Roundup 
 Association. 
 
 J. C. Burgy, secretary Southwestern Mercantile 
 Association, St. Louis, Mo. 
 
 Geo. H. Birdsall, secretary Fruit and Produce 
 Trade Association, New York, N. Y. 
 
 Illinois Manufacturers' Association. 
 
 Ulrich Z. Ellis, secretary Dayton Commercial 
 Association, Dayton, Wash. 
 
 Chas. G. Adams, secretary Auburn Business 
 Men's Association, Auburn, N. Y. 
 
 H. H. Hemenway, secretary Colorado and Wyo- 
 ming Lumber Dealers' Association, Colorado 
 Springs, Colo. 
 
 C. F. Martin, secretary the National Live Stock 
 Association, assembled at Portland, Oreg. 
 
 Chas. P.Keith, secretary the Citizens' Trade Asso- 
 ciation, Cambridge, Mass. 
 
 O. C. Smith, president the Western Association 
 of Shoe Wholesalers, Chicago, 111. 
 
 L. C. Whitney, secretary Merchants and Manu- 
 facturers' Association, Milwaukee, Wis. 
 
 Cash Bartlett, secretary the Howard Commercial 
 
 Club, Howard, Kans. 
 Geo. P. Money, secretary the Commercial Club, 
 
 Las Vegas, N. Hex. 
 W. M. Cline, secretary Red Wing Commercial 
 
 Club, Red Wing, Minn. 
 The Business Men's Club of Cincinnati, Cincin- 
 
 naU, Ohio. 
 Jno. H. McDonald, secretary Commercial Club of 
 
 Walla Walla, Wash. 
 W. B. Reed, secretary Council Bluffs Commercial 
 
 Club, of Iowa. 
 H. V. Eva,- secretary the Commercial Club, Du- 
 
 luth, Minn. 
 Andrew Finstuen, secretary the Kenyon Com- 
 mercial Club. 
 RoUand Shaver, secretary the Commercial Club, 
 
 Cedar Rapids, Iowa. 
 F. W. Edgerton, secretary Richmond Hill Repub- 
 lican Club, Richmond Hill, N. Y. 
 C. E. Hollingsworth, secretary the Weber Club, 
 
 Ogden City, Utah. 
 Rogers Scribner, secretary Millers' Club of Iowa, 
 
 Des Moines, Iowa. 
 Jas. W. Dvorsky, secretary the Commercial Club 
 
 of Iowa City, Iowa. 
 Eva T. Putnam, president Twentieth Century 
 
 Club, Newcastle, Wyo. 
 A. G. Brunsman, chairman Carriage Makers' 
 
 Club, Cincinnati, Ohio. 
 William Belmisch, secretary Will County 
 
 German-American Republican Club, of Joliet, 
 
 111. 
 
 E. P. Wilson, secretary Manufacturers Club, Cin- 
 cinnati, Ohio. 
 
 Joseph Feeney, secretary Lead Commercial Club, 
 Lead, S. Dak. 
 
 Millard F. Bowen, secretary Manufacturers' Club, 
 Buffalo, N. Y. 
 
 Henry Neill, secretary South Dakota and South- 
 western Minnesota Millers' Club, Madison, 
 S. Dak. 
 
 Chas. A. Muehlbronner, secretary Pittsbuig 
 Branch, National League of Commission Mer- 
 chants of the United States, Pittsburg, Pa. 
 
 The Kansas Federation of Commercial Interests, 
 assembled at Topeka, Kans. 
 
 L. B. Boswell, commissioner Quincy Freight Bu- 
 reau, Quincy, III. 
 
 J. E. Hundley, commissioner Fort Smith Traffic 
 Bureau, Fort Smith, Ark. 
 
 £. P. Bacon, chairman executive committee of 
 the interstate commerce law convention, assem- 
 bled at St. Louis, Mo., October 28-29, 1904, Mil- 
 waukee, Wis. 
 
 H. T. Moore, traffic manager Atlanta Freight Bu- 
 reau, Atlanta, Ga. 
 
 Jos. Ismert, manager Pinckneyyille Milling Com- 
 pany, Pinokneyville, 111. 
 
 R. F. Someryille, grand secretary the Grand 
 Council of Ohio Grievance and Information 
 Bureau, Cincinnatij Ohio. 
 
 Geo. S. Gardiner, president Eastman, Gardiner & 
 Co., Laurel, Miss. 
 
 C. F. White, manager Grays Harbor Commercial 
 Company, Cosmopolia, Wash. 
 
 J. C. Kerley, secretary board of trustees of the 
 Republic Chamber of Commerce and Mines. 
 
 F. W; Frasius, secretary Southwestern Grain and 
 Flour Journal, Wichita, Kans. 
 
 J. W. Wilson, secretary the Corn Belt Meat Pro- 
 ducers' Association, of Sao County, Sao City, 
 Iowa. 
 
 The Corn Belt Meat Producers' Association of 
 Henry County, Iowa. 
 
 The Corn Belt Meat Producers' Association of 
 Dallas County, Iowa. 
 
 P. O'Neil, secretary the Com Belt Meat Pro- 
 ducers' Association of Humboldt County, Liver- 
 more, Iowa. 
 
 H. C. Stevens, secretary the Com Belt Meat Pro- 
 ducers' Association of Carroll County, Iowa. 
 
 H. W. Gridley, president the Com Belt Meat Pro- 
 ducers' Association of Montgomery County, 
 Iowa. 
 
 Fred Larrabee, secretary the Com Belt Meat 
 Producers' Association of Webster County, Fort 
 Dodge, Iowa, 
 
DUTIES AND POWERS OF INTEK6TATE COMMERCE COMMISSION. 481 
 
 E. H. Mallory, secretary the Corn Belt Meat Pro- 
 ducers' Association of Franlilin County, Hamp- 
 ton, Iowa. 
 
 Henry Parsons, secretary the Corn Belt Meat 
 Producers' Association of Calhoun County, 
 Kockwell City, Iowa. 
 
 H. B. McKee, secretary the Com Belt Meat Pro- 
 ducers' Association of Hamilton County, Web- 
 ster City, Iowa. 
 
 Geo. C. White, secretary the Corn Belt Meat Pro- 
 ducers' Associations of Story County, Nevada, 
 Iowa. 
 
 The Corn Belt Meat Producers' Association of 
 Poweshiek County, assembled at Orinnell , Iowa. 
 
 C. W. Hunt, secretary the Corn Belt Meat Pro- 
 ducers' Association of Harrison County, Iowa. 
 
 Geo. Black, secretary Kansas State Grange, 
 Olathe, Kans. 
 
 Hubert CSiambers, secretary Silver Grange, No. 
 1702, R. F. D., Hillsdale, Iowa. 
 
 Thos. Keady, secretary State Grange of Illinois, 
 Patrons of Husbandry, Dunlap, 111. 
 
 W. N. Garrett, master Grange No. 628, Patrons of 
 Husbandry, Occanum, N. Y. 
 
 Edward M. Lyman, New Jersey State Grange, 
 Parkridge, N. J. 
 
 Pennsylvania State Grange, Patrons of Hus- 
 bandry, Thompsontown, Pa. 
 
 Cora A. Duntou, secretary Phillipston Grange, 
 Phillipston, Mass. 
 
 Anna L. Hopkins, secretary Grange No. 8, Con- 
 way, Maes. 
 
 J. A. Dockeray, secretary Coral Grange, No. 791, 
 Coral, Mich. 
 
 J. W. Archer, secretary Lockhart Grange, Lock- 
 hart, W. Va. 
 
 Edward H. Ryder, master Danbury Grange, No 
 156, Danville, Conn. , 
 
 Thos. Hurst, master Elk Greek Grange, No. 997, 
 Lundys Lane, Fa. 
 
 E. B. Palmer, secretary Fellow Patrons of Ches- 
 ter and Delaware counties, Pennsylvania, Po- 
 mona Grange, No. 3, Wallingford, Pa. 
 
 Fairview Grange, No. 1540, Hicksville, Ohio. 
 
 H. G. Carothers, chairman Patrons of Husbandry 
 of Huntsburg Grange, No. 1588, Huntsburg, 
 Ohio. 
 
 Secretary Stark County Pomona Grange, Beach 
 City, Ohio. 
 
 Wm. T. Joos, secretary Charter Oak Grange, No. 
 1685, Illinois Patrons of Husbandry, Peoria, 111. 
 
 A. A. Yeomans, master Franklin Grange, WyckoH, 
 N.J. 
 
 J. E. Yates, secretary State Grange of Illinois, 
 Patrons of Husbandry, Dunlap, 111. 
 
 E. C. Gurney, secretary Ramsay Grange, No. 135, 
 Ramsay, N. J. 
 
 W. L. Miller, secretary Gold Hill Grange, No. 326, 
 Lincoln, Cal. 
 
 F. D. Coburn, secretary Kansas Department of 
 Agriculture, Topeka, Kans. 
 
 John M. True, secretary Wisconsin State Board of 
 
 Agriculture, Madison, Wis. 
 Homer Myers, secretary Farmers' Institute, Reno 
 
 County, Kans., assembled at Hutchinson, Kans. 
 Farmers' Institute, consisting of farmers, beef 
 
 producers, shippers, and citizens of Kossuth 
 
 County, Iowa. 
 
 B. J. Bergeson, secretary Farmers' Institute of 
 Palo Alto County, Graettinger, Iowa. 
 
 Farmers' Institute of Page County, assembled at 
 
 Shenandoah, Iowa. 
 Farmers' Institute of Delaware County, Iowa. 
 Farmers' Institute of Scott County, Iowa. 
 
 E. A. Hill, secretary Iowa Farmer and Stock 
 Raisers, Marshall County Branch of Corn Belt 
 Meat Producers' Association, Iowa. 
 
 Alma Roller Mills, wheat flour. Alma, Hich. 
 Janeway & Co. , manufacturers of paper hangings. 
 New Brunswick, N. J. 
 
 F. B. Wright & Co., manufacturers, Spokane, 
 Wash. 
 
 Jewett Fruit and Fish Company, Sioux Falls, S. 
 
 Dak. 
 B. C. McCroBsan Fruit Company, wholesale fruits, 
 
 Sioux Falls, 8. Dak. 
 Anchor Buggy Company, carriage manufacturers, 
 
 Cincinnati, Ohio. 
 
 R. Rumbel & Son, bale tjes, oil, wire, etc., Omaha, 
 Nebr. 
 
 Binghamton Chair Company, manufacturers of 
 artistic chairs, Binghamton, N. Y. 
 
 J. Hungerford Smith Company, manufacturing 
 chemists, Rochester, N. Y. 
 
 The Dayton Malleable Iron Company, Dayton, 
 Ohio. 
 
 The B. L. Marble Chair Company, manufacturers 
 of chairs and rockers, Bedford, Ohio. 
 
 The Dow & Snell Company, manufacturers and 
 importers wholesale groceries, Toledo, Ohio. 
 
 Wm. Bailey & Son, manufacturers of paper hang- 
 ings, Cleveland, Ohio. 
 
 The A. A. Kraft Company, manufacturers of har- 
 ness^ saddles, etc., Spokane, Wash. 
 
 The Enterprise Manufacturing Company, rosettes 
 and ornaments, Akron, Ohio. 
 
 Rockford Palace Furniture Company, manufac- 
 turers of bookcases, china closets, music cabi- 
 nets, desks, etc., Rockford, 111. 
 
 Monroe Dry Plate Works, manufacturers of photo- 
 graphic dry plates, Jamestown, N. Y. 
 
 F. B. Wright & Co., wholesale and retail artists' 
 materials, picture framed, wall paper, paints, 
 oils, etc., Spokane, Wash. 
 
 Lester Piano Company, Philadelphia, Pa. 
 
 L. L. Satler Lumber Company, wholesale lumber, 
 Pittsburg, Pa. 
 
 Miller-Bryaut-Pierce Company, manufacturers of 
 typewriter ribbons, carbon, and typewriter pa- 
 pers, Aurora, 111. 
 
 Bush & Lane Piano Company, Chicago, 111. 
 
 J. N. Harpham, live stock, real estate, and loans. 
 Sterling, 111. 
 
 Mayflower Mills, manufacturers of flours and 
 mill feed. Fort Wayne, Ind. 
 
 Chicago Pharmacal Company, Chicago, 111. 
 
 Halsey Brothers Company, pharmacists, Chicago, 
 
 Crofts & Reed, soap makers, Chicago, 111. 
 
 The Lord & Bushnell Company, manufacturers 
 of lumber, Chicago, 111. 
 
 The Otley Manufacturing Company, manufactur- 
 ers of cement, Chicago, 111. 
 
 Kellogg Switchboard and Supply Company, tele- 
 phone switchboards, etc., Chicago, 111. 
 
 American Luxfer Prism Company, shippers, Chi- 
 cago, 111. 
 
 Armstrong Cork Company, manufacturers of 
 corks, Chicago, 111. 
 
 Olbrich & Golbeck Company, manufacturers of 
 sideboards and buffets, Chicago, 111. 
 
 Louis Han.son Company, manufacturers of mir- 
 rors and furniture, Chicago, 111. 
 
 Quaker Manufacturing Company, furnaces and 
 heating appliances, Chicago Heights, 111. 
 
 John Sexton & Co., wholesale grdcers, Chicago, 
 111. 
 
 Heath & Milligan Manufacturing Company, paint 
 and color makers, Chicago, 111. 
 
 Steel Roll Machine Company, laundry equip- 
 ment manufacturers, Chicago, 111. 
 
 Francis Beidler & Co., lumber, Chicago, 111. 
 
 Max Levy &. Co., jobbers and brokers in cuUet, 
 Chicago, 111. 
 
 Enameled Steel Sign Company, steel enamel and 
 lithograph signs, Chicago, 111. 
 
 Chapman & Smith Company, manufacturers of 
 confectioneries, Chicago, 111. 
 
 South Chicago & Calumet Lumber Company, 
 Chicago, 111. 
 
 United States Pharmacal Company, Chicago, 111. 
 
 Shea, Smith & Co., manufacturers of stationery, 
 Chicago, 111. 
 
 R. P. Smith & Sons Company, boots and shoes, 
 Chicago, 111. 
 
 Electrical Installation Company, Chicago, 111. 
 
 Corbin Sons & Co., importers and wholesale 
 grocers, Chicago, 111. 
 
 Great Western Smelting and Refining Company, 
 metals, Chicago, 111. 
 
 Eiseman, Kaiser & Co., leather goods, Chicago, 
 111, 
 
 Union Special Machine Company, elastic stitch 
 sewing machines, etc., Chicago, 111. 
 
 James C. Woodley & Co., fireproof roofings, Chi- 
 cago, 111. 
 
 BY— 05- 
 
 -31 
 
482 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 Sail Mountain Asbestos Manufacturing Com- 
 pany, asbestos materials, Chicago, HI. 
 
 Morgan Sash and Door Company, sash, doors, and 
 blinds, Chicago, 111. 
 
 E. J. Davis Manufacturing Company, sash, doors, 
 and blinds, Chicago, 111. 
 
 Price & Teeple Piano Company, Chicago, 111. 
 
 Heywood Brothers & Wafeefield Company, Chi- 
 cago, 111. 
 
 P. & F. Corbin, manufacturers of hardware, Chi- 
 cago, 111. 
 
 Moline Wagon Company, manufacturers of the 
 "New Moline" wagon, Moline, 111. 
 
 L. Kiper & Sons, manufacturers of saddlery, Chi- 
 cago, 111. 
 
 Chicago Hardware Foundry Company, _ North 
 Chicago, 111. 
 
 Morgan Electric Machine Company, manufac- 
 turers of electrical machinery. East Chicago, 
 Ind. 
 
 Devoe & Reynolds Company, Chicago, 111. 
 
 The Chicago Linoleum Company, Chicago, 111. 
 
 The Cadillac Automobile Company, Chicago, 111. 
 
 Kellogg-Mackay-Cameron Company, manufac- 
 turers of radiators, steam and hot- water heaters, 
 Chicago, 111. 
 
 C. W. Marks Shoe Company, wholesale shoes and 
 slippers, Chicago, 111. 
 
 Bradley & Vrooman Company, paint makers, 
 Chicago, 111. 
 
 Chicago Retort and Fire Brick Company, manu- 
 facturers of fire-clay goods, Chicago, 111. 
 
 Miller & Hart, packers, Chicago, 111. 
 
 Chicago Malleable Castings Company, West Pull- 
 man, Chicago, 111. 
 
 William H. Hoops & Co., wood mantels and con- 
 soles, Chicago, 111. 
 
 E. B. Millar & Co., spices, etc., Chicago, 111. 
 
 Electrical Appliance Company, electrical sup- 
 plies, Chicago, 111. 
 
 Cole Mlanufacturing Company, range? and heat- 
 ers, Chicago, 111. 
 
 Peter Van Schaack & Sons, drugs, Chicago, 111. 
 
 Studebaker Brothers Manufacturing Company, 
 carriage builders, Chicago, 111. 
 
 Sparks Milling Company, manufacturers of flour, 
 Alton, 111. 
 
 Hapgood Plow Company, manufacturers of riding 
 and walking plows, Alton, 111. 
 
 Hutcbines Roller Swing Company, swings, Alton, 
 111. 
 
 Hancock Disc Plow Company, plows, Alton, 111. 
 
 National Music Company, publishers of sheet 
 music, Chicago, 111. 
 
 Aermotor Company, Chicago, 111. 
 
 Toby RubovitSjprinter and binder, Chicago, 111. 
 
 S. J. Stebbina Hardware Company, jobbers and 
 retailers, Chicago, 111. 
 
 E. H. Sargent & Co., chemicals, microscopical 
 apparatus supplies, Chicago, 111. 
 
 The Continent Shoe Company, Chicago, III. 
 
 Thomson & Taylor Spice Company, Chicago, 111. 
 
 Wm. Grus & Son, tailors, Chicago, 111. 
 
 Elijah T. Harris, Chicago, 111. 
 
 Geo. H. Van Pelt, manufacturer of lasts, dies, 
 and patterns, Chicago, 111. 
 
 Chicago Specialty Box Company, bottlers' sup- 
 plies, Chicago, 111. 
 
 M. Ritchie & Co., manufacturers of fancy boxes, 
 Chicago, 111. 
 
 Bach, Becker & Co., raw furs, skins, and sinaeng, 
 Chicago, 111. 
 
 Spielmann Brothers Company, manufacturers of 
 vinegar, Chicago, 111. 
 
 Hubbard Portable Oven Company, ovens, Chi- 
 cago, III. 
 
 Arthur J. Thompson & Co., dried beans, pease, 
 and apples, Chicago, 111. 
 
 Barrett Manufacturing Company, tank-car line, 
 Chicago, 111. 
 
 Webster Manufacturing Company, engineers, 
 founders, and machinists, Chicago, HI. 
 
 E. Schneider & Co., candies, Chicago, 111. 
 
 Jahn & Oilier Engraving Company, designers, 
 Chicago, 111. 
 
 Tonk Manufacturing Company, piano stools and 
 scarfs, Chicago, 111. 
 
 Kelley, Mau.s & Co., hardware, iron, and steel, 
 Chicago, 111. 
 
 Manierre-Yoe Syrup Company, refiners and pre- 
 servers, Chicago, 111. 
 
 A. P. Callahan & Co., Chicago, 111. 
 
 Hart Grain Weigher Company, Peoria, 111. 
 
 L. E. West Gum Company, manufacturers of 
 " West's cream gum," Rock Island, 111. 
 
 Millers' National Federation, Sparta, 111. 
 
 Royal Mantel and Furniture Company, royal 
 mantels and furniture, Rockford, 111. 
 
 Union Furniture Company, manufacturers of 
 oak, walnut, birch, and mahogany furniture, 
 Rockford, 111. 
 
 H. W. Buckbee, seed and greenhouses, Rockford, 
 111. 
 
 Burson Knitting Company, manufacturers of fash- 
 ioned hosiery, Rockford, 111. 
 
 The Ingeraoll Milling Machine Company, manu- 
 facturers of milling machines, Rockford, III. 
 
 B. F. Barnes Qompany, manufacturera of tools, 
 drills, and lathes, Rockford, 111. 
 
 America Heating Company, Rockford, 111. 
 
 Skandia Furniture Company, manufacturers of 
 furniture, Rockford, 111. 
 
 Elmore Coal Company, coal merchants, Rock- 
 ford, 111. 
 
 Rockford Lumber and Fuel Company, Rockford, 
 HI. 
 
 Haddorff Piano Company, manufacturers of 
 pianos, Rockford, 111. 
 
 Nelson Knitting Company, manufacturers of 
 seamless hosiery, Rockford, 111. 
 
 Andrews Wire and Iron Works," manufacturers of 
 wire goods, Rockford. 111. 
 
 Rockford Manufacturing Company, manufac- 
 turers of agricultural implements, Rockford, 
 HI. 
 
 American Suspender Company, manufacturera of 
 suspenders, Aurora, HI. 
 
 Wootnawn Farm Company, cattle, horses, etc.. 
 Sterling, 111. 
 
 Freeport Railway, Light, and Power Company, 
 Freeport, 111. 
 
 W. P. Mesler & Co., manufacturers of fruit boxes 
 and baskets, Cobden, 111. 
 
 The Wilder- Manning Tanning Company, tan- 
 ners, Waukegan, 111. 
 
 J. L. Nichols & Co., wholesalers Bibles, subscrip- 
 tion books, etc., Naperville, 111. 
 
 Curtis Mason, manufacturers of harness, Aatoria, 
 111. 
 
 Newton Wagon Company, wagon manufacturers, 
 Batavia, 111. 
 
 Comatock-Avery Furniture Company, furniture, 
 carpets, etc., Peoria, 111. 
 
 Williams, White & Co., coal chutes, Moline, HI. 
 
 Bliss & Laughlin, manufacturers of turned shaft- 
 ing, Harvey, 111. 
 
 May Brothers, manufacturers of windmills, etc., 
 Galesburg, HI. 
 
 SchillerPianoCompany, manufacturers of pianos, 
 Oregon, 111. 
 
 Benj. F. Horn, East St. Loui.i. III. 
 
 Sandwich Manufacturing Company, corn shell- 
 eis, etc.. Sandwich, 111. 
 
 The La Salle Pressed Brick Company, pressed 
 brick, La Salle, 111. 
 
 Parlin & OrendorflE Company, manufacturers of 
 agricultural implements. Canton, 111. 
 
 John W. Hall & Sons, farm machinery, etc., Jack- 
 sonville, 111. 
 
 J. Capps & Sons, manufacturers of woolen goods, 
 Jackaonville, 111. 
 
 Stephens-Adamson Manufacturing Company, 
 machinery, Aurora, III. 
 
 The American Well Works, manufacturers of well 
 appliances, Aurora, 111. 
 
 Tenney & Sikking, manufacturers of plows, etc., 
 Decatur, 111. 
 
 H. Mueller Manufacturing Company, water, gas, 
 and plumbing goods, Decatur, 111. 
 
 Joliet Stove Works, stoves and ranges, Joliet, 
 HI. 
 
 Adam's Steel and Wire Works, Joliet, 111. 
 
 Monmouth Plow Company, manufacturers of 
 plows, Monmouth, 111. 
 
 Weit Pottery Company, manufacturers of stone 
 fruit jars, etc., Monmouth, 111. 
 
 Monmouth Pottery Company, manufacturera of 
 stoneware, Monmouth, 111. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 483 
 
 Milne Manufacturing Company, manufacturers of 
 grub and stump macliines, etc., Monmoutli, 111. 
 
 Joseph Knittel Show Case Company, manufac- 
 turers of cases and fixtures, Qmncy, 111. 
 
 Quiney Stamping Company, manui^acturers ol 
 metal-chain pumps and tubing, Quiney, 111. 
 
 Globe Fixture and Furniture Company, manu- 
 facturers of bank, office, store, andbar fixtures, 
 Quiney, 111. 
 
 James C. Woodley & Co., fire-proof roofings, Chi- 
 cago, 111. 
 
 Thos. C. Moore, freight traffic manager, ChicagOi 
 111. 
 
 Kaestner & Co., brewers, Chicago, 111. 
 
 The Cable Company, manufacturers of pianos and 
 organs, Chicago, 111. 
 
 Rubber Paint Company, Chicago, 111. 
 
 Donmeyer, Gardner & Co., millers, Peoria, 111. 
 
 Woolne'r Distilling Company, distillers, Peoria, 111. 
 
 Allowez Mineral Spring Company, mineral 
 waters, Chicago, 111. 
 
 The C. W. Robinson Lumber Company New 
 Orleans, La. 
 
 Mebius & Drescher Company, wholesale grocers, 
 Sacramento, Cal. 
 
 Daniel Shaw Lumber Company, Eau Claire, Wis. 
 
 The Lnnkenheimer Company, manufacturers of 
 brass and iron steam specialties, Cincinnati, 
 Ohio. 
 
 Sligh Furniture Company, manufacturers. Grand 
 Rapids, Mich. 
 
 Harvey Jewell, grower of fruit, etc., Cromwell, 
 Conn. 
 
 Tacoma Mill Company, manufacturers of lumber, 
 Tacoma, Wash. 
 
 Atlas Lumber and Shingle Company, manufac- 
 turers of lumber, Seattle, Wash. * 
 
 L. Zeckendorf & Co., general merchandise, Tuc- 
 son, Ariz. 
 
 B. B. Welton, breeder of poultry, Tracy, Conn. 
 The Leffingwell Kancho, oranges, lemons, etc., 
 
 Whittier, Cal. 
 A. Y. McDonald & Morrison Manufacturing 
 Company, manufacturers of pumps, brass goods, 
 and plumbers' supplies, Dubuque, Iowa. 
 
 C. 0. Warford, fruits and vegetables, Newburg, 
 N. Y. 
 
 6. Lasher & Sons, commission merchants, Chi- 
 cago, 111. 
 
 Chas. H. Brundage, breeder of poultry, Danbury, 
 Conn. 
 
 Savannah Guano Company, Savannah, Ga. 
 
 Raley & Co., commission merchants, San Jose, 
 Cal. 
 
 Scranton Stove Works, Scranton, Pa. 
 
 J. E. Evans, lumber dealer, Emporia, Kans. 
 
 Frank N. Snell, lumber, Milwaukee, Wis. 
 
 The Bailey, Banks & Biddle Company,- jewelers, 
 
 . Philadelphia, Pa. 
 
 Monmouth Mining and Manufacturing Com- 
 pany, sewer pipes, Monmouth, 111. 
 
 The Rockford Bolt Works, ^iarriage, plow, and 
 machine bolts, Rockford, 111. 
 
 Hibbard, Spencer, Bartlett & Co., wholesale hard- 
 ware, Chicago, 111. 
 
 Melrose Milling Company, merchant millers, 
 Evansville, Ind. 
 
 The Packard Company, pianos. Fort Wayne, Ind. 
 
 Shippersandstockraisersof Greene County, Iowa. 
 
 Long-Knight Lumber Company, manufacturers, 
 hardwoods, etc., Indianapolis, Ind. 
 
 Geo. T. Evans, flour, Indianapolis, Ind. 
 
 The Blish Milling Company, wheat, Seymour, Ind. 
 
 La Due & Carmer, commission merchants, hay 
 and straw, Auburn, Ind. 
 
 Bowers & Hathaway, shippers, hay, straw, and 
 grain. Nails. Ind. 
 
 The Lee- Warren Milling Company, flour, Salina, 
 Kans. 
 
 American Hoist and Derrick Company, St. Paul, 
 Minn. 
 
 Herbert Myrick, Orange Judd Company, New 
 York City. 
 
 Wm. 0. McCamland, Camden, N. J. 
 
 E. D. Johnson, Marietta, Ohio. 
 
 Edgar McRa, Crow Summit, W. Va. 
 
 Allen G. Rennison, West Union, Iowa. 
 
 Frank Eder, Thayer, Mo. 
 
 D. J. Eddy, Medina, Ohio. 
 
 John Kostecka, Bolivar, Mo. 
 
 John Abel, Cherry Hill, Md. 
 
 William L. Parker and others, Albion. 
 
 F. S. Teaehout, Clifton Park, N. Y. 
 
 Lewis C. Knapp, Turtle Point, McKean County, 
 
 , Pa. 
 
 O. W. Rowland, Paw Paw, Mich. 
 
 W. Sherman Cobb, Albany, N. Y. 
 
 C. J. Dittmar, Freeport, 111. 
 
 F. G. Clarke, Oxford, N. Y. 
 
 H. Knickerbocker, Bradford, N. Y. 
 
 J. A. Woodard, Cassadaga, N. Y. 
 .John T. Brown, R. F. D. No. 2, Mechanicsburg, 
 Ohio. 
 
 Henry Law, secretary Scott County Farmers' In- 
 stitute, Iowa. 
 
 E. T. Harris, Chicago, 111. 
 
 Forrest E. Kelly, secretary Galva Farmers' In- 
 stitute, Galva, 111. 
 
 Thos. Thorson and other sundry citizens of Can- 
 ton, S. Dak. 
 
 M. H. White, Brookfield Center, Conn. 
 
 L. A. Parker, Newport, Vt. 
 
 Chas. F. Johnson, Willola, Idaho. 
 
 Thaxter Reed, East Madison, Me. 
 
 J. F. Cunningham and other sundry citizens of 
 Colony, Kans. 
 
 Stanley Bagg, South New Berlin, N. Y. 
 
 C. B. Van Slyke, Franklin Springs, N. Y; 
 Wm. W. Crafoot, Rose Lawn, Wis. 
 
 D. L. Marble, Washongal, Wis. 
 John Jansen, Sioux Center, Iowa. 
 J. C. Roper, Westminster, Mass. 
 M. Nelson, Newman Grove, Nebr. 
 Elisha S. Wells, Sharon, Conn. 
 
 N. G. Perry and sundry other citizens of Loomis/ 
 
 Cal. 
 C. H. Miner, Oilman, 111. 
 Wm. C. Baker, Frankfort, Mich. 
 August Olston, Baldwin, N. Dak. 
 
 0. N. Lawrence, Nerow, Wash. 
 C. E. Bradle, Wahoo, Nebr. 
 Frank Marble, Mt. Pleasant, Wash. 
 Delbert Haase, Greenbay, Va. 
 Mrs. J. S. Kufner, Menasha, Wis. 
 Montague Rogers, Grant, Mich. 
 Fred C. Sudhofl, Elk, Wash. 
 
 J. H. Eyman, Rock Creek, Mont. 
 S. L. Pyeatt, Bentonville, Ark. 
 Marion S. Daily, Milburn, Nebr. 
 
 1. E. De Shazo, Monroe, Ark. 
 
 W. A. Ealderwood, Lincolnville, Me. 
 W. Byron Smith, Plymouth, N. H. 
 Benjamin Ringwald, R. R. No. 4, Madison, Ind. 
 T. R. Dickey, Hesperus, C lo. 
 
 B. S. Rockwood, Terre Haute, Ind. 
 Nels. Nelson, Menominie, Wis. 
 
 P. H. Chapel, Crab Creek, Wash. 
 
 R. W. Winchester, Summerfleld, N. C. 
 
 C. B. Wood, Redfleld, Kans. 
 Samuel H. Vanselns, Dundas, Minn. 
 
 G. A. Taylor, Bethseda, Ohio, 
 
 A. L. Hitchcock, Plainvillc, Conn. 
 
 A. A. Baker, Gotebo, Okla. 
 
 B. F. Knapp, Deepwater, Mo. 
 Cyrus H. Walker, Albany, Oreg. 
 Alfred Cherry, Bellwood, Pa. 
 M. M. Mason, Chesham, N. H. 
 Robert J. Forrey, Somers, Mont. 
 
 C. E. Sherfey, Nebra-ska City, Nebr. 
 L. A. Hawley, Sandisfleld, Mass. 
 
 Dr. Robert R. Roth and other sundry citizens of 
 
 Mannington, W. Va. 
 Chas. L. Hallet, West Upton, Mass. 
 Amos Matheny, Wilding, W. Va. 
 
 F. L. Pratt and sundry other citizens of Swarth- 
 njore. Pa. 
 
 B. H, Ewer, and others of Potts, Va. 
 George A. Horn, Ogden, Utah. 
 G.G.Gibbs, Vail, N.J. 
 
 F. O. Kendall, New York, N. Y. 
 L.F. Allison, R.R. No 2, Quiney, 111. 
 
 D. H. Buckwalter, Davenport, Iowa. 
 
 C. H. Chapman, Woodland, Wash. 
 J. C. Reiff, New York, N. Y. 
 
 William BoUmann, R. R. No. 1, Winfield, Mo. 
 Clarence E. Fairbanks, secretary Homer Grange, 
 
 Homer, N. Y. 
 N. V. Cameron, Kansas City, Mo. 
 
484 DUTIES AND POWERS OE INTERSTATE COMMEBOE COMMISSION. 
 
 A. Portevin, Norden, Nebr. 
 
 D. J. Howell, Andover, S. Dak. 
 J. A. Olfather, Rowley, Iowa, 
 
 E. T. Curtis, Chicago, 111. 
 
 H. E. Miller, North Manchester, Ind. 
 T. G. Poundall, Washington, D. C. 
 T, C, Karns, Powell Station, Tenn. 
 
 TELEQEAMS. 
 
 W. C. Goffee, president board of trade, Kansas 
 City, Mo. 
 
 Otto L. Teichmann, president Merchants Ex- 
 change of St. Louis, St. Louis, Mo. 
 
 M. M. Wall, chairman Buffalo Lumber Ex- 
 change, Buffalo, N. Y. 
 
 John W. Nix, president New Yorlc Branch of 
 the National League of Commission Merchants, 
 New York, N. Y. 
 
 Thos. P. Wallace, president Fruit and Produce 
 Trade Association, New York, N. Y. 
 
 Bert H. Bean, president Buffalo Branch of the 
 National League of Commission Merchants, 
 Buffalo, N. Y. 
 
 Samuel E. Weil, secretary Toledo Branch of 
 the National League of Commission Merchants, 
 Toledo, Ohio. 
 
 Chas. Bacciocco, president Cincinnati Branch 
 of the National Lieague of Commission Merchants, 
 Cincinnati, Ohio. 
 
 J. W. McCord, secretary the Ohio Shippers 
 Association, Columbus, Ohio. 
 
 W. H. Kelly, president Cleveland Branch of 
 the National League ol Wholesale Fruit and Pro- 
 ducers Commission Merchants, Cleveland, Ohio. 
 
 Geo. R. Freeman, Elkpoinl, S. Dak. 
 
 Herbert Myrick, president, Springfield, Mass. 
 
 F. H. Magdeburg, president Millers' National 
 Association, Milwaukee, Wis. 
 
 J. E. Evans, chairman Southwestern Lumber 
 Dealers Association, Emporia, Kans. 
 
 Frank D. Askew, president Wholesale Sad- 
 dlery Association of the United states, Kansas 
 City, Mo. 
 
 TELEGBAMS — Continued. 
 
 Byrd Douglas, president Grain Dealers' As- 
 sociation, Nashville, Tenn. 
 
 Pennsylvania Lumbermen's Association, Scran- 
 ton, pii. 
 
 Geo. G. Whiteworth, president board of trade. 
 Grand Rapids, Mich. 
 
 E. G. Ehett, president Commercial Club and 
 other organizations of Charleston, S. C. 
 
 C. A. Glore, president Illinois Lumber Dealers' 
 Association, Chicago, 111. 
 
 J. W. McCord, secretary Ohio Shippers' Asso- 
 ciation, Columbus, Ohio. 
 
 W. J. Langson, secretary board of directors of 
 the chamber of commerce, Milwaukee, Wis. 
 
 Chas. Bacciocco, president Commission Mer- 
 chants of Cincinnati, Cincinnati, Ohio. 
 
 Omaha Branch, National League of Commis- 
 sion Merchants, Omaha, Nebr. 
 
 A. S. Hinton & Co., Lumberton, Miss. 
 
 Highlands Orange Growers' Association, High- 
 lands, Cal. 
 
 J. W. Catick, secretary San Bernardino Mer- 
 chants' Association,' San Bernardino, Cal. 
 
 San Bernardino County Fruit Exchange, San 
 Bernardino, Cal. 
 
 J. J. White, shipper of lumber, McComb City, 
 Miss. 
 
 Geo. P. Walker, president Savannah Cotton Ex- 
 change, Savannah, Ga. 
 
 Frank D. Askew, president Wholesale Saddlery 
 Association, Kansas City, Mo. 
 
 Southern California Fruit Exchange, Los An- 
 geles, Cal. 
 
 L. H. Pinpey, secretary Minnesota Millers' 
 Club, Minneapolis, Minn. 
 
 Wm. Jackson, secretary Ponchatoula Fanners 
 Association, Ponchatoula, La. 
 
 C. W. Barney, chairman National Woolgrowers 
 Association, Gillette, Wyo. 
 
 Bell Brothers Company, Dubuque, Iowa. 
 
PETITIONS, RESOLtTTIONS, TELEGRAMS, AND LETTERS FROlff 
 SUNDRY SHIPPERS, PROTESTING AGAINST THE PASSAGE OF 
 THE ESCH-TOWNSEND RATE BILL. 
 
 Dlerks Lumber and Coal Company, Kansas 
 
 City, Mo. 
 The Bauni Iron Company, iron, steel, and 
 
 heavy hardware, Omaha, Nebr. 
 
 E. S Perry, Omaha, Nebr. 
 
 David Cole Company, oysters, fish, and 
 
 poultry, Omaha, Nebr. 
 Wright & Wllhelmy Company, hardware, 
 
 Omaha, Nebr. 
 Lee-Glass-Andreesen Hardware Company, 
 
 Omaha, Nebr. 
 Paxton & Gallagher Company, importers, 
 
 coffee roasters, and grocers, Omaha, Nebr. 
 Carpenter Paper Company, Omaha, Nebr 
 .Arizona Hardware and Vehicle Company, 
 
 Phoenix, Ariz. 
 Roy & Titcomb, exporters and jobbers, 
 
 hardware, machinery, and lumber. No- 
 gales, Ariz. ' 
 
 F. Ronstadt Company, manufacturers and 
 importers tarm wagons and agricultural 
 implements, Tucson, Ariz. 
 
 L. 11. Manning Company, general merchan- 
 dise, Tucson, Ariz. 
 
 A. Bail & Co., brewers, Tucson, Ariz. 
 
 J. Knox Corbett Lumber Company, Tucson, 
 Ariz. 
 
 The People's Store, ladies garments, Tuc- 
 son, Ariz. 
 
 Valley Lumber Company, St. Louis, Mo. 
 
 New TJnlon Sand Company, sand and 
 cement, St. Louis, Mo. 
 
 R. A. Long, president Long-Bell Lumber 
 Company, Kansas City, Mo. 
 
 The Laclede Gaslight Company, St. Louis, 
 Mo. 
 
 Frank T Ransom, attorney at law, Omaha, 
 Nebr. 
 
 H. 0. Paine, real estate, Ainsworth, Nebr. 
 
 .T. H. Thompson, physician, Albion, Nebr. 
 
 The Western Land and Cattle Company, 
 Chadron, Nebr. 
 
 .T. L. McDonald, physician, Atkinson. Nebr. 
 
 M. V. von Rahden, proprietor Park Hotel, 
 Creighton, Nebr. 
 
 Robert M. Peyton, vice-president Bank of 
 Creighton, Creighton, Nebr. 
 
 E F. Pontius, county clerk, Harrison, Nebr. 
 
 .1. P. Gilligan, State senator, Lincoln, Nebr. 
 
 Brown County Supply Company, cement, 
 lime, etc.. Long Pine, Nebr. 
 
 U. H. Harris, real estate. Lynch, Nebr. 
 
 D. W. Beattie, Neligh, Nebr. 
 
 C. A. Randall, First National Bank, New- 
 man Grove, Nebr. 
 
 W. K. Clark, physician, Niobrara, Nebr. 
 
 F. Nelson, Niobrara Valley Bank, Niobrara, 
 Nebr. 
 
 C. M. Cooper, editor RusUville Recorder, 
 Rushville, Nebr. 
 
 Wells-Abbott-Nieman Company, millers, 
 flour, etc., Schuyler, Nebr. 
 
 C. George Bowlus, the Merchants and 
 Farmers' Bank, Scribner, Nebr. 
 
 Sanford Parker, attorney at law, Spencer, 
 Nebr. 
 
 W. Welch, conductor, Missouri Pacific Kail- 
 road Company. 
 
 E. M. Clendening, secretary Commercial 
 
 Club, Kansas City, Mo. 
 C. D. Smith & Co., contractors, Memphis, 
 
 Tenn. 
 S. C. Toof & Co., lithographers, Memphis, 
 
 Tenn. 
 Galloway Coal Company, miners of coal, 
 
 Memphis, Tenn. 
 O. , K. Houck Piano Company, Memphis, 
 
 Tenn. 
 John F. Frost, Security Bank of Memphis, 
 
 Memphis, Tenn. 
 Kaufmann Stave and Lumber Company, 
 
 Spot, Tenn. 
 Coffeyville Hardware and Implement Com- 
 pany, wagons, vehicles, and harness, Cof- 
 feyville, Kanfe. 
 W. C. Murphy, wholesale grocer, Missoula, 
 
 Mont. 
 Geo. Keiser & Co.; gas, oil, and plumbers' 
 
 supplies, Muncie, Ind. 
 C. V. McMillan Company, wholesale lumber, 
 
 Ontonagon, Mich. 
 Kentucky Refining Company, cotton-seed 
 
 products, Louisvillft, Ivy. 
 Peaslee-Gaulbert Company, manufacturers 
 
 plate and window glass, Louisville, Ky. 
 Belknap Hardware and Manufactui*ing 
 
 Company, Louisville, Ky 
 Strater Brothers Grain Company, receiv- 
 ers and shippers of grain, Louisville, Ky. 
 A. W. Campbell, manufacturer hard-wood 
 
 lumber, Phelps, Ky. 
 Lumber-Mineral Company, manufacturers 
 
 lumber. Hot Springs, N. C. 
 Fourche Elver Lumber Company, manu- 
 facturers lumber, Esau, Ark. 
 Sloss SheflSeld Steel and Iron Company, 
 
 Birmingham, Ala. 
 Bessemer Coal, Iron, and Land Company, 
 
 and other sundry shippers, of Birming- 
 ham, Ala. 
 Hand Lumber Company, Dolive, Ala. 
 A. Morton Allen, Medford, Mass. 
 M. C. Butler, North Augusta, S. C. 
 Union Brass and Metal Manufacturing 
 
 Company, plumbers' brass goods, St. 
 
 Paul, Minn. 
 Horace P. Smart, Savannah, Ga. 
 Leonilla D. Villalonga, Savannah, Ga. 
 W. A. Doody Company and other sundry 
 
 shippers of Macon, Ga. 
 P. B. Gordon, president, Georgia Industrial 
 
 Association, Atlanta, Ga. 
 W. C. Bradley Company, cotton factors 
 
 and wholesale grocers, Columbus, Ga. 
 Eagle and Phenlx Mills, cotton and wollen 
 
 goods, Columbus, Ga. 
 Cargill-Wight Company, sirup and candy, 
 
 Cairo, Ga. 
 R. L. Henry, Macon, Ga. 
 Ventura Abstract Company, Ventura, Cal. 
 Philip Wolf & Co., hops, Salem, Oreg. 
 Charles L. Auger, Paterson, N. J. 
 Sebastian D. Lawrence, New London, Conn. 
 South Baltimore Steel Car and Foundry 
 
 Company, manufacturers of freight cars, 
 
 Baltimore, Md. 
 
 485 
 
486 DUTIES Aisrt) powers op interstate commerce commissiokt. 
 
 Long Pole Lumbei' Company, Bluefleld, W. 
 Va. 
 
 Riverside Mill Company, corn meal, flour, 
 oat meal, etc., Reno, Nev. 
 
 Rice Lake Lumber Company, Rice Lake, 
 Wis. 
 
 Rockford Manufacturers and Shippers' As- 
 sociation, by C. S. Prantingham, secre- 
 tary, Rockford, 111. 
 
 A. L. Bartlett Company, grain and milling, 
 Rockford, 111. 
 
 C. J. Dlttmar, mayor, Freeport, 111. 
 
 N. T. Arnold, attorney at law, Ridgway, Pa. 
 
 Heyl Brothers, sugar, molasses, etc., Phila- 
 delphia, Pa. 
 
 J. M. Harvey, chairman Pennsylvania Di- 
 vision, No. 156, Order of Railway Con- 
 ductors, Carbondale, Pa. 
 
 S. M. Felton, Chicago, 111. 
 
 The Talk-o-phone Company, talking ma- 
 chines, Toledo, Ohio. 
 
 W. J. Campbell, wholesale lumber, Oshkosh, 
 Wis. 
 
 Paine Lumber Company, Oshkosh, Wis. 
 
 Wm. J. WagstafE, wholesale lumber, Osh- 
 kosh, Wis. 
 
 John R. Davis Lumber Company, Phillips, 
 Wis. 
 
 Mason-Donaldson Lumber Company, Rhine- 
 lander, Wis. 
 
 Schwabacher Brothers & Co., wholesale 
 grocers, Seattle, Wash. 
 
 Augustus F. Specht, The Pacific Coast Lum- 
 ber Manufacturers' Association, Seattle, 
 Wash. 
 
 John L. Eoper Lumber Company, Norfolk, 
 Va. 
 
 Fred B. Hubbell, vice-president Washing- 
 ton, Arlington and Falls Church Railway 
 Company, Rosslyn, Va'. 
 
 F. O. Oakes, secretary The Alviso Improve- 
 ment Club, Alviso, Cal. 
 
 H. T. Newcomb, attorney at law, Washing- 
 ton, D. C. 
 
 H. B. Hebert, president New York Produce 
 Exchange, New York City. 
 
 United States Export Association, New 
 York City. 
 
 Chas. A. Briggs, New York. N. Y. 
 
 Otto Koehler, New York, N. Y. 
 
 Stephen W. Carey, and 4 other citizens. 
 New York, N. Y. 
 
 E. F. Baldwin, The Outlook Company, New 
 York, N. Y. 
 
 Frank S. Gardner, secretary New York 
 Board of Trade and Transportation, New 
 York, N. Y. 
 
 A. C. Rulofson, Board of Trade of San 
 Francisco, Cal. 
 
 Samuel E. Hutton, secretary Chamber of 
 Commerce, Troy, N. Y. 
 
 William B. Jones, secretary Chamber of 
 Commerce, Albany, N. Y. 
 
 Mrs. Lizzie B. Gardner, North Branch, 
 N. Y. 
 
 H. M. Pierce, secretary Division No. 87, 
 Brotherhood of Locomotive Engineers, 
 Troy, N. Y. 
 
 H. J. Gardner, secretary Thomas Dickson 
 Division, No. 171, Order of Railway Con- 
 ductors, Mechanlcsville. N. Y. 
 
 M. L. Ford, secretary Oneonta Board of 
 Trade, Oneonta. N. Y. 
 
 Adriance Piatt & Co., farm machinery, 
 Poughkeepsie, N. Y. 
 
 Cortland Wagon Company, carriage build- 
 ers, Cortland, N. Y. 
 
 Geo. P. Barnard, secretary Fort Edward 
 Board of Trade, Fort Edward, N. Y. 
 
 McConnell Manufacturing Company, doors, 
 sash, blinds, etc., I-lornellsvine, N. Y. 
 
 J. H. A. Bond, secretary Board of Trade, 
 Keeseville, N. Y. 
 
 p. A. Sewell, secretary Division No. 56, 
 Order of Railway Conductors, Albany, 
 N. Y. 
 
 Kelloggs & Miller, raw and boiled linseed 
 oil, oil cake, etc., Amsterdam, N. Y. 
 
 McTighe Grocery Company, wholesale gro- 
 cers, Binghamton, N. Y. 
 
 R. L. Ginsburg & Sons, iron, steel, and 
 metals, Buffalo, N. Y. 
 
 The Jacob Dold Packing Company, pork 
 and beef packers, Buffalo, N. Y. 
 
 C. A. Smith, Tilden, Nebr. 
 
 Fred Sonnenschein, mayor West Point, 
 Nebr. 
 
 Jones & Emick Company, general merchan- 
 dise, Winnetoon, Nebr. 
 
 C. A. Johnson, Wood Lake, Nebr. 
 
 T. E. Sedgwick, The Daily and Weekly 
 Times, York, Nebr. 
 
 Henry Russell, flour and feed, Albany, N. Y. 
 
 Roswell-Puffer Mercantile Company, and 41 
 other shippers, of Denver, Colo, 
 
 The Ilendrte & BoithofE Manufacturing and 
 Supply Company, and 18 other shippers, 
 of Denver, Colo. 
 
 The Struby Estabrook Mercantile Company, 
 and 15 other shippers, of Denver, Colo. 
 
 The Western Sugar and Land Company, and 
 44 other shippers, of Grand Junction, 
 Colo. 
 
 John Foley, State Bank of New Hampton, 
 New Hampton, Iowa. 
 
 Tom Randolph, president Commonwealth 
 Trust Company, St. Louis, Mo. 
 
 R. V. Humphrey, secretary Chapman Di- 
 vision, No. 45, Order of Railway Con- 
 ductors, Oneonta, N. Y. 
 
 L. M. Borgess, secretary Lumbermen's Ex- 
 change, St. Louis, Mo. 
 
 F. J. Langenberg, secretary Interstate Mer- 
 chants' Association, St. Louis, Mo. 
 
 TBLEGBAMS. 
 
 David Wlllcox, president Delaware and Hud- 
 son Company, New York, N. Y. 
 
 C. D. Willard, Jobbers' Association, Los 
 Angeles, Cal. 
 
 Brady Brothers & Kerberg, Sanborn, Iowa. 
 
 J. H. Wilcox, Sanborn, Iowa. 
 
 Grimes & Robinson, Nashville, Tenn. 
 
 Byrd Douglas, president Nashville Grain 
 Dealers' Association, Nashville, Tenn. 
 
 Read Phos. Company, Nashville, Tenn. 
 
 Federal Chemical Company, Nashville, Tenn. 
 
 Tennessee Cotton Oil Company, Nashville. 
 Tenn. 
 
 Tennessee Chemical Company, Nashville, 
 Tenn. 
 
 Caswell Rose, Nashville. Tenn. 
 
 Byrd Douglass & Co., Nashville, Tenn. 
 
 Hays & Beggs, Jackson, Tenn. 
 
 Orr Jackson & Co., Nashville, Tenn, 
 
 G. P. Rose & Co., Nashville, Tenn. 
 National Fertilizer Company, Nashville, 
 
 Tenn. 
 B. W. Hooper & Bro., wholesale grocers, 
 
 Nashville, Tenn. 
 Murray Dibrell, Shoe Company, Nashville, 
 
 Tenn. 
 Harris Davis & Co., Nashville, Tenn. 
 John A. Branson & Co., Nashville, Tenn. 
 
 TiETTEBS, PETITIONS, nESOLDTIONS. ETC., 
 TROM CALIFORNIA. 
 
 O. F. Patrick and J. Launtz, committee, 
 Pacific Division, No. 110, Brotherhood of 
 Locomotive Engineers, Sacramento, Cal. 
 
 The Schaw-Batcher Company, sheet steel 
 and iron pipe, Sacramento, Cal. 
 
 Luther J. Evans, president Chamber of 
 Commerce, Napa, Cal. 
 
 Edwin Stearns, secretary Board of Trade, 
 Oakland, Cal. 
 
 Conner & Blackstock, wholesale grocers, 
 Ventura, Cal. 
 
 Sinshelmer Brothers, general merchants, 
 San Luis Obispo, Cal. 
 
 Bcoger Tanning Company, tanners. Red- 
 wood City, Cal.. 
 
 Milo L. Rowell, secretary Hobbs-Parsons 
 Company, Fresno, Cal. 
 
 Star Shoe Store, San Jose, Cal. 
 
 J. S. Collins, cashier, Ventura, Cal. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. iST 
 
 LETTERS, PETITIONS, RESOLUTIONS, ETC. 
 
 continued. 
 
 C. S. Pierce, president C. S. Pierce Lumber 
 
 Company, Fresno, Cal. 
 O. A. Hale & Co., San Jose, Cal. 
 E. Goodwin, secretary Manufacturers' & 
 
 Producers' Association, San Francisco, 
 
 Cal. 
 The Producers Fruit Company, Sacramento, 
 
 Cal. 
 W. E. Crossman, real estate, San Jose, Cal. 
 j. H. SnlliTan, plumber and plumbing sup- 
 
 giies, San Jose, Cal. 
 n R. Chace, oil for fuel, gas and roads, 
 San Jose, Cal. 
 
 K. Greeb, gents' furnishings, San Luis 
 Obispo, Cal. 
 
 The South Santa Clara Fruit Dryiug and 
 Packing Com&any, Gilroy, Cal. 
 
 Raley & Co., commission merchants, San 
 .To'se, Cal. 
 
 E. H. Renzel & Co., commission merchants, 
 San Jose, Cal. 
 
 E. Trevey, Alviso, Cal. 
 
 L. Lamontagne, Alviso, Cal. 
 
 Demicheli, Schuh & Co., manufacturers 
 granite and marble work, San Jose, Cal. 
 
 H. Bercovieh, tobacconist, San Jose, Cal. 
 
 Weinslock, Lubin & Vo., Sacramento, Cal. 
 
 San Jose Transfer Company, San .lose, Cal. 
 
 L. Lion & Sons Company, furniture, San 
 Jose, Cal. 
 
 C. H. Reed, wagons and carriages, San 
 Luis Obispo, Cal. 
 
 Byers-McManon Cgmpany, carpets, furni- 
 ture, and draperies, San Jose, Cal. 
 
 Carisa Cattle Company, San Luis Obispo, 
 Cal. 
 
 Wm. j. Dingee, San Franicisco, Cal. 
 
 C. R. Puckhaber, agent The San Francisco 
 Breweries, Fresno, Cal. 
 
 White, Cooley & Cutts, hardware and agri- 
 cultural goods, Marysville, CaL 
 
 Sperry Flour Company, Sacramento, Cal. 
 
 T. W. Hobson Company, men's furnishings, 
 San Jose, Cal. 
 
 Jas. H. Jones, hay and grain, Chico, Cal. 
 
 R. W. Hersey, dried fruits, San Jose, Cal. 
 
 Golden West Bazaar, San Jose, Cal. 
 
 I. Loeb, San Jose, Cal. 
 
 The Sawyer Tanning Company, tanners, 
 Napa, Cal. 
 
 John Breuner Company, San Francisco, 
 Cal. 
 
 Walter A. Meads, Alviso, Cal. 
 
 M. A. Lathrop, secretary Los Gates Board 
 of Trade, Los Gates, Cal. 
 
 C. O. Lauritzen, dry goods, etc., Hollister, 
 Cal 
 
 George Frank & Co., dried fruits, San Jose, 
 Cal. 
 
 John C. Ing, secretary Chamber of Com- 
 merce, Sacramento. Cal. 
 
 E. T. Raynolds iSi Son, packers and ship 
 pers, Chico, Cal. 
 
 Haas Bros., importers and wholesale gro- 
 .cers, San Francisco, Cal.' 
 
 G. F. Smith, president Santa Barbara 
 County Walnut Growers' Association, 
 Santa Barbara, Cal. 
 
 W. II. Sudden, president Chamber of Com- 
 merce, Lompoc, Cal. 
 
 Edwin F. Smith, secretary California Liquid 
 Asphalt Company, Santa Barbara, Cal. 
 
 The J. R. Armsby Company, Ventura, Cal. 
 
 Miller-Chapin-Bnwright Company, whole- 
 sale dealers stoves, metals, tinners' and 
 plumbers' supplies, Sacramento, Cal. 
 
 J. A. Turner, shoes, Santa Ana, Cal. 
 
 Roberts & Gross, dry goods and women s 
 furnishings, San Jose, Cal. 
 
 G. Peirano & Co., grain, potatoes, onions, 
 etc., San Jose, Cal. 
 
 M. M. Maas Company, books, stationery, 
 and sporting goods, San Jose, Cal. 
 
 Geo. B. Katzenstein, Sacramento, Cal. 
 
 Hilbert Mercantile Company, Snn Fran- 
 cisco, Cal. 
 
 LETTERS, PETITIONS, RESOLUTIONS, ETC. 
 
 continued. 
 
 Droge Fruit Company, packers and ship- 
 pers dried fruit, Fresno, Cal. 
 
 Walti & Schilling, fresh and salt meats, 
 ■Santa Cruz, Cal. 
 
 Roberts & Chittenden, grocers and liquor 
 dealers, Santa Cruz, Cal. 
 
 W. J. Towne, fresh and cured meats, Santa 
 Cruz, Cal. 
 
 Wessendorf & Staffler, carpets and furni- 
 ture, Santa Cruz, Cal. 
 
 S. A. Palmer, druggist, Santa Cruz, Cal. 
 
 J. G. Tanner, druggist, Santa Cruz, Cal. 
 
 Ij. J. Lawer, secretary Mayfleld Board of 
 Trade, Mayfleld, Cal. 
 
 Bernard Mayer, druggist, Mayfleld, Cal. 
 
 Earle G. Hamilton, grocer and hardware 
 merchant, Mayfleld, Cal. 
 
 R. (J. Irvine, secretary Sacramento Jobbers' 
 Association, Sacramento, Cal. 
 
 W. N. Ent, secretary Board of Trade, San 
 Luis Obispo, Cal. 
 
 Martin A. Lathrop, The Citizens' Insurance 
 Company, Los Gatos, Cal. 
 
 Ford Brothers, managers Ford Opera House, 
 Los Gatos, Cal. 
 
 John Martin & Co., electrical contractors, 
 San Francisco, Cal. 
 
 Sun Francisco Pioneer Varnish Works, 
 San Francisco, Cal. 
 
 A. C. Rulofson Company, iron and steel 
 products, San B'rancisco, Cal. 
 
 J. II. Tihbits, Sacramento, Cal. 
 
 Geo. II. Fuller Desk Company, San Fran- 
 cisco, Cal. 
 
 A. C. Schlesinger, wool purchasing broker, 
 San Francisco, Cal. 
 
 Geo. A. Wentz, druggist, Gilroy, Cai. 
 
 l'\ B. Brown, San ,Tose, Cal. 
 
 W. E. Allen, Allen's Piano and Sewing 
 Machine Emporium, Sun Jose, Cal. 
 
 Boschken Hardware Company, San Jose, 
 C.il. 
 
 II. L. Miller, wholesale paper, etc., San 
 •lose, Cal. 
 
 Trinkler - Dohrmann Company, pottery, 
 glassware, etc., San Jose, Cal. 
 
 J. M. O'Keefe, secretary San Jose Brick 
 Company, San Jose, Cal. 
 
 J. M. Schemel, books, stationery, etc., Gil- 
 roy, Cal. 
 
 The J. A. Belioli Company, grocers and 
 liquor merchants, San Jose, Cal. 
 
 Walsh-Col Company, wholesale grocers, San 
 Jose, Cal. 
 
 E. K. Wood Lumber Company, lumber, Los 
 Angeles, Cal. 
 
 Brown & Chappell Company, stoves and 
 
 hardware, Hollister, Cal. 
 IlofC & Kayser, shoes, San Jose, Cal. 
 Henry Hecker, grocer, Gilroy, Cal. 
 James Sheeby, fruit and produce broker, 
 
 Watsonville, Cal. 
 Fresno Flume and Irrigation Company. 
 
 manufacturers lumber, Clovis, Cal. 
 Maurice O'IBrien, candies, ices, and frozen 
 
 dainties, San Jose, Cal. 
 J. H. Levy, clothier, San Jose, Cai. 
 H. Poland, Lompoc, Cal. 
 Granite Rock Company, Watsonville, Cal. 
 
 F. P. Krough, druggist, Watsonville, Cal. 
 Otto Raphael, fruits and produce, Watson- 
 ville, Cal. 
 
 Gowen & Willard, packers and shippers 
 produce, Santa Ana, Cal. 
 
 G. X. Wendling, president Wendling Lum- 
 ber Company, San Francisco, Cal. 
 
 C. E. Evans, assistant manager Wendilng- 
 Hoch Adding Machine Company, San 
 Francisco, Cal. 
 
 Weed Lumber Company, San Francisco, 
 Cal. 
 
 Edgar J. De Pue, grain storage, San Fran- 
 cisco, Cal. . , „ „ 
 
 H. It. Williar, paper and twine, San Fran- 
 cisco, Cai. 
 
488 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 LETTERS, PETITIONS, RESOLUTIONS, ETC. 
 
 continued. 
 
 Greenebaum, Weil & Michels, men's fur- 
 nishings, Sau Francisco, Cal. 
 
 Sctiultz-Hansen Company, commission mer- 
 chants, Sau Francisco, Cal. 
 
 C. W. Peterson & Co., real estate and Are 
 insurance, Salinas, Cal. 
 
 W. K. Hicks, wholesale and retail dealer 
 in eggs, grain, and feed, Salinas, Cal. 
 
 F. A. Abbott, beef, mutton, porli, etc., 
 Salinas City. Cal. 
 
 C. Sieghold, diamonds and watches, Sali- 
 nas, Cal. 
 
 J. B. Scott, Salinas, Cal. 
 
 F. Blackie, jr., wholesale and retail grain 
 and feed dealer, Salinas City, Cal. 
 
 J. T. Massengill, manager the Fashion Liv- 
 ery, Feed, and Sale Stable, Salinas City, 
 Oal. 
 
 Wahrlich Cornett Company, grocers, hard- 
 ware dealers, etc., Salinas, Cal. 
 
 Charles Harbaugh, manufacturer cigars, 
 cigarettes, etc., Salinas, Cal. 
 
 Porter & Irvine, dry goods, clothing, etc., 
 Salinas, Cal. 
 
 Berges & Garrissere,. wholesale liquors, 
 Salinas, Cal. 
 
 C. K. Shepard, fruits, Salinas, Cal. 
 
 P. A. Johnson, Jr., hardware and groceries, 
 Salinas City, Cal. 
 
 Fred B. McCollum, meats, fish, vegetables, 
 etc., Salinas City, Cal, 
 
 J. Gordino, Jeweler, Salinas, Cal. 
 
 H. H. Mason, stationer, Salinas, Cal. 
 
 T. C. Reavis & Co., dry goods, etc., Salinas, 
 Cal. 
 
 Huych & Dill, house furnishers, Salinas, 
 Cal. 
 
 Union Brokerage Company, wholesale fur- 
 niture and general lines, San Francisco, 
 Cal. 
 
 Bray Bros., shipping merchants, grain and 
 beans, San Francisco, Cal. 
 
 Schloss Crockery Company, manufactur- 
 ers earthenware, glass, china, etc., San 
 Francisco, Cal. 
 
 B. C. Holmquist, pltmbing and tinning, 
 dealer in stoves, tinware, etc., Redwood 
 City, Cal. 
 
 G. Einstein, dry goods and clothing. Red- 
 wood City, Cal. 
 
 B. P. Heise, groceries and provisions, Red- 
 wood Citv, Cal. 
 
 Ryan's Dr g Store, Redwood City, Cal. 
 
 H. F. Bmlay, member department of edu- 
 cation, San Jose, Cal. 
 
 San Jose Furniture Company, San Jose, 
 Cal. 
 
 San Jose Hardware Company, San Jose, 
 Cal. 
 
 H. B. Martin & Co., grain and flour, San 
 Jose, Cal. 
 
 M. S. Moore, clothing and furnishing goods, 
 San Jose, Cal. 
 
 J. J. C. Leonard, hotel proprietor, Santa 
 Cruz, Cal. 
 
 Geo. W. Heard, president Heard Furniture 
 Company, Santa Cruz, Cal. 
 
 H. B. Towne, National Fire Insurance Com- 
 pany, Santa Cruz, Cal. 
 
 Williamson & Garrett, grocers, Santa Cruz, 
 Cal. 
 
 A. Cohen, cigars and tobacco, Santa Cruz, 
 Cal. 
 
 A. P. Hotallng & Co., liquors, Santa Cruz, 
 Cal. 
 
 M. c' Hopkins, City Stables, Santa Cruz, 
 Cal. 
 
 D. W. Johnston, Santa Cruz, Cal. 
 
 D. Jonas, clothing and shoes, Santa Cruz, 
 Cal. 
 
 H. S. Wanzer, manager Santa Cruz Elec- 
 tric Light and Power Company, Santa 
 Cruz, Cal. 
 
 Jas. H. Jones, grain and hay, Chlco, Cal. 
 
 C. S. Pierce Lumber Company, Fresno, Cal. 
 James Prlncevalle, grocer, Gilroy, Cal. 
 
 LETTERS, PETITIONS, RESOLUTIONS, ETC. 
 
 continued. 
 
 J. W. Thayer, president Board of Trade, 
 Gilroy, Cal. 
 
 A. J. McKay, boots and shoes, Hollister, 
 Cal. 
 
 C. O. Laurltzen, dry goods, Hollister, Cal. 
 
 Hollister Lumber Yard, Hollister, Cal. 
 
 Home Telephone and Telegraph Company, 
 Long Beach, Cal. 
 
 Holmes & Stockard Company, merchandise 
 brokers, Los Angeles, Cal. 
 
 J. J. Bergin, secretary Los Angeles Soap 
 Company, Los Angeles, Cal. 
 
 Brounstein, Newmark & Louis, Jobbers of 
 furnishing goods and shoes, Los An- 
 geles, Cal. 
 
 Hall-Jones Company, con^nission brokers, 
 Los Angeles, Cal. 
 
 Davies Warehouse Company, storage and 
 shipping, Los Angeles, Cal. 
 
 M. A. Newmark & Co., wholesale grocers, 
 Los Angeles, Cal. 
 
 Loeb, Fleishman & Co., wholesale fruit and 
 produce, Los Angeles, Cal. 
 
 Haas, Baruch & Co., Los Angeles, Cal. 
 
 Geo. H. Stroll & Co., importers and Jobbers 
 of coffee, tea, and spices, Los Angeles, 
 Cal. 
 
 J. F. Holbrook, manufacturer iron tanks, 
 galvanized pipe, etc., Los Angeles, Cal. 
 
 Los Angeles Storage, Commission, and 
 Lumber Company, lumber, cement, and 
 lime, Los Angeles, Cal. 
 
 Southwestern Lumber Company, Los Ange- 
 les, Cal. 
 
 Harry Corrugated Tank Company, oil, 
 water, cyanide, windmill, and wagon 
 tanks, Los Angeles, Cal. 
 
 Bvan Davis & Co., asphalt, Los Angeles, 
 Cal. 
 
 Los Angeles Refinery, petroleum and its 
 products, Los Angeles, Cal. 
 
 Pacific Petroleum Refining Company, petro- 
 leum and Its product!), Los Angeles, Cal. 
 
 W. D. Wise & Co., lumber, Los Angeles, Oal. 
 
 K. Cohn & Co., commission merchants, Los 
 Angeles, Cal. 
 
 H. Newmark & Co., hides, pelts, and tal- 
 low, Los Angeles, Cal. 
 
 Simon Levy, forwarding and shipping mer- 
 chant, Los Angeles, Cal. 
 
 Percival Iron Company, Los Angeles, Cal. 
 
 Henry Albers, poultry supplies, Los Ange- 
 les, Cal. 
 
 Percy T. Wilding Brokerage Company, mer- 
 chandise brokers, Los Angeles, Cal. 
 
 Simon Levi Company (Incorporated), 
 wholesale grocers and produce, Los An- 
 geles, Cal. 
 
 Geo. L. Smith, Figueroa Pharmacy, Los 
 Angeles, Cal. 
 
 The Green Marshall Company, manufactur- 
 ers paints and oils, Los Angeles, Cal. 
 
 John L. Kleinpeter, Los Angeles, Cal. 
 
 Consolidated Lumber Company, Los Ange- 
 les, Cal. 
 
 H. R. Tibbetts Paint Company, Los Ange- 
 les, Cal. 
 
 Mathews Bros., commission merchants, Los 
 ^Angeles, Cal. 
 
 R. L. Craig & Co., wholesale grocers, Los 
 Angeles, Cal. 
 
 The L. W. Blinn Lumber Company, Los 
 Angeles, Cal. 
 
 Monterey County Gas and Electric Com- 
 pany, Los Angeles, Cal. 
 
 Keystone I'roduce Company, wholesale but- 
 ter, eggs, cheese, and bananas, Los An- 
 geles, Cal. 
 
 Chester W. Thompson, broker and Jobber, 
 fruits and produce, Los Angeles, Cal. 
 
 United Wholesale Grocery Compan.v, Los 
 Angeles, Cal. 
 
 .Tohnson-Carvell Company, merchandise 
 brokers. Los Angeles. Cal. 
 
 Monarch Produce Company, poultry, eggs, 
 butter, cheese, etc., Los Angeles, Cal. 
 
DUTIES AND POWERS 01" INTEKSTATE COMMERCE COMMISSION. 489 
 
 LETTERS, PETITIONS, EESOLUTIONS, ETC. 
 
 continued. 
 
 Johnston-Barret Dry Goods Company, Los 
 Angeles, Cal. 
 
 W. P. Fuller & Co., paints, oils, and win- 
 dow glass, Los Angeles, Cai. 
 
 A. Zellerbach & Sons, paper, stationery, 
 Los Angeles, Cal. 
 
 Stetson-Preston Company, wholesale gro- 
 cers, Los Angeles, Cal. 
 
 Simpson & Hack Fruit Company, commis- 
 sion merchants, Los Angeles, Cal. 
 
 The W. T. Ellis Company, commission 
 merchants, Marysville, Cal. 
 
 C. F. Aaron, secretary Chamber of Com- 
 merce, Marysville, Cal. 
 
 White, Cooley & Cutts, hardware and agri- 
 cultural goods, Marysville, Cal. 
 
 T. J. Field, vice-president The BanlE of 
 Monterey, Monterey, Cal. 
 
 Geo. L. Ilyhi, groceries, wines, and liquors, 
 Monterey, Cal. 
 
 George Bertold, shoes and hats, Monterey, 
 Cal. 
 
 B. F. Wright, drugs, Monterey, Cal. 
 
 Geo. B. Underwood, real estate and in- 
 surance, Monterey, Cai. 
 
 A. Garrick, proprietor the Del Monte Tog- 
 gery, men's furnishings, Monterey, Cal. 
 
 A. R. Underwood, proprietor the Central 
 Hotel, Monterey, Cal. 
 
 A. Goldstine, dry goods, etc., Monterey, Cal. 
 
 W. E. Hawkins, secretary Monterey County 
 Chamber of Commerce, Monterey, Cai. 
 
 Scfinahei Brothers & Co., fruits, Newcastle, 
 Cal. 
 
 McKeoD & Glazier, general merchandise, 
 Norwalk, Cal. 
 
 Waymire Brothers & Co., hardware, paints 
 and oils, Norwalk, Cai. 
 
 H. H. Kirby, Oakland, Cal. 
 
 Geo. D. Hildebrand, Oakland, Cal. 
 
 J. C. Anthony, hardware, tools, hay and 
 grain. Pacific Grove, Cal. 
 
 A J. Steiner, groceries, Pacific Grove, Cal. 
 
 A. M. Aggeler, groceries, Pacific Grove, Cal. 
 
 W. B. Filcher, real estate and insurance, 
 Pacific Grove, Cal. 
 
 Doc Garner, Palo Alto Hotel, Palo Alto, 
 Cal. 
 
 W. T. McKinney, harness, robes, whips, etc., 
 Palo Alto", Cal. 
 
 M. E. Selzer, druggist, Palo Alto, Cal. 
 
 Midgley Brothers, hatters, clothiers, Po- 
 mona, Cal. 
 
 Pomona and Ontario Light and Fuel Com- 
 pany, Pomona, Cal. 
 
 A. Price, Pomona, Cal. 
 
 W. S. Newton, proprietor City Stables, 
 Pomona, Cal, 
 
 Curran Brothers, lumber, Pomona, Cal. 
 
 W. B. Lyon, dry goods, Pomona, Cal. 
 
 Loud & Gerling, dried-fruit packers, Po- 
 mona, Cal. 
 
 Frank Smith, Pacific States Telephone and 
 Telegraph Company, Pomona, Cal. 
 
 G. H. Waters, canned fruits, Pomona, Cal. 
 
 W. L. Wright, flour, meal, and grain, Po- 
 mona, Cal. 
 
 C. K. snort, wholesale packer and shipper, 
 Pomona, Cal. 
 
 A. C. Brown, Sierra Lumber Company, Red 
 Bluff, Cal. 
 
 Beeger Tanning Company, tanners, Red- 
 wood City, Cal. 
 
 F. H. Thorpe, secretary Merchants Board 
 of Trade, Redwood City, Cal. 
 
 C. H. Offiermann, grocer. Redwood City, 
 Cal. 
 
 Hull Brothers, hardware, implements, etc.. 
 Redwood City, Cal. „ ^ 
 
 John W. Poole, drayage and express. Red- 
 wood City. Cal. 
 
 G. Dnderhill, fruits, confectionery, etc.. 
 Redwood City, Cal. „ , 
 
 H. W. Brace, grocer. Redwood City, Cal. 
 August J. Fromm, proprietor Capitol Hotel, 
 Redwood City, Cal. 
 
 LETTRKS, PETITIONS, BESOLnTIONS, ETC. 
 
 continued. 
 
 T. C. Snider, Sacramento, Cal. 
 
 Henderson & Longton, fruit and produce, 
 Sacramento, Cal. 
 
 Ennis-Brown Company, fruit and produce, 
 Sacramento, Cal. 
 
 Adams Booth Company, wholesale grocers, 
 Sacramento, Cal. 
 
 The Producers' Fruit Company, Sacra- 
 mento, Cal. 
 
 Weinstock, Lubin & Co., Sacramento, Cal. 
 
 C. F. Dillman, president National Bank of 
 D. O. Mills & Co., Sacramento, Cal. 
 
 J. H. Tibbits, Sacramento, Cal. 
 
 Joseph GawUng, Sacramento, Cal. 
 
 Chas. M. Beckwith, Sacramento, Cal. 
 
 Wood Curtis & Co., Sacramento, Cal. , 
 
 Occidental Supply Company, San Francisco, 
 Cal. 
 
 Meese & Gottfried Company, San Fran- 
 cisco, Cal. 
 
 Pacific Butchers' Supply Company, butchers' 
 tools and machinery, San Francisco, Cal. 
 
 E. Martin & Co., wholesale wine and liquor 
 merchants, San Francisco, Cal. 
 
 J. A. Folger & Co., importers, San Fran- 
 cisco, Cal 
 
 N. Clark & Sons, manufacturers sewer pipe 
 and chimney pipe, San Francisco, Cal. 
 
 \Y. J. Braudenstein & Co., San Francisco, 
 Cal. 
 
 J. Baumgarten & Co., woolen and tailor 
 trimmings, San Francisco, Cal. 
 
 Fairbanks, Morse & Co., San FranciscOj 
 Cal. 
 
 California Salt Company, San Francisco, 
 Cal. 
 
 The Brunette Company, bicycles, sporting 
 goods, etc., San Francisco, Cal. 
 
 Eureka Slate Company, miners and manu- 
 facturers of roofing slate, San Francisco, 
 Cal. 
 
 Standard Portland Cement Company, San 
 Francisco, Cal. 
 
 W. H. Wiester & Co., manufacturers and 
 importers of household utensils, San 
 Francisco, Cal. 
 
 Friedman & Rogers, manufacturers and 
 importers of boots and shoes, San Fran- 
 cisco,, Cal. 
 
 Thomas Price & Son, San Francisco, Cal. 
 
 W. J. Anderson, San Francisco, Cal. 
 
 .7. C. Johnson & Co., manufacturers and 
 dealers in harness and saddlery, San 
 Francisco, Cal. 
 
 W. S. Ray Manufacturing Company, San 
 Francisco, Cal. 
 
 Le Count Brothers Company, stationers, 
 printers, and blank-book makers, San 
 Francisco, Cal. 
 
 Smith, Emery & Co., chemical engineers, 
 San Francisco, Cal. 
 
 C. F. Weber & Co., opera chairs, etc., San 
 Francisco, Cal. 
 
 Geo. D. Graham, manufacturers of printing 
 inks, San Francisco, Cal. 
 
 Rochat & Schlingman, furniture, San Fran- 
 cisco, Cal. 
 
 Wisconsin Furniture Company, San Fran- 
 CISCO Cq-I 
 
 Alaska Codfish Company, wholesale dealers 
 in codfish, San Francisco, Cal. 
 
 M. Marcuse & Co., hosiery, yarns, etc., San 
 Francisco, Cal. 
 
 Charles P. Fonda, manufacturers' agent 
 and broker, San Francisco, Cal. 
 
 Paul Seller Electl-ical Works, San Fran- 
 cisco, Cal. 
 
 John A. Britton, San Francisco, Cal. 
 
 Hollub-Gabriel Company, glassware, crock- 
 ery, etc., San Francisco, Cal. 
 
 A. Merle Company, metal bank fixtures, 
 
 etc., San Francisco, Cal. 
 Pacific Tool and Supply Company, machine 
 tools and shop supplies, San Francisco, 
 Cal 
 Peter' Bacigalupi, phonographic supplies, 
 San Francisco, Cal. 
 
490 DUTIES AND POWERS OP INTERSTATE COMMEECE COMMISSION. 
 
 LETTEItS, PETITIONS, RESOLUTIONS, ETC. 
 
 continued. 
 
 Pacific Ammonia and Chemical Company, 
 San Fiancisco, Cal. 
 
 The Helbing Hat Company, impoiteis hats 
 and caps, San Francisco, Cal. 
 
 Samuel Bloom & Sons, manufacturers glove, 
 shoe, saddlery, whip leather, etc., San 
 Francisco, Cal. 
 
 Taylor & Spotswood Company, iron and 
 steel, San Francisco, Cal. 
 
 William Uhlmann & Co., hop merchants, 
 San Francisco, Cal. 
 
 James Graham Manufacturing Company, 
 stoves, ranges, etc., San Francisco, Cal. 
 
 The C. B. Kaufman Railway Supply Com- 
 pany, track and car specialties, San Fran- 
 cisco, Cal. 
 
 Pennell-Suydam Company, importers and 
 wholesale grocers, San Francisco, Cal. 
 
 Meyerstein Company, gents' furnishing 
 goods, San Francisco, Cal. 
 
 G. M. .Tosselyn & Co., ship chandlery, cord- 
 age, marine hardware, San Francisco, 
 Cal. 
 
 S. Sternbeim & Son, crockery, glass, china, 
 etc., San Francisco, Cal. 
 
 A. Fleishhacker & Co., paper warehouse, 
 San Francisco, Cal. 
 
 California Fruit Evaporating Company, 
 dried fruits, etc., San Francisco, Cal. 
 
 G. A. Dieter, liquors, Santa Cruz, Cal. 
 
 D. Samuels Lace House Company, laces, 
 San Francisco, Cal. 
 
 A. C. Schlesinger, wool purchasing broker, 
 San Francisco, Cal. 
 
 Z- S. Gather, secretary California Pine Box 
 and Lumber Company, San Francisco, 
 Cal. 
 
 Hubert Mercantile Company, San Fran- 
 cisco, Cal. 
 
 Union Transfer Company, San Francisco, 
 Cal. 
 
 Sussman, Wormser & Co., wholesale grocers, 
 San Francisco, Cal. 
 
 Castle Brothers, packers and shippers of 
 dried and caned fruits, San Francisco, 
 Cal. 
 
 Mack & Co., druggists, San Francisco, Cal. 
 
 Joshua Hendy Machine Works, San Fran- 
 cisco, Cal. 
 
 Eccles & Smith Company, railway supplies, 
 San Francisco, Cal. 
 
 The F. Chevalier Company, whisky mer- 
 chants, San Francisco, Cal. 
 
 Gorham Rubber Company, rubber goods, 
 San Francisco, Cal. 
 
 The Jones-Paddock, importers and manufac- 
 turers cotEees, teas, spices, extracts, etc., 
 San Francisco, Cai. 
 
 Bray Brothers, shipping merchants, San 
 Francisco, Cal. 
 
 Whittler-Coburn Company, manufacturers 
 and importers paints, oils, varnishes, etc., 
 San Francisco, Cal. 
 
 Bare Brothers, furniture, San Francisco, 
 Cal. 
 
 Studebaker Brothers Company, San Fran- 
 cisco, Cal. 
 
 Sachs Brothers & Co., hosiery, San Fran- 
 cisco, Cal. 
 
 Harris Brothers & Co., wholesale grocers, 
 San Francisco, Cal. 
 
 Pacific Jupiter Steel Company, San Fran- 
 cisco, Cal. 
 
 Son Brothers & Co., importers of cutlery, 
 pipes, stationery, Sari Francisco, Cal. 
 
 California Sugar and white Pine Agency, 
 San Francisco, Cal. 
 
 Chas. C. Moore & Co., machinery, San Fran- 
 cisco, Cal. 
 
 Hulse-Bradford Company, carpets and up- 
 holstery goods, San Francisco, Cal. 
 
 Coast Manufacturing and Supply Company, 
 
 , San Francisco, Cal. 
 
 Heywood Brothers & Wakefield Company, 
 San Francisco, Cal. 
 
 T. C. Frledlander, secretary The Merchants' 
 Exchange, San Francisco, Cal. 
 
 LETTERS, PETITIONS, BBSOLtTTIONS, ETC. 
 
 continued. 
 
 S. F. Booth, president Pacific Coast Asso- 
 ciation of Traffic Agents, San Francisco, 
 Cal. 
 
 Tatum & Bowen, machinery merchants, 
 San Francisco, Cal. 
 
 D. N. & E. Walter & Co., carpet, linoleum, 
 etc., San Francisco, Cal. 
 
 Scott & Van Arsdale, San Francisco, Cal. 
 
 The Tracy Engineering Company,""fuel and 
 power plants, San Francisco, Cal. 
 
 .Joseph ^* Whalen, manufacturer sanitary 
 
 81umbing, fixtures, etc., San Francisco, 
 al. 
 
 Carlson-Currier Company, silk manufac- 
 turers, San Francisco, Cal. 
 
 Hoffman, Rothchild & Co., wholesale cloth- 
 iers, San Francisco, Cal. 
 
 California Notion and Toy Company, San 
 Francisco, Cal. 
 
 Marsh & Kldd Company, manufacturers' 
 agents, San Francisco, Cal. 
 
 Thomas Day Company, manufacturers gas 
 and electric fixtures, San Francisco, Cal. 
 
 Minaker & Welbanks, commission mer- 
 chants, San Francisco, Cal. 
 
 California Wine and Brandy Company, San 
 Francisco, Cal. 
 
 Hlrsch, Bloch & Co., manufacturers fancy 
 goods, notions, and jewelry, San Fran- 
 cisco, Cal. 
 
 Clabrough, Golcher & Co., manufacturers 
 guns and pistols, San Francisco, Cal. 
 
 Gerson & Baer, importers and jobbers, San 
 Francisco, Cal. 
 
 Trans-Continental Freight Company, San 
 Francisco, Cal. 
 
 O. F. Willey & Co., carriage builders and 
 dealers, San Francisco, Cal. 
 
 George H. Taj; Company, plumbing and 
 heating supplies, San Francisco, Cal. 
 
 Llppman Brothers, men's and boys' out- 
 fitters, San Pedro, Cal. 
 
 Wempe Brothers, manufacturers paper 
 boxes, San Francisco, Cal. 
 
 Merten & Co., grocers' sundries, extracts, 
 etc., San Francisco, Cal. 
 
 Hermann Olcovich & Co., commission mer- 
 chants, San Francisco, Cal. 
 
 Great American Importing Tea Company, 
 importers and distributers, San Fran- 
 cisco, Cal. 
 
 Woodin & Little, windmills and tanks, San 
 Francisco, Cal. 
 
 C. G. Clinch & Co., manufacturers paints, 
 oils, and varnishes, San Francisco. Cal. 
 
 John Quadt Company ( Incorporated ) , paper 
 hangings, room moldings, etc., San Fran- 
 cisco, Cal. 
 
 Michalltschke Brothers & Co., San Fran- 
 cisco, Cal. 
 
 Philip Wolf & Co., hops, San Francisco, Cal. 
 
 Standard Wall Paper Company, San Fran- 
 cisco, Cal. 
 
 .1. P. Brownlee, manufacturer hardware, 
 San Francisco, Cal. 
 
 Illinois-Pacific Glass Company, manufac- 
 turers of bottles and jars, San Francisco, 
 Cal. 
 
 Seller Brothers & Co., importers of stoves 
 and ranges, San Francisco, Cal. 
 
 S. & G. Gump Company, fine arts, San 
 Francisco, Cal. 
 
 The Bernbard Mattress Company, manu- 
 facturers of iron beds, mattresses, par- 
 lor suits, etc., San Francisco, Cal. 
 
 J. B. Crowley, importer and jobber notions 
 and fancy goods, San Francisco, Cal. 
 
 T. C. Reavis & Co., dry goods, etc., Salinas, 
 Cal. 
 
 II. II. Mason, bookseller and stationer, 
 Salinas, Cal. 
 
 C. W. Peterson & Co., real estate and in- 
 surance. Salinas, Cal. 
 
 A. J. McCoUum, cigars and tobacco, Sali- 
 nas, Cal. 
 
 J. Gordlne, watches and jeweler, Salinas, 
 Cal. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 491 
 
 LETTERS, PETITIONS, KESOLUTIONS, ETC. 
 
 continued. 
 
 F. H. Long, president Salinas Valley Land 
 
 Company, Salinas City, Cal. 
 P. A. Johnson, Jr., hardware and groceries, 
 
 Salinas City, Cal. 
 Lemon & Souza, groceries, Salinas, Cal. 
 0. H. Perry, groceries, provisions, etc., 
 
 Salinas City, Cal. 
 Salinas Bottling and Wine Depot, Salinas, 
 
 Cal. 
 Anderson & Dougherty, plumbers and tin- 
 ners, Salinas, Cal. 
 S. Bullene, wood and feed, Salinas City, 
 
 Cal. 
 Griffin Brothers, salt meats, etc., Salinas, 
 
 Cal. 
 
 B. A. Soneranes, real estate, Salinas, Cal. 
 Salinas Valley Ice Company, Salinas, Cal. 
 Ford & Sanborn Company, Salinas, Cal. 
 The Salinas Commission House, Salinas 
 
 City, Cal. 
 Francee & Burljman, furniture, carpets, 
 
 Salinas, Cal. 
 T. C. Butler, cigars and tobacco, Salinas, 
 
 Cal. 
 W. G. Flint, dry goods, Salinas, Cal. 
 E. F. JefEery, proprietor Hotel JeflEery, 
 
 Salinas, Cal. 
 S. C. Landram, groceries, Salinas City, Cal. 
 A. K. Nissen, groceries, Salinas City, Cal. 
 Gowen & Willard, packers and shippers, 
 
 Santa Ana, Cal. 
 California Liquid Asphalt Co., Santa Bar- 
 bara, Cal. 
 Santa Barbara County Walnut Growers 
 
 Association, Santa Barbara, Cal. 
 R. E. Holmes, manager San Jose Hardware 
 
 Company, San Jose, Cal. 
 H. W. Conkling Grocery Company, San 
 
 Jose, Cal. 
 H. C. Doerr, baker, San Jose, Cal. 
 L D. Costa Orchard Canning Company, 
 
 canned goods and dried fruits, San Jose, 
 
 Cal. 
 J. Hinman, grain, San Jose, Cal. 
 J. G. Muuson, pharmacist, San Jose, Cal. 
 J. F. Brooke, vice-president San Jose Safe 
 
 Deposit Bank, San Jose, Cal. 
 
 C. H. Robinson, furniture, carpets, etc., 
 San Jose, Cal. ^ , 
 
 T. W. Hobson Company, grain, flour, feed, 
 etc., San Jose, Cal. 
 
 L. Lion & Sons Company, carpets and fur- 
 niture, San Jose, Cal. 
 
 R. F. Benson, secretary San Jose Imple- 
 ment Company, San Jose, Cal. 
 
 E. H. Renzel & Co., commission merchants, 
 San Jose, Cal. „ ^ 
 
 F. H. Ross, president Mount Hamilton Safe 
 Company, San Jose, Cal. 
 
 H. L. Middleton, manager Santa Clara 
 Valley Mill and Lumber Company, San 
 Jose, Cal. 
 
 J. Adelson, San Jose, Cal. 
 
 Kucker-Madsden Company, furniture, car- 
 pets, etc., San Jose, Cal. 
 
 Blaskower-AUoggi Company, cigars and to- 
 baccos, San Jose, Cal. 
 
 L. V. Slavich, oysters, San Jose, Cal. 
 
 Paul Masson, president Paul Masson Cham- 
 pagne Company, San Jose, Cal. 
 
 Carmichael, Ballaris & Co., San Jose, Cal. 
 
 LETTERS, PETITIONS, EESOLnTIONS, ETC. 
 
 continued. 
 
 J. B. Stuarts, foot wear, San Jose, Cal. 
 
 J. A. Kidward, Lick Livery and Hack Com- 
 pany, San Jose, Cal. 
 
 Charles Kimic, manager California Wall 
 I'aper Mills, San Jose, Cal. 
 
 A. M. McCabe, hatter, San Jose, Cal. 
 Wessendorf & Staffler, furniture, carpets, 
 
 etc., Santa Cruz, Cal. 
 I-I. Bustemeyer, tailor, Santa Cruz, Cal. 
 J. W. Forgeus, Santa Cruz, Cal. 
 San Pedro Wholesale Company, wines, 
 
 liquors, and cigars, San Pedro, Cal. 
 
 B. Brilliant, clothing, etc., San Pedro, Cal. 
 R. L. Brand, beef, pork, mutton, etc., San 
 
 Pedro, Cal. 
 
 R. G. Dupuy, wholesale grocer, San Pedro, 
 Cal. 
 
 H. W. Kendrick, pharmacist, Whittier, Cal. 
 
 Chris. Sleber & Co., hardware. Woodland, 
 Cal. 
 
 L. D. Stephens, Bank of Woodland, Wood- 
 land, Cal. 
 
 R. B. Cranston, hardware. Woodland, Cal. 
 
 W. W. Perclval, manager Woodland Grain 
 and Milling Company, Woodland, Cal. 
 
 Conner & Blackstock, grocers, Ventura, Cal. 
 
 ' ADDITIONAL TELEGRAMS. 
 
 Geo. W. Scott, president California Pine 
 Box and Lumber Company, San Fran- 
 cisco, Cal. 
 
 H. R. Judah, jr., secretary Board of Trade, 
 San Jose, Cal. 
 
 Weed Lmber Company, and others, San 
 Francisco, Cal. 
 
 J. A. Marsh, president Mobile Carriage 
 Comipany, San Francisco, Cal. 
 
 C. L. Tilden, president Overland Freight 
 Transfer Company, San Francisco, Cal. 
 
 W. E. Dargie, San Francisco, Cal. 
 
 Geo. W. Colby, secretary Pacific Coast 
 Association of Traffic Agents, San Fran- 
 cisco, Cal. 
 
 V. A. Schiller, president Chamber of Com- 
 merce, San Jose, Cal. 
 
 A. A. Watkins, Board of Trade, San Fran- 
 cisco, Cal. 
 
 R. L. Smith, attorney, and others, Clifton, 
 
 Ky. 
 
 Tom C. Pettit, and H others, Burdwell, Ky. 
 S. J. Moore, Judge, and 2 others, Wickliffe, 
 
 Ky. 
 
 John R. Webster, Omaha, Nebr. 
 
 Byrne & Hammer Dry Goods Company, 
 Omaha, Nebr. 
 
 M. E. Smith Company, and others, Omaha, 
 Nebr. 
 
 Arthur C. Smith, Omaha, Nebr. 
 
 H. A. Adams, Beloit, Wis. 
 
 Joel B. Dow, Beloit, Wis. 
 
 J. R. Van Evera, secretary Republican 
 county committee, Marquette, Mich. 
 
 S. R. Kaufman, vice-president Marquette 
 County Savings Bank, Marquette, Mich. 
 
 Chas. Meeske, president Upper Peninsula 
 Brewing Company, Marquette, Mich. 
 
 V. A. Scheller, president Chamber of Com- 
 merce, San Jose, Cal. 
 
PARTIAL LISTS OF BONDS AND STOCKS OF RAILROADS HELD BY 
 SAVINGS BANKS, INSURANCE COMPANIES, AND OTHER INSTI- 
 TUTIONS IN 1900. 
 
 [From Harraman'a American Investments — Classifled.] 
 ADTBONDACK EAILKOAD. 
 
 972,943-4^8 ('42) 1st Mtg. G. GM. by D. & H. N. Y. Life las. Co., N. Y. C. 
 
 ALADAMA OENTKAL RAILROAD. 
 
 4,400- Mechanics' Savings Baulc, Westerly, R. I. 
 25,000-6s ('18) 1st Mtg. Gold. Aetna Insurance Company, Hartford, Conn. 
 
 ALABAMA MIDLAND EAILWAY. 
 
 E,000-5s Coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
 ALAMAGOBDO AND SACKAMENTO MOUiMTAIN RAILWAY. 
 
 8,200-58 Coup. County Savings Bank & Trust Co., Scranton, Pa. 
 
 10,000- 
 50,000- 
 20,000- 
 10,000- 
 40,000- 
 
 114,000- 
 17,000- 
 
 151,353-58 
 28,000-68 
 25,n00-Gs 
 8,000-6s 
 25,000-68 
 60,000-68 
 1,000-68 
 20,000-Os 
 10,000-6s 
 
 754,000-6s 
 
 580,000-68 
 80,000-6s 
 32,000-68 
 15,000-6s 
 30,000-Cs 
 10,000-6s 
 
 250,000-68 
 
 350,000-68 
 10,000-68 
 7,000-68 
 67,000-6s 
 80.000-6S 
 15,000-6s 
 75,000-68 
 
 241,295-68 
 59,000-6s 
 
 ALBANY AND SUSQUEHANNA RAILROAD. 
 
 Gtd. Stk. Continental Insurance Company, New York City. 
 
 Gtd. Stk. Aetna Insurance Company, Hartford, Conn. 
 
 Stk. Eagle Fire Company, New York City. 
 
 Stk. German-American Insurance Company, New Yoric City. 
 
 Stk. Westchester Fire Insurance Company, New York City. 
 
 1st Con. New York Life Insurance & Trust Co., New York City. 
 
 New York Life Insurance & Trust Company, New York City. 
 
 Mutual Life Insurance Company, New York City. 
 
 HoBoken Bank for Savings, Hobokeii, N. J. 
 
 Morris County Savings Bank, Morristown, N. J. 
 
 New Brunswick Savings Institution, New Brunswiclf, N. J. 
 
 COG 
 ('06 
 ('06 
 ('06 
 ('06 
 ('00 
 (•06 
 ('06 
 ('06 
 ('06 
 ('06 
 ('06 
 ('00 
 ('06 
 ('06 
 ('06 
 ('06 
 ('06 
 COO 
 ('00 
 ('06 
 ('06 
 
 1st Mtg. Albany Insurance Company, Albany, N. Y. 
 
 Bridgepoi-t Savings Bank, Bridgeport, Conn. 
 
 City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 Connecticut Savings Banli, New Haven, Conn. 
 
 Naugatuck Savings Bank, Naugatuck, Conn. 
 
 Reg. Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 Equitable Life Assur. Society of United States, N. Y. City. 
 
 Greenwich Insurance Company, New York City. 
 
 Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 Lancashire Insurance Co. (Manchester, Eng.), N. Y. City. 
 
 Farmington Savings Bank, Farmiugton, Conn. 
 
 Norwich Savings Society, Norwich, Conn. • 
 
 Providence Institution for Savings, Providence, R. 1. 
 
 Royal Insurance Company (Liverpool, Eng.), N. Y. City. 
 
 Savings Bank of Danbury, Danlmry, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 Waterbury Savings Bank, Waterbury, Conn. 
 
 Cons. Stamford Savings Bank, Stamford, Conn. 
 
 1st Con. German-American Insurance Company, N. Y. City. 
 
 1st Con. Home Life Insurance Company, New York City. 
 
 1st Con. Manhattan Life Insurance Company, N. Y. City. 
 
 493 
 
494 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 
 50,000-Gs ('06) Jst Mtg. Con. Aetna Insurance Company, Hartford, Conn. 
 
 50,000-6s ('06) 1st Con. Mtg. Gtd. Hartford Fire Ins. Co., Hartford, Conn. 
 
 6,000-6s ('06) 1st Mtg. Niagara Fire Insurance Company, N. T. City. 
 
 8,000-6s ('06) Con. Mtg. Portland Savings Bank, Portland, Me. 
 
 12,000-7s Coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
 25,000-7s Lynn Institution for Savings, Lynn, Mass. 
 
 25,000-7s Morris County Savings Bank, Morristown, N. J. 
 
 10,000-7s ('06) Bridgeport Savings Bank, Bridgeport, Conn. 
 
 25,000-7s ('06) City Savings Bank, Meriden, Conn. 
 
 114,000-7s ('06) Equitable Life Assur. Society of United States, N. Y. City. 
 
 372,000-7s ('06) Reg. Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 10,000-7s ('06) Naugatuck Savings Bank, Naugatuck, Conn. 
 
 40,000-7s ('06) New Hai\-en Savings Bank, New Haven, Conn. 
 
 3,000-7s ('06) Norvifich Savings Society, Norwich, Conn. 
 
 50,000-7s ('06) Providence Institution for Savings, Providence, R. I, 
 
 10,000-7s ('00) Savings Bank of Danbury, Danbury, Conn. 
 
 23,000-7s ('06) Savings Bank of New London, New London, Conn, 
 
 39,000-7s ('06) Society for Savings, Hartford, Conn. 
 
 17,000-7s ('06) 1st Mtg. Niagara Fire Insurance Company, N. Y. City. 
 
 50,000-7s ('06) 1st Con. Mtg. Gtd. Aetna Insurance Co., Hartford, Conn. 
 
 l,000-7s ('06) 1st Con. Mtg. General Debt Sinking Fund, Albany, X. Y. 
 
 l,000-7s ('06) 1st Con. Mtg. General Debt Sinking Fund, Albany, N. Y. 
 
 80,000- Stk. Gtd. D. & H. Can. Co. Prov. Inst, for Sav., Providence, R. I. 
 
 13,000-6s ('06) Del. & Hud. People's Savings Bank, Bridgeport, Conn. 
 
 37,000-7s ('06) Del. & Hud. People's Savings Bank, Bridgeport, Conn. 
 
 10,000-7s ('06) D. & H. Can. Co. Dime S. B. of Wbury, Waterbury, Conn. 
 
 796,855-7s ('06) 1st Con. Gtd. by D. & H. N. Y. Life Ins. Co., N. Y. City. 
 
 AI.IEGIIENl' AND KINZUA EAILBOAD. 
 
 2,000-5s (1895) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-5s (1895) Franklin County Savings Bank, Farmington, Me. 
 
 2,000-5s (1896) Buxton & Ilollis Savings Bank, West Buxton, Me. 
 10,000-5s (1898) Machias Savings Bank, Machias, Me. 
 35,000-5s ('94-'99) 1st Mtg. Portland Savings Bank, Portland, Me. 
 
 ALLEGHENY VALLEY RAILWAY. 
 
 122,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 5,334- Pf. Farmers' Bank, Carlisle, Pa. 
 1,100,000- Sinking Fund, State of Pennsylvania. 
 1,000,000- Sinking Fund, State of Pennsylvania. 
 
 l,000-4s coup. Fidelity Title & Trust Company, Pittsburgh, Pa. 
 45,153-4s coup. Safe Deposit & Trust Company, Pittsburgh, Pa. 
 51,900-4s coup. Saving Fund Society of Geruiantown, etc., Philadelphia, Pa. 
 91,510-4s Ert. Ext. coup. Saving Fund Soc. of Geruiantown, etc.. Phlla., Pa. 
 150,000-4s Gen. Mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 20,000-4s Gen. Mtg. g. T. & M. M. Ins. Co. (Ltd.), (L'pool, Eng.), N. Y. C. 
 5,425-4s Gen. Mtg. Reg. coup. Frankford R. E., Tr. & S. D. Co., Phila., Pa. 
 
 720-4S Gen. Mtg. coup. Fidelity Ins., Tr. & Safe Dep. Co., Phila., Pa. 
 l,000-4s Gen. Mtg. coup. Farmers' Bank, Carlisle, Pa. 
 54,375-4s Gen. Mtg. coup. Guarantee Trust & S. Dep. Co., Philadelphia, Pa. 
 25,000-4s ('42) Gen. Mtg. Union Assur. Soc'y (London, Eng.), N. Y. City. 
 161,822-4s ('42) Gen. Mtg. coup. g. Penn. Mutual Life Ins. Co., Phila., Pa. 
 50,000-4s ('42) Gen. Mtg. Delaware Insurance Company, Philadelphia, Pa. 
 10,000-4s ('42) Reliance Insurance Company, Philadelphia, Pa. 
 30,0OO-4s ('42) Beg. Norwich Un. Fire Ins. Co. (Norwich, Eng.), N. Y. C. 
 91,548-7s coup. Safe Deposit & Trust Company, Pittsburgh, Pa. 
 5,000-7s Mechanics' lu-surance Company, Philadelphia, Pa. 
 32,875-7s 1st Mtg. Real Estate, Title, Insurance & Trust Co., Phila., Pa. 
 100,000-7s 1st Mtg. Brit. & F. Mar. Ins. Co. (Ltd.), (L'pool, En?.), N. Y. C. 
 303,137-7s 1st Mtg. coup. Philadelphia Trust, S. Dep. & Ins. Co.," Phlla., Pa. 
 100,000-7s 1st Mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 246,740-7s ('10) coup. Dollar Savings Bank, Pittsburgh, Pa. 
 571,000-7s ('10) Equitable Life Assur. Society of United States, N. Y. City. 
 10,000-7s ('10) Reliance Insurance Company, Philadelphia, Pa. 
 10,000-7s (10) 1st mtg, Spring Garden Insurance Co,, Philadelphia, Pa. 
 
DUTIES AND POWERS OF INTEKSTATE COMMEKCE COMMISSION. 495 
 
 20,000-7s ('10) 1st Mtg. United Firemen's Insurance Co., Pliilaaelpliia, Pa. 
 32,260-7s ('10) 1st Mtg. coup. Penn Mutual Life Ins. Co., Philadelphia, Pa. 
 
 ALLEGHENY AND WESTERN R.«I,KOAD. 
 
 50,000- Fifth Avenue Trust Company, New York City. 
 
 10,247-4s 1st Mtg. g. Fidelity Mutual Life Insurance Co., Philadelphia, Pa. 
 
 15,000-4s ('98) Auburn Savings Bank, Auburn, Me. 
 
 35,000-4s ('98) Androscoggin County Savings Bank, Lewiston, Me. 
 25,000-4s ('98) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 17,000-4s ('98) Gardiner Savings Institution, Gardiner, Me. 
 
 5,000-4s ('98) Kennebunk Savings Bank, Kennebunk, Jle. 
 700,000-4s ('98) Mutual Life Insurance Company, New York City. 
 10,000-4s ('98) Skowhegan Savings Bank, Skowhegan, Me. 
 50,000-4s ('98) State Mutual Life Assurance Company, Worcester, Mass. 
 
 5,000-4s ('98) Thomaston Savings Bank, Thomaston, Me. 
 25,000-4s ('98) 1st Mtg. Portland Savings Bank, Portland, Me. 
 
 ALLENTOWN TERMINAL RAILROAD. 
 
 50,000-4s ('19) Delaware Insurance Company, Philadelphia, Pa. 
 
 50,000-4s ('19) 1st Mtg. Caledonian Ins. Co. (Edinburgh, Scot.), N. Y. City. 
 
 ANN ARBOR RAILROAD. 
 
 12,480- Pf. Lancaster Trust Company, Lancaster, Pa. 
 
 6,166- Pf. Provident Savings Life Assurance Society, New York City. 
 
 2,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 20,000- ('95) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 2,655-4s Gen. Mtg. coup. Albertson Trust & Safe Dep. Co., Norrlstown, Pa. 
 17,121-4s Reg. Wayne County Savings Bank, Ilonesdale, Pa. 
 18,000-4s 1st Mtg. coup. Easton Trust Company, Easton, Pa. 
 
 8,300-4s 1st Mtg. coup. Citizens' Bank, Freeland, Pa. 
 
 30,000-4s 1st Mtg. Wilkesbarre Deposit & Savings Bank, Wilkesharre, Pa. 
 28,000-4s Merrimack River Savings Bank, Manchester, N. H. 
 ]0,000-4s ('95) Albany Insurance Company, Albany, N. Y. 
 10,000-4s ('95) Eastern Insurance Company, New York City. 
 
 5,000-4s ('95) Gorham Savings Bank, Gorham, Me. 
 
 89,478-4s ('95) 1st Mtg. Manhattan Life Insurance Co., New York City. 
 12,333-4s ('95) 1st Mtg. Provident Savings Life Assur. Society, N. Y. City. 
 
 ANN ARBOR AND NORTHERN PACIFIC RAILROAD. 
 
 6,836- Stk. Wilkesbarre Deposit & Savings Bank, Wilkesbarre, Pa. 
 
 AROOSTOOK NORTHERN RAIIJtOAD. 
 
 6,000-5s ('47) Auburn Savings Bank, Auburn, Me. 
 
 5,000-5s ('47) Bath Savings Institution, Bath, Me. 
 
 3,000-5s ('47) Buxton & Hollis Savings Bank, West Buxton, Me. 
 
 2,000-5s ('47) Fairfield Savings Bank, Fairfield, Me. 
 
 5,000-5s (47) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-5s ('47) People's Savings Bank, Lewiston, Me. 
 
 14,000-5s ('47) People's Savings Bank, Lewiston, Me. 
 
 35,000-5s ('47) Saco & Biddeford Savings Institution, Saco, Me. 
 
 20,000-5s ('47) Saco Savings Bank, Saco, Me. 
 
 5,000-5s ('47) South Paris Savings Bank, South Paris, Me. 
 
 5,000-5s ('47) Waterville Savings Bank, Waterville, Me. 
 
 ASHTABULA AND PITTSBURGH RAILROAD. 
 
 15,000-6s ('08) American Fire Insurance Company, Philadelphia, Pa. 
 
 50,000-6s ('08) Connecticut Savings Bank, New Haven, Conn. 
 
 l,000-6s ('08) coup. Dollar Savings Bank, Pittsburgh, Pa. 
 
 13,009-6s ('08) Reg. Dollar Savings Bank, Pittsburgh, Pa. 
 
 10,000-68 ('08) Groton Savings Bank, Mystic, Conn. 
 
 18,000-6s ('08) Mechanics' Savings Bank, Hartford, Conn. 
 
 25,000-6s ('08) Winsted Savings Bank, Wlnsted, Conn. 
 
496 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 ATCHISON, COLORADO AND PACIFIC BAILROAD. 
 
 8,000- Mechanics' Savings Bank, Westerly, R. I. 
 
 y,750-4s ('05) Preferred Accident Insurance Company, New York City. 
 
 ATCHISON AND NEBRASKA RAILROAD. 
 
 8,101-7s ('08) Berksliire Fire Insurance Couiijany, Pittsfield, Mass. 
 
 12,000-7s COS) Meriden Savings Bank, Meriden, Conn. 
 
 23,500-7s ('08) New Haven Savings Bank, New Haven, Conn. 
 
 5,000-7s ('08) Deep River Savings Bank, Deep River, Conn. 
 
 ATCHISON, TOPBKA AND SANTA FE RAILROAD. 
 
 20,000- Binghamton Trust Company, Binghamton, N. Y. 
 50,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 5,000- Fidelity Trust Company of Rocliester, Roebester, X. Y. 
 14,000- Holyoke Mutual Fire Insunance Company, Salem, JIuss. 
 20,000- Ithaca Trust Company, Ithaca, N. Y. 
 560,000- Knickerbocker Trust Company, New York City. 
 3,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 10,500- Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 28,700- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 3,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 5,500- Mutual Protection Fire Insurance Company, Charlestown, Mass. 
 200,000- Fifth Avenue Trust Company, New York City. 
 34,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 21,930- Pawtucket Institution for Savings, Pawtucket, R. I. 
 50,000- " United States Lloyds," New York City. 
 300,000- Union Trust Company of New York, New York City. 
 200- Adj. Scrip. Bath Savings Institution, Bath, Me. 
 3,500- Adj. Jlerchants & Farmers' Mut Fire Ins. Co., Worcester, Mass. 
 50,000- Adj. Binghamton Trust Company, Binghamton, N. Y. 
 
 300- Adj. Scrip. Boothbay Savings Bank, Boothbay Ilarbor, Me. 
 10,000- Adj. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 140,000- Adj. New York Security & Trust Company, New York City. 
 100,000- Adj. Jlorton Trust Company, Now York City. 
 2,600- Adj. Warren Institution for Savings, Warren, R. I. 
 17,487- Adj. Pawtucket Institution for Savings, Pawtucket, R. I. 
 15,000- Adj. Union Trust Company of Rochester, Rochester, N. Y. 
 7,000- 1st Mtg. Merch. & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 100,000- Gen. Mtg. Morton Trust Company, New York City. 
 25,000- Gen. Mtg. Atlantic Trust Company, New York City. 
 19,625- Gen. Mtg. Brooklyn Life Insurance Company, New York City. 
 250- Gen. Mtg. Scrip. Bath Savings Institution, Bath, Me. 
 100,000- Gen. Mtg. Franklin Trust Company, Brooklyn, N. Y. 
 
 450- Scrip. Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 350,000- Gen. New York Security & Trust Company, New York City. 
 800,000- Gen. United States Trust Company of New York, N. Y. City. 
 4,875- Gen. Mtg. Warren Institution for Savings, Warren, R. I. 
 3,900- Stk. Kssex Savings Bank, Essex, Conn. 
 11,100- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 1,100- Stk. Newburyport Mutual Fire Insurance Co., Newburyport, Mass. 
 6,000- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 6,075- Stk. Metropolitan Plate Glass Insurance Co., New York City. 
 31,340- Stk. Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 4,520- Stk. Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 
 70- Stk. Scrip. Bath Savings Institution, Bath, Me. 
 9,787- Cm. Hartford Steam Boiler Inspect. & Ins. Co., Hartford, Conn. 
 4,000- Cm. Mason Village Savings Bank, Greenville, N. H. 
 15,000- Cm. Peterborough Savings Bank, Peterborough, N. H. 
 10,000- Cm. Union Guaranty Savings Bank, Concord, N. H. 
 10,100- Pf. Bath Savings Institution, Bath, Me. 
 9,000- Pf. Belfast Savings Bank, Belfast, Me. 
 2,200- Pf. Boothbay Savings Bank, Boothbay Harbor, Me. 
 56,500- Pf. Boston Insurance Company, Boston, Mass. 
 
50,000- 
 
 Pf. 
 
 5,600- 
 
 Pf. 
 
 997- 
 
 Pf. 
 
 30,000- 
 
 Pf. 
 
 8,261- 
 
 Pf. 
 
 5,000- 
 
 Pf. 
 
 5,100- 
 
 Pf. 
 
 400- 
 
 Pf. 
 
 2,800- 
 
 Pf. 
 
 62,300- 
 
 Pf. 
 
 307,500- 
 
 Pf. 
 
 16,950- 
 
 Pf. 
 
 4,500- 
 
 Pf. 
 
 3,525- 
 
 Pf. 
 
 12,800- 
 
 Pf. 
 
 56,500- 
 
 Pf. 
 
 1,700- 
 
 Pf. 
 
 10,000- 
 
 Pf. 
 
 5,917- 
 
 Pf. 
 
 12,300- 
 
 Pf. 
 
 10,000- 
 
 Pf. 
 
 5,650- 
 
 Pf. 
 
 3,390- 
 
 Pf. 
 
 2,500- 
 
 (•9i 
 
 20,000- 
 
 ('9i 
 
 DUTIES AND POWERS OF INTBESTATE COMMEECE COMMISSION. 497 
 
 German-American Insurance Company, New York City. 
 Guaranty Savings Bank, Manchester, N. H. 
 Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 Industrial Trust Co., Providence, R. I. 
 John Hancock Mutual Life Insurance Co., Boston, Mass. 
 Lancaster Savings Bank, Lancaster, N. H. 
 Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 Mason Village Savings Bank, Greenville, N. H. 
 Laconia Savings Bank, Laconia, N. H. 
 New Hampshire Savings Bank, Concord, N. H. 
 New York Life Insurance Company, New York City. 
 Nashua Savings Bank, Nashua, N. H. 
 National Fire Insurance Company, Hartford, Conn. 
 Pawtucket Institution for Savings, Pawtucket, R. I. 
 Peterborough Savings Bank, Peterborough, N. H. 
 Society for Savings, Hartford, Conn. 
 Saco Savings Bank, Saco, Me. 
 Security Insurance Company, New Haven, Conn. 
 Travelers' Insurance Company, Hartford, Conn. 
 Union Guaranty Savings Bank, Concord, N. H. 
 Wakefield Trust Company, Wakefield, R. I. 
 Warren Institution for Savings, Warren, R. I. 
 York County Savings Bank, Biddeford, Me. 
 ('95) Adj. Essex Savings Bank, Essex, Conn. 
 
 Gen. Trust & Deposit Co., of Onondaga", Syracuse, N. Y. 
 120,000-4s Gen. Mtg. Amoskeag Savings Bank, Manchester, N. H. j 
 9,900-4s Gen. Mtg. g. Bankers' Life Ins. Co. of the City of N. Y., N. Y. City. 
 50,437-4s coup. Commonwealth Title, Ins. & Trust Co., Philadelphia, Pa. 
 2,000-4s Bank of Commerce, San Diego, Cal. 
 
 77,412-4s Gen. coup. Commercial Trust Company, Philadelphia, Pa. 
 10,000-4s Gen. Mtg. Dartmouth Savings Bank, Hanover, N. H. 
 4,458-4s coup. Deposit and Savings Bank of Kingston, Kingston, Pa. 
 8,730-4s coup. Dime Deposit and Discount Bank, Scranton, Pa. 
 16,650-4s coup. Adj. Easton Trust Company, Baston, Pa. 
 37,575-4s Gen. Mtg. coup. Easton Trust Company, Easton, Pa. 
 50,000-4s Fidelity Trust Company, Newark, N. J. 
 202,572-4s Gen. Mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 5,112-4s Gen. Mtg. Reg. coup. F'kford R. E., Tr. & S. Dep. Co., Phila, Pa. 
 7,500-4s Gen. Mtg. Guaranty Savings Bank, Manchester, N. H. 
 4,000-4s Adj. Guaranty Savings Bank, Manchester, N. H. 
 75,000-4s Gen. Mtg. Industrial Trust Company, Providence, R. I. 
 20,000-4s Insurance Company of the State of New York, New York City. 
 l,000-4s Gen. Mtg. Lancaster Savings Bank, Lancaster, N. H. 
 
 500-4s Adj. Lancaster Savings Bank, Lancaster, N. H. 
 5,000-4s Adj. Laconia Savings Bank, Laconia, N. H. 
 10,000-4s Gen. Mtg. Laconia Savings Bank, Laconia, N. H. 
 18,500-4s Gen. Mtg. Loan and Trust Savings Bank, Concord, N. H. 
 10,000-4s Adj. Loan and Trust Savings Bank, Concord, N. H. 
 44,000-4s Gen. Mtg. Manchester Savings Bank, Manchester, N. H. 
 2,000-4s Gen. Mtg. Mechanics' Savings Bank, Manchester, N. H. 
 21,593-4s Adj. coup. Merchants' Trust Company, Philadelphia, Pa. 
 30,000-4s Gen. Mtg. Merrimack County Savings Bank, Concord, N. H. 
 70,000-4s coup.- Miners' Savings Bank, Wilkesbarre, Pa. 
 20,000-4s coup. Miners' Savings Bank, Pittston, Pa. 
 20,000-4s coup. Miners' Savings Bank, Pittston, Pa. 
 
 24,000-4s coup. Montgomery Ins., Trust & Safe Deposit Co., Norristown, Pa. 
 175,000-4s Morristown Trust Company, Morristown, N. J. 
 50,000-4s Gen. g. Munich Re-Insurance Co. (Munich, Bavaria), N. Y. City. 
 .25,000-4s Gen. Mtg. National Fire Insurance, Hartford, Conn. 
 139,512-4s Adj. National Surety Company, New York City. 
 100,000-4s Adj. New Hampshire Savings Bank, Concord, N. H. 
 139,000-4s Gen. Mtg. New Hampshire Savings Bank, Concord, N. H. 
 3,000-4s Gen. Mtg. New Ipswich Savings Bank, New Ipswich, N. H. 
 l,500-4s Adj. New Ipswich Savings Bank, New Ipswich, N. H. 
 9,000-4s coup. Norristown Title, T. & S. Dep. Company, Norristown, Pa. 
 5,000-4s Gen. Mtg. North German Fire Insurance Company, N. Y. City. 
 10,000-4s Gen. Mtg. North German Fire Insurance Company, N. Y. City. 
 
 BY— 05 32 
 
498 DUTIES AND POWERS OP INTEBSTATE COMMERCE COMMISSION. 
 
 15,000-4s 
 
 5,000-4s 
 
 4,000-4s 
 
 8,000-4s 
 
 27,905-4s 
 
 6,500-4s 
 
 12,000-4s 
 
 15,000-4s 
 
 5,000-4s 
 
 23,000-4s 
 
 0,000-4s 
 
 7,500-4s 
 
 41,500-4s 
 
 3,000-4s 
 
 10,000-4s 
 
 9,337-4s 
 
 20,000-4s 
 
 2,947,224-4s 
 
 12,500-4s 
 
 5,000-4s 
 
 25,000-4s 
 
 9(i,000-4s 
 
 10,000-4s 
 
 3,500-4s 
 
 2,000-4s 
 
 5,000-4s 
 
 500-4S 
 
 l,500-4s 
 
 9,500-4s 
 
 56,000-4s 
 
 30,000-4s 
 
 ]2,000-4s 
 
 6,500-4s 
 
 5,000-4s 
 
 10,000-4s 
 
 5,000-4s 
 
 3,003,000-4s 
 
 4,500-4s 
 
 38,800-4s 
 
 96,218-4s 
 
 2,000-4s 
 
 50,000-4s 
 
 19,000-4s 
 
 25,000-4s 
 
 46,987-4s 
 
 56,015-4s 
 
 ll,962-4s 
 
 84,000-4s 
 
 18,000-4s 
 
 40,447-4s 
 
 276,266-4s 
 
 6,500-4s 
 
 12,000-4s 
 
 15,500-4s 
 
 48,500-4s 
 
 343,582-4s 
 
 2,000-4s 
 
 3,500-4s 
 
 G,283,696-4s 
 
 15,000-4s 
 
 209,965-4s 
 
 50,000-4s 
 
 403,224-4s 
 
 25,000-4s 
 
 100,000-4s 
 
 25,000-4s 
 
 4,000-4s 
 
 Gen. Mtg. Norway Plains Savings Banli, Rochester, N. II. 
 Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 Adj. Peterborough Savings Banlc, Peterborough, N. H. 
 Gen. Mtg. Peterborough Savings Bank, Peterborough, N. H. 
 1st Mtg. Pf. Stl£. Scranton Savings Banli, Scranton, Pa. 
 Adj. Souiersworth Savings Bank, Somersworth, N. H. 
 Gen. Mtg. Somersworth Savings Bank, Somersworth, N. H. 
 Standard Finance and Trust Company, Jersey City, N. J. 
 Adj. Title and Guarantee Company, Rochester, N. Y. 
 Trenton Trust and Safe Deposit Company, Trenton, N. J. 
 Adj. Union Guaranty Savings Bank, Concord, N. H. 
 Gen. Mtg. Union Guaranty Savings Bank, Concord, N. H. 
 Union Marine Insurance Co. (Ltd.), (Liverpool, Eng.), N. T. City. 
 Gen. Mtg. Walpole Savings Bank, Walpole, N. H. 
 coup. Warren Savings Bank, Warren, Pa. 
 coup. Wayne County Savings Bank, Honesdale, Pa. 
 Gen. coup. Wilkesbarre Deposit & Savings Bank, Willcesbarre, Pa. 
 Gen. Mtg. g. New York Life Insurance Co., New York City. 
 05) Gen. Mtg. People's Safe Deposit & Savings Bank, Bath, Me. 
 
 Savings Bank of New Britain, New Britain, Conn. 
 
 G. M. g. A. & M. F. I. Co. (Aix-La-Ohapelle, Ger.), N. Y. C. 
 
 Aetna Life Insurance Company, Hartford, Conn. 
 
 Gen. Mtg. American Union Life Insurance Co., N. Y. City. 
 
 Gen. Mtg. Bangor Savings Bank, Bangor, Me. 
 
 Adj. Bangor Savings Bank, Bangor, Me. 
 
 Adj. Bath Savings Institution, Bath, Me. 
 
 Adj. Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 Gen. Mtg. Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 Gen. Mtg. Bath Savings Institution, Bath, Me. 
 
 Boston Insurance Company, Boston, Mass. 
 
 Adj. Boston Insurance Compan.y, Boston, Mass. 
 
 Gen. Mtg. Belfast Savings Bank, Belfast, Me. 
 
 Belfast Savings Bank, Belfast, Me. 
 
 Chester Savings Bank, Chester, Conn. 
 
 Commercial Union Fire Insurance Co., New York City. 
 
 Deep River Savings Bank, Deep River, Conn. 
 
 Equitable Life Assur. Soc. of the United States, N. Y. City. 
 
 Gen. Mtg. Essex Savings Bank, Essex, Conn. 
 
 Fidelity & Deposit Company of Maryland, Baltimore, Md. 
 
 Gen. Mtg. g. Fidelity & Casualty Co., New York City. 
 
 Franklin County Savings Bank, Farmington, Me. 
 
 Gen. German- American Insurance Co., New York City. 
 
 Gen. Mtg. B. L. A. C. (Ltd.), (London, Eng.), Boston, Mass. 
 
 Gen. Mtg. g. coup. Hanover Fire Ins. Co., New York City. 
 
 Hartford Steam Boiler Inspect. & Ins. Co., Hartford, Conn. 
 
 Gen. ^jtg. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 
 Adj. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 Lancashire Insurance Co. (Manchester, Bug.), N. Y. City. 
 
 Adj. Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 
 Gen. Mtg. Manhattan Life Insurance Co., New York City. 
 
 Gen. Mtg. Mass. Mutual Life Ins. Co., Springfield, Mass. 
 
 Adj. Mechanics' Savings Bank, Hartford, Conn. 
 
 Gen. Mechanics' Savings Bank, Hartford, Conn. 
 
 Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 Gen. Mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 Adj. Moodus Savings Bank, Moodus, Conn. 
 
 Gen. Moodus Savings Bank, Moodus, Conn. 
 '95) Mutual Life Insurance Company, New York City. 
 '95) Adj. New England Mutual Life Ins. Co., Boston, Mass. 
 
 Gen, Mtg. New England Mut. Life Ins. Co., Boston, Mass. 
 
 New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 Adj. Inc. New York Life Insurance Co., New York City. 
 
 Gen. Mtg. Niagara Fire Insurance Company, N. Y. City. 
 
 1st Mtg. Northwestern National Ins. Co., MUwaukee, Wis. 
 
 Reg. Norwich i:n. Fire Ins. Co. (Norwich, Eng.), N. Y. C. 
 
 Adj. Orient Insurance Company, Hartford, Conn. 
 
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DUTIES AND POWERS OF INTEKSTATE COMMERCE COMMISSION. 499 
 
 10,000-4s {'95) Orient Insurtyice Company, Hartford, Conn. 
 
 12,000-4s ('95) Adj. Penobscot Savings Banli, Bangor, Me. 
 
 90,0tiO-4s ('95) Gen. Mtg. g. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 22,.500-4s ('95) Gen. Mtg. Penobscot Savings Banlc, Bangor, Me. 
 
 28,662-4s ('95) Gen. Mtg. Provident Sav. Life Assur. Society, N. Y. City. 
 
 393,750-4s ('95) Gen. Mtg. g. Provident Life & Trust Co., Philadelphia, Pa. 
 
 8,400-4s ('95) Adj. 1st Mtg. Provident Sav. Life Assur. Soc, N. Y. City. 
 
 142,250-4s ('95) Gen. g. Prudential Ins. Co. of America, Newarlj, N. J. 
 
 20,000-4s ('95) Gen. Mtg. Reading Fire Insurance Company, Reading, Pa. 
 
 10,000-4s ('95) Rochester German Insurance Company, Rochester, N. Y. 
 
 12,375-4s ('95) Gen. Mtg. Rockland Savings Banli, Rockland, Me. 
 
 6,600-4s ('95) Adj. Rockland Savings Bank, Rockland, Me. 
 
 8,000-4s ('95) Gen. Mtg. Saco Savings Bank, Saco, Me. 
 
 4,500-4s ('95) Adj. Saco Savings Bank, Saco, Me. 
 
 74,000-4s ('95) Adj. Society for Savings, Hartford, Conn. 
 
 138,500-4s ('95) Society for Savings, Hartford, Conn. 
 
 8,000-4s ('95) Southport Savings Bank, Southport, Conn. 
 
 50,000-4s ('95) Gen. Mtg. g. Sun Ins. Office (London, Eng.), N. Y. City. 
 
 50,000-4s ('95) Adj. Traders' Insurance Company, Chicago, 111. 
 
 10,000-4s ('95) Gen. Mtg. Trans. Fire Ins. Co. (Hamb'g, Ger.), Chicago, 111. 
 
 39,540-4s (95) Travelers' Insurance Company, Hartford, Conn. 
 
 93,578-4s ('95) Gen. Mtg. g. United States Life Ins. Co., New York City. 
 
 30,000-4s ('95) 1st Mtg. Westchester Fire Insurance Co., New York City. 
 
 ATLANTA AND CHABLOTTE AIB LINE RAILROAD. 
 
 100,000- Gtd. Stk. Continental Insurance Company, New York City. 
 126,500- Stk. Metropolitan Life Insurance Company, New York City. 
 20,000- Gtd. Stk. Sun Ins. Co. (London, Eng.), New York City. 
 9,000- German-American Fire Insurance Company, Baltimore, Md. 
 l,500-6s Virginia State Insurance Company, Richmond, Va. 
 2,000-7s ('07) United Fire Insurance Company, Baltimore, Md. 
 16,077-7s ('07) Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 4,760-7s ('07) Hartford Steam Boiler Inspect. & Ins. Co., Hartford, Conn. 
 560,050-7s ('07) Mutual Life Insurance Company, New York City. 
 
 ATLANTA AND ELORIDA RAILROAD. 
 
 9,700-6s Bristol Savings Bank, Bristol, N. H. 
 
 ATLANTA AND WEST POINT RAILROAD. 
 
 8,500- Deb. Atlanta Home Insurance Company, Atlanta, Ga. 
 15,000- Deb. Security Trust Company of Rochester, Rochester, N. Y. 
 
 ATLANTIC CITY RAILROAD. 
 
 25,000-5s Camden Safe Deposit & Trust Company, Camden, N. J. 
 95,050-5s g. Mtg. coup. Provident Life & Trust Co., Philadelphia, Pa. 
 10,675-5s 1st Mtg. coup. Union Trust Company, Philadelphia, Pa. 
 30,000-5s ('19) Mtg. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 lll,000-5s ('19) g. Mtg. Provident Life & Trust Company, Philadelphia, Pa. 
 65,000-5s ('19) g. Mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 ll,000-5s ('19) g. Mtg. coup. Union Insurance Company, Philadelphia, Pa. 
 20,000-5s ('19) g. Mtg. United Firemen's Insurance Co., Philadelphia, Pa. 
 
 ATLANTIC COAST MNE RAILROAD. 
 
 86,000- Gen. United States Trust Company of New York, N. Y. City. 
 13,260-5s coup. Oarbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 25,000-4s ('48) 1st Mtg. Ocean Acci. & Guar. Corp. (Ltd.), London, Eng. 
 25,000-4s ('48) Fidelity Fire Insurance Company, Baltimore, Md. 
 
 ATLANTIC AND DANVILLE RAILROAD. 
 
 20,000- Security Trust Company of Rochester, Rochester, N. Y, 
 10,000- ('50) 1st. Trust & Deposit Company of Onondaga, Syracuse, N. Y. 
 5,000-5s coup. Carbondale Miners & Mechanics' Sav. Bk„ Carbondale, Pa. 
 
25,000- 
 
 Stk. 
 
 7,500- 
 
 Gtd. 
 
 4,900- 
 
 Stk. 
 
 25,000- 
 
 Stk. 
 
 2,000-6s 
 
 CIO) 
 
 7,000-6s 
 
 CIO) 
 
 l,000-6s 
 
 C30) 
 
 23,000-6s 
 
 CIO) 
 
 6,000-6s 
 
 CIO) 
 
 500 DUTIES AND POWEBS OF INTERSTATE COMMEECE COMMISSION. 
 
 20,lG5-5s 1st Mtg. coup. Albertson Trust & S. J3ep. Co., Norristown, Pa. 
 7,000-5s ('50) Paterson Savings Institution, Paterson, N. J. 
 10,212-5s ('50) 1st Mtg. Provident Sav. Life Assur. Society, N. Y. City. 
 
 ATLANTIC AND NORTH CABOUNA RAILROAD. 
 
 1,266,600- Stk. General Fund, State of North Carolina. 
 
 ATLANTIC AND PACIFIC RAILROAD. 
 
 1,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 
 ATLANTIC AND YADKIN RAILROAD. 
 
 50,000- Fifth Avenue Trust Company, New York City. 
 438,750-4s ('49) Mutual Life Insurance Company, New York City. 
 
 AUGUSTA SOUTHERN RAILROAD. 
 
 50,000-5s ('24) By So. Car. & Ga. 1st Mtg. g. Cont. Ins. Co., N. Y. City. 
 
 BALD EAGLE VALLEY RAILROAD. 
 
 Aetna Insurance Company, Hartford, Conn. 
 Stk. Connecticut Fire Insurance Company, Hartford, Conn. 
 Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 Phcenix Insurance Company, Hartford, Conn. 
 Dime Savings Bank of Hartford, Hartford, Conn. 
 People's Savings Bank, Bridgeport, Conn. 
 Mechanics' Savings Bank, Winsted, Conn. 
 Society for Savings, Hartford, Conn. 
 Savings Bank of Danbury, Danbury, Conn. 
 
 BALTIMORE, CHESAPEAKE AND ATLANTIC RAILROAD. 
 
 10,000- People's Savings Bank, Woonsocket, R. I. 
 168,345- Pf. Atlantic Trust Company, New York City. 
 10,000-5s Maine Benefit Life Association, Auburn, Me. 
 10,000-4s ('34) Gardiner Savings Institution, Gardiner, Me. 
 
 Androscoggin County Savings Bank, Lewiston, Me. 
 
 Auburn Savings Bank, Auburn, Me. 
 
 1st. Bangor Savings Bank, Bangor, Me. 
 
 Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 Kennebunk Savings Bank, Kennebunk, Me. 
 
 Rockland Savings Bank, Rockland, Me. 
 
 Saco Savings Bank, Saco, Me. 
 
 People's Safe Deposit and Savings Bank, Bath, Me. 
 
 Saco and Biddeford Savings Institution, Saco, Me. 
 
 People's Savings Bank, Lewiston, Me. 
 
 Thomaston Savings Bank, Thomaston, Me. 
 
 Waterville Savings Bank, Waterville, Me. 
 
 Gold. Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 BALTIMORE AND CUMBERLAND VALLEY RAILROAD. 
 
 Hanover Saving Fund Society, Hanover, Pa. 
 Fidelity Fire Insurance Company, Baltimore, Md. 
 Farmers and Mechanics' Savings Bank, Middletown, Conn. 
 Newtown Savings Bank, Newtown, Conn. 
 State Savings Bank, Hartford, Conn. 
 Union Savings Bank, Danbury, Conn. 
 Ext. Derby Savings Bank, Derby, Conn. 
 Ext. Farmington Savings Bank, Farmington, Conn. 
 Ext. Guilford Savings Bank, Guilford, Conn. 
 Ext. Mechanics and Farmers' Sav. Bank, Bridgeport, Comi. 
 
 35,000-5s 
 
 C34) 
 
 10,000-5s 
 
 ('34) 
 
 20,000-58 
 
 ('34 
 
 2,000-5s 
 
 C34) 
 
 5,000-5s 
 
 C34) 
 
 5,000-5s 
 
 C34) 
 
 20,000-5s 
 
 C34) 
 
 20,000-5s 
 
 C34) 
 
 5,000-5s 
 
 ('34) 
 
 20,000-5s 
 
 ('34 ) 
 
 15,000-5s 
 
 C34) 
 
 10,000-5s 
 
 ('34 ) 
 
 5,000-5s 
 
 ('34 ) 
 
 25,000-5s 
 
 ('34) 
 
 5,157-6s Coup. 
 
 6,000-6s 
 
 ('29) 
 
 10,000-6s 
 
 (•31) 
 
 10,000-6s 
 
 C31) 
 
 .50,000-6s 
 
 C31) 
 
 10,000-6s 
 
 ('31 ) 
 
 20,000-6s 
 
 ('31) 
 
 10,000-6s 
 
 ('31) 
 
 4,000-6s 
 
 ('31) 
 
 21,000-68 
 
 ('31 ) 
 
DUTIES AND POWERS OF INTEESTATE COMMEECE COMMISSION. 501 
 
 BALTIMORE AND DELAWABE BAY EAILEOAD. 
 
 3,500-5b 1st mtg. coup. Safe Deposit Bank, Pottsville, Pa. 
 
 BALTIMORE AND HAKBISBUKG KAILWAY. 
 
 6,000-5s ('36) Chester Savings Bank, Chester, Conn. 
 
 ]2,000-5s ('.36) Deep River Savings Bank, Deep River, Conn. 
 
 10,000-5s ('36) Essex Savings Bank, Kssex, Conn. 
 
 65,000-5s ('36) Mechanics' Savings Bank, Hartford, Conn. 
 
 80,000-5s ('36) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 20,000-5s ('36) Meriden Savings Bank, Merlden, Conn. 
 
 20,000-5s ('36) Savings Bank of Danbury, Danbury, Conn. 
 
 50,000-5s ('36) Savings Bank of New Britain, New Britain, Conn. 
 
 35,000-5s ('36) Stamford Savings Bank, Stamford, Conn. 
 
 13,000-5s Western Ext. Coup. Hanover Sav. Fund Soc, Hanover, Pa. 
 
 BALTIMORE AND OHIO EAIUiOAD. 
 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 11,000- Columbus Trust Company, Newburgh, N. Y. 
 
 10,000- Coddington Savings Bank, Newport, R. I. 
 
 400,000- Fifth Avenue Trust Company, New York City. 
 
 12,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 
 100,000- Kings County Trust Company, Brooklyn, N. Y. 
 
 5,500- Mechanics' Savings Bank, Westerly, R. I. 
 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 
 24,656- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
 50,000- Union Trust Company, Providence, R. I. 
 
 50,000- " United States Lloyds," New York City. 
 
 200,000- Union Trust Company of New York, New York City. 
 
 5,000- Westchester Trust Company, Yonkers, N. Y. 
 
 23,500- People's Savings Bank, Woonsocket, R. I. 
 
 10,000- Cm. Washington Trust Company of the City of New York, N. Y. C. 
 
 15,000- Cm. Fidelity Fire Insurance Company, Baltimore, Md, 
 
 3,956- Pf. Manhattan Life Insurance Company, New York City. 
 
 118,100- Pf. Common Free School Fund, State of Maryland. 
 
 13,700- Pf. Aetna Insurance Company, Hartford, Conn. 
 
 2,000- Pf. London Assurance Company (London, Eng.), N. Y. City. 
 
 200,000- Pf. Home Insurance Company, New York City. 
 
 7,000- Pf. Fidelity B'ire Insurance Company, Baltimore, Md. 
 
 2,100- Pf. New England Mutual Life Insurance Co., Boston, Mass. 
 
 1,000- Pf. Manchester Assurance Co. (Manchester, Eng.), N. Y. City. 
 
 1,700- Pf. Stk. Ctf. People's Savings Bank, Woonsocket, R. I. 
 
 7,533- Pf. Travelers' Insurance Company, Hartford, Conn. 
 
 21,200- Pf. Providence Inst, for Savings, Providence, R. I. 
 
 18,000- P(. Metropolitan Life Insurance Company, New York City. 
 
 7,525- Pf. Lancashire Insurance Co. (Manchester, Eng.), N. Y. City. 
 
 13,300- Pf. Rhode Island Hospital Trust Company, Providence, R. I. 
 
 1,000,000- Pf. Mercantile Trust Company, New York City. 
 
 2,200- Pf. Scot. Un. & Nat'l Ins. So. (Ed'nb'gh, Scot), Hartford, Conn. 
 
 20,000-4s N.-c. pf. N. B. & M. Ins. Co. (Lon., Eng., & B'b'h, Scot), N. Y. C. 
 
 8,500- Non-cum. Lon. & Lan. F. Ins. Co. (Liv'pool, Eng.), N. Y. City. 
 
 5,000- Stk. Ctfs. Bucks County Trust Company, Doylestown, Pa. 
 
 500- Stk. Mechanics' Savings Bank, Westerly, R. I. 
 
 25,000- 1st Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 100,000- 1st. Real Estate Trust Company, New York City. 
 
 1,200,000- 1st mtg. United States Trust Co. of New York, New York City. 
 
 150,000- 1st mtg. g. Guaranty Trust Company of New York, N. Y. City. 
 
 250,000- Car. tr. New York Security & Trust Co., New York City. 
 
 100,000- Pr. lien. Franklin Trust Company, Brooklyn, N. Y. 
 
 207,000- Pr. lien. Guaranty Trust Company of New York, N. Y. City. 
 
 50,000- Pr. lien. Standard Trust Company, New York City. 
 
 100,000- Pr. lien. Morton Trust Company, New York City. 
 
 50,000- Pr. lien. Real Estate Trust Company, New York City. 
 
 252,000- Pr, lien. New York Security &, Trust Co., New York City. 
 
502 DUTIES AND POWEES OF INTEKSTATE COMMEBCE COMMISSION. 
 
 100,000- Pr. lieu. Uuited States Mortgage & Trui3t Co., New York City. 
 50,000-3is Per. lien. Bav'n Mtg. & Ex. Bk. (F. I. Co.), (M'ch, Bav.), N. Y. C. 
 5,000-3is Pr. lien. reg. coup. F'kfd K. E., Tr. & S. Dep. Co., Phila., Pa. 
 40,000-3|.s Pr. lien. Ind'n'y Mut. Mar. Ass'r. Co., Ltd. (Lon., Bng.), N. Y. C. 
 100,000-3|s Pr. lien. coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 2,000-3is Pr. lien. Presbyterian Miuisters' Fund, Philadelphia, Pa. 
 9,650-3Js Per lien. coup. Scrantou Savings Bank, Scranton, Pa. 
 28,900-2is Coup. Security Title and Trust Company, York, Pa. 
 950,000-3Js ('25) Equitable Life Assur. Soc. of the United States, N. Y. City. 
 29,925-3is (2.5) Employers' Liability Assnr. Corp. (Ltd.), London, Eng. 
 79,300-3Js ('25) Lancashire Insurance Co. (Manchester, Eng.), N. Y. City. 
 3,767,600-3^8 ('26) Mutual Life Insurance Company, New York City. 
 50,000-3is ('25) Northwestern National Ins. Co., Milwaukee, Wis. 
 27,000-3*8 ('25) Scot. U. & Nat'l Ins. Co. (Kd'b'h, Scot.), Hartford, Conn. 
 100,000-3is ('25) Mutual Benefit Life Insurance Co., Newark, N. J. 
 50,000-3is ('25) Pr. lien g. Germania Fire Ins. Co., New York City. 
 98,622-3Js ('25) Pr. lien g. Home Life Insurance Co., New York City. 
 51,000-3i8 ('25) Pr. lien g. London Assur. Co. (London, Eng.), N. Y. 0. 
 105,000-3^8 ('25) Pr. lien g. Lon. & Lan. F. Ins. Co. (Liv'p'l, Eng.), N. Y. C. 
 
 5,000-3Js ('25) Pr. lien. Machias Savings Bank, Machias, Me. 
 233,543-3is ('25) Pr. lien. Massachusetts ifut. Life Ins. Co., Sp'gfield, Mass. 
 10,000-3Js ('25) Pr. lien g. Manchester Assu. Co. (M'n'c'ter, Eng.)-; N. Y. C. 
 208,455-3^8 ('25) Pr. lien g. Metropolitan Life Ins. Co., New York City. 
 89,475-3Js ('25) Pr. lien. New England Mut. Life Ins. Co., Boston, Mass. 
 25,000-3is ('25) Pr. lien g. Niagara Fire Ins. Co., New York City. 
 200,000-3is ('25) Per lien c. N. B. & M. I. C. (Lon., E., Ed'gh, S.), N. Y. C. 
 16,000-3is ('25) Pr. lien. Ocean Ace. & Guar. Corp. (Ltd.), N. Y. City. 
 25,000-3Js ('25) Pr. lien g. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 20.000-3is ('25) Pr. lien g. Palatine Ins. Co. (Ltd.), (M'ster, Eng.), N. Y. C. 
 47,750-3Js ('25) Pr. lien coup. g. Penn Mutual Life Ins. Co., Phila., Pa. 
 315,000-3Js ('25) Pr. lien. Providence Inst, for Savings, Providence, R. I. 
 242,595-3*8 ('25) Pr. lien g. Providence Life & Trust Co., Phila., Pa. 
 2.36,000-3*8 ('25) Pr. lien. Rhode I.«land Hospital Trust Co., Providence, R. I. 
 334,625-3i8 ('25) Pr. lien g. Prudential Ins. Co. of America, Newark, N. J. 
 37,500-48 ('48) 1st mtg. g. Lon. & Lan. F. Ins. Co. (Liv'p'l, Eng.), N. Y. C. 
 14,617-48 1st mtg. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 9,850-4s 1st mtg. g. Bankers' Life Ins. Co. of the city of New York, X. Y. C. 
 25,000-4s Ist mtg. Lion Fire Ins. Co. (London, Eng.), Hartford, Conn. 
 . 100,000-48 1st mtg. coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 19,600-4s Ist coup. Scranton Savings Bank, Scranton, Pa. 
 5,000-4s 1st. Wakefield Trust Company, Wakefield, R. I. 
 19,625-4s 1st mtg. gen. coup. Easton Trust Co., Easton, Pa. 
 8,682-4s gen. mtg. coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 5,100-4s coup. Doylestown Trust Co., Doylestown, Pa. 
 14,250-4s coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 20,000-48 coup. Pennsylvania Trust Company, Reading, Pa. 
 46,472-48 coup. Security Title & Trust Company, York, Pa. 
 4,925-48 Bristol Inst, for Savings, Bristol, R. I. 
 10,000-48 Laconla Savings Bank, Laconia, N. H. 
 25,000-4s coup. Lancaster Trust Company, Lancaster, Pa. 
 50,000-48 Rochester Loan & Banking Company, Rochester, N. H. 
 15,000-4s Norway Plains Savings Bank, Rochester, N. H. 
 5,000-4s Wakefield Inst, for Savings, Wakefield, R. I. 
 97,316-4s ('23-'48) Travelers' Ins. Co., Hartford, Conn. 
 75,000-4s ('48) 1st mtg. g. Aetna Ins. Co., Hartford, Conn. 
 4,000-4s ('48) 1st mtg. g. American Fire Insurance Co., New York City. 
 10,000-4s ('48) Auburn Savings Bank, Auburn, Me. 
 
 30,000-4s ('48) Commercial Union Assur. Co. (Ltd.), (London, Kug.). N. Y. C. 
 425,000-4s ('48) EQui table Life Assur. Soc. of the United States, N. Y. City. 
 5,000-4s ('48) Fairfield Savings Bank, Fairfield, Me. 
 10,000-4s ('48) Franklin Savings Bank, Pawtucket, R. I. 
 10,000-4s ('48) Gardiner Savings Institution, Gardiner, Me. 
 6,000-4s ('48) 1st mtp. Germania Fire Insurance Co., New York City. 
 50,000-48 ('48) 1st mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 38,225-48 ('48) 1st mtg. H'f'd Steam Boiler Inspec. & Ins. Co., H'f'd, Conn. 
 74,218-4s ('48) John Hancock Mut. Life Ins. Co., Boston, Mass. 
 9,175-4s ('48) Lancashire Ins. Co. (Manchester, Bng.), New York City. 
 
DUTIES AND POWEES OP INTEESTATE COMMEECE COMMISSION. 503 
 
 ]3,541-4s ('48) 1st mtg. London Guar. & Aecid. Co. (Ltd.), London, Eng. 
 22,000-4s ('48) 1st intg. g. London Assur. Co. (London, Eng.), N. Y. City. 
 
 l,000-4s ('48) 1st mtg. g. Manchester Assur. Co. (Manch'ter, Eng.), N. Y. C. 
 248,575-4s ('48) 1st nitg. Massachusetts Mut. Life Ins. Co., Springfield, Mass. 
 208,250-4s ('48) 1st mtg. g. Metrojjolitan Life Ins. Co., New York City. 
 247.500-4S ('48) Mutual Life Insurance Company, New York City. 
 48,367-4s ('48) 1st mtg. New England Mut. Life Ins. Co., Boston, Mass. 
 25,000-4s ('48) 1st mtg. Niagara Fire Insurance Co., New York City. 
 40,000-4s ('48) 1st mtg. Niantic Savings Bank, Westerly, R. I. 
 25,000-48 ('48) 1st mtg. g. cp. N. B. & M. I. Co. (Lon., B. & E'b'h, S.), N. Y. C. 
 50,000-4s ('48) Northwestern National Insurance Co., Milwaukee, Wis. 
 2,500-4s ('48) 1st mtg. Palatine Ins. Co. (Ltd.), (M'ch'st'r, Eng.), N. Y. 0. 
 73,041-4s ('48) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 25,000-4s ('48) 1st mtg. Portland Savings Bank, Portland, Me. 
 37,500-4s ('48) 1st mtg. Providence Inst, for Savings, Providence, R. I. 
 25,000-4s ('48) 1st mtg. Reading Fire Insurance Co., Reading, Pa. 
 28,000-4s ('48) 1st mtg. Rhode Island Hospital Trust Co., Providence, H. I. 
 3,000-4s ('48) Scot. Un. & Nat'l Ins. Co. (Ed'b'h, Scot), Hartford, Conn. 
 10,000-4s ('48) Skowhegan Savings Bank, Skowhegan, Me. 
 100,000-48 ('48) State Mutual Life Assur. Co., Worcester, Mass. 
 65,000-4Js 1st mtg. Industrial Trust Company, Providence, R. I. 
 25,000-4Js Car. tr. reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 5,000-4*8 Coup. car. tr. Wilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 100,000- Bait. Belt. United States Trust Company of New York, N. Y. C. 
 5,000-4^8 ('30) Cent. Ohio. Freestone Savings Bank, Portland, Conn. 
 25,000- (Middle Div.) Pitts. June. 1st mtg. Standard Tr. Co., N. Y. City. 
 b4,043-3is ('25) Southern Div. 1st mtg. Manhattan Life Ins. Co., N. Y. C. 
 100,000- Swn. Div. Franklin Trust Company, Brooklyn, N. Y. 
 205,000- Swn. Div. United States Trust Co. of New York, N. Y. City. 
 30,000-3s ('25) Swn. Div. Ocean Ace. & Guar. Corp. (Ltd.), London, Eng. 
 4,550-3Js Swn. Div. ]st mtg. coup. Albertson Tr. & S. D. Co., Nor't'n, Pa. 
 120,625-3is Swn. Div. g. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 25,000-3is ('25) Swn. Div. reg. g. Bangor Savings Bank, Bangor, Me. 
 9,562-3is ('25) Swn. Div. 1st mtg. Provident Sav. Life As. Soc, N. Y. C. 
 120,000-3is ('25) Swn. Div. 1st mtg. Provident Life &-Tr. Co., Phila., Pa. 
 2,040,855-3is ('25) 1st g. Swn. Div. New York Life Ins. Co., New York City. 
 100,000-3^8 ('25) Swn. Div. Travelers" Insurance Company, Hartford, Conn. 
 48,500-3Js & 4Js Swn. Div. coup. Lancaster Tr. Co., Lancaster, Pa. 
 9,075-3Js Wn. Div. reg. Warren Savings Bank, Warren, Pa. 
 19,400-3Js Wn. Div. coup. Warren Savings Bank, Warren Pa. 
 550,000- Wash. Branch, stk. State of Maryland. 
 
 BALTIMOEE AND OHIO SOUTHWESTERN BAILROAD. 
 
 41,000- Manhattan Trust Company, New York City. 
 65,000- mtg. Standard Trust Company, New York City. 
 487,000- New York Security & Trust Company, New York City. 
 96,750-3is coup. Girard Trust Company, Philadelphia, Pa. 
 4,730-3Js coup. Hanover Savings Fund Society, Hanover, Pa. 
 19,628-3is conp. Security Title and Trust Company, York, Pa. 
 10,000-3is ('25) American Bonding and Trust Company, Baltimore, Md. 
 46,010-3i8 ('25) Fidelity and Deposit Company of Maryland, Baltimore, Md. 
 
 35,000-58 
 87,646-68 
 99,381-6s 
 
 2,477-68 
 31,000-68 
 
 6,193-6s 
 30,625-68 
 
 5,000-6s 
 
 3,000-68 
 31,805-6s 
 48,000-6s 
 11,000-68 
 
 BAI.TIMOBE AND POTOMAC EAII.ROAP. 
 
 reg. loans. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 
 coup. Girard Trust Company, Philadelphia, Pa. 
 
 Tunnel coup. Girard Trust Company, Philadelphia, Pa. 
 
 Tunnel reg. coup. Frankford, R. E.. Tr. & S. Dep. Co., Phila., Pa. 
 
 Tunnel 1st mtg. R. Est, Title, Ins. & Tr. Co., Phila., Pa. 
 
 Main line Ist mtg. reg. coup. F'f'd R. E., Tr. & S. D. Co., Phila., Pa. 
 
 Main line coup. R. Est, Title, Ins. & Tr. Co., Phila., Pa. 
 
 coup. Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 Union Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 
 ('07) 1st mtg. g. Prudential Ins. Co. of America, Newark, N. J. 
 
 ('11) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 ('11) Mutual Benefit Life Insurance Company. Newark, N. J. 
 
504 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 5,000-6s (']!) Insurance Company of North America, Philadelphia, Pa. 
 15,000-6s ('II) 1st intg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 5,000-6s ('11) Tunnel. United Firemen's Ins. Co., Philadelphia, Pa. 
 
 15,000- 
 
 10,000- 
 
 12,000-5s 
 
 15,000-5s 
 
 20,000-5s 
 
 25,000-5s 
 
 50,000-5s 
 
 20,000-5s 
 
 5,000-5s 
 
 8,000-5s 
 
 2,000-5s 
 
 10,000-5s 
 
 2,000-5s 
 
 21,000-5s 
 
 5,000-5s 
 
 490,450-5s 
 
 5,000-5s 
 
 5,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 5,000-5s 
 
 10,000-5s 
 
 26,000-5s 
 
 20,000-5s 
 
 28,500-5s 
 
 6,000-5s 
 
 l,000-5s 
 
 10,000-5s 
 
 5,000-5s 
 
 20,000-5s 
 
 5,000-5s 
 
 10.000-5S 
 
 5,000-5s 
 
 2,000-5s 
 
 BANQOB AND AROOiSTOOK RAILROAD. 
 
 Cotton & Woolen M'n'f'rs' Mut. Ins. Co., Boston, Mass. 
 Rubber M'n'f'rs' Mut. Ins. Co., Boston, Mass. 
 Maine Benefit Life Association, Auburn, Me. 
 National Fire Insurance Company, Hartford, Conn. 
 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
 ('43 
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 ('43 
 ('43 
 ('43 
 r43 
 ('43 
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 ('43 
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 ('43 
 (•43 
 ('43 
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 (•43 
 ('49 
 
 Androscoggin County Savings Bank, Lewiston, Me. 
 
 Auburn Savings Bank, Auburn, Me. 
 
 Bangor Savings Bank, Bangor, Me. 
 
 Bath Savings Institution, Bath, Me. 
 
 Brewer Savings Bank, Brewer, Me. 
 
 Fairfield Savings Bank, Fairfield, Me. 
 
 Franklin County Savings Bank, I'armington, Me. 
 
 Hallowell Savings Institution, Hallowell, Me. 
 
 Hancock County Savings Bank, Ellsworth, Me. 
 
 1st mtg. Houlton Savings Bank, Houlton, Me. 
 
 Mechanics' Savings Bank, Auburn, Me. 
 
 Mutual Life Insurance Company, New York City. 
 
 Norway Savings Bank, Norway, Me. 
 
 Kennebunk Savings Bank, Kennebunk, Me. 
 
 Kennebec Savings Bank, Augusta, Me. 
 
 People's Safe Deposit and Sa\ings Bank, Bath, Me. 
 
 People's Savings Bank, Lewiston, Me. 
 
 Phillips Savings Bank, Phillips, Me. 
 
 Piscataquis Savings Bank, Dover, Me. 
 
 Saco Savings Bank, Saco, Me. 
 
 Saco and Biddeford Savings Institution, Saco, Me. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Topsliam & Buns wick Twenty-five Ct. Sav. Bk., B'wick, Me. 
 
 Tremont Savings Bank, Treniont, Me. 
 
 Waterville Savings Bank, Waterville, Me. 
 
 Piscataquis Div. Franklin Co. Sav. Bk., Farmington, Me. 
 
 Piscataquis Div. Kennebec Savings Bank. Augusta, Me. 
 
 Piscataquis Div. Machias Savings Bank, Machias, Me. 
 
 Piscataquis Div. Piscataquis Savings Bank, Dover, Me. 
 
 Piscataquis Div. Merhanics' Savings Bank, Auburn, Me. 
 
 Piscataquis Div. Hancock Co. Sav. Bk., Ellsworth, Me. 
 
 BANGOR AND KATAHDIN IRON WORKS BAILBOAD. 
 
 10,000- Stk. Auburn Savings Bank, Auburn, Me. 
 
 BANGOR AND PORTLAND RAILROAD. 
 
 12,200-6s CSO) Deep River Savings Bank, Deep River, Conn. 
 
 BEECH CREEK RAILROAD. 
 
 25,000- Cm. cap. stk. Hanover Fire Insurance Co., New York City. 
 15,000- Stk. Phoenix Insurance Company, Hartford, Conn. 
 
 2,500- Safe Deposit Company of New York, New York City. 
 
 7,462- Safe Deposit Company of New York, New York City. 
 11,200- Gtd. stk. Victoria Fire Insurance Company, New York City. 
 10,000-4s Beverly Savings Bank, Beverly, Mass. 
 
 20,000-4s coup. Savings Fund Society of Genmantown, etc., Phila Pa 
 25,000-4s ('36) 1st mtg. g. Union Assur. Soc. (I^ondon, Eng.), N. Y. City. 
 30,000-4s ('36) Connecticut Savings Bank, New Haven, Conn. 
 20,000-4s ('36) Gtd. 1st mtg. g. Ham'g-Brem. F. Ins. Co. (H'b'g, G.), N. Y. C. 
 27,000-4s ('36) 1st mtg. reg. g. Lon. & L. F. Ins. Co. (L'vp'l, Eng.), N. Y. 0. 
 50,000-4s ('36) Meriden Savings Bank, Meriden, Conn. 
 50,000-4s ('36) Mutual Benefit Life Insurance Company, Newark, N J 
 25,000-48 ('36) Naugatuck Savings Bank, Naugatuck, Conn. 
 25,000.4s ('36) 1st mtg. gtd. g. P'l't'e Ins. Co. (Ltd.), (M'ch'ter, E.), N Y. C. 
 
DUTIES AND POWEES OF INTEESTATE COMMEEOE COMMISSION. 505 
 
 20,000-4s ('36) Savings Bank of Danbury, Danbury, Conn. 
 15,000-4s ('36) reg. Stamford Savings Bank, Stamford, Conn. 
 25,000-4s ('36) Waterbury Savings Bank, Waterbury, Conn. 
 
 5,000-4s ('36) Gtd. by N. Y. C. & H. R. Burritt Sav. Bk., New Britain, Conn. 
 
 6,000-4s ('36) N. Y. O. & H. R. Nat'l Sav. Bk. of New Haven, N. H'n, Conn. 
 
 BELFAST AND MOOSEHEAD LAKE BAILROAD. 
 
 10,200- Stk. Belfast Savings Bank, Belfast, Me. 
 
 l,000-4s (1900) Camden Savings Bank, Rockport, Me. 
 60,500-4s ('21) Belfast Savings Bank, Belfast, Me. 
 
 BELLEFONTE CENTBAL RAILROAD. 
 
 22,000- Stk. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 2,500-5s ('24) 1st ratg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 BELLEVILLE AND OABONDELET BAILBOAD. 
 
 5,000-6s 
 
 (•23) 
 
 10,000-6s 
 
 ('23) 
 
 6,000-6s 
 
 ('23) 
 
 28,625-6s 
 
 ('23) 
 
 5,000-6s 
 
 ('23) 
 
 3,000-6s 
 
 ('23) 
 
 5,000-6s 
 
 ('23) 
 
 Biddeford Savings Bank, Biddeford, Me. 
 
 Bath Savings Institution, Bath, Me. 
 
 ICennebunk Savings Bank, Kennebunk, Me. 
 
 1st mtg. Metropolitan Life Insurance Co., New York City. 
 
 People's Safe Deposit & Savings Bank, Bath, Me. 
 
 South Berwick Savings Bank, South Berwick, Me. 
 
 York County Savings Bank, Biddeford, Me. 
 
 BELLS OAP RAILROAD. 
 
 5,000-6s ('05) 1st mtg. Spring Garden Insurance Co., Philadelphia, Pa. 
 15,000-6s ('13) Con. mtg. Spring Garden Insurance Co., Philadelphia, Pa. 
 
 BELT BAILBOAD AND STOCK YABDS. 
 
 10,000- Cm. National Fire Insurance Company, Hartford, Conn. 
 5,000- Pf. National Fire Insurance Company, Hartford, Conn. 
 50,000-6s 1st con. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 25,000-6s coup. Saving Fund Society of Genmantown, etc., Philadelphia, Pa. 
 60,000-6s Con. mtg. coup. Western Savings Fund, Society, Philadelphia, Pa. 
 50,000-6s ('11) coup. Insurance Company of North America, Pliila., Pa. 
 50,000-6s ('77) 1st mtg. Fire Association of Philadelphia, Philadelphia, Pa. 
 
 BELVIDEBB AND DELAWARE BAILBOAD. 
 
 10,000-4s reg. Saving Fund Society of Germantown, Philadelphia, Pa. 
 500,000-4s ('25) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 21,000-4s ('27) Con. mtg. reg. Franklin Fire Insurance Co., Phila., Pa. 
 250,000-4s ('2T) Mutual Benefit Life Insurance Co., Newark, N. J. 
 5,000-6s Burlington Savings Institution, Burlington, N. J. 
 l,000-6s 1st mtg. coup. Fire Insurance Co. of Philadelphia, Phila., Pa. 
 175,000-6s Howard Savings Institution, Newark, N. J. 
 
 48,825-6s coup. Philadelphia Trust. Safe Dep. & Ins. Co., Philadelphia, Pa. 
 
 19,755-6s 1st mtg. Real Estate, Title, Ins. & Trust Co., Philadelphia, Pa. 
 
 50,000-6s ('02) 1st mtg. Insurance Company of North America, Phila., Pa. 
 
 BENNINGTON AND RUTLAND BAILBOAD. 
 
 10,000-4Js Bass River Saving! Bank, South Yarmouth, Mass. 
 10,000-4Js Benjamin Franklin Savings Bank, Franklin, Mass. 
 
 5,000-4is Bridgewater Savings Bank, Bridgewater, Mass. 
 10,000-4Js City Five Cents Savings Bank, Haverhill, Mass. 
 
 5,000-4is Hallowell Savings Institution, Hallowell, Me. 
 10,000-4|s Hudson Savings Banlc, Hudson, Mass. 
 10,000-4|s Georgetown Savings Bank, Georgetown, Mass. 
 10,000-44s Ipswich Savings Bank, Ipswich, Slass. 
 25,000-4is Plymouth Savings Bank, Plymouth, Mass. 
 lO.OOO^Ja Wakefield Savings Bank, Wakefield, Mass. 
 
506 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 25,000-4is Waltham Savings Bank, Waltham, Mass. 
 25,000-4is Wiucheudou Savings Banli, Wincheudon, Mass. 
 25,000-4is Worcester Five Cents Savings Banli, Worcester, Mass. 
 5,000-4is Tetnpleton Savings Bank, Baldvcinville, Mass. 
 226,000-4is ('27) 1st mtg. Maine Savings Bank, Portland, Me. 
 
 BERGEN COUNTY EAILBOAD. 
 
 50,000-6s ('11) 1st mtg. coup. Insurance Co. of North America, Phila., Pa. 
 
 BBBKSHIEE BAIUBOAD. 
 
 13,915- Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 
 BLOOM SB0EO AND STJLLIVAN RAILROAD. 
 
 20,000-5s 1st mtg. 36 coup. & 2d mtg. reg. inc. Fid'y I., T. & S. D. Co., Phila., Pa. 
 15,933-5s 1st mtg. coup. 2d mtg. inc. Invest. Co. of Philadelphia, Phila., Pa. 
 22,455-5s 1st mtg. 22 coup. & 2d mtg. 11 reg & 250 shrs. R. E. Tr. Co., Phila., Pa. 
 272-5S Six 2d mtg. reg. scrip. Citizens' Bank, Freeland, Pa. 
 
 BOONEVILLE, ST. LOtTlS AND SOUTHERN RAILROAD. 
 
 7,000-6s Peterborough Savings Bank, Peterborough, N. H. 
 
 BOSTON AND ALBANY BAILROAD. 
 
 30,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 2,000- Boston Mutual Life Association, Tr. Dep., State of Massachusetts. 
 
 2,000- Boston Mutual I-ife Association, Boston, Mass. 
 
 1,500,000- Massachusetts School Fund, State of Massachusetts. 
 
 70,000- Medfleld Insane Asylum lioan Sinking Fund, State of Mass. 
 
 10,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 10,000- Mutual Fire Assurance Company, Springfield,' Mass. 
 
 10,000- Mutual Fire Assurance Company, Springfield, Mass. 
 
 10,000- Paper Mill Mutual Insurance Company, Boston, Mass. 
 
 1,000- Salem Mutual Fire Insurance Company, Salem, Mass. 
 
 219,000- Tech. Education Fund, TJ. S. Grant, State of Massachusetts. 
 
 30,000- State Highway Loan Sinking Fund, State of Massachusetts. 
 
 4,000- Trustees Res. Fd. N. Eng. Com. Trav. Asso., Tr. Dep. S. of Mass. 
 
 580,000- State House Loans Sinking Fund, State of Massachusetts. 
 
 4,000- Union Marine Insurance Co., Tr. Dep., State of Massachusetts. 
 
 10,000- Worcester Mutual Fire Insurance Company, Worcester, Mass. 
 
 20,000- Abolition of Grade Crossings Loan Sk. Fd., State of Mass. 
 
 68,180- Stk. Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 1,300- Stk. Masons' Fraternal Ace. Asso. of Amer., Tr. Dep., State Mass. 
 
 6,100- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 
 6,100- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 
 97,851- Stk. State Mutual Life Assurance Co., Worcester, Mass. 
 
 57,800- Stk. American Insurance Company, Boston, Mass. 
 
 35,000- Stk. Boston Insurance Company, Boston, Mass. 
 
 20,000- Stk. China Mutual Insurance Company, Boston, Mass. 
 
 30,400- Stk. Dorchester Mutual Fire Insurance Co., Boston, Mass. 
 
 60,000-5s East Boston Savings Bank, East Boston, Mass. 
 
 10,900- Stk. Hingham Mutual Fire Insurance Company, Hingham, Mass. 
 
 10,000- Stk. Manchester Savings Bank, Manchester, N. H. 
 
 5,700- Stk. Merchants & Farmers' Mut. Hire Ins. Co., Concord, Mass. 
 
 1,000- Stk. India Mutual Insurance Company, Boston, Mass. 
 
 242,836- Stk. New England Mutual Life Insurance Co., Boston, Mass. 
 
 20,000- Stk. New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 10,000- Stk. New Hampshire Savings Bank, Concord, N. H. 
 
 12,500- Stk. Norfolk Mutual Fire Insurance Co., Dedham, Mass. 
 
 3,700- Stk. Saco & Biddeford Savings Institution, Saco, Me. 
 
 7,000- Stk. Savings Bank of New London, New London, Conn. 
 
 50,000- Stk. Springfield Fire & Marine Insurance Co., Springfield, Mass. 
 
 20,161- Stk. Travelers' Insurance Company, Hartford Conn. 
 
DUTIES AND POWERS OF INTEESTATE COMMEROB COMMISSTOlSr. 507 
 
 10,000- Stk. Straffoi-a Savings Bank, Dover, N. II. 
 
 10,000-4s Brighton Five Cents Savings Bank, Boston, Mass. 
 
 25,000-4s Dedham Inst, for Savings, Dedliam, Mass. 
 l,000-4s Convs^ay Savings Bank, Conway, Mass. 
 
 25,000-4s Bast Cambridge Savings Bank, East Cambridge, Mass. 
 
 50,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 
 50,000-4s Franklin Savings Bank, Boston, Mass. 
 
 o0,000-4s Hampden Savings Bank, Springfield, Mass. 
 
 10,000-4s Hopkinton Savings Bank, Hopkinton, Mass. 
 
 ll,000-4s Hyde Park Savings Bank, Hyde Park, Mass. 
 
 25,000-4s Inst, for Savings in Roxbury, etc., Boston, Mass. 
 
 25,000-4s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 
 20,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 7,000-4s Millbury Savings Bank, Millbury, Mass. 
 
 10,000-4s Natick Five Cents Savings Bank, Natick, Mass. 
 
 10,000-4s Orange Savings Bank, Orange, Mass. 
 
 25,000-4s Quincy Savings Bank, Quincy, Mass. 
 
 10,000-4s Salem Five Cents Savings Bank, Salem, Mass. 
 150,000-4s Springfield Inst, for Savings, Springfield, Mass. 
 
 50,000-4s Springfield Five Cents Savings Bank, Springfield, Mass. 
 
 50,000-4s South Boston Savings Bank, South Boston, Mass. 
 4,000-4s reg. Union Marine Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. C. 
 5,0(X)-4s West Nev^ton Savings Bank, West Newton, Mass. 
 
 15,000-4s Woburn Five Cents Savings Bank, Woburn, Mass. 
 200,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 125,000-4s Worcester Five Cenfs Savings Bank, Worcester, Mass. 
 
 50,000-4s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 
 20,000-4s Worcester North Savings Inst., Fitchburg, Mass. 
 
 15,000-4s ('13) Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 
 10,000-4s ('13) Providence Inst for Savings, Providence, R. I. 
 
 50,000-4s ('13) Loan. Sinking Funds, Fall River, Mass. 
 300,000-5s Boston Five Cents Savings Bank, Boston, Mass. 
 
 10,000-5s Broadway Savings Bank, Lawrence, Mass. 
 
 10,000-5s Central Savings Bank, Lowell, Mass. 
 
 10,000-5s Crocker Inst, for Savings, Turners Falls, Mass. 
 
 80,000-5s Dedham Inst, for Savings, Dedham, Mass. 
 
 50,000-5s Hampden Savings Bank, Springfield, Mass. 
 
 10,000-5s Lawrence Savings Bank, Lawrence, Mass. 
 
 10,000-5s Lynn Inst for Savings, Lynn, Mass. 
 
 25,000-5s Milford Savings Bank, Milford, Mass. 
 
 50,000-5s Northampton Inst, for Savings, Northampton, Mass. 
 150,000-5s People's Savings Bank, Worcester, Mass. 
 
 6,000-5s Spencer Savings Bank, Spencer, Mass. 
 303,000-5s Springfield Inst, for Savings, Springfield, Mass. 
 270,000-5s Worcester County Inst, for Savings, Worcester, Mass. 
 
 BOSTON, CLINTON, PITCHBUE6 AND NEW BEDFORD RAILROAD. 
 
 2,000-5s coup. Brit. & For. Mar. Ins. Co. (Ltd.) (Liv'p'l, Eng.), N. Y. C. 
 
 2,000- Brit. & For. Mar. Ins. Co., Tr. Dept., State of Massachusetts. 
 
 2,000-5s Arlington Five Cents Savings Bank, Arlington, Mass. 
 
 6,000-5s Boston Five Cents Savings Bank, Boston, Mass. 
 50,000-5s Bristol County Savings Bank, Taunton, Mass. 
 ll,000-5s Brockton Savings Bank, Brockton, Mass. 
 35,000-5s Dedham Inst, for Savings, Dedham, Mass. 
 57,000-5s East Boston Savings Bank, East Boston, Mass. 
 14,000-5s East Weymouth Savings Bank, East Weymouth, Mass. 
 70,000-5s Fall River Savings Bank, Fall River, Mass. 
 
 2,000-5s .Foxborough Savings Bank, Foxborough, Mass. 
 
 2,000-5s Medway Savings Bank, Medway, Mass. 
 
 6,000-5s Natick Five Cents Savings Bank, Natick, Mass. 
 13,000-5s New Bedford Inst, for Savings, New Bedford, Mass. 
 
 5,000-5s North Brookfleld Savings Bank, North Brookfield, Mass. 
 40,000-5s Northampton Inst, for Savings, Northampton, Mass. 
 20,000-5s People's Savings Bank, Worcester, Mass. 
 400,000-5s Provident Inst, for Savings, etc., Boston, Mass. 
 
 l,000-5s Salem Five Cents Savings Bank, Salem, Mass. 
 
508 DUTIES AND POWERS OF INTERSTATE COMMEECE COMMISSION. 
 
 25,000-5s Salem Savings Bank, Salem, Mass. 
 
 7,000-5s South Adams Savings Bank, Adams, Mass. 
 50,000-5s Springfield Inst, for Savings, Springfield, Mass. 
 
 l,000-5s Somerville Savings Bank, Somerville, Mass. 
 
 100,000-5s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 
 2,000-5s Taunton Savings Bank, Taunton, Mass. 
 
 2,000-5s Watertown Savings Bank, Watertown, Mass. 
 
 12,000-5s Webster Five Cents Savings Bank, Webster, Mass. 
 
 125,000-5s Worcester County Inst, for Savings, 'Worcester, Mass. 
 
 33,000-5s ('19) State Mutual Life Assurance Company, Worcester, Mass. 
 
 BOSTON, CONCOBD AND MONTBEAI, KAILEOAD. 
 
 50,000-6s Amoskeag Savings Bank, Manchester, N. H. 
 35,000-68 Franklin Savings Bank, Franklin, N. II. 
 ll,000-6s Holyoke Savings Bank, Holyoke, Mass. 
 
 5,000-6s lona Savings Bank, Tilton, N. H. 
 46,000-Gs Lynn Inst, for Savings, Lynn, Mass. 
 100,000-6s Manchester Savings Bank, Manchester, N. H. 
 25,000-6s .Merrimack River Savings Bank, Manchester, N. H. 
 
 6,000-6s Pittsfleld Savings Bank, Pittsfield, X. II. 
 
 3,000-6s Salem Five Cents Savings Bank, Salem, Mass. 
 50,000-6s ('11). New Hampshire Fire Ins. Co., Manchester, N. H: 
 
 BOSTON, HABTFORD AND ERIE RAILROAD. 
 
 1,895,988- Loan Sterl. £389,000. Best., H. & R. R. R. Ln. S. Fd., S. of Mass. 
 
 BOSTON AND LOWELL RAILROAD. 
 
 90,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 100,000- British & Foreign Marine Ins. Co., Tr. Dep., State of Mass. 
 
 100,000- coup. British & For. Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. C. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 9,000- Cambridge Mutual Fire Ins. Co., Cambridge, Mass. 
 
 10,000- Cotton & Woolen Mfrs'. Mutual Ins. Co., Boston, Mass. 
 
 30,000- Fall River Mnfrs'. Mutual Ins. Co., Boston, Mass. 
 
 6,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 5,000- Industrial Mutual Insurance Company, Boston, Mass. 
 
 12,000-' Lowell Mutual Fire Insurance Company, Boston, Mass. 
 
 1,000- Massachusetts Mutual Accident Assoc, Tr. Dep., State of Mass. 
 
 15,000- Middlesex Mutual Fire Insurance Company, Concord, N. H. 
 
 20,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 5,000- Paper Mill Mutual Insurance Company, Boston, Mass. 
 
 30,000- Rubber Mnfrs*. Mutual Insurance Company, Boston, Mass. 
 
 3,000- Salem Mutual Fire Insurance Company, Salem, Mass. 
 
 20,000- Worcester Mnfrs'. Mutual Insurance Company, Worcester, Mass. 
 
 6,500- Stk. American Insurance Company, Boston, Mass. 
 
 10,000- Stk. Boston Insurance Company, Boston, Mass. 
 
 5,600- Stk. Dorchester Mutual Fire Ins. Co., Boston, Mass. 
 
 2,000- Stk. Lowell Mutual Fire Insurance Company, Lowell, Mass. 
 
 7,500- Stk. Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 10,000- Stk. Quincy Mutual Fire Insurance Company, Quincy, Mass. 
 
 4,000- Stk. Savings Bank of New London, New London, Conn. 
 
 150,000- Stk. Strafford Savings Bank, Dover, N. H. 
 
 6,000- Stk. Saco Savings Bank, Saco, Me. 
 
 32,500- Stk. Saco & Biddeford Savings Institution, Saco, Me. 
 
 50,000- Stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 10,000-3Js Andover Savings Bank, Andover, Mass. 
 50,000-3is Eliot Five Cents Savings Bank, Boston, Mass. 
 500,000-3is Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 
 46,000-4s Abington Savings Bank, Abington, Mass. 
 
 43,000-4s Amherst Savings Bank, Amherst, Mass. 
 
 50,000-4s Andover Savings Bank, Andover, Mass. 
 
 4,000-4s Belmont Savings Bank, Belmont, Mass. 
 
 50,000-4s Berkshire County Savings Bank, )"'ittsfleld, Mass. 
 
 10,000-4s Beverly Savings Bank, Beverly, Mass. 
 
DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 509 
 
 95,000-4s Boston Five Cents Savings Bank, Boston, Mass 
 50,000-4s Bristol County Savings Bank, Taunton, Mass. 
 30,000-4s Brighton Five Cents Savings Bank, Boston, Mass. 
 50,000-4s Broadway Savings Bank, Lawrence, Mass. 
 25,000-4s Brockton Savings Bank, Brockton, Mass. 
 15,000-4s Bast Bridgewater Savings Bank, Bast Bridgewater, Mass 
 20,000-4s Canton Inst, for Savings, Canton, Mass. 
 20,000-4s Cape Cod Five Cents Savings Bank, Harwich, Mass. 
 200,000-4s City Inst, for Savings, Lowell, Mass. 
 
 4,000-4s Central Savings Bank, Lowell, Mass. 
 12,000-4s Charlestown Five Cents Savings Bank, Boston, Mass. 
 10,000-4s Cheshire County Savings Bank, Keene, N. H. 
 25,000-48 Chelsea Savings Bank, Chelsea, Mass. 
 
 4,000-4s Chicopee Savings Bank, Chicopee, Mass. 
 20,000-4s Clinton Savings Bank, Clinton, Mass. 
 20,000-4s Dedham Inst, for Savings, Dedham, Mass. 
 50,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 50,000-4s Essex Savings Bank, Lawrence, Mass. 
 10,000-4s Fairhaven Inst, for Savings, Pairhaven, Mass. 
 25,000-4s Fall River Savings Bank, Fall River, Mass. 
 50,000-4s Fall River BMve Cents Savings Bank, J'all River, Mass. 
 
 5,000-4s Florence Savings Bank, Florence, Mass. 
 ll,000-4s Foxborough Savings Bank, Foxborough, Mass. 
 100,000-4s Franklin Savings Bank, Boston, Mass. 
 
 5,000-4s Gardner Savings Bank, Gardner Mass. 
 30,000-4s Great Barrington Savings Bank, Great Harrington, Mass. 
 50,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 64,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 10,000-4s Hingham Inst, for Savings, Hingham, Mass. 
 50,000-4s Hampden Savings Bank, Springfield, Mass. 
 10,000-4s Hopkinton Savings Bank, Hopkinton, Mass. 
 24,000-4s Holyoke Savings Bank, Holyoke, Mass. 
 10,000-4s Ipswich Savings Bank, Ipswich, Mass. 
 100,000-4s Inst, for Savings in Newburyport, Newburyport, Mass. 
 105,000-4s Inst, for Savings in Roxbury, etc., Boston, Mass. 
 50,000-4s Lawrence Savings Bank, Lawrence, Mass. 
 25,000-4s Lee Savings Bank, Lee, Mass. 
 
 7,000-4s Leicester Savings Bank, Leicester, Mass. 
 ll,000-4s Lexington Savings Bank, Lexington, Mass. 
 20,000-4s Lowell Ifive Cents Savings Bank, Lowell, Mass. 
 14,000-4s Maiden Savings Bank, Maiden, Mass. 
 10,000-4s Marblehead Savings Bank, Marblehead, Mass. 
 15,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 20,000-4s Medford Savings Bank, Medford, Mass. 
 
 5,000-4s Medway Savings Bank, Medway, Mass. 
 20,000-4s Merrimack River Savings Bank, Merrimack, Mass. 
 
 5,000-4s Merrimack Savings Bank, Merrimack, Mass. 
 20,000-4s Middleborough Savings Bank, Middleborough, Mass. 
 15,000-4s Middlesex Inst, for Savings, Concord, Mass. 
 20,000-4s Milford Savings Bank, Milford, Mass. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 6,000-4s Nantucket Inst, for Savings, Nantucket, Mass. 
 15,000-4s Natick Five Cents Savings Bank, Natick, Mass. 
 89,000-4s New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 30,000-4s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 21,000-4s Newton Savings Bank, Newton, Mass. 
 7,000-4s North Brookfield Savings Bank, North Brookfield, Mass. 
 31,000-4s North'Baston Savings Bank, North Easton, Mass. 
 5;000-4s North Middlesex Savings Bank, Ayer, Mass. 
 19,00p-4s Orange Savings Bank, Orange, Mass. 
 3,006-4s Pentucket Savings Bank, Haverhill, Mass. 
 4,000-4s People's Savings Bank, Worcester, Mass. 
 20,000-4s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 50,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 016,000-4s Provident Inst, for Savings, etc., Boston, Mass. 
 30,000-4s Provident Inst, for Savings, etc., Amesbury, Mass. 
 25,000-4s Quincy Savings Bank, Quincy, Mass. 
 
510 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 20,000-4s Randolph Savings Bank, Randolph, Mass. 
 17,000-4s Rockland Savings Bank, Rockland, Mass. 
 80,000-4s Salem Five Cents Savings Bank, Salem, Mass. 
 100,000-4s Saleni Savings Bank, Salem, Mass. 
 20,000-4s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 20,000-4s Spencer Savings Bank, Spencer, Mass. 
 160,000-4s Springfield Inst, for Savings, Springfield, Mass. 
 10,000-4s South Scituate Savings Bank, Norwell, Mass. 
 
 8,000-4s South Adams Savings Bank, Adams, Mass. 
 20,000-4s Southbridge Savings Bank, Southbridge, Mass. 
 
 5,000-4s South Weymouth Savings Bank, South Weymouth, Mass. 
 30,000-4s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 050,000-4s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 20,000-4s Taunton Savings Bank, Taunton, Mass. 
 20,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 50,000-4s Waltham Savings Bank, Waltham, Mass. 
 100,000-4s Warren Inst, for Savings, etc., Boston, Mass. 
 
 5,000-4s Wareham Savings Bank, Wareham, Mass. 
 
 5,000-4s Webster Five Cents Savings Bank, Webster, Mass. 
 
 2,000-4s West Newton Savings Bank, West Nevcton, Mass. 
 10,000-4s Weymouth Savings Bank, Weymouth, Mass. 
 16,000-4s Winchester Savings Bank, Winchester, Mass. 
 
 7,000-4s Whitinsville Savings Bank, Whitinsville, Mass. 
 30,000-4s Worcester North Savings Inst., Fitchburg, Mass. 
 200,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 125,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 l,000-4s ('05) Massachusetts Mutual Accident Assoc, Boston, Mass. 
 
 l,000-4s ('13) Sinking Funds, Cambridge, Mass. 
 40,000-4s ('13) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 5,000-4s ('13) Mercantile Fire & Marine Ins. Co., Boston, Mass. 
 18,000-4s ('13) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 10,000-4s ('15) Granite State Fire Insurance Company, Portsmouth, N. H. 
 40,000-4s ('16) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 10,000-4s ('16) Providence-Washington Ins. Co., Providence, B. I. 
 10,000-4s ('16) Sinking Funds, Cambridge, Mass. 
 50,000-4s ('18) Providence Inst, for Savings, Providence, R. I. 
 25,000-4s ('32) Boston Insurance Company, Boston, Mass. 
 
 7,000-4s ('82) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 l,000-4is Clinton Savings Bank, Clinton, Mass. 
 
 5,000-4Js Dedham Inst, for Savings, Dedham, Mass. 
 50,000-4Js Essex Savings Bank, Lawrence, Mass. 
 
 l,000-4Js Ipswich Savings Bank, Ipswich, Mass. 
 
 3,000-4is Nantucket Inst, for Savings, Nantucket, Mass. 
 20,000-44s New Bedford Inst, for Savings, New Bedford, Mass. 
 25,000-41s People's Savings Bank, Worcester, Mass. 
 20,000-4is Provident Inst, for Savings, etc., Boston, Mass. 
 
 3,000-4is Salem Five Cents Savings Bank, Salem, Mass. 
 
 3,000-4is Ware Savings Bank, Ware, Mass 
 25,000-4is Warren Five Cents Savings Bank, Peabody, Mass. 
 30,000-4Js Worcester County Inst, for Savings, Worcester, Mass. 
 
 l,000-4is ('03) Sinking Funds, Haverhill, Mass. 
 
 5,000-5s Somersworth Savings Bank, Somersworth, N. H. 
 
 BOSTON AND MAINE RAILROAD. 
 
 80,000- Amoskeag Savings Bank, Manchester, N. H. 
 
 50,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 12,000- Barnstable County Mutual Fire Ins. Co., Yarmouth, Mass. 
 
 1,000- British & Foreigh Marine Ins. Co., Tr. Dep., State of Mass. 
 
 10,000- Fall River Mnfrs. Mutual Ins. Co., Fall River, Mass. 
 
 10,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 10,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 20,000- National Assur. Co. of Ireland, Tr. Dep., State of Mass. 
 
 25,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 5,000- Paper Mill Mutual Insurance Company, Boston, Mass. 
 
 1,000- Salem Mutual Fire Insurance Company, Salem, Mass. 
 
 20,000- Traders & Mechanics' Insurance Company, Lowell, Mass. 
 
DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 511 
 
 3,000- South Danvers Mutual Fire Insurance Company, Peabody, Mass. 
 15,000- Worcester Mutual Fire Insurance Comijany, Worcester, Mass. 
 20,000- Worcester Manufacturers' Mutual Insurance Co., Worcester, Mass. 
 7,000- Union Marine Insurance Company, Tr. Dep., State of Mass. 
 8,2.36- cm. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 20,000- cm. New Hampshire Savings Bank, Concord, N. H. 
 20,000- em. New Hampshire Fire Insurance Co., Manchester, N. H. 
 11,765- cm. New England Mutual Life Insurance Company, Boston, Mass. 
 10,300- cm. Granite State Fire Insurance Company, Portsmouth, N. H. 
 278,487- cm. Union Mutual Life Insurance Company, Portland, Me. 
 10,000- cm. People's Savings Bank (Guaranty), Manchester, N. H. 
 
 2,000- cm. Union Five Cents Saving Bank, Exeter, N. H. 
 10,000- cm. Wolfeborough Loan & Banking Co., Wolfeborough, N. H. 
 
 5,000- pf. Exeter Banking Company, Exeter, N. H. 
 
 500- pf. Farmington Savings Bank, Farmtngton, N. H. 
 10,000- pf. New Hampshire Fire Ins. Co., Manchester, N. H. 
 
 2,000- Stk. Newburyport Mutual Life Insurance Co., Newburyport, Mass. 
 40,000- pf. New Hampshire Savings Bank, Concord, N. H. 
 29,500- Stk. Bath Savings Institution, Bath, Me. 
 
 1,000- Stk. Calais Savings Bank, Calais, Me. 
 
 7,500- Stk. Dorchester Mutual Fire Insurance Co., Boston, Mass. 
 10,000- Stk. Franklin Savings Bank, Franklin, N. H. 
 
 8,000- Stk. India Mutual Insurance Company, Boston, Mass. 
 
 3,000- Stk. Lowell Mutual Fire Insurance Company, Lowell, Mass. 
 
 1,000- Stk. Pitchburg Mutual Fire Insurance Company, Fitchburg, Mass. 
 15,400- Stk. Manchester Savings Bank, Manchester, N. H. 
 
 1,000- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 
 1,000- Stk. Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 
 7,200- Stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 7,000- Stk. Portsmouth Trust & Guarantee Co., Portsmouth, N. H. 
 
 4,500- Stk. Rochester Loan & Banking Company, Rochester, N. Y. 
 47,924- Stk. State Mutual Life Insurance Company, Worcester, N. H. 
 
 900- Stk. Salem Mutual Fire Insurance Company, Salem, Mass. 
 137,400- Stk. Saco & Biddeford Savings Institution, Saco, Me. 
 15,100- Stk. Saco Savings Bank, Saco, Me. 
 25,000-4s Athol Savings Bank. Athol, Mass. 
 39,000-4s Abington Savings Bank, Abington, Mass. 
 35,000-4s Amherst Savings Bank, Amherst, Mass. 
 110,000-4s Andover Savings Bank, Andover, Mass. 
 
 10,000-4s Benjamin Franklin Savings Bank, Franklin, Mass. 
 300,000-4s Boston Five Cents Savings Bank, Boston, Mass. 
 
 5,000-4s Braintree Savings Bank, South Braintree, Mass. 
 
 l,000-4s Bass River Savings Bank, South Yarmouth, Mass. 
 
 7,000-4s Brighton Five Cents Savings Bank, Boston, Mass. 
 50,000-4s Bristol County Savings Bank, Taunton, Mass. 
 10,000-4s Broadway Savings Bank, Lawrence, Mass. 
 30,000-4s Brockton Savings Bank, Brockton, Alass. 
 25,000-4s Cambridgeport Savings Bank, Cambridgeport, Mass. 
 20,000-4s Canton Inst, for Savings, Canton, Mass. 
 25,000-4s Cambridge Savings Bank, Cambridge, Mass. 
 10,000-4s Cape Cod Five Cents Savings Bank, Harwich, Mass. 
 15,000-4s Central Savings Bank, Lowell, Mass. 
 55,000-4s City Five Cents Savings Bank, Haverhill, Mass. 
 25,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 35,000-4s Danvers Savings Bank, Danvers, Mass. 
 29,000-4s Great Barrington Savings Bank, Great Barrington, Mass. 
 
 5,000-4s Hopkinton Savings Bank, Hopkinton, Mass. 
 10,000-4s Gardner Savings Bank, Gardner, Mass. 
 50,000-4s Franklin Savings Inst., Greenfield, Mass. 
 
 5,000-4s Hyde Park Savings Bank, Hyde Park, Mass. 
 16,000-4s Hudson Savings Bank, Hudson, Mass. 
 30,000-4s Lawrence Savings Bank, Lawrence, Mass. 
 20,000-4s Leicester Sa\!ngs Bank, Leicester, Mass. 
 15,000-4s Leominster Savings Bank, Leominster, Mass. 
 
 5,000-4s Lexington Savings Bank, Lexington, Mass. 
 
 3,000-4s Maiden Savings Bank, Maiden, Mass. 
 
512 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 lo,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 
 20,000-4s Merrimac Savings Bank, Merrimac, Mass. 
 
 10,000-4s Milford Savings Bank, Milford, Mass. 
 
 10,000-4s Middlesex Inst, for Savings, Concord, Mass. 
 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 
 50,000-4s New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 
 5,000-4s Nantucket Inst, lor Savings, Nantucket, Mass. 
 200,000-43 New Bedford Inst, for Savings, New Bedford, Mass. 
 10,000-4s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 20,000-4s North Brookfleld Savings Bank, North Brookfield, Mass. 
 
 5,000-4s Orange Savings Bank, Orange, Mass. 
 20,000-4s Palmer Savings Bank, Palmer, Mass. 
 
 2,000-4.s Pentucket Savings Bank, Haverhill, Mass. 
 10,000-4s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 10,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 30,000-4s People's Savings Bank, Worcester, Mass. 
 l,074,000-4s Provident Inst, for Savings, etc., Boston, Mass. 
 15,000-4s Provident Inst, for Savings, etc., Amesbury, Mass. 
 48,000-4s Randolph Savings Bank, Randolph, Mass. 
 10,000-4s Rockland Savings Bank, Rockland, Mass. 
 100,000-4s Salem Savings Bank, Salem, Mass. 
 
 7,000-4s Cheshire County Savings Bank, Keene, N. H. 
 15,000-4s Somersworth Savings Bank, Somersworth, N. H. 
 10,000-4s South Adams Savings Bank, Adams, Mass. 
 
 3,000-4s South Scituate Savings Bank, Norwell, Mass. 
 15,000-4s South Weymouth Savings Bank, South Weymouth, Mass. 
 
 9,000-4s Spencer Savings Bank, Spencer, Mass. 
 10,000-4s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 20,000-4s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 50,000-4s Taunton Savings Bank, Taunton, Mass. 
 
 5,000-4s Templeton Savings Bank, Baldwinville, Mass. 
 50,000-4s Waltham Savings Bank, Waltham, Mass. 
 13,000-4s Watertown Savings Bank, Watertown, Mass. 
 10,000-4s Warren Five Cents Savings Bank, Peabody, Mass. 
 100,000-4s Warren Inst, for Savings, etc., Boston, Mass. 
 80,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 10,000-4s Wareham Savings Bank, Wareham, Mass. 
 20,000-4s Webster Five Cents Savings Bank, Webster, Mass. 
 21,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 5,000-4s West Newton Savings Bank, West Newton, Mass. 
 10,000-4s Whitinsville Savings Bank, Whitinsville, Mass. 
 10,000-4s Whitman Savings Bank, Whitman, Mass. 
 
 5,000-4s Winchester Savings Bank, Winchester, Mass. 
 20,000-4s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 300,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 80,000-4e ('17) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 150,000-4s ('37) New England Mutual Life Ins. Co., Boston, Mass. 
 20,000-4s ('37) National Assur. Co. (Dublin, Ireland), Hartford, Conn. 
 30,000-4s ('42) Auburn Savings Bank, Auburn, Me. 
 190,000-4s ('42) Augusta Savings Bank, Augusta, Me. 
 25,000-4s ('42) reg. Androscoggin County Savings Bank, Lewiston, Me. 
 25,000-4s ('42) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 50,000-4s ('42) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 25,000-4s ('42) New England Mutual Life Insurance Co., Boston, Mass. 
 60,000-4s ('42) Penobscot Savings Bank, Bangor, Me. 
 10,000-4s ('42) Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 10,000-4is Benjamin Franklin Savings Bank, Franklin, Mass. 
 50,000-4Js Boston Five Cents Savings Bank, Boston, Mass. 
 
 l,000-44s g. coup. Brit. & For. M. In. Co. (Ltd.) (L'p'l, Eng.), N. Y. C. 
 50,000-4Js Essex Savings Bank, Lawrence, Mass. 
 100,000-4is Franklin Savings Bank, Boston, Mass 
 
 3,000-4Js Granite Savings Bank, Rockport, Mass. 
 25,000-4Js Lawrence Savings Bank, Lawrence, Mass. 
 10,000-4is Lexington Savings Bank, Lexington, Mass. 
 10,000-4is Amherst Savings Bank, .-Vmherst, Mass. 
 30,000-4is Andover Savings Bank, Andover, Mass. 
 
DUTIES AND POWEES OP INTERSTATE COMMEBCffi COMMISSION. 513 
 
 5,000-4Js Bass River Savings Bank, South Yarmouth, Mass. 
 75,000-4Js Berkshire County Savings Bank, Pittsfield, Mass. 
 
 3,000-4Js Belmont Savings Bank, Belmont, MaKSs. 
 10,000-4Js Bridgewater Savings Bank, Brldgewater, Mass 
 10,000-4^8 Brookline Savings Bank, Brookline. Mass. 
 25,000-4is Central Savings Bank, Lowell, Mass. 
 125,000-4is Charlestown Five Cents Savings Bank, Boston, Mass 
 10,000-4is City Five Cents Savings Bank, Haverhill, Mass. 
 20,000-4is Chelsea Savings Bank, Chelsea, Mass. 
 20,000-4^s Citizens' Savings Bank, Fall River, Mass. 
 15,000-4js Crocker Inst, for Savings, Turners Falls, Mass. 
 45,000-4is Dedham Inst, for Savings, Dedham, Mass. 
 75,000-4is East Boston Savings Bank, Bast Boston, Mass. 
 
 5,000-4is East Bridgewater Savings Bank, East Bridgewater, Mass. 
 50,000-44s Franklin Savings Inst, Greenfield, Mass. 
 30,000-4Js Gardner Savings Bank, Gardner, Mass. 
 133,000-4is Haverhill Savings Bank, Haverhill, Mass. 
 25,000-4Js Lynn Inst, for Savings, Lynn, Mass. 
 100,000-4is Inst, for Savings in Roxbury, etc., Boston, Mass. 
 85,000-4is Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 
 5,000-4is Medway Savings Bank, Medway, Mass. 
 15,000-4Js Milford Savings Bank, Milford, Mass. 
 25,000-4|s Middlesex Inst, for Savings, Concord, Mass. 
 35,000-4^8 Newburyport Five Cents Savings Banlc, Newburyport, Mass. 
 
 l,000-4Js Newton Centre Savings Bank, Newton Centre, Mass. 
 100,000-4is Newton Savings Bank, Newton, Mass. 
 15,000-4Js North Middlesex Savings Bank, Ayer, Mass. 
 10,000-44s Orange Savings Bank, Orange, Mass. 
 15,000-4Js Palmer Savings Bank, Palmer, Mass. 
 
 4,000-4is Peutueket Savings Bank, Haverhill, Mass. - 
 50,000-4 Js Plymouth Savings Bank, Plymouth, Mass. 
 25,000-4is Provident Inst, for Savings, etc., Amesbury, Mass. 
 100,000-4^8 Provident Inst, for Savings, etc., Boston, Mass. 
 25,000-448 Salem Five Cents Savings Bank, Salem, Mass. 
 100,000-4is Salem Savings Bank, Salem, Mass. 
 250,000-4is Springfield Inst, for Savings, Springfield, Mass. 
 50,000-4Js Southbridge Savings Bank, Southbridge, Mass. 
 
 7,000-4is reg. Union Marine Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. C. 
 
 5,000-4is Union Five Cents Savings Bank, Exeter, N. H. 
 30,000-4i8 Warren Five Cents Savings Bank, Peabody, Mass. 
 
 3,000-4Js Somerville Savings Bank, Somerville, Mass, 
 750,000-4Js Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 10,000-44s Templeton Savings Bank, Baldwinville, Mass. 
 20,000-4is Wakefield Savings Bank, Wakefield, Mass. 
 23,000-44s Webster Five Cents Savings Bank, Webster, Mass. 
 
 4,000-448 Wellfleet Savings Bank, Wellfleet, Mass. 
 
 1,000-448 Weymouth Savings Bank, Weymouth, Mass. 
 15,000-448 Whitinsville Savings Bank, Whitinsville, Mass. 
 10,000-44s Winchendon Savings Bank, Winehendon, Mass. 
 75,000-44s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 350,000-44s Worcester County Inst, for Savings, Worcester, Mass. 
 40,000-44s Worcester Five Cents Savings Bank, Worcester, Mass. 
 18,900-44s ('44) Employers' Liabill.ty Assur. Corp. (Ltd.), London, Hbg. 
 50,000-44s ('44) Augusta Savings Bank, Augusta, Me. 
 20,500-44s ('44) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 10,O0O-44s ('44) new. North American Ins. Co., Boston, Mass. 
 25,00O-44s ('44) Penobscot Savings Bank, Bangor, Me. 
 10,000-4Js ('44) Kennebec Savings Bank, Augusta, Me. 
 100,000-44s ('44) Providence Inst, for Savings, Providence, R. I. 
 25,000-44s ('44) Providence- Washington Ins. Co., Providence, R. I. 
 51,000-448 ('44) State Mutual Life Assurance Co., Worcester, Mass. 
 50,000-448 ('44) Scottish Union & Nat. Ins. Co. (Ed'b'gh, Scot.), N. T. C. 
 25,000-448 ('44) Istmtg. Atlas Assur. Co. (London, Eng.), Chicago, 111. 
 30,000- Boston & Lowell Stk. N. Eng. Mut. Life Ins. Co., Boston, Mass. 
 80,000- Ct' & Passump. Riv. Stk. N. Eng. Life Ins. Co., Boston, Mass. 
 10,000- (Northern) Stk. N. Eng. Mut. Life Ins. Co., Boston, Mass. 
 20,000- (P'land, Saco & P'mouth) Stk. N. E. M. Life In. Co., B'ton, Hfegs. 
 
 BY— 05 33 
 
514 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 BOSTON, MILTON AND BBOCKTON EAILEOAD. 
 
 3,000-5s ('19) Boothbay Savings Bank, Boothbay Harbor, Me. 
 25,000-5s ('19) 1st mtg. Portland Savings Bank, Portland, Me. 
 10,000-5s ('19) Rockland Savings Bank, Rockland, Me. 
 
 BOSTON AND NEW YOBK AIE LINE BAILBOAD. 
 
 l,000-5s ('05) Savings Bank of New London, New London, Conn. 
 
 BOSTON AND PROVIDENCE EAILEOAD. 
 
 20,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 25,000- City Savings Bank, Providence, R. I. 
 20,000- Fall River Mnfrs'. Mut. Ins. Co., Fall River, Mass. 
 20,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 20,000- Stk. Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 2,000- Stk. Norfolk Mutual Fire Insurance Co., Dedham, Mass. 
 4,000- Stk. Providence Mutual Fire Insurance Co., Providence, R. I. 
 8,500- Stk. Saco & Biddeford Savings Institution, Saco, Me. 
 1,000- Stk. Sinking Fund, Providence, R. I. 
 25,000-4s Athol Savings Bank, Athol, Mass. 
 50,000-4s Broadway Savings Bank, Lawrence, Mass. 
 50,000-4s Bristol County Savings Bank, Taunton, Mass. 
 20,000-4s Canton Inst, for Savings, Canton, Mass. 
 ll,000-4s Cheshire County Savings Bank, Keene, N. H. 
 45,000-4s Chelsea Savings Bank, Chelsea, Mass. 
 150,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 25,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 50,000-4s Hampden Savings Bank, Springfield, Mass. 
 20,000-4s Lynn Inst, for Savings, Lynn, Mass. 
 5,000-4s Leicester Savings Bank, Leicester, Mass. 
 3,000-4s Medway Savings Bank, Medway, Mass. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 5,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 150,000-4s Provident Inst, for Savings, etc., Boston, Mass. 
 , 5,000-4s Producers' Savings Bank, Woonsocket, R. I. 
 15,000-4s Taunton Savings Bank, Taunton, Mass. 
 50,000-4s Salem Savings Bank, Salem, Mass. 
 100,000-4s Springfield Inst, for Savings, Springfield, Mass. 
 50,000-4s Springfield Five Cents Savings Bank, Springfield, Mass. 
 200,000-4s Suffolk Savings Bank for Seamen and Others, Boston, Mass. 
 l,000-4s West Newton Savings Bank, West Newton, Mass. 
 50,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 4,000-4s Whitinsville Savings Bank, Whitinsville, Mass. 
 5,000-4s Wareham Savings Bank, Wareham, Mass. 
 50,000-4s Warren Inst, for Savings, etc., Boston, Mass. 
 100,000-4s ('18) Corp. People's Savings Bank, Providence, R. I. 
 125,000-4s ('18) New England Mutual Life Insurance Co., Boston, Mass. 
 100,000-4s ('18) Providence-Washington Ins. Co., Providence, R. I. 
 
 BOSTON TERMINAL EAILEOAD. 
 
 110,000-3-is Amherst Savings Bank, Amherst, Mass. 
 
 20,000-3is Andover Savings Bank, Andover, Mass. 
 
 25,000n34s Attleborough Savings Bank. North Attleborough, Mass. 
 
 75,000-3is Athol Savings Bank, Athol, Mass. 
 
 20,000-3is Braintree Savings Bank, South Braintree, Mass. 
 5,000-3is Bay State Savings Bank, Worcester, Mass. 
 
 30,000-3is Barre Savings Bank, Barre, Mass. 
 
 35,000-3is Brighton Five Cents Savings Bank, Boston, Mass. 
 200,000-34s Bristol County Savings Bank, Taunton, Mass. 
 125,000-3is Berkshire County Savings Bank, Pittsfleld, Mass. 
 5,000-3Js North Avenue Savings Bank, North Cambridge, Mass. 
 
 50,000-3Js Brookline Savings Bank, Brookline, Mass. 
 
 50,000-3Js Brockton Savings Bank, Brockton, Mass. 
 3^0,000-3|s Oambridgeport Savings Bank, Cambridgeport, Mass. 
 
DUTIES AND POWEES OF INTEESTATE COMMEBCE COMMISSION. 515 
 
 50,000-3Js Cambridge Savings Bank, Cambridge, Mass. 
 
 40,000-3is City Savings Banlc, Pittsfield, Mass. 
 125,000-3Js City Five Cents Savings Bank, Haverhill, Mass. 
 
 35,000-3is Cape Ann Savings Bank, Gloucester, Mass. 
 
 45,000-3Js Canton Inst, for Savings, Canton, Mass. 
 100,000-3Js Central Savings Bank, Lowell, Mass. 
 
 50,000-3^8 Charlestown Five Cents Savings Bank, Boston, Mass. 
 
 10,000-3^8 Chicopee Falls Savings Bank, Chicopee Falls, Mass. 
 
 50,000-3^8 Chicopee Savings Bank, Chicopee Falls, Mass. 
 
 10,000-8is Clinton Savings Bank, Clinton, Mass. 
 
 20,000-3Js Cohasset Savings Bank, Cohasset, Mass. 
 5,000-3is County Savings Bank, Chelsea, Mass. 
 
 20,000-3^8 Crocker Inst, for Savings, Turner's Falls, Mass. 
 5,000-3^8 Conway Savings Bank, Conway, Mass. 
 
 85,000-34s Danvers Savings Bank, Danvers, Mass. 
 5,000-3^8 Dorchester Savings Bank, Dorchester, Mass. 
 
 25,000-3|s Bast Bridgewater Savings Bank, East Bridgewater, Mass. 
 
 25,000-3is Fitchburg Savings Bank, Fitchburg, Mass. 
 300,000-348 Franklin Savings Bank, Boston, Mass. 
 
 10,000-3^8 Foxborough Savings Bank, Foxborough, Mass. 
 
 55,000-34s Greenfield Savings Bank, Greenfield, Mass. 
 
 60,000-348 Great Barrington Savings Bank, 6reat Barrington, Mass. 
 200,000-3|s Hampden Savings Bank, Springfield, Mass. 
 
 35,000-34s Haydenville Savings Bank, Haydenville, Mass. 
 100,000-348 Hlngham Inst, for Savings, Hingham, Mass. 
 
 30,0OO-34s Home Savings Bank, Boston, Mass. 
 
 10,000-34s Hoosac Savings Bank, North Adams, Mass. 
 
 20,000-348 Hudson Savings Bank, Hudson, Mass. 
 150,000-348 Inst, for Savings in Roxbury, etc., Boston, Mass. 
 
 50,000-34s Lynn Five Cents Savings Bank, Lynn, Mass. 
 
 30,000-34s Lee Savings Bank, Lee, Mass. 
 
 15,000-348 Lenox Savings Bank, Lenox, Mass. 
 
 10,000-34s Lexington Savings Bank, Lexington, Mass. 
 
 60,000-34s Maiden SavingsBank, Maiden, Mass. 
 150,000-34s Marlborough Savings Bank, Marlborough, Mass. 
 
 30,000-34s Melrose Savings Bank, Melrose, Mass. 
 
 20,000-34s Merrimac Savings Bank, Merrlmac, Mass. 
 
 15,000-34s Middleborough Savings Bank, Middleborough, Mass. 
 
 50,000-348 Middlesex, Inst, for Savings, Concord, Mass. 
 
 20,000-34s Millbury Savings Bank, Millbury, Mass. 
 
 75,000-348 Milford Savings Bank, Milford, Mass. 
 
 10,000-348 Monson Savings Bank, Monson, Mass. 
 
 20,000-348 Nantucket Inst for Savings, Nantucket, Mass. 
 250,000-848 Newton Savings Bank, Newton, Mass. 
 
 25,000-34s New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 5,000-34s North Avenue Savings Bank, North Cambridge, Mass. 
 
 25,000-348 North Brookfield Savings Bank, North Brookfield, Mass. 
 10O,0OO-34« North End Savings Bank, Boston, Mass. 
 
 15,000-34s North Middlesex Savings Bank, Ayer, Mass. 
 5,0OO-34s North Easton Savings Bank, North Easton, Mass. 
 200,000-348 Northampton Inst, for Savings, Northampton, Mass. 
 5,000-34s Orange Savings Bank, Orange, Mass. 
 
 25,000-348 Palmer Savings Bank, Palmer, Mass. 
 
 20,000-348 People's Savings Bank, Brockton, Mass. 
 
 40,000-34s People's Savings Bank, Holyoke, Mass. 
 
 25,000-348 Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 100,000-348 Plymouth Savings Bank, Plymouth, Mass. 
 l,00O,OOO-84s Provident Inst, for Savings, etc., Boston, Mass. 
 100,000-348 Provident Inst, for Savings, etc., Amesbury, Mass. 
 
 40,000-348 Quincy Savings Bank, Quincy, Mass. 
 
 45,000-348 Rockland Savings Bank, Rockland, Mass. 
 
 25,000.-348 Randolph Savings Bank, Randolph, Mass. 
 100,000-348 Salem Savings Bank, Salem, Mass. 
 
 15,000-34s Seamen's Savings Bank. Provincetown, Mass. 
 
 50,000-348 Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 10,000-34s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 
516 DUTIES AND POWEKS OF INTERSTATE COMMEECE COMMISSION. 
 
 42,000-31s Spencer Savings Bank, Spencer, Mass. 
 50,000-3is Springfield Five Cents Savings Banlc, Springfield, Mass. 
 600,000-3^8 Springfield Inst, for Savings, Springfield, Mass. 
 100,000-3Js South Boston Savings Bank, South Boston, Mass. 
 5,000-3is South Adams Savings Bank, Adams, Mass. 
 15,000-3is Somerville Savings Bank, Somerville, Mass. 
 3,400,000-3is Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 3,000-3Js Sunner Savings Bank, East Boston, Mass. 
 125,000-3is Union Inst, for Savings, Boston, Mass. 
 
 15,000-3is XJxbridge Savings Bank, Uxbridge, Mass. 
 100,000-3is Warren Inst, for Savings, etc., Boston, Mass. 
 70,000-3Js Wakefield Savings Bank, Wakefield, Mass. 
 25,000-3is Wareham Savings Bank, Wareham, Mass. 
 40,000-34s Watertown Savings Bank, Watertovra, Mass. 
 5,000-3is Wellfleet Savings Bank, Wellfleet, Mass. 
 10,000-3is Winchester Savings Bank, Winchester, Mass. 
 30,000-3Js Whitman Savings Bank, Whitman, Mass. 
 8,000-3is Whitinsville Savings Bank, Whitinsville, Mass. 
 30,000-3Js Woronoco Savings Bank, Westfield, Mass. 
 25,000-3Js Worcester Five Cents Savings Bank, Worcester, Slass. 
 100,000-3Js Woburn Five Cents Savings Bank, Woburn, Mass. 
 20,000-34s ('47) American Insurance Company, Boston, Mass. 
 15,000-3Js ('47) Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 
 BOSTON, WINTHROP AND SHORE RAILROAD. 
 
 20,000-5s Berkshire County Savings Bank, Pittsfleld, Mass. 
 
 ■3,000-5s Brighton Five Cents Savings Bank, Boston, Mass. 
 
 5,000-5s Barre Savings Bank, Barre, Mass. 
 
 7,000-5s Citizens' Savings Bank, Fall River, Mass. 
 20,000-5s Danvers Savings Bank, Danvers, Mass. 
 28,000-5s Dedham Inst, for Savings, Dedham, Mass. 
 
 5,000-5s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 15,000-5s Fall River Savings Bank, Fall River, Mass. 
 25,000-5s Holyoke Savings Bank, Holyoke, Mass. 
 
 5,000-5s Hyde Park Savings Bank, Hyde Park, Mass. 
 15,000-5s LaviTence Savings Bank, Lawrence, Mass. 
 
 2,000-5s People's Savings Bank, Brockton, Mass. 
 
 3,000-5s Somerville Savings Bank, Somerville, Mass. 
 10,000-5s Salem Five Cents Savings Bank, Salem, Mass. 
 30,000-5s Salem Savings Bank, Salem, Mass. 
 
 6,000-5s Nantucket Inst, for Savings, Nantucket, Mass. 
 
 5,000-5s North Brookfield Savings I?ank, North Brookfield, Mass. 
 10,000-5s Webster Five Cents Savings Bank, Webster, Mass. 
 14,000-5s Woronoco Savings Bank, Westfield, Mass. 
 
 2,000-5s Weymouth Savings Bank, Weymouth, Mass. 
 25,000-5s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 BREAKWATER AND PBANKFOBD RAILROAD. 
 
 200,000-3s General fund. State of Delaware. 
 
 BRIDGTON AND SACO RIVER BAILROAD. 
 
 18,500-4s ('28) 1st mtg. Bridgton Savings Bank, Bridgton, Me. 
 
 2,000-4s ('28) Buxton & Hollis Savings Bank," West Buxton, Me. 
 
 6,000-4s ('28) Biddeford Savings Bank, Biddeford, Me. 
 
 5,500-4s ('28) Franklin County Savings Bank, Farmington, Me. 
 
 5,000-4s ('28) Fairfield Savings Bank, Fairfield, Me. 
 
 5,000-4s ('28) Gardiner Savings Institution, Gardiner, Me. 
 
 5,000-4s ('28) 1st mtg. Kennebunk Savings Bank, Kennebunli, Me. 
 
 10,000-4s ('28) 1st mtg. g. Union Mutual Life Ins. Co., Portland, Me. 
 
 BROCKVILLE, VTESTPORT AND SAULTE STE. MARIE RAILWAT. 
 
 50,000-5s 1st mtg. coup. Investment Co, of Philadelphia, Philadelphia, Pa. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 517 
 
 BBOOKLINE AND PEPEEELL KAILKOAD. 
 
 l,000-5s Somerville Savings Bank, Somerville, Mass. 
 J50,000-5s ('11) New England Mutual Life Insurance Co., Boston, Mass. 
 
 BEOOKLYN DOCK AND TERMINAL EAILBOAD. 
 
 880,000- Holland Trust Company, New York City. 
 
 BROOKLYN AND MONTAtTK BAILEOAD. 
 
 75,000- Atlantic Mutual Insurance Company, New York City. 
 27,434-5s ('11) 1st mtg. Fidelity & Casualty Company, New York City. 
 54,875-5s ('11) 1st mtg. Germania Life Insurance Company, N. Y. City. 
 30,000-5s ('11) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 20,000-6s ('11) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 BROOKLYN AND ROCKAWAY BEACH (N. Y.) RAILROAD. 
 
 145,000- People's Trust Company, Brooklyn, N. Y. 
 
 BRUNSWICK AND CHILLICOTHE BAILEOAD. 
 
 15,000-6s Merrimack County Savings Bank, Concord, N. II. 
 3,000-6s New Hampshire Savings Banli, Concord, N. I-I. 
 
 500-6S Pittsfleld Savings Bank, Pittsfield, N. H. 
 
 500-6S ('03) Biddeford Savings Bank, Biddeford, Me. 
 44,000-6s ('03) Saco & Biddeford Savings Institution, Saco, Me. 
 
 BUFFALO CBEEK BAILROAD. 
 
 20,000-6s 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 :i0,000-6s ('07) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 10,000-6s ('07) Deep River Savings Bank, Deep River, Conn. 
 12,G00-6s ('07) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 16,000-6s ('07) Mechanics' Savings Bank, Hartford, Conn. 
 5,000-6s ('07) Merlden Savings Bank, Meriden, Conn. 
 
 BUFFALO, NEW YORK AND BBIE BAILEOAD. 
 
 10,000- Westerly Savings Bank, Westerly, R. I. 
 
 20,000-7s ('16) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 
 41,000-7s ('16) Connecticut Savings Bank, New Haven, Conn. 
 
 50,000-7s ('16) Chelsea Savings Bank, Norwich, Conn. 
 
 15,000-7s ('16) Deep River Savings Bank, Deep River, Conn. 
 
 5,000-7s ('16) Dime Savings Bank of Hartford, Conn. 
 
 30,000-7s ('16) Farmington Savings Bank, Farmington, Conn. 
 
 15,000-7s ('16) Groton Savings Bank, Mystic, Conn. 
 
 5,000-7s ('16) Mechanics' Savings Bank, Winsted, Conn. 
 
 20,000-7s ('16) Mechanics' Savings Bank, Hartford, Conn. 
 
 5,000-7s ('16) Milford Savings Bank, Milford, Conn. 
 
 30,000-7s ('16) New Haven Savings Bank, New Haven, Conn. 
 
 61,680-7s ('16) 1st mtg. New York Life Insurance Company, N. Y. City. 
 
 100,000-7s ('16) Norwich Savings Society, Norwich, Conn. 
 
 30,000-7s ('16) People's Savings Bank, Bridgeport, Conn. 
 
 13,000-7s ('16) Savings Bank of Danbury, Danbury, Conn. 
 
 100,000-7s ('16) Savings Bank of New London, New London, Conn. 
 
 125,000-7s ('16) State Savings Bank, Hartford, Conn. 
 
 26,000-7s ('16) Society for Savings, Hartford, Conn. 
 
 9,000-7s ('16) Union Savings Bank, Danbury, Conn. 
 
 l,000-7s ('16) Winsted Savings Bank, Winsted, Conn. 
 
 BUFFALO, EOCHESTEE AND PITTSBUBGH RAILROAD. 
 
 10,000- pf. Eagle Fire Company, New York City. 
 10,000- ('37) gen. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 5,078-4Js coup. Doylestown Trust Company, Doylestown, Pa. 
 
518 DUTIES AND POWBES OF INTERSTATE COMMEECE COMMISSION. 
 
 10,025-5s 1st mtg. reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 30,000-5s ('43) Clearfield & Mahon. Dime S. Bk. of Waterbury, W'bury, Ct. 
 
 50,000-5s ('43) Clearfield & Mahon. Mechanics' Sav. Bk., Hartford, Conn. 
 
 158,412-5s ('37) gen. mtg. g. Metropolitan Life Ins. Co., N. Y. Citj'. 
 
 30,000-5s ('37) gen. mtg. Westchester Fire Ins. Co., New York City. 
 
 14,000-6s ('21) g. Prussian Nat.' Ins. Co. (Stettin, Ger.), Chicago, 111. 
 
 10,220-6s ('22) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 BUFFALO SOUTHWEST NEW YORK EAILEOAD. 
 
 36,250-6s ('08) 1st mtg. Buffalo German Ins. Co., Buffalo, N. Y. 
 
 BUFFALO AND SUSQUEHANNA EAILROAD. 
 
 7,050-5s 1st mtg. Albertson Trust & S. Dep. Co., Morristown, Pa. 
 
 10,000-5s ('13) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 56,000-5s ('13) Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 
 30,000-5s ('13) Middletown Savings Bank, Middletown, Conn. 
 
 5,000-5s ('13) Moodus Savings Bank, Moodus, Conn. 
 
 ll,500-5s ('13) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 5,000-5s ('13) National Savings Bank of New Haven, New Haven, Conn. 
 
 l,500-5s ('13) South Norwalk Savings Bank, South Norwalk, Conn. 
 
 BURLINGTON, CEDAR BAPIDS AND NORTHERN EAILROAD. 
 
 50,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 
 9,600- Pawtucket Inst for Savings, Pawtucket, R. I. 
 20,000- Westerly Savings Bank, Westerly, R. I. 
 13,000- Stk. Westerly Savings Bank, Westerly, R. I. 
 10,000- Stk. Bath Savings Institution, Bath, Me. 
 
 5,325-5s 1st mtg. Bankers' Life Ins. Co. of the City of N. Y., N. Y. City. 
 
 2,400-5s 1st mtg. Kingston Savings Bank, Kingston, R. I. 
 
 5,000-5s Laconia Savings Bank, Laconia, N. H. 
 10,000-5s Loan & Trust Savings Bank, Concord, N. H. 
 
 4,000-5s Newport Savings Bank, Newport, N. H. 
 10,000-5s Dartmouth Savings Bank, Hanover, N. H. 
 13,000-5s con. 1st mtg. Industrial Trust Company, Providence, R. I. 
 56,000-5s ('06) Bath Savings Institution, Bath, Me. 
 
 4,000-5s ('06) Kennebunk Savings Bank, Kennebunk, Me. 
 50,718-5s ('06) Manhattan Life Insurance Company, New York City. 
 40,197-5s ('06) 1st mtg. New York Life Insurance Company, N. Y. City. 
 346,801-5s ('06) 1st mtg. Northwestern Mut Life Ins. Co., Milwaukee, Wis. 
 26,625-5s ('06) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 10,000-5s ('06) 1st mtg. Transatlantic F. I. Co. (Hamburg, Ger.), Chi., 111. 
 
 l,000-5s ('19) Franklin County Savings Bank, Farmington, Me. 
 58,625-5s ('34) con. 1st & coll. tr. Conn. Mut. Life Ins. Co., Hartford, Conn. 
 40,000-5s ('34) g. Manchester Assur. Co. (Manchester, Eng.), N. Y. City. 
 42,000-5s ('34) la., Minn. & Dak. Div. 1st con. mtg. U. S. L. I. Co., N. Y. C. 
 101,500-5s ('34) la., Minn. & Dk. Dv. 1st con. mtg. Man. Life I. Co., N. Y. C. 
 10,000-5s ('48) 1st. Niantic Savings Bank, Westerly, R. I. 
 
 BURLINGTON AND MISSOURI RIVER EAILROAD. 
 
 10,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 7,000- Middlesex Mutual Fire Insurance Company; Concord, Mass. 
 
 20,000- Pa\ytucket Inst, for Savings, Pawtucket, R. I. 
 
 20,000-4s Manchester Savings Bank, Manchester, N. H. 
 
 10,000-4s S. F. Walpole Savings Bank, Walpole, N. H. 
 
 121,066-48 ('10) New England Mutual Life Ins. Co., Boston, Mass. 
 
 18,600-4s ('10) State Mutual Life Assur. Co., Worcester, Mass. 
 
 28,000-6s New Hampshire Savings Bank, Concord, N. H. 
 
 ll,000-6s ('08) Middletown Savings Bank, Middletown, Conn. 
 
 16,000-6s ('08) Middletown Savings Bank, Middletown, Conn. 
 
 45,000-6s ('08-'18) Rhode Island Hospital Trust Co., Providence, R. I. 
 
 6,600-6s ('18) 1st mtg. Biddeford Savings Bank, Biddeford, Me. 
 
 3,000-6s ('18) consol. Belfast Savings Bank, Belfast, Me. 
 29,521-6s ('18) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
5,000-6s 
 
 ('18) 
 
 8,000-6s 
 
 ('18) 
 
 16,800-6s 
 
 ('18) 
 
 43,000-6s 
 
 ('18) 
 
 20,000-6s 
 
 ('18) 
 
 50,000-6s 
 
 (•18) 
 
 DUTIES AND POWEBS OF INTERSTATE COMMERCE COMMISSION. 519 
 
 10,000-6s ('18) Deep River Savings Bank, Deep River, Conn. 
 8,000-6s ('18) Essex Savings Bank, Essex, Conn. 
 10,000-6s CIS) Groton Savings Bank, Mystic, Conn. 
 957,339-6s ('18) Mutual Life Insurance Company, Neve York City. 
 434,833-68 ('18) 1st. New York Life Insurance Company, New York City. 
 90,000-6s ('18) Saco & Biddeford Savings Institution, Saco, Me. 
 2.5,000-6s ('18) Savings Bank of New Britain, New Britain, Conn. 
 54,000-6s ('18) Society for Savings, Hartford, Conn. 
 5,000-6s ('18) Southington Savings Bank, Southington, Conn. 
 5,000-6s ('18) Union Savings Bank, Danbury, Conn. 
 
 Boulevard Debt Sinking Fund, Newton, Mass. 
 
 Sewer Debt •Sinking Fund, Newton, Mass. 
 
 Washington Street Debt Sinking Fund, Newton, Mass. 
 
 Water Debt Sinking Fund, Newton, Mass. 
 
 Exempt. Fairfield County Savings Bank, Norwalk, Conn. 
 
 Exempt. Providence Inst, for Savings, Providence, R. I. 
 
 CAMBRIA AND CLEAETDSLD BAILBOAD. 
 
 ll,100-5s coup. Commonwealth Title Ins. &' Tr. Co., Philadelphia, Pa. 
 
 4,000-5s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 12,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 25,500-5s 1st mtg. Northern Savings Fund, S. Dep. & Tru. Co., Phila., Pa. 
 
 5,000-5s 1st mtg. coup. West Philadelphia Title & Trust Co., Phila., Pa. 
 
 CAMDEN AND AMBOY TBANSPOBTATION EAILEOAD. 
 
 100,000- Stk. School Fund, State of New Jersey. 
 
 CAMDEN AND ATLANTIC EAILROAD. 
 
 15,000-5s ('11) American Fire Insurance Company, Philadelphia, Pa. 
 30,000-5s ('11) reg. Fire Association of Philadelphia, Philadelphia, Pa. 
 15,000-6s ('11) con. Franklin Fire Insurance Company, Philadelphia, Pa. 
 ll,000-5s ('11) con. reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 50,000-5s ('11) gold. Insurance Company of North America, Phila., Pa. 
 10,000-5s con. Lumbermen's Insurance Company, Philadelphia, Pa. 
 30,000-5s ('11) Reliance Insurance Company, Philadelphia, Pa. 
 50,000-5s con. mtg. reg. Western Sav. Fund Society, Philadelphia, Pa. 
 260,000-5s & 6s reg. loan coup. Philadelphia Sav. Fund Soc, Phila., Pa. 
 5,600-6s consols, coup. Manayunk Trust Company, Philadelphia, Pa. 
 
 CANADA SOUTHERN EAILEOAD. 
 
 20,000- stk. Commonwealth Insurance Company, New York City. 
 100,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 
 11,000- Guarantee Company of North America, Montreal, Canada. 
 4,340- Mechanics' Savings Bank, Westerly, R. I. 
 
 20,000- Stk. Rochester Trust and Safe Deposit Co., Rochester, N. Y. 
 6,000- Westerly Savings Bank, Westerly, R. I. 
 
 10,000-5s 1st mtg. coup. Miners' Savings Bank, Pittston, Pa. 
 
 10,000-5s Passaic Trust and Safe Deposit Company,, Passaic, N. J. 
 
 10,000-5s 2d mtg. coup. Wilkes-Barre Dep. & Sav. Bk., Wilkes-Barre, Pa. 
 537,000-5s ('08) Equitable Life Assur. Society of United States, N. Y. City. 
 
 26,445-5s ('08) 1st mtg. Fidelity and Casualty Company, New York City. 
 200,000-5s ('08) Mutual Benefit Life Insurance Company, Newark, N. J. 
 684,000-58 ('13) Equitable Life Assur. Society of United States, N. Y. City. 
 106,770-5s ('13) Mutual Life Insurance Company, New York City. 
 
 CANADIAN PACIFIC EAILEOAD. 
 
 48,666-5s ('15) 1st mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 
 94,000-5s ('31) Land grant. Aetna Insurance Company, Hartford, Conn. 
 
 l,063,893-5s ('31) Land grant. 1st mtg. g. New York Life Ins. Co., N. Y. C. 
 
 45,700-5s ('31) Travelers' Insurance Company, Hartford, Conn. 
 
 44,000-5s ('31) Land grant. 1st mtg. Phoenix Ins. Co., Hartford, Conn. 
 
520 DUTIES AND POWEES OF INTEKSTATE COMMERCE COMMISSIOlif, 
 CAPE GIRAEDEAU AND SOUTHWESTEBN BAILEOAD. 
 
 12,000- Merchants' Savings Bank, Providence, R. I. 
 
 CAEOLINA CENTRAL EAILEOAD. 
 
 9,575-4s ('49) John Hancoclc Mutual Life Insurance Co., Boston, Mass. 
 
 OAETHAGE, WATEETOWN AND SACKETT'S HAKBOE BAILEOAD. 
 
 ll,500-5s ('31) John Hancock Life Insurance Co., Boston, Mass. 
 50,000-5s ('31) London Assurance Company (London, Eng.), N. Y. City. 
 
 CATAVflSSA EAILEOAD. 
 
 50,000-4s 1st mtg. coup. Beneficial Sav. Fd. Soc, Philadelphia, Pa. 
 
 4,000-4s 2d mtg. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 
 9,000-7s Mechanics' Insurance Company, Philadelphia, Pa. 
 10,000-7s (1900) reg. Fire Association of Philadelphia, Philadelphia, Pa. 
 
 CAYUGA AND SUSQUEHANNA EAILEOAD. 
 
 30,000- Stk. German-American Insurance Company, Nev? York City. 
 
 CEDAB BAPIDS, IOWA FALLS AND NORTH WESTERN BAILEOAD. 
 
 56,000-5s ('21) 1st mtg. g. Connecticut Mut. Life Ins. Co., Hartford, Conn. 
 
 50,000-5s ('21) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 454,005-.5s ('21) 1st g. gtd. by C. R. & N. New York Life Ins. Co., N. Y. C. 
 
 52,883-5s ('21) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 25,000-5s ('21) Portland Savings Bank, Portland, Me. 
 
 CEDAR BAPIDS AND MISSOURI EIVEE RAILROAD. 
 
 ]7,000-7s Amsterdam Savings Bank, Amsterdam, N. Y. 
 
 21,000-7s ('09) Paterson Savings Institution, Paterson, N. J. 
 
 66,982-7s ('09) 1st mtg. Prudential Ins. Co. of America, Newark. N. J. 
 
 20,000-7s ('16) Groton Savings Bank, Mystic, Conn. 
 
 9,500-7s ('16) Belfast Savings Bank, Belfast, Me. 
 
 l,000-7s ('16) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 5,000-7s ('16) Derby Savings Bank, Derby, Conn. 
 
 13,500-7s ('16) Middletown Savings Bank, Middletown, Conn. 
 
 40,000-7s ('16) New Haven Savings Bank, New Haven, Conn. 
 
 5,000-7s ('16) Suffield Savings Bank, Suffield, Conn. 
 
 50,000-7s ('16) Norwich Savings Society, Norwich, Conn. 
 
 25,000-7s ('16) Portland Savings Bank, Portland, Me. 
 
 15,000-7s ('16) Savings Bank of New Britain, New Britain, Conn. 
 
 57,000-7s ('16) Savings Bank of New London, New London, Conn. 
 
 l,000-7s ('16) Southport Savings Bank, Southport, Conn. 
 
 70,000-7s ('16) State Savings Bank, Hartford, Conn. 
 
 15,000-7s ('16) Chic. & Nwn. People's Savings Bank, Bridgeport, Conn. 
 
 CENTRAL BBANCH BAILWAY. 
 
 8,000- ('19) 1st. Trust and Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 37,000-4s ('19) 1st mtg. g. Aetna Insurance Company, Hartford, Conn. 
 
 12,000-4s ('19) 1st mtg. Provident Savings Life Assurance Soc, N. Y. C. 
 
 18,786-4s ('19) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 CENTEALIA AND OHESTEE BAtLEOAD. 
 
 100,000- Mechanics' Savings Bank, Providence, R. I. 
 
 12,500- Stk. Fire Association of Philadelphia, Philadelphia, Pa. 
 
 5,000-5s 1st mtg. Wickford Savings Bank, Wickford, R. I. 
 
 10,000-5s coup. Carbondale Miners' & Mechanics Sav. Bk., Carbondale, Pa. 
 
 25,000-5s ('19) 1st mtg. g. Aetna Insurance Company, Hartford, Conn. 
 
 23,000-5s ('19) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 50,000-5s ('19) iBt mtg, g, Fire Association of Philadelphia, Phila., Pa. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 521 
 
 CENTKAL OF IOWA KAILKOAD. 
 
 3,300- Mechanics' Savings Banlt, Westerly, R. I. 
 25,000-5s ('38) Mechanics' Savings Bank, Providence, R. I. 
 5,000-7s (1899) Oonvrt. Camden Savings Bank, Rockport, Me. 
 
 CENTRAL KAILUOAD OF GEORGIA. 
 
 4,000- 1st pf. Home Fire Insurance Company, Baltimore, Md. 
 
 3,000- 2d pf. Home Fire Insurance Company, Baltimore, Md. 
 
 3,000- 2d pf. inc. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 500- 2d pf. inc. scrip. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 100,000- Hamilton Trust Company, Brooklyn, N. T. 
 10,000- Westchester Trust Company, Yonkers, N. Y. 
 20,000- Binghamton Trust Company, Binghamton, N. Y. 
 12,000- Dutchess County Mutual Insurance Co., Poughkeepsie, N. Y. 
 50,000- con. Metropolitan Trust Company, New York City. 
 10,000- con. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 10,000- ('45) Con. Trust & Dep. Co. of Onondaga, Syracuse, N. Y. 
 
 3,000- ('45) 1st pf. inc. Security Insurance Co., New Haven. Conn. 
 
 2,000- ('45) 2d pf. inc. Security Insurance Co., New Haven, Conn. 
 14,130-2s 1st pf. inc. coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 
 8,900-5s coup. Carbondale Miners & Mechanics' Sav.' Bk., Carbondale, Pa. 
 
 7,500-5s 5 con. mtg., 3 1st pf. inc., and 2d pf. reg. Han'v'r S. F. S., Han., Pa. 
 14,700-5s coup. County Savings Bank & Trust Co., Scranton, Pa. 
 
 4,690-5s con. mtg. coup. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 14,187-5s coup. American Trust Company of Philadelphia, Phila., Pa. 
 14,210-5s coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 5,000-5s Chautauqua County Trust Company, Jamestown, -N. Y. 
 
 4,475-5s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 50,000-5s con. mtg. Industrial Trust Company, Providence, R. I. 
 17,682-5s 1st mtg. coup. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 
 9,350-5s coup. Mewhants and Mechanics' Bank, Scranton, Pa. 
 75,000-5s con. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 25,262-5s coup. Montgomery Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 31,975-5s con. coup. Scranton Savings Bank, Scranton, Pa. 
 
 9,725-5s consols, coup. Security Title & Trust Company, York, Pa. 
 
 9,756-5s coup. Wayne County Savings Bank, Honesdale, Pa. 
 
 4,000-5s con. Wakefield Trust Company, Wakefield, R. I. 
 
 3,800-5s Wakefield Inst, for Savings, Wakefield, B. I. 
 
 4,831-5s con. coup- White Haven Savings Bank, Whitehaven, Pa 
 
 9,287-5s con. gen. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 30,000-5s ('35) 1st mtg. g. Hamburg-Bremen F. I. Co. (H'b'g, G), N. Y. C. 
 188,812-5s ('45) Aetna Life Insurance Company, Hartford, Conn. 
 l,750,000-5s ('45) Equitable Life Assur. Soc. of United States, N. Y. City. 
 50,000-5s ('45)' con. mtg. g. Fire Association of Philadelphia, Phila., Pa. 
 18,800-5s ('45) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 112,000-5s ('45) 1st mtg. Massachusetts Mutual Life Ins. Co., Sp'gf'd, Mass. 
 l,803,400-5s ('45) Mutual Life Insurance Company, New York City. 
 122,400-5s ('45) con. g. Provident Life & Trust Co., Philadelphia, Pa. 
 50,000-5s ('45) 1st mtg. g. Sun Insurance Oflice (London, Eng.), N. Y. C. 
 20,000-5s ('46) reg. Norwich Un. F., Ins. Soc. (Norwich, Eng.), N. Y. C. 
 47,375-5s ('46) Macon & No. Div. J. Hancock M. L. Ins. Co., Boston, Mass. 
 
 5,000-5s Macon & No. Div. 1st mtg. cp. Alb'ts'n T. & S. D. Co., N'.t'n, Pa. 
 45,997-5s ('46) Macon & No. Div. Mass. Mut. Life Ins. Co., Springfield, Mass. 
 20,000-5s ('46) Macon & No. Div. Orient Insurance Co., Hartford, Conn. 
 45,250-5s ('46) Mobile Div. 1st mtg. Metropolitan Life Ins. Co., N. Y. C. 
 25,000-5s ('46) Mobile Div. 1st mtg. Greenwich Ins. Co., New York City. 
 16,787-5s Macon & No. Div. 1st mtg. g. Fidelity M. L. Ins. Co., thila., Pa. 
 
 CENTRAL RAILROAD AND BANKING COMPANY OF GEORGIA. 
 
 10,000-5s coll. tr. coup. Wilkesbarre Deposit & Sav. Bk., Wilkesbarre, Pa. 
 895,526-5s coll. tr. g. New York liife Insurance Co., New York City. 
 
 CENTR.4.L MASSACHUSETTS RAILROAD. 
 
 1,000- pf. lona Savings Bank, Tilton, N, H. 
 
522 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION- 
 CENTRAL NEW ENGLAND EAILEOAD. 
 
 1,661- gen. nitg. coup. Merion Title & Trust Co., Ardinore, Pa. 
 
 1,107- cm. Penn. Mutual Life Ins. Co., Philadelphia, Pa. 
 
 85- cm. Albertson Trust and Safe Dep. Co., Norristown, Pa. 
 40- pf. Albertson Trust and Safe Dep. Co., Norristown, Pa. 
 
 1,855- pf. Penn. Mutual Ijife Insurance Co., Philadelphia, Pa. 
 34,492-4s & 5s ('49) gen. mtg. inc. reg. g. Penn. M. L. Ins. Co, Phila., Pa. 
 
 2,000-5s gen. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 12,000-5s gen. mtg. reg. 24 cp. 23 shrs. pf. tr. & 85 cm. tr. stk. B. Tr. Co., Phila., Pa. 
 17,894-5s coup. Germantown Real Estate, Dep. & Tr. Co., Phila., Pa. 
 
 l,079-5s reg. coup. Harrisburg Trust Company, Harrisburg, Pa. 
 16,050-5s ('19) 1st. mtg. g. coup. Penn. Mutual Life Ins. Co., Phila., Pa. 
 30,000-5s ('19) Saco and Biddeford Savings Institution, Saco, Me. 
 
 5,000-5s ('19) Thomaston Savings Bank, Thomaston, Me. 
 
 CENTRAL NEW YORK AND WESTERN RAILROAD. 
 
 17,000-5s ('43) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 CENTRAL OHIO RAILROAD. 
 
 100,000-4is ('30) Chelsea Savings Bank, Norwich, Conn. 
 
 25,000-4|s ('30) 1st mtg. Fidelity & Casualty Company, New York City. 
 
 25,000-4is ('30) tst mtg. con. g. Germania Life Ins. Co., N. Y. City. 
 
 334,250-4is ('30) 1st mtg. Metropolitan Life Ins. Co., N. Y. City. 
 
 17,000-4is ('30) Naugatuck Savings Bank, Naugatuck, Conn. 
 
 23,000-4|s ('30) Savings Bank of New London, New London, Conn. 
 
 CENTRAL PACIFIC RAILROAD. 
 
 525,000- Central Trust Company of New York, New York City. 
 182,500- Fifth Avenne Trust Company, New York Cjty. 
 487,000- new. Guaranty Trust Company of New York, New York City. 
 300,000- Synd. Inter, in Fla. Produce Exchange Trust Co., N. Y. City. 
 3,500- Hol.voke Mutual Fire Insurance Company, Salem, Mass. 
 52,500- Manhattan Trust Companj', New York City. 
 100,000- Morton Trust Company, New York City. 
 
 1,000- g. Keal Estate Trust Company, New York City. 
 617,000- mtg. Standard Trust Company, New York City. 
 
 650- stk. Barnstable County Mut. Fire Ins. Co., Parmouthport, Mass. 
 5,000- stk. Peterborough Savings Bank, Peterborough, N. H. 
 16,000- 1st. Real Estate Trust Company, New York City. 
 200,000- 1st rfdg. mtg. United States Trust Co. of New York, N Y. City 
 
 10,000- ('49) 1st rfdg. gtd. Tr. & Dep. Co. of Onondaga, Syracuse, N.'y. 
 ' 4,127-3is coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 4,218-3is mtg. g. Citizens' Bank, Freeland. Pa. 
 179,000-3is coup. Girard Trust Company, Philadelphia, Pa. 
 17,770-3is coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 50,000-3is coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 45,000-3is g. mtg. coup. Real Estate Trust Company, Philadelphia Pa. 
 9,000-3is coup. Security Title and Trust Company, York, Pa. 
 2,595-3is reg. coup. Warren Savings Bank, Warren, Pa. 
 6,037-3i:S reg. coup. AVarren Savings Bank, Warren, Pa. 
 8,400-3is reg. Warren Savings Bank, Warren, Pa. 
 28;500-3Js coup. g. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre Pa 
 l,000-3Js ('29) mtg. g. Aetna Insurance Co., Hartford, Conn 
 100,000-34s ('29) mtg. g. American Fire Insurance Co., N. Y. Citv 
 16,000-3Js ('29) Cologne Re-Ins. Co. (Cologne, Germ'y), Hartford Conu 
 50,000-3Js ('29) German-American Insurance Company, N. Y City ' 
 40,025-3Js ('29) mtg. g. New York Life Insurance Co., N. Y City 
 177,000-3is (.'29) gtd. by. So. Pac. Co. g. mtg. Prov. L. & T. Co Phila P;i. 
 94,000-3is ('29) mtg. g. coup. Penn. Mutual Life Ins. Co., Phila Pa 
 4,870-4s 1st mtg. coup. Anthracite Sav. Bank, Wilkes-Barre Pa 
 9,837-4s 1st rfdg. mtg. g. Bankers' Life Ins. Co. of City of N. Y N Y G. 
 5,012-4s 1st pf. mtg. coup. Citizens' Bank, Freeland, Pa. 
 50,000-4s receipts coup. Girard Trust Company, Philadelphia, Pa. 
 9,950-4s coup. Warren Savings Bank, Warren, Pa. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 523 
 
 17,500-4s coup. 1st rfdg. Wilkes-Barre Dep. & Sav. Bk., Wilkes-Barre, Pa. 
 
 25,000-4s ('49) 1st mtg. rfdg. g. Aetna Insni-ance Co., Hartford, Conn. 
 
 20,000-4s ('49) Auburn Savings Bank, Auburn, Me. 
 
 140,000-4s ('49) Cologne Re-Ins. Co. (Cologne, Germany), Hartford, Conn. 
 
 50,000-4s ('49) 1st g. Bangor Savings Bank, Bangor, Me. 
 
 15,000-4s ('49) Brunswick Savings Institution, Brunswick, Me. 
 
 500,000-4s ('49) Equitable Life Assur. Soc. of United States, N. Y. City 
 
 550,000-4s ('49) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 10,000-4s ('49) Fairfield Savings Bank, Fairfield, Me. 
 
 5,000-4s ('49) Franklin County Savings Bank, Farmington, Me. 
 
 • 5,000-4s ('49) Gardiner Savings Institution, Gardiner, Me. 
 
 20,000-4s ('49) 1st rfdg. mtg. g. II'b'g-Br'm'n F. I. Co. (Il'b'g, G.), N. Y. C. 
 
 75,000-4s ('49) 1st rfdg. mtg. g. M'ch'ter Assur. Co. (M'ch'ter, E.), N. Y. C. 
 
 10,000-4s ('49) Mechanics' Savings Bank, Auburn, Me. 
 
 4,221,214-4s ('49) Mutual Life Insurance Company, Nevv York City. 
 
 99,778-4s ('49) New England Mutual Life Insurance Co., Boston, Mass. 
 
 960,036-4s ('49) 1st rfdg. g. New York Life Insurance Co., N. Y. City. 
 
 50,000-4s ('49) 1st rfdg. g. Niagara Fire Insurance Co., N. Y. City. 
 
 . 96,000-4s ('49) 1st rfdg. mtg. coup. g. Penn. Mut Life Ins. Co., Plaila., Pa. 
 
 10,000-4s ('49) People's Savings Bank, Lewiston, Me. 
 
 5,000-4s ('49.) Piscataquis Savings Bank, Dover, Me. 
 
 3,000-4s ('49) Phillips Savings Bank, Phillips, Me. 
 
 102,00q-4s ('49) rfdg. g." mtg. gtd. by. S. P. Prov. L. & Tr. Co., Phila., Pa. 
 
 50,00Ci-5s ctfs. Morristown Trust Company, Morristown, N. J. 
 
 10,000-6s San Joaquin Br. 1st mtg. coup. Miners' Sav. Bk., Pittston, Pa. 
 
 CKNTBAr. EAILEOAD 01' NEW .JERSEY. 
 
 250,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 10,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 7,000- Holyolse Mutual Fire Insurance Company, Salem, Mass. 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 10,000- Worcester Manufacturers' Insurance Co., Worcester, Mass. 
 100,000- ' equip. Franklin Trust Company, Brooklyn, N. Y. 
 300,000- equip, note. Union Trust Company of New York City. 
 11,900- stk. Berkshire Fire Insurance Co., Pittsfleld, Mass. 
 70,000- stk. Niagara Fire Insurance Company, New York City. 
 13,562- stk. reg. People's Savings Bank, Pittston, Pa. 
 60,000- stk. Phoenix Insurance Company, Brooklyn, N. Y. 
 30,000- stk. Spring Garden Insurance Company, Philadelphia, Pa. 
 68,437- -stk. Travelers' Insurance Company, Hartford, Conn. 
 10,000- 1st gen. mtg. Firemen's Insurance Company, Newark, N. J. 
 
 5,000- gen. mtg. Columbus Trust Company, Newburgh, N. Y. 
 11,212- gen. mtg. reg. Nederland (Ltd.) L. Ins. Co. (Ams., Hoi.), N. Y. C. 
 142,000- gen. mtg. New York Life Insurance & Trust Co., N. Y. City. 
 65,000- gen. mtg. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 15,000- ('87) Union County Savings Bank, Elizabeth, N. J. 
 25,000-4s ('41) N. Y. & L. B. Connecticut Savings Bk., New Haven, Conn. 
 15,000-5s reg. Anthracite Savings Bank, Wilkes-Barre, Pa. 
 
 5,000-5s City Savings Banli, Laconia, N. H. 
 20,000-58 Dime Savings Institution, Plainfield, N. J. 
 50,000-5s Franklin Savings Institution, Newark, N. J. 
 
 5,000-5s Essex County Savings Bank, East Orange, N. J. 
 19,000-5s Hoboken Bank for Savings, Hoboken, N. J. 
 10,000-5s Loan and Trust Savings Bank, Concord, N. H. 
 20,000-5s Manchester Savings Bank, Manchester, N. H. 
 50,000-5s Morris County Savings Bank, Morristown, N. J. 
 20,000-5s New Hampshire Savings Bank, Concord, N. H. 
 200,000-5s New Jersey Title Guarantee & Trust Co., Jersey City, N. J. 
 15,000-5s Raritan Savings Bank, Raritan, N. J. 
 15,000-5s Somerville Dime Savings Bank, Somerville, N. J. 
 
 9,000-5s Union Marine Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. City. 
 22,650-5s coup. Wayne County Savings Bank, Honesdale, Pa. 
 
 6,031-5s gen. mtg. coup. Frankford R. Est., Tr. & S. Dep. Co., Phila., Pa. 
 25,000-5s gen. mtg. Lyon Fire Ins. Co. (London, Eng.), Hartford, Conn. 
 ll,612-5s gen. mtg. coup. Merchants & Mechanics Bank, Scranton, Pa. 
 20,000-5s gen. mtg. North German Fire Insurance Company, N. Y. City. 
 
524 DUTIES AND POWEBS OF INTERSTATE COMMEECE COMMISSION. 
 
 5,000-5s 
 40,000-5s 
 
 5,000-5s 
 15,000-5s 
 
 5,525-5s 
 
 l,000-5s 
 50,000-5s 
 27,875-5s 
 110,000-5s 
 50,000-5s 
 25,625-5s 
 225,500-5s 
 10,000-5s 
 10,000-5s 
 50,000-5s 
 15,000-5s 
 
 5,000-5s 
 
 30,000-5s 
 
 100,0CO-5s 
 
 250,000-5s 
 
 29,965-5s 
 
 20,000-5s 
 
 113,343-5s 
 
 65,000-5s 
 
 40,000-5s 
 
 27,628-5s 
 
 100,750-5s 
 
 350,000-5s 
 
 25,000-5s 
 
 J,4Jo,943-5s 
 
 75,000-5s 
 
 15,000-5s 
 
 83,812-5s 
 
 40,000-5s 
 
 200,000-5s 
 
 27,400-os 
 
 100,000-5s 
 
 10,000-5s 
 
 50,000-5s 
 
 5,000-5s 
 15,000-5s 
 56,500-5s 
 50,000-5s 
 112.125-5S 
 70,000-5s 
 25,000-5s 
 76,000-7s 
 55,000-7s 
 23,000-7s 
 10,000-7s 
 
 3,000-7s 
 30,000-7s 
 32,000-7s 
 
 5,000-7s 
 
 5,000-7s 
 50,000-7s 
 
 3,000-7s 
 
 5,000-7s 
 
 gen. mtg. reg. White Haven Savings Bauli, Wliite Haven, Pa. 
 gen. mtg. reg. g. Norwalli Fire Insurance Company, Norwalls, Conn, 
 gen. mtg. North German Fire Insurance Company, N. Y. City. 
 
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 Fide; 
 
 lOan 
 
 gen. m. No. German F. Ins. Co. (Hamburg, Ger.), Chi., 111. 
 
 reg. gen. mtg. Aetna.Indemnity Company, Hartford, Conn. 
 
 American Union Life Insurance Co., New York City. 
 
 gen. mtg. reg. Bangor Savings Bank, Bangor, Me. 
 
 Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 gen. mtg. g. Caledonian Ins. Co. (Bdinb'gh, Scot), N. Y. C. 
 
 Commercial Un. Assur. Co. (Ltd.) (Lon., Eng.), N. Y. C. 
 
 gen. mtg. g. Fidelity & Casualty Company, New York City.. 
 
 gen. mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 gen. mtg. coup. German Alliance Insurance Co., N. Y. C. 
 
 gen. mtg. reg. German Alliance Insurance Co., N. Y. C. ■ 
 
 gen. coup. German-American Insurance Co., N. Y. City. 
 
 gen. reg. German-American Insurance Co., N. Y. City. 
 
 Gorhatn Savings Bank, Gorham, Me. 
 
 gen. mtg. g. Hamburg-Bremen F. I. Co. (H'b'g, G.),N. Y. C. 
 
 gen. mtg. g. Hanover Fire Ins. Co., New York City. 
 
 gen. mtg. g. Hartford Fire Ins. Co., Hartford, Conn. 
 
 Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 
 Hudson City Savings Bank, Jersey City, N. J. 
 
 John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 gen. mtg. reg. g. Lon. & Lan. F. I. Co. (L'p'l, Eng.),N. Y. C. 
 
 gen. mtg. g. Ijondon Assurance Co. (Lon., Eng.), N. Y. C. 
 
 gen. Manhattan Life Insurance Company, N. Y. City. 
 
 gen. mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 gen. mtg. g. New York Life Insurance Co., N. Y. City. 
 
 Paterson Savings Institution, Paterson, N. J. 
 
 gen. mtg. Ocean Ace. & Guar. Corp. (Ltd.), London, Eng. 
 
 gen. mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 gen. mtg. g. Phoenix Insurance Company, Hartford, Conn. 
 
 Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 
 gen. mtg. reg. Phoenix Mut. Life Ins. Co., Hartford, Conn. 
 
 Security Savings Bank, Newark, N. J. 
 
 Princeton Savings Bank, Princeton, N. J. 
 
 Scottish U. & N. Ins. Co. (Edinb'gh, Scot.), Hartford, Coun. 
 
 Skowhegan Savings Bank, Skowhegan, Me. 
 
 gen. mtg. g. reg. Spring Garden Insurance Co., Phila., Pa. 
 
 State Mutual Life Assur. Co., Worcester, Mass. 
 
 reg. Sun Insurance Office (London, Eng.), N. Y. City. 
 
 Travelers' Insurance Company, Hartford, Conn. 
 
 Trenton Saving Fund Society, Trenton, N. J. 
 
 Woonsocket Inst, for Savings, Woonsocket, R. I.. 
 ity Trust Company, Newark, N. J. 
 coup. Philadelphia Savings Fund Society, Phila., Pa. 
 
 1899) L. Br. & S. Sh. Connecticut Sav. Bk., New Haven, Coun. 
 
 '02) Connecticut Savings Bank., New Haven, Conn. 
 
 '02) Derby Savings Bank, Derby, Conn. 
 
 '02) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 '02) Middletown Savings Bank, Middletown, Conn. 
 
 '02) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 '02) New Hampshire Fire Insurance Company, Manchester, N. II. 
 
 '02) Providence Inst, for Savings, Providence, R. I. 
 
 '02) Security Savings Bank, Newark, N. J. 
 
 '02) Society for Savings, Hartford, Conn. 
 
 CENTEAL RAILWAY OF BALTTMORB. 
 
 10,125-5s coup. Hanover Sav. Fund Society, Hanover, Pa. 
 
 CENTRAL RAILROAD OF VERMONT. 
 
 5,000-4s Laeonia Savings Bank, Laconia, N. H. 
 10,000-5s Loan & Trust Savings Bank, Concord, N. H. 
 1,000- Lowell Mutual Fire Insurance Co., Lowell, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 525 
 
 5,000-4s con. Wakefield Trust Company, Wakefield, R. I. 
 
 4,000- cm. North American Insurance Company, Boston, Mass. 
 
 3,000-4s Wiscasset Savings Bank, Wiscasset, Me. 
 
 15,000-4s ('10) New Lond. Nrn. Dime Sav. Bk. of Waterb'y, W'b'y, Conn. 
 30,000-4s ('13) Saco & Biddeford Savings Institution, Saco, Me. 
 20,000-4s ('20) Skowhegan Savings Bank, Skowhegau, Me. 
 
 4,180-4s ('20) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 2,000-4s ('20) Machlas Savings Bank", Machias, Me. 
 
 5,000-4s ('20) North American Insurance Company, Boston, Mass. 
 
 CHABLESTON AND SAVANNAH KAILEOAD. 
 
 189,375-7s ('36) 1st mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 CHABLESTON AND VFESTEBN CAROIJNA RAILROAD. 
 
 108,000-5s ('46) Fidelity & Dep. Co. of Maryland, Baltimore, Md. 
 
 CHAELOTTB, COLUMBIA AND AXJQUSTA EAILBOAD. 
 
 27,000-5s ('09) Fidelity & Dep. Co. of Maryland, Baltimore, Md. 
 285,033-5s ('09) Mutual Life Insurance Company, New York City. 
 5,000-7s Virginia Fire & Marine Insurance Co., Richmond, Va. 
 
 CHAETIEES VALLEY EAILKOAD. 
 
 5,000-7s ('01) Mechanics' Savings Bank, Hartford, Conn. 
 6,000-7s ('01) Franklin Fire Insurance Comi>any, Philadelphia, Pa. 
 15,000-7s coup. Saving Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 
 CHATEAUGAY EAILWAY. 
 
 212,500-68 ('01) Mutual Life Insurance Company, New York City. 
 
 CHATEAUGAY ORE AND IRON RAILROAD. 
 
 487,281-6s ('29) 1st gtd. by D. & H. New York Life Ins. Co., N. Y. City. 
 
 CHATHAM BAILBOAD. 
 
 l,000-6s ('07) Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 CHESAPEAKE AND OHIO. 
 
 5,000- Chautauqua Trust Company, Jamestown, N. Y. 
 10 000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 25000- gen. Nassau Trust Co. of the City of Brooklyn, N. Y. 
 lOo'oOO- gen. mtg. Manhattan Trust Company, New York City. 
 30,000- gen. Fidelity Trust Company of Rochester, Rochester, N. \- 
 
 9,375- 1st con. mtg. Nederland (Ltd.) Life Ins. Co. (Ams., Hoi.), N. Y. C. 
 
 4,'000 Mutual Fire Assurance Company, Springfield, Mass. 
 
 5,000- Westchester Trust Company, Yonkers, N. Y. 
 20,000-4s National Fire Insurance Company, Hartford, Conn. 
 
 4,181-4is Bristol County Savings Bank, Bristol, R. I. 
 17 537-4is reg. Wayne County Savings Bank, Honesdale, Pa. 
 a4!000-4Js gen. mtg. coup. Lansdale Trust & Dep. Co., Lansdale, Pa. 
 
 4 630-4|sien. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
 8,972-4is gen. mtg. coup. Citizens' Bank, Freeland, Pa. 
 28 859-4is coup. Finance Company of Pennsylvania, Philadelphia, Pa. 
 
 5!o00-4is Mechanics' Trust Company, Bayonne, N. J. 
 24,156-4*8 coup. Lancaster Trust Company, Lancaster, Pa. 
 28 625-448 gen coup. Montgomery Ins. Tr. & S. D. Co., Morristown, Pa. 
 25!000-44s Morristown Trust Company, Morristown, N. J. 
 
 4 7Sl-4ls een mtg. coup. White Haven Savings Bk., White Haven, Pa^ 
 20 00o1!sien. coup. Wllkesbarre Deposit & Sav. Bank, Wilkesbarre, Pa. 
 »io'oon-4*s cen mte. Industrial Trust Company, Providence, R. 1. 
 nS^Klen: Stl coup. Investment Co. of Philadelphia, Phila., Pa. 
 
526 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 27,935-44s gen. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 900,000-4is ('92) Equitable Life Assur. Society of United States, N. Y. City. 
 
 16,112-4is ('92) Lawyers' Surety Company of New Yorli, N. Y. City. 
 424,350-4Js ('92) Mutual Life Insurance Company, N. Y. City. 
 5,684-5s coup. Deposit & Sav. Bank of Kingston, Kingston, Pa. 
 
 50,000-4is reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 25,000-5s North German Fire Insurance Company, N. Y. City. 
 
 50,000-5s 1st. mtg. g. London Ass. Corp.- (London, Eng.), N. Y. City. 
 
 ll,741-5s 1st con. mtg. coup. Mercliants' & Mechanics' Bk., Scranton, Pa. 
 
 22,420-5s 1st con. coup. Lackawanna Tr. & S. Dep. Co., Scranton, Pa. 
 
 20,000-5s 1st coup. Miners' Savings Bank, Pittston, Pa. 
 
 23,450-5s 1st con. mg. coup. Tacony Sav. Fd., S. Dp. Tl. & Tr. Co., Phila., Pa. 
 7,500-5s 1st con. mtg. reg. g. Norwalk Fire Ins. Co., Norwalk, Conn. 
 
 25,000-5s con. reg. Miners' Savings' Bank, Wilkesbarre, Pa. 
 
 ll,700-5s coup. Scranton Savings Bank, Scranton, Pa. 
 
 31,645-.5s reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 55,307-.5s ('.S9) Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 l,498,000-5s ('39) Equitable Life Assur. Society of United States, N. Y. City. 
 
 25,000-5s ('39) g. Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 59,062-5s ('39) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 30,000-5s ('39) gen. mtg. Westchester Fire Insurance Co., N. Y. City. 
 692,183-5s ('39) 1st mtg. con. Connecticut M. L. Ins. Co., Hartford, Conn. 
 
 10,000-5s ('39) 1st mtg. g. Ham.-Bremen F. Ins. Co. (Ham., Ger.), N. Y. C. 
 
 75,000-5s ('39) 1st con. mtg. g. Hartford Fire Ins. Co., Hartford, Conn. 
 
 50,000-5s ('39) 1st mtg. reg. g. Lon. & Lan. F. Ins. Co. (Liv'p'l, Eng.), N. Y. C. 
 317,937-5s ('39) 1st con. mtg. Metropolitan Life Ins. Co., N. Y. City. 
 616,554-5s ('39) 1st con. mtg. g. New York Life Ins. Co., N. Y. City. 
 
 15,000-5s ('39) 1st mtg. Ocean Ace. & Guar. Corp. (Ltd.), London, Eng. 
 
 42,000-5s ('39) 1st con. mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 10,000-5s ('39) 1st mtg. g. Transatlantic F. Ins. Co. (Ham., Ger.), Chic, HI. 
 
 10,000-5s ('39) 1st con. mtg. International Insurance Co., N. Y. City. 
 
 68,000-Os loan coup. Philadelphia Savings I'und Society, Philadelphia, Pa. 
 
 10,000-6s Cll) 1st mtg. reg. g. Lon. & Lan. F. Ins. Co. (Liv'p'l, Eng.), N. Y. C. 
 
 96,000-6s ('11) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 10,000-6s ('11) Waterbury Savings Bank, Waterbury, Conn. 
 
 14,290-4s R. & A. div. 1st mtg. coup. Anthracite S. Bk., Wilkesbarre, Pa. 
 506,476-4s ('89) R. & A. div. Connecticut M. Life Ins. Co., Hartford, Conn. 
 
 50,000-4s ('89) R. & A. div. 1st mtg. Aetna Ins. Co., Hartford, Conn. 
 
 27,400-4s ('89) 1st mtg. R. & A. div. Fidelity & Casualty Co., N. Y. City. 
 
 80,000-4s ('81) R. & A. div. 1st cons. mtg. Oermania F. Ins. Co., N. Y. C. 
 
 CHESTEB CREEK EAILEOAD. 
 
 40,500-58 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 
 CHICAGO AND ALTON EAILROAD. 
 
 5,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 485,000- purch. mon. synd. Mutual Life Insurance Co., N. Y. City. 
 
 4,000- Westerly Savings Bank, Westerly, It. I. 
 100,000- stk. div. paid by Penn. R. B. School Fund, State of New Jersey. 
 40,550- ctfs. Security Trust Company of Rochester, Rochester, N. Y. 
 242,500- pur. mon. ctfs. United States Trust Co. of New York, N. Y. City. 
 97,000- pur. mon. ctfs. City Trust Co. of New York, N. Y. City. 
 48,500- pur. mon. ctfs. United States Mortgage & Trust Co., N. Y. City. 
 194,000- Synd. Guaranty Trust Company of New York, N. Y. City. 
 145,000- read. synd. Farmers' Loan & Trust Co., N. Y. City. 
 485,000- synd. partic. Mercantile Trust Company, N. Y. City. 
 100,000- synd. Manhattan Trust Company, N. Y. City. 
 257,500- synd. New York Security & Trust Co., N. Y. City. 
 9,588,398-3s rfdg. g. New York Life Insurance Company, N. Y. City. 
 20,250-6s coup. Girard Trust Company, Philadelphia, Pa. 
 7,000-6s Fidelity Trust Company, Newark, N. J. 
 38,800-6s purch. mon. synd. sub. Continental Ins. Co.. N. Y. City. 
 5,000-6s ('12) Miss. riv. brdg. Falls Tillage S. Bk., Falls Village, Conn. 
 4,000-6s ('12) Miss. riv. brdg. People's Savings Bank, RockvlUe, Conn. 
 100,000-6s ('93) Equitable Life Assur. Society of United States, N. Y. City. 
 84,000-7s (1900) Middletown Savings Bank, Middletown, Conn. 
 
DUTIES AND POWERS OF INTBBSTATE COMMEBCE COMMISSION, 527 
 
 CHICAGO, BURLINGTON AND QUINCY RAXLKOAD. 
 
 255,195- Stk. Aetna Life Insurance Company, Hartford, Conn. 
 
 41,700- Stk. Aetna Life Insurance Company, Hartford, Conn. 
 
 152,500- Stk. Amoskeag Savings Bank, Manchester, N. H. 
 
 54,000- Stk. Boston Insurance Company, Boston, Mass. 
 
 20,000- Stk. Cominonwealtli Insurance Company, New York City. 
 
 39,400- Stk. Connecticut Fire Insurance Company, Hartford, Conn. 
 
 5,000- Stk. Exeter Banking Company, Exeter, N. H. 
 
 13,200- Stk. Equitable Fire & Marine Ins. Co., Providence, R. I. 
 
 2,000- Stk. I'armington Savings Bank, Farmington, N. H. 
 
 10,000- Stk. Franldin Savings Bank, Franklin, N. H. 
 
 60,000- Stk. German-American Insurance Co., New York City. 
 
 100,000- Stli. Germania Fire Insurance Company, New York City. 
 
 12,500- Stk. German Alliance Insurance Company, New York City. 
 
 10,000- Stk. Guaranty Savings Bank, Manchester, N. H. 
 
 23,000- Cap. stk. Hanover Fire Insurance Company, New York City. 
 
 14,700- Stk. Hartford Life Insurance Company, Hartford, Conn- 
 
 71,000- Stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 17,425- Stk. Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 
 2,700- Stk. Hingham Mutual Fire Insurance Company, Hingham, Mass. 
 
 250,000- Stk. Home Insurance Company, New York City. 
 
 84,938- Stk. John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 29,000- Stk. Manchester Savings Bank, Manchester, N. H. 
 
 11,000- Stk. Mercantile Fire & Marine Ins. Co., Boston, Mass. 
 
 2,500- Stk. Merchants' & Farmers' Mutual F. Ins. Co., Worcester, Mass. 
 
 2,500- Stk. Merchants' & Farmers' Mutual F. Ins. Co., Worcester, Mass. 
 
 70,000- Stk. Merrimac County Savings Bank, Concord, N. H. 
 
 14,925- Stk. Metropolitan Plate Glass Ins. Co., ^ew York City. 
 
 22,600- Stk. Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 12,500- Stk. National Fire Insurance Co., Hartford, Conn. 
 
 139,978- Stk. New England Mutual Life Insurance Co.. Boston, Mass. 
 
 1,400- Stk. Newburyport Mutual Fire Ins. Co., Newburyport, Mass. 
 
 77,400- Stk. New Hampshire Fire Ins. Co., Manchester, N. H. 
 
 115,000- Stk. New Hampshire Savings Bank, Concord, N. H. 
 
 6,200- Stk. Newport Savings Bank, Newport, N. H. 
 
 10,000- Stk. Norfolk Mutual Fire Insurance Co., Dedham, Mass. 
 
 2,500- Stk. Norwalk Fire Insurance Company, Norwalk, Conn. 
 
 31,300- Stk. Orient Insurance Company, Hartford, Conn. 
 
 5,600- Stk. Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
 24,900- Stk. Peterborough Savings Bank, Peterborough, N. H. 
 
 40,800- Stk. People's Savings Bank (Guaranty), Manchester, N. H. 
 
 35,000- Stk: Portsmouth Savings Bank, Portsmouth, N. H. 
 
 10,000- Stk. Providence Mutual Fire Insurance Co., Worcester, Mass. 
 
 21,500- Stk. Quincy Mutual Fire Insurance Company, Quincy, Mass. 
 
 125,000- Stk. Rhode Island Hospital Trust Company, Providence, R. I. 
 
 20,000- Stk. Rochester Loan and Banking Company, Rochester, N. Y. 
 
 36,900- Stk. Saco and Biddeford Savings Institution, Saco, Me. 
 
 2,000- Stk. Saco Savings Bank, Saco, Me. 
 
 2,500- Stk. South Berwick Savings Bank, South Berwick, Me. 
 
 11,500- Stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 61,000- Stk. State Mutual Life Assurance Company, Worcester, Mass. 
 
 30,000- Stk. Strafford Savings Bank, Dover, N. H. 
 
 151,908- Stk. Travelers' Insurance Company, Hartford, Conn. 
 
 16,700- Stk. Union Guaranty Savings Bank, Concord, N. H. 
 
 200,850- Stk. Union Mutual Life Insurance Company, Portland, Me. 
 
 3,000- Stk. Walpole Savings 'Bank, Walpole, N. H. 
 
 7,500- Stk. Wakefield Trust Company, Wakefield, R. I. 
 
 20,700- Cm. Rochester Trust and Safe Deposit Company, Rochester, N. Y. 
 
 28,000- Albany City Savings Institution, Albany, N. Y. 
 
 50,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 80,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 2,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 8,000- Chicago Guaranty Fund Life Society, Chicago, 111. 
 
 10,000- Cotton & Woolen Mnfrs. Mutual Fire Ins. Co., Boston, Mass. 
 
 10,000- Dorchester Mutual Fire Insurance Co., Boston, Mass. 
 
 15,000- Fall River Manufacturers' Mutual Insurance, Fall River, Mass. 
 
528 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 
 5,000- Deb. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 20,000- Fidelity Trust Company of Rochester, Rochester, N. Y. ' 
 
 2,000- Fidelity Trust Company of Rochester, Rochester, N. T. 
 20,000- Flatbush Trust Company, Brooklyn, N. Y. 
 53,000- Franklin Trust Company, Brooklyn, N. Y. 
 
 400- Hampshire Mutual Fire Insurance Company, Northampton, Mass. 
 
 2,500- Hampsliire Mutual Fire Insurance Company, Northampton, Mass. 
 
 5,600- Hingham Mutual Fire Insurance Company, Hingham, Mass. 
 50,000- Mtg. Hudson City Savings Institution, Hudson, N. Y. 
 10,000- Deb. Long Island Loan & Trust Co., Brooklyn, N. Y. 
 99,000- Deb. Mercantile Trust Company, New York City. 
 
 500- Merchants' & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 99,000- Sink. fund. Mechanics' Savings Bank, Providence, R. I. 
 
 2,120- Mechanics' Savings Bank, Westerly, R. I. 
 500- Merchants' & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 18,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 13,000- Millers' National Insurance Company, Chicago, 111. 
 
 1,500- Mutual Fire Assurance Company, Springfield, Mass. 
 
 5,800- Mutual Fire Assurance Company, Springfield, Mass. 
 101,000- New York Life Insurance and Trust Company, New York City. 
 484,000- New York Life Insurance and Trust Company, New York Cily. 
 50,000- New York Security and Trust Company, New York City. 
 55,000- Oneida County Savings Bank, Rome, N. Y. 
 39,000- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
 1,000- Pawtucket Inst, for Savings, Pawtucket, B. I. 
 34,000- S. fund. Real Estate Trust Company, New York City. 
 15,000- S. Rhinebeck Savings Bank, Rhinebeck, N. Y. 
 25,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 4,000- Westerly Savings Bank, Westerly, R. I. 
 10,000- Worcester Mutual Fire Insurance Co., Worcester, Mass. 
 24,000- Worcester Mnfrs. Mutual Insurance Co., Worcester, Mass. 
 25,000-Sis Amoskeag Savings Bank, Manchester, N. H. 
 50,000-3^8 Beverly Savings Bank, Beverly, Mass. 
 104,500-3is Coup. Girard Trust Company, Philadelphia, Pa. 
 50,000-3Js Ithaca Savings Bank, Ithaca, N. Y. 
 10,000-3Js Lee Savings Bank, Lee, Mass. 
 36,000-3is Manchester Savings Bank, Manchester, N. H. 
 10,000-3is Merrimac County Savings Bank, Concord, N. H. 
 100,000-3is New Bedford Inst, for Savings, New Bedford, Mlass. 
 50,000-3is New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 
 l,000-3Js Newport Savings Bank, Newport, N. H. 
 150,000-34s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 10,000-3§s Producers' Savings Bank, Woonsocket, R. I. 
 50,000-3is Savings Bank of Newport, Newport, R. I. 
 
 5,000-35s Spencer Savings Bank, Spencer, Mass. 
 
 5,000-3Js Union Guaranty Savings Bank, Concord, N. H. 
 10,000-3is Washington Savings Inst., Lowell, Mass. 
 50,000-3is Salem Savings Bank, Salem, Mass. 
 100,000-3Js Worcester County Inst, for Savings, Worcester, Mass. 
 
 8,000-3is ('03) Equitable Fire & Marine Ins. Co., Providence, R. I. 
 36,000-3is ('39) Aetna Fire Insurance Company, Hartford, Conn. 
 
 5,000-34s ('47) Orient Insurance Company, Hartford, Conn. 
 
 6,000-3is ('49) Connecticut Fire Insurance Company, Hartford, Conn. 
 
 2,000-3is ('49) Hartford Life Insurance Company, Hartford, Conn. 
 
 3,568-3is ('49) First mortgage. Hartford Steam Boiler Inspection and 
 
 Insurance Company, Hartford, Conn. 
 15,750-3is ('49) Travelers' Insurance Company, Hartford, Conn. 
 25,000-3is ('49) Oneida Savings Bank, Oneida, N. Y. 
 20,000-3|s ('49) Mtg. Rhode Island Hospital Trust Co., Providence, B. I. 
 
 6,000-3Js ('49) Saco & Biddeford Savings Institution, Saco, Me. 
 52,000-3is ('49) State Mutual Life Assurance Company, Worcester, Mass. 
 30,000-3Js & 4s. Long Island City Savings Bank, Long Island City, N. Y. 
 30,000-4s Amoskeag Savings Bank, Manchester, N. H. 
 50,000-4s Athol Savings Bank, Athol, Mass. 
 61,000-4s Boston Five Cents Savings Bank, Boston, Mass. 
 10,000-4s Cape Ann Savings Bank, Gloucester, Mass. 
 
DUTIES AND POWEES OP INTERSTATE COMMBKCE COMMISSION. 529 
 
 100,000-4s 
 
 25,000-4s- 
 
 16,000-4s 
 
 10,000-4s 
 
 60,000-4s 
 
 68,000-4s 
 
 100,000-4s 
 
 5,000-4b 
 
 50,000-4s 
 
 48,000-4s 
 
 100,000-4s 
 
 100,000-4s 
 
 20,000-^ 
 
 25,000-4s 
 
 25,000-4s 
 
 25,000-4s 
 
 24,000-48 
 
 25,000-4s 
 
 5,000-4s 
 
 100,000-4s 
 
 5,000-4s 
 
 10,000-4s 
 
 50,000-4s 
 
 l,000-4s 
 
 100,000-4s 
 
 277,000-4s 
 
 5,000-4s 
 
 10,000-4s 
 
 5,000-4s 
 
 8,000-4s 
 
 10,000-4s 
 
 100,000-4s 
 
 10,000-4s 
 
 10,000-4s 
 
 5,000-4s 
 
 10,000-4s 
 
 100,000-4s, 
 
 10,000-4s 
 
 50,000-4s 
 
 50,000-4s 
 
 75,000-4s 
 
 320,000-48 
 
 50,000-4s 
 
 28,400-4s 
 
 122,000-4s 
 
 36,000-4b 
 
 439,000-48 
 
 22,300-4s 
 
 451,888-48 
 
 5,000-4s 
 
 9,000-48 
 
 6,000-48 
 
 6,000-48 
 
 49,000-4s 
 
 17,800-48 
 
 3,000-48 
 
 5,000-48 
 
 10,000-4s 
 
 100,000-48 
 
 11,000-48 
 
 10,000-48 
 
 100,000-48 
 
 10,000-48 
 
 25,000-48 
 
 10,000-58 
 
 5,000-58 
 
 25,000-58 
 
 City Institute for Savings, Lowell, Mass. 
 
 Danvers Savings Bank, Danvers, Mass. 
 
 East Bridgewater Savings Bank, East Bridgewater, Mass. 
 
 Eastern District Savings Bank, Brooklyn, N. Y. 
 
 Fall River Savings Bank, Fall River, Mags. 
 
 Fidelity Trust Company, Newark, N. J. 
 
 Franklin Savings Bank, Boston, Mass. 
 
 Georgetown Savings Bank, Georgetown, Mass. 
 
 Haverhill Savings Bank, Haverhill, Mass. 
 
 Industrial Trust Company, Providence, R. I. 
 
 Insti. for Savings, etc., Roxbury, Mass. 
 
 Irving Savings Institution, N. Y. City. 
 
 Laconia Savings Bank, Laconia, N. H. 
 
 Lee Savings Bank, Lee, Mass. 
 
 Lowell Five Cents Savings Bank, Lowell, Mass. 
 
 Lynn Inst, for Savings, Lynn, Mass. 
 
 Manchester Savings Bank, Manchester, N. H. 
 
 mtg. Mechanics' Savings Bank, Rochester, N. Y. 
 
 Merrimac County Savings Bank, Concord, N. H. 
 
 New Bedford Inst, for Savings, New Bedford, Mass. 
 
 New Hampshire Savings Bank, Concord, N. H. 
 
 North Middlesex Savings Bank,.Ayer, Mass. 
 
 People's Savings Bank, Worcester, Mass. 
 
 Peterborough Savings Bank, Peterborough, N. H. 
 
 Provident Inst, for Savings, etc., Amesbury, Mass. 
 
 Provident Inst, for Savings, etc., Boston, Mass. 
 
 Savings Investment and Trust Company, East Orange, N. J. 
 
 Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 Somerville Savings Bank, Somerville, Mass. 
 
 South Adams Savings Bank, Adams, Mass. 
 
 Spencer Savings Bank, Spencer, Mass. 
 
 Springfield Inst for Savings, Springfield, Mass. 
 
 Wakefield Savings Bank, Wakefield, Mass. 
 
 Waltham Savings Bank, Waltham, Mass. 
 
 Ware Savings Bank, Ware, Mass. 
 
 Warren Five Cents Savings Bank, Peabody, Mass. 
 
 Warren Inst, for Savings, etc., Boston, Mass. 
 
 Westfleld Savings Bank, Westfleld, Mass._ . 
 
 Worcester County Inst, for Savings, Worcester, Mass. 
 
 Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 mtg. Yonkers Savings Bank, Yonkers, N. Y. 
 
 Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 Rhode Island Hospital Trust Company, Providence, R. I. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Society for Savings, Hartford, Conn. 
 
 Waterbury Savings Bank, Waterbury, Conn. 
 
 Equitable Life Ass. Soc. of the U. States, Hartford, Conn. 
 
 John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 Mutual Life Insurance Company, N. Y. City. 
 
 North America Insurance Company, Boston, Mass. 
 
 Saco and Biddeford Savings Institution, Saco, Me. 
 
 Boston Insurance Company, Boston, Mass. 
 
 Connecticut Fire Insurance Company, Hartford, Conn. 
 
 mtg. Aetna Insurance Company, Hartford, Conn. 
 
 State Mutual Life Assurance Company, Worcester, Mas' 
 
 Travelers' Insurance Company, Hartford, Conn. 
 
 Hudson City Savinafcgank, Jersey City, N. J. 
 
 Franklin Savings ^^ft, Pawtucket, R. I. 
 
 reg. Norwich UnionF. I. Soc. (Norwich, Eng.), N. Y. City. 
 
 Oneida Savings Bank, Oneida, N. Y. 
 
 Preferred Accident Insurance Company, N. Y. City. 
 
 Society for Savings, Hartford, Conn. 
 
 Southport Savings Bank, Southport, Conn. 
 
 Waterbury Savings Bank, Waterbury, Conn. 
 Amsterdam Savings Bank, Amsterdam, N. Y. 
 Bank of Commerce, San Diego, Cal. 
 Beverly Savings Bank, Beverly, Mass. 
 
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 ('19) 
 ('19) 
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 -^4 
 
530 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 20,000-5s East Boston Sayings Bank, East Boston, Mass. 
 
 100-5S Exeter Banking Company, Exeter, N. H. 
 13,480-5s sink fund. coup. Fidelity Ins., Tr. & Safe Dep. Co., Phila., Pa. 
 37,000-5s Fidelity Trust Company, Newark, N. J. 
 10,000-5s Gardner Savings Bank, Gardner, Mass. 
 103,881-53 coup. Girard Trust Company, Philadelphia, Pa. 
 ll,100-5s Manchester Savings Bank, Manchester, N. H. 
 25,000-os deb. Manchester Savings Bank, Manchester, N. H. 
 50,000-5s Morristown Trust Company, Morristown, N. J. 
 
 7,120-5s Northern Saving Fund, Safe Deposit & Trust Co., Phila., Pa. 
 10,000-5s 1st mtg. g. Norv^alk Fire Insurance Co., Norwalk, Conn. 
 
 5,200-5s Peterborough Savings Bank, Peterborough, N. H 
 51,000-5s Provident Inst, for Savings, etc., Boston, Mass. 
 10,000-5s Somersworth Savings Bank, Somersworth, N. H. 
 95,000-5s Ware Savings Bank, Ware, Mass. 
 20,401-5s reg. Wayne County Savings Bank, Honesdale, Pa. 
 12,000-5s ('01) Belfast Savings Bank, Belfast, Me. 
 30,000-5s ('01) Sink. Fund. City Savings Bank, Meriden, Conn. 
 180,000-5s ('01) Mutual Benefit Life Insurance Company, Newark, N. J. 
 ll,385-5s ('01) Sink. Fund. Prudential Ins. Co. of America, Newark, N. J. 
 
 l,100-5s ('03) Aetna Life Insurance Company, Hartford, Conn. 
 
 6,600-5s ('03) Court. Hartford -Fire Insurance Company, Hartford, Conn. 
 
 8,700-5s ('03) Hartford Life Insurance Co., Hartford, Conn. 
 
 3,100-5s (03) Orient Insurance Company, Hartford, Conn. 
 10,000-5s ('08) con. Phoenix Insurance Company, Hartford, Conn. 
 922,608-5s ('05) Mutual Life Insurance Company, New York City. 
 50,000-5s ('13) deb. Hartford Fire Insurance Company, Hartford, Conn. 
 108,925-5s ('13) deb. John Hancock Mutual Life Ins. Co., Boston. Mass. 
 40,000-5s ('13) deb. Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 418,137-5s ('13) Mutual Life Insurance Company, New York City. 
 40,000-5s ('13) Palatine Ins. Co. (Ltd.) (Manchester, Eng.), N. Y. City. 
 100,000-5s ('13) deb. Providence -Inst, for Savings, Providence, E. I. 
 50,000-5s ('13) deb. Rhode Island Hospital Trust Co., Providence, R. I. 
 52,335-5s ('13) State Mutual Life Assurance Co., Worcester, Mass. 
 46,195-5s ('13) deb. United States Life Insurance Company, N. Y. City. 
 35,000-5s ('19) Middletown Savings Bank, Middletown, Conn. 
 10,000-5s ('19) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 109,000-5s ('19) Society for Savings, Hartford, Conn. 
 75,000-7s Amoskeag Savings Bank, Manchester, N. H. 
 
 5,000-7s Fitchburg Savings Bank, Fitchburg, Mass. 
 10,000-7s Gardner Savings Bank, Gardner, Mass. 
 29,437-7s coup. Girard Trust Company, Philadelphia, Pa. 
 20,000-7s Hoboken Bank for Savings, Hoboken, N. J. 
 80,000-7s Holyoke Savings Bank, Holyoke,-Mass. 
 
 l,000-7s Lawrence Savings Bank, Lawrence, Mass. 
 20,000-7s Manchester Savings Bank, Manchester, N. H. 
 17,000-7s Medford Savings Bank, Medford, Mass. 
 
 6,000-7s Merrimack County Savings Bank, Concord, N. H. 
 80,000-7s New Hampshire Savings Bank, Concord, N. H. 
 1,625,249-78 1st mtg. New York Life Insurance Co., New York City. 
 10,000-7s Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 
 6,000-7s People's Savings Bank (Guaranty), Manchester, N. H. 
 
 2,000-7s Peterborough Savings Bank, Peterborough, N. H. 
 464,000-7s loan. coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 28,000-7s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 10,000-7s Raritan Savings Bank, Raritan, N. J. 
 50,000-7s Springfield Inst, for Savings, Springfield, Mass. 
 100,000-7s Warren Inst, for Savings, etc., Boston, Mass. 
 10,000-7s Watertown Savings Bank, Watertown, N. Y. 
 10,475-7s ('03) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 4,000-7s ('03) Boston Insurance Company, Boston, Mass. 
 60,000-7s ('03) Bridgeport Savings Bank, Bridgeport, Conn. 
 24,000-7s ('03) City Debt Sinking Fund, Newton, Mass. 
 25,000-7s ('03) Dime Savings Bank of Norwich, Norwich, Conn. 
 46,000-7s ('03) Dime Savings Bank of Wallingford, Wallingford, Conn. 
 3,915,000-7s ('03) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 2,000-7s ('03) Franklin County Savings Bank, Farmington, Me 
 
DUTIES AND POWERS OF INTEESTATE COMMEECE COMMISSION. 531 
 
 5,000-7s ('03) Groton Savings Bank, Mystic, Conn. 
 
 2,000-7s ('03) Hartford Life Insurance Company, Hartford, Conn. 
 
 3,000-7s ('03) Hillsborough Bridge Guar. Sav. Bli., Hillsboro Bridge, N. H. 
 26,693-7s ('03) con. Home Life Insurance Company, New York City. 
 23,000-7s ('03) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 '25,000-78 ('03) Mariners' Savings Bank, New London, Conn. 
 100,000-7s ('03) Middletown Savings Bank, Middletown, Conn. 
 
 5,000-7s ('03) Moodus Savings Bank, Moodus, Conn. 
 
 5,000-7s ('03) Meriden Savings Bank, Meriden, Conn. 
 45,000-7s ('03) New Hampshire Fire Insurance Company, Manchester, N. H. 
 76,000-7s ('03) New Haven Savings Bank, New Haven, Conn. 
 
 5,000-7s ('03) Newtown Savings Bank, Newtown, Conn. 
 100,000-7s ('03) Norwalk Savings Society, Norwalk, Conn. 
 200,000-7s ('03) Norwich Savings Society, Norwich, Conn. 
 50,000-7s ('03) Northwestern National Insurance Co., Milwaukee, Wis. 
 
 2,000-7s ('03) Orient Insurance Company, Hartford, Conn. 
 25,000-7s ('03) Paterson Savings Institution, Paterson, N. J. 
 675,000-7s ('03) Providence Inst, for Savings, Providence, R. I. 
 10,000-7s ('03) Quincy Mutual Fire Insurance Company, Quincy, Mass. 
 150,000-7s ('03) Rhode Island Hospital Trust Co., Providence, R. I. 
 18,000-7s ('03) Saco & Biddeford Savings Institution, Saco, Me. 
 50,000-7s ('03) Savings Bank of Danbury, Danbury, Conn. 
 10,000-7s ('03) Sinking Funds, Haverhill, Mass. 
 168,000-7s ('03) Society for Savings, Hartford, Conn. 
 
 6,000-7s ('03) Southington Savings Bank, Southington, Conn. 
 10,000-7s ('03) Travelers' Insurance Co., Hartford, Conn. 
 25,000-7s ('03) Waterbury Savings Bank, Waterbury, Conn. 
 25,000-7s ('03) Waterbury Savings Bank, Waterbury, Conn. 
 
 5,000-7s ('03) Windham County Savings Bank, Danielson, Conn. 
 77,000-7s ('03) con. mtg. Aetna Insurance Co., Hartford, Conn. 
 25,000-7s ("03) con. now 1st mtg. City Sav. Bk. of Bridgeport, B'p't, Conn. 
 
 5,000-7s ('03) con. Connecticut Fire Insurance Co., Hartford, Conn. 
 20,000-7s ('03) con. Fairfield County Sav. Bk., Nom-alk, Conn. 
 
 5,000-7s ('03) con. Hartford Fire Insurance Co., Hartford, Conn. 
 
 l,000-7s ('03) con. mtg. Hartf'd Sfm Boiler Insp. & Ins. Co., H'f'd, Conn. 
 100,000-7s ('03) con. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 25,000-7s ('03) con. mtg. Portland Savings Bank, Portland, Me. 
 40,000-7s ('03) con. mtg. Mechanics' Savings "Bank, Hartford, Conn. ■ 
 388,312-7s ('03) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 5,000-7s ('05) reg. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 3,000-7s ('49) Equitable Fire & Mairne Ins. Co., Providence, B. I. 
 S9,000-7s ('08) Atch. & Neb. Equitable Life Assur. Soc. of U. S., N. Y. C. 
 35,000-6s ('18) Bur. & Mo. Dime Sav. Bk. of Waterbury, Waterbury, Conn: 
 213,000-6s ('18) Bur. & Mo. R. Equitable Life Assur. Soc. of U. S., N. Y. C. 
 10,200-6s ('18) Bur. & Mo. R. F'mers & Mech's' Sav. Bk., Middlet'n, Conn. 
 50,000-6s ('18) Bur. & Mo. R. Mechanics' Sav. Bk., Hartford, Conn-. 
 25,000- Chi. & la. Div. Real Estate Trust Co., New York City. 
 25,000-5s ('05) Chi. & la. Ext. mtg. Aetna Insurance Co., Hartford, Conn. 
 50,000-5s ('05) Chi. & la. German-American Ins. Co., New York City. 
 l,113,000-5s ('05) Chi. & la. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 490,000-4s ('22) Den. Div. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 7,000-4s ('22) Den. Div. Kennebunk Savings Bank, Kennebunk, Me. 
 
 8,000-4s ('22) Den. Div. People's Savings Bank, Rockville, Conn. 
 49,000-4s ('22) Den. Ext. American Insurance Co., Boston, Mass. . 
 
 47,793-4s ('22) Den. Ext. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 44,000-4s ('22) Den. Ext. Saco & Biddeford Savings Inst., Saco, Me. 
 
 5,000-4s ('22) Den. Ext Saco Savings Bank, Saeo, Me. 
 10,000-4s ('22) Den. Ext. New Hampshire Fire Ins. Co., Manchester, N. H. 
 10,000-4s ('22) Den. Ext. reg. Springfield F. & M. Ins. Co., Sp'gf'd, Mass. 
 20,000- 111. Div. German Insurance Company, Freeport, 111. 
 
 4,000- 111. Div. mtg. Rochester Trust & Safe Dep. Co., Rochester, N. Y. 
 10,000- ('491 111. Div. Greater New York Sav. Bk., Brooklyn, N. Y. 
 25,000-3^8 111. Div. Cohoes Savings Institution, Cohoes, N. Y. 
 100,000-3^8 111. Div. Jefferson County Savings Bank, Watertown, N. Y. 
 
 2,000-3Js 111. Div. National Fire Insurance Co., Hartford, Conn. 
 
 7,000-3Js ('49) 111. Div. mtg. Aetna Insurance Co., Hartford, Conn. 
 
 2,000-3is ('49) IH, Div. German Alliance Insurance Co., N, Y. City. 
 
532 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 23,000-3is 
 10,500-3is 
 10,000-3is 
 
 100,000-5s 
 ll,000-4s 
 10,000-4s 
 16,000-4s 
 10,000-4s 
 
 322,000-4s 
 14,000-4s 
 10,000-4s 
 24,981-4s 
 35,000-4s 
 50,000-4s 
 98,566-4s 
 25,000-4s 
 47,000-4s 
 15,00d-4s 
 
 124,000-4s 
 
 234,562-4s 
 86,000-4s 
 10,000-4s 
 10,000-4s 
 10,000-4s 
 24,000-5s 
 25,000-5s 
 20,000-5s 
 25,000-5s 
 24,000-5s 
 27,587-5s 
 35,000-58 
 7,000-5s 
 10,000-5s 
 40,000-5s 
 10,000-5s 
 26,000-7s 
 
 124,233-68 
 10,950- 
 50,000-48 
 
 ('49) 111. Div. New England Mut. Ijife Ins. Co., Boston, 
 ('49) 111. Div. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 ('49) 111. Div. reg. South Berwick Sav. Bk., So. Berwick, Me. 
 '01) 111. Div. New England Mut. Life Ins. Co., Boston, Mass. 
 a. Div. Peoples' Savings Banlt, Rockville, Conn. 
 
 la. Div. Belfast Savings Bank, Belfast, Me. 
 
 la. Div. City Sav. Bk. of Bridgeport, Bridgeport, Conn. 
 
 la. Div. Dime Savings Bank of Hartford, Hartford, Conn. 
 
 la. Div. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 la. Div. Sink. Fd. Queens Ins. Co. of America, N. ¥. City. 
 
 la. Div. Farmers & Mechanics' Sav. Bk., Middletown, Conn. 
 
 la. Div. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 
 la. Div. Lancashire Ins. Co. (Manchester, Eng.), N. X. C. 
 
 la. Div Mariners' Savings Bank, New London, Conn. 
 
 la. Div. Massachusetts Mut. Life Ins. Co., Springfield, Mass. 
 
 la. Div. Mechanics' Savings Bank, Hartford, Conn. 
 
 la. Div. Middletown Savings Bank, Middletown, Conn. 
 
 la. Div. National Sav. Bk. of New Haven, N. Haven, Conn. 
 
 la. Div. Providence Inst, for Savings, Providence, R. I. 
 
 la. Div. 1st mtg. Prudential Ins. Co. of Am., Newark, N. J. 
 
 la. Div. Saco & Biddeford Savings^ Institution, Saco, Me. 
 
 la. Div. Salisbury Savings Society, Lakevllle, Conn. 
 
 la. Div. Thomaston Savings Bank, Thomaston, Conn. 
 
 la. Div. Sk. Fd. Transatlantic P. I. Co. (H'b'g, G.) Chi., 111. 
 
 a. Div. Amoskeag Savings Bank, Manchester, N. 11. 
 
 4,000-48 Neb. Ext coup. 
 5,000-4s Neb. Ext coup. 
 100,000-4s Neb. Ext. mtg. 
 3,000-4s Neb. Bxt. coup. 
 
 19) la. Div. Norwalk Savings Society, Norwalk, Conn. 
 '19) la. Div. Deep River Savings Bank, Deep River, Conn. 
 '19) la. Div. Fairfield County Sav. Bk., Norwalk, Conn. 
 '19) la. Div. Farmers & Mechanics' Sav. Bk., Middlet'n, Conn. 
 '19) la. Div. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 '19) la. Div. Mechanics' Savings Bank, Hartford, Conn. 
 '19) la. Div. Meriden Savings Bank, Hartford, Conn. 
 '19) la. Div. Nat. Sav. Bk. of New Haven, New Haven, Conn. 
 '19) la. DiV. Savings Bank of New Britain, New Britain, Conn. 
 '19) la. Div. Sink. Fund. Union Savings Bk., Danbury, Conn. 
 '10) Lincoln & Nwu. Equit Life Assur. Soc. of V. S., N. Y. C. 
 '18) Mo. River. Connecticut Mut. Life Ins. Co., Hartford, Conn. 
 Neb. Ext. 1st mtg. Brooklyn Life Ins. Co., New York City. 
 ('27) Neb. Ext. 1st mtg. Caledonian Ins. Co. (Ed'gh, S.), N. Y. C. 
 5,000-4s Neb. Ext. coup. City Hall & Mem. Bldg. Sk. Fd., Lowell, Mass. 
 50,000-4s Neb. Ext. Cohoes Savings Institution, Cohoes, N. Y. 
 4,000-4s Neb. Ext. coup. Ex. of Rogers Ft. Hill Pk. Ln. S. Fd., L'w'l, Mass. 
 High Service W. Loan Skg. Fd., Lowell, Mass. 
 Intercepting Sewer Sink. Fd., Lowell, Mass. 
 Nat. Sav. Bk. of City of Albany, Albany, N. Y. 
 New Schl. Hses. Sink. Fund, Lowell, Mass. 
 25,000-48 Neb. Ext. Amoskeag Savings Bank, Manchester, N. H. 
 l,000-4s Neb. Bxt. coup. High School Sink. Fd., Lowell, Mass. 
 10,000-4s Neb. Ext. mtg. Home Savings Bank, Albany, N. Y. 
 8,000-4s Neb. Ext. coup. Water Loan Sink. Fd., Lowell, Mass. 
 10,000-4s ('22) Neb. Ext. People's Savings Bank, Rockville, Conn. 
 
 Neb. Bxt. mtg. Aetna Insurance Company, Hartford, Conn. 
 Neb. Bxt. Burrltt Savings Bank, New Britain, Conn. 
 Chelsea Savings Bank, Norwich, Conn. 
 Dime Savings Bank of Hartford, Hartford, Conn. 
 Farmington Savings Bank, Farmington, Conn. 
 John Hancock Mut. Life Ins. Co., Boston, Mass. 
 Machias Savings Bank, Machias, Me. 
 Mariners' Savings Bank, New London, Conn. 
 Massachusetts Mut. Life Ins. Co., Sp'gfield, Mass. 
 Neb. Bxt. Div. Mechanics & Farmers' Sav. Bk., B'p't, Conn. 
 Neb. Ext. Mechanics' Savings Bank, Winsted, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 Middletown Savings Bank, Middletown, Conn. 
 Nat'l Sav. Bk. of New Haven, New Haven, Conn. 
 New England Mnt. L. Ins. Co., Boston, Mass. 
 Norwalk Savings Society, Norwalk, Conn. 
 
 25,000-4s 
 
 15,000-4s 
 10|0,000-4s 
 
 14,000-4s 
 
 30,000-4s 
 
 24,627-48 
 
 10,000-48 
 
 25,000-48 
 196,792-48 
 
 10,000-48 ('27) 
 
 20,000-4s ('27) 
 
 20,000-48 
 
 22,000-48 
 
 5,000-4s 
 
 100,000-48 
 
 25,000-48 
 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 ('27) 
 
 Neb. Ext. 
 Neb. Ext. 
 Neb. Ext. 
 Neb. Ext. 
 Neb. Ext 
 Neb. Div. 
 Neb. Ext 
 
 Neb. Ext 
 Neb. Ext 
 Neb. Ext. 
 Neb. Bxt 
 Neb. Ext. 
 
DXTTIES AND f OWERS 01' iSTTfiaSTATE COMMERCE COMMlSSTON. 53S 
 
 32,000-4s 
 15,000-4s 
 10,000-4s 
 30,000-4s 
 10,000-4s 
 10,000-4s 
 
 ('27) 
 ('27) 
 (■27) 
 ('27) 
 (•27) 
 ('21) 
 
 Neb. Ext. Saco & Biddeford Sav. Inst., Saco, Me. 
 
 Neb. Ext South Norwalk Sav. Bk., South Norwalk, Conn. 
 
 Neb. Ext Sink. Pd. Transatl. F. I. Co. (H'b'g, G.), Chic, III. 
 
 Neb. Ext. Westchester Fire Insurance Co., N. Y. City. 
 
 Neb. Ext Union Savings Bank, Danbury, Conn. 
 
 Swn. Div. Belfast Savings Bank, Belfast, Me. 
 
 CHICAGO AND EASTEEN ILMNOIS EAILEOAD. 
 
 36,600- 
 
 100,000- 
 
 51,000- 
 
 20,000- 
 
 2,500- 
 40,000- 
 
 5,000- 
 15,000- 
 20,000- 
 18,000- 
 10,000- 
 10,000-5s 
 
 4,937-5s 
 20,]97-5s 
 
 4,925-5s 
 
 5,000-5s 
 19,375-58 
 50,517-5s 
 10,000-5s 
 
 3,000-5s 
 
 196,950-5s 
 
 31,200-5s 
 
 3,000-5s 
 50,000-5s 
 10,000-5s 
 20,000-6s 
 25,000-6s 
 50,875-6s 
 110,938-Gs 
 35,819-6s 
 35,280-6s 
 25,000-6s 
 25,000-6s 
 22,300-6s 
 28,781-6s 
 255,953-68 
 83,585-6s 
 
 17,250- 
 
 10,466- 
 
 15,000-5s 
 
 5,182-5s 
 
 50,000-5s 
 
 50,000-58 
 
 22,412-5s 
 
 50,000-5s 
 
 10,000-58 
 
 12,160-58 
 
 5,500-5s 
 
 5,613-08 
 
 24,573-5s 
 
 150,000-58 
 
 700,000-5s 
 
 51,000-58 
 
 54,747-58 
 
 548,946-5s 
 
 35,000-5s 
 
 stk. State Mutual Life Assur. Co., Worcester, Mass. 
 
 pf. Continental Insurance Company, New York City. 
 
 pf. Fidelity and Casualty Company, New York City. 
 
 pf. Trenton Trust & Safe Deposit Co., Trenton, N. J. 
 
 Barnstable County Mut. P. Ins. Co., Yarmouth, Mass. 
 
 Franklin Trust Company, Brooklyn, N. Y. 
 
 Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 Worcester Mfr's Mut. Ins. Co., Worcester, Mass. 
 
 Ithaca Trust Company, Ithaca, N. Y. 
 
 1st Nassau Tr. Co. of the City of Brooklyn, Brooklyn, N. Y. 
 
 con. 1st mtg. Rochester Trust & Safe Dep. Co., Rochester, N. Y. 
 
 Dartmouth Savings Bank, Hanover, N. H. 
 
 coup. Deposit & Sav. Banlc of Kingston, Kingston, Pa. 
 
 coup. 1st mtg. Merchants and Mechanics' Bank, Scranton, Pa. 
 
 coup. People's Bank, Wilkesbarre, Pa. 
 
 Silk City Safe Deposit & Tr. Co., Paterson, N. J. 
 
 reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 ('33) gen. con. Home Life Insurance Co., New York City. 
 
 ('37) Bath Savings Institution, Bath, Me. 
 
 ('37) Kennebunk Savings Bank, Kennebunk, Me. 
 
 ('37) New England Mutual Life Insurance Co., Boston, Mass. 
 
 ('37) State Mutual Life Assurance Co., Worcester, Mass. 
 
 ('37) 1st mtg. Brunswick Savings Inst, Brunswick, Me. 
 
 ('37) gen. con. 1st mtg. Portland Savings Bank, Portland, Me. 
 
 ('37) gen. con. 1st mtg. Traders' Insurance Co., Chicago, 111. 
 
 ('07) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 ('07) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 ('07) Mutual Life Insurance Co., New York City. 
 
 ('07) 1st sink. fd. New York Life Ins. Co., New York City. 
 
 ('07) 1st mtg. sk. fd. Nw. Mut. Life Ins. Co., Milwaukee, Wis. 
 
 (34) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 
 ('34) 1st mtg. German Alliance Insurance Co., New York City. 
 
 ('34) 1st con. German- American Insurance Co., New York City. ' 
 
 ('34) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 ('34) Ist con. mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 ('34) 1st con. g. New York Life Insurance Co., N. Y. City. 
 
 ('34) State Mutual Life Assurance Co., Worcester, Mass. 
 
 CHICAGO AND EBIE EAILEOAD. 
 
 1st mtg. Brooklyn Life Insurance Co., New York City. 
 
 1st mtg. Nederland Ltd. Lai. P. I. Co. (Ams'd'm, Hoi.), N. Y. C. 
 
 1st mtg. coup. Anthracite Savings Bank, Wilkes-Barre, Pa. 
 
 1st mtg. guar. coup. Dep. & Sav. Bk. of Kingston, Kingston, Pa. 
 
 1st mtg. g. London Assur. Corp. (London, Eng.), N. Y. City. 
 
 1st mtg. g. London Assur. Corp. (I,ondon, Eng.), N. Y. City. 
 
 1st mtg. g. coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 
 coup. Miners' Savings Bank, Wilkes-Barre, Pa. 
 
 1st mtg. reg. g. Norwalk Fire Insurance Co., Norwalk, Conn. 
 
 1st. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 coup. Security Title & Trust Co., York, Pa. 
 
 1st mtg. coup. Tacony Sv. Fd., S. Dep., Title & Tr. Co., Phila., Pa. 
 
 reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 1st mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 ('82) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 ('82) Aetna Life Insurance Company, Hartford, Conn. 
 
 ('82) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 ('82) 1st mtg. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 ('82) 1st mtg. g. Fire Assoc, of Philadelphia, Phila., Pa. 
 
534 DTTTIES AND POWERS OP INTEESIATE COMMEECE COMMISSION. 
 
 100,000-5s ('82) 1st mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 
 50,000-5s ('82) 1st mtg. g. Insurance Co. of North America, Phila., Pa. 
 
 50,000-5s ('82) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 
 20,000-5s ('82) 1st mtg. g. Niagara Fire Insurance Co., N. Y. City. 
 
 50,000-5s ('82) 1st mtg. g. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 52,580-5s ('82) 1st mtg. g. Phoenix Life Ins. Co., Hartford, Conn. 
 
 45,380-5s ('82) 1st mtg. g. Provident Life & Trust Co., Phlla., Pa. 
 354,000-5s ('82) 1st mtg. g. Provident Life & Trust Co., Phlla., Pa. 
 
 15,056-5s ('82) 1st mtg. Provident Savings Life Assur. Soc, N. T. Citj-. 
 
 10,000-5s ('82) 1st mtg. g. Transatlantic F. I. Co. (H'b'g, Ger.), Chi., 111. 
 
 55,187-5s ('92) 1st mtg. coup. g. Penn. Mutual Life Ins. Co., Phlla., Pa. 
 
 CHICAGO AND GBEAT WESTERN BAILBOAD. 
 
 2,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 25,000- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 10,000-5s Norway Plains Savings Bank, Rochester, N. H. 
 43,000-5s ('36) Term. 1st mtg. g. Hartford Fire Ins. Co., Hartford, Conn. 
 
 CHICAGO, HAMMOND AND WESTEBN BAILBOAD. 
 
 100,000-6s 1st mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 20,000-6s ('27) Bangor Savings Bank, Bangor, Me. 
 
 100,000-6s ('27) 1st mtg. g. Germania Life Insurance Co., N. Y. City. 
 
 117,500-6s ('27) 1st mtg. g. coup. Penn. Mutual Life Ins. Co., Phila., Pa. 
 
 100,000-68 ('27) 1st mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 120,000-6s ('27) Travelers' Insurance Company, Hartford, Conn. 
 
 CHICAGO AND INDIANA COAL BAIL WAT. 
 
 25,000- Nassau Trust Company of the City of Brooklyn, Brooklyn, N. Y. 
 10,000-5s coup. Carbondale Miners & Mechanics' Sav. B., Carbondale, Pa. 
 40,000-5s National Fire Insurance Company, Hartford, Conn. 
 30,000-5s ('36) Bangor Savings Bank, Bangor, Me. 
 99,020-5s ('36) Mutual Life Insurance Co., N. Y. City. 
 25,000-5s ('36) State Mutual Life Assurance Co., Worcester, Mass. 
 101,500-5s ('36) 1st mtg. Manhattan Life Insurance Co., N. Y. City. 
 46,218-5s ('36) 1st mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 CHICAGO, INDIANAPOLIS AND LOUISVILLE BAILBOAD. 
 
 700- pf. cap. stk. Hanover Fire Insurance Co., N. Y. City. 
 
 6,360- pf. John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 2,300- pf. Wakefield Trust Company, Wakefield, R. I. 
 10,000- ('47) Trust and Deposit Company, of Onondaga, Syracuse, N. Y. 
 
 4,000-5s ('47) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 5,000-6s rfdg. Wakefield Trust Company, Wakefield, R. I. 
 15,000-6s ('47) rfdg. mtg. Hanover Fire Insurance Co., N. Y. City. 
 
 CHICAGO JUNCTION e'YS UNION STOCK YABDS COMPANY. 
 
 10,000- stk. Nashua Trust Company, Nashua, N. H. . 
 
 500- stk. Newburyport Mutual Fire Ins. Co., Newburyport, Mass. 
 20,000- pf. Amoskeag Savings Bank, Manchester, N. H. 
 20,000- pf. New Hampshire Fire Insurance Co., Manchester, N. H. 
 10,000- pf. Orient Insurance Co., Hartford, Conn. 
 25,000- Arkwright Mutual Fire Insurance Co., Boston, Mass. 
 75,000- Mechanics' Savings Bank, Providence, R. I. 
 
 6,000- Worcester Manfr's Mut Ins. Co., Worcester, Mass. 
 50,000-5s People's Savings Bank, Providence, R. I. 
 
 3,000-5s Walpole Savings Bank, Walpole, N. H. 
 42,000-5s COS) New England Mutual Life Insurance Co., Boston, Mass. 
 75,000-5s ('15) g. Rhode Island Hospital Trust Co., Providence, R. I. 
 
 CHICAGO, MILWAUKEE AND ST. PAUL BAILBOAD. 
 
 630,000- New York Security & Trust Company, New York City. 
 
 115,000- New York Life Insurance & Trust Co., New York City. 
 
 30,000- stk. Agricultural Insurance Company, Watei:.town, N. Y. 
 
 10,000- stk. Boston Insurance Company, Boston, Mass. 
 
DtJTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 535 
 
 Broadway Insui-ance Company, New York City. 
 
 Hartford Fire Insurance Company, Hartford, Conn. 
 
 Hartford Fire Insurance Company, Hartford, Conn. 
 
 Manufacturers' Trust Company, Brooltlyn, N. Y. 
 
 New York Plate Glass Insurance Company, N. Y. City. 
 
 Norwalk Fire Insurance Company, "Norwalk, Conn. 
 
 Norwalk Fire Insurance Company, Norwalk, Conn. 
 
 Pawtucket Inst, lor Savings, Pawtucket, R. I. 
 
 People's Trust Company, Brooklyn, N. Y. 
 
 Wakefield Trust Company, Wakefield, R. I. 
 
 Wakefield Inst, for Savings, Wakefield, R. I. 
 
 Real Estate Trust Company," New York City. 
 
 Aetna Life Insurance Company, Hartford, Conn. 
 
 Westerly Savings Bank, Westerly, R. I. 
 
 American Fire Insurance Company, New York City. 
 
 Amoskeag Savings Bank, Manchester, N. H. 
 
 Binghamton Trust Company, Binghamton, N. Y. 
 
 Commonwealth Insurance Company, New York City. 
 
 Germania Fire Insurance Company, New York City. 
 
 Globe and Rutgers Fire Insurance Company, N. Y. City. 
 
 Home Insurance Company, New York City. 
 
 National Safe Deposit Company, New York City. 
 
 New Hampshire Fire Insurance Company, Manchester, N. H. 
 
 New York Life Insurance Company, New York City. 
 
 Niagara Fire Insurance Company, New York City. 
 
 Traders' Insurance Company, Chicago, 111. 
 
 Travelers' Insurance Company, Hartford, Conn. 
 
 Washington Trust Co. of the City of New York, N. Y. City. 
 
 Wllllamsburgh City Fire Insurance Company, Brooklyn, N. Y. 
 Aetna Insurance Company, Hartford, Conn. 
 Aetna Insurance Company, Hartford, Conn. 
 Aetna Life Insurance Company, Hartford, Conn. 
 Bankers' Life Ins. Co. of the City of New York, N. Y. City. 
 Caledonia Insurance Co. (Edinburgh, Scotland), N. Y. City. 
 Caledonia-American Insurance Company, New York City. 
 Commonwealth Insurance Company, New York City. 
 Commercial Union Fire Insurance Company, New York City. 
 Continental Insurance Company, New York City. 
 Eagle Fire Company, New York City. 
 Exeter Banking Company, Exeter, N. H. 
 Farragut Fire Insurance Company, New York City. 
 Fidelity and Casualty Company, New York City. 
 Fifth Avenue Safe Deposit Company, New York City. 
 Fifth Avenue Trust Company, New York City. 
 German Alliance Insurance Company, New York City. 
 German-American Insurance Company, New York City. 
 Greenwich Insurance Company, New York City, 
 ap. stk. Hanover Fire Insurance Company, New York City. 
 Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 Home Insurance Company, New York City. 
 Home Life Insurance Company, New York City. 
 Ithaca Trust Company, Ithaca, N. Y. 
 
 Lancashire Insurance Co. (Manchester, England), N. Y. City. 
 Long Island Loan and Trust Company, Brooklyn, N. Y. 
 Mutual Life Insurance Company, New York City. 
 National Safe Deposit Company, New York City. 
 New Hampshire Fire Insurance Company, Manchester, N. H. 
 New York Life Insurance and Trust Company, New York City. 
 New York Life Insurance Company, New York City. 
 Niagara Fire Insurance Company, New York City. 
 Norwich Union Fire Ins. Society (Norwich, Eng.), N. Y. City. 
 Phoenix Insurance Company, Hartford, Conn. 
 Phenix Insurance Company, Brooklyn, N. Y. 
 Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 Providence Mutual Fire Insurance Company, Worcester, Mass. 
 Rochester Trust and Safe Deposit Company, Rochester, N. Y. 
 Springfield Fire and Marine Insurance Co„ Springfield, Mass. 
 
 30,000- 
 
 stk. 
 
 40,000- 
 
 stk. 
 
 37,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 25,700- 
 
 stk. 
 
 2,500- 
 
 stk. 
 
 4,000- 
 
 stk. 
 
 10,687- 
 
 stk. 
 
 100,000- 
 
 stk. 
 
 7,500- 
 
 stk. 
 
 5,000- 
 
 stk. 
 
 60,000- 
 
 stk. 
 
 38,200- 
 
 cm. 
 
 6,000- 
 
 stk. 
 
 50,000- 
 
 cm. 
 
 20,000- 
 
 cm. 
 
 40,000- 
 
 cm. 
 
 10,000- 
 
 cm. 
 
 50,000- 
 
 cm. 
 
 35,000- 
 
 cm. 
 
 250,000- 
 
 cm. 
 
 20,000- 
 
 cm. 
 
 10,000- 
 
 cm. 
 
 51,232- 
 
 cm. 
 
 120,000- 
 
 cm. 
 
 50,000- 
 
 cm. 
 
 66,116- 
 
 cm. 
 
 30,000- 
 
 cm. 
 
 68,000- 
 
 cm. 
 
 85,000- 
 
 pf. 
 
 85,000- 
 
 pf. 
 
 136,250- 
 
 pf. 
 
 17,200- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 200,000- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 64,962- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 50,000- 
 
 pf. 
 
 45,000- 
 
 pf. c 
 
 12,100- 
 
 pf. 
 
 250,000- 
 
 pf. 
 
 16,762- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 1,689,418- 
 
 pf. 
 
 17,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 105,000- 
 
 pf. 
 
 850,500- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 50,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 95,000- 
 
 pf. 
 
536 DU-TIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 68,400- pf. State Mutual Life Assurance Company, Worcester, Mass. 
 
 25,000- pf. Traders' Insurance Company, Chicago, 111. 
 230,768- pf. Travelers' Insurance Company, Hartford, Conn. 
 180,000- pf; Trust Company of America, New York City. 
 2,000- pf. Union Five Cents Savings Bank, Exeter, N. H. 
 
 50,000- pf. Union Trust Company, Providence, R. I. 
 200,000- pf. United States Mortgage and Trust Company, New York City, 
 200,000- pf. United States Trust Company of New York, New York City. 
 
 30,000- pf. Williamsburgh City Fire Insurance Company, Brooklyn, N. Y. 
 
 50,000- pf. Westchester Fire Insurance Company, New York City. 
 
 50,000- Bankers' Trust Company of New York, New York City. 
 1,000- Dutchess County Mutual Insurance Company, Poughkeepsie, N. Y. 
 250,000- gen. Farmers' Loan and Trust Company, New York City. 
 
 50,000- Fidelity Trust and Guaranty Company, Buffalo, N. Y. 
 
 20,000- Flatbush Trust Company, Brooklyn, N. Y. 
 200,000- Hohoken Bank for Savings, Hoboken, N. J. 
 
 1,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 
 10,000- Millers' National Insurance Company, Chicago, 111. 
 
 50,000- Union Trust Company of New York, New York City. 
 
 10,000- Westerly Savings Bank, Westerly, R. I. 
 
 21,800- gen. mtg. 1st mtg. Brooklyn Life Insurance Co., N. Y. City. 
 2,500,000-3is ('89) gen. mtg. g. New York Life Insurance Co., N. Y. City. 
 
 10,000-4s coup. Merchants and Mechanics' Bank, Scranton, Pa. 
 
 10,000-4s Standard Finance and Trust Company, Jersey City, N. J. 
 
 21,103-4s gen. mtg. coup. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 100,000-4s ('88) gen mtg. Massachusetts M. L. Ins. Co.,, Springfield, Mass. 
 
 10,000-4s ('89) gen. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 40,000-4s ('89) gen. mtg. Bridgeport Savings Bank, Bridgeport, Conn. 
 200,000-4s ('89) Chelsea Savings Bank, Norwich, Conn, 
 
 25,000-4s ('89) gen. mt.g. City Sav. Bank of Bridgeport, Bridgeport, Conn, 
 
 35,000-48 ('89) gen. People's Savings Bank, Bridgeport, Conn. 
 
 10,000-4s ('89) Meriden Savings Bank, Meriden. Conn. 
 200,000-4s ('89) Mutual Benefit Life Insurance Company, Newark, N. J. 
 l,568,550-4s ('89) Mutual Life Insurance Company, N. Y. City. 
 100,000-4s ('89) 1st mtg. Northwest'n & National Ins. Co., Milwaukee, Wis. 
 
 45,000-4s ('89) Dime Savings Bank of Norwich, Norwich, Conn. 
 
 13,000-4s ('89) mtg. Ocean Accident & Guar. Corp. (Ltd.), London, Eng, 
 
 50,000-4s ('89) Palatine Insurance Company (Manchester, Bug.), N. Y. City. 
 105,750-4s ('89) gen. mtg. g. coup. Penn. Mutual Life Ins. Co., Phila., Pa, 
 816,000-4s ('89) gen. mtg> g. Provident Life & Tr. Co., Philadelphia, Pa, 
 
 50,000-48 ('89) Scot. Union & National Ins. Co. (Ed'g, Sc), Hartford, Conn, 
 8,000-4s ('89) Western Assurance Company, Toronto, Canada, 
 
 10,000-5s coup. Oarbondale Miners' & Mechanics' Bk., Carbondale, Pa. 
 
 10,000-58 coup. Carbondale Miners' & Mechanics' Sav. Bk,, Carbondale, Pa. 
 
 75,000-5s Brit. & Foreign Mar. Ins. Co. (Ltd.), (Liverp'l, Eng.), N. Y. City. 
 
 10,000-5s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 169,980-58 ('10) Mutual Life Insurance Company, New York City. 
 
 50,000-5s ('10) Society for Savings, Hartford, Conn. 
 320,712-5s ('14) Term. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 75,000-5s ('14) Term. Commer. Un. Assur. Co. (Ltd.), (Lon., Eng.), N. Y. C. 
 
 30,000-5s ('14) Term. mtg. g. Hamb'g-Bremen F. I. Co. (Ham., G.), N. Y. C. 
 
 10,000-58 ('14) Term. mtg. Hanover Fire Insurance Co., N. Y. City. 
 
 25,000-5s ('14) Term. London Assurance Co. (London, Emg.), N. Y. City. 
 
 50,000-5s ('14) Term. 1st mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 10,000-5s ('14) Term. mtg. g, Transatl. F. Ins. Co. (Ham., Ger.), Chicago, 111. 
 
 27,000-5s ('19) Society for Savings, Hartford, Conn. 
 
 20,000-5s ('21) Cologne Re-Ins. Co. (Cologne, Germany), Hartford, Conn. 
 5,000-5s ('21) Hillsborough Bridge Guaranty Sav. Bk., Hillsboro' Br., N, H, 
 
 96,000-58 ('21) Mutual Benefit Life Insurance Company, Newark, N, J. 
 302,311-58 ('21) Mutual Life Insurance Company, N. Y. City. 
 
 10,000-58 ('21) Palatine Ins. Co. (Ltd.), (Manchester, Eng.), N. Y. City. 
 
 10,000-6s ('21) Jewett City Savings Bank, Jewett City, Conn. 
 124,000-58 ('21) Society for Savings, Hartford, Conn. 
 104,339-58 ('26) Mutual Life Insurance Company, N. Y. City. 
 
 10,000-68 coup. Carbondale Miners' & Mech. Sav. Bk., Carbondale, Pa. 
 
 64,000-6s Fidelity Trust Company, Newark, N. J. 
 
DITTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 537 
 
 25,000-6s Manchester Savings Bank, Manchester, N. H. 
 
 5,000-6s Passaic Trust and Safe Deposit Company, Passaic, N. J. 
 125,000-6s ("09) Society for Savings, Hartford, Conn. 
 25,000-6s Waterbury Savings Bank, Waterbury, Conn. 
 25,000-6s ('10) Aetna Life Insurance Company, Hartford, Conn. 
 
 3,000-6s ('10) Jewett City Savings Bank, Jewett City, Conn. 
 150,135-6s ('10) Mutual Life Insurance Company, N. Y. City. 
 19,000-6s ('10) Society for Savings, Hartford, Conn. 
 50,000-6s ('20) Connecticut Savings Bank, New Haven, Conn. 
 20,000-6s ('20) Derby Savings Bank, Derby, Conn. 
 
 5,000-6s ('20) Deep River Savings Bank, Deep River, Conn. 
 436,119-68 ('20) Mutual Life Insurance Company, N. Y. City. 
 35,000-6s ('20) Society for Savings, Hartford, Conn. 
 10,000-7s convert. Amoskeag Savings Bank, Manchester, N. H. 
 
 5,000-7s Mechanics' Savings Bank, Manchester, N. H. 
 
 5,000-7s Merrimac County Savings Bank, Concord, N. H. 
 
 7,000-7s Peterborough Savings Bank, Peterborough, N. H. 
 
 l,000-7s Peterborough Savings Bank, Peterborough, N. H. 
 46,000-7s ('03) Meriden Savings Bank, Meriden, Conn. 
 10,000-7s ('03) Savings Bank of Danbury, Danbury, Conn. 
 10,000-7s ('03) reg. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 15,000-7s ('05) con. mtg. German Alliance Insurance Co., N. Y. City. 
 10,000-7s ('05) Belfast Savings Bank, Belfast, Me. 
 15,000-7s ('05) Connecticut Savings Bank, New Haven, Conn.r 
 
 5,000-7s ('08) North American Insurance Company, Boston, Mass. 
 29,750-7s ('10) State Mutual Life Assurance Co., Worcester, Mass. 
 25,000-5s ('21) Chic. & L. Sup. div. 1st mtg. Augusta S. Bk., Augusta, Me. 
 
 5,000-5s ('21) Chic. & L. Sup. div. F. & M. S. Bk., Middletown, Conn. 
 
 4,000-5s ('21) Chic. & L. Sup. div. Freestone Sav. Bk., Portland, Conn. 
 
 5,Q0O-5s ('21) Chic. & L. Sup. div. Groton Sav. Bk., Mystic, Conn. 
 30,000-5s ('21) Chic. & L. Sup. div. Mechanics' Sav. Bk., Hartford, Conn. 
 23,000-5s ('21) Chic. & L. Sup. div. Middletown S. Bk., Middletown, Conn. 
 23.000-58 ('21) Chic. & L. Sup. div. S. Bk. of New London, N. Lon„ Conn. 
 
 6,000-58 ('21) Chic. & L. Sup. div. Sun Ins. Office (Lon., Eng.), N. Y. C. 
 
 6,000- stk. C. & M. div. class 4. Capita! Fire Ins. Co., Concord, N. H. 
 
 5,000-7s ('03) Chic & Mil. div. Bristol Sav. Bk., Bristol, Conn. 
 15,000-7s ('03) Chic. & Mil. div. City Sav. Bk. of Bridgeport, B'dg'p't, Conn. 
 25,000-7s ('03) Chic. & Mil. div. Norwalk Sav. Soc, Norwalk, Conn. 
 10,000-7s ('03) Chic. & Mil. div. Sav. Bk. of New Britain, N. Brit, Conn. 
 
 9,000-7s ('03) Chic. & Mil. div. Stafford Sav. Bk., Stafford Springs, Conn. 
 10,000- Chic. & Mo. Biv. div. Rochester Tr. & S. Dep. Co., Roch., N. Y. 
 20,000-58 Chic. & Mo. Riv. div. North. Sav. Fd., S. Dep. & Tr. Co., Phila., Pa. 
 
 5,000-5s ('10) Chic. & Mo. Riv. div. People's Sav. Bk., Rockville, Conn. 
 100,000-58 ('26) Chic. & Mo. Riv. div. 1st mtg. Augusta S. Bk., Aug., Me. 
 55,000-5s ('26) Chic. & Mo. Riv. div. 1st mtg. Provid't L. & T. Co., Phila. Pa. 
 50,000-5s ('26) Chic. & Mo. Riv. div. 1st mtg. People's S. Bk., Prov., R. I. 
 194,000-58 ('26) Chic. & Mo. Riv. Equitable L. Assur. Soc. of U. S., N. Y. C. 
 30,000-5s ('26) C. & Mo. Riv. div. 1st mtg. Queen I. Co. of Amer., N. Y. C. 
 . 10,000-5s ('26) Chic. & Mo. Riv. div. Salisbury Sav. Soc, Lakeville, Conn. 
 11,000-68 ('10) Chic. & Pac. div. Meriden Sav. Bk., Meriden, Conn. ' 
 16,000-6s ('10) Chic. & Pac. div. Brooklyn Sav. Bk., Brooklyn, Conn. 
 50,000r6s ('10) Chic. Pac. div. ,1st mtg. Continental Ins. Co., N. Y. City. 
 50,000-6s ('10) C. & P. div. 1st mtg. Northw'n Nat. I. Co., Milwaukee, Wis. 
 192,437-68 ('10) C. & P. div. 1st mtg. Prudential Ins. Co. of Am., Newark, N. J. 
 
 8,000-58 Chic. & Pac. div. coup. People's Bank, Wilkesbarre, Pa. 
 10,000-6s ('10) Chic. & Pac. div. State Sav. Bk., Hartford, Conn. 
 -|8,800- stk. Chic. & Pac. W. div. Traders' Ins. Co., Chicago, 111. 
 50,000- Chic. & Pac. W. div. Franklin Trust Co., Brooklyn, N. Y. 
 11,881-58 Chic. Pac. W. div. coup. Lackawanna T. & S. Dep. Co., Scranton, Pa. 
 
 8,000-5s Chic. & Pac. W. div. North German F. Ins. Co., N. Y. City. 
 17,000-58 Chic. & Pac. W. div. North German F. Ins. Co., N. Y. City. 
 15,000-5s Chie. & Pac. W. div. 1st mtg. g. Norw'k F. Ins. Co., N'w'k, Conn. 
 29,500-5s Chic. & Pac. W. div. E. Est, Title, Ins. & Tr. Co., Phila., Pa. 
 
 9,000-58 ('21) Chic. & Pac. W. div. Biddeford Sav. Bk., Biddeford, Me. 
 10,000-5s ('21) Chic. & Pac. W. div. Burritt Sav. Bk., New Britain, Conn. 
 18,000-5s ('21) Chic. & Pac. W. div. Bristol Sav. Bk., Bristol, Conn. 
 25,000-5s ('21) C. & P. W. div. Com. U. Ass. Co. (Ltd.) (L'd'n, E.) N. Y. C. 
 
53S DtTTlES AisrD PdwE&S of lisriElistAl'E commescb commission'. 
 
 50,000-5s 
 245,500-5s 
 30,000-5s 
 35,025-5s 
 30,000-5s 
 
 45,000-5s 
 25,000-5s 
 46,000-5s 
 
 101,000-5s 
 20,000-5s 
 10,000-5s 
 
 5,000-5s 
 10,000-5s 
 25,000-5s 
 48,942-5s 
 50,000-5s 
 30,000-5s 
 
 5,000-5s 
 2,T65,184-5s 
 
 5,000-5s 
 30,000-5s 
 30,000-5s 
 
 40,000-5s 
 18,000-5s 
 
 5,000-5s 
 20,000-5s 
 
 5,000-5s 
 15,000-5s 
 40,000-5s 
 50,000-5s 
 12,000-5s 
 
 5,000-5s 
 46,256-5s 
 15,000- 
 25,000-5s 
 
 2,000- 
 10,000- 
 20,000-6s 
 50,000-6s 
 15,000-6s 
 12,000-6s 
 10,000-6s 
 50,000-5s 
 
 6,212-6s 
 25,000-6s 
 25,000-6s 
 105,000-6s 
 15,000-6s 
 10,000-6s 
 10,000-6s 
 
 3,000-6s 
 
 8,000-6s 
 15,000-6s 
 10,612-6s 
 25,000-6s 
 25,000-6s 
 25,000-6s 
 43,000-6s 
 
 5,000-6s 
 
 179,908-68 
 
 12,000-68 
 
 25,000-68 
 
 175,000-68 
 
 '21) Chic. & Pac. W. div. Dime Sav. Bk. of Norwich, N-w'h, Conn. 
 '21) Chic. & Pac. W. div. Equitable L. Assur. Soc. U. S., N. T. C. 
 '21) Chic. & Pac. W. div. German- American Ins. Co., N. Y. C. 
 '21) Chic. & Pac. W. div. J. Hancoclc M. L. Ins. Co., B'st'n, Mass. 
 '21) C. & P. W. div. 1st mtg. Hamburg-Bremen Fire Ins. Co. 
 
 (Hamburg, Germany), N. Y. City. 
 '21) Chic. & Pac. W. div. Lan. Ins. Co. (M'nch'r, B'g.), N. Y. C. 
 '21) C. & P. W. div. 1st mtg. g. Lon. Ass. Co. (Lon., B.), N. Y. C. 
 '21) C. & P. W. div. 1st mtg. reg. g. Lon. & I.an. F. Ins. Co., (Liv- 
 erpool, Bng.), N. Y. City. 
 '21) C. & P. W. div. 1st mtg. Man. Ass. Co. (Man., E.), N. Y. C. 
 '21 ) C. & P. W. div. Mariners' Sav. Blc, N. London, Conn. 
 '21) C. & P. W. div. Mech. & Farm. Sav. Blc, Bridgeport, Conn. 
 '20) Dub. div. Mechanics' Savings Bank, Winsted, Conn. 
 '21 ) Meriden Savings Bank, Meriden, Conn. 
 C. & P. W. div. coup. Miners' Savings Bk., Wilkesbarre, Pa. 
 '21) C. & P. W. div. New Bng. Mut. L. Ins. Co., Boston, Mass. 
 '21) C. & P. W. div. New Bng. Mut L. Ins. Co., Boston, Mass. 
 '21) C. & P. W. div. Sav. B. of New London, N. Lon., Conn. 
 '21) C. &P. W. div. Newtown Sav. Bank, Newtown, Conn. 
 '21) C. &P. W. div. Northw'n Mut. L. Ins. Co., Milwaukee, Wis. 
 '21) C. & P. W. div. N. Ger. F. Ins. Co. (Ham., Ger.), Chi., 111. 
 '21) C. & P. W. div. People's Savings Bk., Bridgeport, Conn. 
 '21) ( 
 
 : P. W. div. g. 
 many), Chicago, 111. 
 
 Prussian National Ins. Co. (Stettin, Ger- 
 
 '21) C. & P. W. div. Putnam Savings Bank, Putnam, Conn. 
 
 '21) C. & P. W. div. 1st mtg. Queen Ins. Co. of Amer., N. Y. C. 
 
 '21) C. & P. W. div. Salisbury Sav. Soc, Lakeville, Conn. 
 
 '21) C. & P. W. div. Sav. Bk. of N. Britain, N. Britain, Conn. 
 
 '21) C. & P. W. div. Southington Sav. Bk., South'gton, Conn. 
 
 '21) C. & P. W. div. Southport Sav. Bk., Southport, Conn. 
 
 '21) C. & P. W. div. Stamford Savings Bk., Stamford, Conn. 
 
 '21) C. & P. W. div. State Savings Bank, Hartford, Conn. 
 
 '21) C. & P. W. div. Stonington Sav. Bk., Stonington, Conn. 
 
 '21) C. & P. W. div. Thompson Sav. Bk., Thompson, Conn. 
 
 '21) C. & P. W. div. United States Life Ins. Co., N. Y. City. 
 Chippewa Val. div. Westerly Savings Bank, Westerly, R. I. 
 ('16) Dak. & Gt. So. div. Sun Ins. Office (Lon., E.), N. Y. City. 
 Dub. div. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 Dub. div. Groton Savings Bank, Mystic, Conn. 
 Dub. div. Amoskeag Savings Bank, Manchester, N. H. 
 Dub. div. New Hampshire Savings Bank, Concord, N. H. 
 Dub. div. Norway Plains Savings Bank, Rochester, N. H. 
 Dub. div. Merrimac County Savings Bank, Concord, N. H. 
 Dub. div. National Fire Insurance Company, Hartford, Conn. 
 ('20) Dub div. Saco & Biddeford Savings Inst, Saco, Me. 
 ('20) Dub. div. 1st mtg. Aetna Indemnity Co., Ilartford, Conn. 
 ('20) 1st mtg. Dub. div. Aetna Insurance Co., Hartford, Conn. 
 ('20) Dub. div. American Insurance Company, Boston, Mass. 
 ('20) Dub. div. 1st mtg. Augusta Savings Bank, Augusta, Me. 
 ('20) Dub. div. Bridgeport Savings Bank, Bridgeport, Conn. 
 ('20) Dub. div. Bristol Savings Bank, Bristol, Conn. 
 ('20) Dub. div. Chelsea Savings Bank, Norwich, Conn. 
 ('20) Dub. div. Chester Savings Bank, Chester, Conn. 
 ('20) Dub. div. Essex Savings Bank, Essex, Conn. 
 ('20) Dub. div. Farmers' and Mech. Sav. Bk., Middletown, Conn. 
 ('20) Dub. div. John Hancock Mut. Life Ins. Co., Boston, Ma*. 
 ('20) Dub. div. Litchfield Sav. Soc, Litchfield, Conn. 
 ('20) Dub. div. Mechanics' Savings Bank, Hartford, Conn. 
 ('20) Dub. div. Meriden Savings Bank, Meriden, Conn. 
 ('20) Dub. div. Middletown Sav. Bk., Middletown, Conn. 
 ('20) Dub. div. Newtown Savings Bank, Newtown, Conn. 
 ('20) Dub. div. Northwestern Mut. Life Ins. Co., Milwaukee, Wis. 
 ('20) Dub. div. People's Savings Bank, Bridgeport, Conn. 
 ('20) Dub. div. 1st mtg. Portland Savings Bank, Portland, Me. 
 ('20) Dub. div. Providence Inst, Providence, R. I. 
 
DUTIES AND POWERS OP INTEKSTATE COMMEECE COMMISSION. 539 
 
 10i000-6s 
 
 86,0d0-6s 
 
 10,000-6s 
 
 50,000-6s 
 
 20,000-68 
 
 10,000-6s 
 
 10,000-6s 
 
 40,000-6s 
 
 35,000-6s 
 
 10,000-6s 
 
 5,000-6s 
 
 15,000-6s 
 
 6,000-6s 
 
 5,000-6s 
 
 20,000-6s 
 
 6,000-6s 
 
 18,000-6s 
 
 318,000-6s 
 
 4,360- 
 
 10,000-5s 
 
 lll,831-5s 
 14,000-5s 
 25,000-5s 
 
 261,277-5s 
 40,000-7s 
 20,000-7s 
 50,000-7s 
 
 395,000-78 
 
 100,000-7s 
 15,240-7s 
 12,961-78 
 
 592,358-78 
 
 1,352,089-78 
 
 30,000-78 
 
 20,000-78 
 
 2,000-78 
 
 8,260- 
 
 15,000-58 
 
 10,000-5s 
 
 25,000-58 
 
 30,000-58 
 
 316,000-58 
 21,000-58 
 60,000-58 
 25,000-58 
 20,000-58 
 5,000-58 
 51,000-58 
 2,000-58 
 50,000-5s 
 
 100,000-58 
 7,000-58 
 10,000-58 
 10,000-58 
 20,000-58 
 10,000-58 
 25,000-5s 
 
 520,000-58 
 21,000-58 
 5,000-5s 
 25,000-58 
 5,000-5s 
 20,000-58 
 60,000-58 
 25,000-5s 
 10,000-5s 
 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('20 
 ('24 
 Ha8 
 Has^ 
 ('03 
 ('10 
 ('10 
 ('10 
 H. & 
 H. & 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('08 
 ('08 
 ('08 
 La 
 ('10 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 ('10 
 Min. 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 ('10 
 
 Dub. div. Putnam Savings Bank, Putnam, Conn. 
 Dub. div. Norwich Saving8 Society, Norwich, Conn. 
 Dub, div. l8t mtg. bonds. Queen Ins. Co. of Amer., N. Y. C. 
 Dub. div. Rhode Island Hospital Tr, Co., Providence, R. I. 
 Dub. div. Salisbury Savings Soc, Lakeville, Conn. 
 Dub. div. Savings Bank of Rockville, Rockville, Conn. 
 Dub. div. Savings Bank of Danbury, Danbury, Conn. 
 Dub. div. City Sav. Bank of Bridgeport, Bridgeport, Conn. 
 Dub. div. Stamford Savings Bank, Stamford, Conn. 
 Dub. div. Savings Bank of New Britain, N. Britain, Conn. 
 Dub. div. Stafford Savings Bank, Stafford Springs, Conn. 
 Dub. div. South Berwick Sav. Bk., South Berwick, Me. 
 Dub. div. Southport Savings Bank, Southport, Conn. 
 Dub. div. Southington Sav. Bk., Southington, Conn. 
 Dub. div. State Savings Bank, Hartford, Conn. 
 Dub. div. Thomaston Savings Bank, Thomaston, Conn. 
 Dub. div. Windsor Locks Sav. Bk., Windsor Locks, Conn. 
 Fargo & So. div. Equitable Life Ass. Soc. of U. S., N. Y. C. 
 ings & Dak. div. Ist mtg. Brooklyn Life Ins. Co., N. Y. C. 
 , & Dak. div. National Fire Ins. Co., Hartford, Conn. 
 Hast. & Dak. div. Ist. New York Life Ins. Co., N. Y. City. 
 Hast. & Dak. div. Equitable Life Ass. Soc. of II. S., N. Y. C. 
 Hast. & Dak. div. 1st. mtg. Germania L. Ins. Co., N. Y. C. 
 H. & D. div. N'rthw'st'n M. Life Ins. Co., Milwaukee, Wis. 
 D. div. New Hampshire Savings Bank, Concord, N. H. 
 D. div. National Fire Ins. Co., Hartford, Conn. 
 H. & D. 1st mtg. Aetna Insurance Co., Hartford, Conn. " 
 H. & D. div. Equitable Life Ass. Soc. of U. S., N. Y. City. 
 H. & D. div. 1st mtg. Hartford Ins. Co., Hartford, Conn. 
 H. & D. div. 1st mtg. Meti-opolitan L. Ins. Co., N. Y. City. 
 H. & D. coup. Marble Bank & Tr. Co.. Hazleton, Pa. 
 H. & D. div. Ist. New York Life Ins. Co., N. Y. City. 
 H. & D. div. Northw'st'n M. L. Ins. Co., Milwaukee, Wis. 
 la. & Dak. Ext. German-American Ins. Co., N. Y. City. 
 la. & Dak. Ext. Orient Ins. Co., Hartford, Conn. 
 la. & Dak. Ext. Saco Savings Bank, Saco, Me. 
 Crosse & Dav. div. 1st mtg. Brooklyn L. Ins. Co., N. Y. City. 
 La Crosse & Dav. div. Middletown S. Bk., Middletown, Conn. 
 La Or. & Dav. div. Bridgeport Sav. Bk., Bridgeport, Conn. 
 Chelsea Savings Bank, Norwich, Conn. 
 Dime Sav. Bk. of Norwich, Nor., Conn. 
 Equitable L. Ass. Soc. of U. S., N. Y. C. 
 F. & M. Sav. Bk., Middletown, Conn. 
 German-American Ins. Co., N. Y. City. 
 Litchfield Sav. Soc, Litchfield, Conn. 
 Mariners' S. Bk., New London, Conn. 
 Mechanics' Sav. Bk., Winsted, Conn. 
 Meriden Sav. Bk., Meriden, Conn. 
 Newtown Sav. Bk., Newtown, Conn. 
 Norwalk Sav. Soc, Norwalk, Conn. 
 Norwich Sav. Soc, Norwich, Conn. 
 Sav. Bk. of N. London, N. Lon., Conn. 
 Winsted Savings Bank, Winsted, Conn. 
 Pt. div. National Fire Ins. Co., Hartford, Conn. 
 Min. Pt. div. Bristol Savings Bank, Bristol, Conn. 
 
 Brooklyn Savings Bank, Brooklyn, Conn. 
 Dime Savings Bk. of Norwich, Norwich, Conn. 
 Equitable Life Ass. Soc of U. S., N. Y. City. 
 Essex Savings Bank, Essex, Conn. 
 Falls Village Savings Bk., Falls Vill., Conn. 
 Farm. & Mech. Sav. Bk., Middletown, Conn. 
 Freestone Savings Bk., Portland, Conn. 
 Litchfield Savings Soc, Litchfield, Conn. 
 Mariners' Savings Bank, New London, Conn. 
 Mech. & Farm. Sav. Bk., Bridgeport, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 La Cr. & Dav. div. 
 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 
 Pt. div. 
 
 Pt. div. 
 
 Pt. div. 
 
 Pt. div. 
 
 Min. 
 Min. 
 Min. 
 Min. 
 
540 DUTIES AND POWERS OP INTEBSTATE COMMEBCE COMMISSION. 
 
 55,000-5s 
 
 5,000-5s 
 
 150,000-5s 
 
 30,000-5s 
 
 2,000-5s 
 
 40,000-5s 
 
 20,000-5s 
 
 18,000-5s 
 
 15,000-5s 
 
 35,000-58 
 
 40,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 25,000-5s 
 
 15,000-5s 
 
 50,000-6s 
 
 50,000-6s 
 
 50,000-6s 
 
 6,000-6s 
 
 83,000-6s 
 
 10,000-Gs 
 
 10,000-6s 
 
 8,000-(!s 
 
 25,000-6s 
 
 531,707-6s 
 
 150,000-6s 
 
 50,375-6s 
 
 105,629-68 
 
 30,000-68 
 
 10,000-6s 
 
 35,000-68 
 
 14,000-68 
 
 5,000-68 
 
 10,000-68 
 
 30,000-68 
 
 5,000-6s 
 
 35,000-6s 
 
 34,000-6s 
 
 50,O0O-6s 
 
 25,000-68 
 
 7,000-6s 
 
 25,000-6s 
 
 350,318-68 
 
 200,000-68 
 
 20,000-6s 
 
 15,000-68 
 
 10,000-68 
 
 10,000-6s 
 
 20,000-68 
 
 11,000-68 
 
 30,000-68 
 
 20,000-6s 
 
 25,000^68 
 
 15,000-58 
 
 2,000-58 
 
 10,000-58 
 
 25,000-5s 
 
 25,000-58 
 
 10,000-58 
 33,000-58 
 10,000-58 
 18,000-58 
 10,000-68 
 8,000-6s 
 
 '10 
 '10 
 '10 
 '10 
 '10 
 '30 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '19 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 '10 
 
 Swn, 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 '09 
 
 Wis. 
 '21 
 '21 
 '21 
 
 Min. Pt div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 Min. Pt. div. 
 
 So. Minn. div. 
 So. Minn. div. 
 So. Minn. div. 
 So. Minn. div. 
 
 erpool 
 '21 
 
 Eng. 
 '21 
 '21 
 '21 
 '21 
 '20 
 '20 
 
 Middletown Savings Bk., Middletown, Conn. 
 National S. Bk. of New Haven, N. H'n, Conn. 
 Norwicli Savings Soc, Norwich, Conn. 
 Putnam Savings Bank, Putnam, Conn. 
 Saco Savings Bank, Saco, Me. 
 Savings Bk. of New London, N. London, Conn. 
 Savings Bank of Danbury, Danbury, Conn. 
 Soutliport Sav. Bk., Southport, Conn. 
 Southington Savings Bk., Southlngton, Conn. 
 Stamford Savings BIc, Stamford, Conn. 
 State Savings Bank, Hartford, Conn. 
 Thompson Savings Bk., Thompson, Conn. 
 Windham County Sav. Bk., Danlelson, Conn. 
 Wlnsted Savings Bank, Wlnsted, Conn. 
 Stonington Sav. Bk., Stonlngton, Conn. 
 So. Minn. div. 1st mtg. Caled'n Ins. Co. (Ed., Sc), N. T. C. 
 So. Minn. div. 1st. mtg. Aetna Ins. Co., Hartford, Conn. 
 So. Minn. div. Ist mtg. Augusta Sav. Bk., Augusta, Me. 
 So. Minn. div. Bangor Savings Bank, Bangor, Me. 
 
 Equitable Life Ass. Soc. of U. S., N. T. C. 
 German-American Ins. Co., N. T. City. 
 National Fire Ins. Co., Hartford, Conn. 
 National Bk. of New Haven, N. Haven, Conn. 
 So. Minn. div. 1st mtg. Niagara Fire Ins. Co., N. Y. City. 
 So. Minn. div. Northwestern M. L. Ins. Co., Milwaukee, Wis. 
 So. Minn. div. Norwich Saving Society, Norwich, Conn. 
 So. Minn. div. 1st mtg. Phoenix M. L. I. Co., Hartford, Conn. 
 So. Minn. div. Ist mtg. U. S. Life Ins. Co., N. T. City, 
 div. New Hampshire Savings Bank, Concord, N. H. 
 Bristol Savings Banlc, Bristol, Conn. 
 Equitable Life Assur. Soc, of U. S., N. T. City. 
 Essex Savings Bank, Essex, Conn. 
 Falls Village Savings Bk., Palls Village, Conn. 
 Farmers & Mech. Sav. Bk., Middletown, Conn. 
 Farmington Sav. Bk., Farmlngton, Conn. 
 Groton Savings Bank, Mystic, Conn. 
 Litchfield Savings Society, Litchfield, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 Middletown Savings Bank, Middletown, Conn. 
 Chelsea Savings Bank, Norwich, Conn. 
 Newtown Savings Bank, Newtown, Conn. 
 Norwalk Savings Society, Norwalk, Conn. 
 Northwestern Mut. Life Ins. Co., Milwaukee, Wis. 
 Norwich Savings Society, Norwich, Conn. 
 Putnam Savings Bank, Putnam, Conn. 
 Savings Bank of Danbury, Danbury, Conn. 
 Savings Bank of Rockville, Rockville, Conn. 
 Savings Bk. of New London, N. London, Conn. 
 Southport Savings Bank, Southport, Conn. 
 Stafford Savings Bank, Stafford Springs, Conn. 
 Stamford Savings Bank, Stamford, Conn. 
 State Savings Bank, Hartford, Conn. 
 Winsted Savings Banlj, Wlnsted, Conn. 
 & Minn. div. coup. People's Bank, Wllkesbarre, Pa. 
 Wis. & Minn. div. City S. Bk. of Bridgeport, Bdgpt, Conn. 
 Wis. & Minn. div. 1st mtg. Hanover F. Ins. Co., N. Y. C. 
 Wis. & Minn. 1st mtg. reg. g. Lon. & Lan. Fire Ins. Co. (Liv- 
 
 , Eng.), N. Y. City. 
 Wis. & Minn. div. 1st mtg. Manchester Ass. Co. (Manch., 
 ), N. Y. City. 
 
 Wis. & Minn. div. N. Ger. F. I. Co. (Hamb., G.), Chic, 111. 
 Wis. & Minn. div. Ist mtg. Queen I. Co. of Amer., N. Y. C. 
 Wis. & Minn. div. Stamford Savings Bk., Stamford, Conn. 
 Wis. & Minn. div. State Savings Bank, Hartford, Conn. 
 Wis. Val. div. Savings Bk. of New Britain, N. Brlt'n, Conn. 
 Wis. Val. div. Savings Bk. of New London, N. Lon., Conn. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
 Swn. div. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 541 
 
 12,700-6s ('20) Wis. Val. div. Travelers' Insurance Co., Hartford, Conn. 
 
 lo,000-7s ('09) Wis. Val. div. City Savings Bk. of Bridgeport, Bdgpt, Conn. 
 
 10,000-7s ('09) Wis. Val. div. Bristol Savings Bank, Bristol, Conn. . 
 
 8,500-Ts ('09) Wis. Val. div. Brooklyn Savings Bank, Brooklyn, Conn. 
 
 15,000-7s ('09) Wis. Val. div. Putnam Savings Bank, Putnam, Conn. 
 
 35,000-7s ('09) Wis. Val. div. Chelsea Savings Bank, Norwich, Conn. 
 
 15,000-7s ('09) Wis. Val. div. Savings Bk. of New Britain, N. Brit'n, Conn. 
 
 5,500-7s ('09) Wis. Val. div. Stafford Sav. Bk., Stafford Springs, Conn. 
 
 ll,000-7s ('09) Wis. Val. div. prior 1st mtg. Stamford S. Bk., Stam., Conn. 
 
 CHICAGO AND KOBTH MICHIGAN EAILROAD. 
 
 315- Int. scrip. Walpole Savings Bank, Walpole, N. H. 
 2,000-5s New Hampshire Savings Bank, Concord, N. H. 
 3,000-5s Walpole Savings Bank, Walpole, N. H. 
 l,000-5s ('31) Biddeford Savings Bank, Biddeford, Me. 
 5,000-5s ('31) Gorham Savings Bank, Gorham, Me. 
 5,000-5s ('31) Saco and Biddeford Savings Institution, Saco, Me. 
 
 CHICAGO AND NOKTHWESTERN EAILROAD. 
 
 50,00l9- Bankers' Trust Company of New York, N. Y. City. 
 
 .1,000,000- Erie County Savings Bank of Buffalo, Buffalo, N. Y. 
 
 15,000- Flatbush Trust Company, Brooklyn, N. Y. 
 
 50,000- Franklin Trust Company, Brooklyn, N. Y. 
 
 6,200- Mechanics' Savings Bank, Westerly, R. I. 
 
 500,000- New York Security and Trust Company, N. Y. City. 
 
 1,257,000- New York Life Insurance and Trust Company, N. Y. City. 
 
 10,000- Rochester Trust and Safe Deposit Company, Rochester, N. Y. 
 
 11,000- Westerly Savings Bank, Westerly, R. I. 
 
 100,000- stk. Atlantic Mutual Ins. Co., N. Y. City. 
 
 20,959- stk. Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 
 4,250- stli. Commercial Bank, Titusville, Pa. 
 
 15,000- stk. Connecticut Fire Insurance Company, Hartford, Conn. 
 
 10,000- stk. Duchess County Mutual Insurance Co., Poughkeepsie, N. Y. 
 
 10,000- stlj. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 85,000- stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 20,000- stk. Long Island Loan and Trust Co., Brooklyn, N. Y. 
 
 10,600- stk. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 20,000- stk. Merchants' Insurance Company, Providence, R. I. 
 
 1,000- stk. Newburyport Mutual Fire Insurance Co., Newburyport, Mass. 
 
 12,962- stk. New Yo"rk Plate Glass Insurance Company, N. Y. City. 
 
 150,000- stk. Phoenix Insurance Company, Brooklyn, N. Y. 
 
 37,500- stk. State Mutual Life Assurance Co., Worcester, Mass. 
 
 50,000- stk. Westchester Fire Insurance Company, N. Y. City. 
 
 9,000- cm. Aetna Life Insurance Company, Hartford, Conn. 
 
 50,000- cm. Amoskeag Savings Bank, Manchester, N. H. 
 
 10,000- cm. Commonwealth Insurance Company, N. Y. City. 
 
 20,000- cm. Eagle Fire Company, N. Y. City. 
 
 52,900- cm. Fidelity and Casualty Company, N. Y. City. 
 
 15,000- cm. Fifth Avenue Safe Deposit Company, N. Y. City. 
 
 50,000- cm. cap. stk. Hanover Fire Insurance Company, N. Y. City. 
 
 10,000- cm. Franklin Safe Deposit Company, Brooklyn, N. Y. 
 
 40,000- cm. New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 10,000- cm. New Hampshire Savings Bank, Concord, N. H. 
 
 25,000- cm. New York Life Insurance & Trust Company, N. Y. City. 
 
 50,000- cm. People's Savings Bank, Providence, R. I. 
 
 60,000- cm. Niagara Fire Insurance Company, N. Y. City. 
 
 10,000- cm. People's Savings Bank (Guaranty), Manchester, N. H. 
 
 8,000- cm. Peterborough Savings Bank, Peterborough, N. H. 
 
 20,000- cm. Providence-AVashington Insurance Co., Providence, R. I. 
 
 10,000- cm. Rochester Trust and Safe Deposit Co., Rochester, N. Y. 
 
 50,000- cm. Traders' Insurance Company, Chicago, 111. 
 
 267,487- cm. Travelers' Insurance Company, Hartford, Conn. 
 
 180,000- cm. Trust Company of America, N. Y. City. 
 
 35,000- pf. Aetna Insurance Company, Hartford, Conn. 
 
7,500- 
 
 Pt 
 
 200,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 77,000- 
 
 Pt 
 
 65,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 35,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 14,025- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 16,500- 
 
 pf. 
 
 10,000- 
 
 pf- 
 
 626,803- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 1,850,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 40,000- 
 
 pf. 
 
 14,012- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 25,000- 
 
 pf. 
 
 23,268- 
 
 pf. 
 
 230,000- 
 
 pf. 
 
 542 DUTIES AND POWEES OP INTERSTATE COMMEECE COMMISSIOST. 
 
 Caledonian-American Insurance Co., N. Y. City. 
 Continental Insurance Company, N. Y. City. 
 Commonwealth Insurance Company, N. Y. City. 
 Eagle Fire Company, N. Y. City. 
 Fidelity & Casualty Company, N. Y. City. 
 German-American Insurance Company, N. Y. City. 
 German Alliance Insurance Company, N. Y. City. 
 Greenwich Insurance Company, N. Y. City, 
 cap. stk. Hanover Fire Insurance Company, N. Y. City, 
 stk. Home Insurance Company, N. Y. City. 
 Hartford Steam Boiler Insp. and Ins. Co., Hartford, Conn. 
 Hartford Fire Insurance Company, Hartford, Conn. 
 John Hancocli Mutual Life Insurance Company, Boston, Mass. 
 Long Island Loan & Trust Company, Brooklyn, N. Y. 
 Mutual Life Insurance Company, N. Y. City. 
 National Safe DSposit Company, N. Y. City. 
 Norwich Union Fire Society (Norwich, Bug.), N. Y. City. 
 New York Life Insurance & Trust Company, N. Y. City. 
 New York Life Insurance Company, N. Y. City. 
 Orient Insurance Company, Hartford, Conn. 
 Providence- Washington Ins. Co., Providence, R. I. 
 State Mutual Life Assurance Co., Worcester, Mass. 
 Rochester Trust and Safe Deposit Company, Rochester, N. Y. 
 Traders' Insurance Company, Chicago, 111. 
 Travelers' Insurance Company, Hartford, Conn. 
 Trust Company of America, N. Y. City. 
 50,000-3Js mtg. Albany Exchange Savings Bank, Albany, N. Y. 
 25,000-3is gen. coup. Wilkesbarre Deposit and Sav. Bk., Wilkesbarre, Pa. 
 40,000-3|s Albany City Savings Institution, Albany, N. Y. 
 50,000-3is gen. g. mtg. Bast Brooklyn Savings Bank, Brooklyn, N. Y. 
 50,000-3Js Irving Savings Institution, N. Y. City. 
 
 92,000-3|s g. Thames & Mer. Mar. I. Co. (Ltd.) (Liverpool, Bug.), N. Y. 0. 
 100,000-3is New Brunswick Savings Institution, New Brunswick, N. J. 
 100,000-3is mtg. National Savings Bk. of the City of Albany, Albany, N. Y. 
 50,00Q-3is Poughkeepsie Savings Bank, Poughkeepsle, N. Y. 
 2,000-3is Union Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 3,000-3is Rhinebeck Savings Bank, Rhinebeck, N. Y. 
 152,812-3is ('87) Aetna Life Insurance Company, Hartford, Conn. 
 86,000-3 Js ('87) gen. mtg. g. Aetna Insurance Company, Hartford, Conn. 
 995,179-34s ('87) gen. g. New York Life Ins. Company, N. Y. City. 
 20,000-3Js ('87) Oneida Savings Bank, Oneida, N. Y. 
 
 575,000-4s ('26) ext. Equitable Life Assur. Soc. of trnited States, N. Y. City. 
 40,000-4s ('26) ext. Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 200,000-4s ('26) Mutual Benefit Life Insurance Company, Newark, N. J. 
 64,000-4s ('26) Palatine Ins. Co. (Ltd.), (Blanchester, Eng.), N. Y. City. 
 25,812-4s ('26) ext. reg. Washington Life Insurance Co., N. Y. City. 
 5,000-44s ('02) Dime Savings Bank of Hartford, Hartford, Conn. 
 1,000-4^8 ('02) Milford Savings Bank, Milford, Conn. 
 50,000-4|s ('02) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 25,000-5s deb. Manchester Savings Bank, Manchester, N. H. 
 5,500-5s coup. People's Bank, Wilkesbarre, Pa. 
 10,000-5s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 50,000-5s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 l,032,000-5s ('09) deb. Equitable Life Assur. Soc. of United States, N. Y. City. 
 100,000-5s ('09) deb. Providence Inst, for Savings, Providence, R. I. 
 30,000-5s ('09) Sink, fund debt. German-American Ins. Co., N. Y. City. 
 50,000-5s ('09) Hartford Fire Insurance Co., Hartford, Conn. 
 10,000-5s ('09) Transatlantic Fire Ins. Co. (Hamburg, Ger.), Chicago, 111. 
 75,000-5s ('09) deb. Rhode Island Hospital Trust Co., Providence, R. I. 
 50,000-5s ('09-'33) (2 bds.). New England M. Life Ins. Co., Boston, Mass. 
 2,283,000-5s ('21) deb. Equitable Life Assur. Society of U. S., N. Y. City. 
 l,010,000-5s ('21) deb. reg. Equitable Life Assur. Society of U. S., N. Y. City. 
 l,723,910-5s .('21) Mutual Life Insurance Company, N. Y. City. 
 2,049,741 -5s ('21) deb. New York Life Insurance Co., N. Y. City. 
 
 50,000-5s ('21) Scottish Un. & Nat. Co. (Edinburgh, Scot.), Hartford, Conn. 
 32,750-5s ('21) State Mutual Life Assurance Co., Worcester, Mass. 
 
DUTIES AND POWEES OF INTERSTATE COMMBECE COMMISSION. 543 
 
 70,000-5s 
 
 5,000-5s 
 
 79,000-5s 
 
 52,000-5s 
 
 69,000-5s 
 
 48,000-58 
 
 49,000-5s 
 
 47,000-5s 
 
 34,000-5s 
 
 284,255-5s 
 
 17,155-5s 
 
 94,144-5s 
 
 258,000-5s 
 
 225,000-5s 
 
 36,000-5s 
 
 55,000-5s 
 
 600,040-58 
 
 100,000-58 
 
 35,000-5s 
 
 43,000-5s 
 
 57,500-5s 
 
 52,500-58 
 
 19,000-68 
 
 37,000-68 
 
 29,000-68 
 
 24,000-6s 
 
 43,000-6s 
 
 46,000-6s 
 
 38,000-68 
 
 5,000-6s 
 
 20,000-68 
 
 5,000-6s 
 
 4,00O-6s 
 
 504,279-68 
 
 504,274-68 
 
 45,671-68 
 
 45,000-68 
 
 10,463-68 
 
 7,000-6s 
 
 30,061-7s 
 
 50,000-7s 
 
 100,000-78 
 
 5,593-78 
 
 18,000-78 
 
 30,000-78 
 
 5,000-78 
 
 25,000-78 
 
 50,000-7s 
 
 1,915,716-78 
 
 50,000-78 
 
 281,400-78 
 
 100,000-78 
 
 10,000-78 
 
 100,000-78 
 
 20,000-78 
 
 100,000-78 
 
 20,000-78 
 
 50,000-78 
 
 26,972-7s 
 
 25,000-78 
 
 100,000-78 
 
 5,000-78 
 
 10,000-78 
 
 25,000-78 
 
 3,000-6s 
 
 (;29) Com. Un. Ass. Co. (Ltd.), (Lon., Bng.), N. Y. City. 
 ('29) Connecticut Fire Insurance Company, Hartford, Conn. 
 ('29) Sinlv. fund reg. Equitable Life Ass. Soc. of IT. S., N. Y. City. 
 ('29) Sinic. fund. Equitable Life As8ur. Soc. of U. S., N. Y. City. 
 ('29) Sink. fund. German- American Ins. Co., N. Y. City. 
 .('29) Sink. fund. Hartford Fire Insurance Co., Hartford, Conn. 
 ('2Q) Sink fund. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 ('29) Sink. fund. Queen Insurance Co. of America, N. Y, City. 
 ('29) Mutual Benefit Life Insurance Co., Newark, N. J. 
 ('29) Mutual Life Insurance Company, N. Y. City. 
 ('29) State Mutual Life Assurance Company, Worcester, Mass. 
 ('29) Sink. fund. United States Life Insurance Co., N. Y. City. 
 ('33) deb. Equitable Life Assur. Society of U. S., N. Y. City. 
 ('33) deb. reg. Equitable Life Assur. Society of U. S., N. Y. City. 
 ('33) Sink. fund. deb. reg. Germania Fire Ins. Co., N. Y. City. 
 ('33) Sink, fund debt. German- American Ins. Co., N. Y. City. 
 ('33) Mutual Life Insurance Company, N. Y. City. 
 ('33) Sink. fund. Massachusetts M. L. Ins. Co., Springfield, Mass. 
 ('33) debt. Palatine Ins. Co. (Ltd.), (Manchester, Eng.), N. Y. C. 
 ('33) Sink. fund. Phoenix Assurance Co. (Lon., Eng.), N. Y. City. 
 ('33) State Mutual Life Assurance Company, Worcester, Mass. 
 ('33) Travelers' Insurance Company, Hartford, Conn. 
 National Fire Insurance Company, Hartford, Conn. 
 Amoskeag Savings Banlt, Manchester, N. H. 
 Manchester Savings Bank, Manchester, N. H. 
 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('29 
 ('02 
 ('02 
 ('02 
 ('02 
 ('11 
 ('11 
 ('11 
 (•15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 
 .('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('15 
 ('29 
 
 Sink, fund mtg. Aetna Insurance Co., I-Iartford, Conn. 
 
 Sink, fund reg. 1st mtg. Continental Ins. Co., N. Y. City. 
 
 Sink. fund. Hartford Fire Insurance Co., Hartford, Conn. 
 
 Sink. fund. German-American Insurance Co., N. Y. City. 
 
 Sink. fund. Groton Savings Bank, Mystic, Conn. 
 
 Sink. fund. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 Sink, fund reg. Equitable Life Ass. Soc. of U. S., N. Y. C. 
 
 Essex Savings Bank, Essex, Conn. 
 
 Sink, fund of lS79. New York Life Ins. Co., N. Y. City. 
 
 Mutual Life Insurance Co., N. Y. City. 
 
 Sink. fund. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 Sink. fund. Phoenix Insurance Company, Hartford, Conn. 
 
 Sink, fund reg. Phoenix M. Life Ins. Co., Hartford, Conn. 
 
 Sink. fund. Milford Savings Bank, Milford, Conn. 
 
 London Guar. & Accid. Co. (Ltd.), London, Eng. 
 
 con. mtg. reg. g. Lon. & Lan. I. Co. (L'rpool, B.), N. Y. C. 
 
 l8t mtg. g. Northwestern Nat. Ins. Co., Milwaukee, Wis. 
 
 gen. com. g. Prudential Ins. Co. of Amer., Newark, N. J. 
 
 Buffalo Savings Bank, Buffalo, N. Y. 
 
 Society for Savings, Hartford, Conn. 
 
 Naugatuck Savings Bank, Naugatuck, Conn. 
 
 Con. Citizens' Savings Bank, Stamford, Conn. 
 
 con. sink. fund. Aetna Ins. Co., Hartford, Conn. 
 
 con. sink. fund. New York Life Insurance Co., N. Y. City. 
 
 con. mtg. Portland Savings Bank, Portland, Me. 
 
 con. Home Life Insurance Company, N. Y. City. 
 
 1st mtg. reg. Maine Savings Bank, Portland, Me. 
 
 Ist. Burritt Savings Bank, New Britain, Conn. 
 
 con. sink, fund mtg. reg. coup. N. Brit. & M. I. Co. (Lon., 
 
 Eng., & Edin., Soot.), N. Y. City. 
 
 Farmington Savings Bank, Farmington, Conn. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 People's Savings Bank, Bridgeport, Conn. 
 
 Com. Un. Assur. Co. (Ltd.), (Lon., Eng.), N. Y. City. 
 
 State Mutual Life Assurance Co., Worcester, Mass. 
 
 Savings Bank of New Britain, New Britain, Conn. 
 
 Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 Suflield Savings Bank, Suffield, Conn. 
 
 Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 City Savings Bank, Meriden, Conn. 
 
 Chester Savings Bank, Chester, Conn. 
 
544 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 
 50,000-6s ('29) reg. sk. fd. Springfield Fire & Mar. Ins. Co., Sp'gf'd, Mass. 
 
 30,000-6s ('29) State Mutual Life Assur. Co., Worcester, Mass. 
 3,000-6s ('29) Suffield Savings Bank, Suffield, Conn. 
 
 35,000-7s Amsterdam Savings Bank, Amsterdam, N. Y. 
 
 75,000-7s Franklin Savings Inst., Greenfield, Mass. 
 
 20,000-7s Hoboken Bank for Savings, Hoboken, N. J. 
 
 17,000-7s mtg. Hudson City Savings Institution, Hudson, N. T. 
 
 13,775-7s coup. sink. fund. Marble Banking & Tr. Co., Hazleton, Pa. 
 100,000-7s nitg. Monroe County Savings Bank, Rochester, N. X. 
 
 50,000-7s Lovcell Five Cents Savings Bank, Lowell, Mass. 
 
 60,000-7s Ware Savings Bank, Ware, Mass. 
 100,000-7s Springfield Inst, for Savings, Springfield, Mass. 
 
 20,000-78 Lynn Institute for Savings, Lynn, Mass. 
 100,000-7s City Inst, for Savings, Lovcell, Mass. 
 
 10,000-7s pf. Sun Insurance Office (Ijondon, Eng.), N. T. City. 
 3,000-7s Gardner Savings Bank, Gardner, Mass. 
 
 24,000-7s 
 
 ('09) 
 
 ■25,000-7s 
 
 '09) 
 
 15,000-7s 
 
 ('09) 
 
 10,000-7s 
 
 '16) 
 
 25,000-7s 
 
 ('16) 
 
 45,000-7s 
 
 '16) 
 
 50,000-7s 
 
 ('16) 
 
 25,000-7s 
 
 '16) 
 
 300,000-6s 
 
 ('05) 
 
 108,640-6s 
 
 ('05) 
 
 52,000-6s 
 
 ('05) 
 
 93,000-Gs 
 
 '05) 
 
 50,000-6s 
 
 '05) 
 
 25,000-6s 
 
 '05) 
 
 25,000-6s ( 
 
 '05) 
 
 4,000-6s 
 
 '05) 
 
 35,000-6s 
 
 •05) 
 
 30,000-6s 
 
 '05) 
 
 29,000-68 
 
 ('05) 
 
 10,000-68 
 
 '05) 
 
 10,000-6s 
 
 '05) 
 
 5,000-6s 
 
 '05) 
 
 55,000-68 
 
 '05) 
 
 5,000-68 
 
 '05) 
 
 5,000-6s 
 
 '05) 
 
 68,000-68 
 
 '05) 
 
 l,000-6s 
 
 '05) 
 
 125,000-Os 
 
 '05) 
 
 10,00Q-6s 
 
 ('05) 
 
 3,000-68 
 
 '05) 
 
 ll,000-6s 
 
 ('05) 
 
 40,000-6s 
 
 ('05) 
 
 15,000-68 
 
 '05) 
 
 35,000-6s 
 
 ('05) 
 
 10,000-68 
 
 '05) 
 
 20,000-68 
 
 ('05) 
 
 25,000-68 
 
 '05) 
 
 l,000-6s 
 
 ('05) 
 
 16,000-7s 
 
 ('07) 
 
 84,000-7s 
 
 ('07) 
 
 25,000-78 
 
 '07) 
 
 10,000-7s 
 
 ('07) 
 
 5,000-78 
 
 ('07) 
 
 25,000-7s 
 
 '07) 
 
 10,000-6s 
 
 '01) 
 
 35,000-6s 
 
 '01) 
 
 20,000-68 
 
 COl) 
 
 34,000-68 
 
 (•13) 
 
 811,000-68 
 
 ('33) 
 
 0. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 C. R. & Mo. Riv. div. 
 Chic, Mil. & N. W. 
 Chic, Mil. & N. W. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic & Tomah div. 
 Ohic. & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 ■ Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Ohic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic & Tomah div. 
 Chic. & Tomah div. 
 Chic. & Tomah div. 
 Des M. & Minn. 
 Des M. & Minn. 
 Des M. & Minn. 
 Des M. & Minn. 
 Des M. & Minn. 
 Des M. & Minn. 
 Esc & L. Sup. 
 
 Connecticut S. Bk., N. Haven, Conn. 
 Chelsea Sav. Bk., Norwich, Conn. 
 Equit. L. Ass. Soc of U. S., N. T. C. 
 F. & M. S. Bk., Middletown, Conn. 
 Union Sav. Bk., Danbury, Conn. 
 Chelsea Sav. Bk., Norwich, Conn. 
 Connecticut S. Bk., N. Haven, Conn. 
 Mech. Savings Bk., Hartford, Conn. 
 EJquit. L. Ass. Soc. of U. S., N. Y. C. 
 Mutual Life Ins. Co., N. Y. City. 
 City S. Bk. of Bridgep'^ Bdgpt, Conn. 
 ■ New Haven Sav. Bk., N. Haven, Conn. 
 People's Sav. Bk., Bridgeport, Conn. 
 Connecticut Sav. Bk., N. Haven, Conn. 
 Sav. Bk. of Danbury, Danbury, Conn. 
 Bristol Savings Bank, Bristol, Conn. 
 Bridgeport Sav. Bk., Brdgpt, Conn. 
 Dime S. Bk. of W'bury, W'bury, Conn. 
 Equitable L. A. S. of U. S., N. Y. City. 
 Falls V. Sav. Bk., Falls Village-, Conn. 
 Freestone Sav. Bank, Portland, Conn. 
 Mechanics' Sav. Bank, Hartford, Conn. 
 Middletown Sav. Bk., Middlet'n, Conn. 
 Nat S. B. of New Haven, N. H., Conn. 
 New Milford Sav. Bk., N. M'f'd, Conn. 
 Norwalk Sav. Society, Norwalk, Conn. 
 Norwich Sav. Society, Norwich, Conn. 
 Society for Savings, Hartford, Conn. 
 Southington Sav. Bk., South'ton, Conn. 
 Chester Savings Bank, Chester, Conn. 
 Essex Savings Bank, Essex, Conn. 
 Farmington Sav. Bk., Farm'ton, Conn. 
 Litchfield Sav. Society, Litchfield, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 Stamford Sav. Bank., Stamford, Coim. 
 Waterbury Sav. Bk., Waterbury, Conn. 
 Winsted Sav. Bank, WInsted, Conn. 
 Windsor Locks S. B., W. Locks, Conn. 
 Chelsea Savings Bank, Norwich, Conn. 
 City Sav. Bk. of Bridgeport, B'port, Conn. 
 Dime Sav. Bk. of Norwich, Norwich, Conn. 
 Farm. & Mech. S. Bk., Middletown, Conn. 
 Groton Savings Bank, Mystic, Conn. 
 Mechanics' Savings Bank, Hartford, Conn. 
 Equitable Life A. S. of U. S., N. Y. City. 
 
 Esc & L. Sup. Mariners' Savings Bank, New London, Conn. 
 Esc. & L. Sup. Mechanics' Savings Bank, Hartford, Conn. 
 Eastern & Gd. Trunk. Equitable L. A. S."of U. S., N. Y. City. 
 Fremont, E. H. & Mo. V. B. L. A. S. of U. S., N. Y. City. 
 I0,0004is ('02) la. div. Dime Savings Bank of Norwich, Norwich, Conn. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 545 
 
 5,000-4is 
 50,000-4is 
 
 7,000-4is 
 50,000-4is 
 15,000-4is 
 
 5,000-4is 
 25,000-4Js 
 25,000-8s 
 30,000-7s 
 10,000-7s 
 61,000-7s 
 33,000-7s 
 10,000-7s 
 75,000-7s 
 30,000-7s 
 10,000-7s 
 
 5,000-7s 
 30,000-7s 
 25,000-7s 
 10,000-7s 
 75,000-7s 
 20,000-7s 
 2o,000-7s 
 100,000-7s 
 20,000-7s 
 26,000-7s 
 
 5,000-7i3 
 
 5,000-7s 
 30,000-7s 
 54,000-7s 
 12,000-7s 
 14,000-7s 
 
 4,000-7s 
 15,000-7s 
 
 6,000-7s 
 20,000-7s 
 20,000-7s 
 
 3,000-7s 
 20,000-7s 
 25,000-7s 
 60,000-7s 
 25,000-7s 
 
 5,000-7s 
 
 5,000-7s 
 20,000-7s 
 
 5,000-7s 
 20,000-7s 
 
 9,000-73 
 
 ll,000-7s 
 
 125,000-78 
 
 S0,000-7s 
 
 3,000-7s 
 
 5,000-7s 
 10,000-7s 
 10,000-7s 
 54,000-7s 
 
 7,000-7s 
 50,000-7s 
 ]0,000-7s 
 2o,000-7s 
 20,000-6s 
 35,000-6s 
 14,000-6s 
 15,000-68 
 60,000-68 
 10,000-6s 
 
 KY— 05- 
 
 ('02) 
 
 ('02) 
 
 ('02) 
 
 ('02) 
 
 ('02) 
 
 ('02) 
 
 ('22) 
 
 1900) 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 •06 
 
 '06 
 
 '06 
 
 '06 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '11 
 
 '21 
 
 '21 
 
 '21 
 
 '21 
 
 '21 
 
 '24 
 
 la. div. Mei'iden Savings Bank, Meriden, Conn, 
 la. div. Middletovifn Savings Bank, Middletown, Conn, 
 la. div. Nat. Sav. Bank of New Haven, New Haven, Conu. 
 la. div. New Haven Savings Bank, New Haven, Conn, 
 la. div. Windham County Savings Bank, Danielson, Conu. 
 la. div. Southington Savings Bank, Southington, Conn, 
 la. div. Norwalk Savings Society, Norwalk, Conn, 
 la. Mid. Mechanics' Savings Bank, Hartford, Conn. 
 Mad. Ext. 1st Mtg. Aetna Insurance Co., Hartford, Cona. 
 Mad. Ext. Brooklyn Savings Bank, Brooklyn, Conn. 
 Mad. Ext. Chelsea Savings Bank, Norwich, Conn. 
 Mad. Ext City Sav. Bank of Bridgeport, Bridgeport. Conn. 
 Mad. Ext. Citizens' Savings Bank, Stamford, Conn. 
 Mad. Ext. Connecticut Savings Bank, New Haven, Conn. 
 Mad. Ext. Dime Savings Bank of Waterbury, W'bury, Conn. 
 Mad. Ext. Falls Village Savings Bank, Falls Village, Conn, 
 Mad. Ext. Groton Savings Bank, Mystic, Conn. 
 Mad. Ext. Mariners' Savings Bank, New London, Conn. 
 Mad. Ext. Mechanics' Savings Bank, Hartford, Conn. 
 Mad. Ext. Meriden Savings Bank, Meriden. Conn. 
 Mad. Ext. New Haven Sayings Bank, New Haven, Conn. 
 Mad. Ext. Middletown Savings Bank, Middletown, Conn. 
 Mad. Ext. Norwalk Savings Society, Norwalk, Conn. 
 Mad. Ext. Norwich Savings Society, Norwich, Conn. 
 Mad. Ext. Putnam Savings Bank, Putnam, Conn. 
 Mad. Ext. Sav. Bank of New London, New London, Conn. 
 Mad. Ext. g. Savings Bank of Ansonia, Ansonia, Conn. 
 Mad. Ext. Savings Bank of Danbury, Danbury, Conn. 
 Mad. Ext. Stamford Savings Bank, Stamford, Conn. 
 Mad. Ext. State Savings Bank, Hartford, Conn. 
 Mad. Ext. Union Savings Bank, Danbury, Conn. 
 Mad. Ext. Windham County Sav. Bank, Danielson, Conn. 
 Meno. Riv. div. Savings Bank of Waterbury, W'bury, Conn. 
 Meno. Riv. div. Equitable Life A. S. of U. S., N. Y. City. 
 Meno. Riv. div. Middletown Sav. Bank, Middletown, Conn. 
 Meno. Riv. Ext Stamford Savings Bank, Stamford, Conn, 
 Meno. Ext. Brooklyn Savings Bank, Brooklyn, Conn. 
 Chester Savings Bank, Chester, Conn. 
 Citizens' Savings Bank, Stamford, Conn. 
 City Savings Bank, Meriden, Conn. 
 Connecticut Savings Bank, New Haven, Conn. 
 Dime Sav. Bank of Waterbury, W'bury,' Conn. 
 Falls Village Savings Bank, Falls Village, Conn. 
 Groton Savings Bank, Mystic, Conn. 
 Mariners' Savings Bank, New London, Conn. 
 Mechanics' Savings Bank, Winsted, Conn. 
 Mechanics' Savings Bank, Hartford, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 Nat. Sav. Bk. of New Haven, New Haven, Conn. 
 New Haven Savings Bank, New Haven, Conn. 
 Norwalk Savings Society, Norvi'alk, Conn. 
 Sav. Bank of New London, New London, Conn. 
 Meno. Ext. g. Savings Bank of Ansonia, Ansonia, Conu. 
 Meno. Ext Savings Bank of Danbury, Danbury, Conn. 
 
 Southington Savings Bank, Southington, Conn,- 
 State Savings Bank, Hartford, Conn. 
 Union Savings Bank, Danbury, Conn. 
 Waterbury Savings Bank, Waterbury, Conn. 
 Windham County Sav. Bank, Danielson, Conn. 
 Winsted Savings Bank, Winsted, Conn. 
 
 Bridgeport Sav. Bank, Bridgeport, Conn. 
 Connecticut Sav. Bank, New Haven, Conn. 
 Equitable Life A. S. of U. S., N. Y. City. 
 Groton Savings Bank, Mystic, Conn. 
 Mariners' Sav. Bank, New London, Conn. 
 Connecticut Sav. Bank, New Haven, Conn. 
 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext 
 Meno. div. 
 Meno. Ext. 
 Meno. Ext 
 Meno. Ext. 
 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext. 
 Meno. Ext 
 Mil., L. S. & Wn. 
 Mil., L. S. & Wn. 
 Mil., L. S. &.Wn. 
 Mil., L. S. & Wn. 
 Mil., L. S. & Wn. 
 Mil., L. S. &. Wn. 
 
 -35 
 
546 DUTIES AND POWERS OF INTEKSTATE COMMERCE COMMISSION-. 
 
 15,000-6s 
 
 '24) 
 
 20,000-6s 
 
 '25) 
 
 5,000-6s 
 
 ['25) 
 
 50,000-5s 
 
 '29) 
 
 35,000-6s 
 
 '05) 
 
 5,000-6s 
 
 '05) 
 
 30,000-6s 
 
 '05) 
 
 10,000-Os 
 
 '05) 
 
 5,000-6s 
 
 '05) 
 
 4,000-6s 
 
 '05) 
 
 3,000-6s 
 
 '05) 
 
 l,000-5s 
 
 '10) 
 
 20,000-5s 
 
 '10) 
 
 50,000-513 
 
 CIO) 
 
 15,000-7s 
 
 '17) 
 
 33,500-7s 
 
 '17) 
 
 25,000-7s 
 
 '17) 
 
 91,500-7s 
 
 '17) 
 
 10,500-7s 
 
 '17) 
 
 25,000-7s 
 
 '17) 
 
 30,000-7s 
 
 '17) 
 
 30,000-7s 
 
 '17) 
 
 20,000-7s 
 
 •17) 
 
 lo,000-7s 
 
 '17) 
 
 20,000-7s 
 
 '17) 
 
 30,000-7s 
 
 ■17) 
 
 5,000-5s 
 
 '09) 
 
 4,000-5s 
 
 '09) 
 
 20,000-5s 
 
 •09) 
 
 12,000-5s 
 
 •09) 
 
 8,000-5s 
 
 '09) 
 
 r.,000-5s 
 
 '09) 
 
 8,000-5s 
 
 '09) 
 
 9,000-5s 
 
 '09) 
 
 20,000-7s ( 
 
 '17) 
 
 48,000-7s 
 
 '16) 
 
 374,000.7s 
 
 '16) 
 
 Mil., L. S. & Wn. Dime Sav. Bk. of W'bury, W'bury, Conn. 
 Mil., L. S. & Wn. Bridgeport Sav. Bank, Bridgeport, Clonn. 
 Mil., L. S. & W. Ash. Freestone Sav. Bank, Portland, Conn. 
 M., L. S. & Wn. Ext. & Imp. S. F. Mtg. g. G. L. I. Co., N. Y. 
 Mil. &Mad.,div. Bridgeport Sav. Bank, Bridgeport, Conn. 
 Bristol Savings Bank, Bristol, Conn. 
 City Sav. Bank of Bridgeport, B'port, Conn. 
 Falls Village Sav. Bk., Falls Vill., Conn. 
 Groton Savings Bank, Mystic, Conn. 
 Jleclaanics' Sav. Bk., Hartford, Conn. 
 New Milford Sav. Bk., N. Milford, Conn. 
 No. 111. Dime Sav. Bk. of Norwich, Norwich, Conn. 
 No. 111. Dime Sav. Bk. of Waterbury, Waterbury, Conn. 
 No. 111. Equitable Life Assur. Soc. of V. S., N. Y. City. 
 Nwn. Union. City Sav. Bk. of Bridgeport, Bridgeport, Conn, 
 IJquitable Life Assurance Society of D. S., N. Y. City. 
 Nwn. Union. Brooklyn Savings Bank, Brooklyn, Conn. 
 Chelsea Savings Bank, Norwich, Conn. 
 Falls Village Sav. BIj., Falls Village, Conn. 
 City Savings Bank, Meriden, Conn. 
 Connecticut Savings Bank, New Haven, Conn. 
 Dime Sav. Bk. of Norwich, Norwich, Conn. 
 Dime Sav. Bk. of Waterbury, Wat'b^y, Conn. 
 Groton Savings Bank, Mystic, Conn. 
 Mariners' Sav. Bk., New London, Conn. 
 Mechanics' Savings Bank, Hartford, Conn. 
 Bristol Savings Bank, Bristol, Conn. 
 Branford Savings Bank, Branford, Conn. 
 Brooklyn Sav. Bk., Brooklyn, Conn. 
 Chelsea Sav. Bk., Norwich, Conn. 
 Dime sav. Blc. of Norwich, N'w'h. Conn. 
 Falls Village Sav. Bk., Falls Vill., Conn. 
 Freestone Say. Bk., Portland, Conn. 
 Mechanics' Sav. Bk., Hartford, Conn. 
 Dime Sav. Bk. Waterbury, W'b'y, Conn. 
 Equitable Life Assur. Soc. U. S., N. Y. C. 
 
 Mil. & Mad. div. 
 Mil. & Mad. div. 
 Mil. & Mad. div. 
 Mil. & Mad. div. 
 Mil. & Mad. div. 
 Mil. & Mad. div. 
 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Nwn. Union. 
 Ott, C. F. & St. P. 
 Ott., C. F. & St. P. 
 Ott, C. F. & St. P. 
 Ott., C. F. & St. P. 
 Ott, C. F. & St. P. 
 Ott, C. F. & St P. 
 Ott, C. F. & St. P. 
 Ott., C. F. & St. P. 
 Ott., C. F. & S. P. 
 Winona & St. P. 
 
 Winona 4 St P. Equitable Life Assur. Soc. U. S., N. Y. C. 
 
 CHICAGO, PEOBIA AND ST. lOUIS RAILBOAD. 
 
 28,000- Mechanics' Savings Bank, Providence, R. I. 
 10,000- pf. Mechanics' Savings Bank, Providence, R. I. 
 3,725-4s 1st mtg. Northern Sav. Fund, S. Dep. & Tr. Co., Philadelphia, Pa. 
 
 CHICAGO, ROCK ISLAND AND PACIFIC RAILROAD. 
 
 49,910- 
 
 cm. 
 
 70,375- 
 
 stk. 
 
 33,000- 
 
 stk. 
 
 30,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 10,175- 
 
 stk. 
 
 24,200- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 11,000- 
 
 stk. 
 
 11,000- 
 
 stk. 
 
 40,000- 
 
 cap. 
 
 13,537- 
 
 stk. 
 
 24,200- 
 
 stk. 
 
 24,200- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 36,300- 
 
 stk. 
 
 22,000- 
 
 stk. 
 
 11,000- 
 
 stk. 
 
 3,600- 
 
 stk, 
 
 Fidelity & Casualty Company, New' York City. 
 Aetna Life Insurance Co., Hartford, Conn. 
 Aetna Insurance Company. Hartford, Conn. 
 Amoskeag Savings Bank, Manchester, N. H. 
 Commonwealth Insurance Co., New York City. 
 Connecticut General Life Insurance Co., Hartford, Conn. 
 Connecticut Fire Insurance Co., Hartford, Conn. 
 Eagle Fire Company, New York City. 
 Equitable Fire & Marine Insurance Co., Providence, R. I. 
 Globe & Rutgers Fire Insurance Co., N. Y. City, 
 stk. Hanover Fire Insurance Co., New York City. 
 Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 Hartford Life Insurance Company, Hartford, Conn. 
 Hartford Fire Insurance Co., Hartford, Conn. 
 Industrial Trust Company, Providence, R. I. 
 Manufacturers' Trust Company, Brooklyn, N. Y. 
 National Fire Insurance Co., Hartford, Conn. 
 New Hampshire Fire Insurance Co., Manchester, N. H. 
 New Hampshire Savings Bank, Concord, N. H. 
 Norwalli Fire Insurance Company, Norwalk, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 547 
 
 22,000- stk. Orient Insurance Company, Hartford, Conn. 
 100,000- stk. People's Trust Company, Brooklyn, N. Y. 
 
 12,100- stk. Security Insurance Company, New Haven, Conn. 
 42,400- stk. State Mutual Life Assurance Co., Worcester, Mass. 
 
 96,043- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 10,000- stk. Union Guaranty Savings Bank, Concord, N. H. 
 
 5,000- stk. Wakefield Trust Company, Wakefield, R. I. 
 
 60,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 10,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 20,000- Flatbush Trust Company, Brooklyn, N. Y. 
 
 10,000- Franklin Safe Deposit Company, Brooklyn, N. Y. 
 
 30,000- Franklin Trust Company, Brooklyn, N. Y. 
 
 15,000- German Insurance Company, Freeport, 111. 
 
 10,000- Merrimack County Savings ]3ank. Concord, N. H. 
 
 5,000- People's Savings Bank, Woonsocket, R. I. 
 
 10,000- Rochester Tr. & Safe Dep. Co., Rochester, N. Y. 
 
 10,000- Security Trust Company of Rochester, Rochester, N. Y. ^ 
 
 50,000- State Trust Company, New York City. 
 
 50,000- " United States Lloyds," New York City. 
 
 4,000- Westerly Savings Bank, Westerly, R. I. 
 100,000- gen. g. Franklin Trust Company, Brooklyn, N. Y. 
 
 15,000- gen. Long Island Loan & Trust Co., Brooklyn, N. Y. 
 
 50,000- gen. Nassau Trust Co. of the City of Brooklyn, Brooklyn, N. Y. 
 121,000- gen. New York Security & Trust Company, N. Y. City. 
 
 10,525- con. gen. mtg. Nederland Ltd. Lia. Ins. Co. (Am'd'n, Hoi.), N. Y. C. 
 100,000- rfdg. Rochester Trust & Safe Dep. Co., Rochester, N. Y. 
 
 25,000- ('88) gen. mtg. g. Fire Association of Philadelphia, Phila., Pa. 
 
 15,000- ('88) Union County Savings Bank, Elizabeth, N. J. 
 
 25,000-4s Amoskeag Savings Bank, Manchester, N. H. 
 
 50,000-4s Portsmouth Savings Bank, Portsmouth, N. H. 
 5,000-4s Producers' Savings Bank, Woonsocket, R. I. 
 100,000-4s Strafford Savings Bank, Dover, N. H. 
 
 15,000-4s gen. mtg. American Union Life Insurance Co., N. Y. City. 
 
 25,000-4s gen. mtg. coup. Miners' Savings Bank, Wilkes-Barre, Pa. 
 100,000-4s gen. mtg. coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 200,000'4s gen. mtg. coup. Western Sav. Fund Society, Philadelphia, Pa. 
 
 26,250-4s gen. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 15,000-4s ('38) gen. mtg. International Insurance Company, N. Y. City. 
 ]00,000-4s ('38) Norwich Savings Society, Norwich, Conn. 
 3,000-4s ('88) Berkshire Fire Insurance Co., Pittsfield, Mas& 
 
 60,000-4s ('88) Bristol Savings Bank, Bristol, Conn. 
 
 10,000-4s ('88) Canaan Savings Bank, Canaan, Conn. 
 200,000-4s ('88) Chelsea Savings Bank, Norwich, Conn. 
 
 10,000-4s ('88) Chester Savings Bank, Chester, Conn. 
 
 75,000-4s ('88) Dime Savings Bank of Norwich, Norwich, Conn. 
 
 25,000-4s ('88) Deep River Savings Bank, Deep River, Conn. • 
 
 10,000-4s ('88) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 75,000-4s ('88) Dime Savings Bank of Waterbury, Waterbury, Conn. 
 3,350,000-4s ('88) Equitable Life Assur. Society of United States, N. Y. City. 
 
 15,000-4s ('88) Essex Savings Bank, Essex, Conn. 
 100,000-4s ('88) Farmington Savings Bank, Parmington, Conn. 
 ■ 10,000-4s ('88) Franklin Savings Bank, Pawtucket, R. I. 
 5,000-4s ('88) Freestone Savings Bank, Portland, Conn. 
 
 10,000-4s ('88) Guilford Savings Bank, Guilford, Conn. 
 100,000-4s ('88) Insurance Co. of North America, Philadelphia, Pa. 
 
 30,000-4s ('88) Jewett City Savings Bank, Jewett City, Conn. 
 
 20,600-4s ('88) John Hancock JIutual Life Insurance Co., Boston, Mass. 
 3,000-4s ('88) Kennebunk Savings Bank, Kennebunk, Me. 
 5,000-4s ('88) Machias Savings Bank, Machias, Me. 
 150,776-4s ('88) Manhattan Life Insurance Company, New York City. 
 100,000-4s ('88) Mariners' Savings Bank, New London, Conn. 
 
 50,000-4s ('88) Jlechanics' Savings Bank, Hartford, Conn. 
 
 10,000-4s ('88) Mechanics' Savings Bank, Winsted, Conn. 
 
 30,000-4s ('88) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 40,000-4s ('88) Meriden Savings Bank, Meriden, Conn. 
 
 10,000-4s ('88) Moodus Savings Bank, Moodus, Conn. 
 
548 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 400,000-43 
 
 ('88) 
 
 2,283,525-4s 
 
 ('88) 
 
 30,000-4s 
 
 ('88) 
 
 15,000-4s 
 
 ('88) 
 
 248,500-4s 
 
 ('88) 
 
 140,000-48 
 
 '88) 
 
 20,000-4s 
 
 '88) 
 
 50,000-4s 
 
 '88) 
 
 100,000-43 
 
 '88) 
 
 18,000-43 
 
 '88) 
 
 20,000-4s 
 
 '88) 
 
 30,000-43 
 
 ('88) 
 
 35,000-4s 
 
 '88) 
 
 40,000-4s 
 
 '88) 
 
 25,000-4s 
 
 '88) 
 
 250,000-43 
 
 '88) 
 
 20,000-43 
 
 '88) 
 
 10,000-43 
 
 '88) 
 
 100,000-43 
 
 '88) 
 
 312,000-43 
 
 '88) 
 
 20,000-4s 
 
 '88) 
 
 50,000-43 
 
 '88) 
 
 25,000-4s ( 
 
 '88) 
 
 100,000-43 
 
 '88) 
 
 5,000-4s 
 
 '88) 
 
 50,000-4s 
 
 '88) 
 
 5,000-43 
 
 '88) 
 
 10,000-43 
 
 '88) 
 
 50,000-43 
 
 '88) 
 
 25,000-43 
 
 '88) 
 
 513,861-43 
 
 '88) 
 
 15,000-43 
 
 '88) 
 
 104,875-43 
 
 '88) 
 
 70,000-4s 
 
 '88) 
 
 50,000-43 
 
 '88) 
 
 50,000-43 
 
 '88) 
 
 300,000-43 ( 
 
 '88) 
 
 25,875-43 
 
 '88) 
 
 5,000-43 
 
 '88) 
 
 2,053,010-43 
 
 '88) 
 
 100,000-43 
 
 '88) 
 
 103,000-43 
 
 '88) 
 
 75,000-43 
 
 '88) 
 
 20,000-43 
 
 '88) 
 
 50,000-43 
 
 '88) 
 
 500,000-4s 
 
 '88) 
 
 360,500-48 
 
 '88) 
 
 70,000-43 
 
 '88) 
 
 15,000-48 ( 
 
 '88) 
 
 , 103,500-43 ( 
 
 '88) 
 
 15,000-5s I 
 
 larit 
 
 10,000-53 ( 
 
 '88) 
 
 80,000-63 ( 
 
 '17) 
 
 10,000-63 ( 
 
 •17) 
 
 30,000-63 ( 
 
 '17) 
 
 60,000-63 
 
 '17) 
 
 •25,000-68 
 
 '17) 
 
 10,000-68 
 
 '17) 
 
 40,000-63 ( 
 
 '17) 
 
 20,000-63 
 
 '17) 
 
 20,000-68 ( 
 
 '17) 
 
 10,000-63 
 
 '17) 
 
 200,000-63 
 
 'IT) 
 
 156,808-63 
 
 -17) 
 
 50,000-63 
 
 •17) 
 
 100,000-68 
 
 •17) 
 
 Mutual Benefit Life In3urance Co., Newark, N. J. 
 Mutual Life In8urance Company, New Yorli City. 
 National Savings Bank of New Haven, New Haven, Conn. 
 New Milford Savings Bank, New Milford, Conn. 
 New England Mutual Life Insurance Co., Boston, Ma8s. 
 New Haven Savings Bank, New Haven, Conn. 
 Orient Insurance Company, Hartford, Conn. 
 Portland Savings Bank, Portland, Me. 
 Putnam Savings Bank, Putnam, Conn. 
 Ridgefield Savings Bank, Ridgefleld, Conn. 
 Salisbury Savings Society, Lakeville, Conn. 
 State Savings Bank, Hartford, Conn. 
 Savings Bank of New Britain, New Britain, Conn. 
 Savings Bank of New London, New London, Conn. 
 Savings Bank of Roekville, Rockville, Conn. 
 Society for Savings, Hartford, Conn. 
 South Norwalk Savings Bank, South Norwalk, Conn, i 
 Southport Savings Bank, Southport, Conn. 
 State Mutual Life Assurance Co., Worcester, Mass. 
 Travelers' Insurance Company, Hartford, Conn, 
 con. Union Savings Bank, Danbury, Conn. 
 Winsted Savings Bank, Winsted, Conn, 
 gen. m. g. A. & M. F. I. Co. ( Aix-La-Chapelle, G.) , N. Y. 0. 
 gen. mtg. g. Aetna Insurance Co., Hartford, Conn, 
 gen. mtg. g. Baloise F. In3. Co. (Baste, Switz.), N. Y. City. 
 1st. Bangor Savings Bank, Bangor, Me. 
 gen. Brooklyn Savings Bank, Brooklyn, Conn, 
 gen. Burritt Savings Bank, New Britain, Conn, 
 gen. mtg. g. Caledonian Ins. Co. (Edinb'g'h, Scot), N, T. C. 
 gen. mtg. City Sav. Bk. of Bridgeport, Bridgeport, Conn, 
 gen. mtg. reg. g. Conn. Mut Life Ins. Co., Hartford, Conn, 
 gen. Fairfield County Savings Bank, Norwalk, Conn, 
 gen. mtg. g. Fidelity and Casualty Company, N. Y. City, 
 g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 gen. German-American Insurance Co., N. Y. City, 
 gen. Litchfield Savings Society, Litchfield, Conn. ' 
 gen. mtg. Massachusetts Mut. Life Ins. Co., Springfield, Mass. 
 gen. mtg. g. Metropolitan Life Insurance Co., N. Y. City, 
 gen. mtg. Newtown Savings Bank, Newtown, Conn, 
 gen. g. New York Life Insurance Company, N. Y. City, 
 reg. Norwich Un. P. Ins. Soc. (Norwich, Eng.), N. Y. City, 
 gen. mtg. g. reg. of 1808. Penn. Mut. L. Ins. Co., Phila., Pa. 
 gen. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 gen. Penobscot Savings Bank, Bangor, Me. 
 gen. mtg. Phoenix Assurance Co. (London, Eng.), N. Y. City, 
 gen. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 gen. mtg. Prudential Ins. Co. of America, Newark, N. J. 
 gen. mtg. Stamford Savings Bank, Stamford, Conn, 
 gen. mtg. United Firemen's Insurance Co., Phila., Pa. 
 gen. mtg. g. United States Life Insurance Co., N. Y. City, 
 in Savings Bank, Raritan, N. J. 
 
 gen. mtg. g. Transatl'tic P. Ins. Co. (H'b'g, Ger.), Chi., 111. 
 Bridgeport Savings Bank, Bridgeport, Conn. 
 Canaan Savings Bank, Canaan, Conn. 
 Citizens' Savings Bank, Stamford, Conn. 
 Com. Un. Assur. Co. (Ltd.) (London, Eng.), N. Y. C. 
 Connecticut Savings Bank, New Haven, Conn. 
 Fairfield County Savings Bank, Norwalk, Conn. 
 Farmington Savings Bank, Farmington, Conn. 
 Lancashire Ins. Co. (Manchester, Ens.), N. Y. City. 
 Mariners' Savings Bank, New London, Conn. 
 Moodus Savings Bank, Moodus, Conn. 
 New Haven Savings Bank, New Haven, Conn. 
 Northwestern Mutual Life Insurance Co., Milwaukee, Wis. 
 People's Savings Bank, Bridgeport, Conn. 
 Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 
60,000-6s 
 
 CIT) 
 
 250,000-6s 
 
 ('17) 
 
 8,000-6s 
 
 ('17) 
 
 60,000-6s 
 
 ('17) 
 
 100,000-6s 
 
 ('17) 
 
 50,000-6s 
 
 ('17) 
 
 25,000-6s 
 
 ('17) 
 
 126,000-6s 
 
 ('17) 
 
 90,000-6s 
 
 ('17) 
 
 5,000-6s 
 
 ('17) 
 
 185,000-6s 
 
 ('17) 
 
 50,000-6s 
 
 ('17) 
 
 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 549 
 
 Savings Bank of New London, New London, Conn. 
 Society for Savings, Hartford, Conn. 
 State Savings Bank, Hartford, Conn, 
 mtg. Aetna Insurance Company, Hartford, Conn. 
 1st mtg. City Savings Bank of Bridgeport, B'port, Conn. 
 1st. German-American Insurance Company, N. l#City. 
 1st mtg. Germania Fire Insurance Company, N. Y. City. 
 Equitable I^ife Assur. Soc. of United States, N. Y. City. 
 1st mtg. reg. Lon. & Lane. F. Ins. Co. (L'p'l, Eng.), N. Y. C. 
 1st mtg. Queen Insurance Company of America, N. Y. City, 
 reg. Equitable Life Assur. Society of V. S., N. Y. City. 
 reg. Norwalk Savings Society, Norwalk, Conn. 
 5,000-7s (1899) Chic. & Swn. Falls Village Sav. Bk., Falls Village, Conn.. 
 
 CHICAGO, ST. LOUIS AND NEW ORLEANS EAILKOAD. 
 
 25,000- City Savings Bank, Providence, R. I. 
 30,000-3is coup. Deposit & Sav. Bank of Kingston, Kingston, Pa. 
 9,900-3is coup. People's. Bank, Wilkes-Barre, Pa. 
 9,775-3Js coup. Security Title & Trust Company, York, Pa. 
 2&,000-3^s ('51) Connecticut Fire Insurance Co., Hartford, Conn. 
 500,000-3is ('51) Equitable Life Assur. Society of U. S., N. Y. City. 
 50,000~3is ('51) Insurance Company of North America, Philadelphia, Pa. 
 149,250-3is ('51) gtd. by 111. Ct. R. R. g. Provident L. & Tr. Co., Phila., Pa. 
 50,000-3is ('51) g. gtd. by 111. Cent. R. R. Royal Ins. Co. (L'p'l, E.), N, Y. C. 
 25,000-4s ('51) Memphis Div. Lane. Ins. Co. (Slanchester, Eng.), N. Y. C. 
 50,000-4s ('51) Memphis Div. gtd. North. Assur. Co. (Lon., Eng.), N. Y. C. 
 612,816-4s ('51) Memphis Div. N'thw'n Mut. lafe Ins. Co., Mihv.aukee, Wis. 
 19,283-5s con. coup. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 776,562-5s ('51) Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 10,000-5s ('51) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 8,000-5s ('51) g. London Assurance Co. (London, Eng.), N. Y. C. 
 145,000-5s ('51) Mutual Benefit Life Insurance Company, Newark, N. J. 
 12,000-5s ('51) gtd. Northern Assurance Co. (London, Eng.), N. Y. City. 
 748,995-5s ('51) con. g. Prudential Insurance Co. of America, Newark, N. J. 
 48,800-5s ('51) Washington Life Insurance Company, N. Y. City. 
 7,000-6s ('07) Savings Bank of Ansonia, Ansonia, Conn. 
 5,000-6s ('07) Falls Village Savings Bank, Falls Village, Conn. 
 
 CHICAGO AND ST. LOUIS RAILWAY. 
 
 10,000- Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
 20,000-6s ('15) 1st mtg. g. Germania Life Insurance Company, N. Y. City. 
 
 258,000-6s ('15) 1st mtg. reg. Maine Savings Bank, Portland, Me. 
 
 3,000-6s ('15) Mutual Benefit Life Insurance Company, Newnrlt, N. J. 
 
 94,875-6s ('15) Mutual Life Insurance Company, New York City. 
 
 272,240-6s ('15) 1st mtg. New York Life Insurance Co., N. Y. City. 
 
 74,000-6s ('15) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 123,465-6s ('15) 1st mtg. Prudential Insurance Co. of America, Newark, N. J. 
 
 CHICAGO, ST. LOUTS AND PITTSBURG RAILROAD. 
 
 10,000-5s Lumbermen's Insurance Co., Philadelphia, Pa. 
 10,000-5s ('32) Mutual Benefit Life Insurance Company, Newark, N. J. 
 128,732-5s ('32) 1st mtg. g. Prudential Life Ins. Co. of America, Newark, N. J. 
 ll,862-5s ('32) Washington Life Insurance Company, N. Y. City. 
 
 CHICAGO, ST. PAUL, MINNEAPOLIS AND OMAHA RAILROAD. 
 
 15,000- cm. Traders' Insurance Company, Chicago, III. 
 
 40,000- cm. Trust Company of America, New York City. 
 
 10,000- pf. Commonwealth Insurance Company, New York City. 
 
 100,000- pf. Continental Insurailce Company, New York City. 
 
 70,150- pf. Fidelity & Casualty Company, New York City. ' 
 
 100,000- pf. Home Insurance Company, New York City. 
 
 20,000- pf. New York Life Insurance & Trust Company, N. Y. City. 
 
I 
 
 550 DUTIES AND POWERS OP INTERSTATE OOMMEKCE COMI^IISSTON. 
 
 5,000- pf. Peterborough Savings Bank, Peterborough, N. H. 
 8,000- pf. Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 23,050- stk. Berkshire Fire Insurance Co., Pittsfield, Mass. 
 50,000- New York Ijife Insurance & Trust Company, N. Y. City. 
 100,000- Rochester Trust & Safe Deposit Company, Rochester, N. Y. 
 2,000- con. Fidelity Trust Company of Rochester, RochestiT, N. Y. 
 13,559-4s coup. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 30,000-6s New Hampshire Savings Bank, Concord, N. H. 
 5,000-6s Passaic Trust & Safe Deposit Company, Passaic,' N. J. 
 3,868-6s ('18) 1st mtg. g. Prudential Company of America, Newark, N. J. 
 l,182,000-6s ('30) Equitable Life Assur. Society of the United States, N. Y. C. 
 594,660-6s ('30) Mutual Life Insurance Company, New York City. 
 50,000-6s ('30) St. Paul Fire & JIarine Insurance Co., St. Paul, Minn. 
 57,500-6s ('30) State Mutual Life Assurance Co., Worcester, Mass. 
 30,000-6s ('30) con. mtg. Germania Life Insurance Co., N. Y. City. 
 50,000-6s ('30) con. mtg. Home Insurance Company, N. Y. City. 
 l,181,459-6s ('30) con. mtg. New York Life Insurance Co., N. Y. City. 
 15,000-6s ('30) con mtg. Niagara Fire Insurance Co., New York City. 
 25,000-6s ('30) con. mtg. Queens Insurance Company of America, N. Y. C. 
 100,000-6s ('36) 1st mtg. Continental Insurance Company, N. Y. City. 
 33,422-6s ('18) C, St, P. & Minn. Div. 1st mtg. g. Germania L. I. Co., N. Y. C. 
 54,490-6s ('30) No. Wis. Div. 1st mtg. Germania Life Ins. Co., N. Y. City. 
 122,000-6s ('15) St. P. & S. I. Div. 1st mtg. coup. g. Ger. L. Ins. Co., N. Y." C. 
 
 CHICAGO AND SOUTHWESTERN KAILBOAD. 
 
 36,500-7s Fidelity Trust Company, Newark, N. J. 
 
 3,000-7s (1899) Connecticut Savings Bank, New Haven, Conn. 
 
 20,000-7s (1899) Farmington Savings Bank, Farmington, Conn. 
 
 l,000-7s (1899) Mechanics' Savings Bank, Hartford, Conn. 
 
 10,000-7s (1899) Savings Bank of Danburv, Danbury, Conn. 
 
 125,000-7s (1899) Society for Savings, Hartford, Conn. . 
 
 5,000-7s (1899) Southington Savings Bank, Southington, Conn. 
 
 CHICAGO TERMINAL TRANSFER RAILWAY. 
 
 440- cm. Brooklyn Life Insurance Company, New York City. 
 320- cm. Lansdale Trust & Safe Deposit Co., Lansdale, Pa. 
 25,000- pf. Amoskeag Savings Bank, JIanchester, N. H. 
 
 1,800- pf. Brooklyn Life Insurance Company, New York Citv. 
 
 1,700- pf. Lansdale Ti-ust & Safe Deposit Co., Lansdale, Pa. 
 15,000- pf. Washington Trust Co. of the City of New York, N. Y. City. 
 
 9,450- g. Brooklyn Life Insurance Company, New York City. 
 20,000- Cotton & Woolen Manufacturers' Mutual Ins. Co.. Boston, Mass. 
 20,000- Rubber Manufacturers' Mutual Insurance Co., Boston, Mass. 
 12,000- Washington Trust Company of the City of New York, N. Y. City. 
 
 5,000- Whiting Mutual Fire Insurance Company, Boston, Mass. 
 20,000-4s Amoskeag Savings Bank, Manchester, N. H. 
 
 3,600-4s coup. Lansdale Trust & Safe Deposit Co., Lansdale. Pa. 
 25,000-4s coup. 1st mtg. Miners' Savings Bank, A^'ilkes-Barre, Pa. 
 20,000-4s coup. 1st mtg. Wilkes-Barre Dep. & Sav. Bk., Wilkes-Barre, Pa. 
 24,551-4s coup. reg. Wayne County Savings Banlc, Honesdale, Pa. 
 20,000-4s 1st mtg. National Fire Insurance Co.. Hartford, Conn. 
 21,531-4s ('47) 1st mtg. Germania Life Insurance Companv, N. Y. City. 
 306,661-4s ('47) 1st mtg. g. Jletropolitan Life Insurance Co., N. Y. City. 
 15,000-4s ('47) 1st mtg. g. Niagara Fire Insurance Co., N. Y. City. 
 46,500-4s ('47) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 CHICAGO AND WESTERN INDIANA ]^AILR0AD. 
 
 8,000- Holyoke Mutual Fire Insurance Company, Salem. Mass. 
 10,000-6s Paterson Safe Deposit & Trust Company, Paterson, N. J. 
 
 5,000-6s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 
 6,000-6s Insurance Company of the State of New York, New York City. 
 25,000-6s coup. Miners' Savings Bank, Wilkes-Barre, Pa. 
 10,000-6s gen. mtg. g. coup. ._ Anthra'cite Savings Bank, Wilkes-Barre, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 551 
 
 150,000-6s 
 
 52,500-6s 
 
 100,000-6s 
 
 10,000-6s 
 
 14,000-6s 
 
 50,000-6s 
 
 13,000-6s 
 
 7,000-6s 
 
 5,000-6s 
 
 13,000-6s 
 
 218,556-6s 
 
 7,000-6s 
 
 42,000-6s 
 
 5,000-6s 
 
 20,000-6s 
 
 30,000-6s 
 
 10,600-6s 
 
 23,000-6s 
 
 29,000-6s 
 
 44,900-6s 
 
 116,875-6s 
 
 120,000-6s 
 
 929,870-6s 
 
 374,000-6s 
 
 80,000-6s 
 
 77,125-6s 
 
 l,150,324-6s 
 
 125,000-6s 
 
 114,452-6s 
 
 12o,000-6s 
 
 23,550-6s 
 
 15,000-6s 
 
 10,000-6s 
 
 gen. mtg. coup. Fidelity Ins., Tr. & Safe Dep. Co., Phila., Pa. 
 
 gen. mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 
 gen, mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 gen. mtg. coup. Wilkes-Barre Dep. & Sav. Bk., Wilkes-Barre, Pa. 
 
 1st jntg. National Fire Insurance Company, Hartford, Conn. 
 
 gen. mtg. National Fire Insurance Co., Hartford, Conn. ' 
 
 1st mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 
 ('19 
 ('19 
 ('19 
 ('19 
 ('19 
 (-19 
 ('19 
 ('19 
 ('19 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 ('32 
 
 American Fire Insurance Company, Philadelphia, Pa 
 
 Insurance Company of the State of Pennsylvania, Phila., Pa. 
 
 mtg. Aetna Insurance Company, Hartford, Conn. 
 
 1st mtg. Connecticut Mutual Life Ins. Co., Hartford. Conn. 
 
 1st mtg. Franklin Fire Insurance Company, Phila., Pa. 
 
 1st mtg. coup. Ins. Co. of North America, Phila., Pa, 
 
 1st mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 1st mtg. Phoenix Insurance Company, Hartford, Conn. 
 
 1st mtg. sk. fd. g. Hartford Fire Ins. Co., Hartford, Conn. 
 
 Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 Connecticut Fire Insurance Company, Hartford, Conn. 
 
 Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Travelers' Insurance Company, Hartford, Conn. 
 
 gen. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 gen. mtg. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 gen. mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 
 g. con. Manchester Assur. Co. (Manchester, Eng.), N. Y. C. 
 
 gen. mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 gen. mtg. Sinking Fund, New York Life Ins. Co., N. Y. C. 
 
 gen. mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 gen. mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 gen. mtg. Phoenix Ins. Co., Hartford, Conn. 
 
 gen. mtg. Provident Savings Life Assur. Soc, N. Y. City. 
 
 gen. mtg. g. Spring Garden Insurance Co., Phila., Pa. 
 
 gen. mtg. United Firemen's Insurance Co., Phila., Pa. 
 
 CHICAGO AND WEST MICHIGAN RAILBOAD. 
 
 6,000- stk. Biddeford Savings Bank, Biddeford, Me. 
 
 425- scrip. Kennebunk Savings Bank, Kennebunk, Me. 
 1,275- scrip. People's Safe Deposit & Savings Bank, Bath, Me. 
 510- scrip. South Paris Savings Bank, South Paris, Me. 
 255- int. scrip. Walpole Savings Bank, Walpole, N. H. 
 4,250- coup, scrip. Bath Savings Institution, Bath, Me. 
 
 425-5S scrip, coup. Citizens' Bank, 'Freeland, Pa. 
 l,562-5s scrip, coup. Wilkesbarre Dep. &• Sav. Bank, Wilkesbarre, Pa. 
 l;700-5s scrip. Manchester Savings Bank, Manchester, N. H. 
 465-5S scrip. New Hampshire Savings Bank, Concord, N. H. 
 20,000-5s Manchester Savings Bank, Manchester, N. H. 
 3,000-5s New Hampshire Savings Bank, Concord, N. H. 
 3,000-5s Walpole Savings Bank, Walpole, N. H. 
 
 9,800-5s coup. Carbondale Miners and Mechanics' Sav. Bk., Carbondale, Pa. 
 4,881-5s coup. Citizens' Bank, Freeland, Pa. 
 25,000-5s coup. Wilkesbarre Deposit Bank, Wilkesbarre, Pa. 
 340-5S coup, scrip. Wiscasset Savings Bank, Wiscasset, Me. 
 850-5S ('04) coup, scrip. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 2,122-5s ('04) scrip. State Mutual Life Assurance Co., Worcester, Mass. 
 20,000-5s ('21) Bangor Savings Bank, Bangor, Me. 
 50,000-5s ('21) Bath Savings Institution, Bath, Me. 
 5,000-5s ('21) Biddeford Savings Bank, Biddeford, Me. 
 5,000-5s ('21) Gorham Savings Bank, Gorham, Me. 
 9,850-5s ('21) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 5,000-5s ('21) Kennebunk Savings Bank, Kennebunk, Me. 
 36,463-5s ('21) New England Mutual Life Insurance Co., Boston, Mass. 
 15,000-5s ('21) People's Safe Deposit and Savings Bank, Bath, Me. 
 20,000-5s ('21) Saco and Biddeford Savings Institution, Saco, Me. 
 5,000-5s ('21) South Berwick Savings Bank, South Berwick. Me. 
 6,000-5s ('21) South Paris Savings Bank, South Paris, Me. 
 24,812-5s ('21) State Mutual Life Assurance Co., Worcester, Mass. 
 
552 DUTIES AND POWEBS OF INTERSTATE COMMEKCE COMMISSION. 
 
 4,000-5s ('21) Wiscasset Savings Bank, Wiscasset, Jle. 
 50,000-5s ('21) con. mtg. Portland Savings Bank, Portland, Me. 
 38,600-5s ('21) coup. mtg. Penn. Mutual Life Insurance Co., Pliila., Pa. 
 
 CHICAGO, WISCONSIN AND MINNESOTA RAILWAY. 
 
 25,000- Security Trust Company of Rochester, Rochester, N. Y. 
 l,800-6s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 9,000-6s ('16) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 4,740-6s ('16) 1st mtg. g. Union Mutual Life Ins. Co., Portland, Me. 
 
 CHOCTAW AND MEMPHIS BAILEOAD. 
 
 6,000- pf . Investment Company of Philadelphia, Philadelphia, Pa. 
 203,500-5s coup. Girard Trust Company, Philadelphia, Pa. 
 50,000-5s ('49) 1st mtg. Pennsylvania Fire Insurance Co., Phila., Pa. 
 46,000-5s ('49) 1st mtg. coup. g. Penn. Mutual Life Ins. Co., Phila., Pa. 
 
 CHOCTAW, OKLAHOMA AND GULF BAILEOAD. 
 
 226,537- pf. E. P. Wilbur Trust Co., South Bethlehem, Pa. 
 12,000- pf. reg. Integrity Title, Ins., Tr. & Safe Dep. Co., Phila., Pa. 
 16,930-5s gen. mtg. coup. Albertsou Tr. & S. Dep. Co., Norristown, Pa. 
 52,800-5s coup. Commonwealth Title, Ins. & Tr. Co., Philadelphia, Pa. 
 20,000-5s gen. mtg. coup. Integrity Title, Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 5,350-5s reg. Frankford Real Estate, Tr. & S. Dep. Co., Phila., Pa. 
 51,930-5s 1st mtg. coup. Merchants' Trust Company, Philadelphia, Pa. 
 
 5,195-5s coup. Manayunk Ti-ust Company, Philadelphia, Pa. 
 20,000-5s coup. Jlontgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 41,800-5s gen. mtg. g. Northern Sav. Fund. S. Dep. & Tr. Co., Phila., Pa. 
 
 5,300-5s reg. coup. Jlifflinburg Bank, MifHinburg, Pa. 
 53,315-5s ('19) gen. mtg. g. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 CINCINNATI, DAYTON AND IRONTON RAILROAD. 
 
 24,875- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
 10,000-5s Insurance Comiiany of the State of New York, N. Y. City. 
 
 10,000-5s National Fire Insurance Company, Hartford, Conn. 
 
 25,000-5s New Hampshire Savings Bank, Concord, N. H. 
 
 5,000-5s Silk City Safe Deposit & Trust Company, Paterson, N. J. 
 
 10,860-5s g. coup. Lackawanna Trust & Safe Deposit Co., Scranton, Pa. 
 
 10,875-5s coup. Security Title & Trust Co., York, Pa. 
 
 20,000-5s 1st mtg. Miners' Savings Bank, Pittston, Pa. 
 
 65,000-5s 1st mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 
 25,000-5s ('41) g. Aetna Insurance Company, Hartford, Conn. 
 
 5,000-5s ('41) Bath Savings Institution, Bath, Me. 
 
 27,518-5s ('41) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 15,000-5s ('41) gtd. Connecticut Fire Insurance Co., Hartford, Conn. 
 
 9,550-5s ('41) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 30,475-5s ('41) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 47,750-5s ('41) New England Mutual Life Insurance Co., Boston, Mass. 
 
 20,000-5s ('41) 1st mtg. g. Lon. & Lane. F. Ins. Co. (L'p'l, Bng.), N. Y. C. 
 
 10,000-5s ('41) gtd. Orient Insurance Company, Hartford, Conn. 
 
 20,000-5s ('41) Paterson Savings Institution, Paterson, N. J. 
 
 25,000-5s ('41) 1st mtg. g. Fire Assoc, of Philadelphia, Philadelphia, Pa. 
 
 9,550-5s ('41) 1st mtg. gtd. Phoenix JIutual Life Ins. Co., Hartford, Conn. 
 
 25,000-5s ('41) 1st mtg. g. gtd. Phoenix Insurance Co., Hartford, Conn. 
 
 37,080-5s ('41) 1st mtg. Prudential Insurance Co. of America, Newark, N. J. 
 
 5,000-5s ('41) 1st mtg. g. coup. Union Insurance Co., Philadelphia, Pa. 
 
 27,000-5s ('41) Travelers' Insurance Company, Hartford, Conn. 
 
 CINCINNATI, HAMILTON AND DAYTON RAILROAD. 
 
 10,000- Holyoke Miitual Fire Insurance Co., Salem, Mass. 
 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 
 10,000- Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 
 25,000- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
DUTIES AND POWEKS OE INTERSTATE COMMERCE COMMISSION. 553 
 
 15,000- Westerly Savings Bank, Westerly, R. I. 
 
 12,000- Worcester Mutual Fire Insurance Co., Worcester JIass. 
 
 5,000-5s Norway Plains Savings Banli, Rochester, N. II.' 
 20,000-5s coup. Savings Fund Soc. of Germautown. etc., Pliila Pa 
 l],000-5s coup. Scranton Savings Bank, Scranton, Pa. 
 
 5,000-5s coup. Wyoming Valley Trust Company, Wilkesbarre, Pa. 
 10,087-5s gen. mtg. coup. Lackawanna Trust & S. Dep. Co., Scranton Pa 
 15,000-5s gen. mtg. coup. Miners' Savings Bank, Pittston, Pa. 
 
 8,000-5s ('05) Deep River Savings Bank, Deep River, Conn. 
 
 6,000-5s ('05) Meriden Savings Bank, Meriden, Conn. 
 50,000-5s ('41) State Savings Bank, Hartford, Conn. 
 50,000-5s ('42) gen. mtg. g. Aetna lasurance Co.. Hartford, Conn. 
 50,000-5s ('42) Connecticut Fire Insurance Company, Hartford, Conn. 
 20,875-5s (.'42) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 50,000-5s ('42) State Mutual Life Assurance Company, Worcester, Mass. 
 20,000-5s ('42) reg. gen. mtg. g. Fire Association of Philadelphia, Phil., Pa. 
 50,000-5s ('42) gen. mtg. Insurance Co. of North America, Philadelphia, Pa 
 985,314-5s ('42) gen. mtg. g. New York Life Insurance Co.. N. Y. City. 
 50,000-5s ('42) gen. mtg. Sun Insurance Office (London, ISng.), N. Y. City. 
 
 5,000-6s ('05) Chelsea Savings Bank, Norwich, Conn. 
 
 5,000-6s ('05) Groton Savings Bank, Mystic, Conn. 
 
 l,000-6s ('05) Mechanics' Savings Bank, Hartford, Conn. 
 298,497-6s ('05) Mutual Life Insurance Company, N. Y. City. 
 35,000-6s ('05) Society for Savings, Hartford, Conn. 
 
 2,000-7s ('05) Mechanics' Savings Bank, Hartford, Conn. 
 64,236-7s ('05) Mutual Life Insurance Company, N. Y. City. 
 25,000-7s ('05) Society for Savings, Hartford, Conn. 
 32,000-7s ('05) Con. Sink. Fund Aetna Ins. Co., Hartford, Conn. 
 55,000-7s ('05) Sink. Fund Hartford Fire Ins. Co., Hartford, Conn. 
 
 CINCINNATI, HAMILTON AND INDIANAPOLIS BAILEOAD. 
 
 10,000- 1st. mtg. Rochester Trust and Safe Deposit Co., Rochester, N. Y. 
 
 CINCINNATI, INDIANAPOLIS, ST. LOCTS AND CHICAGO RAILROAD. 
 
 10,000- g. Munich Re-Insurance Company (Munich, Bav.), N. Y. City. 
 210,000- New York Life Insurance & Trust Company, N. Y. City. 
 
 50,000-4s Fidelity Trust Company, Newark, N. ,T. 
 
 35,000-4s National Fire Insurance Company, Hartford, Conn. 
 
 40,000-4s ('36) American Insurance Company, Boston, Mass. 
 40Q,000-4s ('36) Equitable Life Assurance Soc. of United States, N. Y. City. 
 376,712-4s ('36) Mutual Life Insurance Company, N. Y. City. 
 348,000-4s ('36) Mutual Benefit Life Insurance Company, Newark, N. J. 
 100,000-4s ('36) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 
 94,000-4s ('36) 'J?tavelers' Insurance Company, Hartford, Conn. 
 
 20,300-4s ('36) Washington Life Insurance Company, N. Y. City. 
 
 23,625-4s ('36) gen. 1st mtg. Fidelity and Casualty Company, N. Y. City. 
 
 30,000-4s ('36) gen. 1st mtg. g. H'b'g-Bremen F. I. Co. (H'b'g, G.), N. Y. C. 
 
 25,000-4s ('36) 1st mtg. gen. Hanover Insurance Company, N. Y. City. . ' 
 308,535-4s ('36) 1st. mtg. g. Prudential Ins. Co. of America, Newark, N. J. 
 100,000-4s ('36) reg. con. g. 1st mtg. L. & Lane. F. I. Co. (L'p'l, E.), N. Y. C. 
 
 47,000-4s ('30) reg. f^aco and Biddeford Savings Institution, Saco, Me. 
 119,000-6s ('20) con. mtg. Hartford Fire Insurance Co., Hartford, Conn. 
 
 19,305-6s ('20) 1st con. mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 CINCINNATI, JACKSON AND MACKINAW RAILROAD. 
 
 12,000-4s ('91) Orient Insurance Company, Hartford, Conn. 
 
 12,282-4s ('91) Hartford Steam Boiler Ins. & Ins. Co.. Hartford, Conn. 
 
 17,000-4s ('91) 1st. Niantic Savings Bank, Westerly, R. I. 
 
 CINCINNATI, LAFAYETTE AND CHICAGO RAILROAD. 
 
 1,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 37,000-7s Fidelity Trust Company, Newark, N. .T. 
 163,615-78 ('01) 1st mtg. g. New York Life Insurance Co., N. Y. City. 
 
554 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 CINCINNATI, LEBANON AND NOETHEBN EAILEOAD. 
 
 2,000- Mechanics' Savings Banli, Westerly, R. I. 
 2,000-5s Merrimacls County Savings Banli, Concord, N. H. 
 l,500-2s Merrimack County Savings Bank, Concord, N. H. 
 800-5S Guaranty Savings Bank, Manchester, N. H. 
 
 CINCINNATI NOKTHEEN EAILEOAD. 
 
 30,200- pf. Industrial Trust Company, Providence, R. I. 
 4,000- Westerly Savings Bank, Westerly, R. J. 
 7,200-5s 1st mtg. Industrial Trust Company, Providence, R. I. 
 
 CINCINNATI, POETSMOUTH AND VIEGINIA EAILEOAD. 
 
 90- scrip. Investment Company of Philadelphia, Phil., Pa. 
 282,349- cm. Investment Company of Philadelphia, Phila., Pa. 
 194,110- pf. Investment Company of Philadelphia, Phila., Pa. 
 50,000-5s ('25) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 CINCINNATI, RICHMOND AND FOET WAYNE EAILEOAD. 
 
 2,000- Employers' Mutual Indemnity Company, Philadelphia, Pa. 
 20,000-7s Lumbermen's Insurance Company, Philadelphia, Pa. 
 12,360-7s 1st mtg. g. Fidelity Mutual Life Insurance Co., Phila., Pa. 
 
 CrNCINNATI, SANDUSKY AND CLEVELAND EAILEOAD. 
 
 5,000- Paper Mill Mutual Fire Insurance Company, Boston, Mass. 
 21,750- pf. Metropolitan Life Insurance Company, New York City. 
 14.040-5S ('28) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 517,650-5s ('28) Mutual Life Insurance Company, New York City. 
 592.095-5S ('2S) 1st con. g. New York Life Insurance Co., N. Y. City. 
 5,075-5s ('21) 1st mtg. con. Provident Sav. Life Assurance Soc, N. Y. 0. 
 
 CINCINNATI AND SPEINGFIELD EAILEOAD. 
 
 52,622-7s coup. Girard Trust Company, Philadelphia, Pa. 
 31,0i30-7s ('01) 1st mtg. Augusta Savings Bank. Augusta, Me. 
 94,000-7s CO]) Equitable Life Assur. Society of United States, N. Y. City. 
 269,810-7s ('01) Mutual Life Insurance Company, New York City. 
 82,000-7s ('01) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 CLEAEFIELD AND JEFFEESON EAILEOAD. 
 
 3,517-6s coup. American Trust Company of Philadelphia, Phila., Pa. 
 23,200-6s coup. Commonwealth Title. Ins. & Tr. Co., Philadelphia, Pa. 
 
 5,000-6s ('27) Gardiner Savings Institution, Gardiner, Me. 
 25,000-6s ('27) 1st mtg. Spring Garden Insurance Company, Phila., Pa. 
 10,000-6s ('27) Rockland Savings Bank, Rockland, Me. 
 10,000-6s ('27) Thomaston Savings Bank, Thomaston, Jle. 
 
 CLEAEFIELD AND MAHONING EAILEOAD. 
 
 2,000-5s ('431 Essex Savings Bank, Essex, Conn. 
 
 25,000-5s ('43) gtd. Litchfield Savings Society, Litchfield, Conn. 
 
 30,000-5s ('43) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 25,000-5s ('43) Meriden Savings Bank, Meriden, Conn. 
 
 35,000-5s ('43) New Haven Savings Bank, New Haven, Conn. 
 
 75,000-5s ('43) Norwich Savings Society, Norwich, Conn. 
 
 15,000-5s ('43) Savings Bank of New Britain, New Britain, Conn. 
 
 15,000-5s ('43) Savings Bank of Danhury, Danbury, Conn. 
 
 15,000-5s ('43) Stafford Savings Bank, Stafford Springs, Conn. 
 
 ]4,000-5s ('43) coup. Stamford Savings Bank, Stamford, Conn. 
 
 10,000-5s ('43) Waterbury Savings Bank, Waterbury, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 555 
 CLEVELAND, AKEON AND COLUMBL'S BAILBOAD. 
 
 333,375-5s gen. mtg. Metropolitan Life Insurance Company, N. Y. City. 
 57,000-6s ('30) equip, tr. 2d mtg. g. Metropolitan Life liis. Co., N. Y. City. 
 
 CLEVELAND, CANTON AND SOUTHEKN RAILROAD. 
 
 1,000- cm. Rockland Savings Baulf, Eockland, Me. 
 
 1,000- cm. Searsport Savings Bank, Searsport, Me. 
 
 6,200- pf. Rockland Savings Bank, Rockland, Me. 
 
 6,100- pf. Searsport Savings Bank, Searsport, Me. 
 
 327- synd. sub. Scranton Savings Bank, Scranton, Pa. 
 
 950,000-5s Equitable Life Assurance Society of United States, N. Y. City. 
 
 CLEVELAND AND CANTON RAILROAD. 
 
 5,000-5s Mechanics' Trust Company, Bayonne, N. ,7. 
 
 CLEVELAND, CINCINNATI, CHICAGO ft.ND ST. LOUIS RAILROAD. 
 
 Holland Trust Company, N. Y. City. 
 Aetna Insurance Company, Hartford, Conn. 
 Aetna Life Insurance Company, Hartford, Conn. 
 American Fire Insurance Company, New York City. 
 Commonvs-ealth Insurance Company, New York City. 
 Continental Insurance Company, New York City. 
 Fidelity and Casualty Company, New York City. 
 Fifth Avenue Safe Deposit Company, New York City. 
 ;ap. stk. Hanover Fire Insurance Company, N. Y. City. 
 Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 Manhattan Life Insurance Company, New York City. 
 Phcenix Insurance Company, Hartford, Conn. 
 Security Insurance Company, New Haven, Conn. 
 Security Trust Company of Rochester, Rochester, N. Y. 
 Provident Life & Trust Co., Philadelphia, Pa. 
 German-American Insurance Company, N. Y. City. 
 Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 ]8,000-4s Fidelity Trust Company, Newark, N. J. 
 8,000-4s coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 18,444-4s coup. Wayne County Savings Bank, Honesdale, Pa. 
 50,000-4s 1st mtg. g. London Assur. Corp. (London, Eng.), N. Y. City. 
 14,250-4s 1st mtg. coup. Merchants and Mechanics' Bank, Scranton, Pa. 
 2,810-4s gen. mtg. coup. Albertson Trust & S. Dep. Co., Norristown, Pa. 
 ; 9,500-4s gen. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 ' 4,300-4s gen. mtg. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 25,000-4s ('89) Lancashire Ins. Co. (Manchester, Bug.), N. Y. City. 
 25,000-4s ('39) 1st mtg. Sun Insurance Office (London, Eng.), N. Y. City. 
 5,000-4s ('40) Saco & Biddeford Savings Institution, Saco, Me. 
 9,800-4s ('40) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 91,000-4s ('40) New England Mutual Life Insurance Co., Boston, Mass. 
 44,000-4s ('40) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 19,231-4s ('90) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 100,000-4s ('90) Mutual Benefit Life Insurance Co., Newark, N. J. 
 222,500-4s ('90) Mutual Life Insur.ance Company, N. Y. City. 
 112,500-4s (90) State Mutual Life Assurance Company, Worcester, Mass. 
 10,000-4s ('91) Connecticut Fire Insurance Company, Hartford, Conn. 
 94,000-4s ('73) Aetna Life Insurance Company, Hartford, Conn. 
 43,050-5s ('28) Cin., S'd & Clev. con. 1st mtg. g. Ger. Life Ins. Co., N. Y. C. 
 9,250- C, W. & M. div. 1st mtg. Nederland Ltd. Lia. Ins. Co. (Amster- 
 dam, Holland), N. Y. City. 
 13,612-4s C, W. & M. div. 1st. mtg. Anthracite Sav. Bk., Wilkesbarre, Pa. 
 4,675-4s C, W. & M. div. coup. Dep. & Sav. Bk. of Kingston, K'ston, Pa. 
 19,026-4s C, W. & M. div. 1st mtg. cp. Dime Dp. & Dis. Bk., Scranton, Pa. 
 25,000-4s ('91) C, W. & M. div. Lane. Ins. Co. (M'chester, Eng.), N. Y. C. 
 9,125-4s S. & C. div. mtg. coup. Lackawanna Tr. & S. D. Co., Scranton, Pa. 
 50,000-4s ('40) S. & C. div. Com. Iln. Assur. Co. (Ltd.) (Lon., E.), N. Y. C. 
 lll,688-4s ('40) S. & C. div. Conn. Mut. Life Ins. Co., Hartford, Conn. 
 
 50,000- 
 
 cm. 
 
 75,000- 
 
 pf. 
 
 24,700- 
 
 pf. 
 
 50,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 24,100- 
 
 pf. 
 
 9,900- 
 
 pf. 
 
 50,000- 
 
 pf. c 
 
 19,500- 
 
 pf. 
 
 48,975- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 80,812- 
 
 stk. 
 
 40,000- 
 
 stk. 
 
 75,000- 
 
 gen. 
 
556 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 70,000-4s ('40) S. & C. div. 1st mtg. g. Hartford Fire Ins. Co., H'f'd, Conn. 
 
 50,000- St. Louis div. State Trust Company, N. Y. City. 
 
 9,360-4s St. Louis div. coup. Lacliawanna Tr. & S. Dep. Co., Scranton, Pa. 
 
 25,000-4s St. Louis div. coup. Jliners' Savings Banli, Wilkesbarre, Pa. 
 
 5,000-4s ('43) St. Louis div. People's Savings Bank, Rockville, Conn. 
 
 541,297-4s ('90) St. Louis div. Conn. Mutual Life Ins. Co., Hartford, Conn. 
 
 90,000-4s ('90) St. Louis div. 1st coll. tr. mtg. g. Ger. L. Ins. Co., N. T. C. 
 
 50,000-4s COO) St. Louis div. 1st mtg. German-Amer. Ins. Co., N. Y. C. 
 
 5,000-4s ('90) St. Louis div. Gorham Savings Bank, Gorham, Me. 
 
 200,000-4s ('90) St. L. div. 1st mtg. coll. tr. Hartford F. Ins. Co., H'f'd, Conn. 
 
 91,750-4s ('90) St. Louis div. tr. Home Life Ins. Co.. N. Y. City. 
 
 22,937-4s ('90) St. Louis div. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 18,145-4s ('90) St. L. div. 1st coll. tr. mtg. Prov. Sav. Life Ass. Sc, N. Y. C. 
 
 141,800-4s ('90) St. I;Ouis div. 1st mtg. Prud. Ins. Co. of Amer., New'k, N. J. 
 
 CLEVELAND, COLUMBUS, CINCINNATI AND INDIANAPOLIS B. E. 
 
 7,000- mtg. Guardian Trust Company, Toledo, O. 
 3,000-6s gen. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 200,000-6s ('34) Equitable Life Assur. Society of United States, N. Y. City. 
 9,750-6s ('34) John Hancock JIutual Life Insurance Co., Boston, Mass. 
 10,000-6s ('34) Orient Insurance Company, Hartford, Conn. 
 25,000-6s ('34) gen. con. mtg. g. Germania Fire Insurance Co., N. Y. City. 
 30,000-6s ('34) gen, mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 5,77.'5-t)s ('34) con. gen. mtg. Phoenix Mutual Life Ins. Co., Hartf'd, Conn. 
 l,069,489-6s ('34) gen. con. g. New York Life Insurance Co., N. Y. City. 
 10,000-6s ('34) gen. mtg. g. Spring Garden Insurance Co., Phila, Pa. 
 4,000-7s Fidelity Trust Company, Newark, N. J. 
 3.5,000-7s National Fire Insurance Company, Hartford, Conn. 
 26,766-7s 1st con. mtg. coup. Lackawanna Tr. & S. Dep. Co., Scranton, Pa. 
 302,490-7s ('14) Mutual Life Insurance Company, N. Y. City. 
 595,000-7s ('14) Equitable Life Assur. Society of United States, N. Y. City. 
 25,000-7s ('14) Orient Insurance Company, Hartford, Conn. 
 19,800-7s ('14) State Mutual Life Assurance Co.. Worcester, Mass. 
 60,000-7s ('14) 1st con. mtg. Aetna Insurance, Hartford, Conn. 
 8,000-7s ("14) con. Hartford Fire Insurance Co., Hartford, Conn. 
 100,000-7s ('14) 1st con. mtg. Home Insurance Company, N. Y. City. 
 
 25,000-7s ('14) con. mtg. Portland Savinsjs Bank, Portland, Me. 
 323,579-7s ('14) 1st con. g. New York Life Insurance Co., N. Y. City. 
 
 CLEVELAND, LOBAIN AND WHEELING RAILWAY. 
 
 25,000- Fidelity Trust & Guaranty Co., Buffalo, N. Y. 
 10,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 10,000- Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 26,937- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 25,000- 1st mtg. Rochester Trust and Safe Dep. Co., Rochester, N. Y. 
 10,725- con. mtg. Nederland Ltd. Lia. L. Ins. Co. (Am'd'm, Hoi.), N. Y. C. 
 10,000-5s Loan and Trust Savings Bank, Concord, N. H. 
 50,000-5s National Fire Insurance Co., Hartford, Conn. 
 ]0,000-5s Silk City Safe Deposit & Trust Co., Paterson, N. J. 
 10,000-5s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 15,000-5s coup. Saving Fund Soc. of Germantown, etc., Phila, Pa. . 
 50,000-5s 1st mtg. con. Industrial Trust Co., Providence, R. I. 
 100,000-5s 1st mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 
 6,000-5s 1st mtg. New England Commercial Bank, Newport, R. I. 
 
 5,000-5s 1st mtg. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 151,091-5s ('02) equip, notes, g. New York Life Insurance Co., N. Y. City. 
 50,000-5s ('13) Bangor Savings Bank, Bangor, Me. 
 10,000-5s ('15) Rockland Savings Bank, Rockland, Me. 
 50,000-5s ('33) 1st mtg. con. g. Ins. Co. of North America, Phila., Pa. 
 25,000-5s ('33) Androscoggin County Savings Bank, Lewiston, Me. 
 15,000-5s ('33) Auburn Savings Bank, Auburn, Me. 
 
 5,000-5s ('33) Bath Savings Institution, Bath, Me. 
 20,500-.5s ('.33) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 5,000-5s ('33) Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 5,00O-5s ('33) Buxton & Hollis Savings Bank, West Buxton, Me. 
 
DUTIES AND POWERS OF INTEESTATE COMMEECE COMMISSION. 557 
 
 100,000-5s 
 
 ('33) 
 
 10,000-5s 
 
 ('33) 
 
 2,000-5s 
 
 ('33) 
 
 2,000-5s 
 
 ('33) 
 
 12,000-5s 
 
 ('33) 
 
 ^ 15,000-5s 
 
 ('33) 
 
 5,000-5s 
 
 ('33) 
 
 5,000-5s 
 
 ('33) 
 
 i 75,000-5s 
 
 (•33) 
 
 47,500-5s 
 
 ('33) 
 
 25,000-5s 
 
 ('33) 
 
 50,000-5s 
 
 ('33) 
 
 :5,000-5s 
 
 ('33) 
 
 238.108-5S 
 
 ('33) 
 
 50,000-5s 
 
 ('33) 
 
 50,000-5s 
 
 (•33) 
 
 50,000-5s 
 
 ('33) 
 
 50,000-5s 
 
 ('33) 
 
 50,000-5s 
 
 (•33) 
 
 102,000-5s 
 
 (•33) 
 
 52,<525-5s 
 
 ('33) 
 
 Citizens' Savings Bank, Providence, R. I. 
 
 Brunswick Savings Institution, Brunswick, Me. 
 
 Dexter Savings Bank, Dexter, Me. 
 
 Franklin County Savings Bank. Farmington, Me. 
 
 Paterson Savings Institution, Paterson, N. J. 
 
 People's Savings Bank, Lewiston, Me. 
 
 Piscataquis Savings Bank, Dover, Me. 
 
 Machias Savings Bank, Machias, Me. 
 
 Maiiie Savings Bank, Portland, Me. 
 
 State Mutual Life Assur. Co., Worcester, Mass. 
 
 Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 con. g. 1st. mtg. Fire Assoc, of Pliiladelphia, Phila., Pa. 
 
 1st. Niantic Savings Bank, Westerly, R. I. 
 
 1st con. g. New York Life Insurance Co., N. Y. City. 
 
 reg. Norwich Tin. F. Ins. Soc. (Norwich, Eng.), N. Y. C. 
 
 con. mtg. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 
 1st con. mtg. Portland Savings Bank, Portland, Me. 
 
 1st mtg. g. People's Savings Bank, Providence, R. I. 
 
 1st mtg. con. Rhode Island Hosp. Tr. Co., Providence, R. I. 
 
 1st mtg. con. g. coup. Penn Mut. Life Ins. Co., Phila., Pa. 
 
 Travelers' Insurance Company, Hartford, Conn. 
 
 CLEVELAND AND MAHONING VALLEY EAILBOAD. 
 
 100,000-5s ('38) Chelsea Savings Bank, Norwich, Conn. 
 
 25,000-5s CSS) City Savings Bank, Meriden, Conn. 
 
 10,000-5s (•SS) Connecticut Fire Insurance Co., Hartford, Conn. ' 
 
 25,000-5s ('38) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 12,000- 5s 1'38) Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 20,000-5s CSS) reg. Egui table Life Assur. Society of United States, N. Y. C. 
 
 655,000-5s CSS) Equitable Life Assurance Society of United States, N. Y. City. 
 
 5,000-5s ('38) Falls Village Savings Bank, B'alls Village, Conn. 
 
 20,000-5s ('38) Farmington Savings Bank, Farmington, Conn. 
 
 5,000-5s ('38) 1st. mtg. g. Helvetia Swiss F. I. Co. (St. Paul, Sw.), N. Y. C. 
 
 130,000-5s (•38) Norwich Savings Society, Norwich, Conn. 
 
 100,000-5s (^38) Society for Savings, Hartford, Conn. 
 
 10,000-5s ('38) coup. Stamford Savings Bank, Stamford, Conn. 
 
 26,000-5s ('38) Savings Bank of New London, New London, Conn. 
 
 CLEVELAND AND PITTSBURS RAILROAD. 
 
 43,000- pf. Trust Company of America, N. Y. City. 
 
 50,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 25,000- stk. Brit. & For. Mar. Ins. Co. (Ltd.) (Liverp^l, Eng.), N. Y. C. 
 937,315- stk. Mutual Life Insurance Company, N. Y. City. 
 
 10,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 11,000- stk. Newport Savings Bank, Newport, N. H. 
 
 10,000- stk. Niagara Fire Insurance Company, N. Y. City. 
 
 20,000- stk. Orient Insurance Company, Hartford, Conn. 
 
 10,000- cap. stk. Caledonian-American Insurance Co., N. Y. City. 
 
 64,750- gtd. divid. stk. Penn Mutual Life liis. Co., Philadelphia, Pa. 
 170.243- gtd. stk. reg. Fidelity Ins. Tr. S. Dep. Co., Philadelphia, Pa. 
 
 75,000- gtd. stk. Home Insurance Company, N. Y. City. 
 
 25,000- gtd. stk. Phoenix Insurance Company, Hartford, Conn. 
 
 25,000- gtd. stk. Sun Insurance Office (London, Eng.), N. Y. City. 
 
 25,000- New York Life Insurance and Trust Company, N. Y. City. 
 1,000- Real Estate Trust Company, N. Y. City. 
 200,000- gen. mtg. ' New York Insurance and Trust Co., N. Y. City. 
 5,000-3 Js ("48) Hudson City Savings Bank, Jersey City, N. J. 
 4,681-4s ('93) gen. g. coup. Aetna Indemnity Company, Hartford, Conn. 
 
 33,500-4Js coup. Commonwealth Title, Insurance & Tr. Co., Phila., Pa. 
 
 37,050-4is gen. mtg. coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 200,000-4|s ('42) Norwich Savings Society, Norwich, Conn. 
 100,000-4|s ('42) Royal Insurance Co. (Liverpool, Eng.), New York City. 
 
 21,000-4is ('42) Scottish Un. Nat'l In. Co. (E'd'b^g, Scot), Hartford, Conn. 
 5,000-7s (1900) Deep River Savings Bank, Deep River, Conn. 
 
558 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION, 
 
 8,000-7s (1900) Connecticut Savings Banlt, New Haven, Conn. 
 12,000-7s (1900) Mechanics' Savings Banlc, Hartford, Conn. 
 5,000-7s (1900) Society for Savings, Hartford, Conn. 
 
 CLEVELAND TEEMINAL AND VALLEY RATLBOAD. 
 
 3,700- pf. York County Savings Bank, Biddeford, Me. 
 
 1,290- stk. Connecticut General Life Ins. Co., Hartford, Conn. 
 
 22,500- stk. Prussian Nat. Ins. Co. (Stettin, Germany), Chicago, 111. 
 
 171,000- Central Trust Company of New York, N. Y. City. 
 
 50,000- gtd. Mechanics' Savings Bank, Providence, R. I. 
 
 241,250-4s coup. Glrard Trust Company, Philadelphia, Pa. 
 
 15,000-4s ('95) g. Prussian Nat. Ins. Co. (Stettin, Germany), Chicago, 111. 
 
 5,000-4s ('95) Connecticut General Life Ins. Co., Hartford, Conn. 
 
 50,000-4s ('95) Home Insurance Company, N. Y. City. 
 
 10,000-4s ('95) gtd. Orient Insurance Company, Hartford, Conn. 
 
 49,500-4s ('95) State Mutual Life Assurance Co., Worcester, Mass. 
 
 2,000-4s ('95) York County Savings Bank, Biddeford, Me. 
 
 495,000-4s ('95) 1st mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 300,000-4s ('95) 1st mtg. g. gtd. by B. & O. Germania L. Ins. Co., N. Y. C. 
 
 COLORADO MIDLAND RAILWAY. 
 
 10,000- ('47) 1st. Trust and Deposit Co. of Onondaga, Syracuse, N. Y. 
 5,500-3s & 4s coup. Jersey Shore Banking Co., Jersey Shore, Pa. 
 
 COLORADO AND SOUTHERN RAILWAY. 
 
 3,500- stk. Dartmouth Savings Bank, Hanover, N. H. 
 
 1,000- stk. AVesterly Savings Bank, ^^'esterly, R. I. 
 
 2,539- 1st pf. stk. tr. ctf. & 2nd & cm. & 1st mtg. 4s. R. Est. Tr. Co., Phila- 
 delphia, Pa. 
 40,000- 1st. Knickerbocker Trust Company, New York City. 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 6,432- Westerly Savings Bank, Westerly, R. I. 
 30,000- ('29) 1st. Trust and Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 7,000-4s Dartmouth Savings Bank, Hanover, N. H. 
 
 5,000-4s 1st. Title and. Guarantee Co., Rochester, N. Y. 
 
 4,250-4s 1st mtg. coup. Albertson Tr. and S. Dep. Co., Norristown, Pa. 
 173,913-4s ('29) 1st mtg. g. Germania Life Ins. Co., N. Y. City. 
 
 COLOMBIA AND GREENVILLE RAILROAD. 
 
 2,000- German-American Fire Insurance Co., Baltimore, Md. 
 15,000-6s reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 l,000-6s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 ll,200-6s 1st mtg. coup. Jlerchants' and Mechanics' Bank, Scranton, Pa. 
 50,000-6s ('16) 1st mtg. Continental Insurance Company, N. Y. City. 
 37,410-6s ('16) 1st mtg. g. Metropolitan Life Insurance Co., N. Y. City. 
 173,581-6s ('16) Mutual Life Insurance Company, N. Y. City. 
 
 COLUMliUS CONNECTING AND TERMINAL RAILROAD. 
 
 47,.500-5s ('22) State Mutual Life Assurance Co., Worcester, Mass. 
 
 COLUMBUS, HOCKING VALLE'^ AND TOLEDO RAILWAY. 
 
 9,000- 1st ext. Real Estate Trust Company, N. Y. City. 
 24,000- car tr. Industrial Trust Company, Providence, R. I. 
 50,000- synd. Manhattan Trust Company, N. Y. City. 
 41,000- car tr. Metropolitan Trust Company, N. Y. City. 
 14,000-4s ('48) Norwich Savings Society, Norwich, Conn. 
 25,000-5s Amoskeag Savings Bank, Manchester, N. H. 
 20,000-5s Mechanics' Trust Company, Bayonne, N. J. 
 15,000-gs car tr, coup. Montgomery Ins., Tr. & S. D. Co., Norristown, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 559 
 COLUMBUS AND INDIANAPOLIS CENTUAL EAILBOAD. 
 
 28,000-7s Fidelity Trust Company, Newark, N. J. 
 25,808-7s 1st S. F. coup. Phila. Trust, S. Dep. & Ins. Co., Phlla., Pa. 
 66,881-7s 2nd. S. F. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., P,i. 
 38,000-7s ('04) Mutual Benefit Life Insurance Co., Newark, N. J. 
 275,994-7s ('04) 1st mtg. Prudential Insurance Co. of America, Newark, N. J. 
 ll,886-7s ('04) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 COLUMBU^ AND INDIANAPOLIS RAILROAD. 
 
 45,000-7s ('04) Aetna Life Insurance Company, Hartford, Conn. 
 
 -^ cdLUMBUS AND TOLEDO EAILKOAD. 
 
 20,000-7s 1st mtj,. National Fire Insurance Company, Hartford, Conn. 
 
 18,000-7s 2nd mtg. National Fire Insurance Company, Hartford, Conn. 
 
 14,000-7s (1900) 2d mtg. Aetna Insurance Company, Hartford, Conn. 
 
 80,000-7s ('05) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 115,067-7s ('05) Sk. Fd. 1st mtg. Metropolitan Life Ins. Co., N. Y. City. 
 213,260-7s ('05) Mutual Life Insurance Co., N. Y. City. 
 
 10,000-7s ('05) reg. Niagara Fire Insurance Company, N. Y. City. 
 
 13,000-7s ('05) Orient Insurance Company, Hartford, Conn. 
 
 ll,750-7s ('05) Travelers' Insurance Company, Hartford, Conn. 
 
 15,«0Ci-7s ('19) 2d mtg. Metropolitan Life Ins. Co., N. Y. City. 
 
 COLUMBUS, SANDUSKY AND HOCKING RAILROAD. 
 
 l,500-5s rec. ctfs. Erie Dime Sav.- & Trust Co., Erie, Pa. 
 250,000-6s (1897) rec. ctfs. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 COLUMBUS, SPRINGFIELD AND CINCINNATI RAILROAD. 
 
 3,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 CONCORD AND CLAREMONT RAILROAD. 
 
 25,000-4Js Charlestown Five Cents Savings Bank, Boston, Mass. 
 ],000,000-4|s Franklin Savings Bank, Boston, Mass. 
 
 50,000-4Js Inst, for Savings, Roxbury, etc., Boston, Mass. 
 100,000-4is Manchester Savings Bank, Manchester, N. H. 
 20,000-4is South Boston Savings Bank, South Boston, Mass. 
 50,000-4|s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 24,000-44s Worcester Five Cents Savings Bank, Worcester, Mass. 
 10,000-4is Maiden Savings Bank, Maiden, Mass. 
 75,000-4is ('14) 1st mtg. gold. Maine Savings Bank, Portland, Me. 
 15,262-4is ('14) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 CONCORD AND MONTREAL RAILROAD. 
 
 15,000- Fall River Manhfacturers' Mutdal Ins. Co., Fall River, Mass. 
 
 25,000- Middlesex Mutual Fire Insurance Co., Concord, M.ass. 
 
 10,000- Norfolk Mutual Fire Insurance Co., Dedham, Mass. 
 
 20,000- Worcester Manufacturers' Mutual Ins. Co., Worcester, Mass. 
 
 3,000- debt. Abington Mutual Fire Insurance Co., Abington, Mass. 
 
 3,500- stk. Granite State Fire Insurance Company, Portsmouth, N. H. 
 
 18,300- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 2,500- class 1 stk. Exeter Banking Company, Exeter, N. H. 
 
 15,000- class 1 stk. City Guaranty Savings Bank, Nashua, N. H. 
 
 30,000- class 1 stk. Manchester Savings Bank, Manchester, N. H. 
 
 2,100- class 1 stk. Merrimac River Savings Bank, Manchester, N., H. 
 
 loiooO- class 1 stk. Merrimac River Savings Bank, Manchester, N. H. 
 
 15*000- class 1 stk. New Hampshire Fire Ins. Co., Manchester, N. H. 
 
 14^700- class 1 stk. New Hampshire Savings Bank, Concord, N. H. 
 
 8,600- class 1 stk. Strafford Savings Bank, Dover, N. H. 
 
 200- class 1 stk. Wolfeborough L. & Banlv'g Co., Wolfeborough, N. H. 
 
 5 600- class 2 stk. Merrimack River Savings Bank, Manchester, N. H. 
 
7,500- 
 
 class 2 stk. 
 
 100- 
 
 class 2 stk. 
 
 2,700- 
 
 class 2 stk. 
 
 19,100- 
 
 class 2 stk. 
 
 1,900- 
 
 class 2 stk. 
 
 2,500- 
 
 class 2 stk. 
 
 25,400- 
 
 class 3 stk. 
 
 20,900- 
 
 class 3 stk. 
 
 1,000- 
 
 class 3 stk. 
 
 6,800- 
 
 class 3 stk. 
 
 9,700- 
 
 class 3 stk. 
 
 7,000- 
 
 class 3 stk. 
 
 35,000- 
 
 class 4 stk. 
 
 3,700- 
 
 class 4 stk. 
 
 30,000- 
 
 class 4 stk. 
 
 4,300- 
 
 class 4 stk. 
 
 20,000- 
 
 class 4 stk. 
 
 20,000- 
 
 class 4 stk. 
 
 66,900- 
 
 class 4 stk. 
 
 15,000- 
 
 class 4 stk. 
 
 3,000- 
 
 class 4 stk. 
 
 85,000- 
 
 class 4 stk. 
 
 19,300- 
 
 class 4 stk. 
 
 20,000- 
 
 class 4 stk. 
 
 5,000- 
 
 class 4 stk. 
 
 9,000- 
 
 class 4 stk. 
 
 115,000- 
 
 class 4 stk. 
 
 5,000- 
 
 class 4 stk. 
 
 560 DUTIES AND POWEKS OP INTERSTATE COMMERCE COMMISSION. 
 
 Merrimack Count.y Savings Bank, Concord, N. H. 
 New Hampshire Saviui^ts Bank, Concord, N. H. 
 Rochester Loan & Banliing Co., Rochester, N. H. 
 Strafford Savings Bank, Dover, N. H. 
 Wolfeborough L. & Bank'g Co., Wolfeborough, N. H. 
 New Hampshire Fire 7ns. Co., Manchester, N. H. 
 Merrimack River Savings Bank, Manchester, N. H. 
 New Hampshire Savings Bank, Concord, N. H. 
 Portsmouth Tr. & Guarantee Co., Portsmouth, N. H. 
 Strafford Savings Bank, Dover, N. H. 
 AVolfeborough L. & Baak't; Co., Wolfeborough, N. H. 
 Milford Savings Bank, Milford, N. H. 
 Amoskeag Savings Bank, Manchester, N. H. 
 Exeter Banking Company, Exeter, N. H. 
 Loan & Trust Savings Bank, Concord, N. H. 
 City SavingS'Bank, Laconia, N. H. 
 Manchester Savings Bank, Manchester, N. H. 
 Mechanics' Savings Bank, Manchester, N. H. 
 Merrimack River Savings Bank, Manchester, N. H. 
 Merrimack County Savings Bank, Concord, N. H. 
 Milford Savings Bank, Milford, N. H. ^. 
 
 City Guaranty Savings Bank, Nashua, N. H. ' *'" 
 
 New Hampshire Savings Bank, Concord, N. H. 
 New Hampshire Fire Ins. Co., Manchester, N. H. 
 Norway Plains Savings Bank, Rochester, N. H. 
 Portsmouth Trust & (iuar. Co., Portsmouth, N. H. 
 Strafford Savings Bank, Dover, N. H. 
 Union Five Cents Savings Bank, Exeter, N. H. 
 30,000-4s Abington Savings Bank, Abington, Jlass. 
 100,000-4s Andover Savings Bank, Andover, Mass. 
 113,000-4s Amoskeag Five Cents Savings Bank, Manchester, N. H. 
 20,000-4s Arlington Five Cents Savings Bank, Arlington, Mass. 
 25,000-4s Berkshire County Savings Bank, I'ittsfleld, Mass. 
 4,000-4s Beverly Savings Bank, Beverly, Mass. 
 50,000-4s Boston Penny Savings Bank. Boston, Mass. 
 10,000-4s Brighton Five Cents Savings Bank, Boston, Mass. 
 l,000-4s Braintree Savings Bank, Braintree, Mass. 
 9,000-4s Belmont Savings Bank, Belmont, Mass. 
 15,000-4s North Broolifield Savings Bank, North Brookfield, Mass. 
 50,000-4s Broadway Savings Bank, Lawrence, Jlass. 
 50,000-4s Bristol County Savings Bank. Taunton, Mass. 
 10,000-4s Brockton Savings Bank, Brocliton, Mass. 
 10,000-4s Canton Inst, for Savings, Canton, Mass. 
 26,000-4s Cambridge Savings Bank, Cambridge, Mass. 
 25,000-4s Cape Cod Five Cents Savings Bank, Harwich, Mass. 
 25,000-4s City P'ive Cents Savings Bank. Haverhill, Mass. 
 20,000-4s Citizens' Savings Bank, Fall River, Mass. 
 200,000-4s City Institute for Savings, Lowell, Mass. 
 4,000-4s City Savings Bank, Pittsfield, Mass. 
 6,000-4s County Savings Bank, Chelsea, Mass. 
 12,000-4s Cheshire County Savings Bank, Keene, N.-H. 
 10,000-4s Crocker Institute for Savings, Turner's Falls, Mass. 
 5,000-4s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 50,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 200,000-4s Essex Savings Bank, Lawrence, Mass. 
 3,000-4s Fairhaven Institute for Savings, Fairhaven, Mass. 
 10,000-4s Fall River Savings Bank, Fall River, Mass. 
 25,000-4s Fall River Five Cents Savings Bank, Pall River, Mass. 
 100,000-4s Franklin Savings Bank, Boston, Mass. 
 4,000-4s Georgetown Savings Bank, Georgetown, Mass. 
 15,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 5,000-4s Guaranty Savings Bank, Manchester, N. H. 
 75,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 10,000-4s Hopkinton Savings Bank. HoiJkinton, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 75,000-4s Inst, for Savings In Roxbury, etc.* Boston, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 561 
 
 150,000-4s Inst, for Savings in Newburyport, etc., Newburyport. Mass. 
 
 5,000-4s lona Savings Banl^ Tilton, N. H. 
 15,000-4s Ipswich Savings Banlj, Ipswich, Mass. 
 25,000-4s Laconia Savings Bank, Laconla, N. H. 
 10,000-4:8 Lawrence Savings Banlj, Lawrence, Mass. 
 20,000-4s Lee Savings Banlc, Lee, Mass. 
 
 5,000-4s Lexington Savings Bank, Lexington, Mass. 
 15,000-4s Loan and Trust Savings Bank, Concord, N. H. 
 35,000-4s Lynn Institute for Savings, Lynn, Mass. 
 10,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 
 l,000-4s Mascoma Savings Bank, Lebanon, N. IJ. 
 150,000-4s Manchester Savings Bank, Manchester, N. H. 
 25,000-4s Maiden Savings Bank, Maiden, Mass. 
 ll,000-4s Merrimac Savings Bank, Merrimac, Mass. 
 
 5,000-4s Medway Savings Bank, Medway, /lass. 
 30,000-4s Merrimack County Savings Bank, Concord, N. H. 
 50,000-4s Merrimack River Savings Bank, Manchester, N. H. 
 50,000-4s Mechanics' Savings Bank, Lowell, Mass. 
 50,000-4s Middlesex Institution for Savings, Concord, Mass. 
 ll,000-4s Milford Savings Bank, Milford, N. H. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 20,000-4s Newton Savings Bank, Newton, Mass. 
 
 25,000-4s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 40,000-4s New Hampshire Savings Bank, Concord, N. H. 
 30,000-4s New Bedford Institute for Savings, New Bedford, Mass. 
 
 5,000-4s North Avenue Savings Bank, North Cambridge, Mass. 
 20,000-4s North Easton Savings Bank, North Laston, Mass. 
 12,000-4s North End Savings Bank, Boston, Mass. 
 
 8,000-4s North Middlesex Savings Bank, Ayer, Mass. 
 15,000-4s Norway Plains Savings Bank, Rochester, N. 11. 
 10,000-4s Palmer Savings Bank, Palmer, Mass. 
 10,000-4s People's Savings Bank (Guaranty), Manchester, N. H. 
 10,000-4s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 
 5,000-4s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 28,000-4s Portsmouth Savings Bank, Portsmouth, N. H. 
 25,000-4s Randolph Savings Bank, Randolph, Mass. 
 52,000-4s Salem Five Cents Savings Bank, Salem, Mass. 
 100,000-4s Salem Savings Bank, Salem, Mass. 
 10,000-4s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 l,000-4s Somerville Savings Bank, Somerville, Mass. 
 23,000-4s South Boston Savings Bank, South Boston, Mass. 
 100,000-4s Springfield Institute for Savings, Springfield, Mass. 
 20,000-4s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 240,000-4s Strafford Savings Bank, Dover, N. H. 
 50,000-4s Taunton Savings Bank, Taunton, Mass. 
 
 5,000-4s Union Five Cents Savings Bank, Exeter, N. H. 
 40,000-4s Warren Five Cents Savings Bank, Peabody, Mass. 
 50,000-48 Waltham Savings Bank, Waltham, Mass. 
 50,000-4s Warren Institute for Savings, etc., Boston, Mass. 
 10,000-48 Wareham Savings Bank, Wareham, Mass. 
 
 5,000-4s Watertown Savings Bank, Watertown, Mass. 
 15,000-48 Webster Five Cents Savings Bank, Webster, Mass. 
 
 5,000-4s West Newton Savings Bank. West Newton, Mass. 
 15,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 15,000-4s Whitinsville Savings Bank, Whitinsville, Mass. 
 15,000-4s Winchester Savings Bank, Winchester, Mass. 
 150,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 70,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 40,000-4s Woburn Five Cents Savings Bank, Woburn, Mass. 
 10,000-4s deb. Merrimack County Savings Bank, Concord, N. H. 
 85,000-4s deb. Loan and Trust Savings Bank, Concord, N. H. 
 
 3,000-4s gen. mtg. Walpole Savings Bank, Walpole, N. H. 
 
 3,000-4s gen. mtg. Walpole Savings Bank, Walpole, N. H. 
 30,000-4s ('20) Androscoggin County Savings Bank, Lewiston, Me. 
 20,000-48 ('20) Auburn Savings Bank, Auburn, Me. 
 10,000-4s ('20) Bath Savings Institution, Bath, Me, 
 
 RT— 05 36 
 
562 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 10,000-4s ('20) Granite State Fire Insurance Co., Portsmouth, N. H. 
 
 10,000-4s ('20) Gardiner Savings Institution, Gardiner, Me. 
 
 5,000-4s ('20) Kennebunk Savings Banli, Kennebunk, Me. 
 
 10,000-4s ('20) Mercantile Fire and Marine Ins. Co., Boston, Mass. 
 
 140,000-4s ('20) New Hampshire Fire Insurance Co., Manchester, X. H. 
 
 5,000-4s ('20) New Milford Savings Bank, New Milford, Conn. 
 
 299,250-4s ('20) New England Mutual Life Insurance Co., Boston, Mass. 
 
 10,000-4s ('20) Piscataquis Savings Bank, Dover, Me. 
 
 40,000-4s ('20) Penobscot Savings Bank, Bangor, Me. 
 
 4,000-4s ('20) Sinking Funds, Haverhill, Mass. 
 
 ll,000-4s ('20) Sinking Funds, Haverhill, Mass. 
 
 3,000-4s ('20) Franklin County Savings Bank, Farmington, Me. 
 
 15,037-4s ('20) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 100,000-4s ('20) State Mutual Life Assurance Company, Worcester, Mass. , 
 
 2,000-4s (M. & L.) Walpole Savings Bank, Walpole, N. H. 
 
 10,000-6s Worcester County Institute for Savings, Worcester, Mass. 
 
 CONCOED AND POKTSMOUTH BAILKOAD. 
 
 12,000- stk. Amoskeag Savings Bank, Manchester, N. H. 
 
 14,000- stk. Manchester Savings Bank, Manchester, N. H. 
 
 10,000- stk. Merrimack River Savings Bank, Manchester, N. H. 
 
 1,000- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 CONNECTICUT AND PASSDMPSIC RIVERS BAILEOAD. 
 
 I 
 
 5,000- pf. Boston Insurance Company, Boston, Mass. 
 25,250- stk. Aetna Life Insurance Company, Hartford, Conn. 
 
 5,400- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 6,500- stk. Strafford Savings Bank, Dover, N. H. 
 
 9,500- stk. Guaranty Savings Bank, Manchester, N. H. 
 200,000- stk. gtd. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 50,000- gtd. stk. Springfield F. & Mar. Ins. Co., Springfield, Mass. 
 100,000- gtd. stk. Hartford Fire Insurance Co., Hartford, Conn. 
 25,000- Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 
 5,000- Norfolk Mutual Fire In.surance Co., Dedham, Mass. 
 
 5,000-4s Cheshire County Savings Bank, Keene, N. H. 
 20,000-4s Andover Savings Bank, Andover, Mass. 
 20,000-4s Brockton Savings Bank, Brockton, Mass. 
 35,000-4s Berkshire County Savings Bank, Pittsfield, Mass. 
 50,000-4s City Institute for Sa^'ings, Lowell, Mass. 
 
 5,000-4s Cohasset Savings Bank, Cohasset, Mass. 
 
 2,000-4s Crocker Institute for Savings, Turners Falls, Mass. 
 25,000-4s Cambridge Savings Bank, Cambridge, Mass. 
 20,000-4s Cape Cod Five Cents Savings Bank, Plarwich, Mass. 
 25,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 25,000-4s Danvers Savings Bank, Danvers, Mass. 
 
 l,000-4s Dorchester Savings Bank, Dorchester, Mass. 
 15,000-4s East Cambridge Savings Bank, East Cambridge, Mass. 
 25,000-4s Franklin Savixigs Institute, Greenfield, Slass. 
 
 5,000-4s Lexington Savings Bank, Lexington, Mass. 
 10,000-4s Middlesex Institute for Savings, Concord, Mass. 
 10,000-4s Monson Savings Bank, Monson. Mass. 
 25,000-4s Quiucy Savings Bank, Quincy, Mass. 
 20,000-4s Warren Five Cents Savings Bank, Peabody, Mass. 
 30,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 15,000-4s Randolph Savings Bank, Randolph, Mass. 
 50,000-4s Salem Savings Bank, Salem, Mass. 
 20,000-4s Southbridge Savings Bank, Southbridge, Mass. 
 400,000-4s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 50,000-4s Warren Institute for Savings, etc., Boston, Mass. 
 100,000-4s Worcester County Institute for Savings, Worcester, Mass. 
 
 5,000-4s ('10) Meriden Savings Bank, Meriden, Conn. 
 150,000-4s ('43) Society for Savings, Hartford, Conn. 
 
 7,000-4s ('43) Bos. & Me. Nat'l Sav. Bk. of New Haven, N. Haven, Conn. 
 100,000-4s ('43) Norwich Savings Society, Norwich, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 563 
 CONNECTICUT KIVEB BAILEOAD. 
 
 7,500- pf. Orient Insurance Company, Hartford, Conn. 
 
 5,000- stk. Aetna Insurance Company, Hartford, Conn. 
 30,000- stk. Aetna Insurance Company, Hartford, Conn. 
 39,372- stk. Aetna Life Insurance Company, Hartford, Conn. 
 
 5,000- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 
 6,300- stk. Hampshire JIutual Fire Insurance Co., Northampton, Mass. 
 12,000- stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 2,000- stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 5,000- stk. Providence Mutual Fire Insurance Co., Providence, R. I. 
 493,000- stk. Mutual Life Insurance Company, New York Citv. 
 40,000- stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 10,000- stk. Worcester Manufacturers' Mutual Ins. Co., Worcester, Mass. 
 50,000- stk. gtd. Bost. & ile. Providence Inst, for Sav., Providence, R. I. 
 100,000- gtd. stk. Home Insurance Company, New York City. 
 
 5,000- Cotton & Woolen JInfrs. Mutual Ins. Co., Boston, Mass. 
 
 1,000- Hampshire Mutual Fire Ins. Co., Northampton, Mass. 
 
 5,000- Industrial Mutual Insurance Company, Boston, Mass. 
 13,000- scrip. Worcester Mnfrs. Mutual Ins. Co., Worcester, Mass. 
 200,000-4s Hampden Savings Bank, Springfield, Mass. 
 
 l,000-4s Conway Savings Bank. Conway, JJass. 
 25,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 
 5,000-4s scrip. Guaranty Savings Bank, Manchester, N. H. 
 
 l,000-4s Ludlow Savings Bank, Ludlow, Mass. 
 10,000-4s Jlonson Savings Bank, Monson, Mass. 
 250,000-4s Provident Inst, for Savings, etc., Boston, Mass. 
 300,000-4s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 100,000-4s Springfield Institute for Savings, Springfield, Mass. 
 
 5,000-4s Wareham Savings Bank, Wareham, JIass. 
 15,000-4s ('03) coup, scrip. Aetna Insurance Company, Hartford, Conn. 
 18,400-4s ('03) Aetna Life Insurance Company, Hartford, Conn. 
 
 l,000-4s ('03) Hartford Fire Insurance Company, Hartford, Conn. 
 60,000-4s ('03) New England Mutual Life Insurance Co., Boston, Mass. 
 35,000-4s ('03) scrip. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 75,000-4^ ('03) scrip. Travelers' Insurance Company, Hartford, Conn. 
 100,000-4s ('03) scrip. State Mutual Life Assurance Co., Worcester, Mass. 
 
 CONNECTICUT WESTERN RAILROAD. 
 
 450- stk. Suffield Savings Bank, Suffield, Conn. 
 
 CONNECTING RAILWAY. 
 
 10,000- Series D. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 
 l,000-6s coup. Frankford Real Estate, Tr. & S. Dep. Co., Phila., Pa. 
 
 16,092-6s coup. Philadelphia Trust, S. Dep. & Ins. Co., Phila., Pa. 
 
 2,000-6s Series C. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 
 15,875-6s mtg. coui). Western Savings Fund Society, Philadelphia, Pa. 
 
 10,000-6s (1900-04) Girard Fire and Marine Insurance Co., Phila., Pa. 
 
 20,000-6s ('01) Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 CONSOLIDATED RAILROADS OF VERMONT. 
 
 100,000-5s ('13) Bath Savings Institution, Bath, Me. 
 5,500-5s ('13) Biddeford Savings Bank, Biddeford, Me. 
 
 CONSOLIDATED TERMINAL (KANSAS OITY) RAILROAD. 
 
 10,000-5s ('22) Saco and Biddeford Savings Institution, Saco, Me. 
 
 CORNWALL AND LEBANON RAILROAD. 
 
 2,000-5s reg. People's Trust, Savings & Deposit Co., Lancaster, Pa. 
 3l'312-5s ('06) 1st mtg. reg. Penn JIutunI Life Ins. Co., Phila., Pa. 
 6'000-6s (1900) rfdg. car. tr. ctfs. Penn Mutual Life Ins. Co., Phila., Pa. 
 
564 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 COWANESQUE VALLEY RAILKOAD. 
 
 ll,000-7s ('02) Deep River Savings Bnnlv. Deep Kiver, Conn. 
 
 COERANT RIVEB RAILROAD. 
 
 2,000-5s ('27) Saco and Biddeford Savings Institution, Saco, Me. 
 
 DAKOTA CENTRAL RAILROAD. 
 
 150,000- 1st mtg. New York Life Insurance & Trust Company, N. Y. City. 
 840,323-6s ('07) Mutual Life Insuranc-e Company, N. Y. City. , 
 
 DAKOTA AND GREAT SOTJTHFJRN RAILROAD. 
 
 226,665-5s ('16) Mutual Life Insurance Company, N. Y. City. 
 
 100,000-5s ('16) New England Mutual Life Insurance Co., Boston, Mass. 
 
 40,000-5s ('16) Savings Bank of New London, New London, Conn. 
 
 100,000-5s ('16) 1st mtg. Manhattan Life Insurance Company, N. Y. City. 
 
 DALLAS AND WACO RAILROAD. 
 
 4,750-5s coup. Carboudale Miners & Menhanics' Sav. Bk., Carboudale, Pa. 
 8,912-5s reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 DANRUBY A.XD NOBWALK RAILROAD. 
 
 25,000-5s Andover Savings Bank, Andover, Mass. 
 25,000-5s Franklin Savings Inst, Greenfield, Mass. 
 25,000-5s Institute for Savings in Roxbury, etc., Boston, Mass. 
 10,000-5s National Fire Insurance Company, Hartford, Conn. 
 15,000-5s Salem Five Cents Savings Bank, Salem, Mass. 
 20,000-5s South Boston Savings Bank, South Boston, Mass. 
 50,000-5s Springfield Inst, for Savings, Springfield, Mass. 
 25,000-5s ('20) City Savings Bank, Meriden, Conn. 
 25,000-5s ('20) Savings Bank of New London, New London, Conn. 
 100,000-5s ('20) Society for Savings, Hartford, Conn. 
 
 l,0Q0-6s ('20) Savings Bank of New London, New London, Conn. 
 
 6,000-6s ('20) Savings Bank of Danbury, Danbury, Conn. 
 
 DAMVILLE AND MOUNT MORRIS KAILKOAD. 
 
 2,000- rec. ctfs. People's Bank and Trust Co., Passaic, N. J. 
 
 DAVENPORT AND BOCK ISLAND RAILROAD. 
 
 10,000- Westerly Savings Bank, 'SVesterly. E. I. 
 30,000-6s ('06-'ll) Bath Savings Institution, Bath, Me. 
 
 3,000-6s ('10) Hancock County Savings Bank, Ellsworth. Me. 
 
 2,000-6s ('10) 1st mtg. Brunswick Savings Institution, Brunswick, Me. 
 
 5,000-6s ('11) Eastport Savings Bank, Eastport, Me. 
 
 l,000-6s ('11) Wiscasset Savings Bank, Wiscasset, Me. 
 
 DAYTON AND MICHIGAN RAn.ROAD. 
 
 15,000- pf. Aetna Insurance Company, Hartford, Conn. 
 
 20,000- Pawtucket Inst, for Savings, Pa^tucket, R. I. 
 
 210,575-5s ('11) Cgnnecticut Mutual Life Insurance Co., Hartford, Conn. 
 
 25,000-5s ('11) Connecticut Fire Insurance Company, Hartford, Conn. 
 
 60,000-5s ('11) gtd. Hartford Fire Insurance Company, Hartford, Conn. 
 
 l,000-5s ('11) Machias Savings Bank, Machias. Me. 
 
 50,000-5s ('11) New England Mutual Life Insurance Co.. Boston, Mass. 
 
 25,000-5s ('11) Orient Insurance Co., Hartford, Conn. 
 
 25,000-5s ('11) State Savings Bank. Hartford, Conn. 
 
 5,000-5s ('11) Searsport Savings Bank, Searsport, Me. 
 
 100,000-5s ('11) Rliode Island Hospital 'J'rust Co., Providence, R. I. 
 
 20,900-5s ('11) con. mtg. Gerniania Life- Insurance Company, N. Y. City. 
 
 25,000-5s ('11) con. mtg. Portland S;uings Bank, Portland, Me. 
 
DUTIES AND POWEES OF INTEKSTATE COMMERCE COMMISSION. 565 
 DAYTON AND WESTERN RAILKOA0. 
 
 28,000-6s ('05) mtg. Aetna Insurance Company, Hartford, Coni). 
 
 10,317-6s ('05) Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 
 DELAWARE AND BOUNll BROOK BAII,R0AD. 
 
 20,000- stls. Aetna Insurance Company, Hartford, Conn. 
 11,407- stk. gt. by Phila. & Kead. R. R. Prov. L. & Tr. Co., Pliila.. Pa. 
 10,000- stk. Insurance Company of North America, Philadelphia, Pa. 
 14,300- New York Life Insurance & Trust Company, N. Y. City. 
 237,000-4s & 7s loan coup. Philadelphia Savings Fund Soc, Phila., Pa. 
 
 2,000-7s Bloomfield Savings Institution, Bloomfield, N. J. 
 
 3,000-7s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 29,750-7s 1st mtg. coup. Real Est., Title, Ins. & Tr. Co., Phila., Pa. 
 24,000-7s 1st mtg. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 30,000-7s ('05) Chelsea Savings Bank, Norwich, Conn. 
 12,000-78 ('05) Connecticut Savings Bant:, New Haven, Conn. 
 
 5,000-7s ('05) Deep River Savings Banlt, Deep River, Conn. 
 
 5,000-7s ('05) Falls Village Savings Bank, Falls Village, Conn. 
 20,000-7s ('05) Farmington Savings Bank, Farmington, Conn. 
 
 5,000-7s ('05) Groton Savings Bank-, Mystic, Conn. 
 25,000-7s ('05) Mariners' Savings Bank, New London, Conn. 
 20,000-7s ('05) Mechanics' Savings Bank, Hartford, Conn. 
 
 5,000-7s ('05) Moodns Savings Bank, Moodus, Conn. 
 10,000-7s ('05) New Haven Savings Bank, New Haven, Conn. 
 18,000-78 ('05) Norwich Savings Society, Norwich, Conn. 
 20,000-7s ('05) Putnam Savings Bank, Putnam, Conn. 
 41,000-7s ('05) Savings Bank of New London, New London, Conn. 
 20,000-7s ('05) Savings Bank of New Britain, New Britain, Conn. 
 50,000-7s ('05) Security Savings Bank, Newark, N. J. 
 
 9,000-7s ('05) Stamford Savings Bank, Stamford, Conn. 
 20,000-7s ('05) State Savings Bank, Hartford, Conn. 
 20,000-7s ('05) Waterbury Savings Bank, Waterbury, Conn. 
 
 DELAWARE AND CHESAPEAKE BAILBOAD. 
 
 108,531-4s ('12) New England Mutual Lirle Insurance Co., Boston, Mass. 
 100,000-4s ('12) 1st mtg. Insurance Co. of North America, Phila., Pa. 
 
 DELAWARE AND HUDSON CANAL COMPANY. 
 
 Fidelity & Casualty Company, "N. Y. City. 
 Amoskeag Savings Bank, Manchester, N. H. 
 American Surety Company of New York, N. Y. City. 
 Aetna Life Insurance Company, Hartford, Conn. 
 Berkshire Fire Insurance Company, Pittsfield, Mass. 
 Commonwealth Insurance Company, N. Y. City. 
 Continental Insurance Company, N. Y. City. 
 Eagle Fire Company, N. Y. City. 
 Equitable Life Assur. Society of U. S., N. Y. City. 
 Essex Savings Banlc, Essex, Conn. 
 Fidelity Trust Company of Rochester, Rochester, N. Y. 
 Greenwich Insurance Company, N. Y. City. 
 Plamilton Fire Insurance Company, N. Y. City. 
 Long Island Loan and Trust Company, Brooklyn, N. Y. 
 New Hampshire Fire Insurance Co., Manchester, N. II. 
 New Hampshire Savings Bank, Concord, N. H. 
 New York Plate Glass Insurance Company, N. Y. City. 
 Passaic Trust and Safe Deposit Co., Passaic, N. J. 
 People's Savings Banic (Guaranty), Manchester, N. H. 
 reg. People's Savings Bank, Pittston, Pa. 
 Phenix Insurance Company, Brooklyn, N. Y. 
 Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 Security Insurance Company, New Haven, Conn. 
 Travelers' Insurance Company, Hartford, Conn. 
 Westchester Fire Insurance Company, N, Y. City. 
 
 49,625- 
 
 cm. 
 
 10,000- 
 
 stk. 
 
 39,937- 
 
 stk. 
 
 11,987- 
 
 stk. 
 
 12,400- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 1,460,000- 
 
 stk. 
 
 3,400- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 60-,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 30,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 11,612- 
 
 stk. 
 
 5,000- 
 
 stk. 
 
 5,000- 
 
 stk. 
 
 15,433- 
 
 stk. 
 
 100,000- 
 
 stk. 
 
 30,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 28,056- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
566 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 20,000- stk. Williamsburgh City Fire Insurance Co., Broolilyn, N. Y. 
 
 80,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 5,000- Holyolte Mutual Fire lusui-ance Company, Salem, Mass. 
 
 10,000- 1st mtg. New Yorl? Life Insurance and Trust Co., N. Y. City. 
 
 250,000- car tr. United States Trust Company of New Yorli, N. Y. City. 
 
 250,000- car tr. of 1899. The Mercantile Trust Company, New. York. 
 500,000-3is car tr. Equitable Life Assur. Society of U. S., N. Y. City. 
 
 40,000-7s mtg. Jlonroe County Savings Ba»k, Rochester, N. Y. 
 
 35,000-7s ('17) Chelsea Savings Bank, Norwich, Conn. 
 
 45,000- 7s ('17) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 25,000- 7s ('17) City Savings Bank, Meriden, Conn. 
 
 100,000-7s ('17) Connecticut Savings Bank, New Haven, Conn. 
 
 10,000-7fe ('17) Deep River Savings Bank, Deep River, Conn. 
 
 10,000-7s ('17) Farmington Savings Bank, Farmington, Conn. 
 
 25,000-7s {'ll) Groton Savings Bank, Mystic, Conn. 
 
 30,000-7s ('17) Middletown Savings Bank, Middletown, Conn. 
 
 5,000-7s ('17) Moodus Savings Bank, Moodus, Conn. 
 
 75,000-7s ('17) Norwich Savings Society, Norwich, Conn. 
 
 20,000-7s ('17) Savings Bank of Danbury, Danbury, Conn. 
 
 125,000-7s ('17) Society for Savings, Hartford, Conn. 
 
 5,000-7s ('17) Southport Savings Bank, Southport, Conn. 
 
 10,000-7s ('17) Waterbury Savings Bank, Waterbury, Conn. 
 
 2,000-6s ('06) Albany & Susq. Mechanics' Savings Bank, Hartford, Conn. 
 
 10,000-6s ('06) Albany & Susq. Dime Sav. Bk. of Waterbury ,Waterb'y, Conn. 
 
 10,000- 7s ('17) Pa. div. Dime Sav. Bank of Waterbury. Waterbury, Conn. 
 
 330,000-7s ('11) Pa. div. reg. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 3,000-7s ('11) Pa. div. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 160,000-7s ('17) Pa. div. New Haven Savings Bank, New Haven, Conn. 
 
 150,000-7s ('17) Pa. div. Savings Bank of New London, New London, Conn. 
 
 25,000-7s ('17) Pa. div. Bank of New Britain, New Britain, Conn. 
 
 25,000-7s ('17) Pa. div. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 79,091-7s ('17) Pa. div. 1st. Home Life Insurance Company, N. Y. City. 
 
 25,000-7s ('17) Pa. div. 1st mtg. reg. Lon. & Lan. F. I. Co. (Liverpool, Eng.), 
 
 N. Y. City. 
 
 25,000-7s ('17) Pa. div. Mechanics' Savings Bank, Hartford, Conn. 
 
 279,865-7s ('17) Pa. div. 1st. New York Life Insurance Co., N. Y. City. 
 
 60,000-7s ('17) Pa. div. 1st mtg. reg. N. Br. & Mer. Ins. Co. (Lon., Eng.; 
 Edin., Scot), N. Y. City. 
 
 l,000-7s ('17) Pa. div. 1st mtg. coup. N. Brit. & Mer. Ins. Co. (Lon., Eng. ; 
 Edin., Scot), N. Y. City. 
 
 40,000-7s ('17) Pa. div. Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 10,000-7s ('21) Rens. & Sara. Mechanics' Sav. Bank, Hartford, Conn. 
 
 DELAWARE, LACKAWANNA AND WESTERN EAILBOAD. 
 
 100,000- Stk. Atlantic Mutual Ins. Co., N. Y. City. 
 
 8,900- stk. Bankers' Life Ins. Co. of the City of New York, N. Y. City. 
 
 20,000- stk. Commonwealth Insurance Companv, N. Y. Citv. 
 
 50,000- stk. (par. 50). Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 60,000- stk. Firemen's Insurance Company, Newark, N. J. 
 
 20,000- stk. Fidelity Trust Co. of Rochester, Rochester, N. Y. 
 
 12,500- stk. Globe and Rutger's Fire Insurance Company, N. Y. City. 
 
 50,000- stk. Germania Fire Insurance Company, N. Y. City. 
 
 35,000- stk. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 10,000- stk. Northern Insurance Company, N. Y. City. 
 
 125,000- stk. Phenix Insurance Company, Brooklyn, N. Y. City. 
 
 10,000- stk. Providence Mutual Fire Insurance Co., Providence, R. I. 
 
 10,000- stk. Rochester Trust and Safe Deposit Co.. Rochester, N. Y. 
 
 33,656- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 50,000- stk. Westchester Fire Insurance Company, N. Y. City. 
 
 15,000- Binghamton Fruit Company, Binghamton, N. Y. 
 
 10,000- Franklin Safe Deposit Company, Brooklyn, N. Y. 
 
 30,000- Franklin Trust Company, Brooklyn, N. Y. 
 
 2,000-6s ('21) Mechanics' Savings Bank, Hartford, Conn. 
 
 ]0,000-7s coup. Carbondale Miners' & Mechanics' Sav. Bank, Carbondale, Pa. 
 
 28,000-7s loan coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 
DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 567 
 
 14,000-Ts ('07) City Savings Banlc, Meriden. Conn. 
 
 15,000-7s ('07) Connecticut Savings Bank, New Haven, Conn. 
 
 8,000-7s ('07) Norwich Savings Society, Norwicti, Conn. 
 
 10,000-7s ('07) Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 10,000-7s ('07) People's Savings Banlc, Bridgeport, Conn. 
 
 17,000-7s ('07) Waterbury Savings Bank, Waterbury, Cono. 
 
 30,000-7s ('06) Syr., B. & N. Y. Dime S. Bk. of Waterbury, Waterbury, Conn. 
 
 DELAWAKE AND RARITAN CANAL AND CAMDEN AND AMBOY RAILROAD AND TRANS- 
 PORTATION COMPANY. 
 
 100,000- ctf. No. 154 stk. State Fund, State of New Jersey. 
 
 35,500- stk. div. paid by Penu. R. R. scb. State Fxmd of New Jersey. 
 
 26,200- stk. ctf. State Fund, State of New Jersey. 
 
 12,500- stk. ctf. State Fund, State of New Jersey. 
 
 50,000- stk. ctf. State Fund, State of New Jersey. 
 
 DELAWARE RIVER RAILROAD AND BRIDGE COMPANY. 
 
 25,000-4s 1st mtg. coup. Beneficial Saving Fund Soc, Pbila., Pa." 
 204,000-4s 1st mtg. coup. Western Savings Fund Soc, Phila., Pa. 
 150,000-4s 1st mtg. coup. Pennsylvania Co. for Ins. on Lives, Pbila., Pa. 
 
 50,000-4s ('36) 1st mtg. g. Insurance Company of Nortb America, Pbila., Pa. 
 105,000-4s ('36) 1st mtg. g. coup. Penn. Mutual Life Ins. Co., Pbiladeiphia, Pa. 
 
 50,000-44s gen. mtg. coup. Beneficial Saving Fund Soc, Pbila., Pa. 
 e,000-4is ('32) Girard Fire and Marine Insurance Company, Pbila., Pa. 
 
 DENVER AND RIO GRANDE RAILWAY. 
 
 20,000- pf. Security Trust Company of Rochester, Rochester, N. Y. 
 120,000- stk. Traders' Insurance Company, Chicago, 111. 
 
 15,000- imp. Fidelity Trust of Rochester, Rochester, N. Y. 
 
 25,000-4s 1st mtg. North German Fire Insurance Company, N. Y. City. 
 9,200-4s 1st mtg. eons. coup. Hanover Saving Fund Soc, Hanover, Pa. 
 9,750-4s 1st con. mtg. Bankers' Life Ins. of the City of N. York, N. Y. City. 
 4S0,000-4s ('36) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 10,000-4s ('36) 1st mtg. g. Transatlantic F. I. Co. (Hamburg, Ger.), Chic, HI. 
 
 25,000-4s ('36) 1st mtg. Germania Fire Insurance Co., N. Y. City. 
 
 25,000-4s ('36) con. 1st mtg. g. Ham.-Bremen I. Co. (Ham., Ger.), N. Y. City. 
 
 15,000-4s ('36) 1st mtg. con. Niagara Fire Insurance Co., N. Y. City. 
 
 50,000-4s ('36) 1st mtg. con. Ocean Accident & Guar. Corp. (Ltd.), N. Y. City. 
 
 30,000-4s ('36) 1st con. mtg. g. London Assur. Co. (London, Bng.), N. Y. City. 
 
 78,000-4s ('36) 1st con. mtg. Manhattan Life Insurance Co.. N. Y. City. 
 C72,788-4s ('36) 1st con. g. New York Life Insurance Co., N. Y. City. 
 
 10,550-4is 1st con. mtg. coup. Easton Trust Company, Easton, Pa. 
 786,000-4is ('36) Equitable Life Assurance Society of U. S., N. Y. City. 
 5,000-7s (1900) 1st mtg. g. Helvetia Sw. F. I. Co. (St. Gall, S.), N. Y. City. 
 
 DENVER AND SOUTHERN RAILWAY. 
 
 62,500- pf. Continental Trust Company of New York, N. Y. City. 
 
 DENVER AND SOUTHWESTERN RAILWAY. 
 
 100,000- North American Trust Company, N. Y. City. 
 
 25,000- Rochester Loan and Banking Company, Rochester, N. H. 
 
 9,500- People's Savings Bank, Woonsocket, R. I. 
 
 5,000-5s Producers' Savings Bank, Woonsocket, B. I. 
 
 25,000-5s Rochester Loan and Banking Company, Rochester, N. PI. 
 
 25,000-5s ('29) gold. Woonsocket Institute for Savings, Woonsocket, R. I. 
 
 DES MOINES AND FORT DODGE RAILROAD. 
 
 ■l,400-2is coup. Jersey Shore Banking Co., Jersey Shore, Pa. 
 2,000-4s Farmingham Savings Bank, Parmingham, N. H. 
 10,000-4s Dartmouth Savings Bank, Hanover, N. H. 
 
568 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSIOHT. 
 
 50,000-4s ('05) Bangor Savings Bank, Bangor, Me. 
 
 2],700-4s ('05) New England Mutual I^ife Insurance Company, Boston, Mass. 
 5,000-4s ('49) Piscataquis Savings Banli, Dover, Me. 
 
 DES MOINES AND KANSAS CITY BAILEOAD. 
 
 6,000- Mechanics' Savings Bank, Providence, R. I. 
 
 DES MOINES AND MINNEAPOLIS KAILBOAD. 
 
 l,000-7s ('07) Dime Savings Bank of Hartford, Hartford, Conn. 
 10,000-7s ('07) New Haven Savings Bank, New Haven, Conn. 
 10,000-7s ('07) Norwalk Savings Society, Norwalk, Conn. 
 25,000-7s ('07) Norwich Savings Society, Norwich, Conn. 
 15,000-7s ('07) Savings Bank of Danbury, Danbury, Conn. 
 
 5,000-7s ('07) Savings Bank of New London, New London, Conn. 
 25,000-7s (07) Society for Savings, Hartford, Conn. 
 10,000-7s ('07) Savings Bank of New Britain, New Britain, Conn. 
 
 DES MOINES UNION RAILROAD. 
 
 ll,000-5s ('17) 1st mtg. Brunswick Savings Institute, Brunswick, Me. 
 
 DETROIT AND BAT CITY RAILROAD. 
 
 43,093-8s ('02) 1st. Home Life Insurance Company, New York City. 
 
 35,325-8s ('02) 1st mtg. Metropolitan 'Life Insurance Company, N. T. City. 
 
 19,000-8s ('02) New Haven Savings Bank, New Haven, Conn. 
 
 9,660-8s ('03) 1st mtg. Metropolitan Life Insurance Co., New York City. 
 
 2,000-8s ('03) Saco Savings Bank, Saco, Me. 
 
 DETROIT, GRAND HAVEN AND MILWAUKEE RAILROAD. 
 
 l,000-6s Union Mar. Ins. Co. (Ltd.) (Liverpool, Eng.), New York City. 
 
 DETROIT, GRAND RAPIDS AND WESTERN RAILROAD. 
 
 83,500- pf. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 7,G00- pf. Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 27,i583- pf. Mechanics' Savings Bank, Providence, R. I. 
 15,300- pf. State Savings Bank, Hartford, Conn. 
 
 2,.500- pf. Walpole Savings Bank, Walpole, N. H. 
 
 50- stk. scrip. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 2,500- stk. Essex Savings Bank, Essex, Conn. 
 
 5,100- stk. Newtown Savings Bank, Newtown, Conn. 
 12,700- stk. Mariners' Savings Bank, New London, Conn. 
 37,500- Mechanics' Savings Bank, Providence, R. I. 
 
 472-4S 1st scrip, con. mtg. Conn. Mutual Life Ins. Co., Hartford, Conn. 
 
 2,500-4s Walpole Savings Bank, Walpole, N. H. 
 100,000-43 ('06) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 7,500-4s ('46) Androscoggin County Savings Bank, Lewiston, Me. 
 
 2,250-4s ('46) Calais Savings Bank, Calais, Me. 
 
 3,500-4s ('46) Connecticut Fire Insurance Co., Hartford, Conn. 
 12,000-4s ('46) Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 3,500-4s ('46) Essex Savings Bank, Essex, Conn. 
 
 ll,000-4s ('46) Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 19,216-4s ('46) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 18,500-48 ('46) Mariners' Savings Bank, New London, Conn. 
 209,332-4s ('46) Mutual Life Insurance Company, New York City. 
 
 7,500-4b ('46) Newtown Savings Bank, Newtown, Conn. 
 20,C40-4s ('46) New England Mutual Life Ins. Co., Boston, Mass. 
 10,000-4s ('46) Orient Insurance Company, Hartford, Conn. 
 17,500-4s ('46) Saco and Biddeford Savings Institution, Saco, Me. 
 
 2,000-4s ('46) Salisbury Savings Society, Lakeville, Conn. 
 22,.500-4s ('46) State Savings Bank, Hartford, Conn. 
 
 7,500-4s ('46) Union Savings Bank, Danbury, Conn. 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 569 
 
 82,500-4s ('46) 1st con. mtg. Conn. Mut. Life Ins. Co., Hartford, Conn. 
 41,000-4s ('4G) 1st con. mtg. Hartford Fire Insurance Co., Hartford, Conn. 
 325,025-4s ('46) 1st con. Prudential Insurance Co. of America, Newarli, N. J. 
 
 DETBOIT, HirXSDAI^ AND SOUTHWESTERN RAILROAD. 
 
 20,000- stlJ. German-American Insurance Co., New Yorli City. 
 6,500- stl£. Saco & Biddeford Savings Institution, Saco, Me. 
 
 DETROIT, LIMA' AND NORTHERN RAILWAY. 
 
 25,000- ree. ctfs. Security Trust Company of Rochester,. Rocliester, N. X. 
 10,000- rec. ctfs. Union Trust Company of Rocliester, Rochester, N. Y. 
 200,000- rec. ctfs. . Guaranty Trust Company of New Yorls, N. X. City. 
 25,000-6s Morristown Trust Company, Morristown, N. J. 
 
 4,000- 
 4,000- 
 
 4,000- 
 
 1,600- 
 
 2,400- 
 
 2,400- 
 
 3,200- 
 
 2,400- 
 
 5,000-4s 
 
 l,000-4s 
 
 2,000-4s 
 
 l,000-4s 
 
 2,000-4s 
 
 2,000-4s 
 
 2,000-4s 
 
 l,000-4s 
 
 3,000-4s 
 
 2,000-4s 
 
 60,468-4s 
 2,000-4s 
 
 47,006-4s 
 
 10,000-7s 
 19,000-78 
 9,000-7s 
 12,325-7s 
 79,038-7s 
 
 DETROIT AND MACKINAC RAILROAD. 
 
 stk. Benef. Int. Androscoggin Co. Savings Bank, Lewiston, Me. 
 stk. Benef. Int. Topsham & B'nsw'k Twenty-Five Ct. Sav. Bank, 
 
 Brunswick, Me. 
 stk. Benef. Int. Mechanics' Savings Bank, Auburn, Me. 
 stk. ctf. of Benef. Int. Gorham Savings Bank, Gorham, Me. 
 stk. ctf. Benef. Int. Wiscasset Savings Bank, Wiscasset, Me. 
 stk. ctf. Benef. Int. Brldgton' Savings Bank, Bridgton, Me. 
 stlc. ctf. Benef. Int. Buxton & Hollis Sav. Bk., West Buxton, Me. 
 stk. ctf. of Benef. Int. South Paris Sav. Bk., South Paris, Me. 
 Ijumbermen's Insurance Company, Philadelphia, Pa. 
 ('95) Brldgton Savings Bank, Bridgton, Me. 
 ('95) Buxton and Hollis Savings Bank, West Buxton, Me. 
 ('95) Gorham Savings Bank, Gorham, Me. 
 ('95) Kennebunk Savings Bank, Kennebnnk, Me. 
 ('95) Machias Savings Bank, Machias, Me. 
 ('95) Mechanics' Savings Banlv, Auburn, Me. 
 ('95) South Paris Savings Bank, South Paris, Me. 
 ('95) Topsham & B'nsw'k Twenty-Five Ct. S. Bk., Brunswick, Me. 
 ('95) Wiscasset Savings Bank, Wiscasset, Me. 
 ('95) mtg. Metropolitan Life Insurance Company, N. T. City. 
 ('95) tntg. g. Androscoggin Co. Savings Bk., Lewiston, Me. 
 ('95) mtg. g. New Tork Life Insurance Co., New York City. 
 
 DETROIT, MONROE AND TOLEDO RAILROAD. 
 
 ('06) Equitable Life Assur. Society of United States, N. Y. Clt3'. 
 
 ('06) Lancashire Ins. Co. (Manchester, Eng.), New York City. 
 
 ('06) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 ('06) 1st. Home Life Insurance Company, New York City. 
 
 ('06) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 DETROIT, TOLEDO AND MILWAUKEE RAILROAD. 
 
 10,800- 1st mtg. Industrial Trust Company, Providence, R. I. 
 
 DEXTER AND NEWPORT RAILROAD. 
 
 15,500- stk. Bangor Savings Bank, Bangor, Me. 
 
 6.000- stk. Bath Savings Institution, Bath, Me. 
 
 6,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 5,000-4s City Savings Bank, Pittsfleld, Mass. 
 10,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 
 5,000-4s Middleborough Savings Bank, Middleborough, Mass. 
 
 7,000-4s People's Savings Bank, Brockton, Mass. 
 
 5,000-4s Whitman Savings Bank, Whitman, Mass. 
 50,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 22,000-4s Worcester Five Cent Savings Bank, Worcester, Mass. 
 15,000-4s ('17) Auburn Savings Bank, Auburn, Me. 
 
 5,000-4s ('17) Me. Cent. Nat'l Sav. Bk, of New Haven, New Haven, Conn. 
 
570 DUTIES AND POWEES OF INTERSTATE COMMEKCE COMiVIISSION. 
 DEXTER AND PISCATAQUIS BAILEOAD. 
 
 4,500- stk. Bangor Savings Bank, Bangor, Me. 
 
 3,000- stk. Bath Savings Institution, Batli, Me. 
 
 3.5,000- Employers' Lia. Assur. Co., Ltd., Lon, Tr. Dep., State of Mass. 
 10,000-4s Beverly Savings Bank, Beverly, Mass. 
 
 3,000-4s Dorchester Savings Bank, Dorchester, Mass. 
 15,000-4s Ilaverhill Savings Bank, Haverhill, Mass. 
 10,000-4s iHouie Savings Bank, Boston, Mass. 
 
 15,000-4s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 10,000-4s Natick Five Cent Savings Bank, Natick Mass. 
 
 5,000-4s People's Savings Bank, Brockton, Mass. 
 
 5,000-4s Rockland Savings Bank, Rockland, Mass. 
 
 8,000-4s Warren I'ive Cent Savings Bank, Peabody, Mass. . 
 
 8,000-4s West Newton Savings Bank. AVest Newton, Mass. 
 
 4,000-4s Wildey Savings Bank, Boston, Jlass. 
 10,000-4s Worcester Five Cent Savings Bank, Worcester, Mass. 
 37,100-4s ('29) Employers' Lia. Assur. Corp. (Ltd.), London, Bng. 
 
 DtJLTTTH AND IKON RANGE KAILBOAD. 
 
 10,000-5s Dartmouth Savings Bank, Hanover, N. H. 
 5,000-5s 1st mtg. Wyoming Valley Trust Company, Wilkesbarre, Pa. 
 10,000-5s 1st mtg. coup. Wilkesbarre Dep. & Sav. Bank. Wilkesbarre, Pa. 
 200,791 -5s ('37) 1st mtg. ^Manhattan Life Insurance Co., New York City. 
 28,364-5s ('37) 1st mtg. Jletropolitan Life Insurance Co., N. T. City. 
 47,500-5s ('37) New England Mutual Life Insurance Co., Boston, Mass. 
 
 DULUTH SHORT LINE RAILWAY. 
 
 50,000-5s 1st mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 DULUTH, SOUTH SHORE AND ATLANTIC RAILROAD. 
 
 5,000-5s Standard Finance and Trust Co., Jersey City, N. J. 
 
 9,825-5s coup. Carbondale Miners' & Mech. Sav. Bk.. Carbondale, Pa. 
 
 4,831-5s reg. Wayne County Savings Bank. Honesdale, Pa. 
 25,000-.5s ('37) Bangor Savings Bank, Bangor, Me. 
 
 4,825-58 ('37) Travelers' Insurance Company, Hartford, Conn. 
 19,425-5s ('37) 1st mtg. Provident Savings Life Assurance See, N. Y. City. 
 
 DULUTH TBANSFEK RAILWAY. 
 
 10,000- Merchants' Savings Bank, Providence, R. I. 
 5,000-6s Wolfeborough Loan & Banking Co., \A'olfeborough, N. H. 
 ]0,000-6s Portsmouth Trust and Guarantee Co., Portsmouth, N. H. 
 
 DUNKIRK, WARREN AND PITTSBURGH RAILROAD. 
 
 100,000-7s (1900) 1st mtg. gtd. Home Insurance Company, N. Y. City. 
 
 DUTCHESS COUNTY RAILROAD, NEW YORK. 
 
 l,000-6s coup. Columbia Ave. Sav. Fd.. S. Dep., Title & Tr. Co., Phila., Pa. 
 15,000-6s ('40) 1st mtg. covip. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 EASTERN RAILWAY OF FRANCE. 
 
 89,418-8s ('54) Guar, by French Gov. Mutual Life Ins. Co., N. Y. City. 
 
 EASTERN MAINE RAILROAD. 
 
 20,000- stk. Portland Savings Bank, Portland, Me. 
 2,500- stk. Rockland Savings Bank, Rockland, Me. 
 19,000-6s ('06) Saco and Biddeford Savings Institution, Saco, Me. 
 
DITTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 571 
 EASTERN RAILKOAD OF MASSACHUSETTS. 
 
 35,000- Al•k\^Tight Mutual Fire Insurance Co., Boston, Mass. 
 
 5,000- Hingliam Mutual Fire Insurance Oompanv, Hinghani, Mass. 
 22,839- British & Foreign Marine Ins. Co., Tr. Dep., State of Mass. 
 
 1,500- Cambridge Mutual Fire Insurance Company, Cambridge, Mass. 
 
 6,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 5,000- Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 
 2,000- South Danvers JIutual Fire Insurance Company, Peabody, Mass. 
 30,000- Union Marine Insurance Co., Tr. Dep., State of Massachusetts. 
 38,445- Union Marine Insurance Co., Tr. Dep., State of Massachusetts. 
 60,000-5s Springfield Institute for Savings, Springfield, Mass. 
 25,000-6s Abington Savings Bank, Abington, Mass. 
 • 5,000-6s Barre Savings Bank, Earre, Mass. 
 
 5,S39-6s coup. ster. Brit. & For. Mar. Ins. Co. (Ltd.), (Li v., Eng.), N. Y. C. 
 69,685-6s Boston Five Cent Savings Bank, Boston, Mass. 
 17,000-6s coup. Brit. & For. Mar. Ins. Co. (Ltd.), (L'pool, Eng.), N. T. C. 
 
 5,500-6s Canton Institute for Savings, Canton, Mass. 
 32,605-6s Cambridgeport Savings Bank, Cambridgeport, Mass. 
 12,000-6s Crocker Institute for Savings, Turner's Falls, Mass. 
 13,000-6s Cohasset Savings Bank, Cohasset, Mass. 
 40,000-6s Dedham Institute for Savings, Dedham, JIass. 
 10,000-6s East Boston Savings Bank, Bast Boston, Mass. 
 
 8,500-6s East Cambridge Savings Bank, East Cambridge, Mass. 
 50,000-6s Franklin Savings Bank, Boston, Mass. 
 60,000-6s Franklin Savings Institute, Greenfield, Mass. 
 
 6,000-6s I-Iingham Institute for Savings, Hingham, Mass. 
 65,000-6s Holyoke Savings Bank, Holyoke, Mass. 
 
 5,000-6s Hudson Savings Bank, Hudson, Rlass. 
 
 3,000-6s Leicester Savings Bank, Leicester, Mass. 
 76,595-6s Lynn Institute for Savings, Lynn, Mass. 
 37,000-6s Middlesex Institute for Savings, Concord, Mass. 
 
 5,000-6s Monson Savings Bank, Monson, Mass. 
 
 52,500-6s New Bedford Five Cent Savings Bank, New Bedford, Mass. 
 27,000-6s North Brookfleld Savings Bank, North Brookfield, Mass. 
 71,000-6s People's Savings Bank, Worcester, Mass. 
 10,000-6s Plymouth Five Cent Savings Bank, Plymouth, Mass. 
 46,000-6s Provident Institute for Savings, etc., Amesbury, Mass. 
 330,000-6s Provident Institute for Savings, etc., Boston, Mass. 
 58,000-6s Salem Five Cent Savings Bank, Salem, Jlass. 
 25,000-6s Sputh Boston Savings Bank, South Boston, JIass. 
 469,666-6s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 
 5.000-6S Union Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 38,445-6s coup. Union Marine Ins. Co. (Ltd.), (L'pool, Eng.), N. Y. City. 
 30,000-6s Union Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 
 5,000-6s Warren Five Cent Savings Bank, Peabody, Mass. 
 364,000-6s Worcester County Institute for Savings, Worcester, Mass. 
 
 3,000-6s Laconia Savings Bank, Laconia, N. H. , 
 15,500-6s Manchester Savings Bank, Manchester, N. H. 
 50,000-6s New Bedford Institute for Savings, New Bedford, Mass. 
 10,000-6s ('06) Penobscot Savings Bank, Bangor, Jle. 
 20,000-6s ('06) American Insurance Company, Boston, Mass. 
 25,000-6s ('06) Bath Savings Institution, Bath, Me. 
 12,000-6s ('06) Belfast Savings Bank, Belfast, Me. 
 
 5,750-6s ('06) Employers' Lia. Assur. Corp. (Ltd.), London, Eng. 
 10,000-6s ('06) Hallowell Savings Institution, Hallowell, Me. 
 
 EASTERN BAILBO.AD OF MINNESOTA. 
 
 5,000- Merchants & Farmers' Mut. Fire Ins. Co., Worcester, Mass. 
 
 25!oOO- gtd. Mechanics' Savings Bank, Providence, R. I. 
 
 266,250-4s ('28-'48) Aetna Life Insurance Company, Hartford, Conn. 
 
 5!oOO-4s ('48) Brooklyn Savings Bank, Brooklyn, Conn. 
 
 5o!oOO-4s ('48) Chelsea Savings Bank, Norwich, Conn. 
 
 l,000,000-4s ('48) Equitable Life Assur. Society of United States, N. Y. City. 
 
 10,000-4s ('48) Franklin Savings Bank, Pawtucket, R. I. 
 
572 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 5,000-4s 
 10,000-4s 
 10,000-4s 
 35,000-5s 
 10,000-5s 
 
 500,000-5s 
 
 50,000-5s 
 
 10.055-5S 
 
 3,000-5s 
 
 10,000-5s 
 
 100,000-5s 
 19.000-5S 
 50,000-5s 
 40,000-5s 
 25,000-5s 
 
 160,000-5s 
 10,000-5s 
 5,000-4s 
 50,000-4s 
 25,000-4s 
 25,000-4s 
 50,000-4s 
 20,000-4s 
 l,742,155-4s 
 
 542,343-4s 
 
 '48) Groton Savings Bank, Mystic, Conn. 
 
 '48) Meclianics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 '48) Soutli Norvvalk Savings Bank, South Norwalk, Conn. 
 Fidelity Trust Company, Newark, N. J. 
 
 '08) Dime Savings Bank of Norwicla, Norwich, Conn. 
 
 '08) Equitable Life Assur. Society of United States, N. Y. City. 
 
 '08) Farmington Savings Bank, Farmington, Conn. 
 
 '08) John JHancock Mutual Life Insurance Co., Boston, Mass. 
 
 '08) Mechanics' Savings Bank, Hartford, Conn. 
 
 '08) Merchants' Insurance Company, Providence, R. I. 
 
 '08) Middletown Savings Bank, Middletown, Conn. 
 
 '08) New Haven Savings Bank, New Haven, Conn. 
 
 '08) Rhode Island Hospital Trust Company, Providence, R. I. 
 
 '08) Savings Bank of Danbury, Danbury, Conn.' 
 
 '08) State Savings Bank, Hartford, Conn. 
 
 '08) Society for Savings, Hartford, Conn. 
 
 '08) Stamford Savings Bank, Stamford, Conn. 
 
 '48) Gt. North'n. Nat'l Sav. Bk. of New Haven, N. H'v'n, Conn. 
 
 '27) No. div. Middletown Savings Bk., Middletown, Conn. 
 '28-'48) No. div. Norwalk Savings Society, Norwalk, Conn. 
 '28-'48) No. div. Mariners' Savings Bank, New London, Conn. 
 
 '48) No. div. Farmers' & Jlech. Sav. Bk., Middletown, Conn. 
 
 '48) No. div. Fairfleld County Savings Bank, Norwalk, Conn. 
 
 '48) No. div. 1st g. New York Life Ins. Co., N. Y. City. 
 
 '48) No. div. 1st mtg. g. Conn. M. L. Ins. Co., Hartford, Conn. 
 
 EASTERN RAILBOAD OP NEW HAMPSHIRE. 
 
 30,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 
 EAST PENNSYLVANIA RAILROAD. 
 
 10,000- Stk. Reading Fire Insurance Company, Reading, Pa. 
 15,000-4s ('58) Savings Bank of Danbury, Danbury, Conn. 
 
 EAST TENNESSEE, VIRGINIA AND GEORGIA RAILROAD. 
 
 68,000- cons. Real Estate Trust Company, N. Y. City. 
 3,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 30,000 5s National Fire Insurance Company, Hartford, Conn. 
 
 33,20o-r)S con. mtg. coup. Lackawanna Tr. & S. Dep. Co., Scranton, Pa. 
 107,390-5s ('30) Mutual Life Insurance Company, N. Y. City. 
 100,000-5s ('56) Massachusetts Mut. L. Ins. Co., Springfield, Mass. 
 
 15,000-5s ('56) Orient Insurance Company, Hartford, Conn. 
 
 59,465-5s ('56) con. g. Home Life Insurance Company, N. Y. City. 
 
 25,000-5s ('56) con. mtg. g. Hamb.-Bremen F. I. Co. (Ham., G.), N. Y. C. 
 505,000-5s ('56) con. mtg. g. New York Life Insurance Co., N. Y. City; 
 
 24,518-5s ('56) con. mtg. g. United States Life Insurance Co., N. Y. City. 
 
 25,000-7s loan coup. Philadelphia Savings Fund Society, Phila., Pa. 
 
 20,000-7s coup. Montgomery Ins. Tr. & S. Dep. Co., Norristown, Pa. 
 .549,100-7s (1900) Mutual Life Ins.urance Company, N. Y. City. 
 
 21,050-7s (1900) 1st mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 ll,550-7s (1900) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 EASTON AND AMBOY RAILROAD. 
 
 153,000-5s Howard Savings Institution, Newark, N. J. 
 
 24,000-5s Morris County Savings Bank, Morristown, N. J. 
 
 10,750-5s Northern Savings Fund S. Dep. Co., Philadelphia, Pa. 
 
 15,000-5s Paterson Safe Deposit and Trust Company, Paterson, N. J. 
 
 10,762-5s reg. Easton Trust Company. Easton, Pa. 
 
 10,740-5s reg. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 9,911-5s reg. Marble Banking and Trust Company, Hazleton, Pa. 
 
 20,000-5s reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 750,000-5s reg. loan. Philadelphia Savings Fund Society, Phila., Pa. 
 
 53,000-5s reg. Philadelphia Trust, Safe Dep. & Ins. Co., Phila., Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 573 
 
 30,000-5s reg. Savings Fund Society ol: GermaDtown, etc., Phila., Pa. 
 
 3,000-5s reg. White Haven Savings Banli, W'liite Haven, Pa. 
 
 27,375-5s 1st mtg. reg. Guarantee Trust & Safe Dep. Co., Pliila., Pa. 
 
 200,000-5s 1st mtg. reg. Western Savings Fund Society, Pliila., Pa. 
 
 3,000-5s ('20) Camden Safe Deposit & Ti-ust Company. 
 
 24,000-5s ('20) Aetna Life Insurance Company, Hartford, Conn. 
 
 25,000-5s ('20) Hartford Life Insurance Company, Hartford, Conn. 
 
 5,000-5s ('20) Merchants' Insurance Company, Newark, N. J. 
 
 20,000-5s ('20) Reliance Insurance Company, Philadelphia, Pa. 
 
 25,000-5s ('20) 1st mtg. reg. Franklin Fire Insurance Co., Phila., Pa. 
 
 50,000-5s ('20) 1st mtg. reg. Phoenix Insurance Company, Hartford, Conn. 
 
 7,000-5s ('20) 1st mtg. Spring Garden Insurance, Phila., Pa. 
 
 20,000-5s ('20) 1st mtg. Provident Life and Trust Company, Phila., Pa. 
 
 150,000-5s ('20) 1st mtg. gtd. Hartford Fire Insurance Co., Hartford, Conn. 
 
 52,825-5s ('20) 1st mtg. reg. gtd. Phoenix M. Life Ins. Co., Hartford, Conn. 
 
 423,500-5s ('20) gtd. by L. Val. R. R. Co. Conn. M. L. I. Co., Hartford, Conn. 
 
 14,000-5s ('20) Trustees' ctfs. reg. Union Insurance Co., Phila., Pa. 
 
 EASTON AND NORTHERN EAILBOAD. 
 
 10,000-4Js 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 
 EEL RIVER RAILROAD. 
 
 47,600- stk. Nashua Savings Bank, Nashua, N. H. 
 4,300- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 
 EUilN, JOLIET AND EASTERN RAILWAY. 
 
 10,000- Fidelity Trust Co. of Rochester, Rochester, N. Y. 
 10,000- ('41) 1st. Trust and Deposit Co. of Onondaga, Syracuse, N. ¥. 
 20,725-5s 1st gen. mtg. coup.- Easton Trust Company, Easton, Pa. 
 20,700-5s 1st pf. coup. Scranton Savings Bank, Scranton, Pa. 
 16,125-5s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 10,35(5-5s coup. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 20,000-5s 1st mtg. coup. Merchants and Mechanics' Bank, Scranton, Pa. 
 50,00O5s 1st mtg.'g. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 5,340-5s coup. 1st mtg. Albertsou Trust & S. Dep. Co., Norristown. Pa. 
 
 5,225-5s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 50,000-5s Fidelity Trust Company, i\ewark, N. J. 
 
 5,000-5s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 20,000-5s coup. Carbondale Miners & Mechanics' Sav. Bank, Carbondale, Pa. 
 10,000-5s coup. Warren Savings Bank, Warren, Pa. 
 10,000-5s ('41) Bath Savings Institution, Bath, Me. 
 
 5,000-5s ('41) Gardiner Savings Institution, Gardiner, Me. 
 
 2,000-5s ('41) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-5s ('41) Mechanics' Savings Bank, Auburn, Me. 
 
 5,000-5s ('41) Machias Savings Bank, Machias, Me. ' 
 
 10,000-5s ('41) Saco Savings Bank, Saco, Me. 
 104,000-5s ('41) Travelers' Insurance Company, Hartford, Conn. 
 51,662-5s ('41) 1st mtg. Phoenix Mutual Life Co., Hartford, Conn. 
 102,500-5s ('41) Ist mtg. coup. g. Penn. Mutual Life Ins. Co., Phila., Pa. 
 25,000-5s ('41) 1st mtg. g. Sun In.s. Office (London, Eng.), N. Y. City. 
 ■ 689,381-5s ('41) 1st mtg. g. Connecticut Mut. Life Ins. Co., Hartford, Conn. 
 50,000-5s ('41) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 ELIZABETHTOWX, LEXINGTON AND BIG SANDY RAILROAD. 
 
 26,000- 1st. Real Estate Trust Company, N. Y. City. 
 
 20,000- ('02) Trust and Deposit Company of Onondaga, Syracuse, N. Y. 
 
 10,000-5s Mechanics' Trust Company, Bayonne, N. .7. 
 
 20,000-5s 1st mtg. coup. Wilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 
 20,290-5s 1st mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
 5,000-5s ist mtg. coup. People's Bank, Wilkesbarre. Pa. 
 45,000-5s 1st mtg. coup. Western Sav. Fund Society, Philadelphia, Pa. 
 20,000-5s coup. Lansdale Tr. and Safe Dep. Co., Lansdale, Pa. 
 
574 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 25,000-5s coup. Montgomery Ins. Tr. & S. Dep. Co., Norristown, Pa. 
 
 40,000-5s ('02) sk. fd. 1st mtg. g. Germania Life Insuranoe Co., N. Y. City. 
 
 49,929-5s ('02) 1st mtg. Manhattan Life Insurance Co., N. Y. City. 
 
 9,925-5s ('02) 1st mtg. gtd. Plioenix Mur. Life Ins. Co., Hartford, Conn. 
 
 ELLWOOD SHOKT LINE BAILROAD. 
 
 23,687-5s ('22) 1st mtg. g. Metropolitan Life Insurance Co., X. Y. City. 
 22,500-5s ('22) State Mutual Life Assurance Company, Worcester, Mass. 
 
 ELMIEA, CORTLAND AND NORTHERN BAILROAD. 
 
 100,000- 1st. Central Trust Company of New York, N. Y. City. 
 50,000-6s ('14) pf. 1st mtg. Continental Insurance Co., N. Y. City. 
 147,480-6s ('14) Mutual Life Insurance Company, N. Y. City. 
 
 ELMIRA AND WILLIAMBPORT BAILROAD. 
 
 550- stk. Fire Insurance Co. of County of Philadelphia, Phila., Pa. 
 ]0,000-.5s ('28-'62) Franklin Fire Insurance Company, Philadelphia, Pa. 
 15,000-6s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 15,000-6s mtg. Queens County Savings Bank, Flushing, N. Y. 
 20,000-6s ('10) Connecticut Savings Bank, New Haven, Conn. 
 4,000-6s ('10) Deep River Savings Bank, Deep River, Conn. 
 31,000-6s ('10) Mei-iden Savings Bank, Meriden, Conn. 
 23,000-Gs ('10) Norwich Savings Society, Norwich, Conn. 
 25,000-6s ('10) Savings Bank of New London, New London, Conn. 
 40,000-6s ('10) Society for Savings, Hartford, Conn. 
 
 ERIE AND PITTSBURG RAILROAD. 
 
 57,895- stk. Provident Life & Trust Company; Philadelphia, Pa. 
 
 20,000- cap. stk. Hanover Fire Insurance Company, N. Y. City. 
 
 17,800- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 270,000- Union Trust Company of New York, N. Y. City. 
 
 49,750-3is coup. Savings Fund Society of Germantown, etc., Phila., Pa. 
 420,425-3*8 series B, gen. mtg. coup. Fid. Ins. Tr. & S. D. Co., Phila., Pa. 
 
 10,000-3Js gen. mtg. Lumbermen's Insurance Co., Philadelphia, Pa. 
 
 95,000-3|s gen. mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 25,000-3is ('40) City Savings Bank, Meriden, Conn. 
 5,000-3*8 ('40) Deep River Savings Bank, Deep River, Conn. 
 
 25,000-3^8 ('40) Meriden Savings Bank, Meriden, Conn. 
 
 10,000-3Js ('40) Naugatuck Savings Bank, Naugatuck, Conn. 
 150,000-3is ('40) New Haven Savings Bank, New Ha\'en, Conn. 
 
 10,000-3is ('40) Reliance Insurance Company, Philadelphia, Pa. 
 
 18,000-3*s ('40) Savings Bank of Ansonia, Ansonia, Conn. 
 
 30,000-3|s ('40) Society for Savings, Hartford, Conn. 
 
 ]5,000-3is ('40) Stamford Savings Bank, Stamford, Conn. 
 
 25,000-3^s ('40) Waterbury Savings Bank, Waterbury, Conn. 
 
 50,000-3|s ('40) con. g. Franklin Fire Insurance Co.', Philadelphia, Pa. 
 
 25,000-3is ('40) gen. mtg. Ocean Acci. & Guar. Corp. (Ltd.), Don., Eng. 
 163,438-34s ('40) gen. mtg. g. cp. gtd. Pa. R. R. Pa. M. L. I. Co., Phila., Pa. 
 
 20,000-3Js ('40) Pa. R. R. Nat'l Sav. Bk. of New Haven, N. H'v'n, Conn. 
 
 EKIE BAILROAD. 
 
 5,500- pf. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 
 11,623- 1st pf. stk. tr. ctfs. Home Life Insurance Co., N. Y. City. 
 
 300- 2d. pf. stk. tr. ctfs. Home Life Insurance Co., N. Y. City. 
 
 18,969- 2d. pf. Merchants' and Mechanics' Bank, Scranton, Pa. 
 
 50,000- con. Security Trust Company of Rochester, Rochester, N. Y. 
 
 35,000- gen. lien. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
 8,000- gen. lien. Rochester Trust and Safe Deposit Co., Rochester, N. Y. 
 
 100,000- pr. lien. Brooklyn Trust Company, Brooklyn, N. Y. 
 
 50,000- pr. lien. Knickerbocker Trust Company, N. Y. City. 
 
 50,000- pr. lien. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
DUTIES AND POWEKS OF INTERSTATE COMMEEGE COMMISSION. 575 
 
 13,885- pr. lien. Nederland (Ltd. Lia.) Life Ins. Co. (Amsterdam, Hol- 
 land), N. Y. City. 
 2,000- Chautauqua County Trust Company, Jamestown, N. Y. 
 1G,000- ('96) pr. lien. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 20,315-3s gen. lien. coup. Wayne County Savings Bank, Honesdale, Pa. 
 34,925-3s & 4s g. gen. lien. coup. Jierchants & Mech. Bk., Scranton, Pa. 
 60,000-3s & 4s ('96) gen. lien. Westchester Fire Insurance Co., N. Y. City. 
 10,000-4s Standard Finance and Trust Company, Jersey City, N. J. 
 10,647-4s gen. lien. coup. White Haven Savings Bank, White Haven, Pa. 
 9,045-4s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 5,400-4s pr. lien. coup. Albertson Trust & Safe Dep. Co., Norristown, Pa. 
 18,S25-4s pr. lien. coup. County Savings Bk. & Tr. Co., Scranton, Pa. 
 9,356-4s pr. lien. coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 75,000-4s pr. lien. Industrial Trust Company, Providence, R. I. 
 22,927-4s pr. lien. coup. Lancaster Trust Company, Lancaster, Pa. 
 5,000-4s pr. lien. Mechanics' Trust Company, Bayonne, N. J. 
 18,716-4s pr. lien. coup. Merchants' and Mechanics' Bank, Scranton, Pa. 
 25,000-4s pr. lien. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 18,347-4s pr. lien. coup. Wayne County Savings Bank, Honesdale, Pa. 
 9,300-4s pr. lien. coup. Warren Savings Bank, Warren, Pa. 
 9,112-4s coup. reg. Warren Savings Bank, Warren^ Pa. 
 905,209-4s ('96) Mutual Life Insurance Company, X. Y. City. 
 534,000-4s ('96) gen. lien. Equitable Life Assut. Soc. of U. S., X. Y. City. 
 32,878-4s ('96) gen. lien. g. Home Life Insurance Company, N. Y. City. 
 10,000-4s ('96) pr. lien. American Union Life Insurance Co., X. Y. City. 
 l,103,000-4s ('96) pr. lien. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 45,825-4s ('96) pr. lien. g. Fidelity & Casualty Company, N. Y. City. 
 50,000-4s ('96) pr. lien. Hanover Fire Insurance Company, X. Y. City. 
 o89,414-4s ('96) pr. lien. g. reg. Conn. Mut. Life Ins. Co., Hartford, Conn. 
 472,500-4s ('96) pr. lien. g. Provident Life & Trust Co., Philadelphia, Pa. 
 10,000-4s ('96) pr. lien. Rochester German Ins. Co., Rochester, X. Y. 
 2].,750-4s ('96) pr. lien. Travelers' Insurance Company, Hartford, Conn. 
 21,036-6s Dock & Imp. coup. Wayne County Savings Bank, Honesdale, Pa. 
 20,000-7s National Fire Insurance Company, Hartford, Conn. 
 5,000-7s Paterson Safe Deposit & Trust Company, Pnterson, N. J. 
 371,850-7s ('20) Mutual Life Insurance Company, New York City. 
 50,000-7s ('20) Scottish Un. & Nat'l Ins. Co. (Edbg., Scot.), Hartford, Conn. 
 150,000-7s ('20) 1st con. German- American Insurance Co., Xew York City. 
 100,000-7s ('20) con. 1st mtg. Continental Insurance Co.. New York City. 
 50,000-7s ('20) con. mtg. Phoenix Insurance Company, Hartford, Conn. 
 120,833-7s ('20) 1st cons. mtg. Phoenix Mut. Life Ins. Co., Hartford, Conn. 
 
 ESCANABA AND LAKE SUPEEIOB BAILEOAI). 
 
 14,000-6s Fidelitv Trust Company, Newark, N. J. 
 
 l,000-6s ('01) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 30,000-6s ('01) New Haven Savings Bank, Xew Haven, Conn. 
 
 2,000-6s ('01) Newtown Savings Bank, Newtown, Conn. 
 
 5,000-6s ('01) Union Savings Bank, Danbury, Conn. 
 
 9,456-6s ('01) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 6,000-6s ('01) Chi. & Nwn. Nat'l Sav. Bk. of New Haven, N. Haven, Conn. 
 
 10,000-7s ('01) Savings Bank of New London, New London, Conn. 
 
 EUKEKA SPRINGS RAILWAY. 
 
 35,000- Mechanics' Savings Bank, Providence, R. I. 
 
 25,000-6s ('33) Travelers' Insurance Company, Hartford, Conn. 
 
 EUROPEAN ANl.l NORTH AMERICA7I RAILROAD. 
 
 10,000- stk. Auburn Savings Bank, Auburn, Me. 
 
 26,100- stk. Androscoggin County Savings Bank, Lewiston, Me. 
 
 60^000- stk. Bangor Savings Bank, Bangor, Me. 
 
 3,000- stk. Brewer Savings Bank, Brewer, Me. 
 
 4 000- stk. Calais Savings Bank, Calais, Me. 
 
 1000- stk. Franklin County Savings Bank, Farmington, Me. 
 
576 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 2,000- stk. Gardiner Savings Institution, Gardiner, Me. 
 400- stk. Hancock County Savings Bank, Ellsworth, Me/ 
 
 5,000- stk. Machias Savings Bank, Maehias, Me. 
 50,400- stk. Penobscot' Savings Bank, Bangor, Me. 
 21,300- stk. Portland Savings Bank, Portland, Me. 
 10,000- stk. Waterville Savings Bank, Waterville, Me. 
 
 5,000-4s Me. Cent. Andover Savings Bank, Andover, Mass. 
 
 4,000-4s Me. Cent. Bass River Savings Bank, South Yarmouth, Mass. 
 
 3,000-4s Me. Cent. Belmont Savings Bank, Belmont, Mass. 
 10,000-4s Me. Cent. Brighton Five Cent Savings Bank, Boston, Mass. 
 20,000-4s Me. Cent. Canton Institute for Savings, Canton, Mass. 
 100,000-4s Me. Cent. Franklin Savings Bank, Boston, Mass. 
 
 l,000-4s Me. Cent. Hudson Savings Bank, Hudson, Mass. 
 15,000-4s Me. Cent. Inst, for Sav. in Ne\Yi)urj'port, etc., Nevrburyport, Mass. 
 
 5,000-4s Me. Cent. Lawrence Savings Bank, Lawrence, Mass. 
 25,000-48 Me. Cent. People's Savings Bank, Worcester, Mass. 
 
 5,000-4s Me. Cent. Wakefield Savings Bank, Wakefield, Mass. 
 10,000-4s Me. Cent. Wareham Savings Bank, AVareham, Mass. 
 
 l,000-4s Me. Cent. Wildey Savings Bank, Boston, Mass. 
 30,000-4s Me. Cent. Worcester Five Gent Savings Bank, Worcester, Mass. 
 
 EVANSVILLE AND INDIANAPOLIS RAILROAD. 
 
 5,000- Franklin Savings Bank, Pawtucket, R. I. 
 
 10,700- Mechanics' Savings Bank, Westerly, R. I. 
 349,614- ('20) 1st con. g. gtd. by B. & T. H. K. R. N. Y. Life Ins. Co., N. Y. 0. 
 
 20,000-6s Amoskeag Savings Bank, Manchester, N. H. 
 5,000-6s coup. Carbondale Miners & Mech. Sav. Bk., Carbondale, Pa. 
 
 15,000-Cs Dartmouth Savings Bank, Hanover, N. H. 
 
 10,000-6s Loan and Trust Savings Bank, Concord, N. H. 
 
 10,000-6s coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 20,000-6s New Hampshire Savings Bank, Concord, N. H. 
 
 20,000-6s coup. Scranton Savings Bank, Scranton, Pa. 
 
 10,000-6s Union Guaranty Savings Bank, Concord, N. H. 
 
 27,500-6s ('24) 1st mtg. gtd. Phoeni.x Mutual Life Ins. Co., Hartford, Conn. 
 151,149-6s ('24) 1st g. gtd. by E. & T. H. R. R. N. Y. L. Ins. Co., N. Y. C. 
 
 25,000-6s ('26) Bangor Savings Bank, Bangor, Me 
 5,000-6s ('26) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 25,000-6s ('26) 1st mtg. Queen Insurance Co. of America, N. Y. City. 
 
 EVANSVILLE AND INDIANA RAILBOAD. 
 
 10,000- ('24) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 10,000- ('26) con. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 EVANSVILLE AND TERBB HAUTE BAILROAD. 
 
 4,583- reg. pf. Anthracite Savings Banli, Wilkesbarre, Pa. 
 
 13,760- pf. Amoskeag Savings Bank, Manchester, N. H. 
 
 . 9,150- .pf. Loan & Trust Savings Bank, Concord, N. H. 
 
 10,134- pf. Marble Banking and Trust Company, Hazleton, Pa. 
 
 9,166- pf. Mechanics' Trust Company, Bayonne, X. J. 
 
 27,500- pf. New Hampshire Savings Bank, Concord, N. H. 
 
 8,000- pf. Scranton Savings Bank, Scranton, Pa. 
 
 9,150- pf. Trust & Deposit Company of Onondaga, Syracuse, N. Y. 
 
 13,750- pf. AVilkesbarre Deposit and Savings Bank, AVilkesbarre, Pa. 
 
 9,150- pf. reg. Miners' Savings Bank, Pittston, Pa. 
 
 4,600- stk. Belkuap Savings Bank, Laconia, N. H. 
 
 4,848- stk. reg. Hanover Savings Fund Society, Hanover, Pa. 
 
 10,000- Westerly Savings Bank, Westerly, R. I. 
 
 20,000- Atlantic Trust Company, New York City. 
 
 15,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 10,00'0- Ithaca Trust Company, Ithaca, N. Y. 
 
 84,933- New York Security & Tru.st Company, New York City. 
 
 8,000- Trust Company of America, New York City. 
 
 4,600-4s reg. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 5^7 
 
 5,000-5s coup. Carbondale Miners & Mechanics' Sav. Blc., Carbondale, Pa. 
 17,700-5s coup. Merchants & Mechanics' Banl^, Scranton, Pa. 
 10,000-5s coup. Scranton Savings Banli, Scranton, Pa. 
 10,000-5s 1st con. coup. People's Banl;, WilliesbaiTe, Pa. 
 10,586-.5s 1st mtg. coup. Marble Banking & Trust Co., Hazleton, Pa. 
 
 8,400-5s gen. mtg. coup. Albertson Trust & S. Dep. Co., Norristown, Pa. 
 10,000-5s ('30) Bristol Savings Bank, Bristol, Conn. 
 
 5,000-5s ('30) Brooklyn Savings Bank, Brooklyn, Conn. 
 10,000-5s ('30) People's Savings Bank, Rockville, Conn. 
 15,000-5s ('30) Savings Bank of New Britain, New Britain, Conn. 
 13,000-5s ('36) State Savings Bank, Hartford, Conn. 
 
 50,000-5s ('42) 1st gen. mtg. Fire Association of Philadelphia, Phila., Pa. 
 56,396-5s ('42) 1st gen. g. New York Life Insurance Co., N. Y. City. 
 25,000-5s ('42) 1st gen. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 10,000-5s ('42) 1st gen. mtg. trnited Firemen's Ins. Co., Phila., Pa. 
 
 5,000-6s Somerville Dime Savings Bank, Somerville, N. J. 
 
 5,000-6s ('21) Deep Elver Savings Bank, Deep River, Conn. 
 281,650-6s ('21) Mutual Life Insurance Company, New York City. 
 
 5,000-6s ('21) Naugatuck Savings Bank, Naugatuck, Conn. 
 20,000-6s ('21) Meriden Savings Bank, Meriden, Conn. 
 40,000-6s ('21) New Haven Savings Bank, New Haven, Conn. 
 15,000-6s ('21) Paterson Savings Institution, Paterson, N. J. 
 328,595-6s ('21) 1st con. g. New York Life Insurance Co., New York City. 
 * 5,000-6s ('21) con. 1st mtg. g. Helvetia Swiss Fire Insurance Company (St. 
 Gaul, Switzerland), New York City. 
 
 5,000-6s ('23) Essex Savings Bank, Essex, Conn. 
 ll,000-6s ('23) Waterbury Savings Bank, Waterbury, Conn. 
 20,000-6s ('23) Mt. Ver. Ext. Connecticut Savings Bk., New Haven, Conn. 
 15,000-6s ('23) Mt.Vern.div. Mech. & Farm. Sav. Bk., Bridgeport, Conn. 
 
 8,000-6s ('23) Mt. Vern. Br. Union Savings Bank, Danbury, Conn. 
 10,000-5s Sullivan Co. Coal Br. National Fire Ins. Co., Hartford, Conn. 
 
 6,000-5s ('30) Sull. Co. Coal Br. National Fire Ins. Co., Hartford, Conn. 
 27,000-5s ('30) Sull. Co. Coal Br. Mech. & F. Sav. Bk., Bridgeport, Conn. 
 10,000-5s ('30) Sull. Co. Coal Br. Newton Savings Bk., Newton, Conn. 
 
 5,000-5s ('30) Sull. Co. Coal Br. Southington Sav. Bk., South'g'tn, Conn. 
 30,000-5s ('30) Sull. Co. Coal Br. Union Savings Bk., Danbury, Conn. 
 27,000-5s ('30) Sull. Co. Coal Br. Willimantic S. Inst., Willimantic, Conn. 
 34,000-5s ('30) Sull. Co. Coal Br. Stamford Sav. Bk., Stamford, Conn. 
 10,000-5s ('30) Sull. Co. Coal Br. Meriden Sav. Bk., Meriden, Conn. 
 
 EVANSVILLE, TERKE HAUTE AND CHICAGO BAIIJ50AD. 
 
 o,000-6s Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 40,000-6s 1st mtg. National Fire Ins. Company, Hartford, Conn. 
 20,000-6s 1st & 2d mtg. National Fire Insurance Co., Hartford, Conn. 
 10,250-6s (1900) State Mutual Life Assur. Co., Worcester, Mass. 
 30,000-6s (1900) 1st mtg. g. New York Life Insurance Co., N. Y. City. 
 
 EXPRESS COAL LINE OF GEORGIA RAILROAD. 
 
 2,000-6s (1900) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 17,000-6s (1900) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 l,000-6s ('01) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 4.000-Os ('01) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 fi.000-6s ('02) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 fi,000-6s ('03) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 <>,000-6s ('03) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 3,000-6s ('04) Equip. Metropolitan Life Insurance Co., N. Y. City. 
 
 FARGO AND SOUTHERN RAILROAD. 
 
 50,000- C, M. & St. p. Mechanics' Savings Bk., Providence, B. I. 
 270,556-6s ('24) Mutual Life Insurance Company, N. Y. City. 
 50,000-6s ('24) mtg. Rhode Island Hospital Trust Co., Providence, R. I. 
 25i600-6s ('24) Savings Bank of New London, New London, Conn. 
 20,000-6s ('24) 1st mtg. g. Germania Fire Insurance Co., N. Y. City. 
 
 RY— 05 37 
 
578 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 FITCHBIJRa RAILROAD. 
 
 5,000,000- cm. stk. Fitchburg R. R. Company Com. Stock, State of Mass. 
 25,000- pf. Boston Insurance Company, Boston, Mass. 
 
 1,000- pf. Masonic Casualty Company, Trust Deposit, State of Mass. 
 500- pf. Mason Village Savings Bank, Greenville, N. H. 
 82,225- pf. New England Life Insurance Company, Boston, Mass. 
 10,000- pf. New Hampshire Fire Insurance Company, Manchester, N. H. 
 
 8,300- pf. Merrimack River Savings Bank, Manchester, N. H. 
 .30,000- pf. Portsmouth Savings Bank, Portsmouth, N. H. 
 14,000- pf. Saco and Biddeford Savings Institution, Saco, Me. 
 50,000- pf. Springfield Fire & Marine Insurance Co., Springfield, Mass. 
 70,000- pf. Strafford Savings Bank, Dover, N. H. 
 
 7,000- stk. Fitchburg Mutual Fire Insurance Co., Fitchburg, Mass. 
 
 2,500- stk. India Mutual Insurance Company, Boston, Mass. 
 10,000- stk. Merchants & Farmers' Mutual Fire Ins. Co., Concord, Mass. 
 35,000- stk. National Assur. Co. of Ireland, Tr. Dep., State of Mass. 
 78,070- stk. State Mutual Life Assurance Company, Worcester, Mass. 
 
 1,000- Abington Mutual Fire Insurance Company, Abington, Mass. 
 60,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 4,000- Barnstable County Mutual Fire Ins. Co., Yarmouthport, Mass. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 4,000- Boston Mutual Life Association, Tr. Dep., State of Massachusetts. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 
 1,000- Boston Mutual Life Association, Boston, Mass. 
 30,000- British & Foreign Marine Ins. Co., Tr. Dep., State of Mass. 
 10,000- Cambridge Mutual Fire Insurance Company, Cambridge, Mass. 
 24,000- Cotton & Woolen Mnfrs. Mut. Insurance Co., Boston, Mass. 
 22,000- Dorchester Mutual Fire Insurance Company, Boston, Mass. 
 5,000,000- Fitchburg R. R. Sec. Loan Sink. Fund, State of Mass. 
 15,000- Hingham Mutual Fire Insurance, Hingham, Mass. 
 10,000- Holyoke Mutual Fire Insurance Company. Salem, Mass. 
 20,000- Industrial Mutual Insurance Company, Boston, Mass. 
 19,000- Island Savings Bank, Newport, R. I. 
 100,000- John Hancock Mut. Life Ins. Co., Tr. Dep., State of Massachusetts. 
 
 10,000- Lowell Mutual Insurance Company, Boston, Mass. 
 275,000- Massachusetts School Fund, State of Mass. 
 
 4,000- Masonic Equit. Acci. Assoc, of the World, Tr. Dep., State of Mass. 
 35,000- National Assurance Company (Dublin, Ireland), Hartford, Conn. 
 10,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 50,000- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 10,000- Providence Mutual Fire Insurance Co., Worcester, Mass. 
 25,000- Rubber Manufacturers' Mutual Ins. Co., Boston, Mass. 
 
 2,000- Salem Fire Insurance Company, Salem, Mass. 
 15,000- Traders & Mechanics' Insurance Company, Lowell, Mass. 
 
 3,000- Union Marine Ins. Co., Tr. Dep., State of Mass. 
 
 1,000- United States Indemnity Society, Tr. Dep., State of Mass. 
 15,000- Worcester Mnfrs.' Mutual Insurance Company, Worcester. Mass. 
 25,000- Worcester Mutual Fire Insurance Company, Worcester, Mass. 
 21,000-4s Abington Savings Bank, Abington, Mass. 
 105,000-4s Andover Savings Bank, Andover, Mass. 
 
 4,000-4s Arlington Five Cent Savings Bank, Arlington, Mass. 
 35,000-4s Athol Savings Bank, Athol, Mass. 
 
 50,000-4s Attleborough Savings Bank, Number — . Attleborough, Mass. 
 10,000-4s Barre Savings Bank, Barre, Mass. 
 10,000-4s Bass River Savings Bank, South Yarmouth, Mass. 
 
 5,000-4s Belmont Savings Bank, Belmont, Mass. 
 25,000-4s Berkshire County Savings Bank, Pittsfleld, Mass. 
 20,000-4s Benjamin Franklin Savings Bank, Franklin, Mass. 
 30,000-4s Beverly Savings Bank, Beverly, Mass. 
 
 8,000-4s Braintree Savings Bank, South Braintree, Mass. 
 
 5,000-4s Bridgewater Savings Bank, Bridgewater, Mass. 
 40,000-4s Bristol County Savings Bank, Taunton, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 579 
 
 5,000-4s Bristol Inst, for Savings, Bristol, R. J. 
 20,000-4s Brighton Five Cent Savings Bank, Boston, Mass. 
 •30,000-4s reg. Brit. & Foreign Mar. Ins. Co. (Ltd.), L'pool Eng.), N. Y. C. 
 20,000-4s Cape Ann Savings Bank, Gloucester, Mass. 
 20,000-4s Canton Institute for Savings, Canton, Mass. 
 63,000-4s Cambridgeport Savings Bank, Cambrldgeport, JIass. 
 
 7,000-4s Central Savings Bank, Lovyell, Mass. 
 100,000-4s Charlestown Five Cent Savings liank, Boston, Mass. 
 35,000-4s Chelsea Savings Bank, Chelsea, Mass. 
 50,000-4s City Institute for Savings, Lowell, Mass. 
 
 5,000-4s City Savings Bank, Pittsfleld, Mass. 
 
 5,000-4s City Five Cents Savings Bank, Haverhill, Mass. 
 
 6,000-4s coup. City Hall & Mem. Building Sink. Fund, Lowell, Mass. 
 
 6,000-4s Clinton Savings Bank, Clinton, Mass. 
 15,000-4s Cohasset Savings Bank, Cohasset, Mass. 
 
 5,000-4s Crocker Institute for Savings, Turner's Falls, Mass. 
 
 5,000-4s County Savings Bank, Chelsea, Mass. 
 20,000-4s Danver Savings Bank, Danver, Mass. 
 85,000-4s Dedham Institute for Savings, Dedham, Mass. 
 
 l,000-4s Dorchester Savings Bank, Dorcliestor, Mass. 
 
 5,000-4s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 
 5,000-4s East Weymouth Savings Bank, East Weymouth, Mass. 
 25,000-4s Eliot Five Cent Savings Bank, Boston, Mass. 
 10,000-4s Bast Cambridge Savings Bank, East Cambridge, Mass. 
 25,000-4s East Boston Savings Bank, East Boston, Mass. 
 50,000-4s Fall River Five-Cent Savings Bank, Fall River, Mass. 
 100,000-4s Franklin Savings Institution, Greenfield, Mass. 
 50,000-4s Franklin Savings Bank, Boston, Mass. 
 160,000-4s Fltchburg Savings Bank, Fltchburg, Mass. 
 
 2,000-4s Granite Savings Bank, Rockport, Mass. 
 10,000-4s Gt. Barrington Savings Bank, Barrington, Mass. 
 10,000-4s Georgetown Savings Bank, Georgetown, Mass. 
 149,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 
 5,000-4s Guaranty Savings Bank, JIanchester, N. H. 
 
 5,000-4s Guaranty Savings Bank, Manchester, N. 11. 
 15,000-4s Georgetown Savings Bank, Georgetown, Mass. 
 54,000-4s Gardner Sa.vlngs Bank, Gardner, Mass. 
 50,000-4s Hampden Savings Bank, Springfield, Mass. 
 125,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 25,000-4s Hlngham Institution for Savings, Hingham, Mass. 
 
 4,000-4s coup. High School Sinking Fund, Lowell, Mass. 
 88,000-4s Home Savings Bank, Boston, Mass. 
 50,000-4s Holyoke Savings Bank, Holyoke, Mass. 
 
 5,000-4s Hoosae Savings Bank, North Adams, Mass. 
 
 2,000-4s Highway Improvement Sinking Fund, Gloucester, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 155,000-4s Institution for Savings in Newburyport, etc., Newburyport, Mass. 
 150,000-4s Institution for Savings in Roxbury, etc., Boston, Mass. 
 
 5,000-4s Laconla Savings Bank, Laconla, N. H. 
 
 5,000-4s Lawrence Savings Bank, Lawrence, Mass. 
 
 4,000-4s Leicester Savings Bank, Leicester, Mass. 
 10,000-4s Leominster Savings Bank, Leominster, Mass. 
 20,000-4s Lowell Five Cents Savings Bank, Lowell, Mass. 
 10,000-4s Loan & Trust Savings Bank, Concord, N. H. 
 20,000-4s Marlborough Savings Bank, Marlboro\igh, Mass. 
 25,000-4s Machanics' Savings Bank, Lowell, Mass. 
 
 6,000-4s Mechanics' Savings Bank, Reading, Mass. 
 
 8,000-4s Medway Savings Bank, Medway, Mass. 
 25,000-4s Medford Savings Bank, Medford, Mass. 
 10,000-4s Melrose Savings Bank, Melrose, Mass. 
 
 5,000-4s Merrimack County Savings Bank, Concord, N. H. 
 10,000-4s Mefrimack River Savings Bank, Sterriroack, Mass. 
 15,000-4s Merrlmac Savings Bank, Merriuiac, Mass. 
 
 6,000-4s Mlddleborough Savings Bank, Jliddleborough, Mass. 
 30,000-4s Middlesex Institution for Savings, Concord, Mass. 
 25,000-4s Mllford Savings Bank, Milford, Mass. 
 
580 DUTIES AND POWERS OF INTEBSTATE COMMEKCE COMMISSION. 
 
 20,000-4s Millbury Savings Bank, Mlllbury, Jlass. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 
 5,000-4s Nantucket Institution for Savings, Nantucket, Mass. 
 50,000-4s New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 
 7,000-4s Newton Centre Savings Banlc, Newton Centre, Mass. 
 15,000-4s Newbui-yport Five Cents Savings Bank, Newburyport, Mass. 
 20,000-4s North Adams Savings Bank, Nortli Adams, Mass. 
 50,000-4s Northampton Institution for Savings, Northampton, Mass. 
 15,000-4s North Easton Savings Bank, North Easton, Mass. 
 95,000-4s North End Savings Bank, Boston, Mass. 
 16,000-4s North Bliddlesex Savings Bank, Ajer, Mass. 
 17,000-4s Orange Savings Banli, Orange, Mass. 
 29,000-4s People's Savings Bank, Worcester, Mass. 
 15,000-4s People's Savings Bank, Brockton, Mass. 
 50,000-4s People's Savings Bank, Holyoke, ISIass. 
 
 5,000-4s Pentucket Savings Bank, Haverhill, Mass. 
 
 5,000-4s Peterborough Savings Bank, Peterborough, N. H. 
 100,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 10,000-4s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 300,000-4s Provident Institution for Savings, etc., Boston, Mass. 
 75,000-4s Provident Institution for Savings, etc., Amesbury, Mass. 
 44,000-4s Quincy Savings Bank, Quincy, Mass. 
 20,000-4s Randolph Savings Bank, Randolph, Mass. 
 30,000-4s Rockland Savings Bank, Rockland, Mass. 
 30,000-4s ■ Salem Savings Bank, Salem, Mass. 
 
 5,000-4s Seamen's Savings Bank, Provincetowu, Mass. 
 13,000-4s Somerville Savings Bank, Somerville, Mass. 
 
 .5,000-4s South Adams Savings Bank, Adams, Mass. 
 30,000-4s Shelburne Palls Savings Bank, Shelburne Falls, Mass. 
 35,000-4s South Boston Savings Bank, South Boston, Mass. 
 25,000-4s South Boston Savings Bank, South Boston, Mass. 
 
 2,000-4s South Scituate Savings Bank, Norwell, Mass. 
 21,000-4s South Weymouth Savings BanK, South Weymouth, Mass. 
 39,000-4s Spencer Savings Bank, Spencer, Mass. 
 250,000-4s Springfield Institution for Savings, Springfield, Jlass. 
 25,000-4s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 
 9,000-4s Sunner Savings Bank, East Boston, Mass. 
 
 5,000-4s Tenipleton Savings Bank, Baldwinville, Mass. 
 35,000-4s Union Institution for Savings, Boston, Mass. 
 
 3,000-4s coup. Union Marine Ins. Co. ( Ltd. ) , ( Liverpool, Eng. ) , N. Y. C. 
 
 2,000-4s Sinking Fund, Gloucester, Mass. 
 15,000-4s Uxbridge Savings Bank, Uxbridge, Mass. 
 35,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 10,000-4s Waltham Savings Bank, Waltham, Mass. 
 100,000-4s Warren Institution for Savings, etc., Boston, Mass. 
 20,000-4s Watertown Savings Bank, Watertown, Mass. 
 15,000-4s coup. . Water Loan Sinking Fund, Lowell, Mass. 
 10,000-4s Webster Five Cents Savings Bank, Webster. Mass. 
 10,000-4s Westborough Savings Bank, Westborough, Mass. 
 27,000-4s Wellfleet Savings Bank. Wellfleet, Mass. 
 
 9,000-4s West Newton Savings Bank, West Newton, Mass. 
 20,000-4s Weymouth Savings Bank, Weymouth. Mass. 
 34,000-4s Whitinsville Savings Bank, Whitinsville, Mass. 
 
 5,000-4s Whitman Savings Bank, Whitman, Mass. 
 19,000-4s Wlldey Savings Bank, Boston, Mass. 
 10,000-4s Winchester Savings Bank, Winchester, Mass. 
 20,000-4s Woburn Five Cents Savings Bank, Woburn, Mass. 
 317,000-4s Worcester County Institution for Savings. Worcester, Mass. 
 105,000-48 Worcester Five Cents Savings Bank, Worcester. Mass. 
 66,000-4s Worcester Mechanics' Savings Bank, Worcester. Mass. 
 120,000-4s Worcester North Savings Institution, Fitchburg, Mass. 
 10,000-4s Woronoco Savings Bank, Westfleld, Mass. • 
 
 25,000-4s ("04) State Mutual Life Assurance Company, Worcester, Mass. 
 50,000-4s ('07) Sinking Funds, Cambridge, Mass. 
 
 3,000-4s ('07) Mercantile Fire and Marine Insurance Co., Boston, Mass. 
 10,567-4s ('07) .Tohn Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 4,000-4s ('15) Masonic Equitable Accident Association, Boston, Mass. 
 
DUTIES AND POWERS OP INTERSTATE COMMEBCE COMMISSION. 581 
 
 l,000-4s ('07) Mercantile Fire and Marine Insurance Co., Boston, Mass. 
 
 2,000-4s ('16) Hillsborough Bridge Guaranty Sav. Bk., Hillsborough, N. H. 
 10,000-4s ('16) Sinking Funds, Cambridge, Mass. 
 
 40,000-4s ('27) New Hampshire Fire Insurance Co., Manchester, N. H. 
 71,925-4s ('27) State Mutual Life Assurance Company, Worcester, Mass. 
 50,000-4s ('27) Connecticut Fire Insurance Company, Hartford, Conn. 
 10,000-4s ('27) Boston Insurance Company, Boston, Mass. 
 40,000-4s ('27) Sinking Funds, Cambridge, Mass. 
 
 2,000-4s ('27) Sinking Funds," Haverhill, Mass. 
 
 3,000-4s ('27) Sinking Funds, Haverhill, Mass. 
 
 5,000-4s ('27) Sinking Funds, Haverhill, Mass. 
 32,100-4s ('28) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 20,000-4is Athol Savings Btink, Athol, Mass. 
 20,000-4is Beverly Savings Bank, Beverly, Mass. 
 
 4,000-448 Bridgewater Savings Bank, Bridgewater, Mass. 
 
 4,000-4is Brighton Five Cents Savings Bank, Boston, Mass. 
 10,000-4is Central Savings Bank, Lowell, Mass. 
 30,000-4is Fitchburg Savings Bank, Fitchburg, Mass. 
 56,000-4is Franklin Sayings Bank, Boston, Mass. 
 
 3,000-4is Gardner Savings Bank, Gardner, Mass. 
 16,000-4is Greenfield Savings Bank, Greenfield, Mass. 
 
 8,000-4is Hyde Park Savings Bank, Hyde JPark, Mass. 
 10,000-4is Merrimack River Savings Bank, Merrimack, Mass. 
 
 5,000-4Js Merrimac Savings Bank, Merrimac, Mass. 
 25,000-4is Newton Savings Bank, Newton, Mass. 
 
 5,000-4Js North Middlesex Savings Bank, Ayer, Mass. 
 10,000-44s Palmer Savings Bank, Palmer, Mass. 
 42,000-4is Salem Five Cents Savings Bank, Salem, Mass. 
 
 l,000-4Js Somerville Savings Bank, Somerville, Mass. 
 
 4,000-4Js Southbridge Savings Bank, Southbridge, Mass. 
 10,000-4is Wakefield Savings Bank, Wakefield, Mass. 
 10,000-4is Wareham Savings Bank, Wareham, Mass. 
 
 2,000-4Js West Newton Savings Bank, West Newton, Mass. 
 
 2,000-4Js Weymouth Savings Bank, Weymouth, Mass. 
 92,000-4Js Worcester County Institute for Savings, Worcester, Mass. 
 40,868-5s ('08) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 40,000-5s Amherst Savings Bank, Amherst, Mass. 
 50,000-5s Andover Savings Bank, Andover, Mass. 
 50,000-5s Attleborough Savings Bank, North Attleborough, Mass. 
 15,000-5s Bay State Savings Bank, Worcester, Mass. 
 
 4,000-5s Belmont Savings Bank, Belmont, Mass. 
 10,000-5s Beverly Savings Bank, Beverly, Mass. 
 
 3,000-5s Braintree Savings Bank, South Braintree, Mass. 
 
 5,000-5s Bridgewater Savings Bank, Bridgewater, Mass. 
 
 5,000-5s Brighton Five Cents Savings Bank, Boston, Mass. 
 60,000-5s Bristol County Savings Bank, Taunton, Mass. 
 50,000-5s Broadway Savings Bank, Lawrence, Mass. 
 34,000-5s Brockton Savings Bank, Brockton, Mass. 
 125,000-.5s Cambridge Savings Sank, Cambridge, Mass. 
 22,000-5s Cambridgeport Savings Bank, Cambridgeport, Mass. 
 15,000-5s Cape Cod Five Cents Savings Bank, Harwich, Mass. 
 ll,000-5s Central Savings Bank, Lowell, Mass. 
 150,000-5s Charlestown Five Cent Savings Bank, Boston, Mass. 
 45,000-5s Chelsea Savings Bank, Chelsea, Mass. 
 35,000-5s Clinton Savings Bank, Clinton, Mass. 
 
 l,000-5s Citizens' Savings Bank, Fall River, Mass. 
 35,000-5s City Five Cents Savings Bank, Haverhill, Mass. 
 50,000-5s City Institute for Savings, Lowell, Mass. 
 
 5,000-5s City Savings Bank, Pittsfield, Mass. 
 
 l,000-5s Conway Savings Bank, Conway, Mass. 
 15,000-5s Crocker Institute for Savings, Turner's Falls, Mass. 
 10,000-5s Danvers Savings Bank, Danvers, Mass. 
 10,000-5s Dedham Institute for Savings, Dedham, Mass. 
 
 6,000-5s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 18,000-5s East Cambridge Savings Bank, East Cambridge, Mass. 
 
 5,000-5s Eliot Five Cents Savings Bank, Boston, Mass. 
 105,000-58 Essex Savings Bank, Lawrence, Mass. 
 
582 DUTIES AND POWEES OF INTEESTATE COMMEKCE COMMISSION. 
 
 135,000-5s Fitchburg Sayings Bank, Fitchburg, Jlass. 
 
 5,000-5s Foxborough Savings Banlv, Foxborough, Mass. 
 109,000-5s Franklin Savings Banlf, Boston, Mass. 
 
 1,000-os Granite Savings Banli, Rocliport, Mass. 
 30,000-5s Hingtiam Institute for Savings, Hingham, Mass. 
 
 9,000-5s Holliston Savings Bank, Holliston, Mass. 
 112,000-5s Holyoke Savings Bank, Holyoke, Mass. 
 65,000-5s Home Savings Bank, Boston, Mass. 
 10,000-5s Hopkinton Savings Bank, Hopkinton, Mass. 
 16,000-5s Hudson Savings Bank, Hudson, Mass. 
 
 7,000-5s Hyde Park Savings Bank, Hyde Park, Mass. 
 25,000-5s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 100,000-5s Institute for Savings in Roxbury, eta, Boston, Mass. 
 20,000-5s Lawrence Savings Bank, Lawrence, Mass. 
 
 3,000-5s Leicester Savings Bank, Leicester, Mass. 
 
 5,000-5s Leominster Savings Bank, Leominster, Mass. 
 40,000-5s Lowell Five Cents Savings Banlc, Lawell, Mass. 
 
 2,000-5s Ludlow Savings Bank, Ludlow, Mass. 
 25,000-5s Lynn Institute for Savings, Lynn, Mass. 
 16,000-5s Lynn Five Cents Savings Bank, Lynn, Mass. 
 20,000-5s Maiden Savings Bank, Maiden, Mass. 
 19,000-5s Marblehead Savings Bank, Marblebead, Mass. 
 
 2,000-5s Jlecbanics' Savings Bank, Reading, Mass. 
 25,000-5s Mechanics' Savings Bank, Lowell, Mass. 
 10,000-5s Medford Savings Bank, Medford, Mass. 
 
 4,000-5s Medway Savings Bank, Medway, Mass. 
 
 7,000-5s Middleborough Savings Bank, Middleborough, Mass. 
 25,000-5s Middlesex Institute for Savings, Concord, Mass. 
 15,000-5s Milford Savings Bank, Milford, Mass. 
 10,000-5s Millbury Savings Bank, Millbury, Mass. 
 25,000-5s Natick Five Cents Savings Bank, Natick, Mass. 
 
 6,000-5s New Bedford Institute for Savings, New Bedford, Mass. 
 27,000-5s Newton Savings Bank, Newton, Mass. 
 
 2,000-5s North Aveijue Savings Bank, North Cambridge, Mass. 
 
 100,000-5s Northampton Institute for Savings, Northampton, Mass. 
 
 15,000-5s North Brookfield Savings Bank, North Brookfleld, Mass. 
 
 5,000-5s North Easton Savings Bank, North Easton, Mass. 
 20,000-5s North End Savings Bank, Boston, Mass. 
 16,000-5s North Middlesex Savings Bank, Ayer, Mass. 
 20,000-5s Orange Savings Bank, Orange, Mass. 
 10,000-5s Palmer Savings Bank. Palmer, Mass. 
 38,000-5s People's Savings Bank, Worcester, Mas.s. 
 650,000-5s Provident Institution for Savings, etc., Boston, Mass. 
 
 5,000-5s Rockland Savings Bank, Rockland, Mass. 
 32,000-5s Salem Five Cents Savings Bank, Salem, Mass. 
 120,000-5s Salem Savings Bank, Salem, Mass. 
 10,000-5s Seamen's Savings Bank, Provincetown, Mass. 
 10,000-5s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 3,000-5s Somerville Savings Bank, Somerville, Mass. 
 15,000-5s South Adams Savings Bank, Adams, Mass. 
 15,000-5s Southbridge Savings Bank, Southbridge, Mass. 
 60,000-5s Southbridge Savings Bank, Southbridge, Mass. 
 13,000-5s South Scituate Savings Bank, Norwell, Mass. 
 100,000-5s Springfield Institution for Savings, Springfield, Mass. 
 
 5,000-5s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 300,000-5s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 20,000-5s Taunton Savings Bank, Taunton, Mass. 
 t75,000-6s Union Institution for Savings, Boston, Mass. 
 15,000-5s Union Savings Bank, Fall River, Mass. 
 
 2,000-5s Wakefield Savings Bank, Wakefield, Mass. 
 10,000-5s Waltham Savings Bank, Waltham, Mass. 
 46,000-5s Warren Five Cents Savings Bank, Peabody, Mass. 
 
 5,000-5s Wareham Savings Bank, Wareham, Mass. 
 
 3,000-5s Watertown Savings Bank, Watertown, Mass. 
 10,000-5s Webster Five Cents Savings Bank, Webster, Mass. 
 16,000-5s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 4,000-5s West Newton Savings Bank, West Newton, Mass. 
 
DUTIES AND POWEBS OP INTEKSTATE COMMEBCE COMMISSION, 583 
 
 3,000-5s Weymouth Savings Bank, Weymouth, Mass. 
 
 5,000-5s Winchendon Savings Banli, Winchendon, Mass. 
 10,000-5s Winchester Savings Banlc, Winchester, Mass. 
 51,000-5s Woburn Five Cents Savings Bank, Woburn, Mass. 
 41,000-5s Worcester North Savings Institution, Fitchburg, Mass. 
 21,000-5s Worcester Five Cents Savings Bank, Worcester, Mass. 
 284,000-5s Worcester County Institution for Savings, Worcester, Mass. 
 
 8,000-5s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 80,000-5s ('03) New England Mutual Life Insurance Co., Boston, Mass. 
 100,000-5s ('03) New England Mutual Life Insurance Co., Boston, Mass. 
 50,000-5s ('08) New England Mutual Life Insurance Co., Boston, Mass. 
 25,000-5s ('08) Boston Insurance Company, Boston, Mass. 
 
 5,000-6s Ware Savings Bank, Ware, Mass. 
 
 FLINT AND PERE MAUQUETTE RAILROAD. 
 
 20,000- Pf. Nashua Savings Bank, Nashua, N. H. 
 
 10,000- Pf. Keene Five Cents Savings Bank, Keene, N. H. 
 
 20,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 40,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 25,000- 1st mtg. g. Franidin Trust Company, Brooklyn, N. Y. 
 
 12,000- 1st. Nassau Trust Co. of the City of Brooklyn. Brooklyn, N. Y. 
 
 20,000- ('20) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 10,000-5s coup. Wyoming Valley Trust Company, Wilkesbarre, Pa. 
 
 9,950-5s coup. Carbondale Miners & Mechanics' Sav. Bank, Carbondale, Pa. 
 50,000-5s ('39) con. Bangor Savings Bank, Bangor, Me. 
 33,000-5s ('39) Equitable Life Assurance Society of U. S., New York City. 
 25,000-5s ('39) "1st con. mtg. Aetna Insurance Company, Hartford, Conn. 
 25,000-5s ('39) 1st con. mtg. g. Germania Fire Insurance Co., N. Y. City. 
 30,000-5s ('39) 1st con. mtg. g. reg. Hanover Fire Ins. Co., N. Y. City. 
 25,000-5s ('39) con. mtg. reg. of L. & L.T. I. Co. (L'pool, Eng.). N. Y. C. 
 50,000-5s ('39) con. 1st mtg. Phoenix Mut. Life Ins. Co., Hartford, Conn. 
 30,000-6s ('20) g. Hanover Fire Insurance Company, New York City. 
 25,000-6s' ('20) 1st mtg. Portland Savings Bank, Portland, Me. 
 11.5,625-6s ('20) mtg. g. Germania Life Insurance Company, N. Y. City. 
 
 7,918-6s ('20) mtg. Provident Savings Life Assurance Society, N. Y. City. 
 
 5,000-6s ('20) Kennebunk Savings Bank, Kennebunk, Me. 
 109,509-6s ('20) g. New York Life Insurance Company, New York City. 
 
 l,000-6s ('20) Wiscasset Savings Bank, Wiscasset, Me. 
 40,000- Port Huron div. FranUliu Trust Company, Brooklyn, N. Y. 
 25,000-5s ('39) Port Huron div. 1st mtg. Aetna Ins. Co., Hartford, Conn. 
 50,000-5s ('.39) Port Huron div. 1st mtg. Portland Sav. Bank, Portland, Me. 
 
 4,000-5s ('39) Port Huron div. Wiscasset Savings Bank, Wiscasset, Mt. 
 25.000-.5s ('37) Toledo div. Portland Savings Bank, Portland, Me. 
 
 5,000-5s ('37) Toledo div. Gorham Savings Bank, Gorham, Me. 
 
 FONDA, JOHNSTOWN AND GLOVEBSVILLE RAILWAY. 
 
 65,000-4s Irving Savings Institution, New York City. 
 25,000-4^8 Ithaca Savings Bank, Ithaca, N. Y. 
 10,000-4is Mechanics' Savings Bank, Cohoes, N. Y. 
 ]0,000-5s ('21) State Savings Bank, Hartford, Conn. 
 
 9,000-6s ('21) Meriden Savings Bank, Meriden, Conn. 
 10,000-7s (1900) Connecticut Savings Bank, New Haven. Conn. 
 l'4,000-7s (1900) Deep River Savings Bank, Deep River, Conn. 
 
 8,500-7s (1900) Farmers & Mechanics' Savings Bank. Middletown, Conn. 
 56,500-7s (1900) Mechanics' Savings Bank. Hartford, Conn. 
 21,500-7s (1900) New Haven Savings Bank, New Haven, Conn. 
 24,000-7s (1900) Society for Savings, Hartford, Conn. 
 10,000-7s (1900) Stamford Savings Bank, Stamford, Conn. 
 
 FORT WATNB AND JACKSON RAILROAD. 
 
 50,000- pf. Aetna Insurance Company, Hartford, Conn. 
 
 100,000- pf. gtd. stk. Home Insurance Company, New York City. 
 
 20,000- pf. National Fire Insurance Company, Hartford, Conn. 
 
 8,300- pf. Merrimack County Savings Bank, Concord, N. H. 
 
584 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 100,000- pf. New York Life Insurance & Trust Company, New York City. 
 
 78,650- pf. Plioenix Mutual Life Insurance Company, Hartford, Conn. 
 
 50,000- pf. gtd. Phoenix Insurance Company, Hartford, Conn. 
 
 4,200- pf- Providence Mutual Fire Ins. Co., Providence, R. I. 
 
 50,000- pf. gtd. Lk. Sh. & Mich. So. Prov. Inst, for Sav., Prov., R. I. 
 
 rORT WOETH AND DEN^'EB CITY EAILROAD. 
 
 12,000- Security Trust Company of Rochester, Rochester, N. Y. 
 50,000- 1st mtg. Manhattan Trust Company, New York City. 
 10,000-4s Mechanics' Trust Company, Bayonne, N. J. 
 7,000-4s & 6s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 FORT WORTH AND RIO GRANDE RAILROAD. 
 
 25,000- Knickerbocker Trust Company, New York City. 
 10,000- Mechanics' Savings Bank, Providence, R. I. 
 
 EREEHOLD AND JAMESBURQ AGRICULTURAL RAILROAD. 
 
 100,000-48 ('09) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 FREMONT, ELKHORN AND MISSOURI VALLEY RAILROAD. 
 
 5,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 6,525- 1st mtg. Nederland Ltd. L. L. Ins. Co. (Ams'dam, Hoi.), N. Y. C, 
 40,000- mtg. New York Life Insurance & Trust Co., New York City. 
 20,000-6s Manchester Savings Bank, Manchester, N. H. 
 20,000-6s coup. Scranton Savings Bank, Scranton, Pa. 
 325,458-6s ('33) Mutual Life Insuralce Company, New York City. 
 16,000-6s ('33) Mutual Benefit Life Insurance Company, Newark, N. J. 
 25,000-6s ('33) Saco and Biddeford Savings Institution, Saco, Me. 
 50,000-6s ('33) New England Mutual Life Insurance Co., Boston, Mass. 
 15,000-6s ('33) Belfast Savings Bank, Belfast, Me. 
 91,000-6s ('33) con. mtg. stpd. Augusta Savings Bank, Augusta, Me. 
 25,525-6s ('33) 1st mtg. Provident Savings Life Assur. Soc'y, N. Y. City. 
 85,256-6s ('33) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 10,000-6s ('33) 1st mtg. Queen Insurance Company of America, N. Y. City. 
 1.244,049-6s ('33) eon. gtd. by C. & N. W. N. Y. Life Ins. Co., N. Y. City. 
 
 GALVESTON, HAREISBUEGH AND SAN ANTONIO RAILROAD. 
 
 4,000- Ithaca Trust Company, Ithaca, N. Y. 
 392,863- Permanent School Fund, State of Texas. 
 15,000- Westerly Savings Bank, Westerly, R. I. 
 5,162-5s 1st mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 3,000-6s 1st mtg. main line g. Walpole Savings Bank, Walpole, N. H. 
 308,790-6s ('10) Mutual Life Insurance Company, New York Citv. 
 14,000-6s ('10) Niantic Savings Banlv, We'sterly, R. I. 
 
 10,000- ('31) Mex. & Pac. div. 1st. T. & D. Co. of Onondaga, S'c'se, N. Y. 
 46,500-6s ('10) So. Pac. sk. fd. 1st mtg. g. Germania L. Ins. Co., N. Y. C. 
 
 OALVESTON, HOUSTON AND HENDERSON RAILROAD. 
 
 2,000- Chautauqua County Trust Company, Jamestown, N. Y. 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 10,000- 1st mtg. Columbus Trust Company, Newburgh. N. Y. 
 
 4,456-5s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 10,810-5s 1st mtg. coup. Albertson Trust & S. Dep. Co., Norristown, Pa. 
 25,000-5s ('13) Woonsockfet Institution for Savings, Woonsocket, R. I, 
 
 GEORGIA AND ALABAMA RAILROAD. 
 
 5,000- pf. Fidelity Fire Insurance Company, Baltimore, Md. 
 10,560- 145 pf. & cm. stk. 1st con. coup. Hanover Sav. F. S., H'over, Pa. 
 990-5S 1st mtg. pf. coup. Hanover Saving. Fund Society, Hanover, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 585 
 
 OEOBeiA, CAROLINA AND NORTHERN RAILROAD. 
 
 6,000- Home Fire Insurance Company, Baltimore, Md. 
 4,940-5s coup. Hanover Saving Fund Society, Hanover, Pa. 
 5,000-5s coup. Pennsylvania Trust Company, Reading, Pa. 
 5,000-5s ('29) Fidelity Fire Insurance Company, Baltimore, Md. 
 
 GEORGIA, MIDLAND AND GULF RAILROAD. 
 
 17,000-3s Dartmouth Savings Bank, Hanover, N. H. 
 
 40,000-3s Virginia Fire & Marine Insurance Company, Richmond, Va. 
 
 10,000-4Js term mtg. Virginia Fire and Marine Ins. Co., Richmond, Va. 
 
 GEORGIA PACIFIC RAILROAD. 
 
 10,000- Home Fire Insurance Company, Baltimore, Md. 
 4,000-5s Equip, mtg. coup. Easton Trust Company, Easton, Pa. 
 20,000-6s coup. Montgomery 'Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 8,000-6s ('22) Fidelity Fire Insurance Company, Baltimore, Md. 
 12,980-6s ('22) Fidelity & Deposit Company of Maryland, Baltimore, Md. 
 115,000-6s ('22) Massachusetts Mutual Jjife Insurance Co., Springfield, Mass. 
 171,405-6s ('22) Mutual Life Insurance Company, New York City. 
 
 GEORGIA RAILWAY AND BANKING COMPANY. 
 
 10,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 21,000- stk. Metropolitan Life Insurance Company, New York City. 
 194,532- stk. Mutual Life Insurance Company, New York City. 
 
 15,000- stk. Norwich Union Fire Ins. Soc. (Norwich, Eng.), N. Y. City. 
 
 20,000- stk. Phoenix Insurance Company, Hartford, Conn. 
 
 10,000- Atlanta Home Insurance Company, Atlanta, Ga. 
 5,000- Security Trust Company of Rochester, Rochester, N. Y. 
 l,000,000-5s ('22) Mutual Life Insurance Company, New York City. 
 
 61,118-5s ('22) Travelers' Insurance Company, Hartford, Conn. 
 
 10,000-5s (22) Orient Insurance Company, Hartford, Conn. 
 
 25,000-6s ('10) deb. Aetna Insurance Company, Hartford, Conn. 
 
 2S,711-6s ('10) Travelers' Insurance Company, Hartford, Conn. 
 123,500-6s ('22) Travelers' Insurance Company, Hartford, Conn. 
 
 GEORGIA SOUTHERN AND FLORIDA KAILR0.4.D. 
 
 5,000-5s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 28,500-5s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 99,377-5s ('45) 1st. New York Life Insurance Company, N. Y. City. 
 
 GEORGE'S VALLEY (MAINE) RAILROAD. 
 
 l,000-6s Ossipee Valley Ten Cents Savings Bank, Freedom, N. H. 
 10,000-6s ('13) Rockland Savings Bank, Rockland, Me. 
 2,000-6s ('19) 1st mtg. Bridgton Savings Bank, Bridgton, Me. 
 
 GETTYSBURG AND HARKISBURG RAILROAD. 
 
 l,100-6s coup. Frankford Real Estate, Trust & S. Dep. Co. Phila., Pa. 
 
 Gn.A VALLEY, GLOBE AND NORTHERN RAILWAY. 
 
 50,000- New York Security & Trust Company, New York City. 
 44,902-5s 1st mtg. coup. Investment Company of Philadelphia, Phila., Pa. 
 
 GOSHEN AND DECKERTOWN RAILWAY. 
 
 10,000-6s ('28) Chelsea Savings Bank, Norwich, Conn. 
 
 7,000-6s ('28) Esses Savings Bank, Essex, Conn. 
 
 34,000-6s r28) Mechanics' Savings Bank. Hartford, Conn. 
 
 10,000-6s ('28) Meriden Savings Bank, Meriden, Conn. 
 
 21,000-6s ('28) Stamford Savings Bank, Stamford, Conn. 
 
 25,000-6s ('28) Erie. Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
586 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 GBAFTON AND TJPTOS RAILROAD. 
 
 10,000-4s Alungton Savings Bank, Abington, Mass. 
 21,000-4s Berkshire County- Savings Bank, Pittsfielcl, Mass. 
 
 3,000-4s Dorcliester Savings Bank, Dorchester, Mass. 
 26,000-4s Gardner Savings Bank, Gardner, Mass. 
 
 5,000-4s Hudson Savings Bank, Hudson, Mass. 
 50,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 ]0,000-4s Melrose Savings Bank, Melrose, Mass. 
 15,000-4s Middleborough Savings Bank, Middleborough, Mass. 
 
 5,000-4s Nantucket Institution tor Savings, Nantucket, Mass. 
 
 5,000-4s North Easton Savings Bank, North Easton, Mass. 
 
 5,000-4s Orange Savings Bank, Orange, Mass. 
 10,000-4s Palmer Savings Bank, Palmer, Mass. 
 25,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 ]5,000-4s Plymouth Five Cents Savings Baul>:, Plymouth, Mass. 
 
 5,000-4s Uxbridge Savings Bank, Uxbridge, JIass. 
 25,000-4s Westfield Savings Bank, Westfield, Mass. 
 10,000-4s Weymouth Savings Bank, Weymoiith, Mass. 
 
 GRAND RAPIDS, BELDING AND SAGINAW RAILROAD. 
 
 5,000-5s Hallowell Savings Institution, Hallowell, Me. 
 25,000-5s ('24) Androscoggin County Savings Bank, Lewiston, Me. 
 
 3,000-5s ('24) Buxton & Hollis Savings Bank, West Buxton, Me. 
 15,000-5s ('24) People's Savings Bank, Lewiston, Me. 
 10,(X)0-5s ('24) Rockland Savings Bank, Rockland, Me. 
 10,000-5s ('24) Saco Savings Bank, Saco, Me. 
 
 GRAND RAPIDS AND INDIANA RAILROAD. 
 
 Lumbermen's Insurance Company, Philadelphia, Pa. 
 Pennsylvania Fire Insurance Company, Philadelphia, Pa. 
 Penn Mutual Life Insurance Co., Philadelphia, Pa. 
 Provident Life & Trust Company, Philadelphia, Pa. 
 20,000-4Js ('41) Reading Fire Insurance Company, Reading, Pa. 
 
 GRAND RAPIDS, KALKASKA AND SOUTHEASTERN RAILROAD. 
 
 20,000-5s ('07) Androscoggin County Savings Bank, Lewiston, Me. 
 
 8,0(X)-5s ('07) Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 3,000-5s ('07) Buxton & Hollis Savings Bank, West Buxton, Me. 
 
 5,000-5s ('07) Eastport Savings Bank, Eastport, Me. 
 
 5,000-5s ('07) Hallowell Savings Institution, Hallowell, Me. 
 10,000-5s ('07) Saco Savings Bank, Saco, Me. 
 
 5,000-5s ('07) Waterville Savings Bank, Watervllle, Me. 
 25,000-5s ('17) Saco & Biddeford Savings Institution, Saco, Me. 
 
 GREAT NORTHERN RAILWAY. 
 
 165,000- pf. Continental Insurance Company, New York City. 
 
 101,818- pf. Fidelity & Casualty Company, New York City. 
 
 30,000- pf. Franklin Trust Company, Brooklyn, N. Y. 
 
 60,000- pf. Greenwich Insurance Company, New York City. 
 
 45,000- pf . German- American Insurance Company, New York City. 
 
 50,000- pf. Germania Fire Insurance Company, New York City. 
 
 49,500- pf. cap. stk. Hanover Fire Insurance Company, New York City. 
 
 600,000- pf. Mercantile Trust Company, New York City. 
 
 200,000- pf. Manhattan Trust Company, New York City. 
 
 50,000- pf. Springfield Fire & Marine Insurance Co., Springfield, Mass. 
 
 32,175- pf. Travelers' Insurance Company, Hartford, Conn. 
 
 250,000- pf. Trust Company of America, New York Clt.v. 
 
 30,600- pf. United States Guarantee Company, New York City. 
 
 60,000- pf. Union Trust Company,'Providence, R. I. 
 
 20,000- pf. Washington Trust Co. of the City of New York, N. Y. City. 
 
 10,000- stk. Kings County Fire Insurance Company, New York City. 
 
 45,000- stk. Providence-Washington Insurance Co., Providence, R I 
 
 10,000- stk. Strafford Savings Bank, Dover, N. H. 
 
 30,000- New York Life Insurance & Trust Company, New York City. 
 
 10,000- 
 
 stk. 
 
 21,000- 
 
 stk. 
 
 5,000- 
 
 stk. 
 
 5,000- 
 
 stk. 
 
DUTIES AND POWBES OP INTERSTATE COMMEKCE COMM-ISSION. 587 
 
 GREENE RAILEOAD. 
 
 8,500-7s coup. CarlDondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
 10,000-7s ('02) Fai-mington Savings Bank. Farmington, Conn. 
 
 10,000-7s ('02) Meclianies' Savings Bank, Hartfora, Conn. 
 
 70,000-7s (02) Norwich Savings Society, Norwich, Conn. 
 
 10.000-7S ('02) Putnam Savings Bank, Putnam, Conn. 
 
 30,000-7s ('02) Savings Bank of Danbury, Danbury, Conn. 
 
 25,000-7s ('02) Savings Bank of New London, New London, Conn. 
 
 HA.NC0CK AND CALUMET EAIMtOAD. 
 
 20,000-5s ('31) Norwich Savings Society, Norwich, Conn. 
 
 HANNIBAL AND ST. JOSEPH. RAILROAD. 
 
 15,000-6s Fidelity Trust Company, Newark, N. .J. 
 
 50,000-6s con. mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 25,000-6s ('11) 1st. German- American Insurance Company, N. T. City. 
 
 10,000-6s ('11) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 15,000-6s ('11) con. mtg. Germania Life Insurance Company, N. Y. 
 
 30,386-6s ('11) con. mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 28,250-6s ('11) con. mtg. Phoenix Mutual Ins. Co., Hartford, Conn. 
 807,721-6s ('11) con. mtg. Northwest'n Mut. Life Ins. Co., Milwaukee, Wis. 
 248,415-6s ('11) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 200,000-6s Cll) Providence Institution for Savings, Providence, R. I. 
 l,587,000-6s ('11) 0., B. & Q. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 HARLEM RIVEB AND PORTCHESTER RAILEOAD. 
 
 100,000- 1st mtg. New York Life Insurance & Trust Company, N. Y. City. 
 
 10,000- ('03) reg. Greenwich Insurance Company, New York City 
 
 15,000-4s ('11) Waterbury Savings Bank, Waterbury, Conn. 
 
 450,000-4s ('11) reg. gtd. N. Y., N. H. & H. R. R. C. M. L. I. Co., H'ford, Conn. 
 
 50,000-6s ('03) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 
 , 8,000-6s ('03) New Haven Savings Bank, New Haven, Conn. 
 
 100,000-7s ('03) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 
 40,000-7s ('03) gtd. Connecticut Fire Ins. Co., Hartford, Conn. 
 
 10,000-7s ('03) 1st mtg. Germania Fire Insurance Company, N. Y. City. 
 
 50,000-7s ('03) gtd. Hartford Fire Insurance Cdmpany, Hartford, Conn. 
 
 25,000-7s ('03) New Haven Savings Bank, New Haven, Conn. 
 
 5,787-7s ('03) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 2,000-7s ('03) People's Savings Bank, Bridgeport, Conn. 
 
 20,000-7s ('13) Waterbury Savings Bank, Waterbury, Conn. 
 
 HABBISBLTiG, PORTSMOCTH, MT. JOY AND LANCASTER RAILEOAa 
 
 47,000-4s reg. Beneficial Saving Fund Society, Philadelphia, Pa. 
 215,500-4s reg. loan. Philadelphia Sav. Fund Society, Philadelphia, Pa. 
 25,000-4s ('13) reg. ext. Franklin Fire Insurance Co., Philadelphia, Pa. 
 15,000-4s ('13) Insurance Company of the State of Penn., Philadelphia, Pa. 
 
 HARTFORD AND CONNECTIOtTT WESTERN RAILROAD. 
 
 12,000- gtd. stk. Phoenix Insurance Company, Hartford, Conn. 
 
 10,000- Coddington Savings Bank, Newport, R. I. 
 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 
 20,000- Warren Institution for Savings, Warren, R. I. 
 
 10,000-5s National Fire Insurance Company, Hartford, Conn. 
 
 10,000-5s 1st mtg. New England Commercial Bank, Newport, R. I. 
 
 50,000-5s ('03) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 HERErOBD RAILROAD. 
 
 5,000- stk. Brunswick Savings Institution, Brunswick, Me. 
 2,000- stk. Franklin County Savings Bank, B'armington, Me. 
 15,000-4s Reliance Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 
25,000-4s 
 
 (•30) 
 
 17,000-4s 
 
 ('30) 
 
 5,000-4s 
 
 (•30) 
 
 10,000-4s 
 
 (■30) 
 
 10,000-4s 
 
 ('30) 
 
 15,000-4s 
 
 (•30) 
 
 4,000-4s 
 
 ('30) 
 
 2,000-4s 
 
 ('30) 
 
 5,000-4s 
 
 ('30) 
 
 20,000-4s 
 
 (•30) 
 
 8,000-4s 
 
 ('30) 
 
 7,000-4s 
 
 ('30) 
 
 5,000-4s 
 
 (•30) 
 
 6,930-4s 
 
 ('30) 
 
 588 DTJTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 Androscoggin County Savings Ban);, Lewiston, Me. 
 
 Auburn Savings Bank, Auburn, Me. 
 
 Bootlibay Savings Bank, Boothbay Harbor, Me. 
 
 Brooklyn Savings Bank, Brooklyn, Conn. 
 
 Brunswick Savings Institution, Brunswick, Me. 
 
 Eastport Savings Bank, Eastport, Me. 
 
 Fairfield Savings Bank, Fairfield, Me. 
 
 Franklin County Savings Bank, Farmington, Me. 
 
 Kennebunk Savings Bank, Kennebunk, Me. 
 
 Penobscot Savings Bank, Bangor, Me. 
 
 People^s Savings Bank, Rockville, Conn. 
 
 People's Savings Bank, Lewiston, Me. 
 
 1st nitg. Saco Savings Bank, Saco, Me. 
 
 Union Mutual Life Insurance Company, Portland, Me. 
 
 HEREFOBD (P. Q., CAN.) EAILWAY. 
 
 50,000-4s ('30) Travelers^ Insurance Company, Hartford, Conn. 
 15,000-4s (^30) .John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 HOLLY, WAYNE AND MUNRO BAILEOAD. 
 
 6,000- Coddington Savings Bank, Newport, R. I. 
 39,000-8s COl) Mutual Benefit Life Insurance Company, Newark, N. J. 
 25,000-8s i'Ol) New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 HOLYOKE AND WESTPIELD RAILROAD. 
 
 50,000-4s Hampden Savings Bank, Springfield, Mass. 
 50,000-4s Holyoke Savings Bank, Holyoke, Mass. 
 100,000-4s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 
 HOOS.iC TUNNEL AND WILMINGTON KAILROAD. 
 
 5,000-5s City Savings Bank, Laconia, N. H. 
 10,000-5s Cheshire County Savings Bank, Keene, N. H. 
 
 l,000-5s Farmington Savings Bank, Farmington, N. H. 
 
 5,000-5s Lancaster Savings Bank, Lancaster, N. H. 
 
 2,000-5s Peterborough Savings Bank, Peterborough, N. II. 
 
 4,000-5s COe-^OO) Bethel Savings Bank, Bethel, Me. 
 
 3,000-5s (^22) Kennebunk Savings Bank, Kennebunk, Me. 
 10,000-5s (^22) Saco Savings Bank. Saco, Me. 
 25,000-5s (^22) Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 HOtrSATONIC RAILROAD. 
 
 10,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 20,000- People's Savings Bank, Woonsocket, R. I. 
 100,000-5s Springfield Inst, for Savings, Springfield, Mass. 
 
 15,000-5s ('37) Androscoggin County Savings Bank, Lewiston, Me. 
 
 15,000-5s ('37) Biddeford Savings Bank, Biddeford, Me. 
 5,000-5s (^37) Calais Savings Bank, Calais, Me. 
 
 10,000-5s (•37) Mechanics^ Savings Bank, Winsted, Conn. 
 100,000-5s l'B7) New England Mutual Life Insurance Co., Boston, Mass. 
 
 10,000-5s (^37) People's Savings Bank, Lewiston, Me. 
 
 50,000-5s (^37) con. Portland Savings Bank, Portland, Me. 
 100,000-5s ('37) con. Providence Inst, for Savings, Providence, R. I. 
 
 10,000-5s ('37) Savings Bank of New London, New London, Conn. 
 
 77,750-5s (^37) State Mutual Life Assurance Co., AVorcester, Mass. 
 5,000-5s ('37) Wlscasset Savings Bank, Wiscasset, Me. 
 
 HOUSTON, EAST AND WEST TEXAS RAILWAY. 
 
 35,000- Security Trust Company of Rochester, Rochester, N. Y. 
 10,000-5s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 9,500-5s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 19,090-5s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE. COMMISSION. 589 
 
 90,000-5s ('33) 1st mtg. Manhattan Life Insurance Co., N. Y. City. 
 213,746-5s ('33) 1st g. New York Life Insurance Co., N. Y. City. 
 43,750-5s ('33) Travelers' Insurance Company, Hartford, Conn. 
 
 HOUSTON AND TEXAS CENTRAL RAIUBOAD. 
 
 411,933- Permanent School Fund, State of Texas. 
 25,000- con. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 35,000-6s National Fire Insurance Company, Hartford, Conn. 
 
 HUNTINGTON AND 3R0AD TOP MOUNTAIN RAILROAD. 
 
 20,000-4s ('20) 1st mtg. ext. Franklin Fire Insurance Co., Phila.. Pa. 
 32,000-4s & 5s Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 4,000-5s car. tr. coup. Bucks County Trust Co., Doylestown, Pa. 
 
 2,175-5s con. reg. tfnion Trust Company, Philadelphia, Pa. 
 10,000-5s con. car. tr. Presbyterian Ministers' Fund, Phila., Pa. 
 14,116-5s con. car. tr. ctfs. coup. Merchants' Trust Co., Phila., Pa. 
 
 5,250-5s coup. Manayunk Trust Company, Philadelphia, Pa. 
 25,000-5s National Fire Insurance Co., Hartford, Conn. 
 129,632-5s con. mtg. reg. coup. Phila. Tr., S. Dep. & Ins. Co., Phila., Pa. 
 
 9,527-5s con. mtg. reg. coup. Germantown R. E., D. & Tr. Co., Phila., Pa. 
 10,000-5s ('05) car. tr. American Fire Insurance Co.", Philadelphia, Pa. 
 10,000-5s ('25) ext. American Fire Insurance Company, Phila., Pa. 
 10,000-5s ('25) Reliance Insurance Company, Philadelphia, Pa. 
 
 HUTCHINSON AND SOUTHERN RAILWAY. 
 
 10,000- People's Savings Bank, Woonsocket, R. I. 
 10,000-5s Producers' Savings Bank, Woonsocket, R. I. 
 
 2,000-5s ('28) Franklin County Savings Bank, Farmington, Me. 
 
 3,000-5s ('28) Kennebunk Savings Bank, Kenuebunk, Me. 
 15,000-5s ('28) Rockland Savings Bank, Rockland, Me. 
 10,000-5s ('28) Saco Savings Bank, Saco, Me. 
 35,000-5s ('28) Saco and Biddeford Savings Institution, Saco, Me. 
 
 5,000-5s ('28) Thomaston Savings Banlc, Thomaston, Me. 
 
 5,000-5s ('28) Waterville Savings Bank, Waterville, Me. 
 
 7,000-5s ('28) York County Savings Bank, Biddeford, Me. 
 
 ILLINOIS CENTR.\L RAILROAD. 
 
 166,575- cm. Aetna Life Insurance Company, Hartford, Conn. 
 
 39,600- cm. Aetna Life Insurance Company, Hartford, Conn. 
 
 25,000- pf. New Hampshire Savings Bank, Concord, N. H. 
 
 10,050- stk. Aetna Indemnity Company, Hartford, Conn. 
 
 50,000- stk. American Fire Insurance Company, N. Y. City. 
 
 50,000- stk. Amosketig Savings Bank, Alanchester, N. H. 
 
 26.700- stk. Bath Savings Institution, Bath, Me. 
 
 42,000- stk. City Savings Bank, Providence, R. I. 
 
 15,000- stk. Cheshire County Savings Bank, Keene, N. H. 
 
 20,000- stk. Commonwealth In.surance Company, N. Y. City. 
 
 10,750- stk. Connecticut General Life Insurance Co., Hartford, Conn. 
 
 20^000- stk. Equitable Fire & Marine Insurance Co., Providence, R. I. 
 
 10,000- stk. German Alliance Insurance Company, N. Y. City. 
 
 100,000- stk. Germania Fire Insurance Company, N. Y. City. 
 
 21,800- stk. Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 
 lo!oOO- stk. Ithaca Trust Company, Ithaca, N. Y. 
 
 10,000- stk. Manchester Savings Bank, Manchester, N. H. 
 
 40^000- stk. German-American Insurance Company, N. Y. City. 
 
 40^000- stk. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 10,000- stk. Merchants' Insurance Company, Providence, R. I. 
 
 103,438- stk. Mutufjl Life Insurance Company, N. Y. City. 
 
 15 000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 50^000- stk. New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 13',300- stk. Niantic Savings Bank, Westerly, R. I. 
 
 20 000- stk. Orient Insurance Company, Hartford, Conn. 
 
 lo'oOO- stk. People's Savings Bank (Guaranty), Manchester, N. H. 
 
590 DUTIES AND POWERS OF IKTEBSTATE COMMEBCE COMMISSION. 
 
 50,000- stk. People's Savings Bank, Providence, R. I. 
 100,000- stk. Phoenix Insurance Company, Hartford, Conn. 
 40,000- stk. Real Estate Trust Company, N. Y. City. 
 10,000- stk. Providence Mutual Fire Insurance Co,, Worcester, Mass. 
 70,000- stk. Rhode Island Hospital Trust Co., Providence, R. I. 
 .30,000- stk. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 .30,000- stk. Rochester Loan & Banking Company, Rochester, N. H. 
 10,000- stk. Security Insurance Company, New Haven, Conn. 
 56,.300- stk. Springfield Fire & Marine Insurance Co., Springfield, Mass. 
 .30,000- stk. Strafford Savings Bank, Dover, N. H. 
 47,643- stk. State Mutual Life Assurance Co., AVorcester, Mass. 
 50,000- stk. Traders' Insurance Company, Chicago, 111. 
 83,377- stk. Travelers' Insurance Company, Hartford, Conn. 
 10,000- stk. Wakefield Trust Company, Wakefield, R. I. 
 
 5,300- stk. Union Mutual Life Insurance Company, Portland, Me. 
 
 3,400- leased lines, stk. Bath Savings Institution, Bath, Me. 
 
 1,700- leased line. stk. National Fire Insurance Co., Hartford, Conn. 
 50,000- leased lines, stk. Norwich Un. F. Ins. Co. (N'w'h, Bng.), N. Y. C. 
 20,000- leased lines, stk. Orient Insurance Co., Hartford, Conn. 
 40,000- leased lines, stk. Phcenix Insurance Company, Hartford, Conn. 
 30,000- leased line. stk. Sun Ins. Office (London, Bng.), N. Y. City. 
 39,394- leased line. ^stk. Travelers' Insurance Co., Hartford, Conn. 
 50,000- leased line. stk. Scot. i:n. & Nat. Ins. Co. (Ed'b'h, Scot.), N. Y. C. 
 80,000- leased lines. Trust Company of America, N. Y. City. 
 15,000- leased lines. Bankers' Trust Company of New York, N. Y. City. 
 20,000- Binghamton Trust Company, Binghamton, N. Y. 
 10,000- Ellenville Savings Bank, Ellenville, N. Y. 
 
 25,000- mtg. Mechanics' Savings Banlv, Fishkill-on-the-Hudson, N. Y. 
 25,000- " Millers' National Insurance Company," Chicago, 111. 
 25,000- Watertown Savings Bank, Watertown, N. Y. 
 50,000- New York Life Insurance & Trust Company, N. Y. City. 
 18,000- Rhinebeck Savings Bank, Rliinebeck, N. Y. 
 55,000- Rome Savings Bank, Rome, N. Y. 
 10,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 1,000- Fidelity Benefit Association, Tr. Dep., State of Mass. 
 26,000- Worcester Mutual Fire Insurance Co., Worcester, MasSb, 
 
 5,000-3s Georgetown Savings Bank, Georgetown, Mass. 
 21,000-3s Poughkeepsie Savings .Bank, I'oughkeepsie, N. Y. 
 
 5,000-3s South Scituate Savings Bank, Norwell, Mass. 
 10,000-3s Wappinger Savings Bank, Wappingers Falls, N. Y. 
 126,000-3 & 'Sis Excelsior Savings Bank, N. Y. City. 
 10,000-3is Abington Savings Bank, Abington, Mass. 
 50,000-3is Albany City Savings Institution, Albany, N. Y. 
 100,000-3is mtg. Albany Exchange Savings Bank, Albany, N. Y. 
 30,000-34s Amsterdam Savings Bank, Amsterdam, N. Y. 
 10,000-3Js Andover Savings Bank, Andover, Mass. 
 50,000-3is Athol Savings Bank, Athol, Mass. 
 10,000-3Js Bass River Savings Bank, South Yarmouth, Mass. 
 
 5,000-3is Belmont Savings Bank, Belmont, Mass. 
 50,000-3Js Berkshire County Savings Bank, Pittsfleld, Mass. 
 
 5,000-3is Braintree Savings Bank, South Braintree, Mass. 
 50,000-3|s Beverly Savings Bank, Beverly, Mass. 
 50,000-3Js Bristol County Savings Baiili, Taunton, Mass. 
 25,000-3is Brockton Savings Bank, Brockton, Mass. 
 200,000-3is Boston Five Cents Savings Bank, Boston, Mass. 
 100,000-3Js Cambridgeport Savings Bank, Cambridgeport, Mass. 
 15,000-3is Cheshire County Savings Bank, Keene, N. H. 
 25,000-3Js Citizens' Savings Bank, Fall River, Mass. 
 35,000-3is City Five Cents Savings Bank, Haverhill, Mass. 
 
 3,000-3^3 City Savings Bank, Laconia, N. H. 
 
 6,000-3is City Savings Bank, Pittsfleld, Mass. 
 
 3,000-3is Dorchester Savings Bank, Dorchester. Mass. 
 10,000-3is Easthampton Savings Bank, Easthampton, Mass. 
 100,000-3is Eliot Five Cents Savings Bank, Boston, Mass. 
 10,000-3|s Fairhaven Inst, for Savings, Fnirhaven, Mass. 
 75,000-3|s Fall River Five Cents Savings Bank, Fall River, Mass. 
 100,000-3|s Franklin Savings Bank, Boston, JIass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 591 
 
 5,000-34s Foxborougli Savings Bank, Foxborougb, Mass. 
 5,000-3is Georgetown Savings Banlc, Georgetown, Mass. 
 
 75,000-3Js Greenfield Savings Bank, Greenfield, Mass. 
 
 75,000-3is Haverhill Savings Bank, Haverhill, Mass. 
 
 10,000-3is Haydenville Savings Bank, Haydenville, Mass. 
 
 10,000-34s Hudson Savings Bank, Hudson, Mass. 
 
 10,000-3Js Hoosac Savings Bank, North Adams, Mass. 
 l()0,000-3Js Inst, for Savings in Newburvport, etc., Newburyport, Mass. 
 22r>,000-3is Irving Savings Institution, N. Y. City. 
 ]00,000-3|s Inst, for Savings in Roxbury, etc., Boston, Mass. 
 
 40,000-3Js Ithaca Savings Bank, Ithaca, N. Y. 
 100,000-3Js Jefferson County Savings Bank. Watertown, N. Y. 
 
 10,000-3is Leicester Savings Bank, Leicester, Mass. 
 
 10,000-3Js Littleton Savings Bank, Littleton, N. H. 
 
 15,000-3Js Lenox Savings Bank, Lenox, Mass. 
 
 10,000-3|s Lee Savings Bank, Lee, Mass. 
 
 10,000-3is Loan & Trust Savings Bank, Concord, N. H. 
 
 20,000-3is Long Island City Savings Bank, Long Island City, N. Y. 
 8,000-3Js Marblehead Savings Bank, Marblehead, Mass. 
 
 60,000-3Js nitg. Mechanics' Savings Bank, Rochester, N. Y. 
 5,000-3Js Merrimack County Savings Bank, Concord. N. H. 
 
 10,000-3is Melrose Savings Bank, Melrose, Mass. 
 
 ]5,000-3is Merrimac Savings Bank, Merrimac, Mass. 
 
 20,000-3Js Middlesex Inst, for Savings, Concord, Mass. 
 
 35,000-3Js Middleborough Savings Bank, Middleborough, Mass. 
 
 10,000-3is Monson Savings Bank, Monson. Mass. 
 l,000-3is Morristown Trust Company, Morristown, N. .7. 
 
 12,000-3is Nantucket Inst, for Savings, Nantucket, Mass. 
 100,000-3|s New Bedford Inst, for Savings, New Bedford, Mass. 
 
 50,000-3is New Bedford Five Cents Savings Bank, New Bedford, Mass. 
 
 ll,000-3is New Brunswick Savings Institution, New Brunswick, N. J. 
 5,000-3Js Newton Centre Savings Bank, Newton Centre, Mass. 
 100,000-3is Northampton Inst, for Savings. Northampton, Mass. 
 
 15,000-34s North Easton Savings Bank. North Easton, Mass. 
 
 ]0,000-3is North Brookfield Savings Bank, North Brookfield, Mass. 
 
 10,000-3Js North Avenue Savings Bank, North Cambridge, Mass. 
 
 10,000-3is North Middlesex Savings Bank, Aver, Mass. 
 
 25,000-34s North End Savings Bank, Boston, Mass. 
 
 25,000-3Js Palmer Savings Bank, Palmer, Mass. 
 
 30.000-3JS Plymouth Savings Bank, Plymouth, Mass. 
 
 10,000-3Js Pentucket Savings Bank, H.-iverhill, Mass. 
 
 2.5,000-3Js Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 ]50,000-3|s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 
 39,000-3*8 People's Savings Bank, Brockton, Mass. 
 
 50,000-3|s People's Savings Bank, Worcester, Mass. 
 
 75,000-3^8 Quincy Savings Bank, Quincy, Mass. 
 
 3o,000-3is Rockland Savings Bank, Rockland, Mass. 
 
 2-i,500-3|s Real Estate, Title, Insurance & Trust Co., Philadelphia, Pa. 
 
 35,000-34s Shelburne Falls Saviu.^ Bank. Shelburne Falls, Mass. 
 
 20,000-3is Saco & Biddeford Savings Institution, Saco, Me. 
 
 50,000-3^8 Salem Savings Bank, Salem, Mass. 
 5,000-3Js South Scituate Savings Bank, Norwell, Mass. 
 5,000-34s South Adams Savings Bank, Adams, Mass. 
 
 10,000-3is Somerville Savings Bank, Somerville, Mass. 
 
 25,000-3Js South Boston Savings Bank, South Boston, Mass. 
 
 10,000-84s Sunner Savings Bank, East Boston, Mass. 
 8,000-3is Uxbridge Savings Bank, Uxbridge, Mass. 
 
 50,000-348 Union Inst, for Savings, Boston, Mass. 
 
 20,000-3|s Wakefield Savings Bank, Wakefield, Mass. 
 350,000-3|s Waltham Savings Bank, Waltham, Mass. 
 3,000-34s Walpole Savings Bank, Walpole, N. H. 
 
 20,000-3*8 Warren Five Cents Savings Bank, Peabody, Mass. 
 
 50,000-34s Warren Inst, for Savings, etc., Boston, Mass. 
 
 20,000-348 Watertown Savings Bank, Watertown, Mass. 
 
 10,000-348 Wappinger Savings Bank, Wappinger Falls, N. Y. 
 
 75,000-34s Wildey Savings Bank, Boston, Mass. 
 
 20,000-34s Westfield Savings Bank, Westfleld, Mass. 
 
592 DUTIES AND POWEES OF INTEBSTATE COMMEECE COMMISSION. 
 
 40,000-3Js 
 50,000-3is 
 10,000-3is 
 25,000-3is 
 200,000-3Js ('58) 
 10,000-3is ('53) 
 
 ('51) 
 ('51) 
 ('51) 
 (•53) 
 
 25,000-3Js Weymouth Savings Bank, Weymouth, Mass. 
 10,000-3is Woburn Five Cents Savings Bank, Woburn, Mass. 
 100,000-3is Worcester Five Cents Savings Bank, Worcester, Mass. 
 200,000-3^8 Worcester County Inst, for Savings, Worcester, Mass. 
 23,485-3is ('50) ster. Lon. Guar. & Ace. Co. (Ltd.), London, Eng. 
 50,000-3|s ('51) Chelsea Savings Bank, Norwich, Conn. * 
 
 25,000-3*s ('51) Connecticut Fire Insurance Company, HartforjJ, Conn. 
 25,288-3is ('51) 1st mtg. Lon. Guar. & Ace. Co. (Ltd.), London, Eng. 
 50,000-3is ('51) 1st mtg. Ham.-Brem. F. Ins. Co. (Ham., Ger.), N. Y. C. 
 10,000-3is ('51) Naugatuck Savings Bank, Naugatuck, Conn. 
 200,000-3is ('51) Norwich Savings Society, Norwich, Conn. 
 250,000-3^8 ('51) Society for Savings, Hartford, Conn. 
 50,000-3|s ('51) Society for Savings, Hartford, Conn. 
 
 Southport Savings Bank, Southport, Conn. 
 
 Waterbury Savings Bank, Waterbury, Conn. 
 
 Hudson City Savings Bank, Jersey City, N. .T. 
 
 Mechanics' 'Savings Bank, Hartford, Conn. 
 
 reg. 1st mtg. g. Savings Bank of Utica, Utica, N. T. 
 
 Sinking Funds, Ilaverliill, Mass. 
 10,000-4s Barre Savings Banlc, Barre, Mass. 
 20,000-4s Benjamin Franklin Savings Bank, Franklin, Mass. 
 39,000-4s Beverly Savings Bank, Beverly, Mass. 
 5,000-4s Brockton Savings Bank, Brockton, Mass. 
 50,000-4s Citizens' Savings Bank, Fall River, Mass. 
 25,000-4s Fall River Five Cents Savings Bank, Fall River, Mass. 
 22,000-4s leased line. cap. stk. Hanover Fire Insurance Co., N. Y. City. 
 21,000-4s Hoboken Bank for Savings, Hoboken, N. J. 
 5,000-4s Hoosac Savings Bank, North Adams, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 10,000-4s Ithaca Savings Bank, Ithaca, N. Y. 
 
 50,000-4s Indemnity Mut. Mar. Assur. Co. (Ltd.) (London, Eng.), N. Y. C. 
 10,000-4s North Easton Savings Bank, North Baston, Mass. 
 50,000-4s Palmer Savings Bank, Palmer, Mass. 
 5,000-4s Plymouth Five Cents Savings Bank, Plymoutli, Mass. 
 10,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 25,000-4s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 50,000-4s Provident Inst, for Savings, etc., Amesbui-y, Mass. 
 100,000-4s Provident Inst, for Savings, etc., Boston, Mass. 
 25,000-4s Union Savings Bank, Fall River, Mass. 
 25,000-4s Woronoco Savings Bank, Westfield, Mass. 
 
 50,000-4s 
 
 15,000-4s 
 
 15,000-4s 
 
 6,000-4s 
 
 8,000-4s 
 
 100,000-4s 
 
 120,000-4s 
 
 5,000-4s 
 
 23,000-4s 
 
 72,000-4s 
 
 10,000-4s 
 10,000-4s 
 25,000-4s 
 50,000-4s 
 10,000-4s 
 
 3,000-4s 
 41,000-4s 
 
 7,000-4s 
 15.000-4S 
 20,000-4s 
 56,000-5s 
 10,000-5s 
 R0,000-5s 
 60,000-5s 
 
 8,000- 
 
 '51) g. City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 '51) Bristol Savings Rank. Bristol. Conn. 
 
 '51) Derby Savings Bank, Derby, Conn. 
 
 '51) National Savings Bank of New Haven, New Haven, Conn. 
 
 '51) g. Prus. Nat. Ins. Co. (Stettin, Germany), Chicago, 111. 
 
 '51) Royal Ins. Co. (Liverpool, Eng.), N. Y. Cily. 
 
 '51) Society for Savings, Hartford, Conn. 
 
 '51) Westport Savings Bank, Westport, Conn. 
 
 '52) Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 '52) Frankfort Mar. Accid. & Plate Glass Ins. Co. (Frankfort- 
 
 on-the-Maln, Germany), N. Y. City, 
 '52) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 '52) Transatlantic F. Ins. Co. (Hamburgh, Ger.), Chicago, 111. 
 '52) leased lines, g. Manch't'r As'r. Co. (Manch., Eng.), N. Y. C. 
 '53) leased lines, g. American Fire Insurance Co., N. Y. City. 
 '53) Traders' Fire Insurance Company, N. Y. City. 
 '53) g. American Fire Insurance Company, N. Y. City. 
 '53) National Assur. Co. (Dublin, Ire.), Hartford, Conn. 
 '53) National As.sur. Co. (Dublin, Ire.), Hartford, Conn. 
 '53) North German P. Ins. Co. (Ham., Germany), Chicago, 111. 
 53) Law Un. & Crown F. Ins. Co. (London, Eng.), N. Y. City. 
 '21) Connecticut Savings Bank, Now Ila^'en, Conn. 
 '21) Savings Bank of New London, New London, Conn. 
 '21) Society for Savings, Hartford, Conn. 
 '21) MiddletoWh Savings Bank, Middletown, Conn. 
 Loulsv. div. German Insurance Company, Preeport, 111. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 593 
 
 150,000- Louisv. div. North River Savings Bank, N. Y. City. 
 
 25,000-3is Louisv. div. g. mtg. Bushwiclt Sav. Bank, Brooklyn, N. Y. 
 
 47,875- Louisv. div. Pawtucket Inst, for Savings, Pawtucket, R. I. 
 100,000- Louisv. div. New Yorli Security & Trust Co., N. Y. City. 
 
 50,000-3is Louisv. div. mtg. Empire City Savings Bank, N. Y. City. 
 200,000-3Js Louisv. div. Inst, for Savs. of Merchants' Clerks, N. Y. City. 
 
 10,000-3is Louisv. div. Lumhermen's Insurance Co., Phila., Pa. 
 
 3,000-34s Louisv. div. Farmington Savings Bank, Farmington, N. H. 
 150,000-3Js Louisv. div. mtg. Nat. Sav. Bk., City of Albany, Albany, N. Y. 
 110,000-3Js Louisv. & St. L. div. mtg. Home Savings Bank, Albany, N. Y. 
 250,000-3is Louisv. div. mtg. Rochester Savings Bank, Rochester, N. Y. 
 
 10,000-3is Louisv. div. Goshen Savings Bank, Goshen, N. Y. 
 5,000-3Js Louisv. div. mtg. Seneca Falls Sav. Bk., Seneca Falls, N. Y. 
 
 25,000-3is ('51) Louisv. div. & term. Bangor Sav. Bk., Bangor, Me. 
 142,500-3is ('53) Louisv. div. Aetna Life insurance Co., Hartford, Conn. 
 
 25,000-3^8 ('53) Louisv. div. Boston Insurance Co., Boston, Mass. 
 5,000-3Js ('53) Louisv. div. Canaan Savings Bank, Canaan, Conn. 
 
 35,000-35s ('53) Louisv. div. Dime Sav. Bk. of Waterbury, W'b'y, Conn. 
 3,000-3^8 ('53) Louisv. div. Kennebunk Savings Bank, Kennebunk, Me. 
 
 85,000-3is ('53) Louisv. div. ext. Lane. Ins. Co. (M'ch't'r, Eng.), N. Y. C. 
 
 10,000-3is ('53) Louisv. div. 1st mtg. Un. Firemen's Ins. Co., Phila., Pa. 
 
 25,000-3is ('53) Louisv. div. Winsted Savings Bank, Winsted, Conn. 
 l,270,687-3is ('53) Louisv. div. Nwn. Mut. Life Ins. Co., Milwaukee, Wis. 
 9,327-3is ('53) Louisv. div. Niantic Savings Bank, Westerly, R. I. 
 
 20,000-3^8 ('53) Louisv. div. Mech. & Farm. Sav. Bk., Bridgeport, Conn. 
 
 25,000-3is ('53) Louisv. div. Meriden Sav. Bk., Meriden, Conn. 
 
 20,000-3is ('53) Louisv. div. Orient Insurance Co., Hartford, Conn. 
 
 40,000-3 Js ('53) Louisv. div. Oneida Savings Bank, Oneida, N. Y.- 
 900,000-34s ('53) Louisv. term. Equit. Life Assur. Soc. of U. S., N. Y. C. 
 3,600,222-3is ('53) Louisv. div. & term. g. New York L. Ins. Co., N. Y. C. 
 
 93,125-3*8 ('53) L'v. div. & trm. 1st mtg. g. cp. P. M. L. I. Co., Phila, Pa. 
 236,250-3*8 ('53) L'v. div. & trm. 1st mtg. inc. Met. L. Ins. Co., N. Y. C. 
 
 50,000-3*8 ('53) L'v. div. trm. 1st mtg. Penn. F. Ins. Co., Phila., Pa. 
 
 50,000-3*8 ('53) Louisv. div. & term. 1st mtg. g. Imperial Ins. Co. (Ltd.) 
 (London, Eng.), N. Y. City. 
 
 56,000-58 ('21) Middle div. City Sav. Bk. of Bridgeport, B'port, Conn. 
 4,000-5s ('21) Middle div. Freestone Savings Bank, Portland, Conn. 
 5,000-58 ('21) Middle div. New Milford Savings Bank, N. Milford, Conn. 
 
 20,000-58 ('21) Middle div. reg. Norwalk Savings Soc, Norwalk, Conn. 
 
 55,000- St. Louis div. Oneida County Savings Bank, Rome, N. Y. 
 
 10,000- ('51) St. Louis div. Union County Sav. Bk., Elizabeth, N. J. 
 
 25,000-3s mtg. St. Louis div. American Savings Bank, N. Y. City. 
 
 50,000-3s St. Louis div. Jefferson County Sav. Bk., Watertown, N. Y. 
 9,000-3s St. Louis div. New Paltz Savings Bank, New Paltz, N. Y. 
 
 10,000-3s St. Louis div. mtg. West Side Savings Bank, N. Y. City. 
 
 18,030-38 St. Louis div. coup. Anthracite Sav. Bk.. Wilkesbarre, Pa. 
 
 30,000-3*8 St. Louis div. College Point Sav. Bk., College Point, N. Y. 
 
 25,000-3*8 St. Louis div. Cohoes Savings Institution, Cohoes, N. Y. 
 
 25,000-3*8 St. Louis div. Munich Re-Ins. Co. (Mun., Bavaria), N. Y. C. 
 
 25,000-3*8 St. Louis div. mtg. Hudson City Savings Inst, Hudson, N. Y. 
 
 10,000-3*8 St. Louis div. Lumbermen's Ins. Co., Philadelphia, Pa. 
 
 10,000-3*8 St. Louis div. Union Savings Bank, Patchogue," N. Y. 
 
 66,150-3*8 St. Louis div. & term. mtg. Prov. L. & Tr. Co., Phila., Pa. 
 
 10,000-3*8 ('51) St. Louis div. Oneida Savings Bank, Oneida, N. Y. 
 
 10,000-3*8 ('51) St. L. div. & term. 1st mtg. People's S. B., Lewiston, Me. 
 
 16,000-3*8 ('51) St. Louis div. Phoenix Assur. Co. (Lon., Eng.), N. Y. C. 
 
 10,000-3*8 ('51) St. Louis div. & term. S. Berwick Sav. Bk., S. B'w'k, Me. 
 
 10,000-3*8 ('51) St. Louis div. & term. Gardiner Sav. Inst., Gardiner, Me. 
 
 10,000-3*8 ('51) St. Louis div. & term. Penobscot Sav. Bk., Bangor, Me. 
 2,895,242-3*8 ('51) g. St. Louis div. & term. W. lines. N. Y. L. I. Co., N. Y. C. 
 1,000,000-3*8 ('51) St. Louis term. Equit. Life Assur. Soc. of U. S., N. Y. O. 
 
 25,000-3*8 ('51) St. Louis terms. Bangor Savings Bank, Bangor, Me. 
 
 15,640-48 ('31) St. Louis Southern. Phoenix Mut. L. I. Co., Hartford, Conn. 
 
 25,000-3*8 ('28) Springf. div. Mariners' Sav. Bk., New London, Conn. 
 100,000-3*8 ('50) Springf. div. 1st mtg. Aetna Ins. Co., Hartford, Conn. 
 
 60,000-3*8 ('51) Springf. div. Bridgeport Sav. Bk., Bridgeport, Conn. 
 
 50,000-3*8 ('51) Springf. div. City Sav. Bk. of Bridgeport, Bridgeport, Conn, 
 
 BY— 05 38 
 
594 DUTIES AND POWEKS OF INTERSTATE COMMEBCE COMMISSION. 
 
 5,000-3is ('51) Springf. div. Willimantic Sav. Insti., Willimantic, Conn. 
 15,000-3is ('51) Springf. div. Dime Sav. Bk. of Hartford, Hartford, Conn. 
 42,000-3Js ('51) Springf. div. Dime Sav. Bk. of Waterbury, W'b'y, Conn. 
 12,000-3is ('51) Springf. div. Freestone Sav. Bk., Portland, Conn. 
 40,000-8is ('51) Springf. div. Farmington Sav. Soc, Farmlngton, Conn. 
 50,000-3Js ('51) Springf. div. Litchfield Sav. Soc, Litchfield, Conn. 
 
 5,000-3|s ('51) Springf. div. Moodus Savings Bank, Moodus, Conn. 
 10,000-3is ('51) Springf. div. Meriden Sav. Bk., Meriden, Conn. 
 25,000-3^8 ('51) Springf. div. Mechanics' Sav. Bk., Winsted, Conn. 
 17,000-3is ('51) Springf. div. Nat. Sav. Bk. of N. Haven, New Haven, Conn. 
 495,500-3is ('51) Springf. div. reg. 1st mtg. Conn. M. L. I. Co., H'f'd, C'n. 
 175,000-3is ('51) Springf. div. New Haven Sav. Bk., New Haven, Conn. 
 - 25,000-3is ('51) Springf. div. g. People's Sav. Bk., Bridgeport, Conn. 
 50,000-3Js ('51) Springf. div. Stamford Sav. Bk., Stamford, Conn. 
 
 5,000-34s ('51) Springf. div. Brooklyn Sav. Bk., Brooklyn, Conn. 
 17,000- Wn. lines. German Insurance Company, Freeport, 111. 
 10,000-4s Wn. lines. Amsterdam Sav. Bank, Amsterdam, N. ¥. 
 25,000-4s Wn. lines. 1st mtg. reg. g. Norwalk F. Ins. Co., Norwalk, Conn. 
 100,000-4s ('51) Wn. lines. Aetna Life Insurance Co., Hartford, Conn. 
 20,000-4s ('51) Wn. lines. Bangor Savings Bank, Bangor, Me. 
 60,000-4s ('51) Wn. lines. Chelsea Savings Bank, Norwich, Conn. 
 l,104,000-4s ('51) Wn. lines. Equit. Life Assur. Soo. of U. S., N. Y. City. 
 
 75,000-4s ('51) Wn. lines. 1st mtg. reg. g. London & Lancashire Fire Ins. 
 
 Co. (Liverpool, Eng.), N. Y. City. 
 20,000-4s ('51) Wn. lines. Bridgeport Savings Bank, Bridgeport, Conn. 
 10,000-4s ('51) Wn. lines. Fairfield, County Sav. Bk., Norwalk, Conn. 
 12,000-4s ('51) Wn. lines. Mechanics' Savings Bank, Winsted, Conn. 
 
 5,000-4s ('51) Wn. lines. Nat'l Sav. Bk. of New Haven, New Haven, Conn. 
 
 5,000-4s ('51) Wn. lines. Southington Sav. Bk., Southington, Conn. 
 20,000-4s ('51) Wn. div. Stamford Savings Bank, Stamford, Conn. 
 
 5,000-4s ('51) Wn. div. Freestone Savings Bank, Portland, Conn. 
 10,000-4s ('51) Wn. div. Mechanics & Farmers' Sav. Bank, B'port, Conn, 
 
 INDIANA BLOCK COAL RAILROAD. 
 
 1,000- North American Trust Company, N. Y. City. 
 
 INDIANA, BLOOMINQTON AND WESTERN KAIIKOAD. 
 
 500- 1st. Real Estate Trust Company, N. Y. City. 
 135,000-4s ('40) pf. 1st. mtg. Continental City Ins. Co., N. Y. City. 
 149,439-4s ('40) Mutual Life Insurance Company, N. Y. City. 
 
 INDIANA, DECATUR AND WESTERN RAILROAD. 
 
 50,000- Mechanics' Savings Bank, Providence, R. I. 
 5,000- People's Savings Bank, Woonsocket, R. I. 
 25,000- Westerly Savings Bank, Westerly, 11. I. 
 5,000- Washington Trust Company of the City of New York, N. Y. City. 
 20,000- 1st. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 344,250-5s ('05) notes, g. equip. New York Life Insurance Co., N. Y. City. 
 25,000-5s ('35) 1st mtg. Portland Savings Bank, Portland, Me. 
 100,000-5s ('35) New England Mutual Life Ins. Co., Boston, Mass. 
 308,487-5s ('35) 1st mtg. inc. Metropolitan Life Ins. Co., N. Y. City. 
 204,020-5s ('35) Mutual Life Insurance Company, N. Y. City. 
 ]05,750-5s ('35) gtd. by C, H. & D. 1st mtg. coup. g. Penn Mutual Life Ins. 
 Co., Phila., Pa. 
 25,000-5s ('35) 1st mtg. g. gtd. by C, H. & D. Germania L. I. Co., N. Y. C. 
 
 INDIANA, ILLINOIS AND IOWA RAILROAD. 
 
 20,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 5,000- Kingtson Savings Bank, Kingston, R. I. 
 20,000- Westerly Savings Bank, Westerly, R. I. 
 14,000- 1st. Columbus Trust Company, Newburgh, N. Y. 
 10,000-5s coup. Carbondale Miners & Mech. Sav. Bank, Carbondale, Pa. 
 
 5,000-5s coup. Carbondale Miners & Slech. Sav. Bank, Carbondale, Pa. 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 595 
 
 19,593-5s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 20,825-5s 1st mtg. coup. Easton Trust Co., Easton, Pa. 
 lOO.OOO-Ss Fidelity Trust Company. Newark, N. J. 
 25,122-5s 1st mtg. g. Fidelity Mut. Life Ins. Co., Phila., Pa. 
 50,000-5s 1st mtg. Industrial Trust Co., Proyidence, R. I. 
 20,800-5s coup. Jlerchants & Mechanics' Bank, Scranton, Pa. 
 20,500-5s 1st mtg. pf. g. North. Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 10,550-5s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 5,000-5s ('18) Waterville Savings Bank, AYaterville, Me. 
 20,000-5s ('48) Auburn Savings Bank, Auburn Me. 
 10,000-5s ('48) Androscoggin County Savings Bank, Lewiston, Me. 
 
 5,0(X)-5s ('48) Bridgton Savings Bank, Brldgton, Me. 
 10,000-5s ('48) Bangor Savings Bank, Bangor, Me. 
 20,000-5s ('48) Bath Savings Institution, Bath, Me. 
 15,000-5s ('48) Brunswick Savings Institution, Brunswick, Me. 
 
 5,000-5s ('48) Buxton & Hollis Savings Bank, West Buxton, Me. 
 
 5,(X)0-5s ('48) Fairfield Savings Bank, Fairfield, Me. 
 
 5,000-5s ('48) Fairfield Savings Bank, Fairfield, Me. 
 
 3,000-5s.('48) Franklin County Savings Bank, Farmington, Me. 
 25,000-5s ('48) Gardiner Savings Institution, Gardiner, Me. 
 
 6,(X)0-5s ('48) opt. Gorham Savings Bank, Gorham, Me. 
 
 5,000-5s ('48) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-5s ('48) Mechanics' Savings Bank, Auburn, Me. 
 100,000-58 ('48) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 
 5,000-5s ('48) Machias Savings Bank, Machias, Me. 
 
 5,000-5s ('48) Piscataquis Savings Bank, Dover, Me. 
 
 5,000-5s ('48) People's Safe Deposit & Savings Bank, Bath, Me. 
 17,000-5s ('48) 1st mtg. rfdg. People's Sav. Bank, Providence, R. I. 
 50,000-5s ('48) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 5,000-5s ('48) People's Savings Bank, Lewiston, Me. 
 20,000-5s ('48) Penobscot Savings Bank, Bangor, Me. 
 
 2,000-5s ('48) Phillips Savings Bank, Phillips, Me. 
 
 5,000-5s ('48) Thomaston Savings Bank, Thomaston, Me. 
 20,000-5s ('48) Saco Savings Bank, Saco, Me. 
 
 INDIANA AND LAKE MICHIGAN BAILKOAD. 
 
 5,000-5s Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 
 INDIANAPOLIS BELT RAILROAD AND STOCK YARDS. 
 
 264,437-6s ('11) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 INDIANAPOLIS AND ST. LOOIS RAILROAD. 
 
 ]50,000-7s ('19) Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 441,760-7s ('19) Mutual Life Insurance Company, N. Y. City. 
 
 26,000-7s ('19) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 8,435-7s ('19) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 153,937-7s ('19) 1st. New York Life Insurance Co., N. Y. City. 
 
 INDIANAPOLIS AND VINCENNES RAILROAD. 
 
 16,000- ■ Franklin Savings Bank, Pawtucket, R. I. 
 
 43,000-6s (1900) 2d mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 6,187-7s 1st mtg. coup. Frankford R. Est., Tr. & S. Dep. Co., Phila., Pa. 
 78,000-7s ('08) 1st mtg. gtd. Hartford Fire Ins. Co., Hartford, Conn. 
 50,000-7s ('08) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 65,000-7s ('08) Commercial Un. Assur. Co. (Ltd.), (Lon., Eng.), N. Y. C. 
 
 7,000-7s ('08) 1st mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 17,027-7s ('08) Travelers' Insurance Company, Hartford, Conn. 
 
 INTERNATIONAL AND GREAT NORTHERN RAILROAD. 
 
 58,000- 1st mtg. New York Life Ins. & Trust Co., N. Y. City. 
 682,000-6s ('19) Equitable Life Assur. Soc. of United States, N. t. City. 
 5,000-6s Savings Investment & Tr. Co., East Orange, N. J. 
 
596 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 IOWA CENTRAL EAILROAD. 
 
 1,900- pf. Cascade Savings Bank, Oakland, Me. 
 
 5,000- pf. Paii-fleld Savings Bank, Fairfield, Me. 
 
 5.000- pf. New Hampshire Savings Bank, Concord, N. H. 
 
 6,000- pf. Searsport Savings Bank, Searsport, Me. 
 
 1,300- pf. A\'iscasset Savings Bank, Wiscasset, Me. 
 
 2,000- pf. York County Savings Bank, Biddeford, Me. 
 10,000- Duchess County Mutual Insurance Co., Poughkeepsie, N. X. 
 
 800- stk. Mechanics' Savings Bank, Westerly, R. I. 
 10,000- ('38) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 5,000-5s Mechanics' Trust Company, Bayonne, N. J. 
 50,000-5s 1st mtg. National Fire Insurance Co., Hartford, Conn. 
 27,000-5s New Hampshire Savings Bank, Concord, Conn. 
 
 8,696-5s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 10,000-5s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 18,605-5s reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 5,000-5s ('38) Bangor Savings Bank, Bangor, Me. 
 
 3,000-5s ('38) Calais Savings Bank, Calais, Me. 
 
 3,000-5s ('38) Cascade Savings Bank, Oakland, Me. 
 
 7,000-5s ('38) Fairfield Savings Bank, Fairfield, Me. 
 26,785-5s ('38) 1st mtg. g. Fidelity and Casualty Company, N. T. City. 
 
 6,000-5s ('38) Machias Savings Bank, Machias, Ble. 
 198,350-5s ('38) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 ;;.">9,20r>-5s ('38) Northwestern Mutual Life Insurance Co., Milwaukee, Wis. 
 25,875-5s ('38) 1st mtg. Phffinix JIut. Life Insurance Co., Hartford, Conn. 
 
 3,000-5s ('38) Searsport Savings Bank, Searsport, Me. 
 
 5,000-5s ('38) Thouiaston Savings Bank, Thomaston, Me. 
 71,550-5s ('.38) 1st mtg. g. United States Life Ins. Co., N. Y. City. 
 
 l,000-5s ('38) Wiscasset Savings Bank, Wiscasset, Me. 
 
 9,000-5s ('38) York Count}- Savings Bank, Biddeford, Me. 
 
 IOWA FALLS AND SIOUX CITY EAILEOAD. 
 
 2,000- 
 
 10,000-7s. 
 15,000-7s 
 
 5,000-7s 
 
 9,435-7s 
 10,000-7s 
 25,000-7s 
 10,000-7s 
 16,000-7s 
 15,000-7s 
 
 5,000-7s 
 20,000-7s 
 
 5,000-7s 
 40,000-7s 
 
 6,000-7s 
 50,000-7s 
 90,000-7s 
 10,000-7s 
 15,000-7s 
 20,000-7s 
 
 8,000-7s 
 40,000-7s 
 20,000-7s 
 10,000-7s 
 25,000-7s 
 
 Barnstable County Mutual Fire Ins. Co., Yarmouthport, Mass. 
 Insurance Co. of the State of New York, N. Y. City. 
 
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 111. Cent. Connecticut Savings Bk., New Haven, Conn. 
 
 Belfast Savings Bank, Belfast, Me. 
 
 Berkshire Fire Ins. Co., Pittsfield Mass. 
 
 City Savings Bank, Meriden, Conn. 
 
 Chelsea Savings Bank, Norwich, Conn. 
 
 Deep River Savings Bank, Deep River, Conn. 
 
 Dime Savings Bank of Hartford, Hartford, Conn. 
 
 Essex Savings Bank, Essex, Conn. 
 
 Mariners' Savings Bank, New London, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 Mechanics' and Farmers' Sav. Bk., Bridgeport, Conn. 
 
 Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 Newtown Savings Bank, Newtown, Conn. 
 
 New Haven Savings Bank, New Haven, Conn. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 People's Savings Bank, Bridgeport, Conn. 
 
 Southington Savings Bank, Southington, Conn. 
 
 Savings Bank of Danhury, Danbury, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 State Savings Bank, Hartford, Oonn. 
 
 Savings Bank of New Britain, New Britain, Conn. 
 
 Stafford Savings Bank, Stafford, Conn. 
 
 Winsted Savings Bank, Winsted, Conn. 
 
 lOWA MIDLAND RAILROAD. 
 
 7,000-6s (1900) Savings Bank of New London, New London, Conn. 
 
 5,000-8s (1900) Essex Savings Bank, Essex, Conn. 
 
 56,721-8s (1900) 1st mtg. Prudential Ins. Co. of America, Newark, N. 
 
 35,000-8s (1900) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 597 
 
 42,000-8s (1900) New Haven Savings Bank, New Haven, Conn. 
 24,000-8s (1900) Society for Savings, Hartford, Conn. 
 l,000-8s (1900) State Savings Banli, Hartford, Conn. 
 
 IKON RAILWAY. 
 
 29,700- stk. Boston Insurance Company, Boston, Mass. 
 
 JACKSON, LANSING AND SAGINAW RAILROAD. 
 
 20,000- New Yorli Life Ins. & Trust Co., N. Y. City. 
 
 6,000- Holyolte Mutual Fire Insurance Company, Salem, Mass. 
 50,000-5s Fidelity Trust Company, Newarlv, N. J. 
 
 5,000-5s Merrimack County Savings Bank, Concord, N. H. 
 
 4,000-5s Savings Investment & Trust Co., East Orange, N. J. 
 
 5,000-5s ('01) Belfast Savings Bank, Belfast, Me. 
 30,825-5s ('01) Ext. Home Life Insurance Company, N. T. City. 
 40,000-5s ('01) Equitable Life Assur. Society of U. S., N. Y. City. 
 72,000-5s ('01) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 JACKSONVILLE AND ST. LOUIS RAILROAD. 
 
 12,650-4s ('35) inc. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 30,000-4s ('35) inc. mtg. coup. g. Penn Mut. Life Ins. Co., Phila., Pa. 
 
 36,500-4s ('36) inc. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 5,000-5s coup. Lansdale Trust and Safe Deposit Co., Lansdale, Pa. 
 
 2,750-5s ('25) 1st con. g. Franklin Fire Ins. Co., Phila., Pa. 
 
 5,000-5s ('25) con. mtg. g. Spring Garden Ins. Co., Phila., Pa. 
 
 8,000-5s ('25) con. mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 ll,262-5s ('25) con. mtg. coup. g. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 JACKSONVILLE SOUTHEASTERN RAILWAY. 
 
 4,000-6s ('10) 1st mtg. Franklin Fire Ins. Co., Phila., Pa. 
 
 17,000-6s ('10) 1st mtg. coup. g. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 ll,000-6s ('10) 1st mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 
 7,000-6s ('10) 1st mtg. g. Spring Garden Insurance Co., Phila., Pa. 
 
 JASPER COUNTY RAILROAD. 
 
 l,000-6s coup. Commonwealth Guar., Tr. & Safe Dep. Co., Harrisbjarg, Pa. 
 
 JEFFERSON RAILROAD. 
 
 75,000-5s 1st mtg. coup. Western Savings Fund Soc, Phila., Pa. 
 
 21,550-5s 1st mtg. coup. Saving Fund Soc. of Germantown, etc., Phila., Pa. 
 
 22,000-5s reg. Wayne County Savings Bank, Honesdale, Pa. 
 100,000-5s ('09) Equitable Life Assur. Soc. of United States, N. Y. City. 
 100,000-5s ('09) 1st mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 102,500-5s ('09) 1st. Home Life Insurance Company, N. Y. City. 
 
 39,000-5s ('09) 1st mtg. coup. Insurance Co. of N. America, Phila., Pa. 
 
 JEFFERSONVILLE, MADISON AND INDIANAPOLIS RAILROAD. 
 
 14,000-7s ('06) Sk. Fd. Aetna Insurance Co., Hartford, Conn. 
 72,000-7s ('06) 1st mtg. Home Insurance Co., N. Y. City. 
 10,000-7s ('06) Chelsea Savings Bank, Norwich, Conn. 
 4,000-7s ('06) Stamford Savings Bank, Stamford, Conn. 
 57,000-7s ('06) Norwich Savings Society, Norwich, Conn. 
 
 JOLIET AND CHICAGO RAILROAD. 
 
 10,000- Stk. Aetna Insurance Company, Hartford, Conn. 
 
 JOLIET AND NORTHERN INDIANA RAILROAD. 
 
 50,000-7s ('07) Clielsea Savings Bank, Norwich, Conn. 
 17,000-7s ('07) Deep River Savings Bank, Deep River, Conn. 
 18,000-7s ('07) Dime Savings Bank of Norwich, Norwich, Conn. 
 
598 DUTIES AND POWEfiS OP INTERSTATE COMMERCE COMMISSION. 
 
 10,000-7s ('07) Essex Savings Bank, Essex, Conn. 
 
 5,000-7s ('07) Falls Village Savings Bank, Palls Village, Conn. 
 
 10,000-7s ('07) Groton Savings Bank, Mystic, Conn. 
 
 ]5,000-7s ('07) Jevvett City Savings Bank, Jewett City, Ind. 
 
 25,000-7s ('07) Meriden Savings Bank, Meriden, Conn. 
 
 2.5,000-7s ('07) Mechanics' Savings Bank, Hartford, Conn. 
 
 25,000-7s ('07) New Haven Savings Bank, New Haven, Conn. 
 
 8,000-7s ('07) Norfolk Savings Bank, Norfolk, Conn. 
 
 50,000-7s ('07) Society for Savings, Hartford, Conn. 
 
 8,000-7s ('07) Stonington Savings Bank, Stonington, Conn. 
 
 ]5,000-7s ('07) Savings Bank of New Britain, New Britain, Conn. 
 
 51,000-7s ('07) State Savings Bank, Hartford, Conn. 
 
 20,000-7s ('07) Putnam Savings Bank, Putnam, Conn. 
 
 25,000-7s ('07) Winsted Savings Bank, Winsted, Conn. 
 
 JUNCTION AND BBEAKWATER EAILEOAD. 
 
 185,000-3s General Fund, State of Delaware. 
 
 JUNCTION BATLROAD. 
 
 391,000-4Js & 6s loans coup. Phila. Sav. Fund Society, Phila., Pa. 
 15,000-Gs coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 7,000-6s 2d mtg. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 25,104-6s ('22) coup. Dollar Savings Bank, Pittsburgh, Pa. 
 
 KALAMAZOO, ALLEGAN AND GRAND BAPIDS EAILEOAD. 
 
 40,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 25,000- New York Life Insurance and Trust Co., N. Y. City. 
 
 25,000-5s ('38) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 5,000-5s ('38) New Haven Savings Bank, New Haven, Conn. 
 100,000-5s ('38) Providence Inst, for Savings, Providence, R. I. 
 
 26,125-5s ('38) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 177,132-5s ('38) 1st gtd. by L. S. & M. So. New York L. Ins. Co., N. Y. C. 
 
 KALAMAZOO AND SOUTH HAVEN BAILROAD. 
 
 15,000-5s ('39) Dime Savings Bank of Norwich, Norwich, Conij. 
 
 13,000-5s ('39) Mechanics' Savings Bank, Hartford, Conn. 
 
 10,000-6s ('39) reg. Stamford Savings Bank, Stamford, Conn. 
 
 ]0,000-5s ('39) Union Savings Bank, Danbury, Conn. 
 
 KALAMAZOO AND WHITE PIGEON RAILROAD. 
 
 15,000-5s ('40) Deep River Savings Bank, Deep River, Conn. 
 
 4,000-5s ('40) Falls Village Savings Bank, Falls Village, Conn. 
 
 9,787-.5s ('40) Home Life Insurance Company, N. Y. City. 
 
 41,000-5s ('40) Society for Savings, Hartford, Conn. 
 
 6,000-.5s ('40) Union Savings Bank, Danbury, Conn. 
 
 KANONA AND PRATTSBUEQH RAILWAY. 
 
 195,000- Atlantic Trust Company, N. Y. City. 
 
 KANAWHA AND MICHIGAN RAILROAD. 
 
 5,000- Dutchess County Mut. Insurance Co., Poughkeepsie, N. Y. 
 
 2,580-4s con. tfitg. coup. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 
 3,800-4s Bristol County Savings Bank, Bristol, R. I. 
 
 5,000-4s Mechanics' Trust Company, Bayonne, N. J. 
 
 7,000-4s 1st mtg. New England Commercial Bank, Newport, R. I. 
 10,500-4s 1st gtd. coup. Scranton Savings Bank, Seranton, Pa. 
 10,000-4s Silk City Safe Deposit & Tr. Company, Paterson, N. J. 
 
 3,900-4s gtd. by T. & O. C. R. R. coup. Wyoming Val. Tr. Co., Wilk'b're, Pa. 
 15,000-4s National Fire Insurance Company, Hartford, Conn. 
 10,000-4s (1900) Bath Savings Institution, Bath, Me. 
 ll,393-4s ('09) Lloyd's Plate Glass Insurance Company, N. Y. City. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 599 
 
 20,000-4s ('20) Gardiner Savings Institution, Gardiner, Me. 
 
 10,000-4s ('90) Auburn Savings Banlr, Auburn, Me. 
 
 5,000-4s ('90) Bridgton Savings Bank, Bridgton, Me. 
 
 77,011-4s ('90) Manhattan Life Insurance Company, N. Y. City. 
 
 100,000-4s ('90) Istmtg. g. Maine Savings Banl^, Portland, Me. 
 
 25,000-4s ('90) Orient Insurance Company, Hartford, Conn. 
 
 50,000-4s ('90) Istmtg. Portland Savings Banlc, Portland, Me. 
 
 7,600-4s ('90) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 19,375-4s ('90) Travelers' Insurance Company, Hartford, Conn. 
 
 KANSAS CITY, CLINTON AND 8PEINGFIBLD RAILROAD. 
 
 41,600-5s ("25) New England Mutual Life Ins. Co., Boston, Mass. 
 12,000-5s ('25) Saco and Biddeford Savings Institution, Saco, Me. 
 
 KANSAS CITY, FOBT SCOTT AND GULF EAILBOAD. 
 
 16,500- pf. Saco and Biddeford Savings Institution, Saco, Me. 
 3,000-7s Mechanics' Savings Bank, Manchester, N. H. 
 16,000-7s ('08) Saco and Biddeford Saving Institution, Saco, Me. 
 
 KANSAS CITY, FOBT SCOTT AND MEMPHIS EAILBOAD. 
 
 8,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 5,000-6s Wakefield Inst, for Savings, Wakefield, R. I. 
 
 5,000-6s com. Walpole Savings Bank, Walpole, N. H. 
 
 5,000-6s con. Wakefield Trust Company, Wakefield, R. I. 
 50,000-6s ('28) Bath Savings Institution, Bath, Me. 
 43,952-6s ('28) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 5,000-6s ('28) Mercantile Fire & Marine Ins. Co., Boston, Mass. 
 25,000-6s ('28) Saco and Biddeford Savings Institution, Saco, Me. 
 
 5,000-6s ('28) Saco Savings Bank, Saco, Me. 
 
 KANSAS CITY AND INDEPENDENCE AIB LINE BAILEOAD. 
 
 39,840-5s ('22) Prudential Insurance Company of America, Newark, N. J. 
 
 KANSAS CITY, MEMPHIS AND BIEMINGHAM EAILBOAD. 
 
 2,250-4s ('34) gen. mtg. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 
 4,000-4s ('34) gen. mtg. Saco & Biddeford Savings Institution, Saco, Me. 
 
 2,'500-4s ('34) North American Insurance Company, Boston, Mass. 
 
 127,207-4s ('34) Prudential Insurance Co. of America, Newark, N. J. 
 
 4,500-5s ('34) Inc. North American Insurance Co., Boston, Mass. 
 
 780-5S ('34) inc. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 8,000-5s ('34) inc. Saco & Biddeford Savings Institution, Saco, Me. 
 
 KANSAS CITY AND MEMPHIS EAILWAY AND BEIDGE COMPANY. 
 
 19,362-5s ('29) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 KANSAS CITY NOETHWESTEEN EAILBOAD. 
 
 42,800-5s 1st mtg. coup. Finance Company of Pennsylvania, Philadelphia, Pa. 
 
 KANSAS CITY AND PACIFIC EAILWAY. 
 
 100,000- Istmtg. People's Trust Company, Brooklyn, N. Y. 
 20,000- ('90) 1st. Trust & Deposit Co. of Onondago, Syracuse, N. Y. 
 21,900-4s coup. Montgomery Ins. Tr. & Safe Dep. Co., Norrlstown, Pa. 
 lS,590-4s ('90) Travelers' Insurance Company, Hartford, Conn. 
 
 KANSAS CITY, PITTSBUEG AND GULP BAILBOAD. 
 
 5,000- Underwriting Synd. Provident L. & Trust Co., Philadelphia, Pa. 
 100,000-4s (1900) rec. ctfs. Equitable Life Assur. Society of U. S., N. Y. City. 
 14 950-5S coup. Integrity Title Ins., Tr., & Safe Dep. Co., Philadelphia, Pa. 
 
 2500-58 coup. bds. ctfs. & stk. Industrial Tr., Title, & S. Co., Philadelphia, Pa. 
 40 500-5S ('23) 1st mtg, ctf. dep. Provident Life & Tr. Co., Philadelphia, Pa. 
 
600 DUTIES AND POWEES OF INTEESTATB COMMEECE COMMISSION. 
 KANSAS CITY, , ST. JOSEPH AND COUNCIL BLUFFS EAILEOAD. 
 
 5,000- Holyoke Mutual Fire Insurance Co., Salem, Mass. 
 
 24,500-7s ('07) Paterson Savings Institution, Paterson, N. J. 
 
 100,000-7s ('07) Providence Inst, for Savings, Providence, R. I. 
 
 28,387-7s ('07) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 
 150,521-7s ('07) mtg. New York Life Ins. Co., N. ¥. Citj\ 
 
 17,000-7s ('07) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 50,000-7s ('07) reg. Maine Savings Bank, Portland, Me. 
 
 594,678-7s ('07) Mutual Life Insurance Co., N. Y. City. 
 
 25,000-7s ('07) Portland Savings Bank, Portland, Me. 
 
 ]00,000-7s ('07) reg. Springfield Fire & Mar. Ins. Co., Springfield, Mass. 
 
 408,500-7s ('07) C. B. & Q. Equitable Life As. Soc. of U. S., N. Y. City. 
 
 15,000-7s ('07) C. B. & Q. Niantic Savings Bank, Westerly, R. I. 
 
 KANSAS CITY, ST. LOUIS AND CHICAGO RAILROAD. 
 
 5,000- pf. Commonvcealth Insurance Company, N. Y. City. 
 10,000- stk. Westerly Savings Bank, Westerly, R. I. 
 
 KANSAS AND MISSOURI RAILROAD. 
 
 9,500-5s ('22) Union Mutual Life Insurance Co., Portland, Me. 
 
 KANSAS PACIFIC RAILROAD. 
 
 l,500-6s Walpole Savings Bank, Walpole, N. H. 
 
 KENNEBEC CENTRAL RAILROAD. 
 
 500- Stk. People's Savings Bank, Lewiston, Me. 
 15,000-5s ('10) Gardiner Savings Institution, Gardiner, Me. 
 5,000-5s ('10) Bath Savings Institution, Bath, Me. 
 5,000-5s ('10) People's Savings Bank, Lewiston, Me. 
 
 KENNEBUNK AND KENNEBTJNKPORT RAILROAD. 
 
 Kennebunk Savings Bank, Kennebunk, Me. 
 Maine Savings Bank, Portland, Me. 
 Saco and Biddeford Savings Institution, Saco, Me. 
 York County Savings Banic, Biddeford, Me. 
 
 KENTUCKY CENTRAL RAILWAY. 
 
 25,000- 1st mtg. Manhattan Trust Company, N. Y. City. 
 4,500-4s 1st mtg. coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 50,000-4s 1st mtg. Industrial Trust Company, Providence, R. I. 
 455,000-4s ('87) Equitable Life Assur. Society of U. S., N. Y. City. 
 50,000-4s ('87) 1st mtg. Continental Insurance Company, N. Y. City. 
 25,000-4s ('87) 1st mtg. g. Sun Insurance Office (London, Eng.), N. Y. C. 
 25,000-4s ('87) 1st mtg. g. Germania Fire Insurance Co., N. Y. City. 
 
 KEOKUK AND DES MOINES RAILROAD. 
 
 20,000- pf. Aetna Insurance Company, Hartford, Conn. 
 700- 1st. Real Estate Trust Company, N. Y. City. 
 580- cm. ('23) Aetna Life Insurance Company, Hartford, Conn. 
 
 1,260- pf. ('23) Aetna Life Insurance Co., Hartford, Conn. 
 
 5,000-5s coup. Carbondale Miners' & Mech. Savings Bk., Carbondale, Pa. 
 40,000-5s ('23) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 17,825-5s ('23) Aetna Life Insurance Company, Hartford, Conn. 
 40,000-5s ('23) Providence Inst, for Savings, Providence, R. I. ' 
 
 9,600-5s ('23) 1st mtg. Rhode Island Hospital Tr. Co., Providence, R. I. 
 
 4,950-5s ('23) Travelers' Insurance Company, Hartford, Conn. 
 
 5,000- 
 
 stk. 
 
 .2,500- 
 
 stk. 
 
 8,400- 
 
 stk. 
 
 3,000- 
 
 stk. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 601 
 
 10,000-5s 
 
 2,000-5s 
 
 20,000-5s 
 
 5,000-5s 
 
 5,000-5s 
 
 14,000-5s 
 
 10,000-5s 
 
 5,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 3,000-5s 
 
 5,000-5s 
 
 ■ 3,000-5s 
 
 10,000-5s 
 
 10,000-5s 
 
 5,000-5s 
 
 53,250-5s 
 
 10,000-5s 
 
 2,000-5s 
 
 15,000-5s 
 
 16,125-5s 
 
 5,000-5s 
 
 ('21 
 ('21 
 ('21 
 ('21 
 ('21 
 ('12 
 ('21 
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 ('21 
 
 KNOX AND LINCOLN KAILBOAD. 
 
 Auburn Savings Bank, Auburn, Me. 
 Boothbay Savings Banlt, Boothbay Harbor, Me. 
 Bath Savings Institution, Bath, Me. 
 Brunswicli Savings Institution, Brunswicli, Me. 
 Camden Savings Bank, Rockport, Me. 
 Dexter Savings Bank, Dexter, Me. 
 Bastport Savings Bank, Eastport, Me. 
 Fairfield Savings Bank, Fairfield, Me. 
 Franklin County Savings Bank, Farmington, Me. 
 South Berwick Savings Bank, South Berwick, Me. 
 Gardiner Savings Institution, Gardiner, Me. 
 Hallowell Savings Institution, Hallowell, Me. 
 Hancock County Savings Bank, Ellsworth, Me. 
 Houlton Savings Bank, Houlton, Me. 
 Kennebec Savings Bank, Augusta, Me. 
 Penobscot Savings Bank, Bangor, Me. 
 Rockland Savings Bank, Rockland, Me. 
 Manhattan Life Insurance Company, N. Y. City. 
 Saco and Biddeford Savings Institution, Saco, Me. 
 Phillips Sayings Bank, Phillips, Me. 
 Saco Savings Bank, Saco, Me. 
 Union Mutual Life Insurance Co., Portland, Ma 
 Waterville Savings Bank, Waterville, Me. 
 
 KNOXVILLE AND BEISTOL RAILWAY. 
 
 34,000- Mechanics' Savings Bank, Westerly, R. I. 
 
 KNOXWLLE AND OHIO EAIIEOAD. 
 
 40,000- Mechanics' Savings Bank, Providence, R. I. 
 
 1,000- ('25) 1st. Trust & Dep. •Company of Onondaga, Syracuse, N. 
 10,000-6s Insurance Company of the State of New York, N. Y. City. 
 20,000-6s National Fire Insurance Company, Htirtfoi-d, Conn. 
 17,425-6s ('25) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 50,880-6s r25) Travelers' Insurance Company, Hartford, Conn. 
 
 LAKE CHAMPLAIN AND ST. LAWRENCE JUNCTION RAILWAY. 
 
 4,500- Guarantee Company of North America, Montreal, Canada. 
 
 LAKE ERIE AND WESTERN RAILROAD. 
 
 10,000- pf. Commonwealth Insurance Co., N. Y. City. 
 10,000- pf. Binghamton Trust Company, Blnghamton, N. Y. 
 16,975- pf. Provident Savings Life Assurance Society, N. Y. City. 
 
 5,000-5s Chautauqua County Trust Company, Jamestown, N. Y. 
 14,220-5s 1st mtg. Real Estate, Title, Ins. & Trust Co., Phila., Pa. 
 10,000-5s 1st mtg. North German Fire Insurance Company, N. Y. City. 
 15,000-5s 1st mtg. North German Fire Insurance Company, N. Y. City. 
 15,074-5s ('37) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 50,000-5s ('37) 1st mtg. Caledonian Ins. Co. (Edin., Scot), N. Y. City. 
 25,996-5s ('37) 1st mtg. g. Fidelity & Casualty Company, N. Y. City. 
 
 5,000-5s ('37) 1st mtg. Helvetia Swiss F. I. Co. (St. Gaul., Sw.), N. Y. C. 
 30,000-5s ('37) 1st mtg. g. Hamb.-Bremen F. I. Co. (Ham., G.), N. Y. C. 
 50,000-5s ('37) 1st mtg. reg. Lon. & Lan. F. I. Co. (L'pool, E.), N. Y. C. 
 410,275-5s ('37) Northwestern Mutual Life Insurance Co., Milv/aukee, Wis. 
 15,000-5s ('37) 1st mtg. North German F. I. Co. (Hamb., G.), Chic, 111. 
 29,500-5s ('37) 1st mtg. coup. g. Penn. Mutual Life Ins. Co., Phila., Pa. 
 ll,562-5s ('37) 1st mtg. Provident Savings Life Ass. Soc, N. Y. City. 
 15,000-5s ('37) g. Prussian Nat'l Ins. Co. (Stettin, Germany), Chic, 111. 
 30,000-5s ('37) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 51,500-5s ('37) State Mutunl Life Assurance Company, Worcester, Mass. 
 20,000-5s ('37) 1st mtg. Traders' Insurance Company, Chicago, 111. 
 
602 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 10,000-5s ('37) 1st mtg. g. United Firemen's Insurance Co., Phila., Pa. 
 
 45,000-5s ('41) State Mutual Life Assurance Company, Worcester, Mass. 
 
 293,175-5s ('41) 2d mtg. inc. Metropolitan Life Insurance Co., N. Y. City. 
 
 30,975-5s ('41) 2d mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 924,550-5s ('41) 2d g. New York Life Insurance Company, N. Y. City. 
 
 LAKE SHOEE AND MICHIGAN SOUTHERN BAILROAD. 
 
 52,450- cm. Fidelity & Casualty Company, N. Y. City. 
 
 157,425- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 150,000- stk. Continental Insurance Company, N. Y. City. 
 10,000- stk. Eagle Fire Company, N. Y. City. 
 19,950- stk. Rochester Trust & Safe Dep. Co., Rochester, N. Y. 
 
 34,000- Albany City Savings Institution, Albany, N. Y. 
 
 30,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 1,300- New York Life Insurance & Trust Company, N. Y. City. 
 10,000- Empire City Fire Insurance Company, N. Y. City. 
 1,000,000- Erie County Savings Bank of Buffalo, Buffalo, N. Y. 
 
 50,000- Franklin Trust Company, Brooklyn, N. Y. 
 235,000- 2d mtg. New York Life Insurance & Trust Company, N. Y. City. 
 
 30,000- Rome Savings Bank, Rome, N. Y. 
 
 109,875- North River Savings Bank, N. Y. City. 
 
 5,000- con. g. TJtica Trust & Safe Deposit Co., Utica, N. Y. 
 200,000- Union Trust Company of New York, N. Y. City. 
 
 50,000- (1900) 1st mtg. Glen Falls Insurance Co., Glen Falls, N. Y. 
 108,000-3^8 New Brunswick Savings Institution, New Brunswick, N. J. 
 100,000-3Js mtg. Rochester Savings Bank, Rochester, N. Y. 
 300,000-3is Institution for the Savings of Merchants' Clerks, N. Y. City. 
 
 50,000-3is ref. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 50,000-3is Irving Savings Institution, N. Y. City. 
 200,000-3Js Strafford Savings Bank, Dover, N. H. 
 
 25,000-3is Morris County Savings Bank, Morristown, N. J. 
 100,000-3is gen. mtg. Manchester Savings Bank, Manchester, N. H. 
 . 50,000-3is mtg. Monroe County Savings Bank, Rochester, N. Y. 
 200,000-3Js eon. coup. Penn Co. for Insurance on Lives, etc., Phila, Pa. 
 
 47,o7ri-3is coup. Girard Trust Company, Philadelphia, Pa. 
 100,000-3Js mtg. National Savings Bk. of the City of Albany, Albany, N. Y. 
 
 10,000-3Js coup. Wilkesbarre Deposit and Savings Bank, Wilkesbarre, Pa. 
 
 15,000-3is ('97) g. Niantic Savings Bank, Westerly, R. I. 
 
 25,875-3is ('97) g. Union Mutual Life Insurance Company, Portland, Me. 
 
 47,000-3is ('97) Queen Insurance Company of America, N. Y. Citf. 
 300,000-3is ('97) reg. 1st mtg. g. Savings Bank of Utica, Utica, N. Y. 
 150,000-3Js ('97) Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 10,000-3is ('97) g. Transatlantic F. I. Co. (Hamburg, Ger.), Chicago, 111. 
 189,000-3is ('97) new mtg. Aetna Insurance Company, Hartford, Conn. 
 125,000-3is ('97) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 50,000-3is ('97) Oneida Savings Bank, Oneida, N. Y. 
 3,996,000-3is ('98) Equitable Life Assur. Society of United States, N. Y. C. 
 l,000,000-3is ('98) reg. Equitable Life Assur. Soc. of United States, N. Y. C. 
 
 25,000-4s ('97) Ocean Accident and Guarantee Corp. (Ltd.), N. Y. City. 
 100,000-7s 1st con. mtg. reg. Western Savings Fund Soc, Phila., Pa. 
 l,463,000-7s coup. reg. loan. Philadelphia Sav. Fund Soc, Phila. Pa. 
 
 15,000-7s Hoboken Bank for Savings, Hoboken, N. J. 
 
 10,000-7s Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 
 30,000-7s (1900) reg. Bath Savings Institution, Bath, Me. 
 
 24,780-7s (1900) reg. Home Life Insurance Company, N. Y. City. 
 
 44,795-7s (1900) coup. Home Life Insurance Company, N. Y. City. 
 
 50,000-7s (1900) 1st mtg. & sink. fund. New York Life Ins. Co., N. Y. C. 
 
 10,000-7s (1900) reg. South Berwick Savings Bank, South Berwick, Me. 
 
 13,000-7s ('03) Connecticut Savings Bank, New Haven, Conn. 
 
 50,000-7s ('03) con. 2d. mtg. Pennsylvania Fire Ins. Co., Phila, Pa. 
 
 10,000-7s ('10) N. Y. C. & H. Riv. People's Sav. Bk., Bridgeport, Conn. 
 
 LEAVENWORTH TERMINAL RAILWAY AND BRIDGE COMPANY. 
 
 5,000- Duchess County Mutual Insurance Company. Poughkeepsie, N. Y. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 603 
 
 LEHIGH AND HUDSON RIVEE BAILROAD. 
 
 10,500-?s coup. Bucks County Trust Company, Doylestown, Pa. 
 
 5,000-5s Silk City Safe Deposit & Trust Co., Patterson, N. J. 
 30,000-5s coup. Saving Fuud Society of Germantown, etc., Phila, Pa. 
 ]l,563-5s 1st mtg. g. Fidelity Mutual Life Insurance Co., Phila, Pa. 
 
 4,000-5s coup. 2d mtg. Jersey Shore Banking Co., Jersey Shore, Pa. 
 
 5,000-5s ('17) Agricultural Insurance Co., Watertown, N. Y. 
 25,000-5s ('20) g. Franklin Fire Insurance Co., Phila, Pa. 
 
 LEHIGH AND LACKAWANNA RAILROAD. 
 
 29,040-7s coup. Saving Fund Society of Germantown, etc.. Pa. 
 
 LEHIGH AND NEW YORK RAILROAD. 
 
 86,000- gtd. Franklin Trust Company, Brooklyn, N. T. 
 100,000- gtd. Mechanics' Savings Bank, Providence, R. I. 
 25,000- gtd. Mechanics' Savings Bank, Providence, R. I. 
 10,900- Brooklyn Life Insurance Company, N. Y. City. 
 25,000- Long Island Loan & Trust Company, Brooklyn, N. Y. 
 50,000- 1st. Hamilton Trust Company, Brooklyn, N. Y. 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 
 4,625-4s 1st mtg. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 
 9,250-4s ('45) Connecticut General Life Insurance Co., Hartford, Conn. 
 198,796-4s ('45) 1st mtg. inc. Metropolitan Life Insurance Co., N. Y. City. 
 10,000-4s ('45) Orient Insurance Company, Hartford, Conn. 
 25,000-4s ('45) 1st. mtg. Portland Savings Bank, Portland, Me. 
 92,250-4s ('45) State Mutual Life Assurance Company, Worcester, Mass. 
 20,000-4s ('45) 1st mtg. Union Assur. Soc. (London, Bng.), N. Y. City. 
 100,000-4s ('45) 1st mtg. g. gtd. by Leh. Val. R. R. Co. 1st mtg. Sun Ins. 
 
 Office (London, Eng.), N. Y. City. 
 14,980-4is 1st mtg. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 10,287-4Js coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 10,000-4^8 1st mtg. coup. Miners' Savings Bank, Pittston, Pa. 
 25,750-4js reg. People's Trust, Sav. & Dep. Co., Lancaster, Pa. 
 
 5,000-4}s 1st mtg. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 
 5,000-4is ('40) 1st mtg. g. Spring Garden Ins. Co., Phila., Pa. 
 10,000-4^8 ('40) Auburn Savings Bank, Auburn, Me. 
 
 5,000-4Js ('40) Fairfield Savings Bank, Fairfield, Me. 
 230,000-4i8 ('40) 1st mtg. coup. Maine Savings Bank, Portland, Me. 
 12,000-4Js ('40) 1st mtg. reg. Phcenix M. Life Ins. Co., Hartford, Conn. 
 
 5,000-4Js ('40) Gorham Savings Bank, Gorham, Me. 
 25,000-4 Js ('40) Ist mtg. Portland Savings Bank, Portland,. Me. 
 
 5,000-4is ('40) Mechanics' Savings Bank, Auburn, Me. 
 
 5,000-4§s ('40) Machias Savings Bank, Machias, Me. 
 10,000-4is ('40) Brunswick Savings Institution, Brunswick, Me. 
 38,570-4is ('40) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 25,000-4is ('40) 1st mtg. g. Germania Fire Ins. Co., N. Y. City. 
 41,340-4is ('40) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 150,000-4^8 ('40) 1st mtg. g. Hartford Fire Ins. Co., Hartford, Conn. 
 25,000-4^8 ('40) g. reg. g. Lon. & Lan. F. I. Co. (L'pool, Eng.), N. Y. C. 
 807,643-4^8 ('40) 1st g. gtd, by L. V. R. R. New York Life Ins. Co., N. Y. C. 
 
 5,000-4Js (40) Kennebunk Savings Bank, Kennebunk, Me. 
 170,000-4is ('40) 1st mtg. g. reg. Maine Savings Bank, Portland, Me. 
 50,000-4is ('40) Com. Un. Assur. Co. (Ltd.), (Lon., Eng.), N. Y. City. 
 10,000-4|s ('40) Penobscot Savings Bank, Bangor, Me. 
 15,000- stk. Girard Fire and Marine Insurance Co., Philadelphia, Pa. 
 
 5,850- stk. Marble Banking & Trust Company, Hazleton, Pa. 
 
 4,000- stk. Montgomery Ins., Tr. & Safe Deposit Co., Norristown, Pa. 
 
 4,893- stk. reg. People's Savings Bank, Pittston, Pa. 
 15,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 5,375-48 1st ext. coup. Girard Trust Company, Philadelphia, Pa. 
 75,250-4s 1st ext. reg. Girard Trust Company, Philadelphia, Pa. 
 164,000-4s 1st mtg. reg. coup. Beneficial Saving Fund Society, Phila, Pa. 
 150,000-4s 1st mtg. ext. coup. reg. Penn. Co. Ins. on Lives, etc., Phila, Pa. 
 
 l,077-4s 1st mtg, g, Philadelphia Trust, S. Dep. & Ins. Co., Phila., Pa. 
 
604 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION- 
 
 9,697-4s 1st mtg. reg. g. Philadelphia Tr., S. Dep. & Ins. Co., Phila, Pa. 
 15,000-4s ext. coup. Saying Fund Society of Germantown, etc., Phila, Pa. 
 
 5,000-4s ('48) Reliance Insurance Co., Philadelphia, Pa. 
 2,618,375-4s, 6s & 7s reg. loan coup. Phila. Savings Fund. Soc, Phila., Pa. 
 25,000-4is coup. Lehigh Valley Trust & Safe Dep. Co., Allentown, Pa. 
 50,350-4is coup. Commonwealth Title, Ins. & Tr. Co., Phila, Pa. 
 25,000-4is coup. Fire Insurance Co. of County of Phila., Phila, Pa. 
 10,350-4Js coup. Hanover Saving Fund Society, Hanover, Pa. 
 
 5,000-4is Insurance Company of the State of New York, N. Y. City. 
 
 5,000-4Js coup. Manayunk Trust Company, Philadelphia, Pa. 
 
 3,051-4Js reg. Mifflinburg Bank, MifBinburg, Pa. 
 25,000-4Js reg. Saving Fund Society of Germantown, etc., Phila, Pa. 
 
 2,030-4Js annuity reg. American Trust Company of Phila., Phila., Pa. 
 65,000-4is annuity reg. Franklin Fire Ins. Co., Philadelphia, Pa. 
 40,000-4Js annuity reg. Girard Trust Company, Philadelphia, Pa. 
 146,510-4Js reg. Philadelphia Trust, S. Dep. & Ins. Co., Phila, Pa. 
 10,105-4is con. mtg. coup. Doylestown Trust Co., Doylestown, Pa. 
 25,000-4is con. mtg. Farmers' Fire Insurance Company, York, Pa. 
 49,000-4Js con. mtg. reg. Girard Trust Company, Philadelphia, Pa. 
 48,000-4Js con. mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 10,000-4is con. mtg. loan. Mechanics' Insurance Co., Philadelphia, Pa. 
 
 l,000-44s 1st mtg. reg. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 35,000-4is 1st mtg. g. Brit & F. M. I. Co. (Ltd.), (L'pool, Eng.), N. Y. C. 
 30,212-4is car tr. coup. Savings Fd. Soc. of Germantown, etc., Phila, Pa. 
 
 5,100-4is 1st mtg. coup. Manayunk Trust Company, Phila., Pa. 
 20,200-4is 1st mtg. coup. Union Trust Company, Phila., Pa. 
 10,000-4is 1st mtg. coup. West Philadelphia Title & T;.-. Co., Phila., Pa. 
 50,000-4Js ('03) car tr. ctfs. g. ser. C. Penn. M. Life Ins. Co., Phila., Pa. 
 100,000-4Js ('06) car tr. ser. C. Provident Life & Trust Co., Phila., Pa. 
 50,000-4Js ('07) car tr. ser. C. Provident Life & Trust Co., Phila., Pa. 
 15,000-4Js ('10) Bath Savings Institution, Bath, Me. 
 25,000-4is ('23) con. mtg. American Fire Insurance Co., Phila., Pa. 
 100,000-4is ('23) con. Delaware Insurance Co., Phila., Pa. 
 75,000-4Js ('23) reg. Fire Association of Philadelphia, Phila., Pa. 
 10,000-4Js ('23) Girard Fire & Marine Ins. Co., Phila., Pa. 
 50,000-4^8 ('23) con. Insurance Company of N. America, Phila., Pa. 
 25,000-4is ('28) Reliance Insurance Company, Philadelphia, Pa. 
 50,000-44s ('40) 1st mtg. gtd. g. Aetna Insurance Co., Hartford, Conn. 
 50,000-4 Js ('40) gtd. Citizens' Savings Bank, Providence, R. I. 
 25,000-4Js ('40) Connecticut Fire Insurance Co., Hartford, Conn. 
 25,000-44s ('40) 1st mtg. Camden Safe Dep. & Trust Co., Camden, N. J. 
 75,000-4Js ('40) 1st mtg. Rhode Island Hosp. Tr. Co., Providence, R. I. 
 25,000-4js ('40) Delaware Insurance Company, Philadelphia, Pa. 
 
 3,000-4is ('40) Franklin County Savings Bank, Farmington, Me. 
 10,000-4|s ('40) Girard Fire & Marine Ins. Co., Philadelphia, Pa. 
 150,000-4is ('40) Mutual Benefit Life Insurance Company, Newark, N. J. 
 649,987-4is ('40) Northwestern Mut. Life Ins. Co., Milwaukee, Wis. 
 25,000-4is ('40) Scottish IJn. & Nat'l I. Co. (Ed., Scot), Hartford, Conn. 
 30,000-4is ('40) 1st mtg. g. London Assur. Co. (Lon., Eng.), N. Y. C. 
 247,500-4is ('40) 1st mtg. Provident Life & Tr. Co., Philadelphia, Pa. 
 25,000-4Js ('40) 1st mtg. g. Providence-Washington Ins. Co., Prov., R. I. 
 
 5,000-4is ('40) 1st mtg. Helvetia Sw. F. I. Co. (St Gaul, Sw.), N. Y. C. 
 50,000-4|s ('40) 1st mtg. Ins. Co. of North America, Phila., Pa. 
 50,000-4is ('40) 1st mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 50,000-4^8 ('40) 1st mtg. Royal Exchange Ass. Corp. (Lon., E.), N. Y. C. 
 40,000-4Js ('40) 1st mtg. Imperial Ins. Co. (Ltd.), (Lon., Eng.), N. Y. C. 
 20,000-4*8 ('40) 1st mtg. United Firemen's Ins. Co., Phila., Pa. 
 
 5,000-4is ('40) Piscataquis Savings Bank, Dover, Me. 
 335,184-58 coll. tr. coup. Finance Company of Penn.. Phila., Pa. 
 10,000-5s car tr. loan. Lumbermen's Insurance Co., Phila., Pa. 
 99,500-5s coup. Guarantee Tr. & Safe Dep. Co., Phila., Pa. 
 100,000-5s mtg. coll. tr. coup. Investment Co. of Philadelphia, Phila., Pa. 
 10,000-5s car tr. coup. Montgomery I., Tr. & S. D. Co., Norristown, Pa. 
 
 5,000-5s coup. Doylestown Trust Co., Doylestown, Pa. 
 10,000-5s (1900) g. tr. United Firemen's" Insurance Co., Phila., Pa. 
 S-^OOO-Ss ('01-'04) car tr. g. Franklin Fire Ins. Co., Phila., Pa. 
 50,000-5s ('02) car tr. coup, g. Penn Mutual Life Ins. Co., Phila., Pa. 
 
DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 605 
 
 196,250-5s ('97) mtg. & coll. ti-. reg. Conn. M. L. Ins. Co., Hartford, Conn. 
 99,500-5s ('97) mtg. & coll. tr. coup. g. Penn M. L. Ins. Co., Phila., Pa. 
 06,000-58 ('97) mtg. & coll. tr. Pennsylvania F. Ins. Co., Phila., Pa. 
 16,950-6s coup. Continental Title & Trust Co., Philadelphia, Pa. 
 18,232-(is reg. Delaware County Tr. S. Dep. & Title Ins. Co., Chester, Pa. 
 12,100-6s con. mtg. reg. German American Title & Tr. Co., Phila., Pa. 
 
 7,000-6s con. reg. Lehigh Valley Trust & Safe Dep. Co., Allentown, Pa. 
 30,355-6s reg. Media Title & Trust Co., Media, Pa. 
 51,000-Os annuity. American Fire Ins. Co., Phila., Pa. 
 35,000-Gs annuity reg. Franklin Fire Ins. Co., Phila., Pa. 
 15,000-6s annuity reg. Fire Insurance Co. of County of Phila., Phila., Pa. 
 
 5,750-6s annuities reg. Finance Co. of Pennsylvania, Phila., Pa. 
 51,6()0-6s reg. annuity. Girard Trust Co., Phila., Pa. 
 10,000-6s annuity. Lumbermen's Insurance Co., Phila., Pa. 
 15,000-6s annuity. Presbyterian Ministers' Fund, Phila., Pa. 
 461,000-6s annuity. Provident Life & Trust Co., Phila., Pa. 
 62,000-6s annuity. Provident Life & Trust Co., Phila., Pa. 
 20,000-6s annuity. Spring Garden Insurance Co., Phila., Pa. 
 10,000-6s annuity reg. Union Insurance Co., Philadelphia, Pa. 
 56,485-6s annuity gen. mtg. reg. Conn. M. Life Ins. Co., Hartford, Conn. 
 95,500-5s annuity mtg. reg. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 112,000-6s annuity con. mtg. reg. Fidelity Ins. Tr. & S. D. Co., Phila., Pa. 
 150,000-6s con. mtg. reg. Western Savings Fund Society, Phila, Pa. 
 10,000-6s con. mtg. coup. White Haven Savings Bank, White Haven, Pa. 
 
 4,868-Cs con. mtg. reg. AVhite Haven Savings Bank, White Haven, Pa. 
 
 l,000-6s con. mtg. reg. Wilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 50,000-6s ('23) con. mtg. Caledonian Ins. Co. (Edin., Scot), N. Y. City. 
 75,000-6s ("23) con. Hartford Fire Insurance Co., Hartford, Conn. 
 100,000-6s ('23) reg. Fire Association of Philadelphia, Phila., Pa. 
 25,000-6s ('23) con. mtg. Camden Safe Dep. & Trust Co., Camden, N. J. 
 99,7.50-7s 2d mtg. reg. Western Savings Fund Society, Phila., Pa. 
 10,000-7s Lumbermen's Insurance Co., Philadelphia, Pa. 
 
 8,000-7s 2d mtg. reg. Fire Insurance Co. of County of Phila., Phila., Pa. 
 32,000-7s ('10) reg. Fire Association of Philadelphia, Phila., Pa. 
 25,000-7s ('10) 2d mtg. reg. Franklin Fire Insurance Co., Phila., Pa. 
 
 LEHIGH VALLEY AND PENNSYLVANIA RAILROAD. 
 
 11,175- g. Nederland Lim'd Lia. L. Ins. Co. (Amsterdam, Hol.), N. T. G. 
 
 LEHIGH VALLEY TERMINAL RAILWAY. 
 
 150,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 
 17,680- 1st mtg. Brooklyn Life Insurance Co., N. Y. City. 
 4,000- 1st mtg. Firemen's Insurance Company, Newark, N. J. 
 
 10,000-5s coup. Carbondale Miners' & Mech. Sav. Bk., Carbondale, Pa. 
 
 37,207-5s 1st mtg. g. coup. Easton Trust Company, Easton, Pa. 
 
 25,000-5s reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 5,422-5s coup. Deposit & Sav. Bk. of Kingston, Kingston, Pa. 
 
 12,000-5s 1st mtg. reg. g. Norwalk Fire Company, Norwalk, Conn. 
 
 ll,001-5s coup. Marble Banking & Trust Company, Hazleton, Pa. 
 
 21,824-5s 1st mtg. g. Fidelity Mutual Life Insurance Co., Phila., Pa. 
 
 10,000-5s Insurance Company of the State of New Yori, N. Y. City. 
 
 50,000-5s ('41) Com. Un. Assur. Co. (Ltd.), (London, Eng.), N. Y. City. 
 110,000-5s ('41) 1st gtd. g. American Ins. Co., Newark, N. J. 
 
 50,000-5s ('41) 1st mtg. g. gtd. Aetna Insurance Co., Hartford, Conu. 
 
 10,000-5s ('41) Equitable Fire & Marine Ins. Co., Providence, R. I. 
 175,000-5s ('41) 1st mtg. Hartford Fire Insurance Co., Hartford, Conn. 
 
 25,000-5s ('41) g. Bangor Savings Bank, Bangor, Me. 
 l,000,000-5s ('41) Equitable Life Assur. Soc. of U. S., N. Y. City. 
 
 25,000-5s ('41) New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 20,000-5s ('41) 1st mtg. Hanover Fire Insurance Co., N. Y. City. 
 
 54,562-5s ('41) 1st. Home Life Insurance Company, N. Y. City. 
 
 42,400-5s ('41) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 40,000-5s ('41) reg. Insurance Co. of North America, Phila, Pa. 
 
 20,000-5s ('41) g. Maine Savings Bank, Portland, Me. 
 215,000-5s ('41) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
606 DUTIES AND POWERS OP INTERSTATE" COMMEECE COMMISSION. 
 
 l,140,736-5s ('41) Northwestern Mutual Life Insurance Co., Milwaukee, Wis. 
 
 1.015,000-5s ('41) gtd. by L. V. R. R. Co. Conn. M. L. I. Co., Hartford, Conn. 
 
 201,648-5s ('41) 1st g. gtd. by L. V. R. R. New Yorlt Life Ins. Co., N. Y. C. 
 
 10,000-5s ('41) gtd. Phoenix Insurance Company, Hartford, Conn. 
 
 67,925-5s ('41) 1st mtg. gtd. Phoenix Mut. Life Ins. Co., Hartford, Conn. 
 
 8,000-5s ('41) Princeton Savings Banli, Princeton, N. J. 
 
 52,000-5s ('41) State Mutual Life Assurance Co., Worcester, Mass. 
 
 50,000-5s ('41) 1st mtg. g. Sun Ins. Office (Lon., Eng.), N. Y. City. 
 
 53,625-5s ('41) Travelers' Insurance Company, Hartford, Conn. 
 
 LEHIGH COAL AND NAVIGATION COMPANY. 
 
 (See Miscellaneous.) 
 
 LEHIGH VALLEY COAL COMPANY. 
 
 (See Miscellaneous.) 
 
 LEHIGH AND WILKESHABRE BAHJIOAD. 
 
 18,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 100,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 107,426-7s (1900) assented bds. Manhattan Life Insurance Co., N. Y. City. 
 
 LEROY AND CANEY VALLEY AIK LINE RAILROAD. 
 
 30,000-os gtd. Mo. & Pac. Ry. Industrial Trust Co., Providence, R. I. 
 
 LIME BOCK RAILROAD. 
 
 ]0,000-4s COS) Androscsoggin County Savings Bank, Lewiston, Me. 
 
 5,000-4s COS) Buxton & Hollis Savings Bank, West Buxton, Me. 
 
 3,000-4s ('24) Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 61,000-4s ('28) Rockland Savings Bank, Rockland, Me. 
 
 5,000-4s ('29) Brunswick Savings Institution, Brunswick, Me. 
 
 2,000-4s ('29) Camden Savings Bank, Rockport, Me. 
 
 6,000-4s ('29) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-4s ('29) People's Savings Bank, Lewiston, Me. 
 
 47,170-4s ('29) Union Mutual Life Insurance Co., Portland, Me. 
 
 25,000-5s ('08) Bath Savings Institution, Bath, Me. 
 
 2,000-5s ('08) South Paris Savings Bank, South Paris, Me. 
 
 6,000-5s ('08) Saco & Biddeford Savings Institution, Saco, Me. 
 
 LINCOLN AND NORTHWESTERN RAILROAD. 
 
 10,585-7s ('10) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 10,000-7s ('10) 1st mtg. Germania Life Insurance Company, N. Y. City. 
 5,000-7s ('10) 1st mtg. reg. Maine Savings Bank, Portland, Me. 
 
 LITCHFIELD, CARROLTON AND WESTERN RAILROAD. 
 
 25,000- Mechanics' Savings Bank, Providence, R. I. 
 
 LITTLE EALLS AND DOLGEVILLE KAILROAD. 
 
 5,000-6s ('21) Bath Savings Institution, Bath, Me. 
 ^6,500-6s ('21) 1st mtg. Manhattan Life Insurance Co., N. Y. City. 
 7,500-6s ('24) 2d mtg. Manhattan Life Insurance Co., N. Y. City. 
 
 LITTLE MIAMI RAILROAD. 
 
 100,000-5s ('12) Connecticut Savings Bank, New Haven, Conn. 
 25,000-5s ('12) 1st. German-American Insurance Co., N. Y. City. 
 154,000-5s ('12) New Haven Savings Bank, New Haven, Conn. 
 8,000-5s ('12) Meriden Savings Bank, Meriden, Conn. 
 3,000-5s ('12) Savings Bank of Nevt- I,ondon, New London, Conn. 
 70,000-5s ('12) Society for Savings, Hartford, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 607 
 LITTLE ROCK AND FORT SMITH RAILROAD. 
 
 10,000-7s New Hampshire Savings Bank, Concora, N. H. 
 6,800-7s ('05) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 5,000-7s ('05) York County Savings Bank, Biddeford, Me. 
 
 LITTLE SAW MILL RUN RAILROAD. 
 
 l,000-6s coup. Pittsburg Bank for Savings, Pittsburg, Pa. 
 23,000-6s 1st mtg. coup. City Savings Bank, Pittsburg, Pa. 
 
 LITTLE SCHUYLKILL RAILROAD. 
 
 5,000- stk. Union Insurance Company, Philadelphia, Pa. 
 4,850-5s reg. Tamaqua Banking & Trust Company, Tamaqua, Pa. 
 841-5S reg. Tamaqua Banking & Trust Company, Tamaqua, Pa. 
 
 LONG DOCK RAILROAD. 
 
 10,000-6s con. mtg. coup. Anthracite Savings Bk., Wilkesbarre, Pa. 
 6,606-6s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 
 35,250-6s con. coup. Saving Fund Soc. of Germantown, etc., Phila., Pa. 
 
 20,000-6s Paterson Safe Deposit & Trust Company, Paterson, N. J. 
 
 50,000-6s con. mtg. coup. Western Sav. Fund Society, Phila., Pa. 
 
 50,000-6s Hudson Trust & Savings Institution, West Hoboken, N. J. 
 
 20,000-6s Insurance Company of the State of New York, N. Y. City. 
 
 50,000-6s Paterson Savings Institution, Paterson, N. J. 
 125,000-6s ('35) con. g. American Insurance Company, Newark, N. J. 
 391,607-6s ('35) Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 l,204,624-6s ('35) 1st mtg. g. New York Life Insurance Co., N. Y. City. 
 
 10,000-6s ('35) Insurance Company of the State of Pennsylvania, Phila., Pa. 
 310,000-6s ('35) Mutual Benefit Life Insurance Co., Newark, N. J. 
 260,000-6s ('85) Equitable Life Assur. Society of United States, N. Y. City. 
 
 LONG ISLAND CITY AND FLUSHING RAILROAD. 
 
 24,690-5s ('37) con. mtg. g. Germania Life Insurance Company, N. Y. C. 
 
 50,000-5s ('37) State Mutual Life Assur. Co., Worcester, Mass. 
 
 101,000-5s ('37) con. 1st mtg. inc. Metropolitan Life Ins. Co., N. Y. City. 
 
 13,320-6s ('11) 1st mtg. Germania Life Insurance Co., N. Y. City. 
 
 44,460-6s ('11) 1st mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 LONG ISLAND RAILROAD. 
 
 50,000- stk. Atlantic Mutual Insurance Co., N. Y. City. 
 130,300- stk. Guaranty Trust Company of New York, N. Y. City. 
 
 20,000- stk. Hamilton Fire Insurance Company, N. Y. City. 
 495,866- stk. United States Mortgage & Trust Co., N. Y. City. 
 
 50,000- stk. Westchester Fire Insurance Company, N. Y. City. 
 189,100- Central Trust Company of New York, N. Y. City. 
 
 5,000- gen. Real Estate Trust Company of New York, N. Y. City. 
 290,000- unified g. Guaranty Trust Company of New York, N. Y. City. 
 100,000- unified. New York Security & Trust Company, N. Y. City. 
 
 35,000- unified mtg. Standard Trust Company, N. Y. City. 
 
 75,000- unified mtg. United States Mortgage & Trust Co., N. Y. City. 
 
 50,000- " United States Lloyds," N. Y. City. 
 
 93,500-4s unified mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 
 10,000-4s Norway Plains Savings Bank, Rochester, N. H. 
 8,000-4s Morristown Trust Company, Morristown, N. J. 
 
 41,000-4s ('31) Mutual Benefit Life Insurance Co., Newark, N. J. 
 497,350-4s ('31) Mutual Life Insurance Company, N. Y. City. 
 200,450-4s ('31) con. g. Prudential Insurance Co. of Amer., Newark, N. J. 
 
 10,000-4s ('32) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 15,000-4s ('32) Mechanics' & Farmers' Savings Bank, Bridgeport, Conn. 
 
 20,000-4s ('32) City Savings Bank, Meriden, Conn. 
 
 20,000-4s ('32) Savings Bank of Danbury, Danbury, Conn. 
 
608 DUTIES AND POWEKS OF INTERSTATE COMMENCE COMMISSION. 
 
 3,000-4s ('32) Chester Savings Bank, Chester, Conn. 
 
 16,000-4s ('32) Meriden Savings Bank, Meriden, Conn. 
 
 10,000-4s ('32) Stewart's Line coup. Stamford Sav. Bk., Stamford, Conn. 
 
 17,500-4s ('38> gen. mtg. Home Life Insurance Co., N. Y. City. 
 
 50,000-4s ('38) gen. mtg. Caledonian Ins. Co. (Edin., Scot), N. Y. City. 
 
 ]5,000-4s ('38) gen. British-American Insurance Company, N. Y. City. 
 
 20,000-4s ('38) gen. mtg. Norwich Un. Fire I. Soc. (N'wich, B.), N. Y. C. 
 
 23,375-4s ('49) unified. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 10,000-4s ('49) Reading Fire Insurance Company, Reading, Pa. 
 133,075-4 Js ('22) Mutual Life Insurance Company, N. Y. City. 
 
 62,000-5s coup loan. Philadelphia Savings Fund Society, Phila., Pa. 
 
 15,000-5s ('31) 1st con. mtg. g. Germania Fire Insurance Co., N. T. City. 
 
 5,000-5s ('31) con. 1st mtg. g. Helv. S. F. I. Co. (St. Gaul, Sw.), N. Y. C. 
 
 30,000-5s ('31) 1st con. mtg. g. Hamb.-Brem. F. I. Co. (H.-B., G.), N. Y. C. 
 
 r>9,000-5s ('31) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 99,000-5s ('31) 1st con. mtg. g. Lon. Assur. Co. (Lon., Bug.), N. Y. City. 
 
 9,839-5s ('31) London Guar. & Ace. Co. (Ltd.), London, Bng. 
 
 76,388-5s ('31) con. g. Prudential Ins. Co. of America, Newark, N. J. 
 
 10,000-5s ('37) Met. Perry Co., Meriden Savings Bank, Meriden, Conn. 
 
 15,000-7s Dartmouth Savings Bank, Hanover, N. H. 
 
 6,000-7s ('18) Paterson Savings Institution, Paterson, N. J. 
 
 10,000- N.S.Br. Ithaca Trust Company, Ithaca, N. Y. 
 
 10,700-5s N. Sh. Br. coup. Marble Banking & Trust Co., Hazleton, Pa. 
 
 10,500-5s N. Sh. Br. coup. Merchants' & Mechanics' Bank, Scranton, Pa. 
 
 I.0UISIANA AND MISSOURI KIVEB RAILWAY. 
 
 10,000- Real Estate Trust Company, N. Y. City. 
 13,000-7s Fidelity Trust Company, Newark, N. J. 
 
 10,000-7s (1900) gtd. by C. & A. Sav. B. of Stafford Springs, St. Springs, C'n. 
 25,000-7s ,(1900) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 10,125-7s (1900) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 47,000-7s (1900) Connecticut Savings Bank, New Haven, Conn. 
 S3,720-7s (1900) 1st. Home Life Insurance Company, N. Y. City. 
 10,000- - 2d. Long Island Loan & Trust Co., Brooklyn, N. Y. 
 12,000-7s (1900) Nat'l Savings Bank of New Haven, New Haven, Conn. 
 ]41,000-7s (1900) 1st mtg. New York Life Insurance Co., N. Y. City. 
 9,592-7s (1900) 2d mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 LOUISIANA WESTERN RAILROAD. 
 
 312,181-6s 1st mtg. g. New York Life Insurance Company, N. Y. City. 
 ll,000-6s ('21) Hartford Steam Boiler Inspect. & Ins. Co., Hartford, Conn. 
 
 LOUISVILLE, CINCINNATI AND LEXINGTON RAILROAD. 
 
 450,000-4^8 ('31) Equitable Life Assur. Society of U. S., N. Y. City. 
 
 LOUISVILLE, EVANSVILLE AND ST. LOUIS RAILROAD. 
 
 100,000-6s ('26) New England Mutual Life Insurance Co., Boston, Mass. 
 
 LOUISVILLE, HENDERSON AND ST. LOUIS RAILROAD. 
 
 9,009- cm. American Surety Company of New York, N. Y. City. 
 
 17,090- pf. American Surety Company of New York, N. Y. City. 
 
 25,000- 1st. Nassau Trust Co. of the City of Brooklyn, Brooklyn, N. Y. 
 
 25,000-5s ('46) 1st mtg. Home Insurance Company, N. Y. City. 
 
 Jl,655-5s ('46) 1st mtg. Manhattan Life Insurance Company, N. Y. City. 
 
 LOUISVILLE AND NASHVILLE EAILKOAD. 
 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 9,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 10,000- Coddington Savings Bank, Newport, R. I. 
 
 3,000- gen. mtg. Dutchess County Mut Ins. Co., Poughkeepsie, N. Y. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 609 
 
 5,000- unified. Fidelity Trust Company of Rocliester, Rocliester, N. Y. 
 
 85,000- Hamilton Trust Company, Brooklyn, N. T. 
 
 50,000- 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 
 24,625- Pawtucket Institution for Savings, Pawtucket, R. I. 
 
 50,000- coll. tr. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 
 25,000- Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 250,000- Union Trust Company of New York, N. Y. City. 
 3,000- Westerly Savings Bank, Westerly, R. I. 
 
 75,000- ('30) gen. mtg. Fire Association of Philadelphia, Phila., Pa. 
 
 10,000-4s coup. coll. Dime Deposit & Discount Bank, Scranton, Pa. 
 9,837-4s unified 50 yr. coup. Citizens' Bank, Freelaod, Pa. 
 
 19,815-4s coll. tr. coup. Lackawanna Trust & Safe Dep. Co., Scranton, Pa. 
 
 10,000-4s Norway Plains Savings Bank, Rochester, N. H. 
 
 30,000-4s unified coup. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre, Pa. 
 4,937-4s 5-20 coll. tr. coup. Citizens' Bank, Freeland, Pa. 
 
 98,500-4s ('03) coll. tr. g. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 50,000-4s ('10) coll. tr. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 20,000-4s ('18) American Fire Insurance Company, Philadelphia, Pa. 
 197,750-4s ('18) New England Mutual Life Insurance Co., Boston, Mass. 
 
 50,000-4s ('18) coll. tr. g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 10,000-4s ('18) Franklin Savings Bank, Pawtucket, R. I. 
 
 98,500-4s ('18) coll. tr. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 484,112-4s ('18) coll. tr. g. New York Life Insurance Co., N. Y. City. 
 
 99,000-4s ('18) 5-20 coll. tr. g. Provident Life & Trust Co., Phila., Pa. 
 
 49,375-4s ('18) coll< tr. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 495,000-4s ('18) coll. tr. inc. Metropolitan Life Insurance Co., N. Y. City. 
 8,000-4s ('18) Reliance Insurance Company, Philadelphia, Pa. 
 
 19,700-4s ('18) coll. tr. g. Union Mutual Life Ins. Co., Portland, Me. 
 
 49,500-4s ('18) State Mutual Life Assurance Co., Worcester, Mass. 
 
 32,000-4s ('30) unified. Mutual Life Ins. Co. of Kentucky, Louisville, Ky. 
 
 50,000-4Js coll. tr. Industrial Trust Company, Providence, R. I. 
 125,000-4is ('31) Mutual Life Insurance Company, N. Y. City. 
 
 10,650-5s ('16) Connecticut General Life Insurance Co., Hartford, Conn. 
 
 27,021-5s ('16) 1st mtg. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 
 25,000-5s ('16) Scottish V. & Nat. Ins. Co. (Ed'b'g, Scot.), Hartford, Coun. 
 
 25,000-5s ('31) 1st mtg. tr. g. Manchester A. Co. (M'chester, Eng.), N. Y. C. 
 
 30,000-5s ('37) 1st mtg. H'burg-Bremen F. Ins. Co. (Ham., Ger.), N. Y. C. 
 
 18,000-6s gen. coup. Montgomery Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 
 20,000-6s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 
 23,000-6s gen. mtg. coup. , Wilkesbarre Dep. & Sav. Bank, WilkesbSrre. Pa. 
 8,000-6s ('19) Reliance Insurance Company, Philadelphia, Pa. 
 2,000-6s ('30) gen. mtg. American Fire Insurance Co., N. Y. City. 
 
 24,000-6s ('30) gen. German-American Insurance Company, N. Y. City. 
 270,590-6s ('30) gen. g. New York Life Insurance Company, N. Y. City. 
 
 21,000-6s ('30) gen. g. Prussian Nat. Ins. Co. (Stettin, Ger.), Chicago, 111. 
 
 21,000-6s ('30) gen. mtg. Sun Ins. Ofllce (London, Eng.), N. Y. City. 
 
 36,600-6s ('30) gen. mtg. United States Life Insurance Co., N. Y. City. 
 4,000-7s Cecilian br. 1st mtg. coup. Wilkesbarre D. & S. Bk., W'barre, Pa. 
 4,051-7s Cecilan br. coup. Citizens' Banlc, Freeland, Pa. 
 4,000- E. H. & N. div. Real Estate Trust Company, N. Y. City. 
 8,000-6s ('19) E. H. & N. Prussian N. Ins. Co. (Stettin, Ger.), Chic, 111. 
 
 59,000-6s ('19) Evans. & Hend. div. 1st mtg. Ins. Co. of N. A., Phila., Pa. 
 l,034,618-4is ('45) Mob. & Mont'y div. 1st g. N. Y. Life Ins. Co., N. Y. City. 
 100,000-4Js ('45 Mob. & Mont'y div. jt. German-Am. Ins. Co., N. Y. City. 
 
 50,000-4is ('45) Mob. & Mont'y div. 1st mtg. Continental Ins. Co., N. Y. C 
 100,000-4is ('45) Mob. & Mont'y div. 1st mtg. P. I. Co. (Man., Eng.), N. Y. C. 
 745,000-4|s ('45) Mob. & Mont'y div. Equitable L. A. S. of U. S., N. Y. C. 
 
 25,000-6s ('30) N. O. & M. div. 1st mtg. Lon. As. Co. (Lon., Eng.), N. Y. C. 
 130,000-6s ('30) N. O. & M. div. 1st g. New York Life Ins. Co., N. Y. City. 
 100,000-5s ('37) Nash., Flor. & Shef. Mass. M. L. Ins. Co., Springfield, Mass. 
 
 10,000-6s ('20) Penn. div. Mass. Mutual Life Ins. Co., Springfield, Mass. 
 
 12,846-6s St. Louis div. coup. Lacka. Trust & Safe Dep. Co., Scranton, Pa. 
 
 26,625-5s ('16) St. L. prop. 1st mtg. Ph'nix M. L. Ins. Co., Hartford, Conn. 
 2,000- S. & L. div. gen. Binghamton Trust Co., Binghamton, N. Y. 
 243,000-6s ('21) St. L. div. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 156,250-6s ('21) St. Louis div. 1st g. New York Life Ins. Co., N. Y. City. 
 
 RY— 05 39 
 
610 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 LOUISVILLE, NEW ALBANY AND OPIICAGO EAILBOAD. 
 
 10,000- Westerly Savings Bank, Westerly, R. I. 
 
 10,000- ('10) 1st. Trust & Deijosit Co. of Onondaga, Syracuse, N. Y. 
 
 7,000-6s coup. Montgomery Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 
 10,000-6s Insurance Company of the State of New York, N. Y. City. 
 
 2,000-6s 1st. Wakefield Trust Company, Wakefield, R. I. 
 
 10,000-6s National Fire Insurance Company, Hartford, Conn. 
 
 5,656-6s coup. Wayne County Savings Bank, Honesdale, Pa. 
 
 100,000-6s ('10) 1st mtg. Home Insurance Company, N. Y. City. 
 
 14,633-6s ('10) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 52,920-6s ('10) 1st mtg. Metropolitan Life Insurance Company, N. Y. City. 
 
 16,200-6s ('11) 1st mtg. Hartford S. Boiler In. & Ins. Co., H'ford, Conn. 
 
 10,000- ('11) C. & I. div. 1st. Tr. & D. Co. of Onondaga, Syracuse, N. Y. 
 
 25,000-6s C. & I. div. National Fire Insurance Company, Hartford, Conn. 
 
 25,000-6s ('11) C. & I. div. 1st mtg. Aetna Insurance Co., Hartford, Conn. 
 
 27,420-6s ('11) C. & I. div. 1st mtg. Ph'nlx M. L. Ins. Co., Hartford, Conn. 
 
 25,000-6s ('11) C. & I. div. 1st mtg. g. Phoenix Ins. Co., Hartford, Conn. 
 
 LOWELL AND ANDOVEK BAILBOAD. 
 
 6,500- stk. Lowell Mutual Fire Insurance Company, Lowell, Mass. 
 
 M'CLOUD BIVEB EAILEOAD. 
 
 50,000- Pacific Mutual Life Insurance Company, San Francisco, Cal. 
 
 m'KEESPOET AND BELLE VEKNON EAILBOAD. 
 
 111,000-Gs 1st mtg. coup. 'Western Savings Fund Society, Philadelphia, Pa. 
 
 5,000-6s ('IS) Dime Savings Bunk of Hartford, Hartford, Conn. 
 
 20,000-6s ('18) Connecticut Savings Bank, New Haven, Conn, 
 
 10,000-Os ('18) Deep River Savings Bank, Deep River, Conn. 
 
 10,000-6s ('18) Farmington Savings Bank, Farmington, Conn. 
 
 20,000-6s ('IS) 1st mtg. Insurance Co. of North America, Philadelphia, Pa. 
 
 10,000-6s ('18) Mechanics' Savings Bank, Hartford, Conn. 
 
 16,000-6s ('18) Mechanics' & Farmers' Savings Bank, Bridgeport, Conn. 
 
 31,000-6s ('18) Meriden Savings Bank, Meriden, Conn. 
 
 5,000-6s ('18) New Haven Savings Bank, New Haven, Conn. 
 
 60,000-6s t'18) 1st mtg. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 
 25,000-6s ('18) Society for Savings, Hartford, Conii. 
 
 5,000-6s ('18) Thomaston Savings Bank, Thomaston, Conn. 
 
 4,000-6s ('18) Union Savings Bank, Danbury, Conn. 
 
 10,000-6s ('18) con. gen. mtg. series C. Un. Firemen's Ins. Co., Phila., Pa. 
 
 16,000-6s ('18) Waterbury Savings Bank, Waterbury, Conn. 
 
 5,000-6s ('19) Bristol Savings Bank, Bristol, Conn. 
 
 MAHONING COAL BAILBOAD. 
 
 15,000-5s Warren Institution for Savings, Warren, R. I. 
 
 30,000-5s ('34) mtg. Aetna Insurance Company, Hartford, Conn. 
 
 10,000-5s ('34) Connecticut Savings ISank, New Haven, Conn. 
 
 7,000-5s ('34) Deep River Savings Bank, Deep River, Conn. 
 
 5,000-5s ('34) Falls Village Savings Bank, Palls Village, Conn. 
 
 45,097-5s ('34) Massachusetts Mutual Life Insurance Co., Springfield, Mass. 
 
 97,000-.5s ('34) Society for Savings, Hartford, Conn. 
 
 13,000-5s ('34) 1st Lk. Sh. Niantic Savings Bank, Westerly, R. I. 
 
 364,347-5s ('34) 1st gtd. by L. S. & M. S. N. Y. Life Ins. Co., N. Y. City. 
 
 MAINE CENTRAL EAILBOAD. 
 
 Union Five Cents Savings Bank, Exeter, N. H. 
 Franklin County Savings Bank, Farmington, Me. 
 New Hampshire Savings Bank, Concord, N. H. 
 New Hampshire Fire Insurance Co., Manchester, N. H. 
 Saco & Biddeford Savings Institution, Saco, Me. 
 Saco Savings Bank, Saco, Me. 
 
 2,000- 
 
 stk. 
 
 2,700- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 37,300- 
 
 stk. 
 
 22,600- 
 
 stk. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 611 
 
 30,000- stk. Strafford Savings Bank, Dover, N. H. 
 85,587- stk. Union Mutual Life Insurance Company, Portland, Me. 
 1,000- Abingtou Mutual Fire Insurance Company, Abington, Jlass. 
 5,000- Cambridge Mutual Fire Insurance Company, Cambridge, Mass. 
 36,000- Cotton & Woolen Mfrs.' Mutual Insurance Co., Boston, Mass. 
 4,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 15,000- Industrial Mutual Insurance Company, Boston, Mass. 
 6,000- Lowell Mutual Fire Insurance Company, Lowell, Mass. 
 
 1,000- Massachusetts Mutual Accident Assoc, Tr. Dep., State of Mass. 
 15,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 5,000- Paper Mill Mutual Insurance Company, Boston, Mass. 
 26,000- Rubber Manufacturers' Mutual Insurance Co., Boston, Mass. 
 20,000- Traders & Meobanics' Insurance Company, Lowell, Slass. 
 
 5,000- Worcester Mutual Fire Insurance Company, Worcester, Mass. 
 10,000-4s Andover Savings Bank, Andover, Mass. 
 
 5,000-4s Bass River Savings Bank, Soutb Yarmoutli, Mass. 
 25,000-4s Berkshire County Savings Bank, Pittsfleld, Mass. 
 
 6,500-4s Belmont Savings Bank, Belmont, Mass. 
 15,000-4s Beverly Savings Bank, Beverly, Mass. 
 
 2,000-4s Braintree Savings Bank, South Braintree, Mass. 
 16,000-4s Brighton Five Cents Savings Bank, Boston, Mass. 
 25,000-4s Bristol County Savings Bank, Taunton, Mass. 
 13,000-4s Central Savings Bank, Lowell, Mass. 
 25,000-4s Charlestown Five Cents Savings Bank, Boston, Mass. 
 
 5,000-4s Cheshire County Savings Bank, Keene, N. II. 
 ]5,000-4s City Five Cents Savings Bank, Haverhill, Mass. 
 50,000-4s City Institution for Savings, Lowell, Mass. 
 25,000-4s Danvers Savings Bank, Danvers, Mass. 
 
 4,000-4s Dorchester Savings Bank, Dorchester, Mass. 
 
 6,000-4s Bast Boston Savings Bank, East Boston, Mass. 
 
 l,000-4s County Savings Bank, Clielsea, Mass. 
 100,000-4s Essex Savings Bank, Lawrence, Mass. 
 
 l,.500-4s Farmington Savings Bank, Farmington, N. H. 
 25,000-4s Fall River Five Cents Savings Bank, Fall River, Mass. 
 25,000-4s Fitchburg Savings Bank, Fitchburg, Mass. 
 
 6,000-4s Foxborough Savings Bank, Foxborougli, Mass. 
 
 5,000-4s Gardner Savings Bank, Gardner, Mass. 
 n00-4s Granite Savings Bank, Rockport, Mass. 
 80,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 
 4,000-4s Haydenville Savings Bank, Haydenville, Mass. 
 10,000-4s Hingham Institution for Savings, Hingliam, Mass. 
 
 4,000-4s I-IoUiston Savings Bank, Holliston, MasA. 
 19,000-4s Hudson Savings Bank, Hudson, Mass. 
 24,000-4s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 25,000-4s Institution for Savings in Roxbury, etc., Boston, Mass. 
 10,000-4s Lawrence Savings Bank, Lawrence, Mass. 
 
 4,000-4s Leicester Savings Bank, Leicester, Mass. 
 15,000-4s Loan & Trust Savings Bank, Concord, N. H. 
 ll,000-4s Maiden Savings Bank, Maiden, Mass. 
 
 5,000-4s Maine Benefit Life Association, Auburn, Me. 
 
 2,000-4s Mechanics' Savings Bank, Reading, Mass. 
 25,000-4s Mechanics' Savings Bank, Lowell, Mass. 
 
 7,000-4s Merrimac Savings Bank, Merrimac, Mass. 
 10,000-4s Merrimack County Savings Bank, Concord, N. H. 
 15,000-4s Middlesex Institution for Savings, Concord, Mass. 
 
 5,000-4s Millbury Savings Bank, Millbury, Mass. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 
 l,000-4s Newton Centre Savings Bank, Newton Centre, Mass. 
 15 000-4S Newburyport Five Cents Savings Baijk, Newburyport, Mass. 
 
 5,000-4s North Brookfield Savings Bank, North Brookfield, Mass. 
 76,500-4s People's Savings Bank, Worcester, Mass. 
 
 2,000-4s People's Savings Bank, Brockton, Mass. 
 25,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 
 5,000-4s Rockland Savings Bank, Rockland, Mass. 
 102,000-4s Salem Savings Bank, Salem, Mass. 
 
 9,000-4s Spencer Savings Bank, Spencer, Mass. 
 
612 DUTIES AND POWEBS OF INTERSTATE COMMERCE COMMISSION. 
 
 3,000-4s Somerville Savings Bank, Sonierville, JIass. 
 10,000-4s South Scituate Savings Bank, SVorvvell, Mass. 
 
 4,000-4s Soatli Boston Savings Bank, Soutli Boston, Mass. 
 
 5,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 
 3,000-4s Watertown Savings Bank, Watertown, Mass. 
 10,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 3,000-4s West Newton Savings Bank, West Newton, Mass. 
 
 5,500-4s Wildey Savings Bank, Boston, Mass. 
 50,000-4s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 75,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 7,000-4s Worcester North Savings Institution, Fitchburg, JIass. 
 100,000-4s Worcester County Institution for Savings, Worcester, Mass. 
 
 l,000-4s ('12) Fairfield Savings Bank, Fairfield, Me. 
 35,000-4s ('12) Connecticut Savings Bank, New Haven, Conn. 
 25,000-4s ('12) class C. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 15,000-4s ('12) Gardiner Savings Institution, Gardiner, Me. 
 110,000-4s ('12) Augusta Savings Bank, Augusta, Me. 
 
 l,000-4s ('12) Massachusetts Mutual Accident Association, Boston, Mass. 
 70,000-4s ('12) con. Portland Savings Bank, Portland, Me. 
 115,000-4s ('12) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 50,000-4s i'V2) Mutual Benefit Life Insurance Company, Newark, N. J. 
 25,000-4s ('12) con. mtg. Penobscot Savings Bank, Bangor, Me. 
 l'.5,()00-4s ('12) Skowhegan Savings Bank, Skowhegan, Me. 
 40,000-4s ('12) Scottish U. & Nat. Ins. Co. (Ed'b'g, Scot), Hartford, Conn. 
 10,000-4s ('12) con. mtg. Union Assur. Soc. (London, Eng.), N. T. City. 
 15,000-4s ('19) con. mtg. Victoria Fire Insurance Company, N. Y. City. 
 
 3,0ClO-4s ('23) People's Safe Deposit & Savings Bank, Bath, Me. 
 10,00()-4is Abington Savings Bank, Abington, Mass. 
 25,000-4is Andover Savings Bank, Andover, Mass. 
 
 5,000-4is Belmont Savings Bank, Belmont, Mass. 
 25.000-4|s Bristol County Savings Bank, Taunton, Mass. 
 
 3,000-4is Braintree Savings Bank, South Braintree, Mass. 
 25.000-4JS Cambridge Savings Bank, Cambridge, Mass._ 
 50,000-4is City Institution for Savings, Lowell, Mass. 
 26,000-44s Citizens' Savings Bank, Fall River, Mass. 
 500-4is County Savings Bank, Chelsea, Mass. 
 
 5,000-4*8 Crocker Institution for Savings, Turner's Falls, Mass. 
 
 3,000-4*8 Dedham Institution for Savings, Dedham, Jlass. 
 12,000-4is East Boston Savings Bank, East Boston, Mass. 
 50,000-4As Eliot Five Cents Savings Bank, Boston, Mass. 
 2.5,000-4*8 Fall River Five Cents Savings Bank, Fall River, Mass. 
 50,000-4*8 Haverhill Savings Bank, Haverhill, Mass. 
 
 5,000-4*8 Foxborough Savings Bank, Foxborough, Mass. 
 
 1,000-4*8 Hopkinton Savings Bank, Hopkinton, Mass. 
 25,000-4is Ipswich Savings Bank, Ipswich, Mass. 
 
 5,000-4*8 Lexington Sa^-ings Bank, Lexington, Mass. 
 15,000-4Js Lowell Five Cents Savings Bank, Lowell, Mass. 
 
 8,000-4j8 Medway Savings Bank, Medway, Mass. 
 10,000-4j8 Marblehead Saxings Bank, Marblehead, Mass. 
 
 5,000-4*8 Marlborough Savings Bank, Marlborough, JJass. 
 20,000-4*8 Middlesex Institution for Savings, Concord, Jlass. 
 
 l,000-4As Mechanics' Savings Bank, Reading, Mass. 
 50,000-4|s Northampton Institution for Savings, Northampton, JIass. 
 
 500-4*s Pentucket Savings Bank, Haverhill, Mass. 
 15,000-4*8 Reliance Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 15,000-4*8 Salem Five Cents Savings Bank, Salem, Mass. 
 
 2,000-4Js Seamen's Savings Bank, Provineetowu, Mass. 
 10,000-4*8 Rochester Loan & Banliing Company, Rochester, N. H. 
 40,000-4*8 Southbridge SavingsBank. Southbridge, Mass. 
 10,000-4*8 South Adams Savings Bank, Adams, Mass. 
 41,000-4is South Boston Savings Bank, South Boston, Mass. 
 20,000-4Js Taunton Savings Bank, Taunton, Mass. 
 23,000-4^8 Warren Five Cents Savings Bank, Peabody, JIass. 
 10,000-4Js Watertown Savings Bank, ^^'atertown, Mass. 
 
 6,000-4*8 West Newton Savings Bank, ^^'est Newton, Mass. 
 10,000-4is Webster Five Cents Savings Bank, Webster, Mass. 
 
DUTIES AKD POWERS OF INTERSTATE COMMERCE COMMISSION. 613 
 
 ll,000-4Js Whitinsville Savings Bank, Whitinsville, Mass. 
 l,000-4is Wildey Savings Bank, Boston, Mass. 
 23,000-4^8 Worcester North Savings Institution, Fitchburg, Mass. 
 5,000-4is ('05) Bath Savings Institution, Bath, Me. 
 7,000-4*s ('05) People's Safe Deposit & Savings Bank, Bath, Me. 
 27,000-4|s ('05) People's Savings Bank, Lewiston, Me. 
 34,000-4Js ('12) fdg. Augusta Savings Bank, Augusta, Me. 
 2,500-4Js ('12) Androscoggin County Savings Bank, Lewiston, Me. 
 
 2,000-4|s ('12) Brewer Savings Bank, Brewer, Me. 
 
 4,000-4is ('12) con. Gorham Savings Banlc, Gorham, Me. 
 251,000-4is ('12) con. Maine Savings Bank, Portland, Me. 
 
 5,000-4is ('12) People's Savings Bank, Lewiston, Me. 
 ]67,500-4Js ('12) con. Portland Savings Bank, Portland, Me. 
 
 2,000-4Js ('12) Fairfield Savings Bank, Fairfield, Me. 
 70,000-4is ('12) Sinking Funds, Fall River, Mass. 
 
 l,000-4|s ('16) Hancock County Savings Bank, Ellsworth, Me. 
 
 9,000-4is ('16) People's Savings Bank, Lewiston, Me. 
 
 5,000-4Js ('16) sink, fund imp. Penobscot Savings Bank, Bangor, Me. 
 49,875-4Js ('IT) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 74,913-4is ('17) New Englahd Mutual Life Insurance Co., Boston, Mass. 
 
 l,500-5s Brighton Five Cents Savings Bank, Boston, Mass. 
 
 2,000-5s Citizens' Savings Bank, Fall River, Mass. 
 
 3,000-5s Chicopee Savings Bank, Chicopee, Mass. 
 500-5S County Savings Bank, Chelsea, Mass. 
 
 5,000-5s Fitchburg Savings Bank, Fitchburg, Mass. 
 
 2,500-5s People's Savings Bank, Brockton, Mass. 
 
 4,000-5s Rhinebeck Savings Bank, Rhlnebeck, N. Y. 
 
 5,000-5s Salem Savings Bank, Salem, Mass. 
 
 2,000-5s Seamen's Savings Bank, Provincetowu, Mass. 
 10,000-5s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 2,000-5s South Adams Savings Bank, Adams, Mass. 
 
 l,000-5s Westborough Savings Bank, Westborough, Mass. 
 
 l,000-5s ('12) Androscoggin County Savings Bank, Lewiston, Me. 
 
 3,000-5s ('12) Bethel Savings Bank, Bethel, Me. 
 15,000-&s ('12) con. Kennebunk Savings Bank, Kennebunk, Me. 
 
 8,000-5s ('12) People's Savings Bank, Lewiston, Me. 
 15,000-5s ('23) Bath Savings Institution, Bath, Me. 
 10,000-5s ('23) Belfast Savings Bank, Belfast, Me. 
 
 l,000-5s ('23) Franklin County Savings Bank, I'armington, Me. 
 35,240-5s ('23) New England Mutual Life Insurance Co., Boston, Mass. 
 
 4,000-5s ('23) People's Savings Bank, Lewiston, Me. 
 10,000-5s ('23) coll. tr. Penobscot Savings Bank, Bangor, Me. 
 
 7,000-5s ('23) Rockland Savings Bank, Rockland, Me. 
 19,000-5s ('23) Saco Savings Bank, Saco, Me. 
 35,000-5s ('23) Skowhegan Savings Bank, Skowhegan, Me. 
 26,855-5s ('23) State Mutual Life. Assurance Company, Worcester, Mass. 
 25,000-6s Amoskeag Savings Bank, Manchester, N. H. 
 . 3,000-6s Brockton Savings Bank, Brockton, Mass. 
 500-6S Citizens' Savings Bank, Fall River, Mass. 
 
 6,000-6s East Boston Savings Bank, East Boston, Mass. 
 10,000-6s Fall River Savings Bank, Fall River, Mass. 
 25,500-6s I-Iolyoke Savings Bank, Holyoke, Mass. 
 
 l,000-6s I-Iolliston Savings Bank, Holliston, Mass. 
 
 2,000-6s Medway Savings Bank, Medway, Mass. 
 
 9,000-6s Newton Savings Bank, Newton, Mass. ^ , , ,, 
 
 6,500-6s North Brookfield Savings Bank, North Brookfleld, Mass. 
 10,000-Os Manchester Savings Bank, Manchester, N. H. 
 
 l,000-6s People's Sa\-ings Bank, Worcester, Mass. 
 
 2,000-6s Salem Five Cents Savings Bank, Salem, Mass. 
 
 2,000-6s Spencer Savings Bank, Spencer, Mass. 
 
 5,000-6s South Boston Savings Bank, South Boston, Mass. 
 500-6S Warren Savings Bank, Warren, Mass. 
 
 2 000-6S Warren Five Cents Savings Bank, Peabody, Mass. 
 
 4,500-6s Whitinsville Savings Bank, Whitinsville, Mass. 
 
 l,500-6s (1900) Brewer Savings Bank, Brewer, Me. 
 10,000-6s (1900) New Hampshire Fire Insurance Co., Manchester, in. t±. 
 
 2000-68 (1900) Kennebec Savings Bank, Augusta, Me. 
 
614 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 2,000-6s (1900) Phillips Savings Bank, Phillips, Me. 
 
 1,500-es (1900) South Paris Savings Bank, ?;onth Paris, Me. 
 30,000-6s (1900) Skowhegan Savings Bank, Skowhegan, Me. 
 
 1,000-Gs ('10) Waterville Savings Bank, Waterville, Me. 
 
 6,000-Ts Brighton Five Cents Savings Bank, Boston, Mass. 
 20,000-7s Bridgewater Savings Bank, Bridgewater, Mass. 
 16,.500-7s Cambridge Savings Bank, Cambridge, Mass. 
 14,500-7s Central Savings Bank, Lowell, Mass. 
 10,000-7s City Five Cents Savings Bank, Havsrhill, Mass. 
 
 G,000-7s Citizens' Savings Bank, Fall River, Mass. 
 
 7,000-7s Clinton Savings Bank, Clinton, Mass. 
 ll,000-7s Dedham Institution for Savings, Dedham,' Mass. 
 30,000-7s East Boston Savings Bank, East Boston, Mass. 
 10,000-7s East Cambridge Savings Bank, East Cambridge, Mass. 
 10,000-7s Georgetown Savings Bank, Georgetown, Mass. 
 
 6,000-7s Gardner Savings Bank, Gardner, Mass. 
 
 l,000-7s Granite Savings Bank, Rockport, Mass. 
 19,000-7s Ilol.voke Savings Bank, Holyoke, Mass. 
 29,000-7s Hyde Park Savings Bank, Hyde Park, Mass. 
 4.3,000-7s Lynn Institution for Savings, Lynn, Mass. 
 10,000-7s Led Savings Bank, Lee, Mass. 
 
 5,000-7s North Middlesex Savings Bank, Ayer, Mass. 
 
 5,000-7s Nantucket Institution for Savings, Nantucket. Mass. 
 
 7,000-7s Newton Savings Bank, Newton, Mass. 
 19,000-7s Natick Five Cents Savings Bank, Natick, Mass. 
 15,000-7.1 North Brookfield Savings Bank, North Brookfleld, Mass. 
 
 2,000-7s Palmer Savings Banli, Palmer, Mass. 
 
 7,.500-7s Plymouth Savings Bank, Plymouth, Mass. 
 14,100-7s People's Savings Bank, Worcester, Mass. 
 10,000-7s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 10,000-7s Randolph Savings Bank, Randolph, Mass. 
 15,000-7s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 40,000-7s South Boston Savings Bank, South Boston, Mass. 
 
 2,000-7s Somerville Savings Bank, Somerville, Mass. 
 10,000-7s Southbridge Savings Bank, Southbridge, Mass. 
 
 5,000-7s Spencer Savings Bank, Spencer, Mass. 
 300-7S Seamen's Savings Bank, Provincetown, N. H. 
 
 2,000-7s Uxbrldge Savings Bank, Uxbridge, Mass. 
 50,000-7s Ware Savings Bank, Ware, Mass. 
 15,000-7s Warren Five Cents Savings Bank, Peabody, Mass. 
 ll,000-7s Wareham Savings Bank, Wareham, Mass. 
 10,000-7s Watertown Savings Banlc, Watertown, Mass. 
 
 2,000-7s Whitinsville Savings Bank, Whitinsville, Mass. 
 12,000-7s Worcester County Institution for Savings, Worcester, Mass. 
 
 l,200-7s ('12) Androscoggin County Savings Bunk, Lewlston, Me. 
 364,100-7s ('12) con. Augusta Savings Bank, Augusta, Me. 
 
 5,500-7s ('12) con. Bangor Savings Bank, Bangor, Me. 
 49,000-7s ('12) Bath Savings Institution, Bath, Me. 
 12,000-7s ('12) Belfast Savings Bank, Belfast, Me. 
 18,000-7s ('12) Biddeford Savings Bank, Biddeford, Me. 
 
 2,000-7s ('12) Bridgton Savings Bank, Bridgton, Me. 
 10,000-7s ('12) con. Brunswick Savings Institution, Brunswick, Me. 
 
 l,000-7s ('12) Franklin County Savings Bank, Farmington, Me. 
 
 4,000-7s ('12) Hallowell Savings Institution, Hallowell, Me. 
 28,500-7s ('12) Kennebec Savings Bank, Augusta, Me. 
 
 6,300-7s ('12) con. mtg. T. & B. Twenty-five Ct. S. Bk., Brunswick, Me. 
 l,50,000-7s ('12) con. Maine Savings Bank, Portland, Me. 
 17,000-7s ('12) People's Savings Bank, Lewistori, Me. 
 100-7S ('12) Phillips Savings Bank, Phillips, Me. 
 1.32,500-7s ('12) con. Portland Savings Bank, Portland, Me. 
 
 5,000-7s ('12) Saco & Biddeford Savings Institution, Saco, Me. 
 ()0,000-7s ('12) Skowhegan Savings Bank, Skowhegan, Me. 
 .^l,500-7s ('12) Sinking Funds, Fall River, Mass. 
 2,5,000-7s ('12) reg. South Berwick Savings Bank, South Berwick, Me. 
 
 5,000-7s ('12) Waterville Savings Bank, Waterville, Me. 
 10,000-7s ('12) Wiscasset Savings Bank, Wiscasset, Me. 
 
 4,000-7s ('12) Saco Savings Bank, Saco, Me. 
 
DUTIES AND POWEES OP IKTEBSTATE COMMEECE COMMISSION. 615 
 
 l,000-7s ('12) Fairfield Savings Bank, Fairfield, Me. 
 
 3,000-4s Eu. & N. A. Maine Benefit Life Association, Auburn, Me. 
 53,000-4s ('33) Eu. & N. A. Bangor Savings Bank, Bangor, Me. 
 100,000-4s ('33) Eu. & N. A. Penobscot Savings Bank, Bangor, Me. 
 90,000-4s ('33) Eu. & N. A. State Mutual Life Ins. Co., Worcester, Mass. 
 
 MAINE SHORE LINE RAILEOAD. 
 
 25,000-6s Gardner Savings Bank, Gardner, Mass. 
 5,00O-6s Uxbridge Savings Bank, Uxbridge, Mass. 
 
 MANCHESTER AND LAWRENCE RAILEOAD. 
 
 12,000- stk. Manchester Savings Bank, Manchester, N. H. 
 1,000- stk. Newport Savings Bank, Newport, N. H. 
 5,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 25,000-4s Andover Savings Bank, Andover, Mass. 
 174,000-4s Boston Five Cents Savings Bank, Boston, Mass. 
 50,000-4s Institution for Savings in Roxbury, etc., Boston, Mass. 
 25,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 MARIETTA MINERAL RAILROAD. 
 
 5,000- Westerly Savings Bank, AVesterly, R. I. 
 5,000- ctf. Westerly Savings Bank, Westerly, R. I. 
 T0,000-6s Paterson Safe Deposit & Trust Company, Paterson, N. J. 
 9,o00-6s ('15) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 9,000-6s ('15) 1st. Niantic Savings Bank, Westerly, R. I. 
 
 MARQUETTE, HOUGHTON AND ONTONAGON RAILWAY. 
 
 2,000- Security Trust Company of Rochester, Rochester, N. Y. 
 5,000- gen. Long Island Loan & Trust Company, Brooklyn, N. T. 
 
 MASSAWIPPI VALLEY RAILROAD. 
 
 50,000- stk. gtd. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 
 MISSISSIPPI VALLEY RAILWAY. 
 
 35,000- stk. Mutual Life Insurance Company, N. Y. City. 
 
 MAYSVILLE AND LEXINGTON RAILROAD. 
 
 50,577-7s ('06) 1st. New York Life Insurance Company, N. T. City. 
 
 MEMPHIS, KANSAS AND COLORADO R.ULR0AD. 
 
 l,000-7s ('10) Saco & Biddeford Savings Institution, Saco, Me. 
 
 MEMPHIS AND OHIO RAILROAD. 
 
 16,000-7s Fidelity Trust Company, Newark, N. J. 
 173,000-7s coup, loans. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 
 50,000-7s 1st mtg. coup. Western Sav. Fund Society, Philadelphia, Pa. 
 152,S08-7s 1st mtg. coup. Fidelity Ins., Tr. & Safe Dep. Co., Phila., Pa. 
 
 25,000-7s ('01) Equitable Life Assur. Society of United States, N. Y. City. 
 
 MEXICAN CENTRAL RAILROAD. 
 
 1,000- Lynn Mutual Fire Insurance Company, Ljnn, Mass. 
 10,000-4s ('11) Skowhegan Savings Bank, Skowhegan, Me. 
 
 MEXICAN NORTHERN RAILWAY. 
 
 25,450-6s ('10) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
6l6 DtTTIES AND iPOWEBS 0^ INTERSTATE COMMEEC:^ COMMISStOif. 
 
 MICHIOAN CENTRAL EAILKOAD. 
 
 6,200- 
 
 20,000 
 
 7,200 
 
 29,100 
 
 5,000- 
 
 50,000 
 
 5,000 
 
 375,000 
 
 425,000 
 98,500 
 50,000 
 19,000 
 2,000 
 25,000 
 20,000- 
 40,000- 
 
 200,000- 
 
 102,125- 
 65,000- 
 2,084- 
 3,000- 
 5,000- 
 10,300- 
 50,000- 
 13,000- 
 50,000- 
 20,000- 
 22,000- 
 25,000- 
 50,000- 
 25,000- 
 25,000- 
 25,000- 
 95,000- 
 20,000- 
 50,000- 
 20,000- 
 29,000- 
 30,000- 
 10,000- 
 
 450,000- 
 50,000- 
 50,000- 
 
 110,000- 
 25,000- 
 1,000- 
 25,000- 
 5,000 
 25,000- 
 45,000- 
 20,000 
 27,000- 
 60,486- 
 35,000 
 50,000- 
 10,000 
 50,000- 
 10,477- 
 20,000 
 20,000 
 
 286,000 
 
 24,200 
 
 1,000 
 
 5,000 
 
 10,000- 
 
 stk. Newport Savings Bank, Newport, N. H. 
 stk. New Hampshire Savings Bank, Concord, N. H. 
 stk. Savings Bank of New London, New London, Conn, 
 stk. Saco & Biddeford Savings Institution, Saco, Me. 
 Binghamton Trust Company, Binghamton, N. Y. 
 Mechanics' Savings Bank, Providence, R. I. 
 National Safe Deposit Company, N. Y. City. 
 3Js ('98) Equitable Life Assur. Soc. of United States, N. T. City. 
 31s ('98) reg. Equitable Life Assur. Society of U. S., N. Y. City. 
 4s ('40) New England Mutual Life Insurance Co., Boston, Mass. 
 4s ('40) New Haven Savings Bank, New Haven, Conn. 
 -4s ('40) Waterbury Savings Bank, Waterbury, Conn. 
 5s Holyoke Savings Bank, Holyoke, Mass. 
 -5s Springfield Institution for Savings, Springfield, Mass. 
 5s reg. Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 '02) Com. Union Assur. Co. (Ltd.) (Lon., Eng.), N. Y. City. 
 
 '02) Equitable Life Assur. Society of United States, N. Y. City. 
 
 '02) Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 
 '02) Society for Savings, Hartford, Conn. 
 
 '02) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 '02) Mutual Betfefit Life Insurance Company, Newark, N. J. 
 
 '02) National Savings Bank of New Haven, New Haven, Conn. 
 
 '02) State Mutual Life Assurance Company, Worcester, Mass. 
 
 '21) Connecticut Savings Bank, New Haven, Conn. 
 
 '23) Androscoggin County Savings Bank, Lewiston, Me. 
 
 '31) Bridgeport Savings Bank, Bridgeport, Conn. 
 
 '31) 1st mtg. reg. Germania Fire Insurance Co., N. Y. City. 
 
 '31) Middletown Savings Bank, Middletown, Conn. 
 
 '31) City Savings Bank, Meriden, Conn. 
 
 '31) Norwich Savings Society, Norwich, Conn. 
 
 '31) reg. Norwalk Savings Society, Norwalk, Conn. 
 
 '31) State Mutual Life Assurance Company, Worcester, Mass. 
 
 '31 ) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 '31) Society for Savings, Hartford, Conn. 
 
 '39) Mechanics and Farmers' Savings Bank, Bridgeport, Conn. 
 
 '39) Society for Savings, Hartford, Conn. 
 
 '39) Savings Bank of New Britain, New Britain, Conn. 
 6s Poughljeepsie Savings Bank, Poughkeepsie, N. Y. 
 6s Springfield Institution for Savings, Springfield, Mass. 
 
 '09) Deep River Savings Bank, Deep River, Conn. 
 
 '09) Equitable Life Assur. Society of United States, N. Y. City. 
 
 '09) Society for Savings, Hartford, Conn. 
 
 '09) New England Mutual Life Insurance Co., Boston, Mass. 
 
 '09) State Mutual Life Assurance, Company, Worcester, Mass. 
 7s Amoskeag Savings Bank, Manchester, N. H. 
 7s Bristol Savings Bank, Bristol, N. H. 
 7s Brockton Savings Bank, Brockton, Mass. 
 7s 1st con. mtg. Dollar Savings Bank, N. Y. City. 
 7s mtg. Empire City Savings Bank, N. Y. City. 
 7s Hoboken Bank for Savings, Hoboken, N. J. 
 7s Holyoke Savings Bank, Holyoke, Mass. 
 7s mtg. Hudson City Savings Institution, Hudson, N. Y. 
 7s coup. Fidelity Ins., Trust & Safe Dep. Co., Philadelphia, Pa. 
 -7s Manchester Savings Bank, Manchester, N. H. 
 7s Springfield Institution for Savings, Springfield, Mass. 
 -7s South Adams Savings Bank, Adams, Mass. 
 7s ('02) 2d mtg. Aetna Insurance Company, Hartford, Conn. 
 -7s ('02) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 i-7s ('02) Bath Savings Institution, Bath, Me. 
 7s ('02) Connecticut Savings Bank, New Haven, Conn. 
 7s ('02) Equitable Life Assur. Society of United States, N. Y. City. 
 7s ('02) 1st. Home Life Insurance Company, N. Y. City. 
 7s ('02) Mechanics' Savings Bank, Hartford, Conn. 
 i-7s ('02) National Savings Bank of New Haven, New Haven, Conn. 
 7s ('02) Naugatuck Savings Bank, Naugatuck, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 6l7 
 
 85,000-7s ('02) New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 51,253-7s ('02) 1st mtg. New York Life Insurance Company, N. Y. City. 
 
 57,911-7s ('02) 1st mtg. Prudential Ins. Co. of America, Newarli, N. J. 
 
 10,000-7s ('02) People's Savings Bank. Bridgeport, Conn. 
 
 150,000-7s ('02) Society for Savings, Hartford, Conn. 
 
 10,000-8s ('02) Connecticut Savings Bank, New Haven, Conn. 
 
 424,068-5s ('31) Det. & B. C. br. Conn. Mut. L. Ins. Co., Hartford, Conn. 
 
 17,000-5s ('31) Det. & B. C. br. City S. Bk. of Bridgeport, B'port, Conn. 
 
 44,200-5s ('31) Det. & B. C. br. 1st. Home Life Ins. Co., N. Y. City. 
 
 5,525-5s ('31) Det. & B. C. br. 1st. Home Life Ins. Co., N. Y. City. 
 
 35,000-5s ('31) Det. & B. C. br. People's Sav. Bank, Bridgeport, Conn. 
 
 62,000-5s ('31) Det. & B. C. br. Royal Ins. Co. (Liverpool, Eng.), N. Y. C. 
 
 6,063-Cs Gd. Riv. Val. div. 1st mtg. coup. Marble Bkg. & Tr. Co., Hazleton, Pa. 
 
 25,000- Gd. Riv. Val. div. New York Life Ins. & Tr. Co., N. Y. City. 
 
 50,000-6s ('09) Gd. Riv. Val. div. 1st mtg. Augusta Sav. Bk., Aug., Me. 
 
 15,000-6s ('09) Gd. Riv. Val. div. Lane. Ins. Co. (Manchester, Eng.), N. Y. C. 
 
 45,762-6s ('09) Gd. Riv. Val. div. 1st mtg. Prud. Ins. Co. of Am., N'w'k, N. J. 
 
 5,000-6s ('09) Gd. Riv. Val. div. Nat. Sav. Bk. of New Haven, N. H., Conn. 
 
 25,000-5s ('39) Kal. & So. Haven div. City S. Bk. of B'port, B'port, Conn. 
 
 25,000-5s ('39) Kal. & So. Haven div. City Savings Bank, Meriden, Conn. 
 
 50,000-5s ('39) Kal. & So. Haven div. Meriden Sav. Bank, Meriden, Conn. 
 
 25,000-4s ('40) Mich. Air Line div. Nat. Sav. Bk. of N. Hav., N. H., Conn. 
 
 20,000-4s ('40) Mich. Air Line div. Meriden Sav. Bank, Meriden, Conn. 
 
 MIDDLESEX VALLEY EAILBOAD. 
 
 15,000- North American Trust Co., N. Y. City. 
 27,000-5s ('42) Portland Savings Bank, Portland, Me. 
 
 MIDLAND RAILWAY OF INDIANA. 
 
 22,000-5s ('17) Chelsea Savings Bank, Norwich, Conn. 
 
 5,000-5s ('17) Dime Savings Bank of Norwich, Norwich, Conn. 
 
 41,000-5s ('17) Norwich Savings Society, Norwich, Conn. 
 
 23,000-5s I'll) Paterson Savings Institution, Paterson, N. J. 
 
 MIDLAND EAILBOAD OF NEW JERSEY. 
 
 1,000- Binghamton Trust Company, Binghamton, N. Y. 
 18,000- Westerly Savings Bank, Westerly, R. I. 
 5,000-6s Passaic Trust and Safe Deposit Company, Passaic, N. J. 
 28,000-6s Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 50,00Qr6s ('10) 1st mtg. Continental Insurance Company, N. Y. City. 
 135,000-6s ('10) Equitable Life Assur. Society of United States, N. Y. City. 
 100,000-6s ('10) Merchants' Insurance Company, Newark, N. J. 
 83,000-6s ('10) Mutual Benefit Life Insurance Co., Newark, N. J. 
 337,417-6s ('10) 1st mtg. g. New York Life Insurance Co., N. Y. City. 
 6,000-6s ('10) Southport Savings Bank, Southport, Conn. 
 
 MIDLAND TERMINAL RAILWAY, COLORADO. 
 
 5,000-5s Lancaster Savings Bank, Lancaster, N. H. 
 10,000-5s Littleton Savings Bank, Littleton, N. H. 
 
 2,000-5s Rollinsford Savings Bank, Salmon Falls, N. H. 
 58,000-5s ('25) Aetna Life Insurance Company, Hartford, Conn. 
 10,100-5s ('25) Connecticut General Life Insurance Co., Hartford, Conn. 
 25,000-5s ('25) Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 MILFORD, ATTLEBOROUGH AND WOONSOCKET RAILROAD. 
 
 15,000-5s ('19) Rockland Savings Bank, Rockland, Me. 
 
 MILFOED AND WOONSOCKET RAILROAD. 
 
 4,000-5s Milford Savings Bank, Milford, Mass. 
 
618 DUTIES AND POWEKS OF INTERSTATE COMMERCE COMMISSION. 
 MILWAUKEE, LAKE SHORE AND WESTEBN RAILROAD. 
 
 25,000- 
 
 50,000- 
 20,880-5s 
 
 3,000-5s 
 
 20,000-5s 
 
 239,915-5s 
 
 30,000-5s 
 
 4,000-5s 
 25,000-5s 
 50,000-5s 
 
 10,00()-5s 
 
 50,000-5s 
 
 3,000-6s 
 35,000-6s 
 26,000-6s 
 10,000-6s 
 
 5,000-6s 
 ]0,000-6s 
 100,000-Cs 
 25,000-6s 
 58,000-6s 
 50,000-6s 
 15,000-t)S 
 30,000-Gs 
 20,000-6s 
 
 8,000-6s 
 10,000-6s 
 
 9,000-6s 
 40,000-6s 
 "5,000-08 
 
 20,000-6s 
 
 5,000-6s 
 
 6,000-6s 
 
 20,000-6s 
 
 10,000-6s 
 
 5,000-6s 
 
 5,000-6s 
 
 5,000-6s 
 
 26,000-6s 
 
 l,000-6s 
 
 30,000-6s 
 
 5,000-6s 
 
 14,000-6s 
 
 12,000-68 
 
 10,000-6s 
 
 35,000-Gs 
 
 46,000-6s 
 
 27,000-68 
 
 25,000-68 
 
 Eng.), N. ¥. C. 
 In8. Co. (Liverpool, 
 
 Hamburg-Bremen F. In8. Co. (Ham- 
 
 Security Trust Company of Rochester, Rochester, N. Y. 
 1st mtg. New Yorli Life Insurance Company, N. Y. City, 
 coup. Wayne County Savings Bank, Honesdale, Pa. 
 ('22) Deep River Savings Banlc, Deep River, Conn. 
 ('29) Middletown Savings Banli, Middletown, Conn. 
 ('29) Mutual Life Insurance Company, N. Y. City. 
 ('29) Sewer Debt Sinking Fund, Newton, Mass. 
 ('29) School Debt Sinking Fund, Newton, Mass. 
 ('29) ext. & imp. g. Sun Insurance Office (Lon., 
 ('29) ext. & imp. sk. fd. mtg. g. Lon. & Lane. F. 
 
 Eng.), N. Y. City. 
 ('29) ext. & imp. sk. fd. intg. g. 
 
 burg, Germany), N. Y. City 
 ('29) ext. & imp. sk. fd. g. Hartford F. Ins. Co., Hartford, Conn. 
 1st mtg. reg. g. Norwalk Fire Ins. Co., Norwalk, Conn. 
 Amsterdam Savings Bank, Amsterdam, N. Y. 
 Hoboken Bank for Savings, Hoboken, N. J. 
 St con. Roslyn Savings Bank, Roslyn, N. Y. 
 '15) Derby Savings Bank, Derby, Conn. 
 Derby Savings Bank, Derby, Conn, 
 mtg. Continental Insurance Co., N. Y. City. 
 Com. Un. Assur. Co. (Ltd.) (London, Eng.), N. Y. City. 
 Norwich Savings Society, Norwich, Conn. 
 1st mtg. Northwestern Nat'l Ins. Co., Milwaukee, Wis. 
 Savings Bank of New Britain, New Britain, Conn. 
 Savings Bank of Danbury, Danbury, Conn. 
 Union Savings Bank, Danbury, Conn. 
 Winsted Savings Bank, Winsted, Conn. 
 Meriden Savings Bank, Meriden, Conn. 
 Society for Savings, Hartford, Conn. 
 Savings Bank of New London, New London, Conn, 
 con. 1st mtg. g. Helvetia Swiss Fire Insurance Co. (St. Gaul, 
 Switz.), N. Y. City. 
 
 '21) Chic. & Nwn. People's Savings Bank, Bridgeport, Conn. 
 Essex Savings Bank, Essex, Conn. 
 Savings Bank of New Britain, New Britain, Conn. 
 Savings Bank of Danbury, Danbury, Conn. 
 Waterbury Savings Bank, Waterbury, Conn. 
 Derby Savings Bank, Derby, Conn. 
 Dime Savings Bank of Hartford, Hartford, Conn. 
 Savings Bank of New Britain, New Britain, Conn. 
 Savings Bank of New London, New London, Conn. 
 Ash. div. Mechanics' & Farm. Sav. Bk., Bridgeport, Conn. 
 Norwich Savings Society, Norwich, Conn. 
 New Haven Savings Bank, New Haven, Conn. 
 Stamford Savings Bank, Stamford, Conn. 
 Stamford Savings Bank, Stamford, Conn. 
 New Haven Savings Bank, New Haven, Conn. 
 Savings Bank of New London, N. Lon., Conn. 
 Norwich Savings Society, Norwich, Conn. 
 Stamford Savings Bank, Stamford, Conn. 
 1st mtg. London Ass. Co. (Lon., Eng.), N. Y. C. 
 
 '21) 
 '21) 
 '21) 
 '29) 
 '21) 
 •21) 
 '21) 
 ■21) 
 '21) 
 '21) 
 '21) 
 '21) 
 '21) 
 
 24) 
 '24) 
 '24) 
 ■24) 
 '25) 
 '25) 
 '25) 
 '25) 
 '25) 
 '25) 
 '25) 
 '25) 
 '21) 
 '24) 
 '24) 
 '24) 
 '24) 
 '24) 
 
 Ash. div. 
 .'X.sh. div. 
 Ash. div. 
 con. div. 
 Mich. div. 
 Mich 
 Mich 
 Mich, 
 Mich 
 
 div. 
 div. 
 div. 
 div. 
 
 MILWAUKEE AND MADISOM RAILROAD. 
 
 15,000-68 Amoskeag Savings Bank, Manchester, N. I-I. 
 
 10,000-6s ('05) Parmington Savings Bank, Farmington, Conn. 
 
 16,000-6s ('05) Meriden Savings Bank, Meriden, Conn. 
 
 4,000-6s ('05) Newtown Savings Bank, Newtown, Conn. 
 
 25,000-68 ('05) Putnam Savings Bank, Putnam, Conn. 
 
 122,105-6s (0.1) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 ]5,(lO0-()S ('05) Savings Bank of Danbury, Danbury, Conn. 
 
 50,000-(;s ('05) Society for Savings, Hartford, Conn. 
 
 10,(i()0-6s ('05) Chic. & Nwn. New Haven Savings Bank, N. Haven, Conn. 
 
 20,000-68 ('05) Chic. & Nwn. People's Savings Bank, Bridgeport, Conn. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 619 
 MILWAUKEE AND NORTHERN RAILROAD. 
 
 40,000- Mechanics' Savings Banlv, Providence, R. I. 
 
 25,000-6s ('10) Main line 1st mtg. Gennania Fire Ins. Co. N Y City 
 
 793,525-6s ('10) Northwestern Mutual Life Ins. Co., Milvvaulvee, Wis. 
 
 56,184-6s Cao) 1st. New York Life Insurance Co., N. Y. City.' 
 
 168,845-Cs CIO) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 50,000-6s ('13) 1st mtg. Northwestern Nat'l Ins. Co., Milwaukee, Wis. 
 
 16,000-6s ('13) 1st. Niantic Savings Bank, Westerly, R. I. 
 
 l,158,935-6s ('13) Mutual Life Insurance Comiiany, N.Y. City. 
 
 MILWAUKEE AND ST. PAUL RAILROAD. 
 
 6,000- Mechanics' Savings Bank, AVesterly, R. I. 
 20,000-7s ('03) Farmington Savings Bank, Farmington, Conn. 
 40,000-7s ('03) C. & M. 1st. German-Anierican Insurance Co., N. Y. City 
 10,000-7s ('03) C. & M. div. 1st bds. German Alliance Ins. Co., N. Y. C. 
 15,000-7s ('03) C. & M. div. 1st mtg. Germania Fire Ins. Co., N. Y. C. 
 
 MINNEAPOLIS, ST. PAUL AND SAULT STE. MARIE RAILWAY. 
 
 57,000-4s Northern As.sur. Co., (London, Eng.), N. Y. City. 
 
 25,000-4s ('38) National Assurance Co. (Dublin, Ire.), Hartford, Conn. 
 
 MINE HILL AND SCHUYLKILL HAVEN RAILROAD. 
 
 3,250- stk. reg. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 100- stk. reg. American Tr. Co. of Philadelphia, Phila., Pa. 
 25,000- stk. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 MINERAL RANGE RAILROAD. 
 
 15,000- Mechanics' Savings Bank, Providence, R. I. 
 3,000-5s ('31) Chester Savings Bank, Chester, Conn. 
 25,000-5s ('31) Chelsea Savings Bank, Norwich, Conn. 
 19,000-5s ('31) Jewett City Savings Bank, Jewett City, Conn. 
 50,000-5s ('31) Norwich Savings Society, Norwicji, Conn. 
 10,000-5s ('31) Putnam Savings Bank, Putnam, Conn. 
 30,000-5s ('31) Stonlngton Savings Bank, Stonington, Conn. 
 10,000-5s ,('31) Union Savings Bank, Danbury, Conn. 
 
 MINNEAPOLIS AND DULUTH RAILROAD. 
 
 50,000-7s ('07) 1st mtg. coup. g. gtd. by M. & St. L. R. R. Penn Mut. Life In- 
 surance Co.. Philadelphia, Pa. 
 
 AIINNEAPOLIS AND ST. LOUIS RAILROAD. 
 
 5,962- cm. County Savings Bank & Trust Co., Scranton, Pa. 
 
 10,000- 2d pf. German- American Insurance Company, N. Y. City. 
 
 5,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 3,000- 1st. Real Estate Trust Company, N. Y. City. 
 
 10,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 10,000- Westchester Trust Company, Yonkers, N. Y. 
 
 10,006- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 10,000- 1st mtg. g. rfdg. Franklin Trust Company, Brooklyn, N. Y. 
 
 14,212- 1st mtg. g. Nederland (Ltd.) Lia. L. Ins. Co. (Am 'dam, Hoi.), N. Y. C. 
 
 40,000- ('34) con. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 9,750-4s coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 28,812-4s coup. Security Title and Trust Co., York, Pa. 
 
 .14,151-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 'l9,400-4s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 
 9,350-4s coup. g. Easton Trust Company, Easton, Pa. 
 
 4,675-4s rfdg. mtg. Great Eastern Casualty & Indem. Co., N. Y. City. 
 
 4,850-4s coup. Lehigh Valley Trust & S. Dep. Co., Allentown, Pa. 
 
 23,375-4s coup. Northern Savings Fund, S. Dep. & Tr. Co., Phila., Pa. 
 
 24,068-4s 1st pf. mtg. coup. Merchants' & Mech. Bank, Scranton, Pa. 
 
620 DUTIES AND POWERS OP INTEESTATE COMMERCE COMMISSION. 
 
 24,375-4s coup. g. People's Bank, Wilkesbarre, Pa. 
 
 9,750-4s 1st rfdg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 l,000-4s rfdg. Union Marine Ins. Co. (Ijiverpool, Eng.), N. Y. City. 
 
 9,575-4s coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 98,000-4s ('49) Aetna Life Insurance Company, Hartford,' Conn. . 
 
 4,875-4s ('49) 1st mtg. rfdg. coup. Aetna Indemnity Co., Hartford, Conn. 
 10,000-4s ('34) 1st eon. American Life Insurance Co., N. Y. City. 
 381,875-4s ('49) 3st rfdg. mtg. Connecticut Mut. L. I. Co., Hartford, Conn. 
 
 3,000-4s ('49) Franklin County Savings Bank, Farmington, Me. 
 10,000-4s ('49) 1st rfdg. German-American Ins. Co., N. X. City. 
 50,000-4s ('49) Connecticut Fire Insurance Co., Hartford, Conn. 
 14,425-4s ('49) Connecticut General Life Insurance Co., Hartford, Conn. 
 14,025-4s ('49) 1st rfdg. People's Savings Bank, Providence, R. I. 
 20,000-4s ('49) Orient Insurance Company, Hartford, Conn. 
 17,000-4s ('49) 1st mtg. Security Insurance Co., New Haven, Conn. 
 25,000-4s ('49) Scottisli Union & Nat. L Co. (Edin., Scot), Hartford, Conn. 
 49,000-4s ('49) Travelers' Insurance Company, Hartford, Conn. 
 52,050-4s ('49) 1st & rfdg. Washington Life Insurance Company, N. Y. C. 
 
 5,000-5s Mecbanlcs' Trust Company, Bayonne, N. J. 
 50,786-5s .('34) 1st con. mtg. Manhattan Life Insurance Co., N. Y. City. 
 29,475-5s '('34) 1st con. mtg. Provident Savings Life Assur. Soc, N. Y. C. 
 31,875-5s ('.34) 1st con. mtg. Pbcenix Mut. Life Ins. Co., Hartford, Conn. 
 10,000-5s ('34) Orient Insurance Company, Hartford, Conn. 
 10,000-5s ('.34) Rochester German Ins. Co., Rochester, N. Y. 
 
 5,000-7s Savings Investment & Trust Co., East Orange, N. J. 
 37,500-7s ('07) 1st g. Home Life Insurance Company, N. Y. City. 
 100,000-7s ('07) 1st mtg. g. coup. Penn. Mutual Life Ins. Co., Phila., Pa. 
 
 4,000-7s (09) 1st mtg. Security Insurance Co., New Haven, Conn. 
 196,560- 7s ('09) Mutual Life Insurance Company, N. Y. City. 
 50,000-7s ('09) la. Ext. 1st mtg. Aetna Insurance Co., Hartford, Conn. 
 10,000-7s ('09) la. Ext. 1st. German-American Ins. Co., N. Y. City. 
 
 2,500-7s ('09) la. div. Prudential Ins. Co. of America, New^ark, N. J. 
 39,360-6s ('23) Pac. Ext. 1st mtg. g. inc. Metropolitan L. Ins. Co,, N. Y. C. 
 .56,910-7s ('27) Sioux City June. 1st mtg. g. Germania Life Ins. Co., N. Y. C. 
 119,323-7s ('10) Swn. Ext. 1st mtg. inc. Metropolitan L. Ins.-Co., N. Y. C. 
 
 MINNESOTA TRANSFER RAILWAY. 
 
 384,000-4s'('16) 1st mtg. inc. g. Metropolitan Life Ins. Co., N. Y. City. 
 22,100-5s ('16) 1st mtg. inc. g. Metropolitan Life Ins. Co., N. Y. City. 
 
 MINNKArOLlS UNION RAILWAY. 
 
 510,849-5s ('22) 1st g. gtd. by St. P., M. & M. New York L. Ins. Co., N. Y. C. 
 
 50,000-6s ('22) g. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 50,000-6s ('22) gtd. g. Hartford Fire Insurance Co., Hartford, Conn. 
 
 56,000-6s ('22) gtd. Phoenix Insurance Company, Hartford, Conn. 
 
 MISSOURI, KANSAS AND EASTERN RAILROAD. 
 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 
 20,000- ('42) 1st con. Trust and Dep. Co. of Onondaga, Syracuse, N. Y. 
 
 6,000-5s 2d mtg. coup. Jersey Shore Banking Co., Jersey Shore, Pa. 
 10,000-5s coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 25,500-.5s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 
 9,545-5s ('42) John Hancock Mut. Life Ins. Co., Boston, Mass. 
 10,000-5s ('42) Hartford Steam Boiler Insp. & Ins. Co., Hartford. Conn. 
 
 MISSOURI, KANSAS AND TEXAS RAILROAD.^ 
 
 3,981- Bankers' Safe Deposit Company, N. Y. City. 
 
 10,000- 1st mtg. Commonwealth Insurance Company, N. Y. City. 
 
 15,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 20,000- Ithaca Trust Company, Ithaca, N. Y. 
 
 35,000- 2d. Security Trust Company of Rochester, Rochester, N. Y. 
 
 50,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 27,606-4s American Surety Company of New York, N. Y, City. 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 621 
 
 18,650-4s 1st aitg. coup. Easton Trust Company, Eastou, Pa. 
 
 9,312-4s coup. Dime Deposit & Discount Bank, Scranton, Pa 
 10,000-4s Passaic Trust & Safe Deposit Co., Passaic, N. J. 
 20,000-4s 1st mtg. coup. Miners' Savings Bank, Pittston Pa 
 13,500-4s coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa 
 
 3,000-4s 2ci mtg. coup. Jersey Sliore Banking Co., Jersey Shore, Pa 
 18,725-4s coup. Security Title & Trust Co., York, Pa. 
 10,000-4s Savings Investment & Tr. Co., East Orange, N. J. 
 
 9,400-4s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 9,487-4s coup. reg. Wayne Cc^unty Savings Bank, Honesdale, Pa. 
 
 5,000-4s Hamilton Fire Insurance Company, N. Y. City. 
 20,000^8 ('00) 1st mtg. g. Hamb.-Bremen F. Ins. Co. (Hamb., G.), N Y C 
 22,525-4s COO) 1st. Home Life Insurance Company, N. Y. City. 
 21,018-4s ('90) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 15,000-4s ('90) 1st mtg. North German F. I. Co. (Hamb., Ger.), Chicago, 111. 
 50,000-4s ('90) Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 25,000-4s COO) 1st bds. German Alliance Insurance Co., N. Y. City. 
 10,000-4s COO) 1st mtg. Transatlantic F. Ins. Co. (Hamb., Ger.), Chicago, 111 
 100,000-4s ('00) 1st mtg. g. Palatine Ins. (Ltd.) (Manchester, Eng.), N. Y. C. 
 
 7,500-5s coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 30,000-4s COO) 1st mtg. Westchester Fire Ins. Co., N. Y. City. 
 
 2,700-5s 1st mtg. coup. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 15,000-5s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 08-6S deb. coup. Union Trust Company, Philadelphia, Pa. 
 
 MISSOURI AND OHIO RAILWAY. 
 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 MISSOURI PACIFIC RAILWAY. 
 
 250,000- stk. Equitable Life Assur. Society of United States, N. Y. City. 
 
 25,000- Binghamton Trust Company, Binghamton, N. Y. 
 
 25,000- 1st coll. Industrial Trust Company, Providence, R. I. 
 
 30,000- tr. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 8,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 25,000- con. 1st mtg. Rochester Tr. & Safe Dep. Co., Rochester, N. Y. 
 
 40,000- 3d. Security Trust Company of Rochester, Rochester, N. Y. 
 
 20,000- 1st con. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 20,000- ('17) tr. gtd. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 20,000- ('20) 1st con. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 28,200-5s tr. coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 
 25,000-5s car tr. Industrial Trust Company, Providence, R. I. 
 5,000-5s Norway Plains Savings Bank, Rochester, N. Y.. 
 5,000-5s tr. Title & Guarantee Company, Rochester, N. Y. 
 866,04()-5s ('17 ) col. tr. g. New York Life Insurance Co., N. Y. City. 
 
 19,800-5s ('17) State Mutual Life Assurance Co., Worcester, Mass. 
 246,000-5s ('20) Equitable Life Assur. Society of United States, N. Y. City. 
 
 25,000-6s con. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 5,906-6s 1st con. coup. Citizens' Bank, Freeland, Pa. 
 137,456-6s car tr. Equitable Life Assur. Soc. of United States, N. Y. City. 
 ]83,413-6s car tr. Equitable Life Assur. Soc. of United States, N. Y. City. 
 139,92o-6s car tr. Equitable Life Assur. Soc. of United States, N. Y. City. 
 5,000-6s con. Wakefield Trust Company, Wakefield, R. I. 
 3,000-6s Walpole Savings Bank, Walpole, N. H. 
 
 10,000-6s 1st con. coup. Wilkesbarre Savings Bank, Wilkesbarre, Pa. 
 700,000-6s ('20) Equitable Life Assur. Society of United States, N. Y. City. 
 
 25,000-6s ('20) con. mtg. g. Germania Fire Insurance Co., N. Y. City. 
 
 40,000-6s ('20) con. mtg. Westchester Fire Insurance Company, N. Y. City. 
 lll,250-6s ('20) 1st con. mtg. Manhattan Life Insurance Company, N. Y. City. 
 
 89,000-6s ('20) 1st con. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 100,000-6s ('20) 1st con. mtg. United States Life Insurance Co., N. Y. City. 
 
 25,000-6s ('20) Woonsocket Institute for Savings, Woonsocket, R. I. 
 
 22,738-7s 3d mtg. reg. Wayne County Savings Bank, Honesdale, Pa. 
 
 28,718-7s ('06) 3d mtg. Metropolitan Life Insurance Company, N. Y. City. 
 lll,600-7s ('06) 3d mtg. United States Life Insurance Co., New York City. 
 
622 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 MISSOUBI PACIFIC RAILWAY OF MISSOUKI. 
 
 50,000-7s ('06) 3dmtg. coup. Penn. Mutual Life Ins. Co., Philadelphia, Pa. 
 
 MOBILE AND BIRMINGHAM RAILROAD. 
 
 7,500- stk. Travelers' Insurance Company, Hartford, Conn. 
 7,.350-4s & .5s 1st mtg. g. pr. lien coup. reg. stk. Hanover Fund Soc, Hanover, Pa. 
 10.00C-4S ('45) Travelers' Insurance Company, Hartford, Conn. 
 5,000-5s ("45) pr. lien. Travelers' Insurance Company, Hartford, Conn. 
 
 MOBILE, JACKSON AND KANSAS CITY RAILROAD. 
 
 30,000- 1st. Orange County & S. Dep. Co., Middletown, N. Y. 
 
 MOBILE AND NASHVILLE RAILROAD. 
 
 25,000-6s New Orleans & Mobile Div. National Fire Ins. Co., Hartford, Conn. 
 
 MOBILE AND OHIO RAILROAD. 
 
 24,997- levee. Columbu.s Insurance & Banking Co., Columbus, Miss. 
 
 10.000- gen. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 41,000- car tr. Security Trust Co. of Rochester, Rochester, N. Y. 
 
 23,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 5,000- Westchester Trust Company, Yonkers, N. Y. 
 
 10,431-4s gen. mtg. coup. Easton Trust Company, Easton, Pa. 
 
 31,500-4s coup. gen. Lansdale Tr. & Safe Dep. Co., Lansdale, Pa. 
 4,300-4s gen. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
 18,300-4s coup. gen. Montgomery Ins., Tr., & S. Dep. Co., Norristown, Pa. 
 
 25,000-6s 1st mtg. National Fii-e Insurance Co., Hartford, Conn. 
 371,280-6s ('21) Mutual Life Insurance Company, New York City. 
 
 59,000-6s ('27) 1st mtg. Massachusetts Mut Life Ins. Co., Springfield, Mass. 
 
 25,000-6s ('27) 1st mtg. g. Sun Insurance Office (Lon., Eng.), N. Y. Cit.v. 
 
 64,121-6s ('27) 1st. New York Life Insurance Company, New York City. 
 
 10,000- Mont'y Div. Fidelity Trust Co. of Rochester, Rochester, N. Y. 
 555,000- Mont'y Div. Central Trust Company of New York, N. Y. City. 
 
 10,000- Mont'y Div. Security Trust Co. of Rochester, Rochester, N. Y. 
 
 20,475-5s Mont'y Div. 1st mtg. coup. Easton Trust Co., Easton, Pa. 
 
 47,000-5s ('47) Monfy Div. 1st mtg. g. Germania Life Ins. Co., N. Y. City. 
 
 97,000-5s ('47) Mont'y Div. 1st mtg. inc. Metropolitan Life Ins. Co., N. Y. C. 
 
 MOHAWK AND MALONB RAILROAD. 
 
 5,000- City Savings Bank, Laconia, N. H. 
 
 510N0NGAHELA RIVER RAILROAD. 
 
 50,770-5s ('19) 1st mtg. Manhattan Life Insurance Company, N. Y. City. 
 
 MONTANA CENTRAL RAILROAD. 
 
 25,000- 1st mtg. New York Life Insurance & Trust Co., New York City. 
 25,000- 1st. Long Island Trust and Loan Company, Brooklyn, N. Y. 
 25,000-5s Manchester Savings Bank, Manchester, N. H. 
 19,350-5s ('37) 1st mtg. g. Germania Life Insurance Company, N. Y. City. 
 50,000-5s ('37) 1st mtg. g. gtd. by St. P. N. & M. Sun Insurance Office (Lon., 
 
 Eng.), New York City. 
 25,000-5s ('37) term. New Hampshire Fire Ins. Co., Manchester, N. H. 
 60,912-6s ('37) mtg. g. Germania Life Insurance Company, N. Y. City. 
 277,000-6s ('37) Equitable Life Assr. Society of United States, N. Y. City. 
 30,000- Binghamton Trust Company, Binghamton, N. Y. 
 10,000- ('37) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 10,000-6s coup. Carbondale Miners & Mech. Sav. Bank, Carbondale, Pa. 
 25,000-6s ('37) 1st. German-Araeric-in Insurance Company, N. Y. City. 
 56,750-6s ('37) Travelers' Insurance Company, Hartford, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 623 
 MONTGOMEBY AND EBIE KAILEOAD. 
 
 23,500- Rome Savings Bank, Rome, N. Y. 
 
 l,500-5s Goshen Savings Banlj, Goslien, N. Y. 
 21,000-5s ('26) New Haven Savings Bank, New Haven, Conn. 
 
 morgan's LOUISIANA AND TEXAS RAILROAD AND STEAMSHIP CO. 
 
 10,538-6s ('20) 1st mtg. Manhattan Life Ins. Co., New York City. 
 
 26,750-6s ('20) 1st mtg. inc. Metropolitan Life Ins. Co., New York City. 
 
 47,000-7s National Fire Insurance Co., Hartford, Conn. 
 
 12,000-7s ('18) 1st mtg. Metropolitan Life Insurance Co., New York City. 
 
 60,266-7s ('18) 1st mtg. Manhattan Life Insurance Co., New York City. 
 
 262,975-7s ('18) Mutual Life Insurance Company, New York City. 
 
 863,803-7s ('18) 1st. New York Life Insurance Company, New York City. 
 
 MORRIS CANAL RAILROAD. 
 
 pf. 50 shrs. Burlington Savings Institution, Burlington, N. J. 
 
 MORRIS AND ESSEX RAILROAD. 
 
 49,622- cm. ext. Fidelity & Casualty Company, New York City. 
 20,000- stk. Atlantic Mutual Insurance Company, New York City. 
 10,000- cap. stk. Caledonia-American Insurance Co., New York City. 
 50,000- stk. con. gtd. mtg. Firemen's Insurance Company, Newark, N. J. 
 70,000- stk. Firemen's Insurance Company, Newark, N. J. 
 60,000- stk. German-American Insurance Company, New York City. 
 
 5,000- stk. Greenwich Insurance Company, New York City. 
 
 7,.500- cap. stk. Hanover Fire Insurance Company, New York City. 
 45,556- stk. Home Life Insurance Company, New York City. 
 816,170- stk. Mutual Life Insurance Co., New York City. 
 18,675- stk. Metropolitan Life Insurance Company, New Yorlc City. 
 20,000- stk. Newark Fire Insurance Company, Newark, N. J. 
 20,000- stk. Niagara Fire Insurance Company, New York City. 
 250,000- gtd. stk. Home Insurance Company, New York City. 
 10,000- gtd. stk. Orient Insurance Company, Hartford, Conn. 
 
 9,000- stk. Paterson Safe Deposit & Trust Company, Paterson, N. J. 
 50,000- stk. Phoenix Insurance Company, Hartford, Conn. 
 70,000- stk. Queens Insurance Company of America, New York City. 
 
 9,200- stk. Pawtucket Institute for Savings, Pawtucket, R. I. 
 10,000- stk. Sun Insurance Office (London, Eng.), New York City. 
 42,200- Bankers' Trust Company of New York, New Yorlv City. 
 25,000- New York Life Insurance & Trust Company, New York City. 
 
 8,175- reg. stk. Nederland Ltd. Lia. Life Ins. Co. (Amsterdam, Hoi.), 
 New York City. 
 
 6,000- con. Real Estate Trust Company, New York City. 
 12,412- Safe Deposit Company of New York, New York City. 
 34,450- State Mutual Life Assurance Company, Worcester, Mass. 
 
 5,000- Westerly Savings Bank, Westerly, R. I. 
 12,000- ('14) German Savings Bank, Newark, N. .7. 
 10,000- ('15) Princeton Savings Bank, Princeton, N. J. 
 30,000- ('15) Union County Savings Bank, Elizabeth, N. J. 
 115,000-4s Howard Savings Institution, Newark, N. J. 
 40,000-7s Bloomfield Savings Institution, Bloomfield, N. J. 
 15,000-7s Burlington Savings Institution, Burlington, N. J. 
 10,000-7s coup. Carbondale Miners & Mech. Sav. Bank, Carbondale, Pa. 
 55,000-7s Dime Savings Institution, Newark, N. J. 
 31,000-7s Dime Savings Institution, Plainfield, N. J. 
 
 ll,252-7s 1st con. mtg. guar. coup. Dep. & Sav. Bk. of Kingston, Kingston, Pa. 
 50,000- 1st Equitable Life Assur. Society of United State.s, N. Y. City. 
 678,000-7s Howard Savings Institution, Newark, N. J. 
 110,000-7s Hudson Trust & Savings Institution, West Hoboken, N. J. 
 232,500-7s Hoboken Bank for Savings, Hoboken, N. J. , 
 20,000-7s Manchester Savings Bank, Manchester, N. II. 
 50,000-7s reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 l,890-7s coup. Merchants' & Mechanics' Bank, Scranton, Pa. 
 
624 DUTIES AND POWEKS OF INTERSTATE COMMEECE COMMISSION. 
 
 6,000-7s 
 
 30,000-7s 
 
 192,000-7s 
 
 3,000-7s 
 
 5,000-7s 
 
 5,000-7s 
 
 5,000-7s 
 
 40,000-7s 
 
 150,000-7s 
 
 10,000-7s 
 
 4,385-7s 
 
 50,000-7s 
 
 18,000-7s 
 
 67,000-7s 
 
 25,000-7s 
 
 5,000-7s 
 
 100,000-7s 
 
 30,000-7s 
 
 25,000-7s 
 
 5,000-7s 
 
 10,000-7s 
 
 10,000-7s 
 
 10,000-7s 
 
 10,000-7s 
 
 54,000-7s 
 
 15,000-7s 
 
 10,000-7s 
 
 65,000-7s 
 
 120,000-7s 
 
 20,000-7s 
 
 20,000-7s 
 
 16,000-7s 
 
 185,000-7s 
 
 7,000-7s 
 
 50,000-7s 
 
 101,090-7s 
 
 30,000-7s 
 
 5,000-7s 
 
 50,000-7s 
 
 100,000-7s 
 
 110,000-7s 
 
 l,195,000-7s 
 
 50,000-7s 
 
 267,967-7s 
 
 50,000-7s 
 
 110,000-7s 
 
 107,000-7s 
 
 300,000-7s 
 
 15,000-7s 
 
 21,000-7s 
 
 5,000-7s 
 
 10,000-7s 
 
 25,000-7s 
 
 10,000-7s 
 
 110,000-7s 
 
 125,000-7s 
 
 Montclair Savings Bank, Montclair, N. J. 
 Morris County Savings Bank, Moristown, N. ^. 
 loans coup. Philadelphia Savings Fund Society, Phila., Pa. 
 Passaic Trust and Safe Deposit Co., Passaic, N. J. 
 Southington Savings Bank, Southington, Conn. 
 1900) Connecticut Savings Bank, New Haven, Conn. 
 
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 con. mtg. Germania Fire Insurance Co., N. Y. City. 
 
 Half-Dime Savings Bank, Orange, N. J. 
 
 Franklin Savings Institution, Newark, N. J. 
 
 German Savings Banlv, Newarlc, N. J. 
 
 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 Princeton Savings Bank, Princeton, N. J. 
 
 Half-Dime Savings Bank, Orange, N. J. 
 
 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 
 1st mtg. Burrltt Savings Bank, New Britain, Conn. 
 
 Connecticut Savings Bank, New Haven, Conn. 
 
 Citizens' Savings Bank, Stamford, Conn. 
 
 City Savings Bank, Meriden, Conn. 
 
 Derby Savings Bank, Derby, Conn. 
 
 Dime Savings Bank of Norwich, Norwich, Conn. 
 
 Falls Village Savings Bank, Falls Village, Conn. 
 
 Farmington Savings Bank, Farmlngton, Conn. 
 
 Groton Savings Bank, Mystic, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 iMechanics' Savings Bank, Hartford, Conn. 
 
 Moodus Savings Bank, Moodus, Conn. 
 
 New Haven Savings Bank, New Haven, Conn. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 People's Savings Bank, Bridgeport, Conn. 
 
 Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 Savings Bank of New London, New London, Conn. 
 " Savings Bank of Ansonla, Ansonla, Conn. 
 
 Savings Bank of Danbury, Danbury, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 State Savings Bank, Hartford, Conn. 
 
 Thomaston Savings Bank, Thomaston, Conn. 
 15) Half-Dime Savings Bank, Orange, N. J. 
 
 1st con. gtd. American Insurance Co., Newark, N. J. 
 
 1st con. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 Equitable Life Assur. Society of United States, N. Y. City. 
 
 1st con. mtg. gtd. Continental Insurance Co., N. Y. City. 
 
 con. Home Life Insurance Company, N. Y. City. 
 
 1st mtg. Glens Falls Insurance Company, Glens Palls, N. " 
 
 Trenton Savings Fund Society, Trenton, N. J. 
 
 Security Savings Bank, Newark, N. J. 
 
 Mutual Benefit Life Ins. Co., Newark, N. J. 
 
 Savings Bank of New London, New London, Conn, 
 mtg. Niagara Fire Insurance Co., N. Y. City. 
 
 South Berwick Savings Bank, South Berwick, Me. 
 
 1st con. gtd. Orient Insurance Company, Hartford, Conn. 
 
 con. gtd. mtg. Prov.-Washington Ins. Co., Providence, R. 
 
 People's Savings Bank, Bridgeport, Conn. 
 
 con. mtg. Queen Insurance Co. of America, N. Y. City. 
 
 Providence Inst, for Savings, Providence, R. I. 
 
 NARRAQANSETT PIES RAILROAD. 
 
 10,000- Holyoke Mutual Fire Insurance Co., Salem, Mass. 
 
 10,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 NASHUA AND LOWELL RAILROAD. 
 
 1,500- stk. Portsmouth Savings Bank, PortsraoutlT, N. H. 
 1,500- stk. Strafford Savings Bank, Dover, N. H. 
 3,000- City Guaranty Savings Bank, Nashua, N. H. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 625 
 
 66,000-5s (1900) Providence Inst for Savings, Providence, R. I. 
 
 l,000-5s Holyoke Savings Banlf, Holyoke, Mass. 
 
 5,000-5s Salem Five Cents Savings Bank, Salem, Mass. 
 10,000-5s Hopkinton Savings Bank, Hopkinton, Mass. 
 
 NASHVILLE, CHATTANOOGA AND ST. LOUIS KAILROAD. 
 
 25,000- Security Trust Company of Rochester, N. Y. 
 1,000- 2d. Real Estate Trust Company, N. Y. City. 
 10,000- 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 5,000-5s Passaic Trust & Safe Deposit Co., Passaic, N. J. 
 99,000-5s ('28) 1st con. mtg. g. Germania Life Ins. Co., N. Y. City. 
 25,000-5s ('28) 1st German- American Insurance Company, N. Y. City. 
 339,247-5s ('28) 1st con. g. Nevr York Life Ins. Co., N. Y. City. 
 10,000-5s ('28) Rochester German Insurance Company, Rochester, N. Y. 
 198,375-5s ('28) 1st con. mtg. inc. g. Metropolitan Life Ins. Co., N. Y. C. 
 15,000-6s 1st mtg. National Fire Insurance Co., Hartford, Conn. 
 409,292-6s ('01) Mutual Life Insurance Co., N. Y. City. 
 51,826-6s ('17) Mutual Life Insurance Co., N. Y. City. 
 28,125-68 ('23) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 24,880- 1st ('13) Berkshire Fire Insurance Co., Pittsfleld, Mass. 
 15,000-7s ('13) Mutual Benefit Life Insurance Company, Newark, N. J. 
 282,423-7s ('13) Mutual Life Insurance Company, N. Y. City. 
 94,655-7s ('13) 1st New York Life Insurance Co., N. Y. City. 
 8,000-7s ('13) Mutual Life Insurance Co. of Kentucky, Louisville, Ky. 
 56,000-7s ('13) Paterson Savings Institution, Paterson, N. J. 
 ll,200-6s ('17) McM., M. W. & A. 1st mtg. Provident Savings Life Ass. 
 
 Society, N. Y. City. 
 50,000-6s ('17) Tracy City div. Mass. Mut Life Ins. Co., Springfield, Mass. 
 
 NAUGATUCK EAILEOAD. 
 
 100,000-4s ('13) Chelsea Savings Bank, Norwich, Conn. 
 
 NASHVILLE AND DECATUR RAILROAD. 
 
 23,000- 1st. Real Estate Trust Company, N. Y. City. 
 33,000- 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 50,000-7s (1900) 1st mtg. Sk. Fd. gtd. Hartford F. I. Co., Hartford, Conn. 
 56,750-7s (1900) 1st bds. Home Life Insurance Company, N. Y. City. 
 120,587-78 ('19) Mutual Life Insurance Company, N. Y. City. 
 
 NESQUEHONING VALLEY RAILROAD. 
 
 10,000- stk. Savings Fund Society of Germantown, etc., Phila., Pa. 
 
 NEVADA COUNTY NARROW GAUGE RAILROAD. 
 
 1,000- Citizens' Bank of Nevada City, Nevada City, Cal. 
 
 NEWARK, SOMERSET AND STRAITSVILLB RAILROAD. 
 
 21,405-5s 1st mtg. coup. Finance Co. of Pennsylvania, Phila., Pa. 
 115,500-5s ('29) Equitable Life Assur. Society of United States, N. Y. City. 
 
 NEWBUKGH AND NEW YORK RAILROAD. 
 
 15,000-5s ('29) 1st mtg. Pennsylvania Fire Insurance Co., Phila., Pa. 
 
 NEW CASTLE AND SHENANGO VALLEY RAILROAD. 
 
 l,000-6s coup. Carbondale Miners' & Mech. Sav. Bk., Carbondale, Pa. 
 5,285-6s coup. Wayne County Savings Bank, Honesdale, Pa. 
 
 NEW BEDFORD, MIDDLEBORO AND BROCKTON RAILROAD. 
 
 10,000-5s ('20) Biddeford Savings Bank, Biddeford, Me. 
 3,000-5s ('20) Buxton and Hollis Savings Bank, West Buxton, Me. 
 25,000-5s ('20) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 BY— 05 no 
 
626 DUTIES AND POWERS OF INTEBSTATE COMMERCE COMMISSION. 
 
 NEW ENOLAND RAILBOAD. 
 
 50,000- British & For. Marine Ins. Co., Tr. Dep., State of Massachusetts. 
 25,000- Holyoke Mutual Fire Insurance Co., Salem, Mass. 
 50,000-5s reg. Brit. & For. Mar. Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. C. 
 200,000-5s Strafford Savings Bank, Dover, N. H. 
 10,000-5s Traders' & Mechanics' Insurance Company, Lowell, Mass. 
 3,663,300-5s ('45) Mutual Life Insurance Company, New York City. 
 
 30,000-5s ('45) 1st con. mtg. gtd. Phoenix Insurance Co., Hartford, Conn.' 
 T,000-5s ('45) Savings Bank of New London, New London, Conn. 
 ll,000-5s ('45) Waterbury Savings Bank, Waterbury, Conn. 
 50,000-5s ('49) 1st con. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 NEW HAVEN AND DEEBY KAILKOAD. 
 
 20,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 10,000-5s ('18) Androscoggin County Savings Bank, Lewiston, Me. 
 
 5,000-5s ('18) Bridgton Savings Bank, Bridgton, Me. 
 
 5,000-5s ('18) People's Savings Bank, Lewiston, Me. 
 
 50,000-5s ('18) con. mtg. Portland Savings Bank, Portland, Me. 
 
 5,000-5s ('18) Thomaston Savings Bank, Thomaston, Me. 
 
 20,000-6s Lynn Institute for Savings, Lynn, Mass. 
 
 25,000-6s South Boston Savings Bank, South Boston, Mass. 
 
 30,000-6s Worcester County Inst, for Savings, Worcester, Mass. 
 
 98,282-6s (1900) Travelers' Insurance Company, Hartford, Conn. 
 
 20,000-6s (1900) N. Y., N. H. & H. Niantic Savings Bank, Westerly, R. I. 
 
 14,250-7s (1900) New England Mutual Life Insurance .Co., Boston, Mass. 
 
 NEW HAVEN AND NORTHAMPTON EAILROAD. 
 
 53,000-4s ('11) Connecticut Savings Bank, New Haven, Conn. 
 2,000-5s Holyoke Savings Bank, Holyoke, Mass. 
 58,000-5s Springfield Institute for Savings, Springfield, Mass. 
 50,000-5s Ware Savings Bank, Ware, Mass. 
 ll,000-6s Lynn Institute for Savings, Lynn, Mass. 
 
 NEW JERSEY JUNCTION RAILROAD. 
 
 21,000-4s ('86) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 NEW JERSEY SOUTHERN RAILROAD. 
 
 9,000-6s Paterson Deposit & Trust Company, Paterson, N. J. 
 
 NEW LONDON NORTHERN RAILROAD. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Canaan Savings Banli:, Canaan, Conn. 
 
 Connecticut Savings Bank, New Haven, Conn. 
 
 Dime Savings Banlc of Norwich, Norwich, Conn. 
 
 National Savings Bank of New Haven, New Haven, Conn. 
 
 Torrington Savings Bank, Torrington, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 Savings Bank of Ansonia, Ansonia, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 Jewett City Savings Bank, Jewett City, Conn. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 NEW MEXICO RAILWAY AND COAL COMPANY. 
 
 13,900-5s coup. Scranton Savings Bank, Scranton, Pa. 
 
 NEW ORLEANS AND WESTERN RAILWAY. 
 
 25,000-6s rec. ctfs. American Surety Company of New York, N. Y. City. 
 
 .^,000-6s coup. Carbondale Miners & Mech. Sav. Bank, Carbondale, Pa. 
 
 4,000-6s rec. ctfs. coup. Jersey Shore Banking Co., Jersey Shore, Pa. 
 25,000- rec. ctfs. Security Tr. Company of Rochester, Rochester, N. Y. 
 
 62,477- 
 
 stk. 
 
 4,000-4s 
 
 CIO) 
 
 50,000-5s 
 
 ('10) 
 
 50,000-4s 
 
 CIO) 
 
 12,000-4s 
 
 CIO) 
 
 10,000-4s 
 
 CIO) 
 
 5,000-4s 
 
 CIO) 
 
 25,000-4s 
 
 CIO) 
 
 2,000-5s 
 
 CIO) 
 
 103,000-4s 
 
 CIO) 
 
 5,000-5s 
 
 CIO) 
 
 550,000-5s 
 
 CIO) 
 
 8,000-5s 
 
 CIO) 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 627 
 NEW I'OKT AJMD EICHFOBB BAILEOAD. 
 
 10,000- Norfolk Mutual Fire Insurance Company, Dedham Mass 
 
 13,500-5s Andover Savings Bank, Andover, Mass. 
 
 20,000-5s Arlington Five Cent Savings Banli, Arlington, Mass 
 
 5,000-5s Braintree Savings Bank, South Braintree, Mass. 
 
 6,000-5s Brockton Savings Bank, Brockton, Mass. 
 35,000-5s Dedham Institute for Savings, Dedham, Mass. 
 .,^'nSS"^^ S?-***. Bridgewater Savings Bank, East Bridgewater, Mass. 
 22,000-5s Eliot Five Cent Savings Bank, Boston, Mass. 
 
 10,000-5s Hopkinton Savings Bank, Hopkinton, Mass. • 
 
 10,000-5s Greenfield Savings Bank, Greenfield, Mass. 
 
 2,000-5s Medway Savings Bank, Medway, Mass. 
 
 5,000-5s Rockland Savings Bank, Rockland, Mass. 
 
 2,000-5s Waltham Savings Bank, Waltham, Mass. 
 
 5,000-5s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 3,000-5s Weymouth Savings Bank, Weymouth, Mass. 
 
 5,000-5s Webster Five Cent Savings Bank, Webster, Mass. 
 
 NEViT YORK, BEOOKLYJSr AND MANHATTAN BEACH EAILROAD. 
 
 15,000- stk. Cheshire County Savings Bank, Keene, N. H. 
 
 5,085-5s coup. Security Title & Trust Company, York, Pa. 
 10,000-5s coup. Miners' Savings Bank, Pittston, Pa. 
 10,000-5s ('35) Auburn Savings Bank, Auburn, Me. 
 10,000-5s ('35) Bath Savings Institution, Bath, Me. 
 25,000-5s ('35) 1st con. mtg. Germania Fire Insurance Co., N. Y. City. 
 
 3,000-5s ('35) Kennebunk Savings Bank, Kennebunk, Me. 
 75,000-5s ('35) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 2o,000-5s ('35) 1st con. Portland Savings Bank, Portland, Me. 
 
 NEW YOBK AND CANADA RAILROAD. 
 
 450,000-4Js ('04) Mutual Life Insurance Company, New York City. 
 
 NEW YORK CENTRAL AND HUDSON RIVER EAILROAD. 
 
 80,000- stk. with rights. Aetna Insurance Company, Hartford, Conn. 
 Aetna Life Insurance Company, Hartford, Conn. 
 American Union Life Insurance Company, New York City. 
 Agricultural Insurance Company, Watertown, N. Y. 
 Amoskeag Savings Bank, Manchester, N. H. 
 Atlantic Mutual Insurance Company, New York City. 
 Bristol County Savings Bank, Bristol, R. I. 
 Boston Insurance Company, Boston, Mass. 
 Berkshire Fire Insurance Company, Pittsfield, Mass. 
 City Savings Bank, Providence, R. I. 
 Commonwealth Insurance Company, New York City. 
 Commonwealth Insurance Company, New York City. 
 Connecticut Fire Insurance Company, Hartford, Conn. 
 Dutchess County Mutual Insurance Co., Poughkeepsie, N. Y. 
 Eagle Fire Company, New York City. 
 Exeter Banking Company, Exeter, N. H. 
 Equitable Fire & Marine Insurance Co., Providence, R. 1. 
 Fidelity Trust Company of Rochester, Rochester, N. Y. 
 
 German Alliance Insurance Company, New York City. 
 Germania Fire Insurance Company, New York City. 
 Hartford Life Insurance Company, Hartford, Conn. 
 Hamilton Fire Insurance Company, New York City, 
 stk. Hanover Fire Insurance Company, New York City. 
 Home Life Insurance Company, New York City. 
 Hartford Fire Insurance Company, Hartford, Conn. 
 Industrial Trust Company, Providence, R. I. 
 Kings County Fire Insurance Company, New York City. 
 Kings County Trust Company, Brooklyn, N. Y. 
 Long Island Loan & Trust Company, Brooklyn, N. Y. 
 Manchester Savings Bank, Manchester, N. H. 
 
 37,500- 
 
 stk. 
 
 2;ooa 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 660,000- 
 
 stk. 
 
 34,721- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 22,550- 
 
 stk. 
 
 44,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 15,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 7,400- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 10,000- 
 
 Fide 
 
 20,000- 
 
 stk. 
 
 100,000- 
 
 stk. 
 
 22,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 115,000- 
 
 cap. 
 
 65,300- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 40,000- 
 
 stk. 
 
628 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSIOK'. 
 
 70,000- stk. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 11,350- stk. Metropolitan Plate Glass Insurance Co., New York City. 
 
 10,000- stk. Mechanics' Trust Comiiany, Bayonne, N. J. 
 
 10,075- stk. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 20,000- stk. Merchants' Insurance Company, Providence, R. I. 
 
 20,000- stk. Morristown "^'rust Company, Morristown, N. J. 
 
 661,010- stk. with rights. Mutual Life Insurance Co., New York City. 
 
 50,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 139,978- stk. New England Mutual Life Insui-ance Co., Boston, Mass. 
 
 50,000- stk. New Hampshire Fire Insurance Company, Manchester, N. H. 
 
 • 600- stk. Newburyport Mutual Fire Insurance Co., Newburyport, Mass. 
 
 23,562- stk. New York Plate Glass Insurance Company, N. Y. City. 
 
 50,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 
 5,000- stk. Niantic Savings Bank, Westerly, R. I. 
 
 22,000- stk. Orient Insurance Company, Hartford, Conn. 
 
 22,000- stk. & rights. Pacific Brie Insurance Company, New York City. 
 
 15,000- stk. People's Savings Bank, Woonsocket, R. I. 
 
 100,000- stk. People's Trust Company, Brooklyn, N. Y. 
 
 20,000- stk. Providence Mutual Fire Insurance Co., Worcester, Mass. 
 
 51,000- stk. Phoenix Insurance Company, Hartford, Conn.' 
 
 106,000- stk. Provident Life and Trust Co., Philadelphia, Pa. 
 
 23,000- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 20,000- stk. Providence-Washington Insurance Co., Providence, R. I. 
 
 11,212- stk. Pawtudiet Institute for Sa^■ings, Pawtucket, R. I. 
 
 22,000- stk. People's Savings Bank, Providence, R. I. 
 
 50,000- stk. Real Estate Trust Company, New York City. 
 
 10,000- stk. Rochester Loan & Banking Co., Rochester, N. H. 
 
 16,000- stk. Savings Bank of New London, New London, Conn. 
 
 50,000- Rochester Trust & Safe Deposit Company, Rochester, N. Y. 
 
 . 69,375- stk. State Mutual Life Assurance Co., Worcester, Mass. 
 
 150,000- stk. StrafCord Savings Bank, Dover, N. H. 
 
 60,000- stk. Stuyvesant Insurance Company, New York City. 
 
 80,000-" cap. stk. Trust Company of America, New York City. 
 
 257,878- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 10,000- stk. Union Five Cent Savings Bank, Exeter, N. H. 
 
 168,717- stk. Union Mutual Life Insurance Company, Portland, Me. 
 
 30,000- stk. Westchester Fire Insurance Company, New York City. 
 
 7,500- stk. Wakefield Trust Company, Wakefield, R. I. 
 
 5,000- stk. Wakefield Institute for Savings, Wakefield, R. I. 
 
 11,000- stk. Westerly Savings Bank, Westerly, R. I. 
 
 10,000- stk. Williamsburg City Fire Insurance Co., Brooklyn, N. Y. 
 
 60,000- Bankers' Trust Company of New York, New York City. 
 
 10,000- Coddington Savings Bank, Newport, 11. I. 
 
 100,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 
 15,000- Cotton & Woolen Mnfr's Mutual Ins. Co., Boston, JIass. 
 
 1,400.000- Erie County Savings Bank of Buffalo, BufEalo, N. Y. 
 
 6,500- Exeter Banking Company, Exeter, N. 11. 
 
 10,000- Fifth Avenue Safe Deposit Company, New York City. 
 
 75,000- Franklin Trust Company, Brooklyn, N. Y. 
 
 10,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 10,000- Industrial Mutual Insurance Company, Boston, Mass. 
 
 10,000- Kings County Fire Insurance Company, New York City. 
 
 8,000- Mutual Fire Assurance Company, Springfield, Mass. 
 
 15,000- Mutual Fire Assurance Company, Springfield, Mass. 
 
 400,000- 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 
 11,000- National Safe Deposit Company, New York City. 
 
 5,000- Paper Mill Mutual Insurance Company, Boston, Mass. 
 
 15,000- Rubber Manufacturers' JIutual Insurance Co., Boston, Mass. 
 
 30,000- Rome Savings Banlv, Rome, N. Y. 
 
 25,000- Reliance Mar. Ins. Co., Ltd., of L'pool, Eng., Tr. Dep., St. of Mass. 
 
 20,000- Westerly Savings Bank, Westerly, R. I. 
 
 200,000- ('03) 1st mtg. Glens Falls Insurance Company. Glens Falls, N. Y. 
 
 100,000- ('98) Providence Institute for Savings, Providence R. I. 
 165,000-34s mtg. Albany Exchange Savings Bank, Albany, N. Y. 
 
 20,000-3is mtg. Amsterdam Savings Bank, Amsterdam. N. Y. 
 850,000-3is Brooklyn Savings Bank,' Brooklyn, N. Y. 
 
 10,000-3is Brevoort Savings Bank, Brooklyn, N. Y. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 629 
 
 25,000-3is mtg. College Point Savings Bank, College Point, N. Y. 
 
 10,000-3is Cheshire County Savings Bank, Keeue, N. H. 
 100,000-3^8 Dime Savings Bank of Brooklyn, Brooklyn, N. Y. 
 
 10,000-3Js mtg. Dollar Savings Bank, New York City. 
 100,000-3Js East Brooklyn Savings Bank, Brooklyn, N. Y. 
 200,000-3^8 mtg. East Side Savings Bank, Rochester, N. Y. 
 
 50,000-3is mtg. Empire City Savings Bank, New York City. 
 
 50,000-3is Franklin Savings Bank, New York City. 
 
 49,000-3is coup. Girard Trust Company, Philadelphia, Pa. 
 200,000-3Js Institution for the Savings of Merchants' 'Clerks, N. Y. City. 
 
 25,000-3*8 Jamaica Savings Bank, Jamaica, N. Y. 
 
 10,000-3^8 Lenox Savings Bank, Lenox, Mass. 
 100,000-3^8 Auburn Savings Bank, Auburn, N. Y. 
 
 10,000-3Js Long Island Savings Bank, Long Island City, N. Y. 
 
 50,000-3is Manhattan Savings Institution, New York City. 
 
 20,000-3ls mtg. Mechanics' Savings Bank, Fishkill-on-the-Hudson, N. Y. 
 100,000-3As g. Dry Dock Savings Institution, New York City. 
 
 75,000-3^8 mtg. Mechanics' Savings Bank, Rochester, N. Y. 
 
 50,000-3^8 Metropolitan Savings Bank, New York City. 
 
 Il,000-3i8 Morris County Savings Bank, Morristown, N. J. • 
 
 50,000-3^8 Jlorristown Trust Company, Morristown, N. J. 
 550,000-3|8 mtg. Monroe County Savings Bank, Rochester, N. J. 
 
 40,000-3Js New Hampshire Savings Bank, Concord, N. H. 
 217,750-3^8 North River Savings Bank, New York. 
 
 40,000-3Js Oneida County Savings Bank, Rome, N. Y. 
 100,000-3is g. mtg. coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 
 25,000-3Js Portsmouth Savings Bank, I'ortsmouth. N. H. 
 
 15,000-3Js Sag Harbor Bank, Sag Harbor, N. Y. 
 
 30,000-3Js Reliance Mar. Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. City. 
 
 ip,000-3is mtg. Richmond County Savings Bank, New Brighton, N. Y. 
 l,000-3is Union Five Cent Savings Bank, Exeter, N. H. 
 100,000-3^8 Savings Bank of Newport, Newport, R. I. 
 360,000-3is Sinking Fund, Cleveland, Ohio. 
 100,000-3 Js Strafford Savings Bank, Dover, N. II. 
 326,000-3|s mtg. Rochester Savings Bank, Rochester, N. Y. 
 200,000-3Js mt^. South Brooklyn Savings Institution,' Brooklyn, N. Y. 
 5,000-3is United States Sa\ings Bank, New York City. 
 
 35,000-3Js Watertown Savings Bank, Watertown, N. Y. 
 
 10,000-3^8 Walden Savings Bank, Walden. N. Y. 
 259,687-3^8 ('97) Aetna Life Insurance Company, Hartford, Conn. 
 
 34,000-3is ('97) Albany Insurance Company, Albany, N. Y. 
 
 25,000-3 Js ('97) Connecticut Fire Insurance Company, Hartford, Conn. 
 500,000-3*8 ('97) Buffalo Savings Bank, Buffalo, N. Y. 
 
 27,500-3is ('97) Employers' Lla. Assur. Corp. (Ltd.), London, Eng. 
 563,000-3is ('97) 1st. mtg. reg. North British & Mercantile Insurance Com- 
 pany (Loudon, Eng., and Edinburgh, Scot.), N. Y. City. 
 
 25,000-3is ('97) 1st mtg. Oneida Savings Bank, Oneida, N. Y. 
 150,000-3is ('97) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 98,990-3*8 ('97) New England Mutual Life Insurance Co., Boston, Mass. 
 300,000-3is ('97) Norwich Savings Society, Norwich, Conn. 
 
 25,000-3is ('97) Portland Savings Bank. Portland, Me. 
 260,000-3*8 ('97) Royal Ins. Co. (Liverpool, Eng.), New York City. 
 
 13,300-3|s ('98) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 12,000-3|s ('98) Equitable Fire & Marine Insurance Co., Providence, R. I. 
 
 50,000-3*8 ('98) reg. g. coll. tr. Germania Fire Ins. Co., New York City. 
 178,000-3*8 ('08) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 48,812-3*8 ('98) New England Mutual Life Insurance Co., Boston, Mass. 
 
 25,000-3Js ('98) Reading Fire Insurance Company, Reading, Pa. 
 
 24,000-3*8 ('98) Nat'l Assur. Co. (Dublin, Ire.), Hartford, Conn. 
 
 48,332-3*8 ('98) New England Mutual Life Insurance Co., Boston, Mass. 
 9,758,000-3*8 ('98) Mutual Life Insurance Company, New York City. 
 
 50,000-3*8 ('98) State Mutual Life Assurance Co., Worcester, Mass. 
 139,000-48 Atlantic Mutual Insurance Company, New York City. 
 
 75,000-48 Standard Marine Ins. Co. (Ltd.) (Liverpool, Eng.), N. Y. City. 
 
 25,000-48 deb. ctfs. Thames & Mersey JIarine Insurance Co. (Ltd.) (Livet- 
 erpool, Eng.), New York City. 
 5,000-48 ('05) deb. ctfs. 1890. American Fire Insurance Co., N. Y. City. 
 
630 DUTIES AND POWEBS OF INTEESTATE COMMEECE COMMISSION. 
 
 25,000- 
 25,000- 
 50,996- 
 35,000- 
 
 200,000- 
 25,000- 
 31,500- 
 50,000- 
 82,000- 
 
 450,000- 
 50,000- 
 
 200,000- 
 50,000- 
 32,325- 
 15,000- 
 5,000- 
 10,000- 
 14,000- 
 
 27,000- 
 95,000- 
 58,750- 
 12,000 
 15,000- 
 38,000- 
 10,000- 
 1,290,000- 
 40,371 
 
 175,000- 
 
 100,000- 
 35,000- 
 30,000- 
 10,000- 
 10,000- 
 
 100,000- 
 30,000- 
 15,000- 
 15,000- 
 5,000- 
 10,000- 
 
 152,000- 
 20,000- 
 50,000- 
 
 100,000 
 
 30,000- 
 
 10,000- 
 
 5,000- 
 
 100,000- 
 10,000- 
 50,000- 
 11,000- 
 10,000- 
 10,000- 
 30,000- 
 25,000- 
 
 300,000- 
 30,000- 
 
 30,000- 
 25,000- 
 
 6,000- 
 100,125- 
 .200,000- 
 894,000- 
 429,000- 
 25,000- 
 
 1st intg. Atlas Assur. Co. (Lon., Eng.), Chicago, 111. 
 
 ext. reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 ctfs. London Guar. & Accid. Co. (Ltd.), London, Eng. 
 
 g. deb. cert. Marine Ins. Co. (Ltd.), London, Eng. 
 
 extended. Providence lust, for Sav., Providence, R. I. 
 
 Savings Banlc of New London, New London, Conn. 
 
 Berkshire Fire Insurance Company, Pittsfield, Mass. 
 4is g. debt. ctfs. Brit. & For. Mar. Ins. Co. (L'pool, Eng.), N. Y. C. 
 44s gen. mtg. & sterl. coup. 6s. West. Sav. Fd. Soc, Phila., Pa. 
 4is ('0-4) Equitable Life Assur. Society of Unite,d States, N. Y. City. 
 5s ('04) deb. Hartford Fire Insurance Company, Hartford, Conn. 
 
 deb. Providence Inst, for Savings, Providence, R. I. 
 
 deb. Rhode Island Hospital Trust Co., Providence, R. I. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Palatine Ins. Co. (Ltd.) (Manchester, Eng.), X. Y. City. 
 
 reg. South Berwick Savings Bank, South Berwick, Me. 
 
 Lancashire Ins. Co. (Manchester, Eng.), New York City. 
 
 1st mtg. ster. Palatine Ins. Co. (Ltd.) (Manchester, Eng.), 
 New York City. 
 CIS) McK. & B. Vern. Dime"Bk. of ^^'aterbury, Waterbury, Conn. 
 7s Atlantic Mutual Insurance Co., New York City. 
 7s reg. Girard Trust Company, Philadelphia, Pa. 
 7s Holyoke Savings Bank, Holyoke, Mass. 
 7s Hoboken Bank for Savings, Iloboken, N. .T. 
 7s Home Savings Bank, Boston, Mass. 
 7s Lawrence Savings Bank, Lawrence, Mass. 
 7s reg. Philadelphia Sav. Fund. Society, Philadelphia, Pa. 
 ■7s 1st mtg. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 '03) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 
 Bridgeport Savings Bank, Bridgeport, Conn. 
 
 reg. Bangor Savings Bank, Bangor, Me. 
 
 Farmington Savings Bank, Farmington, Conn. 
 
 Canaan Savings Bank, Canaan, Conn. 
 
 Wlnsted Savings Bank, Winsted, Conn. 
 
 (•05) 
 ('05) 
 ('05) 
 ('05) 
 ('05) 
 ('05) 
 ('95) 
 
 ('04) 
 ('04) 
 ('04) 
 ('04) 
 ('04) 
 ('03) 
 ('03) 
 
 03) 
 03) 
 '03) 
 '03) 
 '03) 
 
 '03) Connecticut Savings Bank, New Haven, Conn. 
 
 '03) Un. Assur. Co. (Ltd.) (London, Eng.), New York City. 
 
 '03) Essex Savings Bank, Essex, Conn. 
 
 '03) Meriden Savings Bank, Meriden, Conn. 
 
 '03) National Savings Bank of New Haven, New Haven, Cocn. 
 
 '03) Mechanics' Savings Bank, Winsted, Conn. 
 
 '03) New Haven Savings Bank, New Haven, Conn. 
 
 '03) Oneida Savings Bank, Oneida, N. Y. 
 
 '03) People's Savings Bank, Bridgeport, Conn. 
 
 '03) Providence Inst, for Savings, Providence, R. I. 
 
 '03) Mariners' Savings Bank, New London, Conn. 
 
 '03) Moodus Savings Bank, Moodus, Conn. 
 
 '03) 1st mtg. Niagara Fire Insurance Company, N. Y. City. 
 
 '03) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 '03) Naugatuck Savings Bank, Naugatuck, Conn. 
 
 '03) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 '03) coup. Stamford Savings Bank, Stamford, Conn. 
 
 '03) reg. Stamford Savings Bank, Stamford, Conn. 
 
 '03) Southington Savings Bank, Southington, Conn. 
 
 '03) Southport Savings Bank, Southport, Conn. 
 
 '03) Savings Bank of Danbury, Daubury. Conn. 
 
 '03) Society for Savings, Hartford, Conn. 
 
 36) Beech Creek Div. Prussian National Insurance Company 
 (Stettin, Germany), Chicago, III. 
 
 '36) Beech Creek. Dime Sav. Bk. of Waterbuvv, Waterburv, Conn. 
 
 '07) Jol. & N. Ind. Dime Sav. Bk. of Waterbury, Waterbury, 
 
 Conn. 
 ('07) Jol. & N. Ind. Freestone Savings Bank, Portland, Me. 
 stk. L. Sh. coll. Commercial Trust Company, Philadelphia, Pa. 
 L. Sh. coll. Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 L. Sh. coll. Guaranty Trust C'omi)!iny of New York, N. Y. C. 
 L. Sh. coll. Union Trust Company of New York, N. Y. City. 
 L. Sh. coll. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
DUTIES AND POWERS OP INTERSTATE COMMEBCE COMMISSION. 631 
 
 30,000- L. Sh. coll. Security Trust Company of Eochester, Rochester, N. Y. 
 10,000-34s ('98) L. Sh. coll. tr. g. Penobscot Sav. Bank, Bangor, Me. 
 20,600-3is L. Sh. coll. coup. County Sav. Bank & Tr. Co., Scranton, Pa. 
 10,000-8is L. Sh. coll. coup. Warren Savings Bank, Warren, Pa. 
 195,000-3^8 L. col), coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 20,123-3is L. Sh. coll. coup. Security Title & Trust Co., York, Pa. 
 9,812-3Js L. Sh. coll. coup. Warren Savings Bank, Warren, Pa. 
 6,000-3is L. Sh. coll. reg. Norwalk Fire Insurance Co., Norwalk, Conn. 
 21,731-3^8 ('96) L. Sh. coll. Provident Sav. Life Assur. Society, N. Y. C. 
 45,000-3j8 ('98) L. Sh. coll. Aetna Life Insurance Co., Hartford, Conn. 
 4,825-3^8 ('98) L. Sh. coll. tr. Aetna Indemnity Co., Hartford, Conn. 
 5,000-3 Js ('98) L. Sh. coll. Camden Savings Bank, Rockport, Me. 
 20,000-3 Js ('98) L. Sh. coll. Boston Insurance Company, Boston, Mass. 
 20,000-3Js ('98) L. Sh. coll. British-American Insurance Co., N. Y. City. 
 28,950-3is ('98) L. Sh. coll. Employers' Liability Assurance Corporation 
 
 (Ltd.), London, Eng. 
 50,000-3is ('98) L. Sh. coll. German-American Insurance Co., N. Y. City. 
 47,8T6-3i8 ('98) L. Sh. coll. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 118,750-3*8 ('98) L. Sh. coll. tr. Provident Life & Trust Co., Phila., Pa. 
 100,000-3i8 ('98) L. Sh. coll. reg. Rhode Island Hos. Tr. Co., Prov., R. I. 
 100,000-3*8 ('98) L. Sh. coll. Mutual Benefit Life Ins. Co., Newark, N. J. 
 799,125-3is ('98) L. Sh. coll. Aetna Life Insurance Co., Hartford, Conn. 
 125,500-3*8 ('98) L. Sh. coll. tr. Provident Life & Trust Co., Phila., Pa. 
 5,000-3*8 L. S. & M. So. coll. tr. Walpole Savings Bank, Walpole, N. H. 
 25,000-3*8 Mich. Cent. coup. coll. tr. Miners' Sav. Bk., Wilkesbarre, Pa. 
 2,000-3*8 Mich. Cent. coll. coup. Warren Savings Bank, Warren, Pa. 
 5,842-3*8 Mich. Cent. coll. coup. Warren Savings Bank, Warren, Pa. 
 20,000-58 ('39) M. Cent. coll. Dime Sav. Bk. of Waterbury, Waterbury, 
 
 Conn. 
 46,988-3*8 ('98) Mich. Cent. coll. John Hancock Mut. L. I. Co., Bos., Mass. 
 12,000-3*8 ('98) Mich. Cent. coll. Merchants' Ins. Co., Providence, R. I. 
 
 NEW YORK AND WEST SHORE RAILWAY. 
 
 12,000-48 (2361) W. Sh. British- American Assur. Co., Toronto, Canada. 
 
 NEW YORK, CHICAGO AND ST. LOUIS RAILROAD. 
 
 78,320- Ist pf. Massachusetts Mut. Life Ins. Co., Springfield, Mass. 
 
 50,000- 1st pf. Continental Insurance Company, New York City. 
 200,000- Atlantic Mutual Insurance Company, New York City. 
 
 65,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 200,000- Union Trust Company of New York, New York City. 
 2,000- Mechanics' Savings Bank, Westerly, R. I. 
 5,000- Westerly Savings Bank, Westerly, R. I. 
 110,000- equip. United States Trust Company ,of New York, N. Y. City. 
 200,000- 1st mtg. New York Life Insurance & Trust Co., New York City. 
 
 10,000-4s 1st mtg. Sea Insurance Co. (Ltd.) (Liverpool, Eng.), N. Y. City. 
 
 60,000-48 ('37) l8t mtg. Caledonia Ins. Co. (Edinburgh, Scot.), N. Y. City. 
 
 10,000-48 ('37) Citizens' Insurance Company, New York City. 
 285,000-4s ('37) Equitable Life Assur. Society of United States, N. Y. City. 
 
 45,000-48 ('37) 1st. German-American Insurance Company, N. Y. City. 
 2,000-4s ('37) Fairfield Savings Bank, Fairfield, Me. 
 112,000-48 ('37) 1st mtg. Home Insurance Company, New York City. 
 197,689-48 ('37) 1st. Home Life Insurance Company, New York City. 
 
 30,000-4s ('37) 1st mtg. Hamburg-Bremen F. Ins. Co. (Ham., Ger.), N. Y. C. 
 
 50,000-48 ("37) l8t mtg. reg. g. Lon. & Lan. F. I. Co. (I/pool, Eng.), N. Y. C. 
 128,991-48 ('37) 1st mtg. Massachusetts Mut. L. Ins. Co., Springfield, Mass. 
 292,258-4s ('37) Northwestern Mut. Life Ins. Co., Milwaukee, Wis. 
 100,000-48 ('37) reg. Norwich Un. Fire Ins. Society (Norwich, Eng.), N. T. C. 
 
 25,000-48 ('37) 1st mtg. No. Ger. F. Ins. Co. (Hamb., Germany), Chic, 111. 
 9,162-4s ('37) 1st mtg. Provident Savings Life Assur. Society, N.Y. City. 
 
 30,000-48 ('37) g. Prussian Nat'l Ins. Co. (Stettin, Germany), Chicago, 111. 
 
 50000-48 ('37) Ist mtg. Phoenix Assur. Co. (London, Bug.), N. Y. City. 
 100,000-48 ('37) Royal Ins. Co. (Liverpool. Eng.),NY. City. 
 
 10,000-4s ('37) 1st mtg. g. Transatlantic F. Ins. Co. (Ham., Ger.), cnic, iii. 
 
632 DUTIES AND POWEKS OP INTEESTATE COMMEECE COMMISSION. 
 NEW YORK AND GREENWOOD LAKE RAILWAY. 
 
 10,600-5s coup. Merchants & Mechanics' Bank, Scrauton, Pa. 
 5,000-5s ('45) Gorham Savings Bank, Gorham, Me. 
 100,000-5s ('46) gtd. g. American Insurance Co., Newark, N. J. 
 9,000-5s ('46) Bath Savings Institution, Bath, Me. 
 10,0(X)-5s ('46) Gardiner Savings Institution, Gardiner, Me. 
 5,000-5s ('46) pr. lien. Kennebunk Savings Bank, Kennebunk, Me. 
 50,(XX)-5s ('46) Portland Savings Bank, Portland, Me. , 
 
 150,000-5s ('46) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 306,000-5s ('46) pr. lien g. gtd. by Erie R. R. Co. Connecticut Mutual Life 
 Insurance Co., Hartford, Conn. 
 25,000-5s ('46) pr. lien gtd. by Brie R. R. Co. Sun Insurance Office (London 
 Eng.), New York City. 
 
 NEW YORK AND HARLEM RAILROAD. 
 
 New York Life Insurance & Trust Company, New York City. 
 New York Life Insurance & Trust Company, New York City. 
 Aetna Insurance Company, Hartford, Conn, 
 stk. Continental Insurance Company, New York City. 
 German-American Insurance Company, New York City. 
 Globe and Rutgers Fire Insurance Company, N. Y. City. 
 Long Island Loan & Trust Company, Brooklyn, N. Y. 
 Morristown Trust Company, Morristown, N. J. 
 Mutual Life Insurance Company, New York City. 
 National Fire Insurance Company, Hartford, Conn. 
 Phoenix Insurance Company, Hartford, Conn. 
 Queens Insurance Company of America, New York City. 
 Springfield Fire Insurance Company, Springfield, Mass. 
 Westchester Fire Insurance Company, N. Y. City, 
 stk. Home Insurance Company, N. Y. City. 
 25,0(X)-3is Irving Savings Institution, N. Y. City. 
 10,000-7s Auburn Savings Bank, Auburn, N. Y. 
 10,(M)0-7s mtg. Dollar Savings Bank, N. Y. City. 
 l,168,000-7s reg. coup. loan. Philadelphia Sav. Fund Society, Philadelphia, Pa. 
 134,000-7s mtg. South Brooklyn Savings Institution, Brooklyn, N. Y. 
 10,(X)0-7s (1900) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 50,000-7s (1900) Bridgeport Savings Bank, Bridgeport, Conn. 
 53,000-7s (1900) Connecticut Savings Bank, New Haven, Conn. 
 23,000-7s (1900) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 5,900-7s (1900) 1st mtg. reg. Home Life Insurance Company, N. Y. City. 
 100,000-7s (1900) 1st mtg. Glens Falls Insurance Co., Glens Falls, N. Y. 
 50,000-7s (1900) Middletown Savings Bank, Middletown, Conn. 
 185,000-7s (1900) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 15,000-7s (1900) Moodus Savings Bank, Moodus, Conn. 
 160,000-7s (1900) New Haven Savings Bank, New Haven, Conn. 
 l,060,000-7s (1900) 1st mtg. New York Life Insurance Company, N. Y. City. 
 10,000-7s (1900) Salisbury Savings Society, Lakeville, Conn. 
 5,000-7s (1900) Southington Savings Bank, Southington, Conn. 
 150,000-7s (1900) Society for Savings, Hartford, Conn. 
 31,000-7s (1900) Savings Bank of New London, New London, Conn. 
 10,000-7s ('09) reg. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 NEW YORK, LACKAWANNA AND WESTERN RAILWAY. 
 
 31,950- cm. gtd. Fidelity & Casualty Company, N. Y. City. 
 
 20,000- stk. Atlantic Trust Company, N. Y. City. 
 
 50,000- stk. Atlantic Mutual Insurance Company, N. Y. City. 
 
 15,000- stk. County Savings Bank & Trust Company, Scranton, Pa. 
 
 10,000- stk. Eagle Fire Company, N. Y. City. 
 
 25,000- stk. Greenwich Insurance Company, N. Y. City. 
 
 20,000- stk. German-American Insurance Company, N. Y. City. 
 
 72,500- .stk. Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 
 50,000- stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 23,000- 
 
 cm. 
 
 3,800- 
 
 pf. 
 
 25,000- 
 
 stk. 
 
 220,400- 
 
 gtd. 
 
 131,650- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 2,000- 
 
 stk. 
 
 4,6.50- 
 
 stk. 
 
 892,929- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 12,500- 
 
 stk. 
 
 12,500- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 60,000- 
 
 stk. 
 
 21,400- 
 
 gtd. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 633 
 
 30,000- 
 5,000- 
 18,862- 
 11,400- 
 51,000- 
 80,000- 
 50,000- 
 25,000- 
 52,000- 
 
 200,000- 
 66,000- 
 20,000- 
 5,000-4s 
 9,706-4s 
 5,412-4s 
 15,791-4s 
 25,000-4s 
 
 107,750-4s 
 
 100,000-4s 
 
 25,000-4s 
 
 l,200,000-4s 
 
 100,000-4s 
 
 258,475-4s 
 
 321,000-4s 
 10,000-5s 
 
 145,000-5s 
 97,500-5s 
 
 155,000-5s 
 2,312-5s 
 
 100,000-5s 
 26,937-5s 
 47,801-5s 
 6,757-6s 
 50,000-6s 
 10,000-6s 
 
 200,000-6s 
 5,000-6s 
 5,000-6s 
 10,000-6s 
 50,000-6s 
 40,000-6s 
 50,000-6s 
 76,000-6s 
 75,000-6s 
 10,000-6s 
 20,000-6s 
 10,000-6s 
 l,500,000-6s 
 25,000-6s 
 10,000-6s 
 10,000-6s 
 
 100,000-68 
 
 15,000-6s 
 
 l,128,252-6s 
 
 100,000-6s 
 40,000-6s 
 
 100,000-68 
 
 5,000-6s 
 
 10,000-6s 
 
 30,000-6s 
 
 25,000-6s 
 
 100,000-68 
 
 100,000-68 
 46,333-6s 
 
 102,000-6s 
 10,000-6s 
 
 110,000-68 
 
 stk. gtd. by D., L. & W. R. E. Niagara Fire In8. Co., N. Y. City. 
 
 stls. Norwalk Fire Insurance Company, Norwall£, Conn. * 
 
 gtd. stk. Pawtucket Institution for Savings, Pawtucket, R. I. 
 
 gtd. stk. United States Guarantee Company, N. Y. City. 
 
 stk. Queens Insurance Company of America, N. Y. City. 
 
 gtd. stk. Westcliester Fire Insurance Company, N. Y. City. 
 
 gtd. Mechanics' Savings Bank, Providence, R. I. 
 
 New York Life Ins. & Trust Co., N. Y. City. 
 
 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 
 Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 
 Safe Deposit Company of New York, N. Y. City. 
 
 Westerly Savings Bank, Westerly, R. I. 
 
 term. imp. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 term. coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 term. imp. reg. coup. Frankford R. Est, Tr. & S. D. Co., Phila., Pa. 
 
 term. coup. Lackawanna Trust & Safe Deposit Co., Scranton, Pa. 
 
 term. imp. coup. People's Bank, Wilkesbarre, Pa. 
 
 ('23) term. imp. gtd. Conn. Mutual Life Ins. Co., Hartford, Conn. 
 
 ('23) Aetna Life Insurance Company, Hartford, Conn. 
 
 ('23) Connecticut Fire Insurance Company, Hartford, Conn. 
 
 ('23) Equitable Life Assur Society of United States, N. Y. City. 
 
 ('23) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 ('23) Mutual Life Insurance Company,. N. Y. City. 
 
 ('23) term. & imp. Prudential Ins. Co. of America, Newark, N. J. 
 
 coup. People's Bank, Wilkesbarre, Pa. 
 
 ('23) Equitable Life Assur. Society of United States, N. Y. City. 
 
 ('23) 2d mtg. con. Home Life Insurance Company, N. Y. City. 
 
 ('23) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 ('23) 2d mtg. Prudential Ins. Company of America, Newark, N. J. 
 
 ('23) 2d mtg. Queens Insurance Company of America, N. Y. City. 
 
 ('23) State Mutual Life Insurance Company, Worcester, Mass. 
 
 ('23) construct. 2d mtg. United States Life Ins. Co., N. Y. City. 
 
 coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 
 reg. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 Morris County Savings Bank, Morristown, N. J. 
 
 loan. coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 
 Mechanics' Savings Bank, Hartford, Conn. 
 
 Mechanics' Savings Bank, Winsted, Conn. 
 1st mtg. Sea Insurance Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 
 Bridgeport Savings Bank, Bridgeport, Conn. 
 
 1st mtg. gtd. Continental Insurance Company, N. Y. City. 
 
 Connecticut Savings Bank, New Haven, Conn. 
 
 City Savings Bank, Meriden, Conn. 
 
 City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 Citizens' Savings Bank, Stamford, Conn. 
 
 Deep River Savings Bank, Deep River, Conn. 
 
 reg. Equitable Life Assur. Society of the U. S., N. Y. City. 
 
 Franklin Fire Insurance Company, Philadelphia, Pa. 
 
 Farmington Savings Bank, Farmington, Conn. 
 
 D., L. & W. Freestone Savings Bank, Portland, Conn. 
 
 1st. German-American Insurance Company, N. Y. City. 
 
 Lancashire Insurance Co. (Manchester, Eng.), N. Y. City. 
 
 1st mtg. New York Life Insurance Company, N. Y. City. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 New Haven Savings Bank, New Haven, Conn. 
 
 1st mtg. reg. N. B. & M. X. Co. (Lon., E., & Ed., Sc), N. Y. C. 
 
 gtd. Phoenix Insurance Company, Hartford, Conn. 
 
 Paterson Savings Institution, Paterson, N. J. 
 
 People's Savings Bank, Bridgeport, Conn. 
 
 People's Savings Bank, Providence, B, I. 
 
 1st mtg. Queens Insurance Company of America, N. Y. City. 
 
 Royal Insurance Company (Liverpool, Eng.), N. Y. City. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 Savings Bank of New London, New London, Conn. 
 
 Southport Savings Bank, Southport, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 ('21 
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634 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 NEW YORK, LAKE ERIE AND WESTERN RAILROAD. 
 
 m 
 
 2,500- stk. Dutchess County Mutual Insurance Co., Poughkeepsie, N. T. 
 50,000-4s ('28) Dk. & Imp. Co. 5th mtg. Prov. Life & Trust Co., Phila., Pa. 
 l,184,000-4s & 5s loans coup. Philadelphia Savings Fund Society, Phila., Pa. 
 50,000-44s 3d mtg. coup. Beneficial Savings Fund Society, Philadelphia, Pa. 
 l,237,000-4is loan coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 100,000-44s 3d mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 200,000-4*8 ('23) mtg. Insurance Company of North America, Phila., Pa. 
 26,110-6s coal coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 52,500-6s ('13) Dk. & Imp. Co. 1st mtg. Manhattan Life Ins. Co., Phila., Pa. 
 l,550,057-6s ('13) Dk. & Imp. Co. 1st. New York Life Ins. Co., N. Y. City. 
 197,000-6s ('13) Dk. & Imp. Co. Provident Life & Trust Co., Phila., Pa. 
 500,000-6s ('22) Equitable Life Assur. Society of United States, N. Y. City. 
 25,000-6s ('22) coal 1st mtg. g. Palatine I. Co.(Ltd.),(Man., Bng.), N. Y. C. 
 45,000-7s ('20) 1st con. g. Aetna Insurance Company, Hartford, Conn. 
 2,381 ,332-7s ('20) fst con. g. New York Life Insurance Co., N. Y. City. 
 198,574-7s ('20) Erie con. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 25,000-7s ('20) con. 1st mtg. g. Hamb.-Brem. F. Ins. Co. (Ham., G.), N. Y. C. 
 271,612-7s ('20) Erie Ry. con. 1st mtg. g. Germania Life Ins. Co., N. Y. City. 
 67,013-7s ('20) 1st con. fded. Manhattan Life Ins. Co., N. Y. City. 
 
 NEW YOiSK AND LONG BRANCH RAILROAD. 
 
 6,000- ('41) Princeton Savings Bank, Princeton, N. J. 
 
 10,000- ('41) Union County Savings Bank, Elizabeth, N. J. 
 
 30,000-4s coup. Beneficial Savings Fund Society, Philadelphia, Pa. 
 
 10,000-4s Burlington Savings Institution, Burlington, N. J. 
 
 70,000-4s Dime Savings Institution, Newark, N. J. 
 
 25,000-4s Morris County Savings Bank, Morristown, N. J. 
 
 10,000-4s ('31) Naugatuck Savings Bank, Naugatuck, Conn. 
 
 ll,000-4s ('41) Brooklyn Savings Bank, Brooklyn, Conn. 
 
 10,000-4s ('41) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 150,000-48 ('41) Franklin Savings Institution, Newark, N. J. 
 
 50,000-48 ('41) Half-Dime Savings Bank, Orange, N. J. 
 
 20,000-4s ('41) Hudson City Savings Bank, Jersey City, N. J. 
 
 10,000-48 ('41) gen. mtg. New Milford Savings Bank, New Milford, Conn. 
 
 30,000-48 ('41) Meriden Savings Bank, Meriden, Conn. 
 
 31,000-48 ('41) Mechanics' Savings Bank, Winsted, Conn. 
 
 50,000-4s ('41) Mechanics' Savings Bank, Hartford, Conn. 
 
 135,000-4s ('41) Middletown Savings Bank, Middletown, Conn. 
 
 10,000-48 ('41) Perth Amboy Savings Institution, Perth Amboy, N. J. 
 
 50,000-48 ('41) State Savings Bank, llartford, Conn." 
 
 50,000-4s ('41) Society for Savings, Hartford, Conn. 
 
 25,000-48 ('41) Waterbury Savings Bank, Waterbury, Conn. 
 
 50,000-5s ('41) Bridgeport Savings Bank, Bridgeport, Conn. 
 
 28,000-5s ('41) Comm. Un. Assur. Co. (Ltd.), (London, Eng.), N. Y. City. 
 
 100,000-58 ('41) Trenton Savings Fund Society, Trenton, N. J. 
 
 NEW YORK MIDDLE COAL FIELD RAILROAD AND COAL COMPANY. 
 
 1,500- stk. E. P. Wilbur Trust Company, South Bethlehem, Pa. 
 
 NEW YORK AND NEW ENGLAND RAILROAD. 
 
 100,000- Mechanics' Savings Bank, Providence, R. I. 
 ]0;000- Westerly Savings Bank, Westerly, R. I. 
 
 5,000-4s term. Braintree Savings Bank, South Braintree, Mass. 
 25,000-48 term. Eliot Five Cents Savings Bank, Boston, Mass. 
 50,000-4s term. Franklin Savings Banlc, Boston, Mass. 
 50,000-48 term. Franklin Savings Institution, Greenfield, Mass. 
 50,000-4s term. Greenfield Savings Bank, Greenfield, Mass. 
 
 5,000-4s term. Georgetown Savings Bank, Geor.getown, Mass. 
 25,000-48 term. Haverhill Savings Bank, Haverhill, Mass. 
 70,000-4s term. Northampton Institution for Savings, Northampton, Mass. 
 10,000-48 term. Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 635 
 
 500,000-4s term. Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 35,000-4s term. Warren Five Cents Savings Bank, Peabody Mass 
 15,000-4s term. Watertown Savings Bank, Watertown, Mass 
 t00,000-4s term. Waltliam Savings Banli, Waltham, Mass 
 95,000-4s term. Worcester Five Cents Savings Bank, Worcester, Mass 
 10,000-4s Gardner Savings Bank, Gardner, Mass. 
 50,000-4s Hampden Savings Bank, Springfield, Mass. 
 10,000-4s SLelburne Falls Savings Bank, Shelburne Falls, Mass. 
 109,118-5s ('45) con. Aetna Life Insui-ance Company, Hartford Conn 
 
 5,000-6s Athol Savings Bank, Athol, Mass. 
 290,000-6s Boston Five Cents Savings Bank, Boston, Mass. 
 
 5,000-6s Bridgewater Savings Bank, Bridgewater, Mass. 
 25,000-6s City Five Cents Savings Bank, Haverhill, Mass. 
 
 5,000.-6s Crocker Institution for Savings, Turners Falls, Mass. 
 25,000-6s Dedham Inst, for Savings, Dedbam, Mass. 
 
 8,000-6s East Boston Savings Bank, East Boston, Mass. 
 
 4,000-6s Fidelity Trust Company, Newark, N. J. 
 
 2,000-6s Gardner Savings Bank, Gardner, Mass. 
 10,000-6s I-Iolliston Savings Bank, Holliston, Mass. 
 35,000-6s Holyoke Savings Bank, Holyoke, Mass. 
 
 8,000-6s Maiden Savings Bank, Maiden, Mass. 
 18,000-6s Lynn Five Cents Savings Bank, Lynn, Mass. 
 10,000-6s Salem Five Cents Savings Bank, Salem, Mass. 
 50,000-6s Springfield Institution for Savings, Springfield, Mass. 
 
 5,000-6s South Adams Bank, Adams, Mass. 
 10,000-6s Somersworth Savings Bank, Somersworth, N. H. 
 ]6,000-6s Ware Savings Bank, Ware, Mass. 
 
 15,000-6s ('05) Aetna Life Insurance Company, Hartford, Conn. 
 25,000-6s,('05) Bangor Savings Bank, Bangor, Me. 
 
 5,000-6s ('05) Biddeford Savings Bank, Biddeford, Me. 
 
 3,000-6s ('05) Brewer Savings Bank, Brewer, Me. 
 
 2,000-6s ('05) Franklin County Savings Bank, Farmington, Me. 
 54,612-6s ('05) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 10,000-6s ('05) New Hampshire Fire Insurance Company, Manchester, N. H. 
 .50.000-6S ^ 05) 1st. Providence Institution for Savings, Providence, R. I. 
 50,000-6s ('05) 1st mtg. Portland Savings Bank, Portland, Me. 
 .35,000-68 ('05) 1st mtg. Rhode Island Hospital Trust Co., Providence, R. I. 
 
 5,000-6s ('05) Sinking Funds, Haverhill, Mass. 
 
 5,000-6g ('05) Sinking Funds, Haverhill, Mass. 
 
 6,000-6s ('05) Thomaston Savings Bank, Thomaston, Me. 
 50,000-7s Amoskeag Savings Bank, Manchester, N. H. 
 
 8,000-7s Brighton Five Cents Savings Bank, Boston, Mass. 
 10,000-7s Crocker Institution for Savings, Turners Falls, Mass. 
 25,000-7s Central Savings Bank, Lowell, Mass. 
 
 5,000-7s Cohasset Savings Bank, Cohasset, Mass. 
 26,000-7s Dedham Institution for Savings, Dedham, Mass. 
 50,000-7s East Boston Savings Bank, East Boston, Mass. 
 
 9,000-7s Fidelity Trust Comp.any, Newark, N. J. 
 25,000-7s Gardner Savings Bank, Gardner, Mass. 
 55,000-7s Home Savings Bank, Boston, Mass. 
 50,000-7s Holyoke Savings Bank, Holyoke, Mass. 
 
 50,000-7s Institution for Savings in Newburyport, etc., Newburyport, Mass. 
 ]33,000-7s Lynn Five Cents Savings Bank, Lynn, Mass. 
 75,000-7s Lynn Institution for Savings, Lynn, Mass. 
 20,000-7s New Hampshire Savings Bank, Concord, N. H. 
 75,000-7s ■ South Boston Savings Bank, South Boston, Mass. 
 300,000-7s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 84,000-7s Ware Savings Bank, Ware, Mass. 
 185,000-7s ('05) Aetna Life Insurance Company, Hartford, Conn. 
 50,000-7s ('05) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 37,150-7s ('05) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 
 l,000-7s ('05) Franklin County Savings Bank, Farmington, Me. 
 50,000-7s ('05) 1st mtg. Hartford Fire Insurance Company, Hartford, Conn. 
 20,000-7s ('05) Mutual Benefit Life Insurance Company, Newark, N. .1. 
 10,000-7s ('05) New Hampshire Fire Insurance Company, Manchester, N. H. 
 •10,000-7s ('05) 1st mtg. Niagara Fire Insurance Company, N. Y. City. 
 15,000-7s ('05) 1st mtg. Rhode Island Hospital Trust Co., Providence, R. I. 
 
636 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 l,000-7s ('05) Sinking Funds, Haverhill, Mass. 
 
 9,000-7s ('05) Sinking Funds, Haverhill, Mass. 
 
 2,000-7s ('05) Saco Savings Bank, Saco, Me. 
 
 5,000-7s ('05) reg. South Berwick Savings Bank, South Berwick, Me. 
 
 10,662-7s ('05) State Mutual Life Assurance Company, Worcester, Mass. 
 
 2,000- 7s ('05) Thomaston Savings Bank, Thomaston, Me. 
 
 NEW YORK, NEW HAVEN AND HABTFOBD EAILROAD. 
 
 622,304- stk. Aetna Life Insurance Company, Hartford, Conn. 
 
 187,500- stk. Aetna Insurance Company, Hartford, Conn. 
 
 1,000- stk. Barnstable County Mutual Fire Ins. Co., Yarmouthport, Mass. 
 
 30,000- stk. Boston Insurance Company, Boston, Mass. 
 
 1,000- stk. Camden Savings Bank, Roclcport, Me. 
 
 30,000- stk. China Mutual Insurance Company, Boston, Mass. 
 
 100,000- stk. Continental Insurance Company, N. Y. City. 
 
 27,593- stk. Connecticut General Life Insurance Co., Hartford, Conn. 
 
 40,493- stk. Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 
 37,500- stk. Connecticut Fire Insurance Company, Hartford, Conn. 
 
 250,000- stk. Equitable Life Assur. Society of U. S., N. Y. City. 
 
 5,000- stk. Exeter Banking Company, Exeter, N. H. 
 
 39,000- stk. German-American Insurance Company, N. Y. City. 
 
 2,500- stk. Fitchburg Mutual Fire Insurance Company, Fitchburg, Mass. 
 
 50,000- stk. Home Insurance Company, N. Y. City. 
 
 187,500- stk. Hartford Fire Insurance Company, Hartford, Conn. 
 
 23,125- stk. Hartford Steam Boiler Inspect. & Ins. Co., Hartford, Conn. 
 
 5,500- stk. Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 10,000- stk. India Mutual Insurance Company, Boston, Mass. 
 
 6,300- stk. Kingston Savings Bank, Kingston, R. I. 
 
 12,500- stk. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
 12,500- stk. Manchester Savings Bank, Manchester, N. H. 
 
 173,134- stk. Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 12,500- stk. Middletown Savings Banli, Middletown, Conn. 
 
 2,661,703- stk. Mutual Life Insurance Company, N. Y. City. 
 
 35,000- stk. Morristown Trust Company, Morristown, N. J. 
 
 10,000- stk. New York Fire Insurance Company, N. Y. City. 
 
 40,000- stk. New Hami)shire Fire Insurance Company, Manchester, N. H. 
 
 43,306- stk. New England Mutual Life Insurance Co., Boston, Mass. 
 
 5,000- stk. . Nashua Trust Company, Nashua, N. H. 
 
 75,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 80,400- stk. Orient Insurance Company, Hartford, Conn. 
 
 5,600- stk. Pawtucket Institution for Savings, Pawtucket, R. I. 
 
 150,000- stk. Phoenix Insurance Company, Hartford, Conn. 
 
 10,359- stk. Phoenix Mutual Life Insurance Company, Hartford, Conn. 
 
 15,600- stk. Providence Mutual Fire Insurance Company, Worcester, Mass. 
 
 25,(K)0- stk. Portsmouth Savings Bank, Portsmouth, Me. 
 
 101,020- stk. State Mutual Life Assurance Company, Worcester, Mass. 
 
 23,500- stk. Savings Bank of New London, New London, Conn. 
 
 41,300- stk. Saco & Biddeford Savings Institution, Saco, Me. 
 
 205,000- stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 51,000- stk. Society for Savings, Hartford, Conn. 
 
 7,378- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 2,500- stk. Union Five Cents Savings Bank, Exeter, N. H. 
 
 20,912- stk. Union Mutual Life Insurance Company, Portland, Me. 
 
 70,000- stk. Strafford Savings Bank, Dover, N. H. 
 
 1,200- stk. Wiscasset Savings Bank, Wiseasset, Me. 
 
 6,000- Cotton & Woollen Mnfrs.' Mutual Insurance Co., Boston, Mass. 
 
 25,000- Fifth Avenue Trust Company, N. Y. City. 
 
 7,050- con. deb. ctfs. Kingston Savings Bank, Kingston, R. I. 
 
 2,000- Industrial Mutual Insurance Company, Boston, Mass. 
 
 10,000- Island Savings Bank, Newport, R. I. 
 
 10,000- National Safe Deposit Company, N. Y. City. 
 
 25,000- New York Life Insurance and Trust Company, N. Y. City. 
 
 5,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 
 2,300- Pawtucket Institution for Savings, Pawtucket, R. I. 
 
 2,000- Rubber Manufacturers' Mutual Insurance Company, Boston, Mass. 
 
 10,000- Worcester Mutual Fire Insurance Company, Worcester, Mass. * 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 637 
 
 25,000-4s Andover Savings Bank, Andover, Mass. 
 631,288-4s deb. Aetna Life Insurance Company, Hartford, Conn. 
 
 5,000-4s Belmont Savings Bank, Belmont, Mass. 
 10,000-4s Brookline Savings Bank, Brookline, Mass. 
 50,000-4s Bristol County Savings Bank, Taunton, Mass. 
 2p,000-4s Canton Institution for Savings, Canton, Mass. 
 
 5,000-4s Cheshire County Savings Bank, Keene, N. H. 
 15,000-4s Clinton Savings Bank, Clinton, Mass. 
 25,000-4s Chelsea Savings Bank, Chelsea, Mass. 
 25,000-4s Charlestown Five Cents Savings Bank, Boston, Mass. 
 50,000-4s City Institution for Savings, Lowell, Mass. 
 
 5,000-4s County Savings Bank, Chelsea, Mass. 
 10,000-4s Crocker Institution for Savings, Turners Palls, Mass. 
 50,000-4s Dedham Institution for Savings, Dedham, Mass. 
 10,000-4s East Boston Savings Bank, East Boston, Mass. 
 50,000-4s Essex Savings Bank, Lawrence, Mass. 
 50,000-4s Franklin Savings Institution, Greenfield, Mass. 
 20,000-4s Fall River Savings Bank, Fall River, Mass. 
 150,000-4s Franklin Savings Bank, Boston, Mass. 
 25,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 10,000-4s Great Barrington Savings Bank, Gt. Barrington, Mass. 
 50,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 20,000-4s liee Savings Bank, Lee^ Mass. 
 25,000-4s Mechanics' Savings Bank, Lowell, Mass. 
 10,000-4s Monson Savings Bank, Monson, Mass. 
 
 10,000-4s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 50,000-4s Northampton Institution for Savings, Northampton, Mass. 
 30,000-4s deb. ctf s. National Fire Insurance Company, Hartford, Conn. 
 
 5,000-4s Orange Savings Bank, Orange, Mass. 
 75,000-4s deb. Providence-Washington Insurance Co., Providence, R. I. 
 100,000-4s Provident Institution for Savings, etc., Boston, Mass. 
 50,000-4s Provident Institution for Savings, etc., Ainesbury, Mass. 
 
 2,500-4s deb. Phoenix Mutual Life Insurance Company, Hartford, Conn. 
 
 5,000-4s People's Savings Bank, Brockton, Mass. 
 100,000-4s People's Savings Bank, Worcester, Mass. 
 20,000-4s deb. Portsmouth Savings Bank, Portsmouth, N. H. 
 390,000-4s Springfield Institution for Savings, Springfield, Mass. 
 15,000-4s Salem Five Cents Savings Bank, Salem, Mass. 
 50,000-4s Springfield Five Cents Savings Bank, Springfield, Mass. 
 150,000-4s Strafford Savings Bank, Dover, N. H. 
 50,000-4s deb. Union Trust Company, Providence, R. I. 
 
 2,000-4s Union Five Cents Savings Bank, Exeter, N. H. 
 10,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 
 5,000-4s West Newton Savings Bank, West Newton, Mass. 
 100,000-4s Worcester County Institution for Savings, Worcester, Mass. 
 75,000-4s ('03) conv. deb. Aetna Insurance Company, Hartford, Conn. 
 
 2,000-4s ('0.3) Canaan Savings Bank, Canaan, Conn. 
 165,000-4s ('03) Connecticut Savings Bank, New Haven, Conn. 
 15,817-4s (03) deb. Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 20,000-4s ('03) Citizens' Savings Bank, Stamford, Conn, 
 75,000-4s ('03) conv. deb. Hartford Fire Insurance Co., Hartford, Conn. 
 10,000-4s ('03) Milford Savings Bank, Milford, Conn. 
 20,000-4s ('03) National Bank of New Haven, New Haven, Conn. 
 
 5,000-4s ('03) Middletown Savings Bank, Middletown, Conn. 
 
 8,000-4s ('03) New Haven Savings Bank, New Haven, Conn. 
 
 5,000-4s ('03) People's Savings Bank, Bridgeport, Conn. 
 75,000-4s ('03) deb. Phoenix Insurance Company, Hartford, Conn. 
 
 6,200-4s ('03) con. deb. ctfs. Providence Mut F. Ins. Co., Providence, R. I. 
 
 9,300-4s ('03) Savings Bank of New London, New London, Conn. 
 10,000-4a ('03) Savings Bank of New London, New London, Conn. 
 60,000-4s ('03) con. deb. Springfield F. and M. Ins. Co., Springfield, Mass. 
 30,000-4s ('03) reg. Stamford Savings Bank, Stamford, Conn. 
 
 5,000-4s ('03) Savings Bank of Ansonia, Ansonia, Conn. 
 
 7,500-4s ('03) convert, deb. Saco & Biddeford Savings Inst., Saco, Mo. 
 83,272-4s ('03) con. deb. ctfs. Travelers' Insurance Co., Hartford, Conn. 
 lo,000-4s ('03) Torrington Savings Bank, Torrington, Conn. 
 
638 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 2,000-4s ('03) Waterbury Saviugs Bank, Waterbui-y, Comi. 
 
 30,000-4s ('03) Wlnsted Savings Bank, Winsted, Conn. 
 
 9,454-4s ('03-'08) con. deb.'ctfs. Conn. Gen. Life Ins. Co., Hartford, Conn. 
 
 20,000-4s ('08) deb. convert. Contipental Insurance Co., N. T. City. 
 
 20,000-4s ('08) convert. ('03) deb. ctfs. German- Amer. Ins. Co., N. Y. City. 
 
 7,693-4s ('08) deb. Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 50,000-4s ('08) convrt. deb. ctfs. Hanover Fire Insurance Co., N. T. City. 
 
 l,941,289-4s ('08) Mutual Life Insurance Company, New York City. 
 
 ll,500-4s ('08) New England Mutual Life Ins. Co., Boston, Mass. 
 
 32,000-4s ('08) convert. Orient Insurance Co., Hartford, Conn. 
 
 200,000-4s ('08) convert, deb. Rhode Island Hospital Tr. Co., Providence, E. I. 
 
 20,000-4s ('08) Society for Savings, Hartford, Conn. 
 
 56,010-4s ('08) convert. State Mutual Life Assur. Co., Worcester, Mass. 
 
 40,000-4s ('08-'47) deb. ctfs. Connecticut Fire Ins. Co., Hartford, Conn. 
 
 90,000-4s ('23) Society for Savings, Hartford, Conn. 
 
 25,000-4s ('47) Hartford Life Insurance Company, Hartford, Conn. 
 
 100,000-4s ('47) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 134,493-4s ('47) New England Mutual Life Insurance Co., Boston, Mass. 
 
 50,000-4s ('47) deb. People's Savings Bank, Providence, R. I. 
 
 150,000-4s ('47) deb. Providence Inst, for Savings, Providence, R. I. 
 
 50,000-4s ('47) deb. Rhode Island Hospital Tr. Co., Providence, R. I. 
 500,000-4is (1900) Aetna Life Insurance Company, Hartford, Conn. 
 
 45,000- Bos. & Prov. stk. New England Mutual Life Ins. Co., Boston, Mass. 
 
 50,000-5s ('20) Dan. & Nor. City Sav. Bank of Bridgeport, Bridgeport, Conn. 
 
 25,000-4s ('42) N. Y., P. & B. City Sav. Bk. of Bridgeport, B'port, Conn. 
 
 127,500- Norwich & Worcester pf. N. Eng. Mut. L. Ins. Co., Boston, Mass. 
 
 NEW YOBK, ONTARIO AND WESTERN RAILBOAD. 
 
 2,700- Stk. Camden Savings Bank, Rockport, Me. 
 7,000- Holyoke Mutual Fire Insurance Co., Salem, Mass. 
 10,000- Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 100,000- rfdg. mtg. New York Life Ins. & Tr. Co., New York City. 
 26,187- Pawtucket Inst for Savings, Pawtucket, R. I. 
 12,000- Real Estate Trust Company, New York City. 
 300,000- Union Trust Company of New York, New York City. 
 4,206-4s coup. Citizens' Bank, Freeland, Pa. 
 25,000-4s Hamilton Insurance Company, New York City. 
 20,500-4s coup. Hanover Saving Fund Society, Hanover, Pa. 
 10,O0O-4s Norway Plains Savings Bank, Rochester, N. H. 
 10,000-4s Passaic Trust & Safe Deposit Co., Passaic, N. J. 
 35,016-4s coup. Wayne County Savings Bank, Honesdale, Pa. 
 
 mtg. coup. Wilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 Berkshire Fire Insurance Co., Pittsfleld, Mass. 
 rfdg. mtg. g. Caledonia-American Ins. Co., N. Y. City. 
 Equitable Life Assur. Society of United States, N. Y. City. 
 State Mutual Life Assurance Co., Worcester, Mass. 
 Mutual Benefit Life Insurance Co., Newark, N. J. 
 rfdg. g. New York Life Ins. Co., New York City. 
 10,000-5s Passaic Trust & Safe Deposit Co., Passaic, N. J. 
 l,284,410-5s (1900-'ll) 1st g. New York Life Ins. Co., New York City. 
 
 NEW YORK, PHILADELPHIA AND NORFOLK RAILROAD. 
 
 25,000- Manhattan Trust Company, New York City. 
 208,000-4s 1st mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 52,000-4s coup. Girard Trust Company, Philadelphia, Pa. 
 
 l,000-4s 1st mtg. coup. Lancaster Trust Co., Lancaster, Pa. 
 25,000-4s ('39) 1st mtg. g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 30,000-4s ('39) inc. mtg. Spring Garden Ins. Co., Philadelphia, Pa. 
 25,000-4s ('39) 1st mtg. Spring Garden Ins. Co., Philadelphia, Pa. 
 
 NEW YORK, PROVIDENCE AND BOSTON BAn.UOAD. 
 
 10,000- Arkwright Mutual Fire Ins. Co., Boston, Mass. 
 10,000- Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 6,000-4s Bristol Inst, for Savings, Bristol, R. I. 
 12,000-4s Salem Savings Bank, Salem, Mass. 
 
 15,000-4s 
 
 rfdg. 
 
 9,309-4s 
 
 ('92) 
 
 5,000-4s 
 
 ('92) 
 
 l,000,000-4s 
 
 ('92) 
 
 50,000-4s 
 
 ('92) 
 
 100,000-4s 
 
 ('92) 
 
 l,748,108-4s 
 
 ('92) 
 
DUTIES AND POWEKS OP INTERSTATE COMMEBCE COMMISSION. 639 
 
 10,000-4r Warren Inst, for Savings, Warren, R. I. 
 
 20.000-4S ( '01 ) Savings Banit of New London, New London, Conn. 
 
 2,000-4k ('01) Moodus Savings Banlc, Moodus, Conn. 
 
 50,000-4s ('01) Society for Savings, Hartford, Conn. 
 
 50,000-'Js ('01) Waterbury Savings Banli, Waterbury, Conn. 
 
 300,000-4s ('01-'42) Providence Inst, for Savings, Providence, R. I. 
 
 14,000-4s ('42) Connecticut Savings Bank, New Haven, Conn. 
 
 l,000-4s ('42) Deep River Savings Banlt, Deep River, Conn. 
 
 13,000-4s ('42) Litchfield Savings Society, Litclifield, Conn. 
 
 5,000-4s ('42) Milford Savings Bank,'Milford, Conn. 
 
 25,000-4s ('42) Mariners' Savings Bank, New London, Conn. 
 
 ll,000-4s ('42) New Haven Savings Bank, New Haven; Conn. 
 
 10,000-4s ('42) Waterbury Savings Bank, Waterbury, Conn. 
 
 NEW YOBK AND PUTNAM RAILROAD. 
 
 25,00O-4s ('93) 1st mtg. Atlas Assurance Co. (London, Eng.), Cliicago, 111. 
 50,000- 1st mtg. g. Indem. Mut. M. A. Co. (Ltd.) (Lon., Eng.), N. Y. City. 
 
 NEW YORK AND ROCKAWAY BEACH RAILROAD. 
 
 50,000-5s 1st mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 10,47Y-5s coup. Wayne County Savings Bank, Honesdale, Pa. 
 29,000-5s ('27) Bangor Savings Bank, Bangor, Me. 
 10,000-5s ('27) Belfast Savings Bank, Belfast, Me. 
 3,000-5s ('27) Bridgton Savings Bank, Bridgton, Me. 
 
 NEW YORK, SrSQDEHANNA AND WESTERN RAILROAD. 
 
 25,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 3,000- ('37) 1st rfdg. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 92,625-44s ('37) 2d mtg. Manhattan Life Insurance Co., N. Y. City. 
 
 5,120-5s term. 1st mtg. coup. Dep. & Sav. Bank of Kingston, Kingston, Pa. 
 
 27,141-5s term. 1st mtg. g. Fidelity Mut. Life Ins. Co., Philadelphia, Pa. 
 
 8,000-5s term. Silk City Safe Dep. & Trust Co., Paterson, N. J. 
 
 112,000-5s term. coup. Western Sav. Fund Society, Philadelphia, Pa. 
 
 3,000-5s 1st mtg. reg. g. Norwalk Fire Insurance Co., Norwalk, Conn. 
 
 5,000-5s Passaic Trust & Safe Dep. Co., Passaic, N. J. 
 
 5,000-5s coup. Pennsylvania Trust Company, Reading, Pa. 
 
 5,000-5s coup. People's Bank, Wilkesbarre, Pa. 
 
 5,000-5s rfdg. coup. White Haven Savings Bank, White Haven, Pa. 
 
 10,000-5s 1st mtg. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 
 10,050-5s ('37) Berkshire Fire Insurance Co., Pittsfleld, Mass. 
 
 25,000-5s ('37) 1st. German- American Insurance Company, N. Y. City. 
 
 100,000-5s ('37) Mutual. Benefit Life Insurance Co., Newark, N. J. 
 
 226,470-5s ('37) 1st rfdg. g. New York Life Insurance Co., N. Y. City. 
 
 101,138-5s ('39) 1st rfdg. Manhattan Life Insurance Company, N. Y. City. 
 
 10,637-5s ('39) New York Plate Glass Insurance Company, N. Y. City. 
 
 25,000-5s ('43) term. 1st mtg. Aetna Insurance Co., Hartford, Conn. 
 
 ]5,000-5s ('43) term. 1st mtg. American Insurance Co., Newark, N. J. 
 
 25,000-5s ('43) term. 1st mtg. Hanover Fire Insurance Co., N. Y. City. 
 
 25,000-5s ('43) term. 1st. German- American Insurance Co., N. Y. City. 
 
 10,000-5s ('43) term. Merchants' Insurance Company, Newark, N. J. 
 
 50,000-5s ('43) Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 100,CiOO-5s ('43) term. 1st mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 50,000-5s ('43) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 
 25,000-5s ('43) Portland Savings Bank, Portland, Me. 
 
 8,000-6s con. coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 NODAWAY VALLEY RAILROAD. 
 
 12,000-7s New Hampshire Savings Bank, Concord, N. H. 
 5,000-7s National Fire Insurance Company, Hartford, Conn. 
 6,000- Westerly Savings Bank, Westerly, R. I. 
 
 NORFOLK AND PETERSBURGH RAILROAD. 
 
 13 130-5S coup. Saving Fund Society of Germantown, etc., Philadelphia, Pa. 
 2oio00-5s (1900) Mutual Benefit Life Ins. Co., Newark, N. J. 
 
640 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 NOBFOLK AND POKTSMOUTH BELT LINE RAILROAD^ 
 
 25,000- 1st. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 50,000-5s 1st mtg. coup. Fidelity Ins., Tr. & Safe Dep. Co., Philadelphia, Pa. 
 
 NORFOLK AND SOUTHERN RAILROAD. 
 
 50,000- 1st. Long Island Loan & Trust Company, Brooklyn, N. ¥. 
 10,000-5s ('19) Rockland Savings Bank, Rockland, Me. 
 25,000-5s ('41) Paterson Savings Institution, Paterson, N. J. 
 53,500-5s ('41) 1st. Home Life Insurance Company, N. Y. City. 
 
 NORFOLK TERMINAL AND TRANSPORTATION COMPANY. 
 
 104,625-5s ('48) Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 
 NORFOLK AND WESTERN RAILROAD. 
 
 50,000- pf. Binghamton Trust Company, Binghamton, N. Y. 
 13,925- pf. County Savings Bank & Trust Co., Scranton, Pa. 
 
 2,450- pf. Easton Trust Company, Baston, Pa. 
 
 4,170- pf. reg. 1st cons. coup. Hanover Sav. Fund Soc, Hanover, Pa. 
 10,000- pf. adj. Industrial Trust Company, Providence, R. I. 
 13,825- pf. Integrity Title, Ins. Tr. & Safe Dep. Co., Philadelphia, Pa. 
 
 5,000-4s pf. reg. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 2,000- pf. Mechanics' Savings Bank, Westerly, R. I. 
 14,194- pf. Miners' Savings Bank, Wilkesbarre, Pa. 
 15,400- pf. adj. National Fire Insurance Company, Hartford, Conn. , 
 30,000- pf. adj. Provident Life & Trust Co., Philadelphia, Pa. 
 10,000- pf. Security Insurance Company, Nevif Haven, Conn. 
 10,000- Binghamton Trust Company, Binghamton, N. T. 
 
 9,975- coup. bds. & reg. stk. Carb. Min. & Mech. Sav. Bk., Carbondale, Pa. 
 
 4,000- Mechanics' Savings Bank, Westerly, R. I. 
 18,690- 1st con. mtg. Nederland (Ltd.) Lia. L. Ins. Co., (Amsterdam, Hoi.), 
 
 N. Y. City. 
 10,(XX)- stk. Orient Insurance Company, Hartfprd, Conn. 
 
 1,000- ext. So. Side Presbyterian Ministers' Fd., Philadelphia, Pa. 
 150,000- 1st con. mtg. Mercantile Trust Company, N. Y. City. 
 10,000- Union Trust Company of Rochester, Rochester, N. Y. 
 
 5,000- Westchester Trust Company, Yonkers, N. Y. 
 
 9,000-4s 1st mtg. coup. Albertson Trust & S. Dep. Co., Norristown, Pa. 
 
 9,184-4s 1st con. coup. Anthracite Sav. Bank, Wilkesbarre, Pa. 
 
 4,606-4s 1st con. mtg. coup. Citizens' Bank, Freeland, Pa. 
 
 9,512-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 4,568-4s coup. Doylestovcn Trust Company, Doylestown, Pa. 
 26,975-4s 1st con. mtg. coup. Easton Trust Co., Easton, Pa. 
 
 4,762-4s 1st con. mtg. reg. coup. Frankford R. Est., Tr. & S. D. Co., Phil., Pa. 
 ip,000-4s 1st con. mtg. Industrial Trust Company, Providence, R. I. 
 3i,000-4s 1st con. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 ll,000-4s 1st con. mtg. National Fire Insurance Co., Hartford, Conn. 
 
 4,700-4s coup. Pennsylvania Trust Company, Reading, Pa. 
 
 9,480-4s consols coup. Scranton Savings Bank, Scranton, Pa. 
 
 9,287-4s con. coup. Security Title & Trust Company, York, Pa. 
 
 5,000-4s Standard Finance and Trust Company, Jersey City, N. J. 
 
 9,612-4s coup. Warren Savings Bank, Warren, Pa. 
 
 9,212-4s coup. Warren Savings Banlf, Warren, Pa. 
 18,850-4s coup. Wayne County Savings Bank, Honesdale, Pa. 
 10,000-4s ('96) g. American Union Life Insurance Company, N. Y. City. 
 25,000-4s ('96) Connecticut Fire Insurance Company, Hartford, Conn. 
 18,450-4s ('96) Connecticut General Life Insurance Co., Hartford, Conn. 
 500,000-4s ('96) Equitable Life Assur. Society of United States, N. Y. City. 
 10,000-4s ('96) Eastern Insurance Company, New York City. 
 10,000-4s ('96) reg. Indemnity Fire Insurance Coinpany, N. Y. City. 
 10,000-4s ('96) Orient Insurance Company. Hartford, Conn. 
 77,300-4s ('96) 1st con. coup. g. Penn. Jlut. Life Ins. Co., Philadelphia, Pa. 
 25,000-4s ('96) 1st mtg. cons, mtg, Niagara Fire Ins. Co., N. Y. City. 
 
DUTIES AND POWEKS OF INTERSTATE COMMEECE COMMISSION. 64.1 
 
 10000 5s '04 ont r3T^''',*^''«'' ^"^ Insurance Co., Philadelphia, Pa. 
 
 ^'onnt« Mo^ ?P*Vv.?'"^'^i*°? Savings Bank, Rockland, Me. 
 ^onn1« .10 ^^°^^^Y ^^^".^^ '^'^°'^' Boothbay Harbor, Me. 
 
 oa^i <^^> Thomaston Savings Bank, Thomaston, Me. 
 
 ?n nnnlf ^*'"" T^' ^^^kawanna Tr. & S. Dep. Co., Scranton, Pa. 
 i^onm1= ?°- «*^- ^T?"P\ '}^'"^''^' S^^'^ss Bank, Wilkesbarre Pa 
 ^nn^l ^o7,^'^- °'r- l^t ™tS- coup. Fid. Ins. Tr. & S. Dep. Co., Phlla., Pa. 
 
 R7 0^1^ ll f"--?"^^- A^^°f Insurance Company, Hartford, Conn. ' 
 
 9n^"R« -qI Equitable Life Assur. Society of United States, N. Y. City. 
 
 J0,000-6s ( 34) imp. & ext. loan. Sun Ins. Office (London, Bng.), N. Y. City. 
 
 NORTH CAROLINA BAIiaOAD. 
 
 10,000-5s ('38) Fidelity Fire Insurance Co., Baltimore, Md. 
 
 NORTH EAST PENNSYLVANIA RAILROAD. 
 
 95,000-5s ('20) coup. g. mtg. gtd. Penn Mutual Life Ins. Co., Philadelphia, Pa. 
 
 NORTHERN CANAL RAILROAD. 
 
 20,000-6s (1900) Reliance Insurance Company, Philadelphia, Pa. 
 
 NORTHERN CENTRAL RAILROAD COMPANY. 
 
 45,062- stk. Fidelity Ins., Tr. & Safe Dep. Co., Philadelphia, Pa 
 3.000,200- stk. General Fund, State of North Carolina. 
 
 15,000- stk. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 10,500- stk. United Fire Insurance Company, Baltimore, Md. 
 4,000- Presbyterian Ministers' Fund, Philadelphia, Pa. 
 1,500,000- mtg. State of Maryland. 
 168,000- ('04) gen. mtg. Fire Association of Philadelphia, Philadelphia, Pa. 
 8,000-4^8 gen. mtg. Farmers' Fire Insurance Company, York, Pa. 
 12,358-4^8 coup. Savings Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 10,000-4^8 ('25) con. Franklin Fire Insurance Co., Philadelphia, Pa. 
 10,000-4^8 ('28) Insurance Company of the State of Penn., Philadelphia, Pa. 
 l,110,000-4i, 5 & 68 reg. loan coup. Phila. Sav. Fund Soc, Philadelphia, Pa. 
 l,000-5s ser. A. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 4,000-58 2d gen. mtg. series B. coup. Fire Ins. Co., of County of Philadel- 
 phia, Philadelphia, Pa. 
 6,000-5s 2d gen. mtg. series A. coup. Fire Ins. Co. of County of Philadel- 
 phia, Philadelphia, Pa. 
 105,000-5s ('06) gen. mtg. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 15,000-5s ('26) 2d mtg. series B. Franklin Fire Insurance Co., Phila,., Pa. 
 18,000-Os gen. mtg. Farmers' Fire Insurance Company, York, Pa. 
 20,500-6s mtg. Northern Sav. Fund, S. Dept. &"Tr. Co., Philadelphia, Pa. 
 25,482-6s coup. Savings Fund Society of Germantown, etc., Phila., Pa. 
 20,000-68 con. mtg. coup. Western Savings Fund Society, Phila., Pa. 
 15,000-6s (1900) con. mtg. g. Franklin Fire Insurance Company, Phila., Pa. 
 10,000-6s (1900) con. Insurance Company of North America, Phila., Pa. 
 5,000-68 (1900) Reliance Insurance Company, Philadelphia, Pa. 
 15,000-68 ('04) con. American Fire Insurance Company, Philadelphia, Pa. 
 14,000-68 ('04) gen. mtg. g. Franklin Fire Insurance Company, Phila., Pa. 
 6,000-6s ('04) con. gen. mtg. g. Franklin Fire Ins. Co., Philadelphia, Pa. 
 ll,000-6s ('04) con. gen. mtg. Insurance Co. of North America, Phila., Pa. 
 8,000-6s ('04) Lane. Ins. Co. (Manchester, Eng.), New York City. 
 12,000-6s ('04) con. mtg. Pennsylvania Fire Insurance Co., Phila., Pa. 
 119,000-68 ('04) sterl. Provident Life & Trust Co., Philadelphia, Pa. 
 5,000-68 ('04) Reliance Insurance Company, Philadelphia, Pa. 
 10,000-68 ('04) con. gen. mtg. series C. United Firemen's Ins. Co., Phila., Pa. 
 6,000-7s reg. Harrisburg Trust Company, Harrisburg, Pa. 
 2,430- 7s reg. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 BT— 05 41 
 
 !:■... 
 
642 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 NOETHEKN ILLINOIS BAILEOAD. 
 
 9,000-5s Union Savings Bank, Patchogue, N. Y. 
 
 5,000-5s ('10) Derby Savings Banlt, Derby, Conn. 
 
 5,000-5s ('10) Essex Savings Banli, Essex, Conn. 
 
 12,000-5s ('10) Meriden Savings Bank, Meriden, Conn. 
 
 26,750-5s ('10) 1st mtg. g. Metropolitan Life Insurance Company, N. T. C. 
 
 100,000-5s ('10) New England Mutual Life Insurance Company, Boston, liass. 
 
 48,000-5s ('10) New Haven Savings Bank, New Haven, Conn. 
 
 4,000-5s ('10) Newtown Savings Bank, Newtown, Conn. 
 
 20,000-5s ('10) Society for Savings, Hartford, Conn. 
 
 10,000-5s ('10) Union Savings Bank, Danbury, Conn. 
 
 498,20S-5s ('10) 1st gtd. by C. & N. W. New York Life Ins. Co., N. Y, City. 
 
 NORTHERN NEW HAMPSHIRE RAILROAD. 
 
 3,300- stk. Dartmouth Savings Bank, Hanover, N. H. 
 
 2,000- stk. Exeter Banking Company, Exeter, N. H. 
 
 7,600- stk. Franklin Savings Bank, Franklin, N. H. 
 
 5,000- stk. Loan & Trust Savings Bank, Concord, N. H. 
 
 2,300- stk. Merrimack River Savings Bank, Manchester, N. H. 
 
 4,200- stlc. Merrimack County Savings Bank, Concord, N. H. 
 
 21,300- stk. New Hampshire Bank, Concord, N. H. 
 
 13,000- stk. New Hampshire Fire Insurance Company, Manchester, N. H. 
 
 27,500- stk. Newport Savings Bank, Newport, N. H. 
 
 14,200- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 57,300- stk. Strafford Savings Bank, Dover, N. H. 
 
 2,300- stk. Union Guaranty Savings Bank, Concord, N. H. 
 
 4,000- stk. Wolfeborough Loan & Banking Company, Wolfeborough, N. H. 
 
 400- stk. Wiscasset Savings Bank, Wiscasset, Me. 
 
 NORTHERN OHIO RAILROAD. 
 
 5,023- stk. Trust Company of North America, Philadelphia, Pa. 
 
 50,000- Mechanics' Savings Banlt, Providence, R. I. 
 
 10,000- People's Savings Bank, Woonsocket, R. I. 
 
 5,000-5s ('45) Fairfield Savings Bank, Fairfield, Me. 
 
 505,927-5s ('45) 1st mtg. inc. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 154,125-5s ('45) State Mutual Life Assurance Company, Worcester, Mass. 
 
 51,500-5s ('45) L. E. & W. 1st mtg. g. Germania Life Ins. Co., N. Y. City. 
 
 NORTHERN PACiriC RAILROAD. 
 
 6,500- cm. Norway Plains Savings Bank, Rochester, N. H. 
 
 50,000- pf. American Fire Insurance Company, New York City. 
 
 15,000- pf. American Fire Insurance Company, Philadelphia, Pa. 
 
 10,000- pf. Binghamton Trust Company, Binghamton, N. Y. 
 
 14,900- pf. Brooklyn Life Insurance Company, New York City. 
 
 36,203- pf. Citizens' Bank, Santa Clara, Cal. 
 
 1,147- pf. Citizens' Bank, Freeland, Pa. 
 
 200,000- pf. Continental Insurance Company, New York City. 
 
 10,000- pf. German Alliance Insurance Company, New York City. 
 
 100,000- pf. German-American Insurance Company, New York City. 
 
 2,500- pf. coup. reg. Hanover Saving Fund Society, Hanover, Pa. 
 
 55,000- pf. stk. tr. ctfs. Hanover Fire Insurance Company, New York City. 
 
 1,603- pf. gen. loan coup. Hamburg Savings Bank, Hamburg, Pa. 
 
 2,416- pf. John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 1,200- pf. Kennebunk Savings Bank, Kennebunk, Me. 
 
 1,200- pf. Laconia Savings Bank, Laconia, N. H. 
 
 4,294- pf. Lloyd's Plate Glass Insurance Company, New York City. 
 
 25,000- pf. Manchester Savings Bank, Manchester, N. H. 
 
 5,000- pf. Mechanics' 'Savings Bank, Manchester, N. H. 
 
 10,000- pf. Merrimack River Savings Bank, Manchester, N. H. 
 
 40,000- pf. reg. Miners' Savings Bank, Pittston, Pa. 
 
 7,500- pf. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 7,500- pf. Mechanics' Savings Bank. Providence, R. I. 
 
 12,500- pf. New Hampshire Savings Bank, Concord, N. H. 
 
 100,000- pf. Niagara Fire Insurance Company, New York City. 
 
 8,100- pf. Pawtucket Institute for Savings, Pawtucket, R. I. 
 
DUTIES AND POWEKS OP INTEKSTATE COMMBECE COMMISSION. 643 
 
 100,000- pf. People's Trust Compeny, Brooklvn, N. Y. 
 "'^^•HS" P*- Pi"ovi'3e"t Life & Trust Company, Philadelphia, Pa. 
 50,000- pf. Real Estate Trust Company, New York City. 
 
 3,500- pf. Scranton Savings Bank, Scrantbn, Pa. 
 10,000- pf. Security Insurance Company, New Haven, Conn. 
 10,000- pf. Security Insurance Company, New Haven, Conn. 
 
 5,000- pf. Wakefield Trust Company, Wakefield, R. I. 
 
 1,700- pf. Wiscasset Savings Bank, Wiscasset, Me. 
 
 2,500- stk. Loan and Trust Savings Bank. Concord, N. H. 
 16,200- stk. Peterborough, Savings Bank, Peterborough, N. H. 
 16,500- stk. Travelers' Insurance Company, Hartford, Conn. 
 100,000- Brooklyn Trust Company, Brooklyn, N. Y. 
 100,000- Fifth Avenue Trust Company, New York City. 
 
 5,000- People's Savings Bank, Woonsocket, R. I. 
 25,000- Security Trust Company of Rochester, Rochester, N. Y. 
 15,000- Thuringia-American Fire Insurance Company, New York City. 
 25,000- " United States Lloyds," New York City. 
 45,000- gen. Real Estate Trust Company, New York City. 
 75,000- land war. Farmers' Loan & Trust Company, New York City. 
 1,190,000- Id. gt. New York Security and Trust Company, New York City. 
 1,000,000- pr. lien. United States Trust Company of New York, N. Y. City. 
 15,500- gen. lien. Mechanics' Savings Bank, Providence, R. I. 
 34,000- ('97) lien. Fire Association of Philadelphia, Philadelphia, Pa. 
 
 3,800-3s gen. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
 2,500-3s gen. lien. Bristol Savings Bank, Bristol, N. H. 
 29,362-3s gen. lien. g. Brooklyn Life Insurance Company, N. Y. City. 
 
 l,635-3s coup. Citizens' Bank, Freeland, Pa. 
 
 l,700-3s gen. lien. County Savings Bank and Trust Co., Scranton, Pa. 
 12,876-3s gen. lien & Id. gt. g. coup. Easton Trust Co., Easton, Pa. 
 
 9,000-3s gen. lien coup. Integrity Title, Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 9,000-3s pr. lien coup. Lansdale Trust & S. Dep. Co., Lansdale, Pa. 
 
 5,000-3s Loan and Trust Savings Bank, Concord, N. H. 
 
 2,500-3s gen. lien. Laconia Savings Bank, Laconia, N. H. 
 20,500-3s gen. lien. Manchester Savings Bank, Manchester, N. H. 
 20,000-3s gen. lien coup. Miners' Savings Bank, Pittston, Pa. 
 
 5,000-3s gen. lien. Mechanics' Savings Bank, Manchester, N. H. 
 10,000-3s gen. lien. Merrimack River Savings Bank, Manchester, N. H. 
 
 7,500-3s coup, new gen. lien. Miners' savings Bank, Wilkesbarre, Pa. 
 16,250-3s gen. lien coup. Montgomery Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 26,000-3s gen. lien. New Hampshire Savings Bank, Concord, N. H. 
 13,000-3s gen. lien. Norway Plains Savings Bank, Rochester, N. H. 
 12,650-3s Pawtucket Institute for Savings, Pawtucket, R. I. 
 13,625-3s gen. lien coup. Security Title & Trust Company, York, Pa. 
 13,000-3s gen. lien coup. AVilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 24,303-3s gen. lien 23 coup. bds. 75 pf. stk. Wayne County Savings Bank, 
 
 Honesdale, Pa. 
 15,000-3s (2047) lien and Id. gt. g. American Fire Ins. Co., Phila., Pa. 
 
 5,000-3s (2047) John Hancodi Mutual Life Ins. Co., Boston, Mass. 
 
 2,500-3s (2047) gen. lien. Kennebunk Savings Bank, Kennebunk, Me. 
 
 6,267-3s (2047) geu. lien & Id. gt. Lloyd's Plate Glass Ins. Co., N. Y. City. 
 
 4,547-3s (2047) New England Mutual Life Insurance Co., Boston, Mass. , 
 
 5,807-3s (2047) gen. lien. Niantic Savings Bank, Westerly, R. I. 
 12,500-3s (2047) gen. lien & Id. gt. g. Niagara Fire Ins. Co., N. Y. City. 
 177,887-3s (2047) gen. lien & Id. gt. Provident Life & Trust Co., Phila., Pa. 
 20,000-3s (2047) pr. lien. Skowhegan Savings Bank, Skowhegan, Me. 
 
 3,500-3s (2047) gen. lien. South Paris Savings Bank, South Paris, Me. 
 
 3,000-3s (2047) Wiscasset Savings Bank, AViscasset, Me. 
 10,375-4s pr. lien. Bankers' Life Ins. Co. of the City of New York, N. Y. C. 
 51,500-4s coup. Commonwealth Title, Ins. & Tr. Co., Philadelphia, Pa. 
 21,125-4s pr. inc. coup. County Savings Bank & Trust Co., Scranton, Pa. 
 
 8,708-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 5,181-4s coup. Ddylestown Trust Company, Doylestown, Pa. 
 25,581-4s pr. lien & Id. gt. coup. Easton Trust Company, Easton, Pa. 
 20,000-4s Frankfort American Insurance Company, New York City. 
 2i,444-4s pr. lien coup. Germantown R. Est., Dep. & Tr. Co., Phlla., Pa. 
 
 5,150-4s pr, lien & Id. gt. coup. Hanover Saving Fund Soc, Hanover, Pa. 
 50,000-4s pr. lien.' Industrial Trust Company, Providence, K. I. 
 12,000-4s Loan & Trust Savings Bank, Concord, N, H. 
 
644 DUTIES AND POWERS OP INTEKSTATE COMMERCE COMMISSION. 
 
 4,691-4s 
 9,700-4s 
 9,140-4s 
 20,000-4s 
 27,000-4s 
 25,775-4s 
 10,112-4s 
 25,000-4s 
 75,500-4s 
 25,000-4s 
 18,000-4s 
 
 5,2]0-4s 
 19,500-4s 
 10,000-4s 
 10,000-4s 
 44,793-4s 
 10,150-4s 
 
 5,000-4s 
 2,000,000-48 
 
 2,000-4s 
 46,000-4s 
 
 2,875-4s 
 10,275-4s 
 100,000-4s 
 10,000-4s 
 10,000-4s 
 12,000-4s 
 13.500-4S 
 25,000-4s 
 
 10,000-4s 
 28,000^s 
 50,000-4s 
 12,000-4s 
 50,000-4s 
 100,000-4s 
 
 959,510-4s 
 
 ' 118,175-4s 
 
 80,000-4s 
 
 30,000-4s 
 
 189,324-4s 
 69,000-4s 
 30,000-4s 
 G,000-4s 
 10,000-4s 
 ll,000-4s 
 
 3Q,000-4s 
 
 52,500-4s 
 
 140,500-48 
 
 100,000-48 
 
 25,000-48 
 
 22,000-48 
 
 31,000-4s 
 
 1.300,500-48 
 
 19,225-58 
 
 149,965-68 
 
 6,000-6s 
 
 40,000-68 
 
 10,000-6s 
 583,304-68 
 
 reg. Mifflinburg Bank, MiffliiUiurg, Pa. 
 coup. Manayunk Trust Company, Philadelpbia, Pa. 
 pr. lien coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 pr. lien coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 pr. lien coup. Miners' Savings Bank, Pittston, Pa. 
 coup. Montgomery Ins., Tr. & S. Dep. Co., Norristowu, Pa. 
 coup. Milton Trust & Safe Deposit Co., Milton, Pa. 
 pr. lien g. Munich Re-Ins. Co. (Munich, Bavaria), ^ew York City, 
 pr. lien. New Hampshire Savings Bank, Concord, N. H. 
 pr. lien. North German Fire Insurance Company, N. Y. City, 
 gen. 1st mtg. coup. Norristown Title, Trust & Safe Deposit Com- 
 pany, Norristown, Pa. 
 pr. lien coup. Provident Life & Trust Co., Philadelphia, Pa. 
 pr. lien coup. Saving Fund Soc. of Germantown, etc., Phila., Pa. 
 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 Standard Finance & Trust Company, Jersey City, N. J. 
 pr. lien coup. Wayne County Savings Bank, Ilonesdale, Pa. 
 pr. lien coup. Warren Savings Bank, Warren, Pa. 
 (3897) pr. lien. Bridgton Savings Bank, Bridgton, Me. 
 ('97) Equitable Life Assur. Society of United States, N. Y. City. 
 ('97) Franklin County Savings Bank, Farniiugton, Me. 
 ('97) Frankfort Marine, Accident & Plate Glass Insurance Co. 
 
 (Frankfort-on-the-Main, Germany), N. Y. City. 
 ('9'?) Mutual Life Insurance ComiJany, New York City. 
 ('97) Preferred Accident Insurance Company, New York City. 
 ('97) Northwestern National Insurance Co., Milwaukee, Wis. 
 
 Rochester German Insurance Company, Rochester, N. Y. 
 
 & L. G. State Fire Insurance Co. (Liverpool, Eng.), N. Y. C. 
 
 Thomaston Savings Bank, Thomaston, Me. 
 
 Transatlantic Fire Ins. Co. (Hamburg, Ger.), Chicago, 111. 
 
 pr. lien g. Aachen & Munich Fire Insurance Co. (Aix-La- 
 Chapelle, Germany), New York City. 
 ('97) pr. lien. American Union Life Insurance Company, N. 1'. C. 
 
 pr. lien. Bath Savings Institution, Bath, Me. 
 
 g. pr. lien. Baloise F. Ins. Co. (Basle, Switz.), N. Y. City. 
 
 pr. lien & Id. gt. British-American'Insurance Co., N. Y. C. 
 
 pr. lien. Insurance Company of No. America, Phila., Pa. 
 
 pr. lien & Id. gt. Com. Un. Assur. Co. (Ltd.), (Lon., Eng.), 
 New York City. 
 ('97) pr. lien. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 ('97) pr. lien & Id. gt. coup. g. Germania Life Ins. Co., N. Y. City. 
 ('97) pr. lien Id. gt. g. Hartford Fire Ins. Co., Hartford, Conn. 
 ('97) pr. lien & Id. gt. g. Hamburg-Bremen Fire Insurance Co. 
 
 (Hamburg, Gern\any), New York City. 
 ('97) pr. lien. Mass. Mutual Life Ins. Co., Springfield, Mass. 
 ('97) pr. lien. Manchester Assur. Co. (Manchester, Eng.), N. Y. C. 
 ('97) pr. lien & Id. gt. g. Niagara Fire Ins. Co., N. Y. City. 
 ('97) pr. lien. No. German Fire Ins. Co. (Himi., Ger.), Chic, 111. 
 ('97) pr. lien. Niantic Savings Bank, Westerly, R. I. 
 ('97) pr. lien. & Id. gt. coup. North British & Mercantile Insurance 
 
 Co. (London, Eng., & Edinburgh, Scot), N. Y. City. 
 ('97) pr. lien. & Id. gt. Sun Ins. Office (Loudon, Eng.). N. Y. City. 
 ('97) pr. lien. & Id. gt. Queens Ins. Co. of America, N. Y. City. 
 ('97) pr. lien. Provident Life and Trust Co., Philadelphia, Pa. 
 ('97) pr. lien. & Id. gt. St. Paul F. & Mar. Ins. Co., St. Paul, Minn. 
 ('97) pr. lien. g. Svea F. & L. Ins. Co. (Ltd.), (Gothenburg, Swe- 
 den), New York City. 
 ('97) pr. lien. Skowhegan Savings Bank, Skowhegan, Me. 
 pr. lien. coup. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre, Pa. 
 & 7s reg. loan coup. Phila. Sav. Fd. Society, Philadelphia, Pa. 
 g. tr. coup. Dime Dep. & Discount Bank. Scranton, Pa. 
 Id. gt. 1st mtg. reg. Phila. Tr., S. Dep. & Ins. Co., Phila., Pa. 
 Id. gt. Somersworth Savings Bank, Somersworth, N. H. 
 ('21) 1st mtg. Id. gt Hartford Steam Boiler Inspection and In- 
 surance Co., Hartford, Conn. 
 ('23) St. P. & No. Pac. Skowhegan Sav. Bank, Skowhegan, Me. 
 ('33) 1st g. gtd. New York Life Insurance CO., New York City. 
 
 ('97) 
 ('97) 
 ('97) 
 ('97) 
 ('97) 
 
 ('97) 
 ('97) 
 ('97) 
 ('97) 
 ('97) 
 
DUTIES AND POWERS OF IHTTEKSTATE COMMEECE COMMISSION. 645 
 
 NOBTHEBN RAILWAY OF CALIFOBNIA. 
 
 15,000- Bank of Alameda, Alameda, Cal. 
 350,000- German Savings & Loan Society, San Francisco, Oal. 
 
 50,000- Los Angeles Savings Bank, Los Angeles, Cal. 
 
 75,000- Los Angeles Savings Bank, Los Angeles, Cal. 
 132,444- Pacific Mutual Life Insurance Co., San Francisco, Cal. 
 
 59,000-5s Columbus Savings & Loan Society, San Francisco, Cal. 
 
 45,000-5s Columbus Savings & Loan Society, San Francisco, Cal. 
 
 54,000-5s 1st mtg. Humboldt Savings & Loan Society, San Francisco, Cal. 
 100,000-5s Union Trust Company of San Francisco, San Francisco, Cal. 
 ]50,000-5s Union Trust Company of San Francisco, San Francisco, Cal. 
 178,000-6s llibernia Savings & Loan Society, San irrancisco, Cal. 
 100,000-6s Union Trust Company of San Francisco, San Francisco, Cal. 
 
 10,000-Gs Home Mutual Insurance Company, San Francisco, Cal. 
 
 40,000-6s ('07) Firemen's Fund Insurance Company, San Francisco, Cal. 
 
 NORTHERN PACIFIC TERMINAL RAILROAD. 
 
 50,000- gtd. Mechanics' Savings Bank, Providence, R. I. 
 
 52,000- Pawtucket Institute for Savings, Pawtucket, R. I. 
 
 5,000-6s coup. Citizens' Bank, Freeland, Pa. 
 
 10,000-6s Mechanics' Insurance Company, Philadelphia, Pa. 
 
 10,000-6s 1st mtg. coup. Miners' Savings Bank, Pittston, Pa. 
 
 20,000-6s 1st mtg. coup. Wllkesbarre Deposit & Savings Bk., Wilkesbarre, Pa. 
 
 10,700-6s ('33) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 17,202-6s ('33) Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 
 153,550-6s ('33) 1st mtg. inc. Metropolitan Life Insurance Co., N. Y. City. 
 
 NORTHERN RAILROAD OF NEW JERSEY. 
 
 5,000- cm. North American Insurance Company, Boston, Mass. 
 100,000- gtd. stk. Home Insurance Company, New York City. 
 
 38,900- stk. Metropolitan Life Insurance Company, New York City. 
 
 20,000- gtd. stk. Security Insurance Company, New Haven, Conn. 
 100,000- "New York Life Insurance & Trust Company, New York City. 
 800- United States Mortgage and Trust Company, New York City. 
 
 30,000-6s ('17) Connecticut Savings Bank, New Haven, Conn. 
 
 10,000-6s ('17) Deep River Savings Bank, Deep River, Conn. 
 
 16,000-6s ('17) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 50,000-6s ('17) Mechanics' Savings Bank, Hartford, Conn. 
 
 15,000-6s ('17) Meriden Savings Bank, Meriden, Conn. 
 
 10,000-6s ('17) New Haven Savings Bank, New Haven, Conn. 
 
 15,000-6s ('IT') Savings Bank of New Britain, New Britain, Conn. 
 
 15,000-6s ('17) Stamford Savings Bank, Stamford, Conn. 
 
 20,000-6s ('17) Society for Savings, Hartford, Conn. 
 
 NORTH PENNSYLVANIA RAILROAD. 
 
 5,200- stk. Fire Ins. Co. of County of Philadelphia, Philadelphia, Pa. 
 
 6 800- stk. Union Insurance Company, Philadelphia, Pa. 
 15 900- stk Insurance Company of North America, Philadelphia, Pa. 
 41865- gtd. by Phila. & Read. B. B. Provident L. & Tr. Co., Phila., Pa. 
 50 000-4S 1st mtg. coup. Beneficial Saving Fund Society, PhiladelpTiia, Pa. 
 ll!000-4s 1st mtg. Mechanics' Insurance Company, Philadelphia, Pa. 
 50',000-4s 1st mtg. coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 10,000-4s coup. Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 5,000-4s ('36) Reliance Insurance Company, Philadelphia, Pa. 
 
 5000-4S ('36) coup. Insurance Company of North America, Phila., Pa. 
 271,000-68 ('05) Provident Life & Trust Co., Philadelphia, Pa. 
 
 2 000-6S ('05) reg. Union Insurance Company, Philadelphia, Pa. 
 
 8000-78 gen. mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 5000-78 ('03) Girard Fire & Marine Insurance Co., Philadelphia, Pa. 
 75000-78 ('03) gen. mtg. Insurance Company of North America, PMa., Pa. 
 10'000-7s ('03) Lancashire Insurance Co. (Manchester, Eng.), ^. Y. City. 
 
 6000-78 ('03) Camden Safe Deposit & Trust Company, Camden, N. J. 
 
646 DUTIES AND POWEKS OP INTERSTATE OOMMEBCE COMMISSION. 
 NOKTHWESTERN QBAND TBUNK BAILBOAD IN MICHIGAN. 
 
 42,000-6s ('10) 1st. New York Life Insurance Company, New York City. 
 
 NOKTHWESTBEN UNION BAILROAD. 
 
 8,000- Holyoke Mutual Fire Insurance Company, Saleui, Mass. 
 
 12,000-6s ('29) Windsor Locks Savings Bank, Windsor Locks, Conn. 
 
 25,000-7s ('37) Sk. Fd. 1st mtg. Aetna Insurance Co., I-Iartford, Conn. 
 
 5,000-7s ('17) Deep Ri^-er Savings Bank, Deep River, Conn. 
 
 70,000-7s ('17) Parmington Savings Bank, Farmington, Conn. 
 
 3,500-7s ('17) Guilford Savings Bank, Guilford, Conn. 
 
 25,000-7s- ('17) Litelifield Savings Society, Litclifleld, Conn. 
 
 8,000-7s ('17) Mechanics' Savings Bank, Winsted, Conn. 
 
 26,500-7s ('17) Middletown Savings Bank, Middletovvn, Conn. 
 
 20,000-7s ('17) Newtown Savings Bank, Newtown, Conn. 
 
 325,000-7s ('17) New Haven Savings Banic, New Haven, Conn. 
 
 200,000-7s ('17) Norwich Savings Society, Norwich, Conn. 
 
 50,000-7s ('17) Norwalk Savings Society, Norwalk, Conn. 
 
 25,000-7s ('17) Portland Savings Bank, Portland, Me. 
 
 5,000-7s ('17) g. Savings Bank of Ansonia, Ansonia, Conn. 
 
 60,000-7s ('17) Savings Bank of New London, New Loudon, Conn. 
 
 55,000-7s ('17) Savings Bank of New Britain, New Britain, Conn. 
 
 25,000-7s ('17) Savings Bank of Danbury, Danbury, Conn. 
 
 125,000-7s ('17) Society for Savings, Hartford, Conn. 
 
 15,000-7s ('17) Southington Savings Bank, Southington, Conn. 
 
 19,000-7s ('17) Southport Savings Bank, Southport, Conn. 
 
 61,000-7s ('17) Stamford Savings Bank, Stamford, Conn 
 
 26,500-7s ('17) Union Savings Bank, Danburr, Conn. 
 
 25,000-7s ('17) Winsted Savings Bank, Winsted, Conn. 
 
 10,000-7s ('17) Gtd. by C. & N. W. Savings Bank of Stafford Springs, Staf- 
 ford Springs, Conn. 
 
 NORTH WISCONSIN RAILROAD. 
 
 25,000-6s ('30) Portland Savings Bank, Portland, Me. 
 
 30,000-6s ('30) 1st mtg. Queen Insurance Company of America, N. Y. City. 
 
 NORWICH AND WORCESTER RAILROAD. 
 
 126,481- pf. state Mutual Life Assurance Company, Worcester, Mass. 
 2,500- Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 5,000- stk. New Hampshire Insurance Company, Manchester, N. H. 
 4,000- stli. Newport Savings Bank, Newport, N. H. 
 4,800- stk.' Worcester Mnfrs' Mutual Insurance Co., Worcester, Mass. 
 5,000- , Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 10,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 20,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 100,000-4s City Institute for Savings, Lowell, Mass. 
 50,000-4s Franklin Savings Bank, Boston, Mass. 
 30,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 
 50,000-48.- Institute for Savings in Newburyport, etc., Newburyport, Mass. 
 25,000-4s Lowell Five Cent Savings Bank, Lowell, Mass. 
 50,000-4s People's Savings Bank, Worcester, Mass. 
 200,000-4s Springfield Institute for Savings, Springfield, Mass. 
 100,000-4s ('27) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 50,000-4s ('27) New England Mutual Life Insurance Co., Boston, Mass. 
 100,000-48 ('27) State. Mutual Life Assurance Co., Worcester, Mass. 
 
 NOBWOOD AND MONTREAL BAILBOAD. . 
 
 ll,000-5s ('16) Deep River Savings Bank, Deep River, Conn. 
 5,000-5s ('16) Dime Savings Bank of Hartford, Hartford, Conn. 
 25,000-58 ('16) Society for Savings, Hartford, Conn. 
 
DtTTlES AND POWERS OP INTEESTATE COMMEBCE COMMISSION. 647 
 
 OGDBNSBtfBG AHD LAKE CHAMPLAIN EAILEOAD. 
 
 2,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 20,000- Traders & Mechanics' Insurance Co., Lowell, Mass. 
 10,000- Worcester Mnfrs' Mutual Insurance Co., Worcester, Mass. 
 10,000-4s Laconia Savings Banli, Laeonia, N. H. ~ 
 30,000-4a Littleton Savings Bank, Littleton, N. H. 
 10,000-4s Producers' Savings Bank, Woonsocket, R. I. 
 10,000-4s ('48) Auburn Savings Bank, Auburn, Me. 
 
 3,000-4s ('48) Eastport Savings Bank, Eastport, Me. 
 
 5,000-4s ('48) Kennebunk Savings Bank, Kennebunk, Me. 
 
 5,000-4s ('48) Maehias Savings Bank, Machlas, Me. 
 
 5,000-4s ('48) People's Savings Bank, Lewiston, Me. 
 ]0,000-4s ('48) Penobscot Savings Bank, Bangor, Me. 
 15,000-4s ('48) Skowhegan, Savings Bank, Skowhegan, Me. 
 25,000-4s ('48) g. Woonsocket Institute for Savings, Woonsocket, R. I. 
 12,000-6s ('20) Bath Savings Institution, Bath, Me. 
 
 4,000-6s ('48) North American Fire Insurance Co., Boston,' Mass. 
 
 OHIO, INDIANA AND WBSTEBN RAttBOAD. 
 
 307,504-5s pf. ('38) 1st g. New York Life Insurance Company, N. Y. City. 
 
 OHIO AND MISSISSIPPI RAILWAY. 
 
 2,000-6s Union Marine Ins. Co. (Ltd.) (Liverpool, Eng.), New York City. 
 
 OHIO RIVER RAILROAD. 
 
 95,000-5s 1st mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 42,500-5s gen. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 5,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 25,000-5s ('36) 1st mtg. Fire Association of Phila., Philadelphia, Pa. 
 95,000-5s ('36) 1st mtg. coup. g. Penn. Mut. L. Ins. Co., Phila., Pa. 
 104,065-58 ('36) 1st mtg. inc. g. Metropolitan Life Insurance Co., N. Y. City. 
 24,375-5s ('36) State Mutual Life Assurance Company, Worcester, Mass. 
 
 OHIO RIVER AND CHARLESTON RAILWAY. 
 
 109,999- pf. & $91 scrip. Investment Company of Philadelphia, Phila., Pa. 
 
 OHIO SOUTHERN RAILROAD. 
 
 3,000- Mutual Fire Assurance Company, Springfield, Mass. 
 
 160-4S gen. mtg. coup. Union Trust Company, Philadelphia, Pa. 
 20,000-6s 1st mtg. coup. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre, Pa. 
 
 OHIO AND WEST VIRGINIA RAILROAD. 
 
 1,000- Lynn Mutual Fire Insurance Company, Lynn, Mass. 
 15,000-7s Dartmouth Savings Bank, Hanover, N. H. 
 30,000-7s ('10) 1st mtg. g. Aetna Insurance Company, Hartford, Conn. 
 
 Orient Insurance Company, Hartford, Conn. 
 
 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 1st mtg. Home Insurance Company, New York City. 
 
 OLD COLONY RAILROAD. 
 
 American Insurance Company, Boston, Mass. 
 Barnstable County Mutual Fire Ins. Co., Yarmouth, Mass. 
 Boston Insurance Company, Boston, Mass. 
 Dorchester Mutual Fire Insurance Company, Boston, Mass. 
 Hampshire Mutual Fire Insurance Company, Hingham, Mass. 
 Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 India Mutual Insurance Company, Boston, Mass. 
 Manchester Savings Bank, Manchester, N. H. 
 gtd. N. Y., N. H. & H. Providence Inst, for Sav., Prov., R. I. 
 
 3,000-7s 
 
 ClO) 
 
 47,200-7s 
 
 CIO) 
 
 100,000-7s 
 
 ('10) 
 
 20,000- 
 
 stk. 
 
 6,300- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 27,300- 
 
 stk. 
 
 9,200- 
 
 stk. 
 
 3,100- 
 
 stk. 
 
 15,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 50,000- 
 
 stk 
 
648 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 10,000- stk. New Hampshire Savings Banli, Concord, N. H. 
 
 5,000- stli. gtd. Orient Insurance Company, Hartford, Conn. 
 20,000- . stli. Providence- Washington Insurance Co., Providence, R. I. 
 
 1,100- stlv. Quincy Mutual Fire Insurance Company, Quincy, Mass. 
 50,000- stk. Springfield Fire & Mar. Ins. Co., Springfield, Mass. 
 30,000- stk. Strafford Savings Bank, Dover, N. H. 
 
 2,000- stk. Union Five Cent Savings Bank, Exeter, N. H. 
 40,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 87,000- British & E'oreign Marine Ins. Co., Tr., Dep., State of Mass. 
 26,250- City Savings Bank, Providence, R. I. 
 
 30,000- Fall River Mnfrs' Mutual Insurance Company, Fall River, Mass. 
 15,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 6,000- Middlesex Mutual .Fire Insurance Company, Concord, Mass. 
 10,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 25,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 26,093- Pawtucket Institute for Savings, Pawtucket, R. I. 
 
 5,000- Providence Mutual Fire Insurance Company, Providence, R. I. 
 
 2,000- Salem Mutual Fire Insurance Company, Salem, Mass. 
 
 4,000- Union Marine Insurance Co., Tr. Dep., State of Massachusetts. 
 20,000- Worcester Mutual Fire Insurance Company, Worcester, Mass. 
 15,000- Worcester Mnfrs' Mutual Insurance Company, Worcester, Mass. 
 35,000-4s Beverly Savings Bank, Beverly, Mass. 
 
 9,000-4s Brighton Five Cent Savings Bank, Boston, Mass. 
 150,000-4s Bristol County Savings Bank, Taunton, Mass. 
 40,000-4s Chelsea Savings Bank, Chelsea, Mass. 
 40,000-4s City Five Cent Savings Bank, Haverhill, Mass. 
 85,000-4s Eliot Five Cent Savings Bank, Boston, Mass. 
 , 25,000-4s Dedham Institute for Savings, Dedham, Mass. 
 50,000-4s Fall River Five Cent Savings Bank, Fall River, Mass. 
 15,000-4s Abington Savings Bank, Abington, Mass. 
 148,000-4s Andover Savings Bank, Andover, Mass. 
 30,000-4s Arlington Five Cent Savings Bank, Arlington, Mass. 
 26,00G-4s Bass River Savings Bank, South Yarmouth, Mass. 
 10,000-4s Bay State Savings Bank, Worcester, Jlass. 
 10,000-4s Belmont Savings Bank, Belmont, Mass; 
 800,000-4s Boston Five Cent Savings Bank, Boston, Mass. 
 10,000-4s Braintree Savings Bank, South Braintree, Mass. 
 10,000-4s Bridgewater Savings Bank, Bridgewater, Mass. 
 50,000-4s reg. Brit. & Foreign Mar. Ins. Co. (Liverpool, Eng.), N. Y. City. 
 25,000-4s Broadway Savings Bank, Lawrence, Mass. 
 33,000-4s Brockton Savings Bank, Brockton, Mass. 
 50,000-4s Cambridgeport Savings Bank, Cambridgeport, Mass. 
 20,000-4s Canton Institute for Savings, Canton, Mass. 
 25,000-4s Cape Cod Five Cent Savings Bank, Harwich, Mass. 
 30,000-4s Central Savings Bank, Lowell, Mass. 
 25,000-4s Citizens' Savings Bank, Fall River, Mass. 
 200,000-4s City Institute for Savings, Lowell, Mass. 
 16,000-4s Clinton Savings Bank, Clinton, Mass. 
 
 l,000-4s Conway Savings Bank, Conway, Mass. 
 
 5,000-4s County Savings Bank, Chelsea, Mass. 
 15,000-4s Brookline Savings Bank, Brookline, Mass. 
 13,000-4s Crocker Institute for Savings, Turners Palls, Mass. 
 
 l,000-4s Dorchester Savings Bank, Dorchester, Mass. 
 50,000-4s East Boston Savings Bank, East Boston, Mass. 
 15,000-4s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 30,000-4s East Cambridge Savings Bank, East Cambridge, Slass. 
 150,000-4s Fall River Bank, Pall River, Mass. 
 
 5,000-4s Pitchburg Savings Bank, Fitchburg, Mass. 
 15,000-48 Franklin Savings Institute, Greenfield, Mass. 
 75,000-4s Franklin Savings Bank, Boston, Mass. 
 10,000-4s Gardner Savings Bank, Gardner, Mass. 
 50,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 25,000-4s Great Harrington Savings Bank, Great Barrington, Mass. 
 50,000-48 Hampden Savings Bank, Springfield, Mass. 
 100,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 15,000-4s Home Savings Bank, Boston, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMEECE COMMISSION. 649 
 
 135,000-4s Inst, for Sav. in Newburyport, etc., Newburyport, Mass. 
 100,000-4s Institute for Savings In Roxbury, etc., Boston, Mass. 
 20,000-4s Ipswich Savings Bank, Ipswich, Mass. 
 5,000-4s Leicester Savings Bank, Leicester, Mass. 
 25,000-4s Lee Savings Bank, Lee, Mass. 
 5,000-4s Lexington Savings Bank, Lexington, Mass. 
 10,000-4s Maiden Savings Bank, Maiden, Mass. 
 45,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 10,000-4s Monson Savings Bank, Monson, Jlass. 
 30,000-4s Mechanics' Savings BaUk, Lowell, Mass. 
 
 3,000-4s Medway Savings Bank, Medway, Mass. 
 
 6,000-4s Merrimac Savings Bank, Merrimae, Mass. 
 10,000-4s Middleborough Savings Bank, Middleborough, Mass. 
 20,000-4s Middlesex Institute for Savings, Concord, Mass. 
 10,000-4s Milford Savings Bank, Milford, Mass. 
 28,000-4s Natick Five Cents Savings Bank, Natick, Mass. 
 200,000-4s New Bedford Institute for Savings, New Bedford, Mass. 
 15,000-4s Newburyport Five Cent Savings Bank, Newburyport, Mass. 
 25,000-4s Newton Savings Bank, Newton, Mass. 
 100,000-4s New Bedford Five Cent Savings Bank, New Bedford, Mass. 
 
 3,000-4s North Avenue Savings Bank, North Cambridge, Mass. 
 
 5,000-4s North Brookfield Savings Bank, North Brookfield, Mass. 
 
 5,000-4s North Easton Savings Banlc, North Easton, Mass. 
 
 6,000-4s North Middlesex Savings Bank, Ayer, Mass. 
 50,000-4s Northampton Institute for Savings, Northampton, Mass. 
 17,000-4s Orange Savings Bank, Orange, Mass. 
 
 2,000-4s Peoi)le's Savings Bank, Brockton, Mass. 
 70,000-4s People's Savings Bank, Worcester, Mass. 
 13,000-4s I'lymouth Savings Bank, Plymoutli, Mass. 
 35,000-4s Plymouth Five Cent Savings Bank, Plymouth, Mass. 
 l,060,000-4s Provident Institute for Savings, etc., Boston, Mass. 
 80,000-4s Randolph Savings Banli, Randolph, Mass. 
 15,000-4s Reliance Marine Ins. Co. (Ltd.), (Liverpool, Eng.), N. Y. City. 
 
 6,000-4s Rockland Savings Bank, Rockland, Mass. 
 
 5,000-4s Rochester Loan & Banking Company, Rochester, N. H. 
 100,000-4s Salem Savingfe Bank, Salem, Mass. 
 50,000-4s Savings Bank of Newport, Newport, R. I. 
 66,000-4s Salem Five Cent Savings Bank, Salem, Mass. 
 20,000-4s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 
 6,000-4s South Adams Savings Bank, Adams, Mass. 
 45,000-4s Southbridge Savings Bank, Southbridge, Jlass. 
 25,000-4s South Boston Savings Bank, South Boston, Mass. 
 
 2,000-4s Somervllle Savings Bank, Somerville, Mass. 
 18,000-4s South Weymouth Savings Bank, South AVeymouth, Mass. 
 20,000-4s Spencer Savings Bank, Spencer, Mass. 
 500,000-4s Springfield Institute for Savings, Springfield, Mass. 
 150,000-4s Springfield Five Cent Savings Bank, Springfield, Mass. 
 20,000-4s Stoneham Five Cent Savings Bank, Stoneham, Mass. 
 100,000-4s Strafford Savings Bank, Dover, N. H. 
 
 5,000-4s South Scltuate Savings Bank, Norwell, Mass. 
 l,900,000-4s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 75,000-4s Taunton Savings Bank, Taunton, Mass. 
 
 6,000-4s Templeton Savings Bank, Baldwinville, Mass. 
 
 5,000-4s Union Institute for Savings, Boston, Mass. 
 10,000-4s XTxbridge Savings Bank, Uxbridge, Mass. 
 
 3,000-4s reg. Union Marine Ins. Co. (Ltd.), (LiveiTpool, Eng.), N. Y. City. 
 ll,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 100,000-4s Waltham Savings Bank, Waltham, Mass. 
 10,000-4s Watertown Savings Bank, Watertown, Mass. 
 50,000-4s Warren Institute for Savings, etc., Boston, JIass. 
 15,000-4s Wareham Savings Bank, Wareham, Mass. 
 17,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 8,000-4s West Newton Savings Bank, West Newton, Mass. 
 
 5^000-48 Whitman Savings Bank, Whitman, Mass. 
 14000-48 Whitinsville Savings Bank, Whitinsville, Mass. 
 60o'o00-4s Worcester County Institute for Savings, Worcester, Mass. 
 50'000-4s Worcester Five Cent Savings Bank, Worcester, Mass. 
 
650 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 50,000-4s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 
 8,000-4s ('24) Providence-Washington Insurance Co., Providence, R. I. 
 10,000-4s ("24) g. Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 50,000-4s ('25) Sinlciug Funds, Cambridge, Mass. 
 15,000-4s ('25) Boston Insurance Company, Boston, Mass. 
 300,000-4s ('25) Massachusetts Mutual Life Ins. Co., Springiield, Mass. 
 15,000-4s ('25) Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 17,000-4s ('25) g. Providence- Washington Ins. Co., Providence, R. 1. 
 219,810-4s (■25-'.3S) (2 bds.) New England Mutual Life Ins. Co., Boston, Mass. 
 25,000-4s ('38) Cambridge (Mass.) Water Works Sinking Fund. 
 
 l,000-4Js Orange Savings Bank, Orange, Mass. 
 
 1,000-4^8 People's Savings Bank, Brockton, Mass. 
 10,000-44s Plymouth Five Cent Savings Bank, Plymouth, Mass. 
 
 5,000-4|s Bridgewater Savings Bank, Bridgewater, Mass. 
 12,000-4is coup. Brit. & For. Mar. Ins. Co. (Ltd.), (L'pool, Eng.), N. Y. C. 
 25,000-4is Dedham Institute for Savings, Dedham, Mass. 
 
 5,000-4is East Weymoiith Savings Bank, East Weymouth, Mass. 
 50,000-4 Js Pall River Savings Bank, Fall River, Mass. 
 
 5,000-4Js Gardner Savings Bank, Gardner, Mass. 
 20,000-4is Lawrence Savings Bank, Lawrence, Mass. 
 10,000-4^8 Lynn- Institute for Savings, Lynn, Mass. 
 ll,000-4Js Marlborough Savings Bank, Marlborough, Mass. 
 
 l,000-4is North Easton Savings Bank, North Easton, Mass. 
 20,000-4is Salem Savings Bank, Salem, Mass. 
 40,000-4Js Salem Five Cent Savings Bank, Salem, Mass. 
 
 l,000-4Js South Adams Savings Bank, Adams, Mass. 
 25,000-4is South Boston Savings Bank, South Boston, Mass. 
 
 l,000-4is Union Mar. Ins. Co. (Ltd.), (Liverpool, Eng.), N. T. C. 
 
 l,000-4Js West Nevvton Savings Bank, West Newton, Mass. 
 
 l,000-4is Whitinsville Savings Bank, Whitinsville, Mass. 
 
 l,000-4Js AVoburn Five Cent Savings Bank, Woburn, Mass. 
 10,000-4is ('04) Saco & Biddeford Savings Institution, Saco, Me. 
 25,000-6s reg. Brit. & For. Mar. Ins. Co. (Ltd,), (Liverpool, Eng.), N. Y. C. 
 
 ONTARIO RAILWAY. 
 
 15,573-4 Js ('91) subsid. Scottish Union & National Insurance Company (Edin- 
 burgh, Scot.), Hartford, Conn. 
 
 ORANGE AND PASSAIC VALLEY RAILROAD. 
 
 10,000-5s cons. g. coup. Land, Title & Trust Company, Philadelphia, Pa. 
 
 OREGON RAILWAY AND NAVIGATION COMPANY. 
 
 5,000- cm. Union Guaranty Savings Bank, Concord, N. H. 
 
 1,050- pf. .John Hancock Mutual Life Insurance Co., Boston, Mass. 
 14,000- pf. vot. tr. ctfs. Rockland Savings Bank, Rockland, Me. 
 20,000- pf. Security Trust Company of Rochester, Rochester, N. Y. 
 
 300- pf . Union Guaranty Savings Bank, Concord, N. H. 
 15,900- stk. Nashua Savings Banlt, Nashua, N. H. 
 10,000- Worcester Mnfrs.' Mutual Insurance Co., Worcester, Mass. 
 40,000-4s 1st mtg. Bank of Alameda, Alameda, Cal. 
 
 19,933-4s 21 coup. bds. 45 pf. stk. Wayne County Sav. Bank, Honesdale, Pa. 
 50,000-4s con. mtg. g. Munich Re-Ins. Co. (Munich, Bavaria), N. Y. City. 
 25,000-4s Morristown Trust Company, Morristown, N. J. 
 25,000-4s North German Fire Insurance Company, N. Y. City. 
 30,000-4s Somersworth Savings Bank, Somersworth, N. H. 
 10,000-4s ('46) American Union Life Insurance Company, New York City. 
 l,000,000-4s ('46) Equitable Life Assur. Society of United States, N. Y. City. 
 51,812-4s ('46) con. mtg. g. Home Life Insurance Company, N. Y. City. 
 45,066-4s ('46) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 25,000-4s ('46) con. mtg. g. Hamburg-Bremen Fire Insurance Company 
 (Hamburg, Germany), New York City. 
 
 2,000-4s ('46) Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 147,120-4s ("46) cou. g. New York Life Insurance Co., New York City. 
 
 6,000-4s ('46) g. Palatine Ins. Co. (Ltd.), (Manchester, Eng.), N. Y. City. 
 
nUTIES AND to WEBS OF INTERSTATE COMMERCE COMMISSION. 651 
 
 10,000-4s ('46) con. mtg. Rockland Savings Bank, Rockland, Me. 
 10,000-4s ('46) con. mtg. g. Transatlantic F. Ins. Co. (Hapi., Oer.), Chic, 111. 
 5,000-5s Dartmoutli Savings Bank, Hanover, N. H. 
 
 OEEQON SHOET LINE BAItEOAD. 
 
 10,000- stk. Guaranty Savings Bank, Manchester, N. II. 
 
 5,000- stk. Loan and Trust Savings Bank, Concord, N. H. 
 20,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 500- Barnstable County Mut. F. Ins. Co., Yarmoutliport, Mass. 
 
 5,000- People's Savings Bank, Woonsocket, R. I. 
 25,000- con. mtg. Manhattan Trust Company, New York City. 
 10,000- Norfolk Mutual Fire Insurance Company, Dedhaui, Mass, 
 50,000- cons. State Trust Company, New York City. 
 
 5,000- Worcester Mnfrs' Mutual Insurance Co., Worcester, Mass. 
 10,000- ('46) 1st con. Trust & Deposit Co. of Onondiii;.-!, Syracuse, N. Y. 
 
 5,000-4s ('46) inc. ser. B. Biddeford Savings Bank, Biddeford, Me. 
 
 5,000-5s 1st mtg. Guaranty Savings Bank, Manchester, N. H. 
 
 5,000-5s inc. Guaranty Savings Banlc, Manchester, N. H. 
 
 2,500-5s inc. Loan & Trust Savings Bank, Concord, N. H. 
 
 2,500-5s Loan & Trust Savings Bank, Concord, N. H. 
 
 5,000-5s 1st con. Manchester Savings Bank, Manchester, N. H. 
 
 5,000-5s Merrimack County Savings Bank, Concord, N. II. 
 10,000-5s Merrimac River Savings Bank, Manchester, N. H. 
 10,000-5s New Hampshire Savings Bank, Concord, N. H. 
 10,000-5s inc. New Hampshire Savings Bank, Concord, N. H. 
 10,000-5s Norway Plains Savings Bank, Rochester, N. II. 
 
 500-5S ('46) conv. Boston Insurance Company, Boston, Mass. 
 150,000-5s ('46) Equitable Life Assur. Society of United States, N. Y. City. 
 24,537-5s ('46) 1st con. mtg. g. Germania Life Insurance Co., N. Y. City. 
 10,000-5s ('46) New Hampshire Fire Insurance Company, Manchester, N. H. 
 91,635-5s ('46) con. 1st mtg. John Hancoclc Mut. Life Ins. Co., Boston, Mass. 
 
 l,625-5s ('46) inc. A. John Hancock Mutual Life Ins. Co., Boston, Mass. 
 50,000-6s New Hampshire Savings Bank, Concord, N. H. 
 10,000-6s 1st mtg. coup. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre, Pa. 
 10,000-6s ('22) Boston Insurance Company, Boston, Mass. 
 l,799,000-6s ('22) Equitable Life Assur. Society of United States, N. Y. City. 
 10,000-6s ('22) New Hampshire Fire Insurance Co., Manchester, N. H. 
 50,000-6s ('22) New England Mutual Life Insurance Co.. Boston, Mass. 
 l,104,135-6s ('22) 1st. New York Life Insurance Co., N. Y. City. 
 
 10,862-6s ('22) 1st mtg. Provident Savings Life Assurance Society, N. Y. C. 
 16,000-6s ('22) Rockland Savings Bank, Rockland, Me. 
 
 3,000-6s ('22) Saco Savings Bank. Saco, Me. 
 25,000-6a ('22) 1st mtg. g. Sun Ins. Office (London, Eng.), N. Y. City. 
 
 5,000-6s ('22) Wiscasset Savings Bank, Wiscasset, Me. 
 
 OSWEGO AND ROME EAIIEOAD. 
 
 6,000-7s ('15) Deep River Savings Bank, Deep River, Conn. 
 
 l,000-7s ('15) N. y. C. & H. Riv. Freestone Savings Bank, Portland, Me. 
 
 7,000-7s ('15) Jewett City Savings Bank, Jewett City, Conn. 
 
 106,990-5s- ('15) Mutual Life Insurance Company, N. Y. City. 
 
 12,000-7s ('15) People's Savings Bank, Bridgeport, Conn. 
 
 13,000-7s ('15) Norwich Savings Society, Norwich, Conn. 
 
 41,000-7s ('15) State Savings Bank, Hartford, Conn. 
 
 3,000-7s ('15) Windham County Savings Bank, Danielson, Conn. 
 
 OSWEGO AND SYEACUSE EAILBOAD. 
 
 25,000- stk. Aetna Insurance Company, Hartford, Conn. 
 25,000- stk. Eagle Fire Company, New York City. 
 
 5,000-5s Fidelity Trust Company, Newark, N. J. 
 53,000-5s ('23) gtd. constn. Greenwich Insurance Company, N. Y. City. 
 
 7,500- stk. National Fire Insurance Company, Hartford, Conn. 
 
 5,000- Providence Mutual Fire Insurance Company, Providence, R. I. 
 
 9,000-5s Poughkeepsie Savings Bank, Poughkeepsie, N. Y. 
 40,600- stk. Travelers' Insurance Company, Hartford, Conn. 
 
652 DUTIES AlSTD POWERS OP ISfTEESTATE COMMEBCE COMMISSION. 
 
 20,000- gtd. stk. Westchester Fire Insurance Company, New York City. 
 
 50,000- stk. gtd. D., L. & W. Providence Inst, for Sav. Bank, Prov., R. I. 
 
 38,9o0-5s ('23) con. Home Life Insurance Company, New York City. 
 
 30,600-5s ('23) gtd. construct, mtg. United States Life Ins. Co., X. Y. City. 
 
 OTTAW.\, OSWEGO AND FOX ItlVEE VALLEY EAILBOAD. 
 
 ]5,000-8s Merrimack County Savings Bank, Concord, N. H. 
 5,000-8s New Hampshire Savings Bank, Concord, N. H. 
 100,000-8s (1900) C, B. & Q. Equitable Life .4ssur. Soc. of U. S., N. Y. City. 
 ]],000-8s (1900) Mutual Benefit Life Insurance Co., Newark, N. J. 
 l,000-8s (1900) Union Savings Banlt, Danbury, Conn. 
 
 OTTUMWA, CEDAE FALLS AND ST. PAUL BAILBOAD. 
 
 50,000- gtd. Mechanics' Savings Bank, Providence, R. I. 
 
 8,000-5s Ithaca Savings Bank, Ithaca, N. Y. 
 
 3,000-5s C. & N. W. Union Savings Bank, Patchogue, N. Y. 
 
 20,000-5s ('01) Lane. Ins. Co. (Manchester, Eng.), New York City. 
 
 31,000-5s ('09) Southport Savings Bank, Southport, Conn. 
 
 20,000-5s ('09) Putnam Savings Bank, Putnam, Conn. 
 
 l,000-5s ('09) Derby Savings Bank, Derby, Conn. 
 
 10,000-5s ('09) Litchfield Savings Society, Litchfield, Conn. 
 
 13,000-5s ('09) Mechanics' Savings Bank, Winsted, Conn. 
 
 15,000-5s ('09) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 70,000-5s ('09) Meriden Savings Bank, Meriden, Conn. 
 
 103,000-5s ('09) New Haven Savings Bank, New Haven, Conn. 
 
 32,000-5s ('09) Middletown Savings Bank, Middletown, Conn. 
 
 50,000-5s ('09) New England Mutual Life Insurance Co., Boston, Mass. 
 
 10,000-5s ('09) Salisbury Savings Society, Lakeville, Conn. 
 
 10,000-5s ('09) Savings Bank of New Britain, New Britain, Conn. 
 
 8,000-5s ('09) Stafford Savings Bank, Stafford Springs, Conn. 
 
 20,000-5s ('09) Stamford Savings Bank, Stamford, Conn. 
 
 5,000-5s ('09) Union Savings Bank, Danbury, Conn. 
 
 20,000-5s ('09) Waterbury Savings Bank, Waterbury, Conn. 
 
 30,000-5s ('09) Winsted Savings Bank, Winsted, Conn. 
 
 15,(X)0-5s ('19) Savings Bank of Danbury, Danbury, Conn. 
 
 PACIFIC COAST RAILWAY COMPANY. 
 
 5,500- Mechanics' Savings Bank, Westerly, R. I. 
 7,000- 1st mtg. Manhattan Trust Company, New York City. 
 20,000-4s ('37) Firemen's Fund Ins. Co., San Francisco, Cal. 
 3,000-5s Monadnock Savings Bank, East Jaffrey, N. H. 
 4,000-5s Walpole Savings Bank, Walpole, N. H. 
 
 PACIFIC EAILEOAD OF MISSOtJEI. 
 
 12,000-4s Fidelity Trust Company, Newark, N. J. 
 
 10,000-4s ('20) 1st mtg. No. German F. Ins. Co. (Ham., Ger.), Chi., 111. 
 307,000-48 ('38) Equitable Life Assur. Society of United States, N. Y. City. 
 200,000-4s ('38) Massachusetts Mutual Life Ins. Co., Springfield, Muss. 
 
 5,000-4s ('38) 1st ext. Helvetia Swiss F. Ins. Co. (St. Gaul, Swz.), N. Y. C. 
 
 45,000-4s ('38) Mutual Benefit Life Insurance Company, Newark. N. J. 
 107,291-4s ('38) Prudential Insurance Company of America, Newark, N. J. 
 
 50,000-4s ('38) Society for Savings, Hartford, Conn. 
 
 30,000-4Js ('38) State Mutual Life Assurance Co., Worcester, Mass. 
 115,950-4is ('38) Carondelet Br. 1st mtg. Metropolitan L. Ins. Co.. N. Y. C. 
 100,750-5s ('38) 2d mtg. Metropolitan Life Insurance Company, N. Y. City. 
 
 PANAMA BAILROAD. 
 
 95,000-4is ('17) 1st mtg. Continental Insurance Company, N. Y. City. 
 
 47,225-4is ('17) 1st mtg. sk. fd. g. Germania Life Ins. Co., N. Y. Ci^. 
 
 20,000-4is ('17) 1st Sk. Fd. Hel. Swiss I'. Ins. Co. (St. Gaul, Swz.),N. Y. C. 
 
 182,357-4is ('17) Sk. Fd. 1st mtg. inc. Metropolitan Life Ins. Co., N. Y. C. 
 
 481,000-4is ('17) Sk. Fd. Ist. New York Life Insurance Co., New York City. 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 653 
 PABIS, LYONS AND MEDITEREANEAN RAILWAY. 
 
 89,522-3s ('58) Guar, by French Gov. Mutual Life Ins. Co., New York City. 
 
 PARIS AND ORLEANS RAILWAY. 
 
 90,906-3s ('51) Guar, by French Gov. Mutual Life Ins. Co.. New York City. 
 
 PATEBSON AND HUDSON RIVEr' RAILROAD. 
 
 10,000- stlt. Paterson Safe Dep. & Trust Co., Paterson, N. J. 
 
 PATERSON AND RAMAPO RAILROAD. 
 
 3,750- stk. Paterson Safe Deposit & Trust Company, Paterson, N. J. 
 
 ' PAWTUXET VALLEY RAILROAD. 
 
 22,000-6s (1900) (end by N. Y., Prov. & Bos.) Equitable Fire & Marine Insur- 
 ance Company, Providence, R. I. 
 20,400- City Savings Bank, Providence, R. I. 
 
 PECOS VALLEY AND NOBTHEASTEBN RAILWAY. 
 
 10,000- Union Trust Company of Rochester. Rochester, N. Y. 
 25,000- Security Trust Company of Roche.ster, Rochester, N. Y. 
 3,500-5s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 PEMIGEW ASSET VALLEY RAILROAD. 
 
 25,000- stk. Ambskeag Savings Bank, .Manchester, N. H. 
 
 9,200- stk. Franklin Savings Bank, Franklin, N. H. 
 
 23,400- stk. Guaranty Savings Bank, Manchester, N. H. 
 
 1,200- stk. Loan & Trust Savings Bank, Concord, N. H. 
 
 25,000- stk. JIanchester Savings Bank, Manchester, N. H. 
 
 21,200- stk. Merrimack River Savings Bank, Manchester, N. H. 
 
 26,000- stk. New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 8,100- stk. Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 
 7,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 
 PENNSYLVANIA MIDL.\Nn RAILROAD. 
 
 3,000-6s City Trust, Safe Deposit & Surety Co., Philadelphia, Pa. 
 3,000-6s reg. ctfs. City Trust, Safe Dep. & Surety Co., Philadelphia, Pa. 
 
 PENNSYLVANIA, NEW YORK CANAL AND RAILROAD. 
 
 227,500- Provident Life & Trust Company, Philadelphia, Pa. 
 
 46,000-4s reg. con. mtg. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 
 18,308-4s reg. Germantown R. Est., Dep. & Tr. Co., Philadelphia, Pa. 
 
 58,087-5s reg. Glrard Trust Company, Philadelphia, Pa. 
 
 99,000-4s con. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 19S,000-4s con. mtg. reg. Penn. Co. for Ins. on Lives, etc., Philadelphia, Pa. 
 
 48,980-4s reg. Trust Company of -North America, Philadelphia, Pa. 
 
 4,675-4s con. coup. Union Trust Company, PhiJadelphia, Pa. 
 
 10,000-4s gtd. reg. West Philadelphia Title & Tr. Co., Philadelphia, Pa. 
 
 100,000-4s ('39) con. mtg. Caledonian Ins. Co. (Edbg., Scot), N. Y. City. 
 
 50,000-4s ('39) reg. Delaware insurance Company, IPhiladelphia, Pa. 
 
 20,000-4s ('39) reg. Dollar Savings Bank, Pittsburgh, Pa. 
 
 3,000-4s ('39) reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 50,000-4s ('39) reg. Insurance Company of North America, Phlla., Pa. 
 
 75,000-4s ('39) con. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 259,950-4s ('39) Provident Life & Trust Company, Philadelphia, Pa. 
 
 20,000-4s ('39) Reliance Insurance Company, Philadelphia, Pa. 
 
 25,000-4s ('39) con. mtg. Spring Garden Insurance Co., Philadelphia. Pa. 
 
 20,000-4s ('39) con. mtg. United Firemen's Ins. Co., Philadelphia. Pa. 
 4,990-4Js coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
654 DUTIES AND POWEES OF INTEKSTATE COMMERCE COMMISSION. 
 
 66,000-4Js reg. tr. ctfs. Commonwealth Title Ins. & Tr. Co., Phila., Pa. 
 
 9,912-4Js 1st mtg. Fidelity Mutual Life Ins. Co., Philadelphia, I'a. 
 25,000-4is 1st con. reg. Miners' Savings Bank, Pittston, I'a. 
 25,000-4is reg. Miners' Savings Bank, Wilkesbarre, Pa. 
 263,000-4is con. reg. Phila. Trust S. Dep. & Ins. Co., Philadelphia, Pa. 
 17,000-4is reg. coup. Warren Savings Bank, Warren, Pa. 
 45,000-4," 4i, 5, & 7 reg. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 
 5,000-4 Js ('39) con. mtg. Aetna Indemnity Company, Hartford, Conn. 
 10,712-.5S coup. con. mtg. reg. Easton Trust Co., Eastou, Pa. 
 15,000-5s reg. Lehigh Valley Tr. & S. Dep. Co., Allentovv'n, Pa. 
 10,000-5s con. mtg. coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 28,875-5s con. mtg. Northern Sav. Fund, S. Dep. Co., Philadelphia, Pa. 
 
 5,000-5s reg. People's Bank. Wilkesbarre, Pa. 
 57,625-5s con. mtg. reg. Phila. Trust S. Dep. & Ins. Co., Phila., Pa. 
 
 6,000-5s reg. coup. White Haven Savings Bank, AVhite Haven, Pa. 
 50,000-5s ('39) American Fire Insurance Co., Philadelphia, Pa. 
 31,600-5s ('39) Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 25,000-5s ('39) Connecticut Fire Insurance Company, Hartford, Conn. 
 224,490-5s ('39) reg. Dollar Savings Bank, Pittsburgh, Pa. 
 10,000-5s (39) reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 25,000-5s ('39) con. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 48,250-5s ('39) Provident Life & Trust Co., Philadelphia, Pa. 
 40,000-5s ('.39) Reliance Insurance Company, Philadelphia, Pa. 
 10,000-5s ('30) con. mtg. reg. Union Insurance Co., Philadelphia, Pa. 
 
 4,663-6s coup. American Trust Company of Philadelphia, Philadelphia, Pa. 
 
 3,875-6s coup. Farmers' Bank, Carlisle, Pa. 
 900-6s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 6,000-7s 1st mtg. coup. Fire Ins. Co. of County of Philadelphia, Phila., Pa. 
 146,000-7s loan coup. Philadelphia Sav. Fund Society, Philadelphia, Pa. 
 
 2,000-7s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 50,000-7s ('06) Franklin Fire Insurance Company, Philadelphia, Pa. 
 25,000-7s ('06) gtd. by L. V. R. R. Ins. Co. of North America, Phila., Pa. 
 22,000-7s ('06) Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 
 PENNSYLVANIA AND NORTHWESTEEN RAILBOAD. 
 
 10,420- Security Trust &'Life Insurance Co., Philadelphia, Pa. 
 
 5,000-5s gen. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 10,500-5s coup. American Trust Company of Philadelphia, Phila., Pa. 
 
 4,806-5s coup. Doylestown Trust Company, Doylestown, Pa. 
 10,000-5s gen. mtg. coup. Fire Ins. Co. of Philadelphia, Philadelphia, Pa. 
 15,347-5s gen. mtg. coup. Lancaster Trust Company, Lancaster, Pa. 
 25,000-5s ('30) gen. mtg. Spring Garden Insurance Co., Philadelphia, Pa. 
 
 PENNSYLVANIA RAILROAU. 
 
 Fidelity and Casualty Company, Neve York City. 
 
 Aetna Life Insurance Company, Hartford, Conn, 
 stk. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 Albertson Trust & Safe Deposit Co., Norristown, Pa. 
 
 American Fire Insurance Company, New York City. 
 
 Atlantic Mutual Insurance Co., New York City. 
 . Amoskeag Savings Banlt, Manchester, N. H. 
 
 Boston Insurance Company, Boston, Mass. 
 
 Cheshire County Savings Bank, Keene, N. H. 
 
 Continental Insurance Company, N. Y. City. 
 
 Commonwealth Insurance Company, N. Y. City. 
 Ser. A. gtd. tr. ctfs. reg. Commercial Tr. Co., Phila., Pa. 
 
 Commercial Bank, Titusville, Pa. 
 
 Delaware Insurance Company, Philadelphia, Pa. 
 
 Eagle Fire Company, N. Y. City. 
 
 Fire Insurance Co. of County of Phila., Philadelphia, Pa. 
 
 Fire Association of Philadelphia, Philadelphia, Pa. 
 stk. Hanover Fire Insurance Company, N. Y. City. 
 
 Home Insurance Company, N. Y. City. 
 
 Home Life Insurance Company, N. Y. City. 
 
 Industrial Trust Company, Providence, R. I. 
 
 Fifth Avenue Trust Company, N. Y. City. 
 
 53,887- 
 
 cm. 
 
 33,425- 
 
 stk. 
 
 14,825-5s 
 
 reg. 
 
 19,245- 
 
 stk. 
 
 50,000- 
 
 stk. 
 
 150,000- 
 
 stk. 
 
 70,400- 
 
 stk. 
 
 25,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 250,250- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 103,113- 
 
 stk. 
 
 8,850- 
 
 stk. 
 
 25,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 16,000- 
 
 stk. 
 
 61,500- 
 
 stk. 
 
 143,000- 
 
 cap. 
 
 500,000- 
 
 stk. 
 
 39,925- 
 
 stk. 
 
 30,000- 
 
 stk 
 
 100,000- 
 
 stk. 
 
DUTIES AND POWBES OF INTERSTATE COMMERCE COMMISSION. 655 
 
 405,000- (par 50) stk. Equitable Life Assur. Society of U. S., N. Y. City. 
 
 10,000- stk. Fanners' Fire Insurance Company, York, Pa. 
 
 114,887- stk. Fidelity Insurance Trust & S. Dep. Co., Philadelphia, Pa. 
 
 70,000- stk. German Alliance Insurance Company, N. Y. City. 
 
 100,000- stk. Gerroania Fire Insurance Company, N. Y. City. 
 
 127,500- stk. German-American Insurance Company, N. Y. City. 
 
 15,000- stk. Girard Fire & Marine Insurance Co., Philadelphia, Pa. 
 
 10,000- stk. International Insurance Company, N. Y. City. 
 
 8,160- stk. Jersey Shore Banking Company,' Jersey Shore, Pa. 
 
 15,000- stk. Kings County Fire Insurance Company, N. Y. City. 
 
 10,000- stk. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
 300- stk. Marble Banljing & Trust Company, Hazleton, Pa. 
 
 40,000- stk. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 5,500- stk. Manchester Savings Bank, Manchester, N. H. 
 
 20,000- stk. Mechanics' Trust Company, Bayonne, N. J. 
 
 13,050- stk. Metropolitan Plate Glass Insurance Company, N. Y. City. 
 
 41,000- stk. Miners' Savings Bank, Pittston, Pa. 
 
 50,000- stk. Niagara Fire insurance Company, N. Y. City. 
 
 525- stk. Northern Insurance Company, N. Y. City. 
 
 30,600- stk. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 13,162- stk. Mount Carmel Banking Company, Mount Carmel, Pa. 
 
 20,000- stk. Morristown Trust Company, Morristown, N. J. 
 
 1,677,393- stk. with rights. Mutual Life Insurance Co., N. Y. City. 
 
 6,606- stk. Mount Carmel Banking Company, Mount Carmel, Pa. 
 
 38,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 50,000- stk. New Hampshire Fire Insurance Company, Manchester, N. H. 
 
 50,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 
 11,000- stk. Newport Savings Bank, Newport, N. H. 
 
 20,200- stk. Orient Insurance Company, Hartford, Conn. 
 
 100,000- stk. People's Trust Company, Brooklyn, N. Y. 
 
 6,800- stk. Pittsburgh Bank for Savings, Pittsburgh, Pa. 
 
 10,000- stk. Providence Mutual Fire Ins. Co., Providence, R. I. 
 
 50,000- stk. Providence-Washington Insurance Co., Providence, R. I. 
 
 16,500- stk. Portsmouth Savings Bank, Portsmouth, N. H. 
 
 20,000- stk. Real Estate Trust Company, N. Y. City. 
 
 20,000- stk. Rochester Trust & Safe Deposit Company, Rochester, N. Y. 
 
 20,000- stk. Rochester Loan & Banking Company, Rochester, N. Y. 
 
 100,000- stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 30,000- stlc. Sun Insurance OflSce (London, Eng.), N. Y. City. 
 
 90,000- stk. Strafford Savings Bank, Dover, N. H. 
 
 285,000- stk. Trust Company of America, N. Y. City. 
 
 11,461- stk. reg. Taiuaqua Banking & Trust Company, Tamaqua, Pa. 
 
 277,955- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 500,000- roll. stk. tr. ctfs. United States Trust Company of N. Y., N. Y. C. 
 
 26,418- stk. United States Guarantee Company, N. Y. City. 
 
 25,000- stk. Union Trust Company, Providence, R. I. 
 
 130,431- stk. Union Mutual Life Insurance Company, Portland, Me. 
 
 6,450- stk. reg. Warren Savings Bank, Warren, Pa. 
 
 5,000- stk. Wakefield Trust Company, Wakefield, N. 11. 
 
 50,000- stk. Westchester Fire Insurance Company, N. Y. City. 
 
 10,000- stk. Williamsburgh City Fire Insurance Co., Brooklyn, N. Y. 
 
 30,000- Arkwright Mutual Fire Insurance Company, Boston, Mass. 
 
 100,000- Bankers' Trust Company of New York, N. Y. City. 
 
 10,000- Flatbush Trust Company, Brooklyn, N. Y. 
 
 10,000- National Safe Deposit Company, N. Y. City. 
 
 5,000- Paper Mill Mtitual Fire Insurance Company, Boston, Mass. 
 
 8,727- 1st. mtg. g. Nederland Ltd. Lia. L. I. Co. (Am'dam, Hoi.), N. Y. C. 
 
 100,000- New York Life Insurance & Trust Company, N. Y. City. 
 
 20,000- 1st. mtg. New York Life Insurance & Trust Company, N. Y. City. 
 
 400,000- Union Trust Company of New York, N. Y. City. 
 
 500,000- c. gtd. tr. ctfs. United States Tr. Co. of New York, N. Y. City. 
 
 200,000- gtd. by Pa. B. R. Co. Mercantile Trust Company, N. Y. City. 
 
 50,000- ('05) con. mtg. Fire Association of Philadelphia, Phila., Pa; 
 2,030,000-3Js Roll. stk. reg. Equitable Life Assur. Soc. of U. S., N. Y. City. 
 209,450-3Js con. mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 100,000-3|s gen. mtg. sterl. loan coup. Penn. Co. for. Ins. on Lives, etc., Phila., 
 Pa. 
 
656 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION, 
 
 250,000-3^8 gtd. reg. tr. ctfs. Western Sav. Fd. Soc., Philad,, Pa. 
 
 55,875-3Js ('13) col. tr. coup. g. loan. I'enn. Mut. L. Ins. Co., Phila., Pa. 
 240,555-3is ('37) gtd. g. reg. tr. ctfs. Ser. A. Penn. U. L. Ins. Co., Phila., Pa. 
 104,500-3Js ('45) c-on. mtg. ster. Provident Life & Trust Co., Phila., Pa. 
 
 24,045-4s con. mtg. R. coup. Phila. Tr., S. Deij; & Ins. Co., Phila., Pa. 
 3,000-4s roll. stk. tr. ctfs. reg. Albertson Tr. & S. Dep. Co., Norristown, P;i. 
 
 20,000-4s ('14) equip, g. Manchester Assur. Co. ( aianchester, Eng.), N. Y. ('. 
 
 10,000-4s ("14) equi]). tr. loan Ser. A. Reliance Ins. Co., Phila, Pa. 
 150,000-4s ("14) New England Mut. Life Ins. Co., Boston, Mass. 
 100,000-4s ('14) equip, g. Northern Assur. Co. (London, Eng.), N. Y. City. 
 124,000-4s ('23) R. Est. purch. mon. 1st mtg. g. Provi. L. & Tr. Co., Phila. 
 Pa. 
 
 25,000-4s ('23) R. Est. purch. mon. Royal Jni. Co. (Liv'p'l, Eng.), N. Y. C. 
 
 15,000-4s ('43) con. mtg. g. Hamburg-Brem. P. Ins. Co. (H'b'g, (ier.). 
 N. Y. C. 
 
 30,000-4s ('97) gen. mtg. Reading Fire Ins. Co., Reading, Pa. 
 5,000-4 3-lOs Del. ave. Market reg. Sav. Fd. Soc. of G'm'n't'n, etc., Phila, Pa 
 5,000-4 3-lOs ('09) Del. ave. Market. Camden S. D. & Tr. Co., Camden, N. J. 
 
 39,000-44s coll. tr. Brit. & For. Mar. Ins. Co. (Ltd.) (L'v'p'l, Eng.),N. Y. C. 
 
 55,725-4is coup. Commonwealth Title Ins. & Tr. Co., Philadelphia, Pa. 
 
 10,000-4J.s reg. Carbondale Miners & Mech. Sav. Bank, Carbondale, Pa. 
 5,000-4is Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 300,000-4^8 gtd. by Pa. R. R. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 
 54,430-44s coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 
 28,125-4|s coll. mtg. Real Estate Title Ins. & Trust Co., Phila., Pa. 
 
 35,093-4is coup. Security Title and Trust Company, York, Pa. 
 
 44,958-4is car. tr. coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 
 90,000-4is mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 160,000-4Js mtg. coup. Western Savings Fund Society. Philadelphia, Pa. 
 
 50,000-4Js ('13) coll. tr. Insurance Co. of North America, Phila., Pa. 
 
 50,000-4Js ('13) People's Savings Bank, Providence, R. I. 
 
 30,000-4^8 ('13) coll. tr. loan. Franlclin Fire Insurance Co., Phila., Pa. 
 
 20,000-4^8 ('13) coll. tr. United Firemen's Insurance Co., Phila., Pa. 
 3,000-4Js ( '21 ) mtg. American Fire Insurance Company, N. Y. City. 
 
 10,000-4is ('21) reg. Eastern Insurance Company, N. Y. City. 
 400,000-4|s ('21) Equitable Life Assur. Society of United States, N. Y. City. 
 500,000-44s ('21) reg. Equitable Life Assur. Society of IJ. S., N. Y. City. 
 
 50,000-4Js ('21) 1st mtg. reg. Germanla Fire Insurance Co., N. Y. City. 
 
 37,000-4is ('21) reg. German- American Insurance Co., N. Y. City. 
 
 43,000-4is ('21) coup. German-American Insurance Co., N. Y. City. 
 
 30,000-448 ('21) gtd. 1st lUtg. g. I-I'b'g-Brem. F. I. Co.- (H'b'g, Ger.), N. Y. C. 
 
 36,000-448 ( '21 ) reg. Hanover Fire Insurance Company, N. Y. City. 
 
 10,000-448 ('21) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 
 55,000-44s ('21) g. Manchester Assur. Co. (Manchester, Eng.), N. Y. City. 
 
 66,000-448 ('21) reg. coup. gtd. by Pa. R. R. North British & Mercantile In- 
 surance Co. (London, Eng., & Edinburgh, Scot.), N. Y. C. 
 150,000-448 ('21) reg. Norwich Ln. F. I. Soc. (Norwich, Eng.), N. Y. C. 
 
 61,000-448 ('21) reg. coup. gtd. North British & Mer. Ins. Co., N. Y. C. 
 
 25,000-448 (■21) gtd. Phoenix Assur. Co. (London, Eng.), N. Y. City. 
 
 30,000-44s ('21) g. Prussian Nat. Ins. Co. (Stettin, Ger.), Chicago, 111. 
 
 50,000-44s ('21) gen. mtg. Queen Ins. Company of Afnerica, N. Y. City. 
 
 10,000-448 ('21) Transatlantic Fire Ins. Co. (Hamburg, Ger.), Chicago, 111. 
 125,000-58 con. mtg. reg. Beneficial Sav. Fund Society, Phila., Pa. 
 
 5,193-5s reg. Exchange Bank, Franklin, Pa. 
 108,000-58 con. mtg. reg. Fidelity Ins. Tr. & S. Dep. Co., Phila, Pa. 
 203,720-58 Series A gtd. tr. ctfs. Fidelity Ins. Tr. & S. Dep. Co., Phila., Pa. 
 100,000-58 eon. mtg. coup. Fidelity Ins. Tr. & S. Dep. Co., Phila., Pa. 
 136,787-58 con. mtg. coup. Girard Trust Co., Philadelphia, Pa. 
 5,090-5s con. coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 
 99,750-5s con. mtg. reg. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 250,000-58 con. mtg. Western Sav. Fund Soc, Philadelphia, Pa. 
 112,466-5s con. mtg. reg.<;oup. Phila. Trust S. Dep. & Ins. Co., Phila., Pa. 
 230,000-58 (1900) con. reg. Insurance Co. of North Amer., Phila., Pa. 
 100,000-5s ('01) 1st mtg. reg. Navy Yd. Penn Mut. Life Ins. Co., Phila., Pa. 
 100,000-5s ('19) con. coup. Insurance Co. of North America, Phila., Pa. 
 
 6,350-5s ('19) Employers' Fid. Assur. Corp. (Ltd.), London, Eng. 
 100,000-58 ('19) con. mtg. Provident Life & Trust Co., Phila., Pa. 
 
DUTIES AND POWEES OP INTERSTATE COMMEBCE COMMISSION. 657 
 
 71,000-5s ('19) con. mtg. Pennsylvania Fire lus. Co., Pliila., Pa. 
 4,000-5s ('19) Reliance Insurance Company, Philarlelpbia, Pa. 
 10,000-5s ('19) con. mtg. g. Hamburg-Brem. P. I. Co. (Ham., Ger.), N. Y. C. 
 5,819,782-5 & 6s reg. loan coup. Philadelphia Sav. Fund Soc, Phila., Pa. 
 10,000-5 4-lOs coup. Mercantile Bank, Pittsburgh, Pa. 
 
 29,100-6s con. mtg. ster. Brit. & For. Mar. Ins. Co. (Ltd.) (L'v'p'l, E.), N. Y. C. 
 20,000-6s gen. mtg. cur. coup. reg. Beneficial Sav. Fd. Soc, Phila., Pa. 
 25,000-6s con. mtg. reg. coup. Beneficial Sav. Fd. Soc, Phila., Pa. 
 97,200-6s gen. mtg. ster. coup. Beneficial Sav. Fd. Soc, Phila., Pa. ■ 
 £200-6s Sterling. Burlington Savings Institution, Burlington, N. J. 
 83,350-6s coup. Commonwealth Title Ins. & Tr. Co., Phila., Pa. 
 105,400-6s sterl. coup. Dollar Savings Bank, Pittsburg, Pa. 
 20,000-6s gen. mtg. coup. Farmers' Fire Insurance Co., York, Pa. 
 105,000-6s con. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 5,000-6s gen. mtg. reg. Fire Ins. Co. of County of PliiUi., Phila., Pa. 
 6,000-6s gen. mtg. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 173,748-6s gen. mtg. coup. Girard Trust Co., Philadelphia, Pa. 
 12,021-6s coup. con. mtg. Germantown R. Est., Dep. & Tr. Co., Phila., Pa. 
 6,000-6s con. mtg. coup. Fire Ins. Co. of County of Phila., Phila., Pa. 
 171,693-6s con. mtg. coup. Girard Trust Co., Philadelphia, Pa. 
 100,000-6s gen. mtg. coup, sterl. loan. Penn. Co. for Ins. on Lives, etc, Phila., Pa. 
 27,140-6s con. mtg. Real Estate, Title, Ins. & Tr. Co., Phila., Pa. 
 55,000-6s sterl. coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 4,187-6s con. reg. Sav. Fund Soc of Germantown, etc., Phila., Pa. 
 4,714-6s coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 5,892-6s con. mtg. Phila. Trust, S. Dep. & Ins. Co., Philadelphia, Pa. 
 93,375-6s gen. mtg. reg. Western Sav. Fund Society, Philadelphia, Pa. 
 25,000-6s con. Atlas Assurance Co. (London, Eng.), Chicago, 111. 
 100,000-6s ('05) con. mtg. reg. Ins. Co. of North America, Phila., Pa. 
 20,000-6s ('05) Lancashire Insurance Co. (Manchester, Eng.), N. Y. City. 
 50,000-6s ('05) mtg. Mar. Ins. Co. (Ltd.), (London, Eng.), Jersey City, N. J. 
 120,000-6s ('05) con. mtg. stk. fd. Northern Assur. Co. (Lon., Eng.), N. Y. C. 
 28,000-6s ('05) COD. mtg. Pennsylvania Fire Insurance Co., Phila., Pa. 
 165,000-6s ('05) con. mtg. Provident Life & Trust Co., Phila., Pa. 
 10,000-(is ('10) gen. mtg. Girard Fire & Mar. Insurance Co., Phila., Pa. 
 62,098-Os ('10) sterl. London Guar. & Accident Co. (Ltd.) London, Eng. 
 100,150-6s ('10) gen. mtg. reg. Penn. Mutual Life Ins. Co., Phila, Pa. 
 5,000-Cs I'iO) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 
 PHILADELPHIA AND BEADING. 
 
 15,750- Del. Riv. Term. Ext. Security Tr. & Life Ins. Co., Phila., Pa. 
 
 PENOBSCOT EIVBR BAILEOAD. 
 
 5,000- Worcester Mutual Fire Insurance Co., Worcester, Mass. 
 
 PENOBSCOT SHOKE LINE EAILKOAD. 
 
 25,000-4s Abington Savings Bank, Abington, Mass. 
 49,000-4s Berkshire County Savings Bank, Pittsfleld, Mass. 
 22,000-4s Brockton Savings Bank, Brockton, Mass. 
 
 3,000-4s Braintree Savings Bank, South Braintree, Mass. 
 25,000-4s Cambridge Savings Bank, Cambridge, Mass. 
 
 8,000-4s City Savings Bank. Pittsfleld, Mass. 
 ]5,000-4s Danvers Savings Bank, Danvers, Mass. 
 10,000-4s East Bridgewater Savings Bank, East Bridgewater, Mass. 
 85,000-4s Franklin Savings Bank, Boston, Mass. 
 15,000-4s Gardner Savings Bank, Gardner, Mass. 
 20,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 13,000-4s Holyoke Savings Bank, Holyoke, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 90,000-4s Inst, for Savings in Newburyport, etc, Newburyport, Mass. 
 15,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 
 3,000-4s Newton Centre Savings Bank, Newton Centre, Mass. 
 30',000-4s North End Savings Bank, Boston, Mass. 
 
 BY— 05 42 
 
658 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 35,00O-4s People's Savings Bank, Brockton, Mass. 
 
 50,000-4s Plymouth Savings Bank, Plynioutli, JIass. 
 
 15,000-4s Plynioutli Five Cents Sayings Bank, Plymouth, Mass. 
 
 10,000-4s Spencer Savings Bank, Spencer, Mass. 
 
 15,000-4s Rockland Savings Bank, Rockland, Mass. 
 
 2,000-4s South Scituate Savings Bank, Norwell, JIass. 
 
 5,000-4s South Adams Savings Bank, Adams, Mass. 
 10,000-4s Warren Five Cents Savings Bank, Peabody, Mass. 
 10,000-4s Weymouth Savings Bank, Weymouth, Mass. 
 
 5,000-4s Whitman Savings Bank, Whitman, Mass. 
 10,000-4s Wildey Savings Bank-, Boston, Mass. 
 ]7,000-4s Woburn Five Cents Savings Bank, Woburn, Mass. 
 100,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 25,000-4s ('20) Bangor Savings Bank, Bangor, Me. 
 
 4,000-4s ('20) Bath Savings Institution, Bath, Me. 
 
 5,000-4s ('20) reg. Brunswick Savings Institution, Brunswick, Me. 
 
 l,000-4s ('20) 1st mtg. Bridgton Savings Bank, Bridgtou, Me. 
 25,000-4s ('20) Cambridge (Mass.) Water Works Sinking Fund. 
 25,000-4s ('20) reg. Penobscot Savings Bank, Bangor, Me. 
 ]o,000-4s ('20) reg. Rockland Savings Bank, Rockland, Me. 
 10,000-4s ('20) South Berwick Savings Bank, South Berwick, Me. 
 50,000-4s ('20) State Jlutual Life Assurance Company, Worcester, Mass. 
 
 l,000-4s ('20) Tremont Savings Bank, Treniont, Me. 
 
 5,000-4s ('20) Thomaston Savings Bank, Thomastou, Me. 
 
 5,275-4s ('20) 1st mtg. Union Mutual Life Ins. Co., Portland, Me. 
 
 PENSACOLA ANn ATLANTIC BAILKOAD. 
 
 5,000-6s coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 5,000- Westerly Savings Bank, Westerly, R. I. 
 20,000-Gs coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 
 PEOEIA AND BUREAU VALLEY RAILROAU. 
 
 75,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 10,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 25,000- stk. New York Life Insurance & Trust Co., N. Y. City. 
 
 50,000- gtd. stk. Phoenix Insurance Company, Hartford, Conn. 
 
 PEOBIA, DECATUB AND EVANSVILLE EAILEOAD. 
 
 10,000- Westerly Savings Bank, Westerly, R. I. 
 
 84,600-6s ('20) Evans Div. tr. ctfs. 1st g. N. Y. Life Ins. Co., N. Y. City. 
 
 36,900-6s ('20) Main Line tr. co. ctfs. 1st g. N. Y. Life Ins. Co., N. Y. City. 
 
 PEOKIA AND EASTERN EAILEOAD. 
 
 10,000- Mechanics' Savings Bank, Westerly, R. I. 
 15,000- 1st con. Fidelity Trust Co. of Rochester, Rochester, N. Y. 
 50,000- 1st mtg. Manhattap Trust Company, N. Y. City. 
 S2,000-4a Amoskeag Savings Bank, Manchester, N. H. 
 
 4,2(!0-4s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
 9,000-4s Dartmouth Savings Bank, Hanover, N. H. 
 
 3,908-4s 1st mtg. coup. Dime Deposit & Discount Bank, Scrauton, Pa. 
 ri0,000-4s 1st con. mtg. Industrial Trust Company, Providence, R. I. 
 ]0,000-4s coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 2,000-4s ('40) Wiscasset Savings Bank, Wiscasset, Me. 
 
 l,000-4s ('00) 2d mtg. Wiscasset Savings Bank, Wiscasset, Me. 
 
 PEOEIA AND PEKIN UNION BAILBOAD. 
 
 61,065-4is ('21) inc. Metropolitan Life Insurance Co., N. Y. City. 
 28,000-4^8 inc. National Fire Insurance Co., Hartford, Conn. 
 251,000-6s ('21) Equitable Life Assur. Society of United States, N. Y. City. 
 71,442-6s ('21) Mutual Life Insurance Company, N. Y. City. 
 8,000-6s ('21) Savings Bank of New Britain, New Britain, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 659 
 
 PBKKIOMEN kailboad. 
 
 *'H?f ® "^""P- Americin Trust Company of Philadelphia, Phila., Pa. 
 500-5S coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa 
 -.o'SSS"^® ^°"P" *^ontgomery lus., Tr. & S. Dep. Co., Norristown, Pii. 
 o/!aH"o ^ "^^ ^^^ series mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 2,000-68 ( 18) Reading Fire Insurance Company, Reading, Pa. 
 
 PEEKY COUNTY RAILKOAD OP PENNSYLVANIA. 
 
 61,750-6s 1st mtg. coup. Real Estate Trust Company, Philadelphia, Pa. 
 
 PEBTH AMBOY AND WOODBRIDGE EAILBOAD. 
 
 100,000-4s ('18) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 PETEKBOROUGH RAILROAD. 
 
 1,700- stk. New Hampshire Banking Company, Nashau, N. H. 
 
 PETEKBORO AND HILLSBORO RAILROAD. 
 
 25,000-4is South Boston Savings Bank, South Boston, Mass. 
 25,000-4^s Franklin Savings Bank, Boston, Mass. 
 l,000-4|s Mason Village Savings Bank, Greenville, N. H. 
 10,000-4is Salem Five Cents Savings Bank, Salem, Mass. 
 10,000-4|s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 PETERSBURG RAILKOAD. 
 
 12,300-6s ('26) Class B. Fidelity & Dep. Co. of Maryland, Baltimore, Md. 
 
 PHILADELPHIA AND BALTIMORE CENTRAL RAILROAD. 
 
 10,000-4Js ('11) loan ctfs. United Firemen's Ins. Co., Phila., Pa. 
 l,000-5s reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 24,000-5s 1st mtg. reg. Western Sav. Fund Society, Philadelphia, Pa. 
 l]0,000-5s ('11) Provident Life & Trust Company, Phila., Pa. 
 100,000-5s con. reg. Insurance Co. of North America, Philadelphia, Pa. 
 
 10,000-5s ('11) Reliance Insurance Company, Philadelphia, Pa. 
 
 PHILADELPHIA AND BRIGANTINE RAILROAD. 
 
 52,600- stk. Holland Trust Company, New York City. 
 22,000- Holland Trust Company, New York City. 
 
 PHILADELPHIA AND ERIE RAILROAD. 
 
 21,000- Fidelity Trust & Guaranty Company, Buffalo, N. ¥. 
 
 99,750-4s gen. mtg. reg. Fidelity Ins., Trust & S. Dep. Co., Phila., Pa. 
 
 10,000-4s reg. Hanover Savings Fund Society, Hanover, Pa. 
 
 28,000-4s g. Mechanics' Insurance Company, Philadelphia, Pa. 
 
 20,000-4s gen. mtg. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 
 50,000-4s gen. mtg. Penn. Co. for Ins. on Lives, etc., Philadelphia, Pa. 
 246,000-4s gen. mtg. Western Savings Fund Society, Philadelphia, Pa. 
 
 33,000-4 & 5s reg. Sav. Fd. Soc. of Germantown, etc., Philadelphia, Pa. 
 814,000-4, 5 & 6s reg. loan<;oup. Philadelphia Sav. Fd. Soc, Phila., Pa. 
 
 30,000-4s ('20) Camden Safe Deposit & Trust Co., Camden, N. J. 
 
 35,000-4s ('20) reg. Franklin Fire Insurance Company, Philadelphia, Pa. 
 5,000-4s (20) Reliance Insurance Company, Philadelphia, Pa. 
 500,000-4s ('20) Mutual Benefit Life Insurance Company, Newark, N. J. 
 2GO,000-4s ('20) Provident Life & Trust Company, Philadelphia, Pa. 
 120,000-5s con. mtg. reg. Beneficial Saving Fund, Philadelphia, Pa. 
 
 13,000-5s gen. mtg. Farmers' Fire Insurance Company, York, Pa. 
 
 10,000-5s con. mtg. Fire Ins. Co. of County of Phila., Phila., Pa. 
 
 20,894-5s con. mtg. reg. Phila. Tr., S. Dep. & Ins. Co., Philadelphia, Pa. 
 8,330-5s ('20) City Trust, Safe Deposit & Surety Co., Philadelphia, Pa. 
 
660 DUTIES AND POWERS OF INTEHSTATE COMMERCE COMMISSION. 
 
 100,000-5s ('20) reg. Fire Associiition of Philadelphia, Philadelphia, Pa. 
 150,000-5s ('20) i-eg. gtd. by Pa. R. U. Ins. Co. of North Aiiier., Phila., Pa. 
 
 29,937-5s ('20) reg. g. inter, gtd. by Pa. R. R. Peun M. L. Ins. Co., Phila., Pa. 
 
 75,000-5s ('20) gen. mtg. Pennsylvania Fire Insurance Co., Phila., Pa. 
 
 55,930-5s ('20) gen. mtg. Provident Life & Trust Co., Phila., Pa. 
 
 25,000-5s ('20) Reliance Insurance Company, Philadelphia, Pa. 
 5,000-5s ('20) g. mtg. United Firemen's Insurance Co., Phila., Pa. 
 241,120-6s con. mtg. coup. g. Phila. T., S. Dep. & Ins. Co., Phila., Pa. 
 
 34,000-6s g. coup. Real Estate, Title, Ins. & T. Co., Philadelphia, Pa. 
 
 18,000-6s ('20) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 
 16,640-6s ('20) con. mtg. coup. gtd. by Pa. R. R. Penn M. L. t. Co., Phila., Pa. 
 
 15,000-6s ('20) g. mtg. United Firemen's' Insurance Co., Phila., Pa. 
 
 PHILADELPHIA, GERMANTOWN AND CHESTNUT HILL BAILEOAD. 
 
 ll,100-4Js reg. Manayunic Trust Company, Philadelphia, Pa. 
 
 PHILADELPHIA, GERMANTOWN AND KORBISTOVFN RAILROAD. 
 
 16,550- stk. Fire Association of Philadelphia, Philadelphia, Pa. 
 13,200- stk. Fire Ins. Co. of County of Philadelphia, Phila., Pa. 
 
 PHILADELPHIA, HAREISBUR6H AND PITTSBURGH RAILROAD. 
 
 5,000- 1st mtg. Kingston Savings Bank, Kingston, R. I. 
 10,000-5s Sav. Fund Society of Germantown, etc., Philadelphia, Pa. 
 
 PHILADELPHIA AND BEADING RAILROAD. 
 
 4,250- cm. Union Insurance Company, Philadelphia, Pa. 
 4,768- 2d pf. Union Safe Deposit Bank, Pottsville, Pa. 
 2,850- 30 pf. & 100 2d pf. stk. Tamaqua Banking & Tr. Co., Tamaqua, Pa. 
 32,687- 150 1st pf. & 1,500 2d pd. reg. Safe Dep. Bk., Pottsville, Pa. 
 10,000- 1st pf. Union Trust ("ompany of Rochester, Rochester, N. Y. 
 4,800- 1st pf. reg. bds. & 1st & 2d pf. stk. tr. ctfs. German-American Title 
 
 and Trust Company, Philadelphia, Pa. 
 1,750- 2d pf. Union Insurance Company, Philadelphia, Pa. 
 8,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 20,000- term. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 3,018- term. ctfs. Union Safe Deposit Bank, Pottsville, Pa. 
 9,975-4s reg. Delaware County Tr., S. Dep. & Title Ins. Co., Chester, Pa. 
 28,561-4s gen. mtg. coup. German-American Title & Trust Co., Phila., Pa. 
 50,000-4s impt. coup. • Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 121,000-4s con. 1st series coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 49,548-4s 1st series con. coup. Land Title & Trust Co., Phila., Pa. 
 20,000-4s gen. mtg. coup. Norristowu Title, Tr. & S. Dep. Co., Norristown, Pa. 
 21,000-4s con. stamped mtg. coup. Provident Life & Trust Co., Phila., Pa. 
 ]80,358-4s imp. g. mtg. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 107,233-4s con. mtg. 1st series' g. coup. Phila. T., S. Dep. & I. Co., Pliila., Pa. 
 30,000-4s imp. mtg. coup. Reading Trust Company, Reading, Pa. 
 31,700-4s gen. mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 20,000-4s 1st series E. coup. Sav. Fund Soc. of Germantown, etc., Phila., Pa. 
 5,110-4s coup. Tamaqua Banking & Trust Company, Tamaqua, Pa. 
 21,885-4s gen. mtg. coup. Reading Trust Company, Residing, Pa. 
 20,000-4s gen. mtg. reg. Wilkesbarre Dep. & Sav. Bank, Wilkesbarre, Pa. 
 100,000-4s imp. mtg. coup. Western Sav. Fund Society, Phila., Pa. 
 200,000-4s & 5s con. mtg. 1st ser. 5s ext. 4s. West. Sav. Fund Soc, Phila., Pa. 
 100,000-4s ('37) 1st ser. con. mtg. g. Germania Life Ins. Co., N. Y. City. 
 50,000-4s ('37) con. stamped, ins. Co. of North America, Phila., Pa. 
 99,166-4s ('37) con. mtg. coup. 1st ser. I'enn Mut. L. Ins. Co., Phila., Pa. 
 242,000-4s ('37> ext. con. 1st ser. Provident Life & Trust Co., Phila., Pa. 
 10,000-4s ('37) Reliance Insurance Company, Philadelphia, Pa. 
 25,000-4s ('37) 1st series con. mtg. g. Spring Garden Ins. Co., Phila., Pa. 
 25,000-4s ('47) Imp. ex. American Fire Insurance Co., Philadelphia, Pa. 
 203,875-4s ('47) imp. mtg. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 150,000-4s ('47) imp. mtg. Insurance Company of No. America, Phila., Pa. 
 75,000-4s ('47) imp. mtg. Franklin Fire Insurance Co., Phila., Pa. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 661 
 
 909,030-4s ('47) Mutual Life Insurance Company, N Y City 
 Qm'2n«i® i','^11 !™P- '"*^- «'^*^- Penn Mutual Life Ins. Co., Phila., Pa. 
 
 So^nSI^ il ""P- ®''*- Provident Life & Trust Co., Phila., Pa. 
 
 ?AnnJ^ ;® l.^} ^®°- "^*^- Aii^ei'ican Fire Insurance Conioany, Phila., Pa. 
 
 Qnn^nl® .'^o ^®"- "'*^- ™""- "-'"'"" Insurance Company, Phila., Pa. 
 Qia?o«l! i^^^^^"-,"*^- ^^'Pstchester Fire Insurance Company, N. Y. City. 
 ' ?n'^n^"^*'.^' "' ^ ^® '°^°^- '^*'"IJ- Pliiladelphia Sav. Fund So., Phila., Pa. 
 
 .^'^2^"^^ *'^'"™- '^""f)- ^''^^ Insurance Co. of County of Phila., Phila., Pa 
 2'S22"^^ 2°^^- ^Tontgomery Ins., Tr. & S. Dep. Co., Xorristown, Pa. 
 
 -■^'2^2 *®'^'"- ^•'"P- Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 onS'n '^ ^'®™" -^^^ ™*^- ^'^^- ^- Norwalk Fire Ins. Co., Norwalk, Conn. 
 200,000-5s term. coup. Penn. Co. for In.s. on Lives, etc., Philadelphia Pa 
 l,181-5s term. coU[). People's Trust, Sav. & Dep. Co., Lancaster, Pa. 
 
 26,500-5s term. re?. People's Trust, Sav. & Dep. Co., Lancaster, Pa. 
 
 15,000-5s Presbyterian Ministers' I'und, Philadelpliia, Pa. 
 
 28,S62-5s coup. Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 19,175-5s coup. g. Shamokin Banking Coiupanv, Shamokin, Pa. 
 115,000-5s gtd. by P. & R. Term. coup. Fid'y Ins., Tr. & S. Dep. Co., Phila., Pa. 
 220,350-5s 10-yr. coup. sk. fd. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 454,000-5s ('02) Equitable Life Assur. Society of United States, N. Y. City. 
 118,700-5s ('02) 10-yr. sk. fd. loan. Provident Life & Trust Co.,' phila.. Pa. 
 
 41,000-5s ('33) ext Franklin I'ire Insurance Company, Phila., Pa. 
 
 51,250-5s ('41) 1st mtg. term. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 l,025,000-5s ('41) gtd. by P. & R. Term. li. R. Co. Conn. M. L. I. Co., H'f'd, C'n. 
 
 29,]20-5s ('41) term. Hartford Steam Boiler Inspec. & Ins. Co., H'tf'd, Conn. 
 
 75,000-5s ('41) term. Hartford Fire Ins. Co., Hartford, Conn. 
 
 50,000-5s ('41) Girard Fire and Marine Ins. Co., Phila., Pa. 
 100,000-5s ('41) term. Pennsylvania F. Ins. Co., Phila., Pa. 
 100,000-5s ('41) term. Royal Ins. Co. (Liverpool, Eng.), N. Y. C. 
 
 10,000-5s ('41) term. g. reg. Union Insurance Co., Philadelphia, Pa. 
 
 10,000-5s ('41) term. Orient Insurance Company, Hartford, Conn. 
 5,000-5s ('41) term. Camden Safe Deposit & Trust Company, Camden, N. J. 
 ,102,500-5s ('42) River Term. Ext. coup. mtg. g. Penn Mutual Life Insurance 
 Company, Philadelphia, Pa. 
 
 12,000-6s 1st mtg. coup. Beneficial Sav. Fund Soc, Philadelphia, Pa. 
 128,951-6s con. mtg. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 7,410-6s coup. Savings Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 
 17,o00-0s CIO) 1st mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 250,000-6s ('10) 1st mtg. Ins. Company of No. America, Philadelphia, Pa. 
 
 12,000-6s ('11) con. sterl. coup. Union Insurance Co., Philadelphia, Pa. 
 
 99,875-6s & 7s cons. mtg. reg. Western Sav. Fund Society, Phila., Pa. 
 208,931-7s con. mtg. reg. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 
 12,000-7s con. mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 2,000-7s con. mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 10,000-7s con. coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 
 88,375-7s con. mtg. Real Estate Title Ins. & Tr. Co., Philadelphia, Pa. 
 
 69,445-7s con. coup. Sav. Fund Society of Germantown, etc., Phila., Pa. 
 
 13,362-7s con. mtg. coup. Tamaqua Banking & Trust Co., Tamaqua, Pa. 
 
 5,265-7s con. mtg. coup. Tamaqua Banking & Trust Co., Tamaqua, Pa. 
 l,322-7s con. mtg. reg. Tamaqua Banking & Trust Co., Tamaqua, Pa. 
 257,000-7s ('11) Equitable Life Assur. Soc. of United States, New York City. 
 
 20,000-7s ('11) con. mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 25,700-7s ('11) con. 1st mtg. Germania Life Ins. Co., New York City. 
 
 10,000-7s ('11) Reliance Insurance Company, Philadelphia, Pa. 
 10,000-7s ('11) con. Reading Fire Insurance Company, Reading, Pa. 
 50,000-5s Del. Riv. Term. coup. Beneficial Sav. Fd. Soc, Phila., Pa. 
 242,000-5s Del. Kiv. Term. Ext. coup. Penn. W'h'sing & S. Dep. Co. Phil., Pa. 
 15,000-5s ('42) Del. Riv. Term. Ext. g. Spring Garden Ins. Co., Phila., Pa. 
 
 PHILADELPHIA AND READING COAL AND IRON COMPANY. 
 
 33,197-4s gen. mtg. Northern Sav. Pd., S. Dep. & Tr. Co., Phila., Pa. 
 
 4,475-4s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 20,000-4s ('97) gen. mtg. g. Niagara Fire Insurance Co., New York City. 
 
 5,182-5s coup. Fidelity Ins., Trust & S. Dep. Co., Philadelphia, Pa. 
 
 5,000-5s coup. Manayunk Trust Company, Philadelphia, Pa. 
 
 5,'000-6s reg. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
662 DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 
 
 152,600-6s ctfs. of indebt. coup. Guarantee Tr. & S. Dep. Co., Phila., Pa. 
 
 26,000-6s g. f:tfs. Northern Sav. Fui)d, S. Dep. & Tr. Co., Phila., Pa. 
 379,000-6s ctfs. of indebt. coup. Finance Company of Penn., Phila., Pa. 
 
 10,000-6s ctfs. Ijumbermen's Insurance Co., Philadelphia, Pa. 
 
 25,000-6s ('04) g. Franklin Fire Insurance Company, Philadelphia, Pa. 
 
 52,000- Manhattan Trust Company, New York City. 
 100,000- gen. Real Estate Trust Company, New York City. 
 
 17,860-4s gen. mtg. coup. Albertson Trust & S. Dep. Co., Norristown, Pa. 
 
 26,fi87-4s gen. mtg. g. Fidelity Mutual Life Ins. Co., Philadelphia, Pa. 
 105,000-4s gen. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, P. 
 
 20,211-4s gen. mtg. coup. Germantow*!! R. Est, Dep. & Tr. Co., Phila., Pa. 
 
 70,050-4s gen. mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 
 17,175-4s gen. mtg. coup. Integrity Title, Ins., Tr. & S. Dep. Co., Phila., Pa. 
 105,729-4s coup. Lancaster Trust Company, Lancaster, Pa. 
 5,000-4s Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 30,000-4s gen. mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 13,.317-4s gen. coup. Shamokin Banking Company, Shamokin, Pa. 
 8,68t-4s gen. mtg. coup. Warren Savings Bank, Warren, Pa. 
 
 25,000-4s ('97) Camden Safe Deposit & Trust Co., Camden, N. J. 
 
 25,000-4s ('9.7) gen. mtg. Ins. Co. of No. America, Philadelphia, Pa. 
 
 50,000-4s ('97) gen. mtg. Penn. Fire Ins. Co., Philadelphia, Pa. 
 
 15,000-4s ('97) geu. liitg. gold. London As. Co. (London, Eng.), N. Y. City. 
 
 10,000-4s ('97) gen. mtg. g. T'atlantic F. Ins. Co. (H'burg, Ger.), Chi., 111. 
 
 88,447-4s ('97) gen. mtg. JIanhattaii Life Ins. Co., New York City. 
 284,000-4s ('97) gen. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 
 50,000-4Js gen. mtg. Industrial Trust Co., Providence, R. I. 
 
 PHILADELPHIA AND BEADING AND NEW ENGLAND RAILROAD. 
 
 2,S00-5s coup. Columbia Ave. Sav. Fd., S. Dep., Title & Tr. Co., Phila., Pa. 
 
 PHILADELPHIA, WILMINGTON AND BALTIMORE RAILROAD. 
 
 139,000- stk. reg. ctfs. Beneficial Sav. Fund Society, Philadelphia, Pa. 
 
 6,250- stk. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 3,000- cap. stk. Hanover Fire Insurance Company,' New York City. 
 10,000- stk. tr. ctfs. Mechanics' Insurance Company, Philadelphia, Pa. 
 
 2,500- stk. Middlesex Mutual Fire Insurance Co., Concord, Mass. 
 40,500- stk. tr. ctfs. reg. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 15,000- stk. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 114,017- stk. tr. ctfs. Philadelphia Trust, S. Dep. & Ins. Co., Phila., Pa. 
 
 3,000-4s stk. tr. ctfs. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 71,750- stk. tr. ctfs. reg. Western Sav. Fund Soc, Philadelphia, Pa. 
 20,000- Arkwright Mutual Fire Insurance Co., Boston, Mass. 
 20,000- Fall River Mnfrs'. JIutual Ins.', Co., Fall River, Mass. 
 
 4,000- Mutual Fire Assurance Company, Springfield, Mass. 
 100,000-4s reg. Beneficial Savings Fund Society, Philadelphia, Pa. 
 
 9,423-4s ctfs. reg. Hanover Saving Fund Society, Hanover, Pa. 
 
 2,000-4s Mechanics' Insurance Company, Philadelphia, Pa. 
 59,375-4s tr. ctfs. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 14,300-4s coll. tr. ctfs. reg. Real Est. Title, Ins. & Tr. Co., Phila.. Pa. 
 35,000-4s reg. Savings Fund Society of Germantown, etc., Phila., Pa. 
 
 7,000-4s (1900) Mercantile Fire & Marine Ins. Co., Boston, Mass. 
 10,000-4s ('17) reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 20,000-4s ('17) deb. Girard Fire & Marine Ins. Co., Philadelphia, Pa. 
 30,000-4s I'll) New England Mutual Life Insurance Co., Boston, Mass. 
 30,000-4s ('21) tr. ctfs. Delaware Insurance Company, Philadelphia, Pa. 
 25,000-4s ('21) tr. ctfs. reg. Franklin Fire Insurance Co., Phila., Pa. 
 50,000-4s ('21) tr. ctfs. Girard Fire & Marine Ins. Co., Philadelphia, Pa, 
 100,000-4s ('21) tr. ctfs. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 3,000-4s ('21) tr. ctfs. Provident Life & Trust Co., Philadelphia, Pa. 
 15,000-4s ('22) deb. reg. Franklin Fire Ins. Co., Philadelphia, Pa. 
 250,000-4s ('22) Mutual Benefit Life Insurance Co., Newark, N. J. 
 50,000-4s ('32) deb. Caledonian Ins. Co. (Edinburgh, Scot), N. Y. City. 
 54,000-4s ('32) Employers' Liability As. Corp. (Ltd.), London, Eng. 
 22,892-5s Real Estate, Title, Ins. & Tr. Co., Philadelphia, Pa. 
 118,000-5s ('10) New England Mntnal Life Insurance Co., Boston, Mass. 
 10,000-6s reg. Beneficial Saving Fund Society, Philadelphia, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 663 
 
 3,000-6s Mechanics' Insurance Company, Philadelphia, Pa. 
 3,000-6s (1900) reg. Franklin Fire Insurance Co., Philadelphia, Pp. 
 50,000-6s (1900) New England Mutual Life Insurance Co., Boston, Mass. 
 
 PHILLIPS AND liANGELY BAILEOAD. 
 
 10,000-5s ('10) Androscoggin County Savings Bank, LeViston, Me. 
 
 l],000-5s ('10) Auburn Savings Bank, Auburn, Me. 
 
 5,000-5s ('10) Biddeford Savings Bank, Biddeford, Me. 
 
 2,000-5s CIO) Boothbay Savings. Bank, Boothbay Harbor, Me. 
 
 5,000-5s ('10) Dexter Savings Bank, Dexter, Mo. 
 
 25,000-5s ('10) Gardiner Savings Institution, Gardiner, Me. 
 
 25,000-5s ('10) Kennebec Savings Bank, Augusta, Me. 
 
 5,000-5s ('10) Phillips Savings Bank, Phillips, Me. 
 
 5,000-5s ('10) Piscataquis Savings Bank, Dover, Me. 
 
 10,000-5s ('10) Skowhegan Savings Bank, Skowhegan, Me. 
 
 2,000-58 CIO) South Paris Savings Bank, South Paris, Me. 
 
 5,000-5s ('10) ^yaterville Savings Bank, Waterville, Me. 
 
 PIEDMONT AND CUMBEBLAND RAILROAD. 
 
 10,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 25,000-5s National Fire Insurance Company, Hartford, Conn. 
 
 5,000-5s ('11) Deep River Savings Bank, Deep River, Conn. 
 i8,000-5s ('11) Mechanics' Savings Bank, Hartford, Conn. 
 15,000-5s ('11) Meriden Savings Bank, Meriden, Conn. 
 
 5,000-5s ('11) Savings Bank of New Britain, New Britain, Conn. 
 
 PINE CREEK RAILROAD. 
 
 45,000-6s 1st mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 66,500-6s ('32) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 50,000-Gs ('32) 1st mtg. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 364,000-6s ('32) reg. Equitable Life Assur. Society of the U. S., N. ¥. City. 
 
 PITTSBURGH^ BESSEMEE AND LAKE ERIE RAILROAD. 
 
 10,000-5s equip, tr. con. reg. Commercial Bank, Titusville, Pa. 
 
 5,500-5s coup. Bank of Secured Savings, Allegheny, Pa. 
 50,000-5s coup. Fidelity Title & Trust Company, Pittsburgh, Pa. 
 51,000-5s coup. German Savings & Deposit Bank, Pittsburgh, Pa. 
 
 5,187-5s Real Estate Savings Bank, Pittsburgh, Pa. 
 
 71,000-5 G-lOs equip, tr. coup. Union Trust Co. of Pittsburgh, Pitts., Pa. 
 20,000-6s coup. Bank of Charleroi, Charleroi, Pa. 
 il,000-6s coup. Commercial Bank, Titusville, Pa. 
 10,000-Gs equip, tr. coup. Nation's Bank for pavings, Allegheny, Pa. 
 50,000-6s car tt. coup. Fidelity Title & Trust Co., Pittsburgh, Pa. 
 
 PITTSBURGH AND CASTLE SHANNON RAILROAD. 
 
 10,000-6s 1st mtg. coup. Germania Savings Bank, Pittsburgh, Pa. 
 10,000-6s 1st mtg. coup. People's Savings Bank, Pittsburgh, Pa. 
 
 PITTSBURGH, CHAETIEBS AND YOUGHIOGHENY RAILROAD. 
 
 18,500-48 gen. mtg. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 ]0,000-4s ('32) American Fire Insurance Company, Philadelphia, Pa. 
 50 000-4S ('32) gen. g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 3,000-6s coup. Frankford Real Est, Tr. & S. Dep. Co., Philadelphia, Pa. 
 15,000-6s 1st mtg. coup. West End Savings Bank, Pittsburgh, Pa. 
 14,000-6s ('02) American Fire Insurance Company, Philadelphia, Pa. 
 3S,422-6s ('02) coup. Dollar Savings Bank, Pittsburgh, Pa. 
 •53,000-6s ('02) Franklin Fire Insurance Company, Philadelphia, Pa. 
 
 7,000-6s ('02) Reliance Insurance Company, Philadelphia, Pa. 
 
 PITTSBURGH, CINCINNATI, CHICAGO AND ST. LOUIS RAILROAD. 
 
 61,175- cm. Investment Company of Philadelphia, Philadelphia, Pa. 
 
 200000- Farmers' Loan & Trust Company, New York City. 
 
 36000- Fidelity Trust & Guaranty Company, Buffalo, N. T. 
 
 8390- Nederland Ltd. Lia. Life Ins. Co. (Amsterdam, Hoi.), N. Y. City. 
 
664 DUTIES AND POWEES OP INTERSTATE COMMERCE C0M;MISSI0N. 
 
 49,875- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 25,000- " Underwriters at American Lloyds," New York City. 
 316,040-3is coup. Girard Trust Company, Pliiladelpliia, Pa. 
 l,600,000-3Js ('49) Equitable Life Assur. Soc. of U. S., New York City. 
 50,000-3is ('49) con. g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 502,400-3 Js ('49) Mutual Life Insurance Company, New York City. 
 l,004,987-3is ('49) con. g. Ser. E. gtd. by Pa. Co. N. Y. Life Ins. Co., N. Y. C. 
 178,112-4s coup. Dollar Savings Bank, Pittsburgh, Pa. 
 
 5,325-4s reg. con. coup. Prankford Real Est, Tr. & S. Dep. Co., Phila., Pa. 
 25,993-4s Ser. D. coup. Lackawanna Tr. &' S. Dep. Co., Scranton, Pa. 
 l,913,000-4s ('45) Equitable Life Assur. Soc. of United States, N. Y. City. 
 . 50,000-4s ('45) Northwestern Nat. Ins. Co., Milwaukee, Wis. 
 20,000-4s ('45) princ. & int. gtd. by Pa. Co. 1st mtg. g. Svea Fire & Life Ins. 
 Co. (Ltd.) (Gothenburg, Sweden), N. Y. City. 
 200,000-4s ('45) con. mtg. g. Palatine Ins. Co. (Ltd.) ( M'ch'ter, Eg. ) , N. Y. C. 
 103,000-4s (45) con. coup. g. Penn Mutual Life Ins. Co., Philadelphia, Pa. 
 46,100-4s ('45) Ser. D. con. g. Provident Life & Tr. Co., Phila., Pa. 
 30,000-4s ('45) Travelers' Insurance Company, Hartford, Conn. 
 203,500-4^s con. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 50,000-4is Fidelity Trust Company, Newark, N. J. 
 5,100-4is coup. Hanover Saving Fund Society, Hanover, Pa. 
 5,400-4^8 coup. Manayunk Trust Company, Philadelphia, Pa. 
 10,000-4Js Mechanics' Insurance Company, Philadelphia, Pa. 
 30,000-4is Ser. B. Northern Sav. Pd., S. Dep. & Tr. Co., Phila., Pa. 
 20,400-4is 1st mtg. Ser. A. Northern Sav. Fd., S. Dep. &Tr. Co.. Phila., Pa. 
 28,500-4is con. mtg. Real Estate Title, Ins. & Trust Co., Philadelphia, Pa. 
 5,487-4is coup. Security Title & Trust Company, York, Pa. 
 22,500-4is con. mtg. coup. Tacony Sv. Pd., S. Dep., Title & Tr. Co., Ph., Pa. 
 3l>4,750-4Js con. mtg. coup. Ser. A, B & C. West. Sav. Fd. Soc, Phila., Pa. 
 .S0,000-4js ('40) American Fire Insurance Co., Philadelphia, Pa. 
 794,000-4is ('40) Equitable Life Assur. Soc. of United States, N. Y. City. 
 10,000-4is ('40) Girard Fire & Marine Ins. Co., Philadelphia, Pa. 
 30,000-4is ('40) con. mtg. g. Ser. A. Hamburgh-Bremen ' Fire Ins. Co. 
 
 (Hamburg, Germany), New York City. 
 22,575-4Js ('40) Ser. A. John Hancock Mutual Life In. Co., Boston, Mass. 
 35,000-44s ('40) con. mtg. Law Union & Crown Fire & Life Ins. Co. (Lon- 
 don, Eng.), New York City. 
 25,000-4Js ('40) con. g. bds. London Assur. Co. (Lou., Eng.), N. Y. C. 
 6,000-4§s ('40) Nat. Assur. Co. (Dublin, Ire.), Hartford, Conn. 
 78,000-4is ('40) Ser. A. New England Mutual Life Ins. Co., Boston, Mass. 
 l,004,379-4is ('40) con. g. Ser. A. gtd. by Pa. Co. N. Y. Life Ins. Co., N. Y. C. 
 15,000-4is ('40) No. Ger. Fire Ins. Co. (H'burg, Ger.), Chicago, 111. 
 10,912-4Js ('40) con. mtg. Ser. A. Ocean Ac. Guar. Cor. (Ltd.), Lon., Eng. 
 27,250-44s ('40) con. mtg. coup.g. Ser. A. Penn Mut. L. Ins. Co., Ph., Pa. 
 132,307-4^8 ('40) Ser. A. Prudential Ins. Co. of America, Newark. N. J- 
 10,000-4is- ('40) con. mtg. State Fire Ins. Co. (L'pool, Eng.), N. Y. City. 
 10,000-4is ('40) con. mtg. Ser. A. United Firemen's ins. Co., Phila., Pa. 
 220,000-4is ('40-'42) Massachusetts Mut. Life Ins. Co., Springfield, Mass. 
 840,000-4Js ('42) Equitable Life Assur. Soc. of U. S., New York City. 
 5,640-4Js ('42) Ser. C. John Hancock Mut. Life Ins. Co., Boston, Mass. 
 14,000-4is ('42) Nat. Assur. Co. (Dublin, Ire.), Hartford, Conn. 
 50,000-4 Js ('42) Ser. C. New England Mut. Life Ins. Co., Boston, Mass. 
 22,000-4|s ('42) Ser. B. New England Mut. Life Ins. Co., Boston, Mass. 
 48,750-4|s ('42) con. mtg. coup. g. Ser. C. Penn Mut. Life In. Co., Ph., Pa. 
 27,250-4|s ('42) con. mtg. coup. g. Ser. B. Penn Mut. Life In. Co., Ph., Pa. 
 126,880-4Js ('42) Ser. B. Prudential Ins. Co. of Amer., Newark, N. J. 
 25,000-4is ('42) Ser. C. Scot. Un. & Nat. Ins. Co. (Edbg., Scot.), Hfd., Ct. 
 10,000-4Js ('42) con. mtg. Ser. B. United Firemen's Ins. Co., Phila., Pa. 
 17,000-7s (1900) mtg. United Firemen's Ins. Co., Philadelphia, Pa. 
 
 PITTSBURGH, CINCINNATI AND ST. LOUIS BAILSOAD. 
 
 18,000- Real Estate Trust Company, New York City. 
 35,000-3is Manchester Savings Bank, Manchester, N. H. 
 36,000-3is ('49) Reliance Insurance Company, Philadelphia, Pa. 
 15,900-7s reg. City Trust, Safe Deposit & Surety Co., Philadelphia, Pa. 
 20,000-7m 1st mtg. coup. Fire Ins. Co. of Philiidelphla. Phila., Pa. 
 20,000-7s mtg. Northern Sav, Fund, S. Dep. & Trust Co., Phila., Pa. 
 
DUTIES AND POWERS OP INTERSTATE COMMEECE COMMISSION. 665 
 
 244,000-7s loans coup. Philadelphia Savings Fnnd Soc, Philadelphia, Pa. 
 
 49,410-7s reg. coup. Phila. Trust, S. Dep. & Ins. Co., Philadelphia, Pa. 
 9,000-7s (1900) American Fire Insurance Company, Philadelphia, Pa. 
 
 ]5,900-7s (1900) City Trust, Safe Deposit & Surety Co., Philadelphia, Pa. 
 189,000-7s (1900) Mutual Benefit Life Insurance Co., Newark, N. .T. 
 
 50,000-7s (1900) 1st con. New York Life Insurance Co., N. Y. City. 
 
 50,000-7s (1900) Pennsylvania Fire Insurance Company, Philadelphia, Pa. 
 
 PITTSBURGH, CLEVELAND AND TOLEDO EAILBOAD. 
 
 5,000- Westerly Savings Banlj, Westerly, R. I. 
 
 l,800-6s coup. Jersey Shore Banking Companv, Jersey, Pa. 
 
 22,050-Os ('22) 1st mtg. g. Fidelity & Casualty Co.. New York City. 
 
 10,000-6s ('22) Orient Insurance Companv, Hartford, Conn. 
 
 45,150-6s ('22) 1st mtg. inc. Metropolitan Life Ins. Co., New York City. 
 
 50,000-6s ('22) New England Mutual Life Ins. Co., Boston, Mass. 
 
 21,200-6s ('22) State Mutual Life Assur. Co., Worcester, Mass. 
 
 PITTSBURGH, FORT WAYNE AND CHICAGO RAILROAD. 
 
 22,000- pf. New Hampshire Fire Insurance Co., Manchester, N. H. 
 100,000- stk. Aetna Insurance Companv, Hartford, Conn. 
 50,000- stk. Brit. & Foreign Mar. Ins. Co. (Liverpool, Eng.), N. Y. City. 
 30,000- stk. Connecticut Fire Insurance Company, Hartford, Conn. 
 10,000- (100 shrs.). Connecticut Savings Bank, New Haven, Conn. 
 24,900- stk. Eagle Fire Company, New York City. 
 269,300- stk. gtd. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 35,(K)0- cap. stk. Hanover Fire Insurance Company, New York City. 
 10,000- stk. Holyoke Mutual Fire Insurance Co., Salem, Mass. 
 250,000- gtd. stk. Home Insurance Company, New York City. 
 
 5,000- stk. Loan & Trust Savings Bank, Concord, N. H. 
 
 2,500- stk. Merchants' Insurance Company, Providence, R. I. 
 1,007,541- stk. Mutual Life Insurance Company, New York City. 
 20,000- stk. National Fire Insurance Company, Hartford, Conn. 
 
 8,200- reg. stk. gtd. by Pa. Co. Nederland Ltd. Lia. Life Ins. Co. (Am- 
 sterdam, Holland), New York City. 
 10,000- stk. Niagara Fire Insurance Company, New York City. 
 25,000- stk. New York Life Insurance & Trust Co., N. Y. City. 
 10,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 10,000- stk. Newport Savings Bank, Newport, N. H. 
 40,000- stk. Norwich Un. F. Ins. Soc. (Norwich, Eng.), New York City. 
 20,000- stk. Paterson Safe Dep. & Trust Co., Paterson, N. J. 
 46,250- gtd. stk. Penn Mutual Life Insurance Co., Philadelphia, Pa. 
 30,000- stk. Providence-Washington Insurance Co., Providence, R. I. 
 50,000- stk. Strafford Savings Bank, Dover, N. H. 
 10,000- stk. Somersworth Savings Bank, Somersworth, N. H. 
 173,250- stk. Travelers' Insurance Co., Hartford, Conn. 
 104,400- cap. stk. Trust Company of America, New York City. 
 36,000- stk. Queens Insurance Company of America, New York City. 
 
 2,500- stk. Walpole Savings Bank, Walpole, N. H. 
 15,000- gtd. Com. Un. Assur. Co. (Ltd.), (London, Eng.), N. Y. City. 
 50,000- Bankers' Trust Company of New York, TSSew York City. 
 52,075- Safe Deposit Company of New York, New York City. 
 75,000-7s ('12) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 40,000-7s ('12) 3d mtg. Aetna Insurance Company, Hartford, Conn. 
 81,000-7s ('12) 2d mtg. Aetna Insurance Company, Hartford, Conn. 
 10,000.-7s ('12) Citizens' Savings Banlc, Stamford, Conn. 
 35,000-7s ('12) Connecticut Savings Bank, New Haven, Conn. 
 10,000-7s ('12) Farmington Savings Bank, Farmington, Conn. 
 10,000-7s ('12) Mariners' Savings Bank, New London, Conn. 
 14,000-7s ('12) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 
 6,000-7s ('12) Savings Bank of New London, New London, Conn. 
 45,000-7s ('12) Society for Savings, Hartford, Conn. 
 
 PITTSBURGH JUNCTION RAILROAD. 
 
 25,000- 1st. Long Island Loan and Trust Company, Brooklyn, N. Y. 
 500,000-3Js ('25) Equitable Life Assur. Society of United States, N. Y. City. 
 25,000-5s coup. Fidelity Title and Trust Company, Pittsburgh, Pa. 
 
666 DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. 
 
 20,000-5s 2(1 mtg. coup. Real Estate Savings Bank, Pittsburgh, Pa. 
 5,000-5s 2cl mtg. Western Insurance Company, Pittsburgh, Pa. 
 18,000-6s 1st mtg. Western Insurance Companv, Pittsburgh, Pa. 
 10,000-6s ('22) Insurance Company of the State of Pa., Philadelphia, Pa. 
 
 PITTSBURGH AND LAKE ERIE EAILEOAD. 
 
 28,850-5s ('28) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 l,000,000-5s ('28) Equitable Life Assur. Society of United States, N. Y. City. 
 
 PITTSBURGH, m'KEESPOET AND Y0U6HI0QHENY RAILROAD. 
 
 60,875- cm. Fidelity and Casualty Company, N. Y. City. 
 
 10,000- stk. Citizens' Insurance Company, Pittsburg, Pa. 
 250,000- gtd. stk. Continental Insurance Company, N. Y. City. 
 
 35,000- cap. stk. Hanover Fire Insurance Company, N. Y. City. 
 302,775- stk. Mutual Life Insurance Company, N. Y. City. 
 
 20,000- stk. Paterson Safe Deposit and Trust Co., Paterson, N. J. 
 
 25,000- gtd. stk. Phoenix Insurance Company, Hartford, Conn. 
 
 15,000-6s coup. Sav. Fund Society of Germantown, etc., Philadelphia, Pa. 
 
 50,000-6s ('32) Chelsea Savings Bank, Norwich, Conn. 
 
 22,000-6s ('32) City Savings Bank, Meriden. Conn. 
 
 53,000-6s ('32) Connecticut Savings Bank, New Haven, Conn. 
 
 16,000-6s ('32) Deep River Savings Bank, Deep River, Conn. 
 5,000-6s ('32) Groton Savings Bank, Mystic, Conn. 
 
 10,000-Gs ('32) N. Y. C. & H. Riv. Dime Sav. Bk. of Waterbury, W'b'y, Conn. 
 5,000-6s ('32) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 10,000-6s ('32) Dime Savings Bank of Norwich. Norwich, Conn. 
 
 10,000-6s ('32) Essex Savings Bank, Essex, Conn. 
 4,000-6s ('32) Litchfield Savings Society, Litchfield, Conn. 
 
 25,000-68 ('32) Mechanics' Savings Bank, Hartford, Conn. 
 
 20,000-6s ('32) Meriden Savings Bank, Meriden, Conn. 
 
 50,000-6s (32) New Haven Savings Bank. New Haven, Conn. 
 200,000-6s ('32) Norwich Savings Society, Norwich, Conn. 
 
 15,000-6s ('32) Paterson Savings Institution, Paterson, N. J. 
 
 30,000-6s ('32) People's Savings Bank, Bridgeport, Conn. 
 
 50,000-6s ('32) Savings Bank of New Britain, New Britain, Conn. 
 
 80,000-6s ('32) Savings Bank of Danbury, Danbury, Conn. 
 100,000-6s ('32) Savings Bank of New London, New London, Conn. 
 150,000-6s ('32) Society for Savings, Hartford, Conn. 
 5,000-6s ('32) Southington Savings Bank, Southington, Conn. 
 
 20,000-6s ('32) State Savings Bank, Hartford, Conn. 
 
 20,000-6s ('32) Union Savings Bank, Danbury, Conn. 
 8,000-6s ('32) Waterbury Savings Bank, Wnterburv, Conn. 
 
 20,000-6s ('32) Wlnsted Savings Bank, Winsted, Conn. 
 
 50,000-6s ('31) 2d mtg: Insurance Company of N. America, Philadelphia, Pa. 
 700,388-6s ('34) Mutual Life Insurance Company, N. Y. City. 
 
 PITTSBURGH, PAINESVILLE AND FAIRPORT RAILROAD. 
 
 10- United Security, Life Ins. and Tr. Co. of Pa., Philadelphia, Pa. 
 l,500-5s coup. Trust Company of North America, Philadelphia, Pa. 
 150,000-5s ('16) Equitable Life Assur. Society of the United States, N. Y. City. 
 47,562-5s ('16) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 115)404-5s ('16) Mutual Life Insurance Company, N. Y. City. 
 
 PITTSBURGH, SHAWMUT AND NORTHERN RAILROAD. 
 
 27,125-5s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 PITTSBURGH, SHENANGO AND LAKE ERIE RAILROAD. 
 
 15,000- Citizens' Insurance Company, Pittsburg, Pa. 
 50,000-5s 1st mtg. Industrial Trust Company, Providence, R. I. 
 50,000-5s coup. Fidelity Title and Trust Co., Pittsbur.g, Pa. 
 25,000-5s ('40) mtg. Delaware Insurance Company, Philadelphia, Pa. 
 114,150-5s ('40) 1st mtg. g. coup. Penn Mutual Life Ins. Co., Philadelphia, Pa. 
 
DUTIES AND POWEES OP INTERSTATE COMMERCE COMMISSION. tj67 
 PITTSBURGH, WEIB AND COLUMBUS RAILWAY. 
 
 7,000-6s ('06) Woonsocket Institute for Savings, Woonsocliet, R. I. 
 
 PITTSBURGH AND WESTERN RAILWAY. 
 
 5,000- pf. Western Insurance Company, Pittsburg, Pa. 
 
 25,000- rec. ctfs. Fiftli Avenue Trust Company, N. Y. City. 
 
 12,350- coup. rec. car. tr. ctfs. Guar. Tr. and Safe Dep. Co., Philadelphia, Pa. 
 115,000- rec. ctfs. People's Trust Company, Brooklyn, N. Y. 
 
 58,000- 1st. Real Estate Trust Company, N. Y. City. 
 8,145-4s 1st mtg. g. coup. Anthracite Savings Bank, Wilkesbarre, R. I. 
 
 10,000-4s Western Insurance Company, Pittsburg, Pa. 
 
 ll,882-4s coup. Wayne County Savings Bank, I-Ionesdale, Pa. 
 450,000-4s ('17) Equitable Life Assur. Society of the United States, N. Y. City. 
 
 25,000-4s ('17) 1st mtg. g. Germania Fire Insurance Company, N. Y. City. 
 • 21,781-4s ('17) Istg. Home Life Insurance Company, New York City. 
 472,875-4s ('17) 1st mtg. inc. g. Metropolitan Life Insurance Co., N. Y. City. 
 , 44,860-4s ('17) Travelers' Insurance Company, Hartford, Conn. 
 164,350-5s rec. car. tr. ctfs. coup. Finance Co. of Pennsylvania, Philadelphia, Pa. 
 
 20,000-5s car. tr. coup. Lansdale Trust and Safe Dep. Co., Lansdale, Pa. 
 
 20,000-5s car. tr. coup. Montgomery Ins., Tr. and S. Dep. Co., Norristown, Pa. 
 
 10,500-5s car. tr. coup. Pennsylvania Trust Company, Reading, Pa. 
 
 50,000-5s ctfs. Morristown Trust Company, Morristown, N. J. 
 
 71,200-6s rec. ctfs. Equitable Life Assur. Soc. of United States, N. Y. City. 
 227,050-6s rec. car. tr. war. coup. Finance Co. of Pennsylvania, Philadelphia, Pa. 
 
 10,100-6s rec. ctfs. reg. Pittsburgh Trust Company, Pittsburg, Pa. 
 
 PITTSBURGH, TOIJNGSTOWN AND ASHTABULA RAILROAD. 
 
 10,462-5s' coup. Easton Trust Company, Easton, Pa. 
 105,000-5s 1st con. mtg. coup. Fidelity Ins., Tr. and S. Dep. Co., Phila., Pa. 
 
 25,000-5s coup. Savings Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 5,000-5s con. coup. West Philadelphia Title and Trust Co., Philadelphia, Pa. 
 100,000-5s con. mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 
 15,000-5s ('27) Connecticut Savings Bank, New Haven, Conn. 
 
 40,000-5s ('90) Delaware Insurance Company, Philadelphia, Pa. 
 
 PONTIAC, OXFORD AND NORTHERN RAILROAD. 
 
 ll,000-6s ('16) Androscoggin County Savings Bank, Lewiston, Me. 
 
 10,000-6s ('16) Auburn Savings Bank, Auburn, Me. 
 
 3,000-6s ('16) Bridgton Savings Bank, Bridgton, Me. 
 
 5,000-6s ('16) Brunswick Savings Institution, Brunswick, Me. 
 
 5,000-6s ('16) Calais Savings Bank, Calais, Me. 
 
 15,000-6s ('16) Eastport Savin.gs Bank, Eastport, Me. 
 
 4,000-6s ('16) Fairfield Savings Bank, Fairfield,'Me. 
 
 2,000-6s ('16) Franklin County Savings Bank, Farmington, Me. 
 
 5,000-6s ('16) Gardiner Savings Institution, Gardiner, Me. 
 
 2,000-6s ('16) Kennebunk Savings Bank, Kennebunk, Me. 
 
 125,000-6s ('16) 1st mtg. g. Maine Savings Bank, Portland, Me. 
 
 2,000-6s ('16) Mechanics' Savings Bank, Auburn, Me. 
 
 5,000-6s ('16) Norway Savings Bank, Norway, Me. 
 
 5,000-6s ('16) People's Savings Bank, Lewiston, Me. 
 
 5,000-6s ('16) Piscataquis Savings Bank, Dover, Me. 
 
 25,000-6s ('16) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 10,000-6s ('16) Rockland Savings Bank, Rockland, Me. 
 
 20,000-6s ('16) Saco and Biddeford Savings Institution, Saco, Me. 
 
 lo!oOO-6s ('16) Thomaston Savings Bank, Thomaston, Me. 
 
 PORTLAND AND CAPE ELIZABETH RAILWAY. 
 
 25,000-4is l.st mtg. g. os Maine Savings Bank, Portland, Me. 
 12,000-5s ('15) Brunswick Savings Institution, Brunswick, Me. 
 75,000-5s ('15) 1st mtg. Portland Savings Bank, Portland, Me. 
 
668 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 POBTLAND AND OGDENSBURG RAILROAD. 
 
 50,020- stk. Auburn Savings Bank, Auburn, Me. 
 24,600- stk. Bangor Savings Bank, Bangor, Me. 
 
 7,300- stk. Bridgton Savings Bank, Bridgton, Me. 
 22,100- stk. Brunswick Savings Institution, Brunswick, Me. 
 
 1,000- stk. Dexter Savings Bank, Dexter, Me. 
 66,400- stk. Franklin County Savings Bank, Farmington, Me. 
 11,000- stk. Norway Savings Bank, Norway, Me. 
 30,000- stk. Penobscot Savings Bank, Bnngor, Me. 
 67,000- Stic. Saco and Biddeford Savings Institution, Saco, Me. 
 10,000- stk. Saco Savings Bank, Saco, Me. 
 13,800- stk. Kennebunk Savings Bank, Kennebunk, Me. 
 30,000- stk. Skowhegan Savings Bank, Skowhegan, Me. 
 
 5,000- Abington Mutual Fire Insurance Company, Ablngton, Mass. 
 10,000- Cotton & Woolen AInfrs' Mut. Ins. Co., Boston, Mass. 
 20,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 
 5,000- Paper Mill Mutual Insurance Company, Dedham, Mass. 
 25,000- Pawtucket Institute for Savings, Pawtucket, R. I. 
 500,000-3 Js ('08) Augusta Savings Bank, Augusta, Me. 
 
 8,000-5s Peterborough Savings Bank, Peterborough, N. H. 
 25,000-5s ('08) Androscoggin County Savings Bank, Lewiston, Me. 
 15,000-5s ('08) Auburn Savings Bank, Auburn, Me. 
 50,000-5s ('08) Bath Savings Institution, Bath, Me. 
 
 5,000-5s ('08) Belfast Savings Bank, Belfast, Me. 
 20,000-5s ('08) Biddeford Savings Bank, Biddeford, Me. 
 
 8,000-5s ('08) Bridgton Savings Bank, Bridgton, Me. 
 
 3,000-5s ('08) Buxton and Hollis Savings Bank, West Buxton, Me. 
 
 5,000-5s ('08) Calais Savings Bank, Calais, Me. 
 10,000-5s ('08) Franklin County Savings Bank, Farmington, Me. 
 
 l,000-5s ('08) Hancock County Savings Bank, Ellsworth, Me. 
 
 7,000-5s ('08) Houlton Savings Bank, Houlton, Me. 
 
 5,325-5s ('08) Jolin Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 5,000-5s ('08) Kennebunk Savings Bank, Kennebunk, Me. 
 100,000-5s COS) Maine Saving.s Bank, Portland, Me. 
 52,000-5s ('08) gtd. by Me. Cent. R. R. Co. Union Mutual Life Insurance Co.. 
 Portland, Me. 
 
 5,000-5s ('08) Mechanics' Savings Banlv, Auburn, Me. 
 28,000-5s COS) People's Savings Bank, Lewiston, Me.' 
 10,000-5s ('08) Penobscot Savings Bank, Bangor, Me. 
 
 5,000-5s ('08) Phillips Savings Bank, Phillips, Me. 
 150,000-5s ('08) 1st eon. mtg. Portland Savings Banls:, Portland, Me. 
 15,000-5s ('08) Rockland Savings Bank, Rockland, Me. 
 
 7,000-5s ('08) Saco Savings Bank, Saco, Me. 
 
 6,000-5s ('08) Searsport Savings Bank, Searsport, Me. 
 53,000-5s ('08) Skowhegan Savings Bank, Skowhegan, Me. 
 50,000-5s ('08) State Mutual Life Assurance Company, Worcester, Mass. 
 
 5,000-5s ('08) Thomaston Savings Bank, Thomaston, Me. 
 
 6,000-5s ('08) Waterville Savings Bank, Waterville, Me. 
 10,000-5s ('08) Wlscasset Savings Bank, Wiscasset, Me. 
 
 5,000-6s Abington Savings Bank, Abington, Mass. 
 
 4,000-6s Arlington Five Cent Savings Bank, Arlington, Mass. 
 
 5,000-6s Bridgewater Savings Bank, Bridgewater, Mass. 
 
 5,000-Gs Brighton Five Cent Savings Bank, Boston, Mass. 
 
 9,000-6s Cambridge Savings Bank, Cambridge, Mass. 
 
 5,(X)0-6s Cape Cod Five Cent Savings Bank, Harwich, Mass. 
 
 l,000-6s Central Savings Bank, Lowell, Mass. 
 
 5,000-6s Citizens' Savings Bank, Massachusetts. 
 
 3,500-6s Crocker Institute for Savings, Turners Falls, Mass. 
 31,500-6s Dedham Institute for Savings, Dedham, Mass. 
 
 8,000-6s East Weymouth Savings Bank, East Weymouth, Mass. 
 15,000-6s East Boston Savings Bank, East Boston, Mass. 
 16,500-6s Eliot Five Cent Savings Bank, Boston, Mass. 
 43,500-6s Holyoke Savings Bank, Holyoke, Mass. 
 
 1,000-Cs Home Savings Bank, Boston, Mass. 
 
 5,000-6s Lawrence Savings Bank, Lawrence, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 669, 
 
 5,000-6s Lexington Savings Bank. Lexington, Mass. 
 10,000-6s Lynn Five Cent Savings Bank, Lynn, Mass. 
 10,000-6s Lynn Institute for Savings, Lynn, Mass. 
 10,000-6s MarlborougJi Savings Bank, Marlborough, Mass. 
 10,000-6s Medford Savings Bank, Medford, Mass. 
 
 2,000-6s Medway Savings Bank, Medway, Mass. 
 
 5,000-6s Middleborough Savings Bank, Mlddleborough, Mass. 
 15,000-6s Milford Savings Bank, Milford, Mass. 
 20,000-6s Newton Savings Bank, Newton, Mass. 
 25,500-6s North Brookfield Savings Bank, North Brookfield, Mass. 
 
 5,000-6s People's Savings Bank, Worcester, Mass. 
 69,500-6s Salem Savings Bank, Salem, Mass. 
 12,000-6s South Boston Savings Bank, Boston, Mass. 
 ]39,000-6s Suffolk Savings Bank for Seamen, etc., Boston, Mass. 
 20,000-6s Warren Five Cents Savings Bank, Peabody, Mass. 
 
 3,000-6s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 6,000-6s Worcester Five Cent Savings Bank, Worcester, Mass. 
 
 4,000-6s (1900) Hallowell Savings Institution, Hallowell, Me. 
 500-6S (1900) Franklin County Savings Bank, Farmington, Me. 
 
 l,500-6s (1900) Saco Savings Bank, Saco, Me. 
 
 5,000-6s (1900) Searsport Savings Bank, Searsport, Me. 
 
 7,000-6s (1900) South Berwick Savings Bank, South Berwick, Me. 
 
 PORTLAND KAILWAy — OREGON. 
 
 2,250- cm. New Hampshire Banking Company, Nashua, N. H. 
 750- pf. New Hampshire Banking Company, Nashua, N. H. 
 58,750- Mechanics' Savings Bank, Providence, R. I. 
 100,000-4is ('13) 1st mtg. Portland Savings Bank, Portland Me. 
 
 2,500-5s Conway Savings Bank, Conway, N. H. 
 
 6,250-5s Keene Guaranty Savings Bank, Keene, N. H. 
 500-5S Lancaster Savings Bank, Lancaster, N. H. 
 
 3,750-5s Mason Village Savings Bank, Greenville, N. H. 
 
 3,750-5s New Hampshire Banking Company, Nashua, N. H. 
 12,500-5s New Hampshire Savings Bank, Concord, N. H. 
 
 3,750-5s Plttsfield Savings Bank, Pittsfleld, N. H. 
 
 3,750-5s Walpole Savings Bank, Walpole, N. H. 
 18,750-5s ('16) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 ti,250-6s Peterborough Savings Bank, Peterborough, N. H. 
 
 l,250-6s Union Five Cent Savings Bank, Exeter, N. H. 
 
 PORTLAND AND ROCHESTER RAILROAD. 
 
 1.161- stk. Union Mutual Life Insurance Company, Portland, Me. 
 4;000-4s ('07) Kennebunk Savings Bank, Kennebunk, Me. 
 
 PORTLAND AND RtTMPORD TALLS BAILBOAD. 
 
 4,000- Stk. Camden Savings Bank, Rockport, Me. 
 
 5,000- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 18,000- stk. Union Mutual Life Insurance Company, Portland, Me. 
 10,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 10,000- Worcester Mutual Fire Insurance Co., Worcester, Mass. 
 20i00O-4s Ablngton Savings Bank, Abington, Mass. 
 
 2,000-4s Dorchester Savings Bank, Dorchester, Mass. 
 
 3,000-4s Easthampton Savings Bank, Easthampton, Mass. 
 10,000-4s Gardner Savings Bank, Gardner, Mass. 
 15,000-4s Georgetown Savings Bank, Georgetown, Mass. 
 25,000-4s Greenfield Savings Bank, Greenfield, Mass. 
 15,000-4s Hopklnton Savings Bank, Hopkinton, Mass. 
 10,000-4s Hudson Savings Bank, Hudson, Mass. 
 10,000-4s Mlddleborough Savings Bank, Middleborough, Mass. 
 10,000-4s Middlesex Institute for Savings, Concord, Mass. 
 10,000-4s Millbury Savings Bank, Millbury, Mass. 
 
 5,000-4s North Easton Savings Bank, North Easton, Mass. 
 13.000-4S People's Savings Bank, Brockton, Mass. 
 45 000-4S People's Savings Bank, Worcester, Mass. 
 
670 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 37,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 .5,000 -Is Spencer Savings Bank, Spent-er, Mass. 
 10,000-4s Uxbridge Savings Bank, tjxbridge, Mass. 
 5,000-4s Wakefield Savings Bank, Wakefield, Mass. 
 20,000-4s Warren Five Cent Savings Bank, Peabody, Mass. 
 6,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 10,000-4s Weymouth Savings Bank, Weymouth, Mass. 
 25,000-4s Wildey Savings Bank, Boston, Mass. 
 
 12,000-4s Rangeley Lakes. Woburn Five Cent Savings Bank, Woburn, Mass.' 
 100,000-4s Worcester County Institute for Savings, Worcester, JIass. 
 50,000-4s Worcester Five Cent Savings Bank, AVorcester, Mass. 
 25,000-4s ('26) Androscoggin County Savings Bank, Lewiston, Me. 
 
 Auburn Savings Bank, Auburn, Me. 
 
 Bath Savings Institution, Bath, Me. 
 
 Bridgton Savings Bank, Bridgton, Me. 
 
 Brunswick Savings Institution, Brunsvciek, Me. 
 
 Buxton and Hollis Savings Bank, West Buxton, Me. 
 
 Employers' Lia. Assur. Corp. (Ltd.), London, Bng. 
 
 Franklin County Savings Bank, Farmiugton, Me. 
 
 Maine Savings Bank, Portland, Me. 
 
 Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 Southington Savings Bank, Southington, Conn. 
 
 Auburn Savings Bank, Auburn, Me. 
 
 Boothbay Savings Bank, Boothbay Harbor, Me. 
 
 Eastport Savings Bank, Bastport, Me. 
 
 Fairfield Savings Bank, Fairfield. Me. 
 
 Kennebunk Savings Bank, Kenuebunk, Me. 
 
 People's Savings Bank, Leviriston, Me. 
 
 Piscataquis Savings Bank, Dover, Me. 
 
 Portland Savings Bank, Portland, Me. 
 ('27) 'Tremont Savings Bank, Tremont, Me. 
 
 PORTLAND, SACO AND POBTSMOUTH BAttROAD. 
 
 Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 Portland Savings Bank, Portland, Me. 
 
 PORTLAND AND VANCOUVER RAILWAY. 
 
 133,000- Ry. & Munic. bds. German Savings & Loan Soc, San Fran., Cal. 
 
 PORT READING RAILROAD. 
 
 25,000-5s 1st mtg. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 25,000-5s ('41) 1st mtg. gtd. g. Aetna Insurance Company, Hartford, Conn. 
 
 150,000-5s ( '4] ) Aetna Life Insurance Company, Hartford, Conn. 
 
 5,000-5s ('41) 1st mtg. Brunswick Savings Institution, Brunswick, Me. 
 
 10,000-5s C'41) Connecticut Fire Insurance Company, Hartford, Conn. 
 
 50,000-5s ('41) ist mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 
 253,300-5s ('41) 1st mtg. reg. gtd. by P. & R. R. R. Connecticut Mutual Life 
 Insurance Company, Hartford, Conn. 
 
 51,250-5s ('41) 1st mtg. Phoenix Mutual Life Insurance Co., Hartford, Conn. 
 
 25,000-5s ('41) 1st mtg. Portland Savings Bank, Portlaud, Me. 
 
 51,000-5s ('41) Travelers' Insurance Company, Hartford, Conn. 
 
 PORTSMOUTH AND DOVER RAILROAD. 
 
 10,000- stk. Merchants' Insurance Company, Providence, R. I. 
 
 PORTSMOUTH, GREAT FALLS AND CONWAY RAILROAD. 
 
 15,000-44s Arlington Savings Bank, Arlington, Mass. 
 
 5,000-4is Braintree Savings Bank, South Braintree, Mass. 
 10,000-4is Brighton Five Cent Savings Bank, Boston, Mass. 
 15,000-4is Dedham Institute for Savings, Dedham, Mass. 
 
 2,000-4Js Dorchester Savings Bank, Dorchester, Mass. 
 
 5,000-4is East Boston Savings Bank, East Boston, Mass. 
 
 10,000-4s 
 
 ('26) 
 
 10,000-4s 
 
 ('26) 
 
 10,000-4s 
 
 ('26) 
 
 10,000-4s 
 
 ('26) 
 
 3,000-4s 
 
 ('26) 
 
 27,000-4s 
 
 ('26) 
 
 7,000-4s 
 
 ('26) 
 
 100,000-4s 
 
 ('26) 
 
 100,000-4s 
 
 ('26) 
 
 5,000-4s 
 
 (•26) 
 
 15,000-4s 
 
 ('27) 
 
 3,000-4s 
 
 ('27) 
 
 3,000-4s 
 
 ('27) 
 
 5,000-4s 
 
 ('27) 
 
 2,000-4s 
 
 ('27) 
 
 17,000-4s 
 
 ('27) 
 
 5,000-4s 
 
 ('27) 
 
 25,00a-4s 
 
 ('27) 
 
 l,000-4s 
 
 ('27) 
 
 5,000- s 
 
 itk. ] 
 
 20,000- s 
 
 3tk. ] 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 671 
 
 2,000-4Js East Cambridge Savings Banic, East Cambridge, Mass. 
 
 5,000-4^8 Lawrence Savings Banic, Lawrence, Mass. 
 
 5,000-4is Lynn Institute for Savings, Lynn, Mass. 
 
 15,000-4Js Maiden Savings Banlc, Maiden, Mass. 
 
 4,000-4Js Medway Savings Banlc, Medway, Mass. 
 
 10,000-4Js No. Broolvfleld Savings Banit, No. Broolifleld, Mass. 
 
 40,500-4is Portsmoutli Trust & Guarantee Company, Portsmouth, N. H. 
 
 10,000-44s Rollinsford Savings Banli, Salmon Falls, N. H. 
 
 20,000-4Js Salem Five Cent Savings Banii, Salem, Mass. 
 
 20,000-4Js Somersworth Savings Bank, Somersworth, N. H. 
 
 5,000-4is South Adams Savings Bank, Adams, Mass. 
 
 50,000-4Js South Boston Savings Bank, South Boston, Mass. 
 
 35,000-4is Ware Savings Bank, Ware, Mass. 
 
 25,000-4is Warren Five Cent Savings Bank, Peabody, Mass. 
 
 5,000-4is Whitinsville Savings Bank, Whitinsville, Mass. 
 100,000-4Js Worcester County Institute for Savings, Worcester, Mass. 
 
 POTOMAC VALLEY KAILBOAD. 
 
 10,000-5s g. mtg. Farmers' Fire Insurance Company, York, Pa. 
 9,750-5s coup. Hanover Savings I'und Society, Hanover, Pa. 
 6,420-5s coup. York Trust, Real Estate & Dep. Company, York, Pa. 
 
 PROVIDENCE, WAKREN AND BRISTOL RAILROAD. 
 
 22,800- stk. Rhode Island Hospital Trust Company, Providence, R. I. 
 
 PROVIDENCE AND WORCESTER RAILROAD. 
 
 76,893- pf. state Mutual Life Assurance Company, Worcester, Mass. 
 14,000- stk. People's Savings Bank, Woonsocket, R. I. 
 
 5,100- stk. Providence Mutual Fire Insurance Company, Providence, R. I. 
 
 3,400- stk. Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 55,000- stk. gtd. N. Y., N. H. & II. Providence Inst, for Sav., Prov., R. I. 
 12,520- stk. Rhode Island Ho'spital Trust Company, Providence, R. I. 
 
 3,400- Merchants & Farmers' Mutual Fire Ins. Co., Worcester, Mass. 
 500- Sinking Fund, Providence, R. I. 
 25,000-4s Andover Bank, Andover, Mass. 
 20,000-4s Marlborough Savings Bank, Marlborough, Mass. 
 25,000-4s Salem Savings Bank, Salem, Mass. 
 50,000-4s ('47) Connecticut Savings Bank, New Haven, Conn. 
 10,000-4s ('47) Deep River Savings Bank, Deep River, Conn. 
 
 8,000-4s ('47) National Savings Bank of New Haven, New Haven, Conn. 
 139,000-4s ('47) New England Mutual Life Insurance Co., Boston, Mass. 
 50,000-4s ('47) ist mtg. People's Savings Bank, Providence, R. I. 
 100,000-4s ('47) Providence Inst, for Savings, Providence, R. I. 
 50,000-4s ('47) 1st mtg. Rhode Island Hospital Trust Co., Providence, R. I. 
 
 QUAKERTOWN AND E.4.STERN RAILROAD. 
 
 16,650-5s coup. Bucks County Trust Company, Doylestown, Pa. 
 
 QTJINCY, OMAHA AND KANSAS CITY RAILWAY. 
 
 50,000-6s (1900) 1st mtg. Rhode Island Hospital Tr. Co., Providence, R. I. 
 75,000-68 (1900) Providence Inst, for Savings, Providence, R. I. 
 
 QUINCY RAILROAD BRIDGE COMPANY. 
 
 2,300- stk. Nashua Savings Bank, Nashua, N. H. 
 
 14,000- stk. Merrimack County Savings Bank, Concord, N. H. 
 
 5,000- stk. Loan & Trust Savings Banlc, Concord, N. H. 
 
 35,000- stk. Amoskeag Savings Bank, Manchester, N. H. 
 
 20,000- stk. New Hampshire Savings Bank, Concord, N. H. 
 
 RALEIGH AND AUGUSTA AIR LINE RAILROAD. 
 
 5,700-6s reg. Fraukford Real Estate, Tr. & S. Dep. Co., Philadelphia, Pa. 
 52,500-6s 1st. mtg. coup. Guarantee Trust & Deposit Co., Philadelphia, Pa. 
 
672 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 EALBIGH AND GASTON BAILROAD. 
 
 5,450-5s 1st mtg. reg. coup. Frankford Real Est, Tr. & S. Dep. Co., Ph., Pa. 
 10,600-5s ('47) Connecticut General Life Insurance Co., Hartford, Conn. 
 33,600-5s ('47) Fidelity & Deposit Company of Maryland, Baltimore, Md. 
 300,000-5s ('47> 1st g. New York Life Insurance Co., New York City. 
 2t>,500-5s ('47) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 55,915-5s ('47) Travelers' Insurance Company, Hartford, Conn. 
 
 READING RAILROAD. 
 
 30,000- gen. Fidelity Trust Company of Rochester, Rochester, N. T. 
 
 5,000- cm. Pennsylvania Fire Insurance Co., Philadelphia, Pa. 
 
 2,400- cm. & 2d pt Girard Fire & Marine Ins. Co., Philadelphia, Pa. 
 
 7,500- 1st pf. reg. stk. Integrity Title, Ins., Tr. & S. Dep Co., Phila., Pa. 
 
 2,100- 2d pf. tr. ctfs. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 150,000- Brooklyn Trust Company, Brooklyn, N. T. 
 
 50,000- gen. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
 43,000- ('97) gen. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 51,200-4s coup. imp. Commonwealth Title, Ins. & Tr. Co., Phila., Pa. 
 
 4,530-4s gen. mt. coup. County Sav. Bk. & Trust Co., Scranton, Pa. 
 
 13,243-4s gen. mtg. coup. County Sav. Bk. & Trust Co., Scranton, Pa. 
 
 10,000-4s gen. Insurance Company of the State of New York, N. Y. City. 
 
 8,335-4s gen. mtg. coup. Manayunk Trust Company, Philadelphia, Pa. 
 
 17,575-4s coup. Security Title & Trust Company, York, Pa. 
 
 5,000-4s gen. Title & Guarantee Company, Rochester, N. Y. 
 
 44,587-4s gen. fifty coup. Wayne County Sav. Bank, Honesdale, Pa. 
 
 8,000-4s ('97) Travelers' Insurance Company. Flartford, Conn. 
 
 20,000-4s ('97) gen. mtg. g. Fire Assoc, of Philadelphia, Philadelphia, Pa. 
 
 300,000-4s ('97) Equitable Life Assur. Soe. of United States, N. Y. City. 
 
 8,500-5s pf. coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 
 READING AND COLUMBIA RAILROAD. 
 
 10,075-5s 2d mtg. coup. Bucks County Trust Co., Doylestown, Pa. 
 
 4,000-5s coup. Citizens' Bank, Reading, Pa. 
 
 2,700-5s coup. Lancaster Trust Company, Lancaster, Pa. 
 13,320-5s 1st mtg. reg. coup. Phila. Trust, S. Dep. & Ins. Co., Phila., Pa. 
 31,000-5s 2d mtg. coup. Reading Trust Company, Reading, Pa. 
 50,000-5s 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 10,000-5s ('04) 2d mtg. Reading Fire Insurance Company, Reading, Pa. 
 43,600-5s ('12) 1st. mtg. coup. ext. Penn Mutual Life Ins. Co., Phila, Pa. 
 
 RENSSELAER AND SARATOGA RAILWAY. 
 
 100,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 5,000- stk. Eagle Fire Company, New York City. 
 
 10,000- gtd. stk. German Alliance Insurance Company, N. Y. City. 
 
 50,000- stk. German-American Company, New York City. 
 
 60,000- stk. Greenwich Insurance Company, New York City. 
 
 100,000- gtd. stk. Home Insurance Company, New York City. 
 
 3,422,222- stk. Mutual Life Insurance Company, New York City. 
 
 37,600- stk. New York Life Insurance & Trust Co., New'York City. 
 
 10,000- stk. Niagara Fire Insurance Company, New York City. 
 
 18,300- stk. New York Plate Glass Insurance Company, New York City. 
 
 27,000- Stk. Norwich Union Firo Ins. Co. (Norwich, Eng.), N. Y. City. 
 
 10,000- stk. Paterson Safe Dei)osit & Trust Company, Paterson, N. J. 
 
 19,700- stk. Pawtucket Inst, for Savings, Pawtucket, R. I. 
 
 100,000- stk. Phoenix Insurance Company, Brooklyn, N. Y. 
 
 25,000- stk. gtd. Phoenix Insurance Company, Hartford, Conn. 
 
 55,000- stk. Queens Insurance Comiiany of America, New York City. 
 
 10,000- stk. gtd. Orient Insurance Company, Hartford, Conn. 
 
 20,000- gtd. stk. Suu Insurance Offlce (London, Eng.), New York City. 
 
 106,800- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 25,000- stk. United States Fire Insurance Comi)iiny, New York City. 
 
 50,000- gtd. stk. Westchester Fire Insurance Company, New York City. 
 
 20,000- Long Island Loan & Trust Company, Brooklyn, N. Y. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 673 
 
 10,000- con. cap. stk. Hanover Fire Insurance Company, New York City. 
 
 40,000- stk. gtd. D. & H. Can. Co. Providence Inst, for Sav., Prov., R. I. 
 
 5,000-7s ('21) Deep River Savings Bank, Deep River, Conn. 
 
 10,000-7s ('21) New Haven Savings Bank, New Haven, Conn. 
 
 6,000-7s ('21) Moodus Savings Bank, Moodus, Conn. 
 
 l,000-7s ('21) Meriden Savings Bank, Meriden, Conn. 
 
 47,000-78 ('21) Society for Savings, Hartford, Conn. 
 
 100,000-7s ('21) Savings Bank of New London, New London, Conn. 
 
 20,000-7s ('21) Waterbury Savings Bank, Waterbury, Conn. 
 
 12G,000-7s ('21) Connecticut Savings Bank, New Haven, Conn. 
 
 REPUBLICAN VALLEY BAILROAD. 
 
 9,000-6s Merrimack County Savings Bank, Concord, N. H. 
 20,000-6s New Hampshire Savings Bank, Concord, N. H. 
 2,400-6s opt. New Haven Savings Bank, New Haven, Conn. 
 
 ^ RHODE ISLAND AND MASSACHUSETTS RAILROAD. 
 
 5,000- stk. Equitable Fire & Marine Insurance Co., Providence, R. I. 
 
 RICHMOND AND DANVILLE RAILROAD. 
 
 10,000- Real Estate Trust Company, New York City. 
 
 8,000- Real Estate Trust Company, New York City. 
 
 20,000-5s National Fire Insurance Company, Hartford, Conn. 
 
 3,000-5s ('09) Equip. Fidelity Fire Insurance Company, Baltimore, Md. 
 
 109,516-5s ('27) Mutual Life Insurance Company, New York City. 
 
 5,000-6s con. Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 5,000-6s Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 
 24,795-6s coup. con. Lackawanna Tr. & Safe Dep. Co., Scranton, Pa. 
 
 41,137-6s ('15) Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 
 50,000-6s ('15) con. Continental Insurance Company, New York City. 
 
 474,000-6s ('15) Equitable Life Aesur. Society of United States, N. Y. City. 
 
 o46,800-6s ('15) Mutual Life Insurance Company, New York City. 
 
 117,370-6s ('15) con. mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 
 RICHMOND, YORK RIVER AND CHESAPEAKE RAILROAD. 
 
 243,389-4 Js ('10) Mutual I^ife Insurance Company, New York City. 
 377,846-5s ('10) Mutual Fire Insurance Company, 'New York City. 
 
 RICHMOND AND PETERSBURG BAILROAD. 
 
 50,000-4is('40) con. mtg. Caledonian Ins. Co. (Edbg., Scot), N. Y. City. 
 
 RIO GRANDE JUNCTION RAILWAY. 
 
 J.3,000- Securitv Trust Company of Rochester, Rochester, N. Y. 
 25,000-5s ('39) 1st mtg. g. Sun Ins. Office (London, Eng.), N. Y. City. 
 45,000-5s ('39) Travelers' Insurance Company, Hartford, Conn. 
 
 RIO GRANDE AND WESTERN RAILROAD. 
 
 100,000- pf. state Trust Company, New York City. 
 
 5,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 25,000- con. State Trust Company, New York City. 
 10,000-4s Dartmouth Savings Bank, Hanover, N. H. 
 
 9,297-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 12,750-4s coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 22,500-4s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 19,750-4s 1st mtg. g. Northern Sav. Fund, S. Dep. & Tr. Co., Phila.. Pa. 
 
 4,900-4s coup. ■ Pennsylvania Trust Company, Philadelphia, Pa. 
 10,000-4s Plymouth Guarantj' Savings Bank, Plymouth, N. H. 
 
 8,500-4s consols, coup. Security Title & Trust Company, York, Pa. 
 
 8,912-4s coup. Security Title & Trust Company, York, Pa. 
 112,250-4s ('39) 1st tr. mtg. g. Germania Life Insurance Company, N. Y. C. 
 
 BY— 05 43 
 
674 DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 42,314-4s ('39) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 150,000-4s ('39) Mutual Benefit Life Insurance Company, Newarii, N. J. 
 
 10,000-4s ('39) 1st tr. mtg. g. Palatine Insurance Company (Ltd.), (Man- 
 chester, Bng. ) , New York City. 
 
 237,447-4s ('39) 1st g. New York Life Insurance Company, New York City. 
 
 46,000-4s ('39) 1st tr. mtg. 50 yr. coup. Penn Mut. Life Ins. Co., Phila., Pa. 
 
 29,250-4s ('39) State Mutual Life Assurance Company, Worcester, Mass. 
 
 EIVEK FRONT KAILBOAD. 
 
 5,000-44s ('12) Camden Safe Deposit and Trust Company, Camden, N. J. 
 
 10,000-4Js ('12) Connecticut Savings Bank, New Haven, Conn. 
 
 16,000-4is ('12) 1st mtg. reg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 5,000-4Js ('12) Pa. R. R. Nat'l Sav. Bank of New Haven, N. Haven, Conn. 
 
 ROANOKE RAILROAD AND LUMBER COMPANY. 
 
 5,000- stk. New .Jersey Trust & Safe Deposit Co., Camden, N. J. 
 
 ROCHESTER AND GENESEE VALLEY RAILROAD. 
 
 10,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 ROCHESTEK AND NORTHERN MINNESOTA RAILROAD. 
 
 2,000-7s ('08) Chic. & Nwn. People's Savings Bank, Bridgeport, Conn. 
 
 ROCHESTER AND PITTSBURGH RAILROAD. 
 
 51,000-6s National Fire Insurance Company, Hartford, Conn. 
 
 10,000-6s Paterson Safe Dep. & Trust Company, Paterson, N. J. 
 5,000-6s Silk City Safe Deposit & Trust Company, Paterson, N. J. 
 
 71,110-6s ('21) 1st g. New York Life Insurance Company, N. Y. City. 
 100,000-6s ('22) Equitable Life Assur. Society of United States, N. Y. City. 
 304,491-6s ('22) Mutual Life Ins. Co., New York City. 
 114,7G3-6s ('22) con. 1st g. New York Life Insurance Co., N. Y. City. 
 
 28,681-6s ('22) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 ROME, WATEETOWN AND OGDENSBURGH RAILROAD. 
 
 33,050- cm. Fidelity & Casualty Company, New York City. 
 
 20,000- stk. Atlantic Trust Company, New York City. 
 
 10,000- cap. stk. Caledonian-American Insurance Co., New York City. 
 
 10,000- stk. Commonwealth Insurance Company, New York City. 
 
 50,000- gtd. stk. Continental Insurance Company, New York City. 
 
 30,000- stk. Eagle Fire Company, New York City. 
 
 11,861- stk. gtd. Lawyers' Surety Company of New York, N. Y. City. 
 
 10,000- stk. Mutual Fire Insurance Company of Albany, Albany, N. Y. 
 
 25,000- stk. New York Life Insurance & Trust Company, N. Y. City. 
 
 15,000- stlc. Pacific Fire Insurance Company, New York City. 
 
 13,400- stk. Pawtucket Institute for Savings, Pawtucket, R. I. 
 
 95,000- stk. Queen Insurance Company of America, New York City. 
 
 40,000- stk. Rhode Island Hospital Trust Company, Providence, R. I. 
 
 24,000- stk. Springfield Fire & Marine Ins. Co., Springfield, Mass. 
 
 25,000- stk. Sun Insurance Oiflce (London, Eng.), New York City. 
 
 50,000- gtd. stk. Westchester Fire Insurance Company, N. Y. City. 
 
 .34,000- cap. stk. Hanover Fire Insurance Company, New York City. 
 
 70,000- Bankers' Trust Company of New York, New York City. 
 
 10,900- Safe Deposit Company of New York, New York City. 
 
 10,587- Safe Deposit Company of New York, New York City. 
 
 61,000-5s mtg. Albany Exchange Savings Bank, Albany, N. Y. 
 
 25,000-5s Auburn Savings Bank, Auburn, N. Y. 
 
 20,000-5s mtg. College Point Savings Bank, College Point, N. Y. 
 
 15,000-5s Eastern District Savings Bank. Brooklyn, N. Y. 
 
 17,000-5s mtg. Queens County Savings Bank, Flushing, N. Y. 
 
 14,500-5s Jefferson County Savings Bank, Watertown, N. Y. 
 
 35,000-5s Morris County Savings Bank, Morristown, N. J. 
 
DUTIES AND POWERS OF INTERSTATE COMMEECB COMMISSION. 675 
 
 112,000-5s mtg. Rochester Savings Bank, Rochester, N. T. 
 
 10,000-5s mtg. Rome Savings Bank:, Rome, N. Y. 
 
 15,000-5s 1st con. Roslyn Savings Banl^, Roslyn, N. Y. 
 
 28,000-5s mtg. South Brooklyn Savings Institution, Brooklyn, N. Y. 
 
 35,000-5s ('22) 1st con. con v. mtg. Germania Fire Ins. Co., N. Y. City. 
 109,170-5s ('22) 1st con. Home Life Insurance Company, N. Y. City. 
 
 25,000-5s ('22) Lancashire Ins. Co. (Manchester, Eng.), New York City. 
 9,000-5s ('22) Oneida Savings Bank, Oneida, N. Y. 
 
 25,(X)0-5s ('22) Royal Ins. Co. (Liverpool, Eng.), New York City. 
 120,000-os ('22) Istextd. g. Savings Bank of Utica, Utica, N. Y. 
 5,000-5s ('22) Suffield Savings Bank, Suffield, Conn. 
 
 10,0(X)-5s ('22) State Fire Ins. Co. (Liverpool, Eng.), N. Y. City. 
 150,000-5s ('23) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 25,0(X)-6s ('10) Chelsea Savings Bank. Norwich, Conn. 
 
 10,0(K)-6s ('10) Farmington Savings Bank, Farmington, Conn. 
 
 10,000-6s ('10) N. Y. C. & H. Riv. Dime Sav. Bk. of W'bury, W'bury, Ct 
 
 EUMFOBD FALLS AND EANGELEY LAKES KAILKOAD. 
 
 20,000-5s Abington Savings Bank, Abington, Mass. 
 
 10,000-.5s Barre Savings Bank, Barre, Mass. 
 
 10,000-5s Benjamin Franklin Savings Bank, Franklin, Mass. 
 
 15,000-5s Berkshire County Savings Bank, Pittsfield, Mass. 
 
 10,000-5s Brockton Savings Bank, Brockton, Mass. 
 
 15,000-5s East Weymouth Savings Bank, East Weymouth, Mass. 
 
 40,000-5s Greenfield Savings Bank, Greenfield, Mass. 
 
 25,000-5s Hingham Inst, for Savings, Hingham, Mass. 
 
 5,000-5s Hudson Savings Bank, Hudson, Mass. 
 20,000-5s Bliddleborough Savings Bank, Middleborough, Mass. 
 20,000-5s Northampton Inst, for Savings, Northampton, Mass. 
 10,000-5s North Easton Savings Bank, North Easton, Mass. 
 10,000-5s North Brookfield Savings Bank, North Brookfield, Mass. 
 30,000-5s Palmer Savings Bank, Palmer, Mass. 
 12,000-5s People's Savings Bank, Brockton, Mass. 
 15,000-5s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 25,000-5s Plymouth Savings Bank, Plymouth, Mass. 
 
 5,000-5s Rockland Savings Bank, Rockland, Mass. 
 50,000-5s Ware Savings Bank, Ware, Mass. 
 
 5,000-5s West Newton .Savings Bank, West Newton, Mass. 
 15,000-5s Woronoco Savings Bank, Westfield, Mass. 
 
 RUTL.'VND CANADIAN RAILROAD. 
 
 1 
 
 20,000- Traders & Mechanics' Insurance Co., Lowell, Mas& 
 
 5,000-4s City Savings Bank, Farmington, N. H. 
 
 3,000-4s Farmington Savings Bank, Farmington, N. H. 
 10,000-4s Laconia Savings Bank, Laconia, N. H. 
 
 5,000-4s Lancaster Savings Bank, Lancaster, N. H. 
 10,000-4s Merrimack County Savings Bank, Concord, N. H. 
 10,000-4s Piscataqua Savings Bank, Portsmouth, N. H. 
 24,7.50-4s ('49) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 49!750-4s ('49) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 RUTLAND RAILROAD. 
 
 2 000- pf. Union Five Cents Savings Bank, Exeter, N. H. 
 
 I'OOO- Newburyport Mutual Fire Ins. Co., Newburyport, Mass. 
 
 3000- Worcester Mutual Fire Insurance Company, Worcester, Mass. 
 10000- Worcester Mnfrs.' Mutual Insurance Co., Worcester, Mass. 
 
 3'000-4is Farmington Savings Bank, Farmington, N. H. 
 lo!oOO-4is Loan & Trust Savings Bank, Concord, N. H. 
 
 2,000-4is Keene Savings Bank, Keene, N. H. 
 
 1 000-4JS Mason Village Savings Bank, Greenville, N. H. 
 
 5000-4*s Merrimack County Savings Bank, Concord, N. H. 
 10 000-44S Producers' Savings Bank, Woonsocket, R. I. 
 
 5,000-4is Rollinsford Savings Bank, Salmon, N. H. 
 
676 DUTIES AND POWERS OF INTEESTATE COMMEKCE COMMISSION, 
 
 30,000-41s Soraersworth Saiiiigs Bank, Somersworth, N. H. 
 108,875-4|s ('31) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 26,562-4Js ('41) Berkshire Fire Insurance Company, Pittfield, Mass. 
 485,400-4is ('41) Mutual Life Insurance Company. New York City. 
 
 26,687-44s ('41) 1st cons. mtg. Phoenix Mut. Life Ins. Co., Hartford, Ct. 
 
 25,000-4Js ('41) g. Woonsocket Inst, for Savings, Woonsocket, R. I. 
 
 10,950-.6s ('02) State Mutual Life Assur. Co., Worcester, Mass. 
 3,0(X)-6s ('02) Rockland Savings Bank, Rockland, Me. 
 
 ST. JOHNSBUKY AND LAKE CHAMPLAIN BAILBOAD. 
 
 20,000- Traders & Mechanics' Insurance Company, Lowell, Mass. 
 25.000-5S Andover Savings Bank, Andover, Mass. 
 lO.OOO-Ss Arlington Five Cents Savings Bank, Arlington, Mass. 
 ]5,000-5s Barre Savings Bank, Barre, Mass. 
 
 5,000-5s Beverly Savings Bank, Barre, Mass. 
 10,000-5s Bridgewater Savings Bank, Bridgewater, Mass. 
 10,000-5s Brighton Five Cents Savings Bank, Boston, Mass. 
 10,000-5s Brookline Savings Bank, Brookline, Mass. 
 25,000-5s Brockton Savings Bank, Brockton, Mass. 
 
 5,000-5s Central Savings Bank, Lowell, Mass. 
 20,000-5s Citizens' Savings Bank, Fall River, Mass. 
 10,000-5s City Five Cents Savings Bank, Haverhill, Mass. 
 10,000-5s Clinton Savings Bank, Clinton, Mass. 
 25,000-5s East Boston Savings Bank, East Boston, Mass. 
 100,000-5s Fall River Five Cents Savings Bank, Fall River, Mass. 
 50,000-os Franklin Savings Bank, Boston, Mass. 
 , 5,000-5s Foxborough Savings Bank, Foxjjorough, Mass. 
 
 6,000-5s Hopkinton Savings Bank, Hopkinton, Mass. 
 15,000-5s Hudson Savings Bank, Hudson, Mass. 
 18.000-5S Hyde Park Savings Bank, Hyde Park, Mass. 
 50,000-5s Peopje's Savings Bank, Worcester, Mass. 
 10,000-5s Maiden Savings Bank, Maiden, Mass. 
 15,000-5s Marblehead Savings Bank, Marblehead, Mass. 
 
 3,000-5s Medway Savings Bank, Medway, Mass. 
 10,000-5s Millbury Savings Bank, Millbury, Mass. 
 25,000-5s Newton Savings Banli, Newton, Mass. 
 
 10,000-5s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 50,000-5s Plymouth Savings Bank, Plymouth, Mass. 
 
 5,000-5s People's Savings Bank, Brockton, Mass. 
 
 5,000-5s Rockland Savings Bank, Rockland, Mass. 
 50,000-5s South Boston Savings Bank, Boston, Mass. 
 25,000-5s Southbridge Savings Bank, Southbridge, Mass. 
 
 9,000-5s Somerville Savings Bank, SomervlUe, Mass. 
 25,000-5s Webster Five Cents Savings Bank, Webster, Mass. 
 102,000-5s Ware Savings Bank, Ware, Mass. 
 140,000-5s Worcester County Inst, for Savings, Worcester, Mass. 
 75,000-5s Worcester Mechanics' Savings Bank, Worcester, Mass. 
 
 5,000-5s Whitinsville Savings Bank, Whitinsville, Mass. 
 22,950-5s ('44) John Hancock Mutn,al Life Insrance Company, Boston, Mass. 
 55,000-5s ('44) State Mutual Life Assurance Company, Worcester, Mass. 
 
 ST. JOSEPH AND GRAND ISLAND EAILROAD. 
 
 3,000- pf. Mechanics' Savings Bank, Westerly, R. I. 
 
 2,500- Istpf. Citizens' Bank, Freeland, Pa. ^ 
 
 2,800- Istpf. John Hancock Mutual Life Insurance Co., Boston, Mass. 
 
 27,473- Istpf. Metropolitan Life Insurance Company, New York City. 
 
 35,000- 1st pf . New Hampshire Savings Bank, Concord, N. H. 
 
 15,750- 1st pf. New England Mutual Life Insurance Co., Boston, Mass. 
 
 2,100- 1st pf. Saco Savings Bank, Saco, aie. 
 
 1,250- 2dpf. New England Mutual Life Ins. Co., Boston, Mass. 
 
 12,500- 2dpf. New Hampshire Savings Bank, Concord, N. H. 
 
 750- 2dpf. Saco Savings Bank, Saco, Me. 
 
 290- 2d & scrip. Citizens' Bank, Freeland, Pa. 
 
 1,000- stk. AVesterly Savings Bank, Westerly, R. I. 
 
 3,000- Mechanics' Savings Bank, AVesterly, R. I. 
 
DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 677 
 
 15,335- People's Savings Bank, Woousocket, R. I. 
 500- scrip. Saco Savings Bank, Saco, Me. 
 
 1,000- Westerly Savings Bank, Westerly, R. I. 
 40,000-2s 3s & 4s ('25) 1st mtg. Westchester Fire Ins. Co., N. Y. City. 
 
 l,000-2s 3s & 4s ('47) Saco Savings Bank, Saco, Me. 
 
 2,533-3s coup. Citizens' Bank, Freeland, Pa. 
 
 3,250-3s ('47) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 32,876-3s ('47) 1st mtg. inc. g. Metropolitan Life Ins. Co., N. Y. City. 
 21,240-3s ('47) New England Mutual Life Insurance Co., Boston, Mass. 
 25,000-3s & 4s New Hampshire Savings Bank, Concord, N. H. • 
 10,000-3 4-lOs 1st mtg. coup. Wilkesbarre Dep. & Sav. Bank, W'barre, Pa. 
 
 ST. JOSEPH, SOUTH BEND AND SOUTHERN EAILROAD. 
 
 50,000- cm. Aetna Insurance Company, Hartford, Conn. 
 
 10,000- cm. Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 12,500- pf. Aetna Insurance Company, Hartford, Conn. 
 
 2,500- pf. Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 5,000- pf. Orient Insurance Company, Hartford, Conn. 
 
 12,500- pf. Travelers' Insurance Company, Hartford, Conn. 
 
 12,500- stk. Phoenix Mutual Life Insurance Company, Hartford, Conn. 
 
 2,500- stk. National Fire Insurance Company, Hartford, Conn. 
 
 20,000- stk. Orient Insurance Company, Hartford, Conn. 
 
 ST. JOSEPH TERMINAL RAILROAD. 
 
 350,000-,5s ('18) gtd. by St. J. & G. I. R. R. Co. & St. J. & S. F. Ry. Co. Con- 
 necticut Mutual Life Ins. Co., Hartford, Conn. 
 
 ST. LAWRENCE AND ADIRONDACK RAIT-WAY. 
 
 25,000-5s ('96) Androscoggin County Savings Bank, Lewiston, Me. 
 15,000-5s ('96) Auburn Savings Bank, Auburn, Me. 
 26.906-5S ('96) Berkshire Fire Insurance Company, Pittsfield, Mass. 
 10,000-5s ('96) Brunswick Savings Institution, Brunswick, Me. 
 25,000-5s ('96) 1st. German-American Insurance Co., New York City. 
 75,000-5s ('96) 1st mtg. g. Maine Savings Bank, Portland, Jle. 
 
 5,000-5s ('96) Mechanics' Savings Bank, Auburn, Jle. 
 250,000-5s ('96) 1st. g. New York Life Insurance Co., New York City. 
 
 5,000-5s ('96) People's Safe Deposit & Savings Bank, Bath, JXe. 
 10,000-5s ('96) Penobscot Savings Bank, Bangor, Me. 
 25,000-5s ('96) 1st mtg. Portland Savings Bank, Portland, Me. 
 10,000-5s ('96) Rockland Savings Bank, Rockland, Me. 
 
 5,000-5s ('96) Skowhegan Savings Bank, Skowhegan, Me. 
 
 5,000-5s ('96) Thomaston Savings Bank, Thomaston, Me. 
 
 ST. LOUIS, COUNCIL BLUFFS AND OMAHA RAILROAD. 
 
 18,000-6s ('08) 1st mtg. American Central Ins. Co., St. Louis, Mo. 
 
 ST. LOUIS, IRON MOUNTAIN AND SOUTHERN RAILROAD. 
 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 40^000- Ithaca Trust Company, Ithaca, N. Y. 
 491 000- con. mtg. The Mercantile Trust Company, New York. 
 2o]oOO- gen. con. Rochester Trust & S. Dep. Co., Rochester, N. Y. 
 80000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 7!500-4s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 8'712-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 760'000-4s ('29) Equitable Life Assur. Soc. of United States, N. Y. City. 
 14'587-5s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 ll'008-5s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 
 5'718-5s gen. con. reg. coup. Frankford R. Est., Tr. & S. Dep. Co., Ph., Pa. 
 49!218-5s G. C. L. B. coup. Easton Trust Co., Easton, Pa. 
 21 775-5S gen. con. mtg. coup. Merchants & Mechs'. Bank, Scranton, Pa. 
 5o!o00-5s con. mtg. Id. gt. coup. Western Sav. Fund Soc, Philadelphia, Pa. 
 25!oOO-5s gen. con. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
678 DUTIES AND POWEES OF INTERSTATE ,COMMEECE COMMISSION. 
 
 50,000-5s Morristown Trust Company, Morristown, N. J. 
 10,000-5s gen. con. ry. & Id. gt. g. Norwalk Fire Ins. Co., Norwalk, Conn. 
 15,000-5s Passaic Trust & Safe Deposit Company, Passaic, N. J. 
 ll,300-5s coup. Sci-anton Savings Banlc, Scranton, Pa. 
 54,500-5s ('31) Aetna I^ife Insurance Company, Hartford, Conn. 
 100,000-5s ('31) Aetna Life Insurance Company, Hartford, Conn. 
 25,000-5s ('31) American Central Insurance Company, St. Louis, Mo. 
 35,000-5s ('31) American Fire Insurance Company, New Yorli City. 
 3,197,000-5s ('31) Equitable life Assur. Society of United States, N. Y. City. 
 733,000-5s ('31) Equitable Life Assur. Society of United States, N. Y. City. 
 50,000-5s ('31) gen. con. mtg. ry. Id. gt. Penn. Fire Ins. Co., Phila., Pa. 
 55,625-5s ( '31 ) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 50,000-5s ('31) gen. con. ry. & Id. gt. reg. London & Lancashire Fire Insur- 
 ance Company (Liverpool, Eng.), N. Y. City. 
 173,250-5s ('31) gen. con. & Id. gt. mtg. Metropolitan Life Ins. Co., N. Y. C. 
 25,000-5s ('31) gen. con. ry. & Id. gt. mtg. Manchester Assurance Company 
 (Manchester, Eng.), New York City. 
 373,695-5s ( '31 ) Mutual Life Insurance Company, New York City. 
 
 5,000-5s ('31) gen. con. ry. & Id. gt. People's Sav. Bank, Lewiston, Me. 
 8,000-5s ('31) Saco Savings Bank, Saco, Me. 
 27,475-5s ('31) gen. con. ry. & Id. gt. Hartford Steam Boiler Inspection and 
 
 Insurance Company, Hartford, Conn. > 
 
 113,000-5s ('31) gen. con. ry. & Id. gt. mtg. coup. g. Penn Mutual Life Insur- 
 ance Company, Philadelphia, Pa. 
 171,093-5s ('31) Travelers' Insurance Company, Hartford, Conn. 
 25,000-5s ('31) Woonsocket Institute for Savings, Woonsocket, R. I. 
 35,732-5s ('31) gen. con. ry. & Id. gt. mtg. g. U. S. Life Ins. Co., N. Y. City. 
 
 ST. LOUIS, KANSAS AND SOUTHWESTERN EAII.R0AD. 
 
 3,000-6s ('12) opt. People's Safe Deposit & Savings Bank, Bath, Me. 
 
 ST. XOUIS BKIDGE RAILROAD. 
 
 181,000-7s ('29) Equitable Life Assur. Society of United States, N. Y. City. 
 
 ST. LOUIS MERCHANTS' BRIDGE TERMINAL RAILWAY. 
 
 25,000- Rubber Mnfrs' Mutual Insurance Company, Boston, Mass. 
 
 7,175-5s coup. Bucks County Trust Company, Doylestowu, Pa. 
 
 5,lo0-5s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 2.5,000-5s ('30) Delaware Insurance Company, Philadelphia, Pa. 
 100,000-5s ('30) 1st mtg. Royal Exchange Assur. Corp. (Lon., Eng.), N. Y. C. 
 10,000-5s ('30) 1st mtg. g. Spring Garden Insurance Co., Philadelphia, Pa. 
 50,450-5s ('30) Travelers' Insurance Company, Hartford, Conn. 
 
 ST. LOUIS AND SAN FRANCISCO RAILROAD. 
 
 IjSOO- cm. Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 30,000- cm. New Hampshire Savings Bank, Concord, N. H. 
 
 1,800- cm. People's Safe Deposit & Savings Bank, Bath, Me. 
 
 2,400- 1st pf. Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 6,000- 1st pf. New Hampshire Savings Bank, Concord, N. H. 
 
 2,505- 2d pf. Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 16,700- 2d pf. New Hampshire Savings Bank, Concord, N. H. 
 
 1,200- 2d pf. People's Safe Deposit & Savings Bank, Bath, Me. 
 65,000- Security Trust Company of Rochester, Rochester, N. Y. 
 950- Scrip. People's Safe Deposit and Savings Bank, Bath, Me. 
 
 l,500-4s 1st pf. reg. Jersey Shore Banliing Company, Jersey Shore, Pa. 
 
 7,000-4s New Hampshire Savings Bank, Concord, N. H. 
 
 6,455-4s ('96) Hartford Steam Boiler Insp. & Ins. Co., Hartford, Conn. 
 
 l,000-4s ('96) con. mtg. People's Safe Deposit & Savings Bank, Bath, Me. 
 16,000-4s ('06) Niantic Savings Bank, Westerly, R. I. 
 
 5,260-5s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 25,000-5s Fidelity Trust Company, Newark, N. J. 
 
 10,125-5s gen. mtg. coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 75,000-5s gen. mtg. g. Munich Re-Insurance Co. (Munich, Bavaria), N. Y. C. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 679 
 
 25,000-5s Morristown Trust Company, Morristown, N. J. 
 
 3,000-5s ('29) Buxton and HoUis Savings Bank, West Buxton, Me. 
 30,000-5s ('31) gen. mtg. American Central Insurance Co., St. Louis, Mo. 
 21,550-5s ('31) Berljshire Fire Insurance Company, Pittsfield, Mass. 
 32,350-5s ('31) Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 26,972-5s ('31) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 50,000-5s ('31) gen. mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 15,000-58' ('31) geu. mtg. g. Hamburg-Bremen Fire Insurance Company (Ham- 
 burg, Germany), New York City. 
 294,729-5s ('31) gen. g. New York Life Insurance Co., New York City. 
 
 8,000-5s ('31) gen. Niantic Savings Bank, Westerly, R. I. 
 50,000-5s ('31) New England Mutual Life Jnsurance Co., Boston, Mass. 
 26,250-5s ('31) gen. mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 25,000-5s ('47) Connecticut Fire Insurance Company, Hartford, Conn. 
 25,000-5s ('47) 1st mtg. g. Palatine Insurance Company (Ltd.) (Manchester, 
 
 Eng.), New York City. 
 25,000-5s. ('87) 1st mtg. Portland Savings Bank, Portland, Me. 
 
 5,000-6s class A. Dartmouth Savings Bank, Hanover, N. H. 
 10,000-6s gen. Dartmouth Savings Bank, Hanover, N. H. 
 10,000-6s ('31) Niantic Savings Bank, Westerly, R. I. 
 
 25,000-4s ('29) Cent. Div. 1st mtg. Portland Savings Bank, Portland, Me. 
 20,000-4s ('29) Sent. Dlv. Saco Savings Bank, Saco, Me. 
 10,000-5s ('47) Swn. Div. Bath Savings Institution, Bath, Me. 
 
 5,000-5s ('47) Swn. Div. Gorham Savings Bank, Gorham, Me. 
 22,875-5s ('47) Swn. Div. 1st. mtg. Phoenix Mut. Life Ins. Co., H'ford, Conn. 
 10,000-5s ('47) Swn. Div. Saco & Biddeford Savings Institution, Saco, Me. 
 25,000-5s ('47) Swn. Div. Scot. Un. & Nat. In. Co. (Edbgh, Scot), Hfd, Conn. 
 
 ST. LOUIS SOUTHBBN EAILKOAD. 
 
 50,000-4s ('31) 1st mtg. gtd. g. Hartford Fire Ins. Co.^ Hartford, Conn. 
 10,000-4s ('31) New England Mutual Life Insurance Co., Boston, Mass. 
 20,000-4s ('31) 1st mtg. g. Sun Insurance OfHce (London, Eng.), N. Y. C. 
 
 ST. LOTJIS AND SOUTHWESTERN RAILROAD. 
 
 10,000- Westchester Trust Company, Yonkers, N. Y. 
 150,000- 1st. New York Security and Trust Company, N. Y. City. 
 25,000- 1st. Nassau Trust Co. of the City of Brooklyn, Brooklyn, N. Y. 
 34,000- ('89) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 9,562-4s coup. Dime Deposit & Discount Banlc, Scranton, Pa. 
 22,725-4s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 12,750-4s coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 
 9,112-4s coup. Security Title & Trust Company, York, Pa. 
 18,375-4s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 9,137-4s ('89) 1st mtg. Provident Savings Life Assur. Soc, N. Y. City. 
 123!615-5s ('89) Travelers' Insurance Company, Hartford, Conn. 
 
 ST. PAUL BRANCH RAILWAY OF CALIFORNIA. 
 
 225,000-6s 1st mtg. Humboldt Savings & Loan Society, San Francisco, Cal. 
 
 ST. PAUL AND DULUTH RAILROAD. 
 
 10 000- pf Fifth Avenue Safe Deposit Company, New York City. 
 
 27 '642- pf. Fidelity & Casualty Company, New York City. 
 
 30000- pf. Holland Trust Company, New York City. 
 9300- pf Merchants' Insurance Company, Providence, R. I. 
 
 50000- 1st con. Atlantic Trust Company, New York City. 
 197'085-5s ('17) Mutual Life Insurance Company, New York City. 
 105090-58 ('31) Mutual Life Insurance Company, New York City. 
 
 25,'000-5s ('31) Portland Savings Bank, Portland, Me. 
 
 ST. PAUL, EASTERN AND GRAND TRUNK RAILROAD. 
 
 I 
 
 5,300- Pawtucket Institution for Savings, Pawtucket, R. I. 
 
fiSO DUTIES AND POWERS OE INTERSTATE COMMERCE COMMISSION. 
 
 ST. PAUL, MINNEAPOLIS AND MANITOBA RAILROAD. 
 
 300,000- eon. mtg. New York Life Insurance Co., New York City. 
 68,000- Hoboken Bank for Savings, Hoboken, N. J. 
 10,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 10,000- Middlesex Mutual Fire Insurance Company, Concord, Mass. 
 5,947- Dak. ext. 1st mtg. g. Nederland Limited Lia. Life Ins. Co. (Am- 
 sterdam, Holland), New York City. 
 ('33) Equitable Life Assur. Soc. of United States, N. Y. City, 
 reg. Dime Savings' Bank of Norwich, Norwich, Conn. 
 Hudson City Savings Bank, Jersey City, N. J. 
 Lancashire Ins. So. (Manchester, Eng.), N. Y. City. 
 Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 National Savings Bank of New Haven, New Haven, Conn. 
 Naugatuck Savings Bank, Naugatuck, Conn. 
 Groton Savings Bank, Mystic, Conn. 
 
 ('37) 
 ('37) 
 
 l,428,000-4s 
 
 5,000-4s 
 
 5,000-4s 
 25,000-4s ('37) 
 10,000-4s ('37) 
 2.5,000-4s ('37) 
 
 5,000-4s ('37) 
 10,000-4is ('33) 
 
 ('33) 
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 25,000-4Js Fidelity Trust Company, Newark, N. J. 
 25,000-4Js Manchester Savings Bank, Manchester, N. H. 
 2.5,000-4is Morris County Savings Bank, Morristowji, N. J. 
 25,000-4Js con. mtg. g. Norvvalk Fire Insurance Co., Norwalk, Conn. 
 25,000-4is ('33) City Savings Bank, Meriden. Conn. 
 
 Burritt Savings Bank, New Britain, Conn. 
 
 con. mtg. Connecticut Savings Bank, New Haven, Conn. 
 
 Chelsea Savings Bank, Norwich, Conn. 
 
 con. mtg. Caledonian In. Co. (Edbgh., Scot.), N. Y. C. 
 
 Dime Savings Bank of Hartford, Hartford, Conn. 
 
 con. Dime Savings Bank of Norwich, Norwich, Conn. 
 
 State Mutual Life Assurance Company, Worcester, Mass. 
 
 reg. Equitable Life Assur. Soc. of United States, X. Y. C. 
 
 con. mtg. g. Germania Fire Ins. Co., New York City. 
 
 con. 1st mtg. g. Hamburg-Bremen Fire Ins. Co. (Hamburg, 
 Germany), New Yox-k City. 
 ('33) Freestone Savings Bank, Portland, Conn. 
 ('33) Lancashire Ins. Co. ( JIanchester, Eng.), N. Y. City. 
 ('33) con. mtg. reg. g. London & Lancashire Fire Ins. Co. (Liver- 
 pool, Eng.), New York City. 
 ('33) con. g. Manchester As. Co. (M'chester, Eng.), N. Y. City. 
 
 Mariners' Savings Bank, New London, Conn. 
 
 Mechanics' Savings Bank, Hartford, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 Mutual Benefit Life Insurance Co., Newark, N. J. 
 
 Naugatuck Savings Bank, Naugatuck, Conn. 
 
 reg. Norwich Un. F. Ins. Co. (Norwich, Eng.), N. Y. C. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 1st con. g. New York Life Ins. Co., New York City. 
 
 con. Norwalk Savings Society, Norwalk, Conn. 
 
 con. mtg. Ocean Accid. & Guar. Corp. (Ltd.), N. Y. City. 
 
 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 Providence Inst, for Savings, Providence, R. I. 
 
 gen. mtg. People's Savings Bank, Bridgeport, Conn. 
 
 Putnam Savings Bank, Putnam, Conn. 
 
 1st mtg. Phoenix Assur. Co. (London, Eng.), N. Y. C. 
 
 con. mtg. Rhode Island Hosp. Tr. Co., Providence, R. I. 
 
 Savings Bank of New London, New London, Conn. 
 
 South Norwalk Savings Bank, South Norwalk, Conn. 
 
 gen. mtg. Stamford Savings Bank. Stamford, Conn. 
 
 con. mtg. g. Tr'atlantic F. In. Co. (H'burg, Ger.), Chi., HI. 
 5,000-Os 1st mtg. Amoskeag Savings Bank, Manchester, N. H. 
 20,000-6s cont. Amoskeag Savings Bank, Manchester, N. H. 
 5,000-6s 2d mtg. Amoskeag Savings Bank, Manchester, N. H. 
 21,000-6s Fidelity Trust Company, Newark, N. J. 
 27,710-6s coup. con. Lackawanna Tr. & S. Dep. Co., Scranton, Pa. 
 10,000-6s reg. Wilkesbarre Deposit & Savings Bank, Wilkesbarre, Pa. 
 40,000-Os ('09) Connecticut Savings Bank, New Haven, Conn. 
 i5,000-6s ('09) Deep River Savings Bank, Deep River, Conn. 
 5,000-6s ('09) Freestone Savings Bank, Portland, Conn. 
 80,466-6s ('09) 1st mtg, g. Prudential Ins, Co. of America, Newark, N. .T. 
 
 5,000-4is 
 30,000-4is 
 
 100,000-4is 
 50,000-4is 
 35,000-4Js 
 2.^,000-4 is 
 24,625-4Js 
 
 500,000-4is 
 25,000-4is 
 30,000-4Js 
 
 5,000-4*8 
 25,000-4is 
 50,000-4is 
 
 25,000-4is 
 
 75,000-4is 
 
 50,000-4is 
 
 50,000-4is 
 252,000-4is 
 
 20,000-4Js 
 
 50,000-4Js 
 
 100,000-4Js 
 
 l,000,000-4is 
 
 25,000-4is 
 
 50,000-4 is 
 342,197-4is 
 150,000-4 Js ('33) 
 
 10,000-4is ('33) 
 
 18,000-4is 
 
 50,000-4Js 
 100,000-4*8 
 
 10,000-4Js 
 
 10,000-4Js 
 
 30,000-4*8 
 
 10,000-4*8 
 
 ('33) 
 ('33) 
 ('33) 
 ('33) 
 ('33) 
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DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 681 
 
 50,000-6s 
 
 100,000-6s 
 10,000-6s 
 12,000-6s 
 25,000-6s 
 5,000-6s 
 17,000-6s 
 10,000-6s 
 45,000-6s 
 35,000-6s 
 22,000-6s 
 80,000-6s 
 15,000-6s 
 
 110,000-68 
 30,000-6s 
 
 125,000-6* 
 40,000-6s 
 25,000-6s 
 ' 30,000-6s 
 50,000-6s 
 25,000-6s 
 50,000-6s 
 15,000-6s 
 20,000-6s 
 
 156,000-6s 
 12,000-6s 
 71,000-68 
 25,000-6s 
 50,000-6s 
 
 100,000-68 
 
 50,000-68 
 
 1,221,382-68 
 
 100,000-68 
 50,000-68 
 50,000-68 
 33,000-68 
 25,000-6s 
 46,000-68 
 25,000-68 
 80,000-6s 
 30,000-68 
 10,000-68 
 15,000-68 
 36,000-68 
 3,000-6s 
 25,000-68 
 5,000-68 
 30,000-68 
 
 224,280-68 
 50,000-68 
 75,000-68 
 30,000-68 
 10,000-68 
 25,000-68 
 16,000-6s 
 5,000-68 
 20,000-48 
 50,000-48 
 50,000-48 
 
 2d mtg. reg. Springfield P. & M. Ins. Co., Springfield, Mass. 
 
 Society for Savings, Hartford, Conn. 
 
 2d nitg. (now 1st). Union Savings Bank, Danbury, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 Mechanics' Savings Bank, Hartford, Conn. 
 
 Mechanics' Savings Bank, Winsted, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 Savings Bank of Danbury, Danbury, Conn. 
 
 Waterbury Savings Bank, ^^'aterbury, Conn. 
 
 New Haven Savings Bank, New Haven, Conn. 
 
 Bristol Savings Bank, Bristol, Conn. 
 
 Chelsea Savings Bank, Norwich, Conn. 
 
 Derby Savings Bank, Derby, Conn. 
 
 Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 
 Middletown Savings Bank, Middletown, Conn. 
 
 Meriden Savings Bank, Meriden, Conn. 
 
 Mechanics' Savings Bank, Hartford, Conn. 
 
 Savings Bank of New Britain, New Britain, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 con. mtg. Aetna Insurance Company, Hartford, Conn. 
 
 Chelsea Savings Bank, Norwich, Conn. 
 
 con. mtg. Connecticut Savings Bank, New Haven, Conn. 
 
 Derby Savings Bank, Derby, Conn. 
 
 Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 con. Fairfield County Savings Bank, Norwalk, Conn. 
 
 1st con. German-American Insurance Co., N. Y. City. 
 
 con. g. London Assur. Co. (London, Bug.), N. Y. City. 
 
 Mechanics' Savings Bank, Hartford, Conn. 
 
 Norwich Savings Society, Norwich, Conn. 
 
 con. g. Northern Assur. Co. (London, Eng.), N. Y. City. 
 
 1st con. g. New York Life Ins. Co., N. Y. City. 
 
 Providence Ins. for Savings, Providence, R. I. 
 
 Savings Bank of New London, New London, Conn. 
 
 Savings Bank of New Britain, New Britain, Conn. 
 
 State Mutual Life Assur. Co., Worcester, Mass. 
 
 Waterbury Savings Bank, Waterbury, Conn. 
 
 Dak. Ext. Sav. Bank of New London, New London, Conn. 
 
 Dak. Ext. City Sav. Bank of Bridgeport, Bridgeport, Conn. 
 
 Dali. Ext. Connecticut Savings Bank, New Haven. Conn. 
 
 Dak. Ext. Dime Savings Bank of Norwich, Norwich, Conn. 
 
 Dak. Ext. Fairfield County Savings Bank, Norwalk, Conn. 
 
 Dak. Ext. <3roton Savings Bank, Mystic, Conn. 
 
 Dak. E,xt. Mechanics' Savings Baijk, Winsted, Conn. 
 
 Dak. Ext. Mutual Benefit Life Ins. Co., Newark, N. J. 
 
 Dali. Ext. New Haven Savings Bank, New Haven, Conn. 
 
 g Dak. Ext. Prussian Nat. Ins. Co. (Stettin, Ger.),Chi., 111. 
 
 Dak. Ext. Bridgeport Savings Bank, Bridgeport, Conn. 
 
 Dak. Ext. St. mtg. Prudential Ins. Co. of Am., Newark, N. J. 
 
 Dak. Ext. Norwalk Savings Society, Norwalk, Conn. 
 
 Dak. Ext. Royal Ins. Co. (Liverpool, Eng.), N. Y. City. 
 
 Dak. Ext. State Savings Bank, Hartford, Conn. 
 
 Dak. Div. Stamford Savings Bank, Stamford, Conn. 
 
 Dak. Ext. Union Assur. Soc. (London, Eng.), N. Y. City. . 
 
 Dak. Ext. Union Savings Bank, Danbury, Conn. 
 
 Dak. Ext. Windham County Savings Bank, Danielson, Conn. 
 
 Mont. Bxt. Bridgeport Savings Bank, Bridgeport, Conn. 
 
 Mont. Ext. Connecticut Savings Bank, New Haven, Conn. 
 
 Mont. Ext. 1st mtg. Caledonian Insurance Company (Edin- 
 
 45,000-48 ('37) Mont. Bxt. Dime Savings Bank of Norwich, Norwich, Conn. 
 
 10,000-48 ('37) Mont. Ext. Dime Savings Bank of Hartford, Hartford, Conn. 
 
 25,000-48 ('87) Mont. Ext. 1st. German-American Ins. Co., New York City. 
 
 5^000-48 ('37) Mont. Bxt. Groton Savings Bank, Mystic, Conn. 
 
 10,000-48 ('37) Mont. Ext. North German Fire Insurance Company (Ham- 
 burg, Germany), Chicago, 111. 
 
 50,000-4s ('37) Mont. Ext. Meriden Savings Bank, Meriden, Conn. 
 
682 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 25,000-4s ('37) Mont. Div. Mariners' Savings Banls, London, Conn. 
 
 95,000-4s ('37) Mont. Ext. Mutual Benefit Life Ins. Co., Newark, N. J. 
 
 233,277-4s ('37) 1st g. New Yorli Life Insurance Co., New York City. 
 
 5,000-4s ('37) Mont. Ext. People's Savings Bank, Bridgeport, Conn. 
 
 15,000-4s ('37) Mont. Div. Stamford Savings Bank, Stamford, Conn. 
 
 10,000-4s ('37) Mont. Ext. Union Savings Bank, Danbury, Conn. 
 
 ST. PAUL AND NORTHEKN PACIFIC RAILWAY. 
 
 15,000- Pawtucket Institute for Savings, Pawtucket, R. I. 
 
 14,000-6s Fidelity Trust Company, Newark, N. J. 
 
 19,000-6s Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 
 30,000-68 New Hampshire Savings Bank, Concord, N. H. 
 
 15,000-Cs Somersworth Savings Bank, Somersworth, N. H. . 
 
 50,000-6s Manchester Savings Bank, Manchester, N. H. 
 
 50,000-6s Morris County Savings Bank, Morristown, N. J. 
 
 20,000-6s coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 35,000-6s National Fire Insurance Company, Hartford, Conn. 
 
 21,000-6s 1st g. reg. coup. Phila. Tr., S. Dep. & Ins. Co., Philadelphia, Pa. 
 
 10,000-6s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 
 50,000-6s ('23) 1st mtg. g. Aetna Insurance Company, Hartford, Conn. 
 
 l,000-6s ('23) Biddeford Savings Bank, Biddeford, Me. 
 374,002-6s ('23) Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 16,000-6s ('23) gen. mtg. g. Germania- Fire Insurance Company, N. Y. City. 
 86,000-6s ('23) gen. mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 10,000-6s (23) Insurance Company of State of Pennsylvania, Phila., Pa. 
 22,000-6s ('23) Lancashire Ins. Co. (Manchester, Eng.), N. Y. City. 
 
 5,000-6s ('23) Machias Savings Bank, Machias, Me. 
 58-692-6S ('23) inc. g. Metropolitan Life Insurance Co., New York City. 
 185,749-Os ('23) Mutual Life Insurance Companj', N. Y. City. 
 87,711 -6s ('23) Mutual Life Insurance Company, New York City. 
 50,000-6s ('23) gen. mtg. g. reg. North British & Mercantile Insurance Co. 
 (liOndon, Eng., and Edinburgh, Scot), N. Y. City. 
 l,268,959-6s ('23) 1st gen. g. New York Life Insurance Co., New York City. 
 100,000-6s ('23) Paterson Savings Institution, Paterson, N. J. 
 50,000-6s ('23) People's Savings Bank, Providence, R. I. 
 414,362-6s (23) 1st mtg. coup. Prudential Ins. Co. of America, Newark, N.J. 
 86,172-6s ('23) 1st mtg. reg. Prudential Ins. Co. of America, Newark, N. J. 
 15,000-6s ('23) 1st mtg. reg. g. Phoenix Insurance Co., Hartford, Conn. 
 17,362-6s ('23) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 50,000-6s ('23) g. Pennsylvania Fire Insurance Co., Phila., Pa. 
 
 4,000-6s ('23) Saeo Savings Bank, Saco, Me. 
 
 4,000-6s ('23) York County Savings Bank, Biddeford, Me. 
 
 l,000-6s ('23) Wiscasset Savings Bank, Wiscasset, Me. 
 
 ST. PAUL AND SIOUX CITY BAILKOAD. 
 
 20,000- Westerly Savings Bank, Westerly, R. I. 
 
 10,000-6s Dartmouth Savings Bank, Hanover, N. H. 
 
 25,000-6s ('19) 1st mtg. g. Aetna Insurance Company, Hartford, Conn. 
 
 5,000-6s ('19) 1st mtg. g. Helvetia Swiss F. Ins. Co. (St. Gall, Switz. ) , N. Y. C. 
 
 27,000-6s ('19) Mutual Life Insurance Company, Newark, N. .J. 
 
 40,000-6s ('19) Paterson Savings Institution, Paterson, N. J. 
 
 25,000-6s ('19) Scottish Un. & Nat'l Ins. Co. (Edbg., Scot.), Hartford, Conn. 
 
 ST. PAUL UNION DEPOT COMPANY. 
 
 50,000-4s ('44) New England Mutual Life Insurance Co., Boston, Mass. 
 
 SAN ANTONIO AND ARANS.\S PASS HAILEOAD. 
 
 10,000- Binghamton Trust Company, Binghamton, N. Y. 
 2,000- Chautauqua County Trust Company, .Tauiestowu, N. Y. 
 150,000- 1st mtg. Standard Trust Company, New York City. 
 8,200-4s coup. County Savings Bank & Trust Co., Scranton, Pa. 
 42,500-4s coup. Girard Trust Company, Philadelphia, Pa. 
 8,127-4s coup. I/ancaster Trust Company, Lancaster, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 683 
 
 8,500-4s gtd. coup. Scranton Savings Bank, Scrantou, Pa. 
 
 8,262-4s coup. Security Title & Trust Company, Yoriv, Pa. 
 42,750-4s ('4.3) 1st mtg. coup. g. Peun Mutual Life Ins. Co., Phila., Pa. 
 85,]25-4s ('43) 1st mtg. g. gtd. by S. Pac. Co. Pro v. L. & T. Co., Phlla., Pa. 
 21,000-4s ('43) 1st mtg. g. gtd. by S. Pac. Ry. Ins. Co. of N. Amer., Phila., Pa. 
 
 SANIJUSKY AND CINCINNATI KAJLROAD. 
 
 100- pf. Saco and Biddeford Savings Institution, Saco, Me. 
 
 SANDUSKY, MANSFIELD AND NEWAHK EAILROAD. 
 
 10,000- Rochester Trust & Safe Deposit Co., Rochester, N. T. 
 40,000-7s National Fire Insurance Company, Hartford, Conn. 
 
 SANDY KIVEB BAILEOAD. 
 
 13,000-5s ('13) Wiscasset Savings Bank, Wiscasset, Me. 
 
 10,000-5s ('15) Auburn Savings Bank, Auburn, Me. 
 
 35,000-5s ('15) Bath Savings Institution. Bath, Me. 
 
 10,000-5s ('15) Gardiner Savings Institution, Gardiner, Me. 
 
 5,000-5s ('15) Machias Savings Bank, Machias, Me. 
 
 10,000-5s ('15) Rockland Savings Bank, Rockland, Me. 
 
 SAN rRANCISCO AND NORTH PACIFIC BAILEOAD. 
 
 300,0(X)- German Savings & Loan Society, San Francisco, Cal. 
 95,000-os Hibernia Savings & Loan Society, San Francisco, Cal. 
 10,000-5s Home Mutual Insurance Company, San Francisco, Cal. 
 20,(K)0-5s 1st mtg. Humboldt Savings & Loan Society, San Francisco; Cal. 
 15,CKX)-5s ('19) Firemen's Fund Insurance Company, San Francisco, C!al. 
 10,000-5s ('19) 1st mtg. g. Transatlantic Fire Ins. Co. (Ham., Ger.), Chi., 111. 
 
 SAN FBANCISCO AND SAN JOAQUIN VALLEY RAILWAY, 
 
 187,000- Bank of California, San Francisco, Cal. 
 
 10,000- Bank of Bakersfleld, Bakersfield, Cal. 
 
 20,000- Bank of Sonoma County, Petaluma, Cal. 
 130,174- Pacific Mutual Life Insurance Co., San Francisco, Cal. 
 
 10,000- Stockton Savings & Loan Society, Stockton, Cal. 
 
 10,000-5s Farmers & Merchants' Bank, Stockton, Cal. 
 
 15,000-5s Home Mutual Insurance Company, San Francisco, Cal. 
 165,(XK)-5s Union Trust Company of San Francisco, San Francisco, Cal. 
 
 35,000-5s ('40) Firemen's Fund Insurance Company, San Francisco, Cal. 
 
 SAN JOSE AND SANTA CLARA RAILROAD. 
 
 7,000- Garden City Bank & Trust Co., San Jose, Cal. 
 
 SANTA FE, PRESCOTT AND PHOENIX RAILROAD. 
 
 15,000- Union Trust Company of Rochester, Rochester, N. T. 
 
 5,000-5s Title & Guarantee Company, Rochester, N. Y. 
 20,000-5s ('42) Standard Life & Accident Ins. Co., Detroit, Mich. 
 17,000-5s ('42) Standard Life & Accident Ins. Co., Detroit, Mich. 
 25,000-5s ('42) Woonsocket Institute for Savings, Woonsocket, R. I. 
 25,000-5s ('42) Rochester German Insurance Company, Rochester, N. Y. 
 
 SAKANAC AND LAKE PLACID P..A.ILROAD. 
 
 5,000-5s ('13) 1st mtg. g. Brunswick Sav. Inst., Brunswick, Me. 
 
 SAirLT STE. MARIE AND ATLANTIC BAILEOAD. 
 
 60,000-os ('26) 1st mtg. Ocean Accid. & Guar. Corp. (Ltd.), N. Y. City. 
 
 SAULT STE. -MARIE AND SOUTHWESTERN RAILWAY. 
 
 133,568-5s ('15) Mutual Life Insurance Company, New York City. 
 
684 DUTIES AND POWEES OP ISTTEBSTATE COMMERCE COMMISSION. 
 SARATOGA AND SCHENECTADY EAILROAD. 
 
 1,500- stk. New York Life Insurance & Trust Co., New York City. 
 
 SAVANNAH, FLGEIDA ANi) WESTERN RAILROAD. 
 
 25,000-5s 1st mtg. National Fire Insurance Company, Hartford, Conn. 
 502,998-5s ('34) 1st g. New York Life Insurance Company, N. Y. City. 
 
 10,000-5s ('34) Orient Insurance Company, Hartford, Conn. 
 5,612-6s coup. Citizens' Bank, Preeland, Pa. 
 
 62,410-6s ('34) 1st mtg. inc. g. Metropolitan Life Ins. Co., N. Y. City. 
 548,651-6s ('34) 1st g. New York Life Ins. & Trust Co., N. Y. City. 
 
 SCHENECTADY AND DUANESBURGH RAILROAD. 
 
 26,200- 1st mtg. New York Life Ins. & Trust Co., N. Y. City. 
 
 SCHUYLKILL RIVER EAST SIDE RAILROAD. 
 
 150,000-5s 1st mtg. reg. coup. Beneficial Sav. Fd. Soc, Philadelphia, Pa. 
 100,000-5s 1st mtg. coup. Penn. Co. for Ins. on Lives, etc., Phila, Pa. 
 
 30,000-5s Mechanics' Insurance Company, Philadelphia, Pa. 
 591,000-5s ('35) Equitable Life .\ssur. Soc. of the U. S., N. Y. City. 
 214,000-5s ('35) reg. Equitable Life Assur. Soc. of the U. S., N. Y. City. 
 
 10,000-5s ('35) 1st mtg. g. Spring Garden Ins. Co., Philadelphia, Pa. 
 
 SCIOTO VALLEY' AND NEW ENGLAND RAILROAD. 
 
 5,000- Columbus Trust Company, Newburgh, N. Y. 
 15,000- " United States Lloyds," New York City. 
 
 4,909-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 9,975-4s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 33,637-4s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 10,000-4s ('89) Brunswick Savings Institution, Brunswick, Me. 
 185,000-4s ('89) Equitable Life Assur. Soc. of United States, N. Y. City. 
 30,000-4s ('89) gtd. 1st mtg. g. Hamburg-Bremen Ins. Co. (Hamburg, Ger- 
 many), New York City. 
 30,000-4s ('89) 1st mtg. g. London Assur. Co. (London, Eng.), N. Y. C. 
 
 SEABOARD AND ROANOKE RAILROAD. 
 
 350,000- Synd. Int. Produce Exchange Trust Company, New York City. 
 25,000-5s (1900) equip, g. Fire Assoc, of Philadelphia, Philadelphia, Pa. 
 
 SEABOARD AND ROANOKE RAILROAD. 
 
 20,000- Westerly Savings Bank, Westerly, R. I. 
 
 5,500-5s 1st mtg. reg. Frankford Real Est., Tr. & S. Dep. Co., Phila., Pa. 
 
 50,000-5s 1st mtg. National Fire Insurance Company, Hartford, Conn. 
 
 10,000-5s 1st mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 20,000-5s ('26) American Fire Insurance Co., Philadelphia, Pa. 
 
 20,700-5s '■'26) Connecticut General Life Insurance Co., Hartford, Conn. 
 
 6,000-5s ('26) Fidelity Fire Insurance Company, Baltimore, Md. 
 
 75,000-5s ('26) 1st mtg. Fire Association of Philadelphia, Philadelphia, Pa. 
 
 10,300-5s ('26) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 200,000-5s ('26) 1st. New York Life Insurance Company, N. Y. City. 
 
 20,000-5s ('26) Orient Insurance Company, Hartford, Conn. 
 
 103,.500-5s ('26) 1st mtg. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 
 25,750-5s ('26) 1st mtg. Phoeni.x Mutual Life Ins. Co., Hartford, Conn. 
 
 103,000-5s ('26) Travelers' Insurance Company, Hartford, Conn. 
 
 SE.AC0AST RAILROAD. 
 
 18,707-5s pr. lien. coup. Girard Trust Company, Philadelphia, Pa. 
 
 SEATTLE AND SAN FRANCISCO RAILWAY AND NAVIGATION COMPANY'. 
 
 1,000- Stk. Philadelphia Mortgage & Trust Co., Philadelphia, Pa. 
 90,000-5s coup. Philadelphia Mortgage & Trust Co., Philadelphia, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 685 
 SHAMOKIN, SUNBUBY AND LEWISBUBG RAILBOAD. 
 
 10,000-5s ]st mtg. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 
 10,000-5s Ifarmers' Fire Insurance Company, York, Pa. 
 
 47,500-5s 1st mtg. coup. Girard Trust Company, Philadelphia, Pa. 
 
 10,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 2,000.-5s reg. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 20,240-5s 1st mtg. Northern Sav. Fd., S. Dep. & Tr. Co., Phila., Pa. 
 
 85,000-5s 1st mtg. coup. Penn Co. for Ins. on Lives, etc., Phila., Pa. 
 
 20,000-5s coup. Saving Fund Society of Germantown, etc., Phila., Pa. 
 
 4,000-5s ('12) Deep iRiver Sa^•ings Bank, Deep River, Conn. 
 
 10,000-5s ('12) 1st mtg. Franklin Fire Insurance Co., Philadelphia, Pa. 
 
 10,000-5s ('12) Ins. Co. of the State of Pennsylvania., Philadelphia, Pa. 
 
 40,000-5s ('12) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 20,000-5s ('12) Pennsylvania Fire Insurance Company, Philadelphia, Pa. 
 
 4,000-5s ('12) coup. Union Insurance Company, Philadelphia, Pa. 
 
 SHAMOKIN VAIXEY AND POTTSVILLE RAILROAD. 
 
 7,000-7s Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 8,000-Ts ('01) Brooklyn Savings Bank, Brooklyn, Conn. 
 
 12,000-7s ('01) Deep Kiver Savings Bank, Deep River, Conn. 
 
 13,000-7s ('01) Meriden Savings Bank, Meriden, Conn. 
 
 10,000-7s ('01) Middletown Savings Bank, Middletown, Conn. 
 
 30,000-7s ('01) New Haven Savings Bank, New Haven, Conn. 
 
 2,000-7s ('01) Newtown Savings Bank, Newtown, Conn. 
 
 143,000-7s ('01) Norwich Savings Society, Norwich, Conn. 
 
 10,000-7s ('01) Putnam Savings Bank, Putnam, Conn. 
 
 28,000-.7s ('01) Society for Savings, Hartford, Conn. 
 
 5,000-7s ('01) Southington Savings Bank, Southington, Conn. 
 
 30,000-7s ('01) Stamford Savings Bank, Stamford, Conn. 
 
 20,000-7s ('01) State Savings Bank, Hartford, Conn. 
 
 5,000-7s ('01) Thomaston Savings Bank, Thomaston, Conn. 
 
 SHARON RAILROAD. 
 
 21,000- stk. Metropolitan Life Insurance Company, New York City. 
 
 25,000- gtd. stk. Phoenix Insurance Company, Hartford, Conn. 
 
 20,000-4Js ('19) Savings Bank of Danbury, Danbury, Conn. 
 
 20,000-4^8 ('19) Erie. Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 33,000-4|s ('19) Connecticut Savings Ejfnk, New Haven, Conn. 
 
 30,000-4is ('19) Mariners' Savings Bank, New London, Conn. 
 
 10,000-4|s ('19) Mechanics and Farmers' Savings Bank, Bridgeport, Conn. 
 
 13,000-4|s ('19) Stamford Savings Bank, Stamford, Conn. 
 
 50,000-4Js ('19) Society for Savings, Hartford, Conn. 
 
 SHORE LINE RAILROAD. 
 
 200,000-4Js ('10) New Haven Savings Bank, New Haven, Conn. 
 
 SIERRA RAILWAY OF CALIFORNIA. 
 
 51,308- Pacific Mutual Life Insurance Company, San Francisco, Cal. 
 
 SILVER SPRINGS, OCALA AND GULF RAILWAY. 
 
 4,500-4s gtd. coup. Bucks County Trust Company, Doylestown, Pa. 
 454,000- New York Security and Trust Co., New York City. 
 11,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 SIOUX CITY TERMINAL RAILBOAD AND WAREHOUSING COMPANY. 
 
 10,000-6s Firemen's Insurance Company, Baltimore, Md. 
 
 20 000-6S 1st mtg. Northern Sav. Fund, Safe Dep. & Tr. Co., Phila., Pa. 
 
 96!616-6s coup. Trust Company of North America, Philadelphia, Pa. 
 
 19i000-6s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 10000-6S 1st mtg. Fidelity Mutual Life Insurance Co., Philadelphia, Pa. 
 
686 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 SKANEATELES RAILROAD. 
 
 10,000- Ellenville Savings Bank, Ellenville, N. T. 
 18,000-58 mtg. Empire State Savings Bank, Buffalo, N. Y. 
 10,000-5s mtg. Home Savings Bank, Wiiite Plains, N. Y. 
 
 5,000-5s Roslyn Savings Bank, RosJyn, N. Y. 
 10,000-5s ('08-11) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 5,000-5s C'lO) Norfolk Savings Bank, Norfolk, Conn. 
 
 5,000-5s ('12) Cornwall Savings Bank, Cornwall, N. Y. 
 10,000-5s ('14- '23) Farmers & Mechanics' Savings Bank, Middletown, Conn, 
 
 5,000-5s ('18) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 SOMERSET EAILEOAD. 
 
 10,000-5s ('17) Auburn Savings Bank, Auburn, Me. 
 
 ?.0,000-5s ('17) Bath Savings Institution, Bath, Me. 
 
 5,000-5s ('17) Blddeford Savings Bank, Biddeford, Me. 
 
 5,000-5s ('17) Dexter Savings Bank, Dexter, Me. 
 
 6,000-5s ('17) Eastport Savings Bank, Eastport, Me. 
 
 5,000-5s ('17) Machias Savings Bank, Machias, Me. 
 
 113,000-5s ('17) Maine Savings Bank, Portland, Me. 
 
 10,000-5s ('17) Penebscot Savings Bank, Bangor, Me. 
 
 5,000-5s ('17) Soiith Berwick Savings Bank, South Berwick, Me. 
 
 10,000-5s ('17) York County Savings Bank, Biddeford, Me. 
 
 SOUTH BOUND RAILROAD. 
 
 13,300-5s coup. Bucks County Trust Company, Doylestown, Pa. 
 40,000-5s coup. Integrity Title, Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 
 SOUTH CAROLINA AND GEORGIA RAILROAD. 
 
 10,000- ('19) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 10,400-5s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 21,810-5s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 
 24,500-5s ('19) 1st mtg. g. German ia Life Insurance Co., N. Y. City. 
 
 188,119-5s ('19) 1st g. New York Life Insurance Company, N. Y. City. 
 
 SOUTHEASTERN RAILROAD. 
 
 392,645-4is Equitable Life Assur. Socie^^ of the United States, N. Y. City. 
 
 SOUTHERN CALIFORNIA RAILWAY. 
 
 500- pf. Bank of National City, National City, Cal. 
 
 SOUTHERN MINNESOTA R.VILR0AD. 
 
 10,000-6s ('10) Savings Bank of Danbury, Danbury, Conn. 
 
 SOUTHERN PACIFIC RAILROAD. 
 
 • 37,112- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 11,325- 1st mtg. Commercial Bank of Madera, Madera, Cal. 
 
 10,000- Dutchess County Mutual Insurance Company, Poughkeepsie, N. Y. 
 
 20,000- col. tr. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 140,000- coll. tr. mtg. g. Guaranty Trust Co. of New York, N. Y. City. 
 500- L'ynn Mutual Fire Insurance Company, Lynn, Mass. . 
 
 50,000- col. Security Trust Company of Rochester, Rochester, N. Y. 
 
 50,000- Union Trust Company of Rochester, Rochester, N. Y. 
 140,000- coll. tr. United States Mortgage & Trust Company, N. Y. City. 
 224,000- coll. tr. United States Trust Company of New York, N. Y. City. 
 
 10,000- ('49) coll. tr. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 16,687-4s coup, coll.. Dime Deposit & Discount Bank, Scranton, Pa. 
 
 17,100-4s coll. tr. coup. g. Scranton Savings Bank, Scranton, Pa. 
 
 10,500-4s ('49) Travelers' Insurance Company, Hartford, Conn. 
 
 53,375-5s 1st con. g. mtg. Provident Life & Trust Co., Phila., Pa, 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 687 
 
 25,000-5s 1st con. mtg. National Fire Insurance Co., Hartford, Conn. 
 oG5,000-5s ('37) Aetna Life Insurance Company, Hartford, Conn. 
 
 26,812-5s ('37) 1st con. mtg. ser. A. Ocean A. & G. Corp.(Ltd.), Lon., Eng. 
 
 39,000-5s ('37) Connecticut Fire Insurance Company, Hartford, Conn. 
 
 50,750-5s ('37) 1st mtg. Phoenix Mutual Life Insurance Co., Hartford, Conn. 
 
 10,000-5s ('94) Orient Insurance Company, Hartford, Conn. 
 
 15,000-6s ('05) Bank of Tehama County, Red Bluff, Cal. 
 l,000-6s ('06) Paterson Savings Institution, Paterson, N. J. 
 3,000-6s ('06) South Berwick Savings Bank, South Berwick, Me. 
 
 48,579- Br. of Cal. Pacific Mutual Life Ins. Co., San Francisco, Cal. 
 
 12,000-6s Br. of Cal. Columbus Sav. & Loan Soc, San Francisco,- Cal. 
 100,000-6s Br. of Cal. Union Trust Company of San Francisco, Cal.- 
 
 13,000-6s Br. I>ondon, Paris, and Amer. Bk. (Ltd.), San Francisco, Cal. 
 202,000- Cent. Pac. col. g. Franklin Trust Co., Brooklyn, N. Y. 
 
 21,770-4s Cent. Pac. stk. coll. coup. Merchants & Mech. Bk., Scranton, Pa. 
 
 SOUTHERN PACIFIC RAILROAD OF ARIZONA. 
 
 25,000-6s Columbus Sav. & Loan Society, San Francisco, Cal. 
 
 SOUTHERN PACIFIC RAILROAD OP CALIFORNIA. 
 
 650,000- German Savings & Loan Society, San Francisco, Cal. 
 
 200,000- 1st con. Central Trust Co. of New York, N. Y. City. 
 
 250,000- 1st con. United States Trust Company of New York, N. Y. City. 
 
 50,000- 1st con. Franklin Trust Company, Brooklyn, N. Y. 
 
 30,000- ('37) 1st con. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 5,281-5s coup. Warren Savings Bank, AVarren, Pa. 
 
 26,875-5s 1st con. mtg. coup. Easton Trust Company, Easton, Pa. 
 
 10,600-5s coup. Deposit & Sav. Bank of Kingston, Kingston, Pa. 
 
 21,425-5s 1st con. mtg. coup. Merchants & Mech. Bank, Scranton, Pa. 
 
 40,000-6s New Hampshire Savings Bank, Concord, N. H. 
 
 50,000-6s ('05) 1st mtg. Bank of Eureka, Eureka, Cal. 
 
 SOUTHERN PACIFIC OF NEW MEXICO RAILROAD. 
 
 ll,200-6s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 445,765-6s ('11) 1st. 'New York Life Insurance Company, N. Y. City. 
 108,250-6s ('11) 1st mtg. coup. g. Penn Mutual Life Ins. Co., Phila., Pa. 
 lll,000-6s ('11) Travelers' Insurance Company, Hartford, Coifti. 
 
 SOUTHERN RAILWAY COMPANY. 
 
 6 500- cm. stk. County Savings Bank & Trust Co., Scranton, Pa. 
 
 3,000- pf. reg. Columbia Av. Sav. Fd., S. Dep. Title & Tr. Co., Phila., Pa. 
 
 3,580- pf. reg. Hanover Saving Fund Society, Hanover, Pa. 
 
 8,000- pf. National Fire Insurance Company, Hartford, Conn. 
 17,000- pf. Orient Insurance Company, Hartford, Conn. 
 20^500- pf. Penn Mutual Life Insurance Co., Philadelphia, Pa. 
 14'237- pf. Travelers' Insurance Company, Hartford, Conn. 
 
 5450- stk. Bankers' Safe Deposit Company, New York City. 
 
 3*500- stk. Merchants' Savings Bank, Woonsocket, R. I. 
 
 9576- Bankers' Safe Deposit Company, New York City. 
 16 050- 1st mtg. con. g. Brooklyn Life Insurance Company, N. Y. City. 
 43,508- Capital City Bank, Atlanta, Ga. 
 
 10 000- cons. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 25000- 1st con. Long Island Loan & Trust Company, Brooklyn, N. Y. 
 19515- con. mtg. g. Nederl'd Ltd. Lia. Life Ins. Co. (Ams., HoL), N. Y. C. 
 25*000- 1st mtg. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 lOo'oOO- Union Trust Company of New York, New York City. 
 20'000- ('94) 1st. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 24 000-43 1st mtg. National Firte Insurance Company, Hartford, Conn. 
 1015100-48 4is & 5s ('96) Mutual Life Insurance Coihpany, N. Y. City. 
 ' 16'0OO-5s coup. County Savings Bank & Trust Co., Scranton, Pa. 
 51461-5S 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 
 3 000-5S 1st con. coup. Hanover Saving Fund Society, Hanover, Pa. 
 
 9'240-5s coup. 1st con. mtg. Merchants & Mechanics' Banls, Scranton, Pa. 
 
688 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 I,800,000-5s Mutual Life Insurance Company, New York City. 
 
 27,000-5s coup. Moutgoinery Ins., Tr. & S. Dep. Co., Norristown, Pa. 
 25,000-5s coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 25,000-5s 1st mtg. coup. Scranton Savings Bank, Scranton,. Pa. 
 10,862-5s coup. Security Title & Trust Company, York, Pa. 
 5,225-5s 1st con. mtg. coup. Sunbury Trust & S. Dep. Co., Sunbury, Pa. 
 7,000-5s reg. Columbia Ave. Sav. F., S. Dep., Title & Tr. Co., Phila., Pa. 
 10,000-5s Virginia Fire & Marine Insurance Co., Rlcbmond, Va. 
 5,000-5s con. Wakefield Trust Company, Wakefield, R. I. 
 30,221-5s coup. Wayne County Savings Bank, Honesdale, Pa. 
 25,000-5s ('94) 1st con. g. Aetna Insurance Company, Hartford, Conn. 
 8,000-5s ('94) Commercial Union Fire Insurance Company, N. Y. City. 
 2,000-5s ('94) Fidelity Fire Insurance Company, Baltimore, Md, 
 100,000-5s ('94) Northwestern National Insurance Company, Milwaukee, Wis. 
 59,317-5s ('94) 1st con. mtg. coup. g. Peun Mut. Life Ins. Co., Phila., Pa. 
 26,.587-5s ('94) 1st con. mtg. Provident Savings Soc, N. Y. City. 
 20,000-5s ('94) Rochester German Insurance Company, Rochester, N. Y. 
 17,00O-5s ('94) 1st mtg. Security Insurance Company, New Haven, Conn. 
 85,106-5s ('94) Travelers' Insurance Company, Hartford, Conn. 
 200,000-6s (1900) Mutual Life Insurance Company, New York City. 
 200,000-6s (1900) Mutual Life Insurance Company, New York City. 
 66,500- Aiken Br. 1st mtg. Atlantic Trust Company, New York City. 
 36,225-7s (1900) E. Tenn., Va. & Ga. Sk. Fd. (old) 1st mtg. Germania Life 
 Ins. Co., New York City. 
 
 SOUTHERN RAILWAY OF FRANCE. 
 
 87,525-3s Guar, by French Gov. Mutual Life Ins. Co., N. Y. City. 
 
 SOUTH AND NORTH ALABAMA RAILROAD. 
 
 15,000- con. Fidelity Trust Company of Rochester, Rochester, N. Y. 
 442,363-5s ('36) con. g. New York Life Ins. Co., N. Y. City. 
 
 SOUTH READING MARKET HOUSE RAILWAY. 
 
 3,100- (1900) stk. Reading Fire Ins. Company, Reading, Pa. 
 
 , SOUTH SHORE AND BOSTON RAILROAD. 
 
 3,000-5s ('19) Buxton and Hollis Savings Bank, West Buxton, Me. 
 25,000-5s ('19) Saco and Biddeford Savings Institution, Saco, Me. 
 
 SOUTH SIDE RAILROAD OP VIRGINIA. 
 
 83,000- 3rd pf. mtg. Atlantic Trust Company, New York City. 
 15,000-4is coup. Saving Fund Society of Germantown, etc., Phila., Pa. 
 20,000-5s con. mtg. coup. Western Savings Fund Society, Phila., Pa. 
 88,017-5s (1900) Mutual Life Insurance Company, New York City. 
 ]0,000-6s (1900) Mutual Life Insurance Company, New York City. 
 
 SOUTHWESTERN RAILROAD OF GEORGIA. 
 
 20,000- stk. Indemnity Fire Insurance Company, N. Y. City. 
 
 115,000- stk. Mercantile Trust Company of New York, N. Y. City. 
 
 284,620- cap. stk. Metropolitan Life Insurance Company, N. Y. City. 
 
 3,500- Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
 102,618- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 10,000- stk. Orient Insurance Company, Hartford, Conn. 
 
 SOUTHWEST PENNSYLVANIA RAILROAD. 
 
 2,000-7s ('17) Deep River Savings Bank, Deep River, Conn. 
 
 7,000-7s ('17) Newtown Sa^■ings Bank, Newtown, Conn. 
 
 15,000-7s ('17) People's Savings Bank, Bridgeport, Conn. 
 
 10,000-7s ('17) Savings Bank of Danbury, Danbury, Conn. 
 
DUTIES AND POWERS OF IXTEESTATE COMMERCE COMMISSION. 689 
 SPOKANE FALLS AND NORTHEEN. 
 
 800-6S Bristol Savings Bant:, Bristol, X. H. 
 10,000-6s coup. Wayne County Savings Bank, Honesclale, Pa. 
 
 STATEN ISLAND RAILROAD. 
 
 5,000- Fulton Savings Bank, Fulton, N. Y. 
 10,000-44s mtg. Empire State Savings Bank, Buffalo, N. Y. 
 15,000-4Js 1st mtg. Fulton Savings Bank, Fulton, N. Y. 
 a0,000-4is reg. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 
 2,000-4is Rhinebeck Savings Bank, Rhinebeck, N. Y. 
 
 5,000-4is ('43) Bristol Savings Bank, Bristol, Conn. 
 
 5,000-44s mtg. Cornwall Savings Bank, Cornwall, N. Y. 
 12,000-4is ('43) Brooklyn Savings Bank, Brooklyn, Conn. 
 10,000-4is ('43) Essex Savings Bank, Essex, Conn. 
 20,000-4Js ('43) .Tewett City Savings Bank, Jewett Citv. Conn. 
 10,000-4is ('43) Litchfield Savings Society, Litchfield, Conn. 
 25,000-44s ('43) Jlechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 60,000-4is ('43) Norwich Savings Society, Norwich, Conn. 
 10,000-4|s ('43) People's Savings Bank, Rockville. Conn. 
 10,000-4is ('43) g. Stafford Sav. Bank, Stafford Springs, Conn. 
 20,000-44s ('43) Savings Bank of New Britain, New Britain, Conn. 
 100,000-4 Js ('43) State Savings Bank, Hartford, Conn. 
 40,000-4Js ('43) Stamford Savings Bank, Stamford, Conn. 
 42,000-44s ('43) Waterbury Savings Bank, Waterbui-y, Conn. 
 
 5,000-4is ('43) Windsor Locks Savings Bank, Windsor Locks, Conn. 
 
 5,000-4Js ('43) Windham County Savings Bank, Danielson, Conn. 
 
 STATEN ISLAND RAPID TRANSIT RAILROAD. 
 
 l,166,365-6s ('13) Mutual Life Insurance Company, New York City. 
 
 STEUBENVILLE AND INDIANA RAILROAD. 
 
 10,000- 1st Presbyterian Ministers' Fund, Philadelphia, Pa. 
 200,000-5s 1st mtg. reg. Beneficial Savings Fund Society, Phila., Pa. 
 
 15,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 25,000-5s Mechanics' Insurance Company, Philadelphia, Pa. 
 
 50,625-5s 1st mtg. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 
 13,950-5s 1st. mtg. reg. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 363,000-5s reg. loan. Philadelphia Savings Fund Society, Phila., Pa. 
 
 10,000-5s reg. Sav. Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 175,000-5s 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 
 40,750-5s 1st mtg. reg. Phila. Trust, S. Dep. Co., Philadelphia, Pa. 
 
 21,000-5s ('14) American Fire Insurance Company, Philadelphia, Pa. 
 
 60,000-5s ('14) 1st mtg. ext. reg. Franklin Fire Insurance Co., Phila., Pa. 
 200,000-5s ('14) 1st mtg. Insurance Company of North America, Phila., Pa. 
 
 30,000-5s ('14) Insurance Company of the State of Pennsylvania, Phila., Pa. 
 
 10,000-5s ('14) Reliance Insurance Company, Philadelphia, Pa. 
 5,000-5s ('14) 1st mtg. Spring Garden Insurance Co., Phila., Pa. 
 
 15,000-5s ('14) reg. Union Insurance Company, Philadelphia, Pa. 
 
 STILLWATER AND ST. PAUL RAILROAD. 
 
 32,690-7s (1900) Travelers' Insurance Company, Hartford, Conn. 
 
 STOCKBEIDGE AND PITTSFIELD RAILROAD. 
 
 21,275- stk. Berkshire Fire Insurance Co., Pittsfleld, Mass. 
 
 STONEY CREEK RAILROAD. 
 
 7- cm. Albertson Trust & Safe Dep. Co., Norristown, Pa. 
 6,310-7s coup. Saving Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 l,100-7s coup. Manayunk Trust Company, Philadelphia, Pa. 
 
 BY— 05 44 
 
690 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION. 
 STUBGIS, GOSHEN AND ST. LOUIS RAILROAD. 
 
 36,25CK3s ('89) New England Mutual Life Insurance Co., Boston, Mass. 
 
 STRAIGHT LINE ENGLAND RAILROAD. 
 
 1,700- stk. Trust & Deposit Co. of Onondaga, Syracuse, N. Y. 
 
 SULLIVAN COUNTY RAILROAD. 
 
 100,000-4s City Institution for Savings, Lowell, Mass. 
 25,000-4s Franklin Savings Insti, Greenfield, Mass. 
 25,000-4s Inst, for Savings in Roxbury, etc., Boston, Mass. 
 ]0,000-4s Middlesex Inst, for Savings, Concord, Mass. 
 25,000-4s People's Savings Bank, Worcester, Mass. 
 40,000-4s Provident Inst, for Sav., etc., Aniesbury, Mass. 
 25,000-4s Randolph Savings Bank, Randolph, Mass. 
 10,000-4s Salem Savings Bank, Salem, Mass. 
 12,000-4s South Boston Savings Bank, South Boston, Mass. 
 G0,000-4s Springfield Inst, for Savings, Springfield, Mass. 
 25,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 SUMPTER AND WATERLOO RAILROAD. 
 
 95,000- 1st. New York Security and Trust Company, N. Y. City. 
 
 SUNBURY, HAZLETON AND WILKESBARRE RAILROAD. 
 
 8,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 4,000-5s 1st mtg. g. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 15,700-5s coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 Sunbury Trust & S. Dep. Co., Sunbury, Pa. 
 
 Bristol Savings Bank, Bristol, Conn. 
 
 Brooklyn Savings Bank, Brooklyn, Conn. 
 
 Essex Savings Bank, Essex, Conn. 
 
 Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 
 Groton Savings Bank, Mystic, Conn. 
 
 Insurance Co. of the State of Pennsylvania, Phila., Pa. 
 
 Mechanics and Farmers' Savings Bank, Bridgeport, Conn. 
 
 Newtown Savings Banl^ Newtown, Conn. 
 
 Union Savings Bank, Danbury, Conn. 
 
 Willimantic Savings Institution, Willimantic, Conn. 
 
 Windham County Savings Bank, Danielson, Conn. 
 
 Salisbury Savings Society, Lakeville, Conn. 
 Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 
 2d ratg. Spring Garden Insurance Co., Phila., Pa. 
 
 Camden Safe Deposit & Trust Company, Camden, N. J. 
 
 SUNBURY AND LEWISTON RAILROAD. 
 
 Chelsea Savings Bank, Norwich, Conn. 
 
 Connecticut Savings Bank, New Haven, Conn. 
 
 Deep River Savings Bank, Deep River, Conn. 
 
 Dime Savings Bank of Norwich, Norwich, Conn. 
 
 Mariners' Savings Bank, New London, Conn. 
 
 Savings Bank of New London, New London, Conn. 
 
 Society for Savings, Hartford, Conn. 
 
 Pa. R. R. Nat. Sav. Bk. of New Haven, New Haven, Conn. 
 
 SUNCOOK VALLEY RAILROAD. 
 
 Farmers' Savings Bank, Pittsfield, N. H. 
 
 Manchester Savings Bank, Manche.ster, N. H. 
 
 New Hampshire Fire Insurance Co., Manchester, N. H. 
 
 SUSPENSION BRIDGE AND ERIE JUNCTION RAILROAD. 
 
 4,000- Security Trust Company of Rochester, Rochester, N. Y. 
 16,000-7s Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 77,000-78 (1900) Equitable Life Assur. Soc. of United States, N. Y. City. 
 50,000-78 (1900) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 3,240-5s 
 
 coup. 
 
 15,000-5s 
 
 ('28) 
 
 7,500-5s 
 
 ('28) 
 
 6,000-5s 
 
 ('28) 
 
 30,000-58 
 
 (■28) 
 
 5,000-5s 
 
 ('28) 
 
 4,000-5s 
 
 ('28) 
 
 S,000-5s 
 
 ('28) 
 
 19,000-5s 
 
 ('28) 
 
 7,300-5s 
 
 (-28) 
 
 4,000-5s 
 
 ('28) 
 
 ll,000-5s 
 
 ('28) 
 
 9,700-5s 
 
 (•29) 
 
 4,500-6s 
 
 coup. 
 
 10,000-6s 
 
 ('38) 
 
 200-6S 
 
 ('38) 
 
 125,000-4s 
 
 1 ('36) 
 
 25,000-4s 
 
 : ('36) 
 
 10,000-46 
 
 i ('36) 
 
 25,000-4s 
 
 1 ('36) 
 
 25,000-4s 
 
 1 ('36) 
 
 15,000-4s 
 
 1 (-36) 
 
 85,000-4s 
 
 1 ('36) 
 
 5,000-4s 
 
 i ('36) 
 
 200- 
 
 stk. ] 
 
 10,000- 
 
 stk. J 
 
 4,000- 
 
 stk. ] 
 
DUTIES AND POWERS OF INTEKSTATB COMMERCE COMMISSIOiST. 691 
 SUSQUEHANNA CONNECTINO RAILROAD. 
 
 50,000- 1st mtg. Metropolitan Trust Company, New York City. 
 
 SYEAOUSE, BINGHAMTON AND NEW YOEK EAILBOAD. 
 
 19,100- cap. stli. Hanover Fire Insurance Company, Providence, R. I. 
 
 5,000- stii. Merchants' Insurance Company, Providence, R. I. 
 
 25,000- stk. New Yorlj Life Insurance & Trust Co., N. Y. City. 
 
 50,000- stk. Westchester Fire Insurance Company, N. Y. City. 
 
 15,000-7s coup. Carbondale Miners & Mechanics' Sav. Bk., Carbondale, Pa. 
 
 30,000-7s Irving Savings Institution, New York City. 
 
 25,000-7s Morris County Savings Bank, Morristown, N. J. 
 
 35,000-7s ('06) Bridgeport Savings Bank, Bridgeport, Conn. 
 
 25,000-7s ('06) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 10,0007s ('06) Groton Savings Bank, Mystic, Conn. 
 
 53,000-7s ('06) 1st mtg. Glens Falls Insurance Company, N. Y. City. 
 
 5,950-7s ('06) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 
 ]0,000-7s ('06) People's Savings Bank, Bridgeport, Conn. 
 
 22,000-7s ('06) Lancashire Insurance Company (Manchester, Sing.), N. Y. C. 
 86,000-7s ('06) Savings Bank of New London, New London, Conn. 
 
 ]20,000-7s ('06) Society for Savings, Hartford, Conn. 
 
 25,000-7s ('06) Waterbury Savings Bank, Waterbury, Conn. 
 
 SYRACUSE, GENEVA AND CORNING RAILROAD. 
 
 3,000-7s ('05) Insurance Company of the State of Pennsylvania, Phila., Pa. 
 
 SYRACUSE NOIiTHEKN RAILROAD. 
 
 5,000-7s ('01) Deep River Savings Bank, Deep River, Conn. 
 16,000-7s ('01) New Haven Savings Bank, New Haven, Conn. 
 73,000-7s ('01) Society for Savings, Hartford, Conn. 
 
 SYRACUSE, PHOENIX AND OSWEOO RAILROAD. 
 
 5,000-6s ('15) Deep River Savings Bank, Deep River, Conn. 
 
 TACOMA, LAKE PARK AND COLUMBIA RIVER RAILROAD. 
 
 15,000- Mechanics' Savings Bank, Westerly, R. I. 
 
 TARKIO VALLEY RAILROAD. 
 
 ll,000-7s New Hampshire Savings Bank, Concord, N. H. 
 6,645-7s ('20) John Hancock Mutual Life Insurance Co., Boston, Mass. 
 15,417-7s ('20) 1st mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 
 TAYLOR'S FALLS AND LAKE SUPERIOR RAILROAD. 
 
 211,632-6s ('14) 1st gtd. by St. P. & D. N. Y. Life Ins. Co., N. Y. City. 
 
 TENNESSEE COAL AND IRON RAILWAY. 
 
 25000-6S ('17) Bir. Ala. Div. con. 1st mtg. Germania F. Ins. Co., N. Y. 0. 
 lO^OOO- ('17) Bir. Ala. Div. Tr. & S. D. Co. of Onondaga, Syracuse, N. Y. 
 
 TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS. 
 
 3 000- Barnstable County Mutual Fire Ins. Co., Yarmouth, Mass. 
 10'939-44s 1st mtg. coup. Lackawanna Tr. & S. D. Co., Scranton, Pa. 
 5000-4*8 coup. People's Bank, Wilkesbarre, Pa. 
 
 10 000-4*s 1st mtg. coup. Wilkesbarre Dep. & Sav. Bk., Wilkesbarre, Pa. 
 336250-4*8 ('39) Connecticut Mutual Life Ins.. Co., Hartford, Conn. 
 75000-4*8 ('39) 1st mtg. g. Hartford Fire Insurance Co., Hartford, Conn. 
 27'562-4*s ('39) Hartford Steam Boiler Inspec. & Ins. Co.. Hartford, Conn. 
 100'000-4is ('39) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
692 DUTIES AND POWERS OP INTERSTATE COMMEECE COMMISSIOIf. 
 
 264,343-44s ('39) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 50,000-4is ('30) 1st mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 25,000-4is ('39) 1st mtg. g. Sun Ins. Office (London, Eng.), N. Y. City. 
 40,000-4is & 5s reg. coup. Miners' Savings Banlc, Wilkesbarre, Pa. 
 
 4,987-5s 1st con. mtg. coup. Anthracite Sa^'. Banlv, Wilkesbarre, Pa. 
 ll,266-5s 1st con. coup. Lackawanna Ti-. & S. Dep. Co., Scranton, Pa. 
 10,000-5s g. Mechanics' Insurance Company, Philadelphia, Pa. 
 20,000-5s coup. 1st mtg. Merchants & Mechanics' Bank, Scranton, Pa. 
 20,000-5s coup. Jliners' Savings Bank, Pittston, Pa. 
 14,000-5s coup. People's Bank, Wilkesbarre, I'a. 
 
 5,000-5s Piscataqua Savings Bank, Portsmouth, N. H. 
 17,000-.^s coup. Scranton Savings Bank, Scranton, Pa. 
 10,000-5s Silk City Safe Deposit & Trust Co., Paterson, N. J. 
 100,000-5s con. mtg. reg. Western Savings Fund Society, Phila., Pa. 
 
 5,000-5s ('44) con. mtg. g. Union Insurance Company, Phila., Pa. 
 75,000-5s ('44;) 1st con. mtg. g. Fire Association of Phila., Phila., Pa. 
 40,000-5s ('44) con. Insurance CIo. of North America, Philadelphia, Pa. 
 
 TERRE HAUTE AND INMANAPOLTS RAILROAD. 
 
 20,000- 1st mtg. New York Life Insurance & Trust Co., N. Y. City. 
 
 200,000-5s con. mtg. coup. Western Savings Fund Society, Phila., Pa. 
 
 30,000-5s ('25) Bridgeport Savings Bank, Bridgeport, Conn. 
 
 25,000-5s ('25) City Savings Bank, Meriden, Conn. 
 
 25,000-5s ('25) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 100,00G-5s ('25) Chelsea Savings Bank, Norwich, Conn. 
 
 50,000-5s ('25) Connecticut Savings Bank, New Haven, Conn. 
 
 20,000-5s ('25) Deep River Savings Bank, Deep River, Conn. 
 
 25,000-5s ('25) Dime Savings Bank of Waterbury, Waterbury, Conn. 
 
 30,000-5s ('25) Dime Savings Bank of Hartford, Hartford, Conn. 
 
 25,000-5s ('25) Farmers' & Mechanics' Savings Bank, Middletown, Conn. 
 
 40,000-5s ('25) Farmington Savings Bank, Farmington, Conn. 
 
 20,200-5s ('25) 1st mtg. g. Germania Life Ins. Co., N. Y. City. 
 
 10,000-58 ('25) Litchfield Savings Society, Litchfield, Conn. 
 
 50,000-5s ('25) Mechanics' Savings Bank, Hartford, Conn. 
 
 30,000-5s ('25) Meriden Savings Bank, Meriden, Conn. 
 
 25,625-5s ('25) con. 1st mtg. inc. g. Metropolitan L. Ins. Co., N. T. City. 
 
 75,000-5s ('25) New Haven Savings }$ank. New Haven, Conn. 
 
 50,000-5s (25) Norwalk Savings Society, Norwalk, Conn. 
 
 200,000-5s ('25) Norwich Savings Society, Norwich, Conn. 
 
 25,000-5s ('25) Putnam Savings Bank, Putnam, Conn. 
 
 20,000-5s ('25) Savings Bank of New Britain, New Britain, Conn. 
 
 250,000-5s (25) Society for Savings, Hartford, Conn. 
 
 25,000-5s ('25) Southport Savings Bank, Southport, Conn. 
 
 20,000-5s ('25) con. Stafford Savings Bank, Stafford Springs, Conn. 
 
 25,000-5s ('25) Stamford Savings Bank, Stamford, Conn. 
 
 25,000-5s ('25) State Mutual Life Assurance Company, Worcester, Mass. 
 
 50,000-5s ('25) Waterbury Savings Bank, Waterbury, Conn. 
 
 5,000-5s ('25) con. 1st mtg. Westport Savings Bank, Westport, Conn. 
 
 TEKRE HAUTE AND LOGANSPORT RAILROAD. 
 
 4,000-6s ('10) Orient Insurance Company, Hartford, Conn. 
 15,000-6s ('10) State Savings Bank, Hartford, Conn. 
 
 TERRE HAUTE AND PEORIA RAILROAD. 
 
 249,000- 1st mtg. New York Life Insurance Company, N. Y. City. 
 25,000- Pawtucket Inst, for Savings, Pawtucket, R. I. 
 10,000-5s Paterson Safe Deposit cSt Trust Co., Paterson, N. .T. 
 
 5,000-5s Silk City Safe Deposit & Trust Company, Paterson, N. J. 
 
 4,000-5s 1st mtg. coup. Wyoming Valley Trust Co., Wilkesbarre, Pa. 
 25,000-5s ('42) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 25,375-5s ('42) .\etna Life Insurance Company, Hartford, Conn. 
 10,150-5s ('42) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 25,000-5s ('42) 1st mtg. gtd. g. I'hoenix Insurance Co.. Hartford, Conn. 
 20,400-5s ('42) Travelers' Insui-ance Company, Hartford, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 6Q3 
 TEBBB HAUTE AND SOUTHEASTERN RAILROAD. 
 
 5,000- Holyoke Mutual Fire Insurance Company, Sulem, Mass. 
 6,000-7s Guaranty Savings Banli; Manchester, N. H. 
 5,000-7s Jjaconia Savings Bank, Laconia, N. H. 
 2,000-7s Pittsfield Savings Bank, Pittsfield, N. H. 
 
 TEXAS AND NEW ORLEANS RAILROAD. 
 
 363,504- Permanent ScJiool Fund, State of Texas. 
 5,150-5s 1st mtg. coup. Albertson Tr. & Safe Dep. Co., Norristown, Pa. 
 
 27,690-7s ('05) mtg. Hartford Steam Boiler Ins. & Ins. Co., Hartford, Conn. 
 52t),984-7s ('05) Mutual Life Insurance Company, N. T. City. 
 297,048-7s ('05) 1st. New York Life Insurance Company, New York City. 
 
 54,000-7s ('05) 1st mtg. Phoenix Insurance Company, Hartford, Conn. 
 
 TEXAS AND PACIFIC RAILROAD. 
 
 20,000- Ithaca Trust Company, IthaCa, N. Y. 
 
 ll,000-5s Lumbermen's Insurance Company, Philadelphia, Pa. 
 
 21,000-5s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 
 5,000-5s Silk City Safe Deposit & Trust Co., Paterson, N. J. 
 
 7,640-5s coup. West Philadelphia Bank, Philadelphia, Pa. 
 23,725-5s 1st mtg. American Security Company of New York, N. Y. City. 
 10,612-5s 1st mtg. coup. Easton Trust Company, Baston, Pa. 
 100,000-5s 1st mtg. coup. Fidelity Ins., Tr. & Safe Dep. Co., Philadelphia, Pa. 
 20,000-5s 1st mtg. coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 367,000-5s (2000) Equitable Life Assur. Society of United States, N. Y. City. 
 232,189-5s (2000) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 99,725-5s (2000) Travelers' Insurance Company, Hartford, Conn. 
 45,875-5s (2000) con. 1st mtg. g. Germania Life Insurance Co., N. Y. City. 
 35,203-5s (2000) 1st mtg. Provident Savings Life Assur. Society, N. Y. City. 
 
 9,460-5s (2000) 1st mtg. Provident Life & Tr. Company, Phila.. Pa. 
 17,559-5s (2000^ 1st mtg. United States Life Insurance Company, N. Y. City. 
 24,018-5s & 6s 15 coup. 5s & 9 reg. 6s. Wayne Co. Sav. Bk., Honesdale, Pa. 
 ll,000-6s ('05) 1st mtg. Fire Association of Philadelphia, Phila., Pa. 
 19,000-6s ('05) 1st mtg. Insurance Company of No. America, Phila., Pa. 
 89,000-6s Eastern Div. 1st mtg. coup. Fid. Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 9,539-6s Eastern Div. 1st mtg. g. coup. Phila. Tr., S. D. & I. Co., Phila., Pa. 
 
 9,000-6s Eastern Div. coup. I.ansdale Trust & Safe Dep. Co.. Lansdale, Pa. 
 14,000-6s Eastern Div. coup. Montgomery 1., Tr. & S. D. Co., Norristown, Pa. 
 
 TIOGA RAILROAD. 
 
 12,000- Security Trust Company of Rochester, Rochester, N. Y. 
 50,000-5s 1st mtg. coup. Western Savings Fund Society, Phila., Pa. 
 5,000-5s ('15) 1st mtg. Insurance Company of North America, Phila., Pa, 
 
 TOLEDO BELT LINE RAILROAD. 
 
 31,000- 1st. New York Security & Trust Company, N. Y. City. 
 l,000-5s mtg. coup. Miners' Savings Bank, Pittston, Pa. 
 
 TOLEDO AND OHIO CENTRAL RAILWAY. 
 
 7,812- pf. Bristol County Savings Bank, Bristol, R. I. 
 10,000- pf. Commonwealth Insurance Company, N. Y. City. 
 15,375- Pawtucket Institution for Savings, Pawtucket, R. I. 
 12,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 5,000-5s Loan & Trust Savings Bank, Concord, N. H. 
 20,000-5s gen. mtg. National Fire Insurance Company, Hartford, Conn. 
 10,000-5s Silk City Safe Deposit & Trust Company, Paterson, N. J. 
 50,000-5s gen. mtg. Industrial Trust Company, Providence, R. I. 
 
 9,000-5s ('11) Thompson Savings Bank, Thompson, Conn. 
 15,000-5s ('35) Connecticut Fire Insurance Company, Hartford, Conn. 
 10,325-5s ('35) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn, 
 96,500-5s ('35) gen. mtg. Manhattan Life Insurance Company, N. Y. City, 
 
694 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 7,760-5s ('35) Istmtg. Provident Savings Life Assurance Soc, N. T. City. 
 
 16,000-5s ('35) g. Prussian Nat'l Ins. Co. (Stettin, Germany), Ciiicago, 111. 
 
 48,000-'os ('35) State Mutual Life Assurance Company, Worcester, Mass. 
 
 5,000-5s ('35) Ben. Buxton and Hollis Savings Bank, West Buxton, Me. 
 
 36,9.S9-6s Car Trust, inc. g. Metropolitan Life Insurance Co., N. Y. City. 
 
 47,000-5s West Div. National Fire Insurance Co., Hartford, Conn. 
 
 25,000-5s ('35) West. Div. 1st mtg. Aetna Insurance Co., Hartford, Conn. 
 
 248,802-5s ('35) 1st g. West. Div. New York Life Insurance Co., N. Y. C. 
 
 3,000-5s ('42) West. Div. Franklin County Sav. Bank, Farmington, Me. 
 
 5,000-6s ('04) West. Div. People's Savings Bank, Lev^iston, Me. 
 
 TOLEDO AND OHIO CBNTBAL EXTENSION RAILVCAY. 
 
 62,500-5s coup. 1st mtg. g. Penn Mut Life Ins. Co., Phila., Pa. 
 
 TOLEDO, PEORIA AND Vl^ESTERN RAILROAD. 
 
 9,000- Westerly Savings Bank, Westerly, R. I. 
 
 1,530- coup, scrip. Real Estate Trust Company, New York City. 
 
 TOLEDO, ST. LOUIS AND KANSAS CITY RAILROAD. 
 
 85,000- 1st mtg. ctfs. Continental Trust Company, N. Y. City. 
 
 9,712-6s 1st mtg. coup. Easton Trust Company, Easton, Pa. 
 39,535-6s ctfs. coup. Investment Co. of Philadelphia, Phila., Pa. 
 
 9,8l2-6s coup. Wayne County Savings Bank, Honesdale, -Pa. 
 20,000-6s ('16)' Boston Insurance Company, Boston, Mass. 
 87,750-6s ('16) Travelers' Insurance Company, Hartford, Conn. 
 
 TOLEDO, WALHONDINQ VALLET AND OHIO RAILROAD. 
 
 100,000-4 Js ('33) g. Royal Exchange Assur. Corp. (London, Eng.), N. X. City. 
 
 TORONTO, HAMILTON AND BUFFALO RAILROAD. 
 
 100,000- 1st. Knickerbocker Trust Company, New York City. 
 60,000- 1st. New York Security & Trust Company, New York City. 
 20,000- Union Trust Company of Rochester, Rochester, N. Y. 
 10,021-4s coup. Dime Deposit & Discount Bank, Scranton, Pa. 
 4,000-4s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 4,950-4s 1st mtg. coup. Citizens' Bank, Freeland, Pa. 
 493,159-4s ('46) Istg. New York Life Insurance Company, N. Y. City. 
 50,000-4s ('46) Istmtg. g. Union Mutual Life Insurance Co., Portland, Me. 
 
 TBOY AND BOSTON RAILROAD. 
 
 5,000-7s Citizens' Savings Bank, Fall River, Mass. 
 14,000-7s Hudson Savings Bank, Hudson, Mass. 
 10,000-7s Lynn Inst, for Savings, I>ynn, Mass. 
 
 6,000-7s Medford Savings Bank, Medford, Mass. 
 30,000-7s South Boston Savings Bank, South Boston, Mass. 
 
 5,000-7s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 20,000-7s Ware Savings Bank, Ware, Mass. 
 
 TUSCARORA VALLEY RAILROAD. 
 
 5,000-5s ('17) Chester Savings Bank, Chester, Conn. 
 
 5,000-5s ('1''') Derby Savings Bank, Derby, Conn. 
 
 10,000-5s ('17) Dime Savings Bank of Norwich, Norwich, Conn. 
 
 ]0,000-5s ('17) Dime Savings Bank of Waterbury, Waterbury. Conn. 
 
 20,000-5s ('17) Essex Savings Bank, Essex, Conn. 
 
 20,000-5s ('17) Farmers & Mechanics' Savings Bank, Middletown, Conn. 
 
 18,000-5s I'll) Mechanics & Farmers' Savings Bank, Bridgeport, Conn. 
 
 30,000-5s I'll) Savings Bank of New Britain, New Britain, Conn. 
 
 15,000-58 ('17) Stamford Savings Bank, Stamford, Conn. 
 
 10,000-5s ('17) Meriden Savings Bank, Meriden, Conn. 
 
 7,000-5s ('17) New Canaan Savings Bank, New Canaan, Conn, 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 695 
 ULSTER AND DELAWARE RAILROAD. 
 
 13,000-5s ('28) Bath Savings Institution, Batli, Me. 
 
 49,875-5s ('28) con. 1st mtg. g. Germania Life Insurance Co., N. T. City. 
 
 ©9,875-5s ('28) eon. 1st mtg. Metropolitan Life Insurance Co., N. Y. City. 
 
 16,600-5s ('28) State Mutual Life Assurance Co., Worcester, Mass. 
 
 UNION AND LOGANSPORT RAILROAD. 
 
 20,387-7s ('05) 1st mtg. Prudential Ins. Company of America, Newark, N. J. 
 
 UNION PACIFIC RAILROAD. 
 
 Bath Savings Institution, Bath, Me. 
 
 Boston Insurance Company, Boston, Mass. 
 
 Bridgton Savings Bank, Bridgton, Me. 
 
 Franklin Savings Bank, Franklin, N. H. 
 
 Manchester Savings Bank, Manchester, N. H. 
 
 Pittsfleld Savings Bank, Pittsfield, N. H. 
 
 Rockland Savings Bank, Rockland, Me. 
 ccm. Aetna Life Insurance Company, Hartford, Conn. 
 Agricultural Insurance Company, Watertown, N, Y. 
 American Fire Insurance Company, New York City. 
 Bath Savings Institution, Bath, Me. 
 Boston Insurance Company, Boston, Mass.- 
 Bridgton Savings Bank, Bridgton, Me. 
 Dartmouth Savings Bank, Hanover, N. H. 
 Franklin Savings Banlc, Franklin, N. H. 
 German-American Insurance Company, N. Y. City. 
 Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 Germania Fire Insurance Company, N. Y. City, 
 eg. .Jersey Shore Banking Company, Jersey Shore, Pa. 
 Manchester Savings Bank, Manchester, N. H. 
 Manufacturers' Trust Company, Brooklyn, N. Y. 
 Merchants & Farmers' Mutual F. Ins. Co., Worcester, Mass. 
 Monadnoek Savings Bank, East JafCrey, N. H. 
 Merrimack River Savings Bank, Manchester, N.' H. 
 National Fire Insurance Company, Hartford, Conn. 
 New England Mutual Life Insurance Co., Boston, Mass. 
 New Hampshire Savings Bank, Concord, N. H. 
 Niagara Fire Insurance Company, New York City. 
 Pittsfield Savings Bank, Pittsfleld, N. H. 
 Provident Life & Trust Company, Philadelphia, Pa. 
 Real Estate Trust Company, New York City. 
 Rockland Savings Bank, Rockland, Me. 
 Security Trust Company of Rochester, Rochester, N. Y. 
 Springfield Fire & Marine Insurance Co., Springfield, Mass. 
 Mercantile Trust Company, New York City. 
 People's Trust Company, Brooklyn, N. Y. 
 Thomaston Savings Bank, Thomaston, Me. 
 Travelers' Insurance Company, Hartford, Conn. 
 United States Life Insurance Company, N. Y. City. 
 Wakefield Trust Company, Wakefield, R. I. 
 Walpole Savings Bank, Walpole, N.'H. 
 
 Washington Trust Company of the City of New York, N. Y. C. 
 Wayne Couiity Savings Bank, Honesdale, Pa. 
 Williamsburgh City Fire Insurance Co., Brboldyn, N. Y. 
 ;ap. stk. Hanover Fire Insurance Company, N. Y. 
 
 Abington Mutual Fire Insurance Company, Abington, Mass. 
 
 Barnstable County Mut. Fire Insurance Co., Yarmouth, Mass. 
 
 Citizens' Insurance Company, New York City. 
 
 German Alliance Insurance Company, N. Y. City. 
 
 Hartford Fire Insurance Company, Hartford, Conn. 
 
 Hartford Fire Insurance Co., Hartford, Conn. 
 
 Kings County Fire Insurance Co., New York City. 
 
 Mechanics' Savings Bank, Westerly, R. I. 
 
 Merchants & Farmers' Mut. F. Ins. Co., Worcester, Mass. 
 
 15,000- 
 
 cm. 
 
 15,000- 
 
 cm. 
 
 3,000- 
 
 cm. 
 
 20,000- 
 
 cm. 
 
 10,000- 
 
 cm. 
 
 1,000- 
 
 cm. 
 
 9,000- 
 
 cm. 
 
 22,315- 
 
 j?t.i 
 
 1,000- 
 
 Pf. 
 
 50,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 2,000- 
 
 pf. 
 
 7,000- 
 
 pf. 
 
 3,000- 
 
 pf. 
 
 .50,000- 
 
 pf. 
 
 16,200- 
 
 Pt 
 
 50,000- 
 
 pf. 
 
 ie,2oo- 
 
 pf.i 
 
 40,000- 
 
 pf. 
 
 160,000- 
 
 pf. 
 
 TOO- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 11,000- 
 
 pf. 
 
 15,000- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 1,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 1,200- 
 
 pf. 
 
 65,000- 
 
 pf. 
 
 30,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 1,000,000- 
 
 pf. 
 
 100,000- 
 
 pf. 
 
 2,500- 
 
 pf. 
 
 16,987- 
 
 pf. 
 
 14,300- 
 
 pf. 
 
 5,000- 
 
 pf. 
 
 3,300- 
 
 pf. 
 
 10,000- 
 
 pf. 
 
 26,177- 
 
 pf. 
 
 20,000- 
 
 pf. 
 
 50,000- 
 
 pf. . 
 
 2,000- 
 
 stk. 
 
 5,100- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 3,000- 
 
 stk. 
 
 20,000- 
 
 stk. 
 
 10,000- 
 
 stk. 
 
 500- 
 
 stk. 
 
 5,700- 
 
 stk. 
 
696 DUTIES AUD POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 5,000- stk. Merchants & Fanners' Miit F. Ins. Co., Worcester, Mass. 
 
 3,500- stk. Mercantile Fire & Marine Insurance Co., Boston, Mass. 
 
 5,000- stk. Peterborough Savings Bank, Peterborough, N. I-I. 
 10,000- stk. Portsmouth Trust & Guarantee Co., Portsmouth, N. H. 
 50,000- stk. Traders' Insurance Company, Chicago, 111. 
 23,462- stk. Travelers' Insurance Company, Hartford, Conn. 
 
 1,000- Mechanics' Savings Bank, Westerly, R. I. 
 40,000- Binghamton Trust Company, Binghamton, N. Y. 
 50,000- Bankers' Trust Company of New York, N. Y. City. 
 30,750- 1st mtg. Brooklyn Life Insurance Company, N. Y. City. 
 200,000- Fidelity Trust & Guaranty Company, Buffalo, N. Y. 
 100,000- Fifth Avenue Trust Company, New York City. 
 100,000- 1st mtg. & Id. gt. Franklin Trust Company, Brooklyn, N. Y. 
 20,000- Flatbush Trust Company, Brooklyn, N. Y. 
 
 5,000- Hingham Mutual Fire Insurance Company, Hingham, Mass. 
 
 2,500- Hingham Mutual Fire Insurance Company, Hingham, Mass. 
 22,500- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 100,000- 1st mtg. Jlanhattan Trust Company, New York City. 
 140,000- 1st & Id. gt. Manufacturers' Trust Company, New York City. 
 400,000- 1st mtg. Mercantile Trust Company, New York City. 
 20,000- Nassau Trust Company of the City of Brooklyn, Brooklyn, N. Y. 
 25,000- National Safe Deposit Company. New York City. 
 
 6,000- Norfolk Mutual Fire Insurance Company, Dedham, Mass. 
 50,000- 1st. State Trust Company, New York City. 
 15,000- Thuringia-American Fire Insurance Company, New York City. 
 200,000- Union Trust Company of New Yorli, New York City. 
 50,000- " United States Lloyds," New York City. 
 
 5,000- Westerly Savings Bank, Westerly, R. I. 
 
 5,000- Worcester Manufacturers' ilutual Ins. Co., Worcester, Mass. 
 10,000- (1899) reg. School Fund, State of West Virginia. 
 10,000- (1899) reg. School Fund, State of West "S'irginia. 
 
 9,865-4s 1st mtg. coup. Anthracite Savings Bank, Wilkesbarre, Pa. 
 10,425-4s 1st mtg. g. Bankers' Life Ins. Co. of the City of New York, N. Y. C. 
 
 4,720-4s coup. Citizens' Bank, Freeland. Pa. 
 
 4,800-4s coup. Columbia Ave. Sav. Fd.. S. Dep., Title & Tr. Co., Philii., Pa. 
 79,213-4s coup. Commercial Trust Company, Philadelphia, Pa. 
 31,900-4s coup. County Savings Bank & Trust Ca>., Scranton, Pa. 
 
 4,760-4s coup. Deposit & Savings Bank of Kingston, Kingston, Pa. 
 
 4,956-4s coup. Dime Deposit & Discount Bank. Scranton, Pa. 
 
 4,493-4s 1st mtg. Great Eastern Casualty & Indemnity Co., N. Y. City. 
 237,205-4s 1st mtg. g. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 .j0,000-4s Fidelity Trust Company, Newark, N. J. 
 20,000-4s Frankfort American Insurance Company, New York City. 
 75,000-4s 1st mtg. Industrial Trust Company, Providence, R. I. 
 20,170-4s 1st mtg. coup. Lacliawanna Tr. & Safe Dep. Co., Scranton, "Pa. 
 
 9,773-4s coup. JIanayunk Trust Company, Philadelphia, Pa. 
 55,000-4s Manchester Savings Bank, Manchester, N. H. 
 18,800-4s coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 
 o,000-4s Merrimack- County Savings Bank, Concord, N. H. 
 15,000-4s Id. gt. Merrimack River Savings Bank, Merrimack, N. H. 
 20,000-4s coup. Miners' Savings Bank, Pittston, Pa. 
 
 l,000-4s Monadnock Savings Bank, East Jaffrey, N. H. 
 100,000-4s Morristown Trust Company, Morristown, N. J. 
 75,000-4s 1st mtg. Munich Re-Ins. Co. (Munich, Bavaria), N. Y. City. 
 .50,000-4s 1st mtg. National Fire Insurance Company. Hartford, Conn. 
 500-4S New Hampshire Savings Bank, Concord, N. H. 
 
 9,000-4s coup. Norristown Title, Tr. & S. Dep. Co.. Norristown, Pa. 
 25,000-4s 1st mtg. North German Fire Insurance Company, N. Y. City. 
 10,000-4s Norway Plains Savings Bank, Rochester, N. H. 
 10,000-4s Passaic Trust & Safe Dep. Company, Passaic, N. J. 
 500-4S Plttsfield Savings Bank, Pittsfleld, N. H. 
 
 5,000-4s Savings Investment & 'Trust Company, East Orange, N. J. 
 10,000-4s 1st mtg. coup. Scranton Savings Bank, Scranton, Pa. 
 
 5,087-4s coup. Sunbury Trust & S. Dep. Company, Sunbury, Pa. 
 10,350-4s coup. Warren Savings Bank, Warren, Pa. 
 
 10,362-4s coup. Warren Savings Bank, Warren, Pa. 
 50,000-48 coup. Wayne County Savings Bank, Honesdale, Pa. 
 
DITTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 697 
 
 25,000-4s m. gt. coup. Wilkesbarre Dep. & Sav. Bauk, Wilkesbarre, Pa. 
 25,000-4s ('47) 1st mtg. g. Aachen & Munich F. Ins. Co. (Aix-La-Chapelle, 
 Germany). N. Y. City. 
 9,7.50-4s ('47) 1st mtg. g. Aetna Indemnity Company, Hartford, Conn. 
 2,000-4s ('47) Agricultural Insurance Company, Watertown, N. Y. 
 50,000-4s ('47) 1st mtg. Baloise F. Ins. Co. (Baloise, Svvitz.), N. Y. City. 
 46,125-4s ('47) Berkshire Fire Insurance Company, Pittsfleld, Mass. 
 12,000-4s ('47). 1st mtg. & Id. gt. British-American Ins. Co., N. Y. City. 
 3,000-4s ('47) Camden Savings Bank, Rockport, Me. 
 100,000-4s ('47) Id. gt. Com. Un. Assur. Co. (Ltd.), (London, Eng.), N. Y. O. 
 975,013-4s ('47) 1st mtg. Id. gt. reg. Conn. Mut. L. Ins. Co., Hartford, Conn. 
 3,000-4s ('47) Franklin County Savings Bauk, Farmington, Me. 
 5,000,000-4s ('47) Equitable Life Assur. Soc. of United States, N. Y. City. 
 70,425-4s ('47) 1st mtg. Fidelity & Casualty Company, N. Y. City. 
 33,000-4s ('47) Frankfort Mar. Ace. & P. G. Ins. Co. (Frankfort, 6.), N. Y. C. 
 2,(X)0-4s ('47) Freestone Savings Bank, Portland, Conn. 
 26,700-4s ('47) Id. gt. Hartford Steam Boiler Insp. & Ins. Co., H'f'd, Conn. 
 50,000-4s ('47) 1st mtg. & Id. gt. g. Hartford F. Ins. Co., Hartford, Conn. 
 25,000-4s ('47) 1st mtg. & Id. gt. g. Hamburg-Bremen Fire Ins. Co. (Ham- 
 burg, Germany), N. Y. City. 
 45,793-4s ('47) 1st g. Home Life Insurance Company, N. Y. City. 
 192,756-4s ('47) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 30,000-4s,('47) 1st mtg. Insurance Co. of North America!, Phila., Pa. 
 2,000-4s ('47) Kennebunk Savings Bank, Kennebunk, Me. 
 93,854-4s ('47) 1st mtg. & Id. gt. Manhattan L. Ins. Co., N. Y. City. 
 10,000-4s ('47) 1st mtg. & Id. gt. g. Transatlantic F. Ins. Co. (Hamburg, 
 Germany), Chicago, 111. 
 288,531-4s ('47) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 39,650-4s ('47) 1st mtg. R. R. & Id. g. coup. Penn. M. L. Ins. Co., Phila., Pa. 
 50,000-4s ('47) 1st mtg. R. R. & Id. gt. Manchester Assur. Co. (Manchester, 
 Eng.), N. Y. City. 
 282,000-4s ('47) 1st mtg. R. R. & Id. gt. g. Provident L. & T. Co., Phila., Pa. 
 4,443,019-4s ('47) Mutual Life Insurance Company, N. Y. City. 
 182,0G0-4s ('47) New England Mutual Life Insurance Co., Boston, Mass. 
 10,000-4s ('47) New Hampshire Fire Insurance Co., Manchester, N. H. 
 l,801,193-4s ('47) 1st g. New York Life Insurance Co., N. Y. City. 
 10,000-4s ('47) 1st. Niantic Savings Bank, Westerly, R. I.» 
 15,000-4s ('47) North American Insurance Company, Boston, Mass. 
 113,500-4s ('47) R. R. & Id. gt. reg. North British & Mercantile Ins. Co. (Lon- 
 don, Eng., Edinburgh, Scot), N. Y. City. 
 10,(X)0-4s ('47) 1st mtg. N. German F. Ins. Co. (Hamburg, Ger.), Chi., 111. 
 3,160,704-4s ('47) 1st mtg. R. R. & Id. gt. g. Northwestern Mut. Life Ins. Co., 
 Milwaukee, Wis. 
 100,000-4s ('47) Northwestern National Insurance Co., Milwaukee, Wis. 
 25,000-4s ('47) 1st mtg. & Id. gt. Ocean A. & G. Corp. (Ltd.), Lon., Eng. 
 10,375-4s ('47) Preferred Accident Insurance Co., N. Y. City. 
 30,000-4s ('47) 1st mtg. g. Niagara Fire Insurance Co., N. Y. City. 
 l(K).000-4s ('47) 1st mtg. Id. gt. Palatine Ins.. Co. (Ltd.), (Manchester, Eng.),. 
 
 N. Y. City. 
 97,312-4s ('47) State Mutual Life Assurance Co., Worcester, Mass. 
 23i343-4s ('47) 1st mtg. R. R. Id. gt. Provident Sav. Life Assur. Soc, N. Y. C. 
 97I5OO-4S ('47) 1st B. R. & Id. gt. g. Prud, Ins. Co. of Amer., Newark, N. J. 
 20i000-4s ('47) Rochester German Insurance Co., Rochester, N. Y. 
 10l0OO-4s ('47) 1st con. mtg. State I'ire Ins. Co. (Liverpool, Eng.), N. Y. C. 
 5oioOO-4s ('47) St. Paul Fire & Marine Insurance Co., St. Paul, Minn. 
 25000-48 ('47) Reading Fire Insurance Company, Reading, Pa. 
 50'000-4s ('47) Istmtg. g. Svea. F. & L. Co. (Ltd.) (Goth'b'g, Swe.), N. Y. C. 
 
 7,000-4s ('47) Thomaston Savings Bank, Thomaston, Me. 
 5oioo0-4s ('47) 1st mtg. Traders' Insurance Company, Chicago, 111. 
 92'375-4s ('47) Travelers' Insurance Company, Hartford, Comi. 
 lbl!587-4s ('47) 1st mtg. g. United States Life Insurance Co., N. Y. City. 
 30l000-4s ('47) 1st mtg. Westchester Fire Insurance Company, N. Y. City. 
 128J50-6S ('47) Aetna Life Insurance Company, Hartford, Conn. 
 4o!oOO- Cen. Br. New York City & Trust Company, N. Y. City. 
 9,162-4s ('48) 1st mtg. Cent. Br. Provident Sav. Life Assur. Soc, N. Y. C> 
 93i000-4s r-18) Cent. Br. 1st mtg. coup. g. Penn Mut. L. Ins. Co., Phila., Pa. 
 
698 DUTIES AND POWERS OF INTERSTATE COMMEKCE COMMISSION. 
 UNITED COMPANIES OF NliVi' JERSEY. 
 
 15,000- stk. Fire Ins. Co. of County of Pliilaflelphia, Philadelphia, Pa. 
 
 tTNITED NEW JERSEY RAIIJSOAD AND CANAL COMPANY. 
 
 45,243- cm. Fidelity & Casualty Company, New York City. 
 
 15,400- stk. Burlington Savings Institution, Burlington, N.. J. 
 
 30,600- stk. Camden Safe Deijosit & Trust Company, Camden, N. J. 
 
 13,900- stk. Firemen's Insurance Company, Newark, N. J. 
 200,000- gtd. stk. Continental Insurance Company, New York City. 
 265,000- gtd. stk. Home Insurance Company, New York City. 
 
 15,000- stk. Merchants' Insurance Company, Newark, N. ,T. 
 
 25,000- stk. New York Life Ins. & Trust Co., New York City. 
 
 10,000- stk. Norwich Union Fire Ins. Soc. (Norwich, Eng.), N. Y. City. 
 
 44,300- stk. Queen Insurance Company of America, New York City. 
 1,300- stk. Trenton Trust & Safe Dep. Company, Trenton, N. J. 
 
 35,100- stk. Trust Company of America, New York Citj'. 
 1,043,000- gen. ratg. New York Life Insurance & Trust Company, N. Y. Qity. 
 5,000- Reliance Insurance Company, Philadelphia, Pa. 
 5,000- ('08) Princeton Savings Bank, Princeton, N. J. 
 
 40,000-4s Burlington Savings Institution, Burlington, N. J. 
 200,000-48 Dime Savings Institution, Newark, N. J. 
 
 25,000-4s German Savings Bank, Newark, N. J. 
 187,856-4s coup. Girard Trust Company, Philadelphia, Pa. 
 305,250-4s geu. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 54,750-4s reg. Girard Trust Company, Philadelphia, Pa. 
 
 60,000-4s Hoboken Bank for Savings, Hoboken, N. J. 
 920,000-4s Howard Savings Institution, Newark, N. J. 
 100,000-4s Morris County Savings Bank, Morrlstown, N. J. 
 200,000-4s coup. Penn. Co. for Ins. on Lives, etc., Phila., Pa. 
 
 10,000-4s Somerville Dime Savings Bank, Somerville, N. J. 
 
 46,750-4s gen. mtg. reg. Western Savings Fund Society, Phila., Pa. 
 195,000-4s New Brunswick Savings Institution, New Brunswick, N. J. 
 100,000-4s ('23) Mutual Benefit Life Insurance Company, Newark, N. J. 
 
 50,000-4s ('29) gen. American Insurance Company, Newark, N. J. 
 100,000-4s ('29) Mutual Benefit Life Insurance Company, Newark, N. J. 
 200,000-4s ('29) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 155,000-4s ('29) Trenton Savings Fund Society, Trenton, N. J. 
 100,000-48 ('29) Society for Savings, Hartford, Conn. 
 
 15,000-4s ('29) Connecticut Sa^ings Bank, New Haven, Conn. 
 
 60,000-4s ('29-'44) Halt-Dime Savings Bank, Orange, N. J. 
 
 17,000-4s ('44) g. People's Savings Bank, Bridgeport, Conn. 
 
 25,000-4s ('44) Connecticut Savings Bank, New Haven, Conn. 
 150,000-4s ('44) Society for Savings, Flartford, Conn. 
 
 50,000-4s ('44) gen. American Insurance Co., Newark, N. J. 
 
 25,000-4s ('44) Bridgeport Savings Bank, Bridgeport, Conn. 
 100,000-4s ('44) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
 20,000-4s ('44) Deep River Savings Bank, Deep^River, Conn. 
 5,000-4s ('44) Dime Savings Bank of Hartford, Hartford, Conn. 
 7,000-4s ('44) Hudson City Savings Bank, .Jersey City, N. J. 
 9,000-4s ('44) Perth Amboy Savings Institution, Perth Amboy, N. J. 
 100,000-4s ('44) Royal Insurance Co. (Liverpool, Eng.), N. Y. City. 
 l,227,000-4s & 6s reg. loan. coup. Philadelphia Sav. Fd. Soc, Phila., Pa. 
 
 50,000-6s Dime Savings Institution, Newark, N. J. 
 
 50,000-68 gen. mtg. coup. Fidelity Ins., Tr. & S. Dep. Co., Phila., Pa. 
 
 20,000-6s con. mtg. coup., Fire Ins. Co. of Co. of Philadelphia, Phila., Pa. 
 
 23,292-68 gen. mtg. coup. Girard Trust Co., Phila.. Pa. 
 
 30,000-Os coup. Savings Fund Soc. of Germantown, etc., Phila., Pa. 
 
 32,000-68 Howard Savings Institution, Newark, N. J. 
 100,000-6s gen. mtg. coup. Penn. Co. for Ins. on Lives, Phila., Pa. 
 
 53,250-68 gen. mtg. reg. Phila. Trust., S. Dep. & Ins. Co., Phila., Pa. 
 
 20,000-6s Somerville Dime Savings Bank, Somerville, N. J. 
 
 50,000-6s ('01) Bridgeport Savings Bank, Bridgeport, Conn. 
 9,000.6s ('01) City Savings Bank of Bridgeport, Bridgeport, Conn. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 699 
 
 50,000-6s ('01) Mutual Benefit Life Insurance Co., Newark, N. J. 
 77,000-68 ('01) Security Savings Banli, Newark, N. J. 
 100,000-6s ('01) Trenton Saving Fund Society, Trenton, N. J. 
 
 UPPER coos RAILBO\D. 
 
 2,500-4s Brookline Savings Bank, Brookllne, Mass. 
 50,000-4s Charlestown Five Cents Savings Bank, Boston, Mass. 
 15,000-48 City Five Cents Savings Bauii, Haverliill, Mass. 
 
 5,000-4s County Savings Bank, Chelsea, Mass. 
 
 5,000-48 Bast Bridgewater Savings Bank, East Bridgewater, Mass. 
 
 5,000-4s Foxborough Savings Bank, Foxborough, Mass. 
 15,000-4s Gardner Savings Bank, Gardner, Mass. 
 
 3,000-4s Georgetown Savings Bank, Georgetown, Mass. 
 10,000-4s Hyde Park Savings Bank, Hyde Park, Mass. 
 
 5,000-4s Leicester Savings Bank, Leicester, Mass, 
 
 5,000-4s Marblebead Savings Bank, Marblebead, Mass. 
 500-4S Nantucket Inst, for Savings, Nantucket, Mass. 
 
 l,000-4s Mechanics' Savings Bank, Reading, Mass. 
 10,000-4s Newburyport Five Cents Savings Bank, Newburyport, Mass. 
 
 5,000-4s North Avenue Savings Bank, North Cambridge, Mass. 
 25,000-4s North End Savings Bank, Boston, Mass. 
 
 3,000-4s Pentucket Savings Bank, Haverhill, Mass. 
 
 5,000-4s Palmer Savings Bank, Palmer, Mass. 
 
 2,000-4s Rockland Savings Bank, Rockland, Mass. 
 
 4,000-4s Wakefield Savings Banii, AVaJtefield, Mass! 
 
 5,000-4s Webster Five Cents Savings Bank, Webster, Mass. 
 10,000-4s West Newton Savings Bank, West Newton, Mass. 
 10,000-4s Whitman Savings Bank, Whitman, Mass. 
 12,500-4s Wildey Savings Banlt, Boston, Mass. 
 40,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 25,000-4s Woronoco Savings Bank, AVestfield, Mass. 
 10,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 5,000-44s Abington Savings Bank, Abington, Mass. 
 
 5,000-4Js Bass River Savings Bank, South Yarmouth, Mass. 
 
 2,000-4Js Belmont Savings Bank, Belmont, Mass. 
 10,000-4^8 Benjamin Franklin Savings Bank, Franklin, Mass. 
 25,000-4is Beverly Savings Bank, Beverly, Mass. 
 
 5,000-4is Braintree Savings Bank, South Braintree, Mass. 
 
 5,000-4^8 Bridgewater Savings Bank, Bridgewater, Mass. 
 25,000-4is Cambridge Savings Bank, Cambridge, Mass. 
 79,000-4js Charlestown Five Cents Savings Banls:, Boston, Mass. \ 
 10,000-4is Cohasset Savings Bank, Cohasset, Mass. 
 25,000-4^8 Danvers Savings Bank, Danvers, Mass. 
 10,000-4is Bast Weymouth Savings Bank, East Weymouth, Mass. ■ 
 
 3,000-4j8 Georgetown Savings Bank, (Jeorgetown, Mass. 
 50,000-4^8 Greenfield Savings Bank, Greenfield, Mass. 
 15,000-4|s Hingham Inst, for Savings, Hlngham, Mass. 
 10,000-4^8 Hudson Savings Banl>, Hudson, Mass. 
 ll,000-4Js Marlborough Savings Bank, Marlborough, Mass. 
 
 1,000-4^8 Mason Village Savings Bank, Greenville, N. H. 
 10,000-448 Nantucket Inst, for Savings, Nantucket, Mass. 
 
 5,000-4|s North Avenue Savings Bank, North Cambridge, Mass. 
 10,000-4Js North Brookfleld Savings Bank, North Brookfield, Mass. , 
 
 5,000-4Js Palmer Savings Bank, Palmer, Mass. 
 10,000-4*8 Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 25,000-4i8 Plymouth Savings Bank, Plymouth, Mass. 
 15,000-4*8 Rockland Savings Bank, Rockland, Mass. 
 
 5,000-4|s Somerville Savings Bank, Somerville, Mass. 
 20,000-4Js Southbridge Savings Bank, Southbridge, Mass. 
 
 5,000-44s Uxbridge Savings Bank, Uxbridge, Mass. 
 
 4,000-448 Wakefield Savings Bank, Wakefield, Mass. 
 10,000-448 Warren Five Cents Savings Bank, Peabody, Mass. 
 
 6-O0O-44S Watertown Savings Bank, Watertown, Mass. 
 10,000-448 Webster Five Cents Savings Bank, Webster, Mass. 
 
 5,000-448 Wellfleet Savings Bank, Wellfleet, Mass. 
 
 8,000-44s Whitinsville Savings Bank, Whitinsville, Mass. 
 
700 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 r)0,000-4is Worcester County Inst, for Savings, Worcester, Mass. 
 
 9,000-44s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 25,000-4is Worcester Mechanics' Savings Banlc, Worcester, Mass. 
 
 UTAH CEiSITRAL BAILROAn. 
 
 10,000- Fidelity Trust Company of Rochester, Rochester, N. Y. 
 20,000- Security Trust Company of Rochester, Rochester, N. Y. 
 
 2,630-4s 1st mtg. coup. Albertson Trust & S. Dap. Co., Norristown, Pa. 
 
 M,500-4s coup. Jersey Sliore Banlcing Company, Jersey Shore, Pa. 
 
 5,000-4s 1st. Title & Guarantee Company, Rochester, N. Y. 
 
 UTAH AND JSOBTHEEN RAILROAD. 
 
 57,750-7s ('08) Berkshire Fire Insurance Company, Plttsfield, Mass. 
 303,750-7s ('08) 1st mtg. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 l,104,000-7s ('08) Equitable Life Assur. Soc. of United States, New York City. 
 
 20,000-7s ('08) 1st mtg. German Alliance Insurance Company, N. Y. City. 
 
 10,000-7s ('08) 1st. German-American Insurance Company, Nevp York City. 
 
 50,000-7s ('08) 1st mtg. Hartford Fire Insurance Company, Hartford, Conn. 
 
 30,375-7s ('08) John Hancock Mutual Life Insurance Company, Boston, Mass. 
 300,000-7s ('08) 1st mtg. Metropolitan Life Insurance Company, N. Y. City. 
 283,777-7s ('08) Mutual Life Insurance Company, New York City. 
 
 12,000-7s ('08) New Hampshire Fire Insurance Company, Manchester, N. H. 
 2,068,559-7s ('08) 1st. New York Life Insurance Company, New York City. 
 
 UTICA AND BLACK RIVEIf RAILROAD. 
 
 100,000- Erie County Savings Bank of Buffalo, Buffalo, N. Y. 
 5,000- Oneida County Savings Bank, Rome, N. Y. 
 10,000-4s Auburn Savings Bank, Auburn, N. Y. 
 25,000-4s Morris County Savings Bank, Morristown, N. J. 
 10,000-4s mtg. Richmond County Sav. Bank, West New Brighton, N. Y. 
 30,000-4s mtg. Rome Savings Bank, Rome, N. Y. 
 25,000-4s ('22) Bridgeport Savings Bank, Bridgeport, Conn. 
 75,000-4s ('22) Buffalo Savings Bank, Buffalo, N. Y. 
 100,000-4s ('22) Norwich Savings Society, Norwich, Conn. 
 
 6,000-4s ('22) Oneida Savings Bank, Oneida, N. Y. 
 150,000-4s ('22) Society for Savings, Hartford, Conn. 
 10,000-4s ('22) Waterbury Savings Bank, Waterbury, Conn. 
 6,000-4s ('22) N. Y. C. & H. B. Nat. S. Bk. of New Hav., New Haven, Conn. 
 
 UTICA, CHENANGO AND SUSQUEHANNA VALLEY RAILROAD. 
 
 10,000- stk. Eagle Fire Company, New York City. 
 
 UTICA, CLINTON AND BINQHAMTON RAILROAD. 
 
 8,000-5s Morris County Savings Bank, Morristown, N. J. 
 
 VALLEY RAILROAD OF NEW YORK. 
 
 20,000- stk. Aetna Insurance Company, Hartford, Conn. 
 
 15,000- Bank of Alameda, Alameda, Cal. 
 
 15,000- stk. Eagle Fire Company, New .York City. 
 
 35,000- stk. Greenwich Insurance Company, New York City. 
 
 100,000- gtd. stk. Home Insurance Company, N. Y. City. 
 
 100,000- D., L. & W. stk. People's Trust Company, Brooklyn, N. Y. 
 
 VENICE AND CARONDELET RAILROAD. 
 
 100,000-6s (1900) 1st mtg. coup. Penn. Mutual Life Ins. Co., Phlla., Pa. 
 100,000-6s ('02) 1st mtg. coup. Penn Mutual Life Ins. Co., Philadelphia, Pa. 
 
 VERDIGRIS VALLEY, INDEPENDENCE AND WESTERN RAILROAD. 
 
 49,000-5s ('26) 1st mtg. gtd. by Miss. Pac. R. R. Prov. L. & Tr. Co., Phila., Pa. 
 40,000-5s ('26) Massachusetts Alutual Life Ins. Co., Springfield, Mass. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 701 
 
 VEKMONT CENTRAL RAILROAD. 
 
 2,000- Holyoke Mutual Fire Insurance Company, Salem, Mass. 
 
 100- Newburyport Mutual Fire Insurance Co., Newburyport, Mass. 
 2,000- Newburyport Mutual Fire Insurance Co., Newburyport, Mass. 
 
 VERMONT AND MASSACHUSETTS RAILROAD. 
 
 60p- stk. Lowell Mutual Fire Insurance Company, Lowell, Mass. 
 10,000-5s Arlington Five Cents Savings Bank, Arlington, Mass. 
 20,000-5s Athol Savings Bank, Athol, Mass. 
 
 5,000-5s Bass River Savings Bank, South Yarmouth, Mass. 
 
 5,000-5s Braintree Savings Bank, South Braintree, Mass. 
 25,000-5s Berkshire County Savings Bank, Pittsfield, Mass. 
 20,000-5s Bristol County Savings Bank, Taunton, Mass. 
 
 9,000-5s Brockton Savings Bank, Brockton, Mass. 
 
 2,000-5s Cambridge Savings Bank, Cambridge, JIass. 
 60,000-5s Cambridgeport Savings Bank, Cambridgeport, Mass. 
 10,000-5s Cape Cod Five Cents Savings Bank, Harwich, Mass. 
 16,000-5s Crocker Inst, for. Savings, Turner's Falls, Mass. 
 
 5,000-5s Bast Bridgewater Savings Bank, East Eridgewater, Mass. 
 
 2,000-5s East Weymouth Savings Bank, East Weymouth, Mass. 
 119,000-5s Dedham Inst, for Savings, Dedham, JIass. 
 37,000-5s Eliot Five Cents Savings Bank, Boston, Mass. 
 16,000-5s Fitchburg Savings Bank, Fitchburg, Mass. 
 
 l,000-5s Florence Savings Bank, Florence, Mass. 
 
 5,000-5s Foxborough Savings Bank, Foxborough, Mass. 
 50,000-5s Franklin Savings Institution, Greenfield, Mass. 
 
 l,000-5s Gardner Savings Bank, Gardner, Mass. 
 14,000-5s Holyoke Savings Bank, Holyoke, Mass. 
 25,000-5s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 10,000-5s Leicester Savings Bank, Leicester, Mass. 
 
 6,000-5s Lawrence Savings Bank, Lawrence, Mass. 
 
 l,000-5s Medway Savings Bank, Medway, Mass. 
 10,000-5s Millbury Savings Bank, Millbury, Mass. 
 24,000-5s Natick Five Cents Savings Bank, Natick, Mass. 
 50,000-5s People's- Savings Bank, Worcester, Mass. 
 25,000-5s Quincy Savings Bank, Quincy, Mass. 
 
 6,000-5s Seamen's Savings Bank, Provincetown, Mass. 
 20,000-5s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 10,000-5s Stoneham Five Cents Savings Bank, Stoneham, Mass. 
 
 l,000-5s Somerville Savings Bank, Somerville, Mass. 
 10,000-5s South Adams Savings Bank, Adams, Mass. 
 
 5,000-5s South Weymouth Savings Bank, South Weymouth,-Mass. 
 
 2,000-5s Templeton Savings Bank, Baldwinville, Mass. 
 
 2,500- Traders & Mechanics' Insurance Co., Lowell, Mass. 
 12',000-5s Warren Five Cents Savings Bank, Peabody, Mass. 
 
 5,00p-5s Watertown Savings Bank, Watertown, Mass. 
 10 000-5S Webster Five Cents Savings Bank, Webster, Mass. 
 
 5,000-5s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 5,000-5s Weymouth Savings Bank, Weymouth, Mass. 
 
 2 000-5S Whitinsville Savings Bank, Whitinsville, Mass. 
 100'000-5s Worcester County Inst, for Savings, Worcester, Mass. 
 40,'000-5s Worcester North Savings Inst, Fitchburg, Mass. 
 
 VERMONT VALLEY RAILROAD. 
 
 4 000- Mutual Fire Assurance Company, Springfield, Mass. 
 5000-58 Holyoke Savings Bank, Holyoke, Mass. 
 
 10 000-5S People's Savings Bank, Worcester, Mass. 
 
 10 000-5S Springfield Inst, for Savings, Springfield, Mass. 
 
 50'000-5s Waltham Savings Bank, Waltham, Mass. 
 150'750-5s i'lO) Aetna Insurance Life Company, Hartford, Conn. 
 
 54000-58 ('10) mtg. Aetna Insurance Company, Hartford, Conn. 
 301500-58 ('10) Connecticut Mutual Life Insurance Co., Hartford, Conn. 
 
 50'000-5s Franklin Savings Inst., Greenfield, Mass. 
 
 25000-58 ('10) Orient Insurance Company, Hartford, Conn. 
 103'750-5s ('10) 1st mtg. Phoenix Mutual Life Ins, Co., Hartford, Conn. 
 
702 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 VICKSBUBG, SHEEVEPOET AND PACIFIC RAILROAD. 
 
 10,000- pr. lien. Security Trust Co. of Rocliester, Rochester, N. Y. 
 
 VIRGINIA MIDLAND RAILROAD. 
 
 15,000- Home Fire Insurance Company, Baltimore, Md. 
 
 15,000- Home Insurance Company, Baltimore, Md. 
 127,950-4s ('21) 4th ser. mtg. Metropolitan Life Ins. Co., New York City. 
 
 18,045-4s ('21) 1st mtg. Phoenix Mutual Life Insurance Co., Hartford, Conn. 
 
 12,368-5s gen. mtg. coup. Easton Trust Company, Easton, Pa. 
 299,000-5s ('21) Equitable Life Assur. Society of United States, N. Y. City. 
 158,880-5s ('26) 5th ser. mtg. Metropolitan Life Ins. Co., N. Y. City. 
 
 3,000-5s ('26) United Fire Insurance Company, Baltimore, Md. 
 959,000-5s ('31) Equitable Life Assur. Society of Xinited States, N. Y. City. 
 
 50,000-5s ('36) gen. mtg. gtd. stpd. Home Insurance Company, N. Y. City. 
 
 12,283-5s ('36) Lawyers' Surety Company of New York, N. Y. City. 
 
 85,350-5s ('36) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 20,000-5s ('36) Paterson Savings Institution, Paterson, N. .7. 
 
 12,320-6s ('06) Is:;. Fidelity & Deposit Company of Maryland, Baltimore, Md. 
 
 92,000-6s ('06) ilutual Benefit Life Insurance Company, Newark, N. J. 
 
 35,100-6s ('11) 2d. Fidelity & Deposit Co. of Maryland, Baltimore, Md. 
 257,875-6s ('16) Mutual Life Insurance Company, New York City. 
 
 VIRGINIA AND TENNESSEE RAILROAD. 
 
 4,000- mtg. Real Estate Trust Company, New York City. 
 
 5,050-5s ext. coup. Hanover Savings Fund Society, Hanover, Pa. 
 20,000-5s reg. Savings Fund Society of Germantown, etc., Phila., Pa. 
 25,000-5s (1900) American Fire Insurance Company, Philadelphia, Pa. 
 51,086-5s (1900) Mutual Life Insurance Company, N. Y. City. 
 .54,000-8s mtg. coup. Western Savings Fund Society, Philadelphia, Pa. 
 77,392-8s (1900) Mutual Life Insurance Company, N. Y. City. 
 60,000-8s (1900) New York Life Insurance Company, New York City. 
 
 WABASH RAILROAD. 
 
 16,987- 1st. mtg. Brooklyn Life Insurance Company, New York City. 
 
 3,000- Columbus Trust Company, Newburgh, N. Y. 
 25,000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 20,000- deb. Union Trust Company of Rochester, Rochester, N. Y. 
 18,000- Westerly Savings Bank, Westerly, R. I. 
 
 ll,400-5s 1st mtg. Bankers' Life Ins. of the City of New York, N. Y. City. 
 ll,037-5s 1st. mtg. coup. Easton Trust Company, Easton, Pa. 
 
 6,400-5s 2d mtg. coup. Hanover Saving Fund Society, Hanover, Pa. 
 
 5,000-5s Mechanics' Trust Company, Bayonne, N. J. 
 25,000-5s 1st. mtg. coup. Miners' Savings Bank, Wilkesbarre, Pa. 
 60,000-5s 1st. mtg. coup. Miners' Savings Bank, Pittston, Pa. • 
 
 20,000-5s National Fire Insurance Company, Hartford, Conn. 
 
 5,000-5s Passaic Trust & Safe Deposit Company, Passaic, N. ,T. 
 10,000-5s Plymouth Guaranty Savings Bank, Plymouth, N. H. 
 50,000-5s 1st mtg. coup. Western Sav. Fund. Soc, Phila., Pa. 
 25,000-5s ('39) 1st. mtg. g. Aetna Insurance Company, Hartford, Conn. 
 15,000-5s ('39) Albany Insurance Company, Albany, N. Y. 
 153,739-5s ('39) consols. Connecticut Mutual Life Ins. Co., Hartford, Conn. 
 850,000-5s ('39) Equitable Life Assur. Soc. of United States, N. Y. City. 
 25,500-5s ('39) 1st mtg. Fidelity & Casualty Company, N. Y. City. 
 
 5,000-5s ('39) 1st. mtg. g. Garfield Safe Deposit Company, N. Y. City. 
 102,750-5s ('39) sk. fd. 1st mtg. g. Germania Life Insurance Co., N. Y. C. 
 30,000-5s ('39) 1st. mtg. g. Hamburg-Bremen F. Ins. Co. (Hamburg, Ger- 
 many), N. Y. Citv. 
 20,775-5s ('39) Hartford Steam Boiler Insji. & Ins. Co., Hartford, Conn. 
 14,000-5s ('39) Insurance Company of the State of Pennsylvania, Phila., Pa. 
 10,000-5s ('39) 1st. mtg. International Insurance Company, N. Y. City. 
 100,006-5s ('39) 1st. mtg. Massachusettts Mut. L. Ins. Co., Springfield, Mass. 
 2,042,000-5s ('39) Mutual Life Insurance Company, N. Y. City. 
 50,000-5s ('39) State Mutual Life Assur, Co., Worcester, Mass, 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 703 
 
 20,000-5s ('39) 1st mtg. Niagara Fire Insurance Company, N. Y. City. 
 10,000-5s ('39) N. German P. Ins. Co. (Hamburg, Germany), Chicago, 111. 
 30,876-5s 1st mtg. Pi-ovident Savings Life Assur. Soc, N. Y. City. 
 44,800-5s ('39) 2(1 mtg. Provident Life & Trust Co., Philadelphia, Pa. 
 50,687-5s ('39) 1st. mtg. Phoenix Mutual Life Ins. Co., Hartford, Conn. 
 25,000-5s ('39) 1st. mtg. g. Sun Ins. Office (London, Bng.), N. Y. City. 
 25,000-5s ('89) 1st. mtg. Traders' Insurance Company, Chicago, 111. 
 4,000-4s Des Moines Div. coup. Jersey Shore Blig. Co., Jersey Shore, Pa. 
 175,000- Des Moines Div. United."States Trust Co. of New York, N. Y. C. 
 97,000-4s ('39) Des Moines Div. Mass. Mut. L. Ins. Co., Springfield, Mass. 
 97,000-4s ('39) Des Moines Div. 1st. mtg. coup. Penn Mut. Life Ins. Co., 
 
 Philadelphia, Pa. 
 183,938-5s .('41) Det. & Chic. Div. Mass. Mut. Life Ins. Co., Sp'field, Mass. 
 10,000-5s ('41) Det. & Chle. Div. Albany Ins. Co., Albany, N. Y. 
 4,900-5s Det. & Chic. Div. 1st. mtg. coup. Anthracite Savings Bank, Wilkes- 
 barre. Pa. 
 
 WACO AND NOBTHWESTEKN BAILROAD. 
 
 41,000-6s ('12) sub. Northwestern Mut. Life Ins. Co., Milwaukee, Wis. 
 
 WARREN RAILROAD. 
 
 24,150- stk. Paterson Safe Deposit & Trust Co., Paterson, N. J. 
 35,000- 1st. eon. gtd. New York Life Ins. & Tr. Co., N. Y. City. 
 11,000- New York Life Ins. & Trust Co., N. Y. City. 
 160,000-7s Howard Savings Institution, Newark, N. J. 
 83,000-7s Morris County Savings Bank, Morristown, N. J." 
 
 3,000-7s (1900) D., L. & W. Freestone Savings Bank, Portland, Conn. 
 27,000-7s (1900) New Haven Savings Bank, New Haven, Conn. 
 50,000-7s (1900) Security Savings Bank, Newark, N. J. 
 85,000-7s (1900) Society for Savings, Hartford, Conn. 
 l,000-7s (1900) Southport Savings Bank, Southport, Conn. 
 14,000-7s ('05) Princeton Savings Banli, Princeton, N. J. 
 75,000-7s ('05) Security Savings Bank, Newark, N. J. 
 50,000-7s ('05) Trenton Saving Fund Society, Trenton, N. J. 
 
 WASHINGTON CENTRAL BAILROAD. 
 
 74,000- 1st. Knickerbocker Trust Company, N. Y. City. 
 214,500-4s Merrimac River Savings Bank, Manchester, N. H. 
 18,000-4s New Hampshire Savings Bank, Concord, N. H. 
 
 7,000-4s Norway Plains Savings Bank, Rochester, N. H. 
 17,500-4s Peterborough Savings Bank, Peterborough, N. H. 
 
 7,150-4s ('48) Rockland Savings Bank, Rockland, Me. ' 
 
 WASHINGTON COUNTY BAILROAD. 
 
 86,655- Permanent School Fund, State of Texas. 
 
 WASHINGTON, OHIO AND WESTERN RAILROAD. 
 
 44,830-4s ('24) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 WATERTOWN AND OGDENSBURG RAILROAD. 
 
 50,000- stk. gtd. N. Y. C. & H. Riv. Providence Inst, for Sav., Prov., R. I. 
 
 WEATHERFOIlD, MINERAL WELLS AND NORTHWESTERN R. B. 
 
 498,000- Equitable Securities Company of New York, City. 
 
 WATERTOWN AND ROME RAILROAD. 
 
 10 000-6S ('10) New Hampshire Fire Insurance Co., Manchester, N. H. 
 50',000-6s ('10) Scottish Un. & Nat. Ins. Co. (Bdinb'gh, Scot.), H'f'd, Conn. 
 50,'oOO-6s ('10) New Haven Savings Bank, New Haven, Conn. 
 lo!oOO-7s Amoskeag Savings Bank, Manchester, N. H. 
 
704 DUTIES AND POWEES OF IliTTEBSTATE COMMERCE COMMISSION. 
 WEST CHESTER RAILROAD. • 
 
 25,000-5s 1st mtg. reg. Western Savings Fund Society, Philadelphia, Pa. 
 
 WESTERN MARYLAND RAILROAD. 
 
 5,000- gtd. by Bait.. Md. Home Fire Ins. Co., Baltimore, Md. 
 131,163- term, depot. General Slnlcing Fund, Baltimore, Md. 
 71,742- ind. coup, from 1st mtg. General Sinking Fund, Baltimore, Md. 
 4,000-3a.s ('27) loan. Enoch Pratt Free Liberty Fund, Baltimore, Md. 
 200-3|s ('27) loan. Horwitz Benevolent Fund, Baltimore, Md. 
 76,000-3Js ('27) loan. Internal Improvement Sink. Fund, Baltimore, Md. 
 9,000-3is ('27) loan. Public Imp. Sinking Fund, Baltimore, Md. , 
 22,000-3 Js ('27) loan. Water Sinking Fund, Baltimore, Md. 
 121,000-3is ('27) loan. Western Maryland R. R. Sinking Fd., Baltimore, Md. 
 15,100-3is ('27) Western Maryland R. R. Sinking Fund, Baltimore, Md. 
 2,100-4s ('25) loan. Enoch Pratt Free Library Fund, Baltimore, Md. 
 300-4s ('25) loan. Horwitz Benevolent Fund, Baltimore, Md. 
 10,300-4s ('25) loan. Internal Improvement Sinking Fund, Baltimore, Md. 
 31,100-4s ('25) loan. Western Maryland R. R. Sinking Fund, Baltimore, Md. 
 226,530-6s fdg. ctfs. General Sinking Fund, Baltimore, Md. 
 10,000-Gs 3d mtg. gtd. reg. Enoch Pratt Free Library Fund, Baltimore, Md. 
 4,500-Gs 3d mtg. gtd. Western .Maryland R. R. Sink. Fd., Baltimore, JId. 
 500-fis 3d mtg. gtd. Western Maryland R. R. Sinking Fund, Baltimore, Md. 
 178,500-6s (1895) 2d pf. mtg. General Sinking Fund, Baltimore, Md. 
 21,.300-6s ('02) loan. Enoch Pratt Free Library Fund, Baltimore, Md. 
 
 6,400-(Js ('02) loan. General Sinking Fund, Baltimore, Md. 
 43,500-6s (1890) 1st mtg. General Sinking Fund, Baltimore, Md. 
 17,000-6s (1000) 3d mtg. gtd. rfg. General Sinking Fund, Baltimore, Md. 
 500-6S (1900) 3d mtg. gtd. Hillen Station Sinking Fund, Baltimore, Md. 
 5,700-6s ('02) loan. Hillen Station Sinking Fund, Baltimore, Md. 
 5,300-6s ('02) loan. Horwitz Benevolent Fund, Baltimore, Md. 
 ll,700-6s ('02) loan. Internal Improvement Sink. Fund, Baltimore, Md. 
 l,100-6s ('02) loan. West Maryland R. R. Term. Co. Sk. Fd., Balto., Md. 
 l,000-6s (1900) 3d mtg. gtd. West. Md. R. R. Ter. Co. Sk. Fd., Balto., Md. 
 
 WESTERN NEW YORK AND PENNSYLVANIA RAILROAD. 
 
 19,500-3s coup. Columbia Ave. Sav. Fd., S. Dep., T. & a'r. Co., Phila., Pa. 
 18,000-3s coup. Montgomery Ins., Tr. & Safe Dep. Co., Norristown, Pa. 
 11,710-3 & 4s gen. mtg. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 
 9,000-3 & 4s Atlantic Safe Deposit & Trust Company, Atlantic City, N. J. 
 
 7,100-3 & 4s coup. Lansdale Trust & Safe Dep. Co., Lansdale, Pa. 
 
 6,500-3 & 4s gen. mtg. coup. Norristown T., Tr. & S. Dep. Co., N'town, Pa. 
 
 7,107-3 & 4s coup. Sunbury Trust & S. Dep. Co., Sunbury, Pa. 
 50,000-8 & 4s ('43) Camden Safe Deposit & Trust Co., Camden, N. J. 
 ll,100-5s coup. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 20,000-5s 1st mtg. Presbyterian Ministers' Fund, Philadelphia, Pa. 
 23,042-5s 1st mtg. coup. Tacony Sav. Fd., S. Dep. Title & Tr. Co., Phila., Pa. 
 15,000-5s ('37) Albany Insurance Company, Albany, N. T. 
 
 5,000-5s ('37) 1st mtg. g. Garfield Safe Deposit Company, N. T. City. 
 27,602-5s ('37) Hartford Steam Boiler Inspection & Ins. Co., Hartford, Conn. 
 68,820-5s ('87) 1st mtg. Provident Life & Trust Company, Phila., Pa. 
 
 WESTERN NORTH CAROLINA RAILROAD. 
 
 ll,362-6s coup. Merchants & Mechanics' Bank, Scranton, Pa. 
 100,000-6s ('14) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 2,000-6s ('14) Paterson Savings Institution, Paterson, N. J. 
 
 WESTERN PENNSYLVANIA RAILROAD. 
 
 107,977-4s gtd. coup. Fidelity Ins., Tr. & S. Dep. Co., Philadelphia, Pa. 
 
 5,000-4s Newton Savings Bank, Newton, Mass. 
 95,817-4s mtg. g. coup. Phila. Tr., S. Dep. & Ins. Co., Phila., Pa. 
 l,000-4s Presbyterian Ministers' Fund, Philadelphia, Pa. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 705 
 
 20,000-4s Salem Five-Cent Savings Banlc, Salein, Mass. 
 44,592-4s reg. Sav. Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 5,000-4s ('28) Camden Safe Deposit & Trust Company, Camden, N. J. 
 50,000-4s ('28) Com. Un. Assur. Co. (Ltd.) (London, Eng.), N. Y. City. 
 10,000-4s ('28) Lancashire Ins. Co. (Manchester, Eng.), N. T. City. 
 22,000-4s ('28) loan reg. coup. Penn Mutual Life Ins. Co., Phila., Pa. 
 150,000-4s ('28) g. Provident Life & Trust Company, Philadelphia, Pa. 
 10,000-4s ('28) Reliance Insurance Company, Philadelphia, Pa. 
 
 WESTERN E.VILEOAD OF ALABAMA. 
 
 l,353,.375-4Js ('18) Mutual Life Insurance Company, New Torlc City. 
 
 WESTERN RAILWAY OP FRANCE. 
 
 90,565-3s ('56) guar, by French Gov. Mutual Life Ins. Co., N. Y. City. 
 
 WESTERN RAILROAD OF MINNESOTA. 
 
 47,000-7s coup. Sav. Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 ]2,000-7s ('07) Deep River Savings Bank, Deep River, Conn. 
 ]l,000-7s ('07) Mechanics' Savings Banlj, Hartford, Conn. 
 
 WESTERN TRANSIT COMPANY. 
 
 150,000 New York Life Insurance & Trust Co., N. Y. City. 
 
 13,373- 1st mtg. g. Brooklyn Life Insurance Company, N. Y. City. 
 
 25,819-44s coup. Girard Trust Company, Philadelphia, Pa. 
 
 10,000-4|s Morristown Trust Company, Morristown, N. J. 
 500,000-4Js ('03) Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 50,000-4Js ('03) Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 
 90,000-4is ('03) gtd. by N. Y. C. New York Life Ins. Co., N. Y. City. 
 
 WEST FAIRMOUNT COAL AND COKE RAILROAD. 
 
 197,000-5s Fidelity & Dep. Co. of Maryland, Baltimore, Md. 
 
 WEST JERSEY AND SEASHORE RAILROAD. 
 
 1,560- reg. stk. Jersey Shore Banking Company, Jersey Shore, Pa. 
 256,250-3^8 coup. Girard Trust Company, Philadelphia, Pa. 
 .100,000-3*8 ('36) con. g. Franklin Fire Insurance Co., Philadelphia, Pa. 
 102,000-3|s ('36) 1st mtg. con. Provident Life & Trust Co., Phila., Pa. 
 150,000-3Js ('36) Trenton Saving Fund Society, Trenton, N. J. 
 
 3,000-4s Atlantic Safe Deposit & Trust Co., Atlantic, N. J. 
 210,000-4s loan coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 20,000-4s coup. Sav. Fund Soc. of Germantown, etc., Philadelphia, Pa. 
 102,000-4s ('36) 1st consols. Connecticut Mut. Life Ins. Co., Hartford, Conn. 
 25,000-4s I'SQ) con. g. Franklin Fire Insurance Company, Phila., Pa. 
 5o!oOO-4s ('36) Insurance Company of North America, Philadelphia, Pa. 
 250,000- ('36) Mutual Benefit Life Insurance Company, Newark, N. J. 
 28,000-48 ('36) 1st con. mtg. Pennsylvania Fire Ins. Co., Phila., Pa. 
 5,000-4s ('36) Reliance Insurance Company, Philadelphia, Pa. 
 26,000-68 con. Ijumbermen's Insurance Company, Philadelphia, Pa. 
 174,000-68 loan coup. Philadelphia Savings Fund Society, Philadelphia, Pa. 
 2o!000-6s ('09) con. mtg. reg. Franklin Fire Insurance Co., Phila., Pa. 
 l,000-7s Camden Safe Deposit & Trust Company, Camden, N. J. 
 
 WEST SH6RE RAILROAD. 
 
 200,000- gtd. Atlantic Mutual Insurance Company, N. Y. City. 
 
 10,000- Kings County Fire Insurance Company, N. Y. City. 
 
 10 500- 1st mtg. gtd. by N. Y. Cent. Nederland Ltd, Lia. Life Ins. Co. 
 (Amsterdam, Hoi.), N. Y. City. 
 
 25,000- gtd. con. Rochester Trust & Safe Deposit Co., Rochester, N. Y. 
 20o!oOO- gtd. Mercantile Trust Company, New York City. 
 
 RY— 05 45 
 
706 DUTIES AND POWEES OP INTERSTATE COMMEKCE COMMISSION. 
 
 40,000- " Underwriters at American Lloyds," New York City. 
 2,000- Westerly Savings Bank, Westerly, R. I. 
 100,000-4s 1st mtg. gtd. reg. Home Insurance Company, N. Y. City. 
 
 3,000-4s National Accident Society, New York City. 
 2.5,000-4s 1st mtg. coup. Northern Insurance Company, N. Y. City. 
 20,000-4s mtg. reg. Norwalk Fire Insurance Company, Norwalk, Conn. 
 50,000-4s People's Safe Deposit & Trust Company, Jersey City, N. J. 
 10,000-4s l^t mtg. Sea Ins. Co. (Ltd.), (Liverpool, Eng.), New York City. 
 50,000-4s (2361) 1st mtg. Aetna Insurance Company, Hartford, Conn. 
 5,000-4s (2361) Boston Insurance Company, Boston, Mass. 
 50,000-4s (2361) gtd. Commerc. Un. Assur. Co. (Ltd.) (Lon., Eng.), N. Y. C. 
 l,000,000-4s (2361) reg. Equitable Life Assur. Society of the U. S., N. Y. City. 
 50,000-4s (2361) 1st mtg. Glens Falls Insurance Co., Glans Falls, N. Y. 
 6,000-4s (2361) coup. 1st gtd. German-American Insurance Co., N. Y. City. 
 44,000-4s (2361) reg. 1st gtd. German-American Insurance Co., N. Y. City. 
 100,000-4s (2361) gtd. Hartford Fire Insurance Company, Hartford, Conn. 
 25,000-4s (2.361) 1st mtg. Insurance Company of North America, Phila., Pa. 
 80,000-4s (2361 ) 1st mtg. reg. Lon. & Lane. F. I. Co. (L'v'p'l, Eng.), N. Y. C. 
 350,000-4s (2361) Mutual Benefit Life Insurance Company, Newark, N. J. 
 28,000-4s (2361) coup. Newark Fire Insurance Company, Newark, N. J. 
 20,000-4s (2361) reg. Newark Fire Insurance Company, Newark, N. J. 
 l,000,000-4s (2361) gtd. by N. Y. C. & H. R. New York Life Ins. Co., N. Y. C. 
 50,000-4s (2361) gtd. coup. Northern Assur. Co. (London, Eng.), N. Y. C. 
 300,000-4s (2361) 1st mtg. gtd. reg. North British & Mercantile Insurance 
 Co. (London, Eng., & Edinburgh, Scot.), N. Y. City. 
 10,000-4s (2.361) 1st mtg. N. Ger. F. Ins. Co. (Hamburg, Ger.), Chicago, 111. 
 57,000-4s (2361) reg. Norwich Un. Fire Ins. Soc. (Norwich, Eng.), N. Y. C. 
 .50,000-4s (2361) 1st mtg. reg. Palatine I. Co. (Ltd.) (Manch., Eng.), N. Y. C. 
 10,156-4s (2361) pf. Accident Insurance Company, New York City. 
 139,000-4s (2361) gtd. 1st mtg. Palatine Ins. Co. (Ltd.) (Manchester, Eng.), 
 
 N. Y. City. 
 120,000-4s (2361) 1st mtg. Phoenix Assur. Co. (London, Eng.), N. Y. City. 
 50,000-4s (2361) 1st mtg. gtd. Imp. Ins. Co. (Ltd.) (Lon., Eng.), N. Y. C. 
 63,000-4s (2.361) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 8.5,000-4s (2361) Saco and Biddeford Savings Institution, Saco, Me. 
 5,000-4s (2361) Traders' Fire Insurance Company, New York City. 
 10,000-4s (2.361) gtd. Transatlantic F. Ins. Co. (H'burg, Ger.), Chic, 111. 
 55,000-4s (2361) 1st mtg. gtd. Union Assur. Soc. (London, Eng.), N. Y. C. 
 105,971-4s (2361) reg. Washington Life Insurance Co., N. Y. City. 
 
 -WEST VIRGINIA CENTRAL AND PITTSBUKGH RAILROAD. 
 
 5,275-6s 1st mtg. g. coup. Albertson Tr. & S. Dep. Co., Norristown, Pa. 
 75,000-6s National Fire Insurance Company, Hartford, Conn. 
 
 WHEELING AND LAKE ERIE RAILROAD. 
 
 1,359- cm. Finance Company of Pennsylvania, Philadelphia, Pa. 
 159,000- 1st pf. Equitable Life Assur. Soc. of United States, N. Y. City. 
 
 276- 2d pf. Finance Company of Pennsylvania, Philadelphia, Pa. 
 50,000- United States Mortgage & Trust Company, N. Y. City. 
 10,100-5s ('26) Hartford Steam Boiler Inspec. & Ins. Co., Hartford, Conn. 
 25,000-5s ('26) 1st mtg. g. Germania Fire Ins. Co., New York City. 
 l,000-5s ('26) Gorham Savings Bank, Gorham, Me. 
 6,000-5s ('26) Kennebunk Savings Bank, Kennebunk, Me. 
 30,000-5s ('28) Wheel. Div. 1st mtg. g. Manchester Assur. Co., (Manchester, 
 
 Eng.), New York City. 
 15,000-5s ('30) ex. imp. American Fire Insurance Company, Phila., Pa. 
 3,726-6s coup. American Trust Company of Philadelphia, Philadelphia, Pa. 
 
 WILKESBARRE AND EASTERN RAILROAD. 
 
 10,000- Ithaca Trust Company, Ithaca, N. Y. 
 10,000-5s Passaic Trust & S. Dep. Co., Passaic, N. J. 
 9,969-5s coup. Wayne County Savings Bank, Honesdale, Pa. 
 10,000-5s ('42) Auburn Savings Bank, Auburn, Me. 
 10,000-5s ('42) Bath Savings Institution, Bath, Me. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISStOK. 707 
 
 3,000-5s ^'42) Franklin County Savings Bank, Farmington, Me. 
 
 3,000-5s ('42) Kennebunk Savings Bank, Kennebunk, Me. 
 25,000-5s ('42) 1st mtg. Portland Savings Banli, Portland, Me. 
 
 5,000-5s ('42) Saco and Biddeford Savings Institution, Saeo, Me. 
 48,750-5s ('42) State Mutual Life Assur. Co., Worcester, Mass. 
 
 • 
 
 WILKESBAKBE AND SCRANTON RAILKOAD. 
 
 25,000-448 Morris County Savings Bank, Morristown. N. J. 
 102,000-4Js ('38) 1st mtg. gtd. by Lehigh Coal & Nav. Co. Provident Life & 
 
 Trust Company, Philadelphia, Pa. 
 i00,000-44s ('38) Mutual Benefit Life Assurance Company, Newark, N. J. 
 
 10,000-44s 1st mtg. Northern Sav. Fund, S. Dep. & Tr. Co., Phila., Pa. 
 
 « 
 
 WILLMAB ANn SIOUX FALLS RAILROAD. 
 
 5,000-5s Producers' Savings Bank, Woonsocket, R. I. 
 
 25,000-5s ('38) 1st mtg. g. Aetna Insurance Co., Hartford, Conn. 
 
 50,000-5s ('38) Bangor Savings Bank, Bangor, Me. 
 
 21,075-5s ('38) Berkshire Fire Insurance Co., Pittsfield, Mass. 
 
 204,850-5s ('38) 1st mtg. gtd.' Conn. Mutual Life Ins. Co., Hartford, Conn. 
 
 664,000-58 ('38) Equitable Life Assur. Soc. of United States, N. X. City. 
 
 21,200-58 ('38) John Hancock Mutual Life Ins. Co., Boston, Mass. 
 
 15,000-5s ('38) Orient Insurance Company, Hartford, Conn. 
 
 25,000-58 ('38) Paterson Savings Institution, Paterson, N. J. 
 
 26,375-58 ('38) 1st mtg. gtd. Phoenix Mut. Life Ins. Co., Hartford, Conif. 
 
 52,500-5s ('38) Travelers' Insurance Company, Hartford, Conn. 
 
 479,395-5s ('38) 1st g. gtd. by St. P., M. & M. N. Y. Life Ins. Co., N. Y. C. 
 
 VCILMINGTON AND NORTHERN RAILROAD. 
 
 2,120-5s reg. American Trust Company of Philadelphia, Philadelphia, Pa. 
 25,000-5s ('32) reg. Delaware Insurance Company, Philadelphia, Pa. 
 25,000-58 ('32) gen. mtg. g. Spring Garden Ins. Co., Philadelphia, Pa. 
 
 WILTON RAILROAD. 
 
 3,000- City Guaranty Savings Bank, Nashua, N. H. 
 
 WINONA AND ST. PETER RAILROAD. 
 
 123,448-78 ('07) 1st mtg. Prudential Ins. Co. of America, Newark, N. J. 
 4,000-7s ('07) gtd. by Chic. & Nwn. Hillsborough Bridge Guar. Savings 
 Bank, Hillsboro Bridge, N. H. 
 
 WISCONSIN CENTRAL RAILROAD. 
 
 6,000- cm. Boston Insurance Conipany, Boston, Mass. 
 
 2,400- cm. Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 6,000- cm. Trust & Dep. Co. of Onondaga, Syracuse, N. Y. 
 
 6,000- pf. Boston Insurance Company, Boston, Mass. 
 
 8,100- pf. Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 6,000- pf. Trust & Dep. Co. of Onondaga, Syracuse, N. Y. 
 
 2,925- stk. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 
 50,000- Central Trust Company of New York, New York City. 
 
 25 000- Synd. Continental Trust Company, New York City. 
 
 37,500- Synd. Subscrip. Fidelity Ins., Tr. & S. Dep. Co., Phila.,. Pa. 
 
 12 500- Reorg. Synd. Equitable Trust Co., Philadelphia, Pa. 
 
 12500- Reorg. Synd. Guarantee Trust & S. Dep. Co., Philadelphia, Pa. 
 
 50'000- Mechanics' Savings Bank, Providence, R. I. , 
 
 100 000- Synd. 25% paid. Manhattan Trust Company, New York City. 
 
 25000- Synd. Metropolitan Trust Company, New York City. 
 
 50000- Reorg. Synd. Mutual Life Insurance Company, N. Y. City. 
 
 50000- 1st. Manufacturers' Trust Company, Brooklyn, N. Y. 
 
 300 000- 1st; New York Security & Trust Company, New York City. 
 
 25000- Synd. New York Security & Trust Company, New York City. 
 
 12500- Reorg. Synd. Penn. Warehousing & S. Dep. Co., Phila., Pa. 
 
708 DUTIES, AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 7,262- tr. ctfs. Pennsylvania Trust Company, Reading, Pa. 
 12,500- Reorg. Security Trust Co. of Rochester, Rochester, N. T. 
 32,000- ('49) 1st gen. Trust & Deposit Co. of Onondaga, Syracuse, N. T. 
 25,000- Reorg. Synd. United States Mort. & Tr. Co., N. Y. City. 
 
 9,425-4s coup. Bucks County Trust Company, Doylestown, Pa. 
 
 9,5.37-4s coup. County Savings Bank & Trust Co., Scranton, Pa. 
 
 4,6.50-4s coup. Doylestovpn Trust Company, Doylestown, Pa. 
 •47,125-4s coup. Girard Trust Company, Philadelphia, JPa. 
 
 8,000-4s coup. Jersey Shore Banking Company, Jersey Shore, Pa. 
 
 8,100-4s 1st coup. Norristown Title, Tr. & S. Dep. Co., Norristown, Pa. 
 12,000-4s ('49) Boston Insurance Company, Boston, Mass. 
 46,750-4s ('49) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 50,000-4s ('49) 1st mtg. Pennsylvania Fire Ins. Co., Philadelphia, Pa. 
 94,062-4s ('49) 1st mtg. g. Provident Life & Trust Co., Philadelphia, Pa. 
 47,787-4s ('49) 1st mtg. Provident Savings Life Assur. Soc, N. Y. City. 
 
 5,000-5s Newport Savings Bank, Newport, N. H. 
 
 5;000-5s ('09) 1st Ser. Kennebunk Savings Bank, Kennebunk, Me. 
 ^0,000-5s ('09) 1st Ser. Skowhegan Savings Bank, Skowhegan, Jle. 
 10,000-5s ('09) 1st Ser. Waterville Savings Bank, Waterville, Me. 
 
 2,000-5s ('09) Wiscasset Savings Bank, Wiscasset, Me. 
 15,000-5s ('37) inc. Waterville Savings Bank, Waterville, Me. 
 
 WORCESTER, NASHUA AND ROCHESTER RAILROAD. 
 
 20,Q00- Fifth Avenue Trust Company, New York City. 
 
 20,000- United States Mortgage & Trust Company, New York City. 
 
 8,000- Worcester Mutual Fire Insurance Co., Worcester, Mass. 
 25,000-4s Beverly Savings Bank, Beverly, Mass. ' 
 
 5,000-4s Braintree Savings Bank, South Bralntree, Mass. 
 50,000-4s Bristol County Savings Bank, Taunton, Mass. 
 13,000-4s Brockton Savings Banlf, Brockton, Mass. 
 50,000-4s City Institution for Savings, Lowell, Mass. 
 10,000-4s City Five Cents Savings Bank, Haverhill, Mass. 
 
 l,000-4s Conway Savings Bank, Conway, Mass. 
 25,000-4s Citizens' Savings Bank, Fall River, Mass. 
 
 5,000-4s Crocker Inst, for Savings, Turner's Falls, Mass. 
 15,000-4s Danvers Savings Banii, Danvers, Mass. 
 25,000-4s Eliot Five Cents Savings Bank, Boston, Mass. 
 20,000-4s Essex Savings Bank, Lawrence, Mass. 
 50,000-4s Fall River Savings Bank, Fall River, Mass. 
 30,000-4s Haverhill Savings Bank, Haverhill, Mass. 
 
 5,000-4s Hyde Park Savings Bank, Hyde Park, Mass. 
 40,000-4s Inst, for Savings in Newburyport, etc., Newburyport, Mass. 
 50,000-4s Inst, for Savings in Roxbury, etc., Boston, Mass. 
 
 5,000-4s Med\\ay Savings Bank. Medway, Mass. 
 
 10,000-4s Marlborough Savings Bank, Marlborough, Slass. , 
 
 20,000-4s Milford Savings Bank. Milford, Mass. 
 10,000-4s Natiek Five Cents Savings Bank, Natick, Mass. 
 12,000-4s Newburyport Five Cents Savings Bank, Newburyport, JNIass. 
 
 4,000-4s Pentucket Savings Bank, Haverhill, Mass. 
 90,000-4s People's Savings Bank, Worcester, Jlass. 
 20,000-4s Plymouth Five Cents Savings Bank, Plymouth, Mass. 
 40,000-4s Plymouth Savings Bank, Plymouth, Mass. 
 10,000-4s Provident Inst, for Savings, etc., .4.niesbury, Mass. 
 25,000-4s Quincy Savings Bank, Quiucy, Mass. 
 25,000-4s Randolph Savings Bank, Randolph, Mass. 
 
 5,000-4s Rockland Savings Bank, Rockland, Mass. 
 95,000-4s Salem Savings Bank, Salem, Mass. 
 10,000-4s Shelburne Falls Savings Bank, Shelburne Falls, Mass. 
 10,000-4s South Adams Savings Bank, South Adam's, Mass. 
 20,000-4s South Boston Savings Bank, South Boston, Mass. 
 
 7,000-4s Spencer Savings Bank, Spencer, Mass. 
 30,000-4s Taunton Savings Bank, Taunton, Mass. 
 
 3,000-4s Walpole Savings Bank, Walpole, N. H. 
 25,000-4s Waltham Savings Bank, Waltham, Mass. 
 10,000-4s Wareham Savings Bank, Wareham, Mass. 
 20,000-4s Warren Five Cents Savings Bank, Peabody, Mass. 
 
DUTIES AND POWEBS OP INTERSTATE COMMERCE COMMISSIOK . 709 
 
 6,000-4s Watertown Savili'fes Bank, Watertown, Mass. ■ 
 
 50.000-4S WaflTen Inst, for Savings, etc., Boston, Mass. 
 
 20,000-4s Webster Five Cents Savings Banli. Webster, Mass. 
 155,000-4s Worcester County Inst, for Savings, Worcester, Mass. 
 100,000-4s Worcester Mechanics' Savings Banli, Worcester, Mass. , 
 ]60,000-4s Worcester Five Cents Savings Bank, Worcester, Mass. 
 
 10,000-4s Wellfleet Savings Bank, Wellfleet, Mass. 
 
 50,000-4s ('13) Society for Savings, Hartford, Conn. 
 104,750-4s ('34) State Mutual Life Assurance Company, Worcester, Mass. 
 
 WOODSTOWN AND SWEDESBOBO RAILROAD. 
 
 30,000-6s ('12) Camden Safe Deposit & Trust Company, Camden, N. J. 
 
 WOONSOCKET AJMD I'ASCOAO BAILKOAD. 
 
 87,000-5s ('10) Massachusetts Mutual Life Ins. Co., Springfield, Mass. 
 
 YORK HARBOR AND BEACH BAILBOAD. 
 
 0,500- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 5,000- stk. Strafford Savings Bank, Dover, N. H. 
 
 YOEK AND PEACH BOTTOM RAILWAY. 
 
 3,106-5s Ser. A. coup. Security Title & Trust Co., York, Pa. 
 26,044-58 Ser. B. coup. Security Title & Trust Co., York, Pa. 
 
 ZANESVILLE AND OHIO BIVEE RAILROAD. 
 
 78,000- Mechanics' Savings Bank, Providence, R. I. 
 
 ]0,000-6s ('16) Girard Fire & Marine Ins. Co., Philadelphia, Pa. 
 
 Supplement. 
 Railroad securities — Too late to classify. 
 
 ALLENTOWN TERMINAL BAILBO.A.D. 
 
 15,000-4s ('19) Reliance Insurance Company, Philadelphia, Pa. 
 
 ATCHISON, TOPEKA AND SANTA FE EAILBOAD. 
 
 50,000-4s ('95) gen. mtg. g. Baloise F. Ins. Co. (Basle. Switz.), N. Y. C. 
 10,000-4s ('95) gen. mtg. German Alliance Insurance Co., N. Y. City. 
 
 BANGOR AND KATAHDIN IRON WOEKS RAILROAD. 
 
 3,000- Stk. Bangor Savings Bank, Bangor, .Ale. 
 32,900- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 
 2!o00-(ls ('01) Bangor Savings Bank, Bangor, Me. 
 10,000-Gs ('01) Hallowell Savings Institution, Hallowell, Me. 
 
 5,000-6s ('01) Mechanics' Savings Bank, Auburn, Me. 
 
 BENNINGTON AND EUTL.4.ND RAILROAD. 
 
 50,000-4is ('27) Portland Savings Bank, Portland, Me. 
 
 BOSTON, CLINTON, FITCHBUEG AND NEW BEDFORD RAILROAD. 
 
 ll,000-5s Eliot Five Cents Savings Bank, Boston, Mass. 
 
 CENTRAL PACIFIC RAILROAD. 
 
 20,000-48 ('49) rfdg. Penobscot Savings Bank, Bangor, Me. 
 
710 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 CENTRAL RAILKOAD OF NEW JERSEY. 
 
 20,000- Washington Trust Company of the City of New York, N. T. City. 
 
 OHICAGO, BURLINGTON AND NORTHERN RAILROAD. 
 
 5,500-5s New Hampshire Savings Banli, Concord, N. H. 
 600-5S ('26) Biddeford Savings Bank, Biddeford, Me. 
 
 CHICAGO AND ERIE RAILROAD. 
 
 5,000-5s 1st mtg. coup. Carbondale Min. & Mech.s' Sv. Bk., Carbondale, Pa. 
 
 CHICAGO, MILWAUKEE AND ST. .PAUL RAILROAD. 
 
 900- stk. Newburyport Mutual Fire Ins. Co., Newburyport, Mass. 
 
 EXPRESS COAL LINE OF GEORGIA RAILROAD. 
 
 14,000- Class B. coup. Miners' Savings Bank, Pittston, Pa. 
 
 riTCHBURG RAILROAD. 
 
 65,000-4s Brookline Savings Bank, Brookline, Mass. 
 
 FLINT AND PESE MARQUETTE RAILROAD. 
 
 6,600- pf. Androscoggin County Savings Bank, Lewiston, Me. 
 2,297- pf. New England Mutual Life Insurance Co., Boston, Mass. 
 19,400- stk. Saco and Biddeford Savings Institution, Saco, Me. 
 
 GETTYSBURG AND HABRISBURG RAILROAD. 
 
 10,025- Security Trust & Life Insurance Co., Philadelphia, Pa. 
 
 IOWA FALLS AND' SIOUX CITY RAILROAD. 
 
 100,000-7s ('17) 3 St mtg. Hartford Fire Insurance Co., Hartford, Conn. 
 
 LEAVENWORTH, TOPEKA AND SOUTHWESTERN RAILROAD. . 
 
 4,000-4s Epping Savings Bank, Epplng, N. H. 
 
 MAINE CENTRAL RAILROAD. 
 
 25,000-4Js Mechanics' Savings Bank, Lowell, Mass. 
 
 MIDLAND RAILWAY OF FRANCE. 
 
 89,962-3s ('57) Guar, by French Gov. Mutual Life Ins. Co., N. Y. City. 
 
 MILWAUKEE, LAKE SHORE AND WESTERN RAILROAD. 
 
 10,000-6s Gardner Sa^•ings Bank, Gardner, Mass. 
 
 NEW JERSEY RAILROAD AND TRANSPORTATION COMPANY. 
 
 35,500- stk. School Fund, State of New Jersey. 
 
 Railroad securities {general). 
 
 34,930- R. R. Bonds. Sullivan Savings Institution, Claremount, N. H. 
 16,575- R. R. Bonds. Dover Five Cents Savings Bank. Dover, N. H. 
 700- R. R. Bonds. Cheshire Provident Institution, Keene, N. H. 
 18,182- R. R. Stk. Sullivan Savings Institution, Claremount, N. H. 
 22,400-4s ('13) R. R. Comp. Funded Debt, St. Imp. L. Sk. Fd., Pitts., Pa. 
 
 5,700-4s ('13) R. R. Comp. Water Loan Sinking Fund, Pittsburgh, Pa. 
 
 9,000-4s ('13) R. R. Comp. Imp. Bond Sinking Fund, Pittsburgh. Pa. 
 116,100-5s ('13) R. R. Comp. Funded Debt, St. Imp. L. Sk. Pd., Pitts., Pa. 
 
 7,500-5s ('13) R. R. Comp. Water Loan Sinking Fund, Pittsburgh, Pa. 
 56,300-5s ('13) R. R. Comp. Imp. Bond Sinking Fund, Pittsburgh, Pa. 
 
 l,900-5s ('13) R, R. Comp, East Birmingham Sic. Fd.,. E. Birmingham, Pa. 
 
BILLS RELATING TO INTERSTATE COMMERCE AND THE INTER- 
 STATE COMMERCE COMMISSION, FIFTY-EIGHTH CONGRESS. 
 
 [S. 2430, Fifty -eighth Congress, second session.] 
 A BILL rnrther to define the duties and powers of the Interstate Commerce Commission. 
 
 Be it enacted hy the Senate and House of Representatives of the 
 United States of America in Congress assembled, That any order 
 made by the Interstate Commerce Commission, after hearing and 
 determination had on any petition now pending or hereafter pre- 
 sented, pursuant to section thirteen of an Act entitled "An Act to 
 regulate commerce," approved February fourth, eighteen hundred 
 and eighty-seven, declaring any existing rate or rates in said petition 
 complained of for the transportation of persons or property, or any 
 regulation or practice affecting such rates, or facilities afforded in 
 connection therewith, to be unjustly discriminative or unreasonable, 
 and declaring what rate or rates, regulation, or practice affecting 
 such rate or rates, would be just and reasonable, and requiring them 
 to be substituted therefor, shall become operative and be observed by 
 the party or parties against whom the same shall be made within 
 thirty days after notice, or, in case of proceedings for review, as here- 
 inafter provided, then within sixty days after notice; but such order 
 may at any time be modified; suspended, or revoked by the Commis- 
 sion upon iull hearing of all parties in interest. 
 
 Sec. 2. That when the rate substituted by the Commission as here- 
 inbefore provided is a joint rate, and the carriers, parties thereto, 
 fail to agree upon the apportionment thereof among themseh^es 
 within twenty days after notice of such order, the Commission may 
 issue a supplemental order declaring the portion of such joint rate 
 to be received by each carrier parl^' thereto, which order shall be 
 observed by such carriers. When the order of the Commission 
 prescribes the just relation of rates to or from common points on 
 the lines of the several carriers parties to the proceeding, and such 
 carriers fail to notify the Commission within twenty days after 
 notice of such order that they have agreed among themselves as to 
 the changes to be made to effect compliance therewith, the Commis- 
 sion may issue a supplemental order prescribing the rates to be 
 charged to or from such common points by either or all of the parties 
 to the proceeding, which order shall be observed by the carriers con- 
 
 Sec. 3. That every such order, as to its justness, reasonableness, and 
 lawfulness, shall be reviewable by any circuit coutt of the United 
 States for any district through which any portion of the road of 
 any carrier named in such order shall run, to which a petition 
 filed on its equity side, within twenty days from the service of such 
 order, shall be first presented by any party interested. It shall 
 be the duty of the Commission, within twenty days after notice, 
 to cause to be filed in any court to which such petition shall have 
 been so presented a duly certified copy of its entire record in cdnnec- 
 tion with the order to be reviewed, including petition, answers, 
 
 711 
 
712 DUTIES AND POWERS OF INTEESTATE COMMERCE COMMISSION, 
 
 testimony, report and opinion of the Commission, its order, and all 
 other papers whatsoever in connection therewith. The court shall 
 thereupon proceed to hear the same upon the petition, record, and 
 testimony returned by the Commission; or, in its discretion, may, 
 upon the application of either party, and in such manner as it shall 
 direct, cause additional testimony to be taken; and thereupon if, 
 after hearing, said court shall be of the opinion that said order 
 v/as made under some error of law, or is upon the facts unjust or 
 unreasonable, it shall modify, set aside, or annul the same by appro- 
 j)riate decree; otherM'ise the petition shall be dismissed. Pending 
 tuch review, however, the court may, upon application and hearing, 
 if in its opinion the order is clearly unlawful or erroneous, suspend 
 said order. Any party to the cause may, within thirty days of the 
 rendition of any final decree of said court, appeal to the Supreme 
 ■ Court of the United States, which court shall proceed to hear and 
 determine such appeal. But neither the order of the circuit court 
 nor the execution of any writ or i^rocess thereon shall be stayed or 
 suspended during the pendency of such appeal. The said several 
 courts of the United States shall be and are vested with full juris- 
 diction and all necessary powers in the premises. The case in both 
 the circuit court and the Supreme Court shall have precedence 
 over all except criminal cases. 
 
 Sec. 4. That the defense in all such proceedings for review shall 
 be undertaken by the United States district attorney for the dis- 
 trict wherein the action is brought, under the direction of the 
 Attorney-General of the United States, and the costs and expenses 
 of such defense shall be paid out of the appropriation for the ex- 
 penses of the courts of the United States. The Commission may, 
 with the consent of the Attorney-General, emploj' special counsel 
 in any proceeding under this Act, paying the expense of such employ- 
 ment out of its own appropriation. 
 
 Sec. 6. That if any party bound thereby shall refuse or neglect 
 to obey or perform any order of the Commission mentioned in section 
 ooe of this Act at any time while the same is in force, obedience and 
 performance thereof shall be summarily enforced by writ of injunc- 
 tion or other proper process, mandatory or otherwise, which shall 
 be issued by any circuit court of the United States upon petition of 
 said Commission or of any party interested, accompanied by a certi- ■ 
 tied copy of the order alleged to be violated and evidence of the 
 violation alleged, and in addition thereto the offending party shall be 
 subject to a penaltj?; of five thousand dollars for each day of the con- 
 tinuance of such violation, which, together with costs of suit, shall 
 be recoverable by said Commission by action of debt in any circuit 
 court of the United States, and when so recovered shall be for the 
 use of the United States. 
 
 Sec. 6. That all Acts or parts of Acts in conflict with the proAdsions 
 of this Act are hereby repealed, but such repeal shall not affect causes 
 now pending in court nor rights which have already accrued, but 
 such causes shall be prosecuted to a conclusion and such rights en- 
 forced in a manner heretofore provided by law. All existing laws 
 relative to testimony in cases or proceedings under or connected 
 with the Act to regulate commerce shall also apply to any case or 
 proceeding authorized by this Act. 
 
 Sec. 7. That this Act shall take effect from its passage. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 713 
 
 [S. 2439, Filty-eiglith Congress, third session.] 
 
 AHENBMENT Intended to be proposed by Mr. Carmack to the bill (S. 2439) fnrther to 
 define the duties and powers of the Interstate Commerce Commission, viz: After section 
 6 insert the following: 
 
 Sec. 7. That the Interstate Commerce Commission shall hereaft«r 
 be composed of nine members, who shall be appointed by the Presi- 
 dent, by and with the advice and consent of the Senate, no more than 
 five of whom shall be appointed from the same political party ; that 
 the President is hereby empowered and directed, by and with the 
 advice and consent of the Senate, to appoint four additional mem- 
 bers of said Commission, who shall continue in office for the term 
 of , , , and years, respectively, from the 
 
 day of , nineteen hundred and five, the term of each 
 
 to be designated by the President, but their successors shall be 
 appointed for terms of six years. The said additional four members 
 shall reside, respectively, within the limits of four different judicial 
 circuits of the United States and not within any judicial circuit in 
 which any of the present Commissioners resided at the time of his 
 appointment. In filling vacancies that may hereafter occur in the 
 membership of said Commission, no person shall be appointed who 
 resides in the same judicial circuit with any other member of said 
 Commission. 
 
 IS. 2861, Fifty-eighth Congress, second session.] 
 
 A BILL To compel and regulate the carriage of interstate freight on all railroads engaged 
 in interstate transportation. 
 
 Be it enacted hy the Senate and House of Representatives of the 
 United States of America in Congress assembled, That it shall be the 
 duty of every railroad company engaged in carrying, or in giving 
 bills of lading for carrying, personal property and live stock between 
 points in different States or Territories, upon written application 
 by any person for the carriage of any such property or live stock 
 over the railroad of any such company, or over such railroad and 
 any connecting line or lines of railroad, to any point in another State 
 or Territory, to receive and commence the carrying thereof within- 
 five days after the offer of delivery thereof for such carriage, and 
 any failure to receive or commence the carriage of such property or 
 live stock by any such company in any such case shall entitle the 
 person making such application to recover from such company, for 
 each car necessary for such carriage, for each day after said five 
 days during which such failure shall continue, a penalty of ten 
 dollars, recoverable by such. person as plaintiff against said company 
 as defendant bv a civil action in a circuit court of the United States 
 for any district in which such company may have an office and agent 
 for the transaction of any business, upon whom summons therein 
 
 may be served. . , „ 
 
 Sec. 2. That the provisions of the next preceding section shall 
 apply not only to the initial railroad carrier to which such application 
 shall be made, but also to any connecting railroad carrier engaged in 
 such carrying of personal- property and live stock, on any railroad 
 
714 DUTIES AND POWEKS OP INTERSTATE COMMEKCB COMMISSION. 
 
 line or part of a line between the point of the terminus of such initial 
 carrier and the ultimate point of shipment to which connecting car- 
 rier said person shall make written application for the continued 
 carriage of his property or live stock by such connecting carrier. 
 
 Sec. 3. That it shall be the duty of every railroad company engaged 
 in carrying personal property or live stock between points in different 
 States or Territories, whenever so engaged as a sole carrier or as an 
 initial or connecting carrier in such carriage, to transport and haul 
 all cars furnished to any shipper for such carriage over its line of 
 railroad from the starting point to the point of destination thereon 
 of such shipment in such number of days of twenty-four hours each 
 as will equal the number resulting from the division by the number 
 fifty of the total number of miles of carriage of said shipment over 
 its line of railroad by such company, with or without any remainder 
 by such division, and for each additional day occupied in such car- 
 riage over and above such number in completing such shipment said 
 company shall forfeit and pay to the consignee of such shipper for 
 each car so furnished and transported the sum and penalty or ten dol- 
 lars, to be recovered by him in the manner provided in the first section 
 of this Act. 
 
 Sec. 4. That it shall not be a defense to any suit under the provi- 
 sions of this Act that the company sued did not have the cars neces- 
 sary for any shipment applied for, or did not have the requisite 
 equipment for the carriage or hauling thereof from the point of start- 
 ing to the destination thereof, or any portion thereof, on its line of 
 railroad. 
 
 Sec. 5. That the penalties recoverable under this Act may be sued 
 for in one single count or statement in the petition or complaint, 
 without having a separate count for the penalty for each car for each 
 day for which such penalty is given by this Act. 
 
 [S. 3937, Fifty-eighth Congress, second session.] 
 
 A BILL to relieve foreign commerce and acts and contracts in reasonable restraint of trade 
 and commerce among the several States from the provisions of the Act to regulate com- 
 merce, approved February fonrth, eighteen hundred and eighty-seven, and the Act to 
 protect trade and commerce against unlawful restraints and monopolies, approved July 
 second, eighteen hundred and ninety. 
 
 Be it enacted hy the Senate and Rouse of Representatives of the 
 United States of America in Congress assembled, That nothing in the 
 Act to regulate commerce approved February fourth, eighteen hun- 
 dred and eighty-seven, or in the Act to protect trade and commerce 
 against unlawful restraints and monopolies, approved July second, 
 eighteen hundred and ninety, or in any Act amendatory of either of 
 said Acts, shall hereafter apply to foreign* commerce or shall prohibit 
 any act or any contract in restraint of trade or commerce among the 
 several States, provided that such restraint be reasonable, or shall 
 hereafter authorize imprisomnent or forfeiture of property as punish- 
 ment for any violation of such Acts, except for perjury or contempt 
 of court. 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 715 
 
 [S. 4092, Fifty-eighth Congress, second session,] 
 
 A BILL Belating to liability of common carriers by railroads in the District of Colnmbia 
 and Territories and common carriers by railroads engaged in commerce between the 
 States and between the States and foreign nations to their employees. 
 
 Be it enacted hy the Senate and House of liepresentatives of the 
 United States of America in Congress assembled, That every com- 
 mon carrier by railroad engaged in trade or commerce in the District 
 of Columbia, or in any Territory of the United States, or between the 
 several States, or between any Territory and another, or between any 
 Territory or Territories and any State or States, or the District of 
 Columbia, or with foreign nations, or between the District of Co- 
 lumbia and any State or States or foreign nations, shall be liable to 
 any of its employees, or, in the case of his death, to his heirs at law, 
 for all daniages which may result from the negligence or mismanage- 
 ment of any of its officers, agents, or employees, or by reason of any 
 defect or insufficiency in its cars, engines, appliances, machinery, 
 track, roadbed, ways, or works. 
 
 Sec. 2. That in all actions hereafter brought against any such com- 
 mon carriers by railroad to recover damages for personal injuries to 
 an employee, or where such injuries have resulted in his death, the 
 fact that the employee may have been guilty of contributory negli- 
 gence shall not bar a recovery where his contributory negligence was 
 slight in comparison to that of the employer. 
 
 Sec. 3. That no contract of employment, insurance, relief benefit, 
 or indemnity for injury or death entered into by or on behalf of any 
 employee, nor the acceptance of any such insurance, relief benefit, or 
 indemnity by the person entitled thereto shall constitute any bar or 
 defense to any action brought to recover damages for personal in- 
 juries to or death of such employee: Provided, however, That upon 
 the trial of such action against any such common carrier by railroad 
 the defendant may set off therein any sum it has contributed toward 
 any such insurance, relief benefit, or indemnity that may have been 
 paid to the injured employee, or, in case of his death, to his heirs 
 at law. 
 
 Sec. 4. That nothing in this Act shall be held to limit the duty of 
 common carriers by railroads or impair the rights of their employees 
 under the safety-appliance Act of March second, eighteen hundred 
 and ninety-three, as amended April- first, eighteen hundred and 
 ninety-six, and March second, nineteen hundred and three. 
 
 [S. 6677, Fifty-eighth Congress, third session.] 
 A BILL Further to define the duties and powers of the Interstate Commerce Commission. 
 
 Be it enacted- hy the Senate and House of Representatives of the 
 United States of America in Congress assembled, That whenever the 
 Interstate Commerce Commission, after hearing and determination 
 had on any petition now pending or hereafter presented pursuant to 
 section thirteen of an Act entitled "An Act to regiilate coinmerce," 
 approved Febru-ary fourth, eighteen hundred and eighty -seven, shall 
 
716 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 make an order declaring any existing rate or rates in said petition 
 complained of for the transportation of persons or property, or .any 
 regulation or practice affectins; such rates, or facilities afforded in 
 connection therewith, to be unjustly discriminative or unreasonable, 
 and declaring what rate or rates, regulation or practice, affecting such 
 rate or rates would be just and reasonable, and requiring them to be 
 substituted therefor, such order shall become operative and be ob- 
 served by the party or parties against whom the same shall be made 
 within thirty days after notice, or in case of proceeding for review, 
 as hereinafter provided, then within sixty days after notice ; but upon 
 the application of either party such order may at any time be modi- 
 fied, suspended, or revoked by the Commission after due notice to and 
 upon full hearing of all parties in interest. 
 
 Sec. 2. That when the rate substituted by the Commission as here- 
 inbefore provided is a joint rate, and the carriers parties thereto fail 
 to agree upon the apportionment thereof among themselves within 
 twenty days after notice of such order, the Commission may issue 
 a supplemental order declaring the portion of such joint rate to be 
 received by each carrier party thereto, which order shall be observed 
 by such carriers. When the order of the Commission prescribes the 
 just relation of rates to or from common points on the lines of the 
 several carriers parties to the proceeding, and such carriers fail to 
 notify the Commission within twenty days after notice of such order 
 that they have agreed among themselves as to the changes to be made 
 to effect compliance therewith, the Commission may issue a supple- 
 mental order prescribing the rates to be charged to or from such com- 
 mon points by either or all of the parties to the proceeding, which 
 order shall be observed by the carriers concerned. 
 
 Sec 3. That every order, as to its lawfulness, shall be reviewable 
 by the circuit court of the TJnited States for the district in which 
 the complainant resides, or should there be more than one complain- 
 ant, then for the district in which any of such complainants resides, 
 to which a petition filed on its equity side within twenty days from 
 the service of such order shall be first presented by any party inter- 
 ested. It shall be the duty of the Commission, within ten days after 
 notice, to cause to be filed in any court to which such petition shall 
 have been so presented, its entire record in connection with the order 
 to be reviewed, including petition, answers, testimony, report, and 
 opinion of the Commission, or 'duly certified copies thereof, its order, 
 and all other papers whatsoever in connection therewith. The court 
 shall thereupon proceed to hear the same upon the petition, record, 
 and testimony returned by the Commission; or if either party shall 
 file its duly verified petition alleging that since the close of the hear- 
 ing before the Commission it has discovered new and material evi- 
 dence which it desires to present, and setting forth the substance of 
 such evidence, and praying for a rehearing, the court may, in its dis- 
 cretion, upon such terms and in such manner as it shall direct, remand 
 the case to the Commission, together with the petition, record, pajjers, 
 and testimony, for the talcing of such new evidence, and the Commis- 
 sion shall, upon such record, pajjcrs, and testimony, including the 
 new evidence, make its ord^r, which shall become operative and be 
 observed in the same manner and to the same effect, and be subject 
 to review and appeal in the same manner, as is herein provided in 
 
DTJllES AND POWERS OF INTEESTATE COMMEKCE COMMISSION. 717 
 
 X'elation to an original order of the Commission. If, after hearing 
 upon an apjDeal, said court shall be of the opinion that any such order 
 is for any reason unlawful, it shall set aside or annul the same by 
 appropriate decree; otherwise the petition shall be dismissed; and 
 in every such case or proceeding wherein the petition shall be dis- 
 missed, the court shall, upon such dismissal, make and enter a de- 
 cree enjoining obedience to the order made by the Commission, which 
 may be enforced by appropriate process. Pending such review, how- 
 ever, the court may, upon application and hearing, if in its opinion 
 the order is clearly unlawful, suspend said order. Any party to the 
 cause may, within thirty days of the rendition of any final decree of 
 said court, appeal to the Supreme Court of the United States, which 
 court shall proceed to hear and determine such appeal; but neither 
 the decree of the circuit court, nor the execution of any writ or process 
 thereon, shall be stayed or suspended during the pendency of such 
 appeal. The said several courts of the United States shall be and 
 are vested with full jurisdiction and all necessary powers in the 
 premises. The case in both the circuit court and the Supreme Court 
 shall have precedence over all except criminal cases. 
 
 Sec. 4. That the defense in all such proceedings for review shall 
 be undertaken by the United States district attorney for the district 
 wherein the action is brought, under the direction of the Attorney- 
 General of the United States, and the costs and expenses of such 
 defense shall be paid out of the appropriation for the expenses of 
 the courts of the United States. The Commission may, with the 
 consent of the Attorney-General, employ special counsel in any pro- 
 ceeding under this Act, paying the expense of such employment out 
 of its own appropriation. 
 
 Sec. 5. That if any party bound therebj^ shall refuse or neglect 
 to obey or perform any order of the Commission mentioned in sec- 
 tion one of this Act at any time while the same is in force, obedience 
 and performance thereof shall be summarily enforced by writ of 
 injunction or other proper process, mandatory or otherwise, which 
 shall be issued by any circuit court of the United States upon peti- 
 tion of said Commission, or of any party interested, accompanied" 
 by a certified copy of the order alleged to be violated and evidence 
 of the violation alleged; and in addition thereto the offending 
 party shall be subject to a penalty of five thousand dollars for each 
 day of the continuance of -such violation, which, together with costs 
 of suit, shall be recoverable by said Commission by action of debt 
 in any circuit court of the United States, and when so recovered 
 shall be for the use of the United States. 
 
 Sec. 6. That all Acts and parts of Acts in conflict with the pro- 
 visions of this Act are hereby repealed, but such repeal shall not 
 affect causes now pending in court, nor rights which have already 
 accrued but such causes shall be prosecuted to a conclusion and such 
 rights enforced in a manner heretofore provided by law, All exist- 
 ing laws relative to testimony in cases or proceedings under or con- 
 nected with the Act to regulate commerce shall also apply to any 
 case or proceeding authorized by this Act. 
 
 Sec. 7. That this Act shall take effect from the date of its passage. 
 
718 DUTIES AND POWBKS OF INTERSTATE COMMEECE COMMISSION. 
 
 [S. 6700, Fifty-eighth Congress, third session.] 
 
 A BILL To amend an Act entitled "An Act to regnlate oammerce," approved Febrnary 
 fonrtli, eighteen hnndred and eighty-seven, and to farther prevent the payment of com- 
 missions or rebates on freight. 
 
 Be it enacted hy the Senate and House of Representatives of the 
 United States of America in Congress assembled, That the provi- 
 sions of the Act of Congress regulating commerce, approved Febru- 
 ary fourth, eighteen hundred and eighty-seven, and the several Acts 
 amendatory thereof and supplemental thereto, are hereby, so far as 
 applicable, made to apply to any person or persons, copartnership, 
 or corporation engaged in the operation of private freight cars for 
 the transportation of property for a continuous carriage or ship- 
 ment from one State or Territory of the United States, or the Dis- 
 trict of Columbia, or from any place in the United States to any adja- 
 cent foreign country, or from any place in the United States through 
 a foreign country to any other place in the United States, and also 
 transporting in like manner property shipped from any place in 
 the United States to a foreign country and carried from such place 
 to a port of transshipment, or shipped from a foreign country to 
 any place in the United States and carried to such place from a 
 port of entry either in the United States or adjacent foreign country. 
 
 Sec. 2. That the owner or operator of any such private freight cars 
 engaged in interstate-commerce transportation is hereby declared to 
 be a common carrier and is subject to all the provisions of the Acts to 
 regulate commerce as far as applicable. Every such owner or opera- 
 tor of private freight cars shall report under oath to the Interstate 
 Commerce Commission, created by the Act of February fourth, 
 eighteen hundred and eighty-seven, biennially, on the first days of 
 January and July in each j^ear hereafter, which said report shall show 
 the number of cars operated by the person or persons, firm or corpora- 
 tion, so owning or operating said cars and over what lines of railroad 
 the same are operated, the amount of mileage of all of the cars so 
 operated, the rate of mileage or per diem paid by each railroad over 
 which said cars are operated, and the total earnings of said cars for 
 the period covered by said report. Such report shall also show the 
 names of the owners and operators of said cars, and, if a corporation, 
 the stockholders of such corporation. 
 
 Sec. 3. That it shall be the duty of every railroad operating private 
 cars, or cars not owned by railroad companies, to file with the Inter- 
 state Commerce Commission, at the same time and in the same manner 
 in which other tariff schedules are by said Act above mentioned 
 required to be filed, a schedule of mileage or per diem rates paid for 
 the operation and hauling of such cars, and it shall be unlawful for 
 any railroad company within the borders of the United States to pay 
 any other rate or compensation with respect to the operation of such 
 private cars than that specified in the schedule so filed. 
 
 Sec. 4. That it shall be unlawful for any common carrier engaged 
 in the operation of freight cars as herein described to solicit, accept, 
 or receive any concession or enter into any agreement or device, or 
 practice any discrimination with respect to the operation of such 
 freight cars as hereinbefore described, whereby such cars shall by any 
 such concession, discrimination, agreement, or device be transported 
 at a higher rate of mileage or compensation than that named in the 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 719 
 
 mileage or compensation schedule required to be filed with the Inter- 
 state Commerce Commission as hereinbefore provided; or whereby, 
 through such concession, discrimination, agreement, or device, any 
 advantage is given or gained by any shipper using its cars, or dis- 
 crimination practiced against any shippers using the cars of any rail- 
 road company for the transportation of freight. 
 
 Sec. 5. That any person, association, or corporation who shall 
 violate any of the provisions of this Act shall be deemed guilty of a 
 misdemeanor, and on conviction thereof shall be punished in the 
 manner provided by the Act approved February nineteenth, nineteen 
 hundred and three, entitled "An Act to further regulate interstate 
 
 [S. 7051, Plfty-eightli Congress, third session.] 
 
 A BILL To increase the powers of the Interstate Commerce Commission, and to expedite 
 the final decisions of cases arising under the Act to regulate commerce by creating an 
 interste commerce court. 
 
 Be ie enacted hy the Senate and House of Representatives of the 
 United States of America in Congress assernbled, That hereafter when 
 the Interstate Commerce Commission shall, in any case pending 
 before it under the Act to regulate commerce, approved February 
 fourth, eighteen hundred and eighty-seven, as amended and supple- 
 mented by other Acts of Congress, decide that a rate for the trans- 
 portation of freight or passengers is unreasonable or unjust, it shall 
 be the duty of the Commission, and it is hereby authorized and em- 
 powered, to fix a rate in lieu of the rate it has found unreasonable and 
 unjust. 
 
 Sec. 2. That the provisions of the Act to regulate commerce, ap- 
 proved February fourth, eighteen hundred and eighty-seven, and Acts 
 amendatory thereof and supplemental thereto, shall apply to all trans- 
 portation of interstate commerce over any line or lines of railroad, 
 and also to such transportation over any part water and part rail 
 route used for through shipment or through carriage. . ' . . 
 
 Sec. 3. That when the rate fixed by the Commission is a joint rate 
 and the carriers parties thereto fail to agree upon the apportionment 
 thereof among themselves within twenty days after notice of such 
 order, the Commission may issue a supplemental order fixing the por- 
 tion of such joint rate to be received by each carrier party thereto. 
 
 Sec. 4. That it shall not be lawful for any common carrier subject 
 to any of said Acts, or any company or person acting for or in the 
 stead of such common carrier, to advance, reduce, or cancel any indi- 
 vidual or joint rate, fare, or charge now or hereafter in force over the 
 route or line of such common carrier unless or until notice thereof, 
 plainly showing the change intended to be made in such rate, fare, 
 or charge, and the date when the same shall take effect, shall have 
 been filed with the Interstate Commerce Commission and posted in 
 all depots or stations where passengers or freight are received for 
 transportation under such rate, fare, or charge for at least thirty days 
 prior to the date when such change is to become effective : Provided, 
 however, That said t>)mmission may, for good cause shown, upon 
 special application, allow a particular rate, fare, or charge to be 
 changed upon shorter notice published and filed as aforesaid. No 
 
720 DUTIES AND POWERS 01? INTERSTATE COMMERCE COMMISSION. 
 
 joint rate, fare, or charge shall become effective until all carriers 
 named as parties thereto shall have concurred therein by signing the 
 rate schedule or filing general authorization or specific notice of con- 
 currence with the Commission; and any common carrier enforcing 
 any schedule of joint rates, fares, or charges which shall not have been 
 concurred in by all carriers parties thereto, or any schedule of rates, 
 fares, or charges which shall not have been published and filed as 
 required by this section, shall be subject to a forfeiture of one hun- 
 dred dollars for each day such unlawful tariff shall be published or 
 enforced. The said Commission may prescribe the form, contents, 
 and arrangement of all schedules of rates, fares, and charges, and it 
 shall be the dutj^ of said Commission to make orders from time to 
 time, as may be practicable, with a view of securing uniformity in 
 freight classification and the use of rate schedules containing concise 
 and easily understood provisions and regulations. 
 
 Sec. 5. That when any notice of advance in rates, fares, or charges 
 shall be filed with the Commission, the said Commission shall have 
 authority to inquire into the lawfulness of such advance and make 
 orders in respect thereof to the same effect as if such advanced rate, 
 fare, or charge were actually in force. The provisions of this section 
 shall also apply to notice of any change in classification of freight or 
 other regulations affecting rates. 
 
 Sec. 6. That when in any investigation made by the Interstate 
 Commerce Commission it shall be made to appear to the satisfaction 
 of the Commission that anything has been done or omitted to be done 
 by any common carrier, respondent, or defendant, in such proceeding 
 in violation of the provisions of the Act to regulate commerce, ap- 
 proved February fourth, eighteen hundred and eighty-seven, or any 
 Act amendatory thereof or supplemental thereto, or of the provisions 
 of this Act, it shall be the duty of the said Commission forthwith to 
 cause a copy of its report in respect thereto to be delivered to such com- 
 mon carrier, together with an order or orders directing such common 
 carrier, its officers and agents, and any receiver or trustee of its prop- 
 erty, to wholly cease and desist from such violation, and to establish, 
 put into effect, and maintain such individual rate, fare, charge, rela- 
 tion of rates, fares, or charges, joint rate, fare, or charge, and division 
 thereof, classification of freight articles involved in the proceeding 
 through and continuous carriage over connecting lines or roads, in- 
 cluding intersecting switches or connections, and regulations concern- 
 ing transportation, including the furnishing and apportionment of 
 cars, the provision of other facilities connected with or incidental to 
 transportation, and the receiving, forwarding, and delivery of traffic, 
 as in the judgment of said Commission may be necessary to prevent 
 the continuance in any degree of such violation. That whenever any 
 common carrier, subject to the provisions of this Act, shall fail or 
 refuse after reasonable notice to furnish cars to shippers for the 
 transportation of freight as interstate commerce, or to forward and 
 deliver such freight at destination within a reasonable time, such 
 failure or refusal shall be deemed to constitute unjust discrimination 
 and undue and unreasonable prejudice and disadvantage, and in any 
 case or proceeding pending before the Commission or any circuit or 
 district court of the United States based upon such failure or refusal 
 on the part of any such common carrier, proof that in the furnishing 
 
DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 721 
 
 of cars or forwarding or delivery of its traffic other shippers have 
 been preferred shall not be required. 
 
 Sec. 7. That subject to the proceeding in review hereinafter pro- 
 vided every order issued by the Interstate Commerce Commission 
 under the authority of this Act shall become effective and be obeyed 
 by the carrier or carriers mentioned in such order on and after the 
 date specified for compliance in such order: Provided, That when- 
 ever any such order requires changes in rates, fares, or charges, 
 classification of freight, or regulations affecting the compensation of 
 any carrier, it shall not go into effect until after the expiration of 
 thirty days from the date of service thereof upon the carrier. All 
 orders of the Commission amending or modifying orders previously 
 issued, if made upon application of the carrier, shall become effective 
 as therein provided.. The Commission shall have authority at all 
 times to alter, modify, add to, or vacate any order it shall have issued. 
 In case any person, company, or corporation other than a carrier, 
 who may be interested in the traffic or transportation involved, shall 
 be included as a party defendant or respondent in addition to the 
 carrier in a proceeding before the Commission, orders may issue 
 against such additional party in the same manner, to the same extent, 
 and subject to the same provisions as are authorized with respect to 
 carriers. 
 
 Sec. 8. That there is hereby created a court to be known as " The 
 Court of Interstate Commerce," which shall consist of three justices, 
 of whom two shall constitute a quorum. Said court shall be a court 
 of record, with jurisdiction as hereafter defined. The justices shall 
 be appointed by the President, by and with the advice and consent 
 of the Senate, and shall, unless removed by the President for just 
 cause, hold their offices during good behavior. The salary of each 
 justice shall be ten thousand dollars per year, payable in the same 
 manner as salaries of judges of other courts of the United States. The 
 provisions of section seven hundred and fourteen of the Revised Stat- 
 utes of the United States, relating to the retirement of judges of the 
 United States courts, shall apply to the justices of the Court of 
 Interstate Commerce. Such court shall prescribe the form and style 
 of its seal, and the form of writs and other pr(5cess and procedure 
 as may be conformable to the exercise of its jurisdiction. The court 
 shall appoint a clerk, who shall perform and exercise the same duties 
 and powers in regard to all matters within its jurisdiction as are 
 now exercised and performed by the clerk and reporter of the Supreme 
 Court of the United States so far as may be applicable. The salary 
 of the clerk of the court shall be five thousand dollars a year,- pay- 
 able in the same manner as ,the salaries of the justices of said court. 
 The court shall have power to establish all rules and regulations 
 for the conduct of the business of the court within its jurisdiction 
 as conferred by law. The court shall have authority to appoint and 
 fix the compensation of such deputy clerks or attendants as it may 
 find necessary to the proper performance of its duties. The salaries 
 of the officers and all the expenses of the court, including all neces- 
 sary expenses for transportation incurred by the justices of the court, 
 or by the marshal, or clerk, or any deputy clerk, or attendant of the 
 court, upon official business in any other place than in the city of 
 Washington, shall be allowed and paid out of the appropriation for 
 salaries and expenses of the courts of the United States upon pre- 
 
 BY— 05 46 
 
722 DUTIES AND POWERS OF INTEESTATE COMMEECE COMMISSION, 
 
 sentation of itemized vouchers therefor. The general sessions of the 
 court shall be held in the city of Washington, but whenever the con- 
 venience of the public may be promoted, or delay and expense pre- 
 vented thereby, the court may hold sessions in any part of the United 
 States. The court shall be furnished by the Attorney-General of 
 the United States with suitable offices and all necessary office supplies. 
 
 Sec. 9. That said Court of Interstate Commerce shall have exclu- 
 sive jurisdiction to review all orders of the Interstate Commerce Com- 
 mission and summarily to enforce performance thereof by M'rits or other 
 proper process. The said court shall also have exclusive jurisdiction in 
 all proceedings brought by or upon the request of the Interstate Com- 
 merce Commission under section three of an Act to further regulate 
 commerce with foreign nations and among the States, approved Feb- 
 ruary, nineteenth, nineteen hundred and three. The said court shall 
 also have exclusive and all necessary jurisdiction to enforce, upon the 
 petition of the United States or of the Interstate Commerce Commis- 
 sion, the requirements of the Act to regulate commerce approved Feb- 
 ruary fourth, eighteen hundred and eighty-seven, and Acts amenda- 
 tory therof and supplemental thereto, in respect of the filing and pub- 
 lication of schedules of rates, fares, and charges of common carriers, 
 subject to the provisions of said Acts. Disobedience of any order, 
 writ, or other process of said court shall constitute contempt of said 
 court, punishable by a fine payable into the Treasury of the United 
 States of five thousand dollars for each offense, or by imprisonment 
 for not more than one year, or by both such fine and such imprison- 
 ment. Every distinct violation of any such order, writ, or other 
 proper process of said court shall be a separate offense, and each day 
 of the continuance of such violation shall be deemed a separate offense. 
 
 Sec. 10. That any party to a proceeding before the Interstate Com- 
 merce Commission aggrieved by an order of said Commission may, 
 within thirty days after issuance of such order, file with said 
 court a petition for review. Upon the filing of such petition it 
 shall be the duty of the clerk of the said court to serve a copy 
 thereof upon the Interstate Commerce Commission, and after terv- 
 ice of such copy of. petition upon the Interstate Commerce Commis- 
 sion it shall be its duty within twenty days thereafter to cause to be 
 filed in said court a duly certified copy of the entire record in connec- 
 tion with the order to be reviewed, including the j)etition, answers, 
 testimony, report, and opinion of the Commission, its order and all 
 other papers in connection therewith. Said court shall thereupon, as 
 speedily as may be, proceed to review the order appealed from as to 
 its justness, reasonableness, and lawfulness upon the said record 
 returned by the Commission, and thereupon if, after hearing the par- 
 ties, said court shall be of the opinion that such order is unjust, unrea- 
 sonable, or unlawful, it shall modify, set aside, or annul the same by 
 appropriate decree or remand the cause to the Interstate Commerce 
 Commission for a new or further hearing ; otherwise the order of said 
 Commission shall be affirmed. Pending such revieM' the said court 
 may, upon application and hearing, if in its opinion the order under 
 review is clearly unjust, unreasonable, or unlawful, suspend said 
 order. 
 
 Sec. 11. That the defense in such proceedings in review, except as 
 to orders of the Commission dismissing an application or petition, 
 shall be undertaken by the Attorney-General of the United States, 
 
DUTIES AND POWERS OP INTEKSTATB COMMERCE COMMISSION. 723 
 
 and the cost and expenses of such defense shall be paid out of the 
 appropriation for the expense of the courts of the United States. 
 The Commission may, with the consent of the Attorney-General, em- 
 ploy special counsel in any such proceeding, paying the expense of 
 such employment out of its own appropriation. 
 
 Sec. 12. That if any party bound thereby having failed to file peti- 
 tion for review within the time hereinabove specified shall refuse or 
 neglect to obey or perform any order of the Commission while same is 
 , in force, or having filed such petition for review shall refuse or neg- 
 lect to obey or perform any order of the Commission as modified or 
 affirmed by said court upon review as aforesaid, obedience and per- 
 formance thereof shall be summarily enforced by a writ of injunc- 
 tion, attachment, or other proper process ; and it shall be lawful for 
 such court, upon petition of said Commission, or of any party inter- 
 ested, accompanied by a certified copy of the order alleged to be vio- 
 lated and evidence of the violation alleged, to issue a writ of injunc- 
 tion, or other proper process, restraining such common carrier from 
 further continuing such violation or disobedience of such order or 
 requirement of said Commission and enjoining obedience to the same; 
 and in case of any disobedience of any such writ, it shall be lawful for 
 such court to issue writs of. attachment, or any other proper process, 
 against such common carrier, and if a corporation, against one or 
 more of the directors, officers, or agents of the same, or against any 
 owner, lessee, trustee, receiver, or other persons failing to obey such 
 writ or other proper process. 
 
 Sec. 13. That the decisions of said court shall be final, and no 
 appeal therefrom shall lie unless, in the opinion of the said court, a 
 constitutional question is involved which ought to be reviewed by the 
 Supreme Court of the United States, or unless the Supreme Court of 
 the United States, upon it appearing to its satisfaction that a consti- 
 tutional question is involved in said decision which ought to be 
 reviewed in the Supreme Court, issues a writ of certiorari directed 
 to the clerk of said court to transmit the record in such case to the 
 Supreme Court for review. In the Supreme Court such case shall 
 take precedence over all other proceedings except criminal cases. 
 During the pendency of any appeal to the Supreme Court neither 
 the order of said court nor the execution of any writ or process shall 
 be stayed or suspended. The defense in all such appeals in the 
 Supreme Court, except appeals from orders affirming an order of the 
 Commission which dismisses an application or petition, shall be 
 undertaken by the Attorney-General of the United States, and the 
 costs and expenses of such defense shall be paid out of the appropria- 
 tion for the expenses of the courts of the United Statesw The Com- 
 mission may, with the consent of the Attorney-General, employ spe- 
 cial counsel in any appeal to or review by the Supreme Court, paying 
 the expense of such employment out of its own appropriation. 
 
 Sec. 14. That in case of disobedience to a subpoena the Commission, 
 or any party to a proceeding before the Commission, may invoke the 
 aid of said court of interstate commerce in requiring the attendance 
 and testimony of witnesses and the production of books, papers, and 
 documents, under the provisions of the Act to regulate commerce and 
 the Acts amendatory thereof and supplemental thereto, and in case 
 of contumacy or refusal to obey a subpoena issued to any common 
 carrier subject to the provisions of said Acts, or other person, said 
 
724 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 court may issue an order requiring such common carrier or other per- 
 son to appear before said Commission (and produce books and papers 
 if so desired) and give evidence touching the matter in question; 
 and any failure to obey such order of the court shall be punished by 
 such court as a contempt thereof in the same manner as hereinabove 
 provided for disobedience of other orders of said court amounting 
 to a contempt thereof. 
 
 Sec. 15. That it shall be the duty of the Interstate Commerce Com- 
 mission to proceed expeditiously with the trial and determination of . 
 all cases brought before it, and to render a decision in each case 
 within sixty days after the cause has been finally submitted. 
 
 Sec. 16. That all Acts and parts of Acts in conflict with the pro- 
 visions of this Act are hereby repealed : Provided, That such repeal 
 shall not ailect causes now pending in court, and such causes shall be 
 prosecuted to a conclusion in the manner heretofore provided by law. 
 All existing laws relative to testimony in cases or proceedings under 
 or connected with the Act to regulate commerce and the Acts amenda- 
 tory thereof or supplemental thereto shall also apply to any case or 
 proceedings authorized by this Act. 
 
 Sec. 17. That this Act shall take effect from the date of its passage. 
 
 tS. R. 86, Fifty-eighth Congress, third session.] 
 
 JOINT BESOLTTTIOB' Creating a commisBion to frame a national incorporation Act for 
 railroads engaged in interstate commerce. 
 
 Resolred hy the Senate and House of Representatives of the United 
 States of America in Congress assembled, That a commission consist- 
 ing of fourteen members, one of whom shall be experienced in rail- 
 road traffic management, to be ajjpointed by the President of the 
 United States, one of whom shall be an attorney at law, to be ap- 
 pointed bj' the Attorney-General, one of whom shall be an expert in 
 transportation, to be appointed by the Secretary of Commerce and 
 Labor, one of whom shall be an expert in transportation law, to be 
 appointed by the Interstate Commerce Commission, five of whom 
 shall be Senators, to be appointed by the President pro tempore of 
 the Senate, and five of whom shall be Members of the House of Rep- 
 resentatives reelected to the Fifty-ninth Congress, to be selected by 
 the Speaker of the House, shall frame and report to the Congress of 
 the United States a national incorporation Act for railroads engaged . 
 in interstate commerce, pi'oviding, among other things, as follows : 
 
 First. For the construction of interstate railroads throughout the 
 United States, the amount of the bonds and stock to be issued by 
 such corporations to be determined by the Interstate Commerce Com- 
 mission, and not to exceed in any event the actual cost of such rail- 
 roads ; 
 
 Second. For the consolidation of railroads now engaged in inter- 
 state commerce, the amount of stock and bonds issued for such con- 
 solidation to be approved by the Interstate Commerce Commission, 
 and not to exceed in any event the actual value of the railroads con- 
 solidated, such value to be determined by the Interstate Commerce 
 Commission; 
 
DUTIES AND POWEKS OP INTERSTATE COMMERCE COMMISSION. 725 
 
 Third. For the increase of the issues of bonds or stock by such 
 corporations for the purchase of connecting or intersecting lines, 
 for new construction, or for betterment of the roads, the amount of 
 such issue of stock and bonds to be determined by the Interstate 
 Commerce Commission, and not to exceed in any event the cost of 
 such new construction, the betterments, or the value of the intersect- 
 ing or connecting lines acquired ; 
 
 Fourth. For the classification by such railroad corporations of all 
 articles of freight into' such general and special classes as may be 
 necessary and expedient, and also the fixing of transportation rates 
 for freight and passengers by such railroads, such classification and 
 rates to be subject to revision and amendment by the Interstate Com- 
 merce Commission upon complaint of shippers and localities ; 
 
 Fifth. For the reasonable and just exercise of such power in classi- 
 fying and regulating such rates of freight and fare by providing 
 that such power shall be exercised by the Interstate Commerce Com- 
 mission in such a way as to yield each railroad corporation a fair 
 return of not less than four per centum per annum upon the value 
 of its road and property, such value to be ascertained by the Inter- 
 state Commerce Commission ; 
 
 Sixth. For the hearing by such commission of complaints made 
 either by such railroad corporations or other party at interest regard- 
 ing the decision of any rate, classification, order, or regulation 
 adopted by such commission, and for decision thereon; 
 
 Seventh. For summary proceedings in the courts on the complaint 
 of any railroad company or other party at interest concerning the 
 decision of any rate, classification, order, or regulation adopted by 
 such commission; 
 
 Eighth. For the imposition of a percentage tax upon the gross 
 receipts of all such corporations in lieu of all taxes upon the prop- 
 erty of such railroad corporations and its stock and bonds, and in 
 lieu of all taxes upon the bonds and stock of such railroad compa- 
 nies in the hands of stockholders, the property of such railroads and 
 their bonds and stock to be entirely exempt from State, county, or 
 municipal taxation, and for a just plan of distributing teuch taxes by 
 the Federal Government among the States in which such railroads 
 operate according to trackage or volume of business, or such other 
 fair method as may be deemed advisable, such percentage to be so 
 adjusted as to yield in the aggregate an amount equal to the taxes 
 now paid by such railroads, and to be increased gradually through a 
 period of ten years, until it reaches an aggregate of five per centum 
 upon the gross receipts of such corporations ; , , , 
 
 Ninth For the correction of existing abuses, and tor the preven- 
 tion of rebates, preferences, and discrimination, whether relating to 
 communities or individuals; ■ j^ -, j, -i ■, i 
 
 Tenth For the creation of a pension fund for railroad employees 
 disqualified either by injury or by age for active service, by setting 
 aside a percentage of the gross receipts of the railroads ma fund in 
 the Treasury to be invested according to rules and regulations made 
 bv the Interstate Commerce Commission, such pension system to be 
 devised, changed, and modified from time to time by the Interstate 
 Commerce Commission ; ^ n t ^ t i. i, -i 
 
 Eleventh. For the arbitration of all disputes between such rail- 
 
726 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 road corporations and their employees, as to compensation, hotirs of 
 labor, and protection to life and limb. 
 
 Sec. 2. That the sum of five thousand dollars is hereby appropri- 
 ated for the expenses of such commission. 
 
 [Senate resolution No. 288, Fifty-eighth Congress, third session.] 
 
 Mr. Kean, from the Committee on Interstate Comnierce, reported the following 
 
 resolution : 
 
 Resolved, That the Committee on Interstate : Commerce, or any 
 subcommittee thereof, is instructed to sit during the recess of the 
 Senate, at such times and places as may suit the convenience of said 
 committee or subcommittee, to consider the question of additional 
 legislation to regulate interstate commerce and to authorize the Inter- 
 state Commerce Commission to fix rates of freights and fares, and to 
 acquire further information as to interstate commerce, including 
 violations or evasions of the antirebate law an,d the devices and meth- 
 ods by which such evasions are accomplished, and including refrig- 
 erator and other private car systems, industrial railway tracks, 
 switching charges, and the like, and also to consider what legislation 
 should he enacted in relation to the liability of railroad companies 
 engaged in interstate 'traffic, or operating lines in any territory of the 
 United States, for injuries received hy their employees when in the 
 discharge of duty; said committee or subcommittee is authorized 
 to employ experts, administer oaths, take testimony, send for persons 
 and papers, ejnploy a stenographer to report its hearings and to have 
 them printed, which hearings shall be sent, as soon as printed, to each 
 member of the Senate. Said committee shall make a full report of 
 its proceedings hereunder by bill or otherwise within ten days after 
 the meeting of the next Congress. 
 
 And all necessary expenses to carry out the provisions of this reso- 
 lution shall be paid from the contingent fund of the Senate. 
 
 [H. R. 18127, Fifty-eighth Congress, third session.] 
 
 A BILL To supplement and amend the Act entitled 'An Act to regnlate commerce," 
 approved February fourth, eighteen hundred and eighty-seven. 
 
 Be it enacted iy the Senate and' House of Representatives of the 
 United States of America in Congress assembled. That the tolls to be 
 •demanded and collected by common carriers subject to the Act to regu- 
 late commerce for the transportation described in section one thereof 
 shall be just, fair, and reasonable; and whenever, upon complaint 
 duly made under section thirteen of the Act to regulate commerce, 
 the Interstate Commerce Commission shall, after full hearing, make 
 any finding declaring any existing rate for the transportation of 
 persons or property, or any regulation whatsoever affecting said rate, 
 to be unreasonable or unjustly discriminatory, the Commission shall 
 liave power, and it shall be its duty, to declare and order what shall 
 be a ]ust and reasonable rate, practice, or regulation to be charged, 
 imposed, or followed in the future in place of that found to be un- 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 727 
 
 reasonable or unjustly discriminatory, and the order of the Commis- 
 sion shall of its own force take effect and become operative sixty days 
 after notice thereof has been given to the common carrier or carriers 
 affeqted thereby; but any common carrier affected by the order of 
 the Commission, and deeming it to be contrary to law, may institute 
 proceedings in the court of commerce of the United States, sitting 
 as a court of equity, to have such order reviewed and its reasonable- 
 ness and lawfulness inquired into and determined. 
 
 Pending such review, if the court shall be of opinion that the order 
 or requirement of the Commission is unreasonable or unlawful, it 
 may suspend the same until the further order of the court, in which 
 event the court shall require a bond of good and sufficient security, 
 conditioned that the carrier or ^carriers petitioning for review shall 
 answer all damages caused by the delay in the enforcement of the 
 order of the Commission, which shall include compensation for what- 
 ever sums for transportation service any person or corporation shall 
 be compelled to pay pending the review proceedings in excess of the 
 sums such person or corporation would have been compelled to pay if 
 the order of the Commission had not been suspended. 
 
 Sec. 2. That when the rate substituted by the Commission as 
 hereinbefore provided- shall be a joint rate, and the carriers parties 
 thereto fail to agree upon the apportionment thereof among them- 
 selves within twenty days after notice of such order, the Commission 
 may issue a supplemental order declaring the portion of such joint 
 rate to be received by each carrier party thereto, which shall take 
 effect of its own force as part of the original order; and when the 
 order of the Commission prescribes the just relation of rates to or 
 from common points on the lines of the several carriers parties to 
 the proceeding, and such carriers fail to notify the Commission 
 within twenty days after notice of such order that they have agreed 
 among themselves as to the changes to be made to effect compliance 
 there« ith, the Commission may issue a supplemental order prescrib- 
 ing the rate to be charged to or from such common points by either or 
 all of the parties to the proceeding, which order shall take effect of 
 its own force as part of the original order. Such supplemental 
 orders shall be subject to review by the court of commerce within 
 the time and in the manner hereinbefore provided for the review of 
 original orders of the Commission. 
 
 Sec. 3. That in every such proceeding for review the petition and 
 answers filed with the Commission and the Commission's findings, 
 opinion, and order shall, upon the application of either party, be 
 deemed a part of the record of the cause in the court of commerce; 
 and upon like application the evidence introduced in the hearing 
 before the Commission shall be deemed a part of the record of the 
 cause in the said court, with the ^exception of such parts thereof as 
 the court may reject as incompetent. 
 
 Sec. 4. That in all such proceedings for review the defense shall 
 be conducted under the direction of the Attorney-General ; but with 
 his consent the Commission ''may employ special counsel to be paid 
 from its own appropriation. 
 
 The President is authorized to appoint, by and with the advice 
 and consent of the Senate, an Assistant Attorney-General, who shall 
 
728 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 receive a j'early salary of five thousand dollars, and shall perform 
 such duties in connection with the enforcement of this Act, and such 
 other duties as the Attorney-General shall assign to him. 
 
 Sec. 5. That the Commission may at any time, whether before, 
 after, or during the progress of a judicial review, of its motion, re- 
 open its proceedings in any case and modify, suspend, or annul its 
 former order, ruling, or requirement. 
 
 Sec. 6. That if any carrier or officer or agent thereof bound thereby 
 shall, at any time while it is in effect, refuse or neglect to obey or per- 
 form any order of the Commission mentioned in sections one and two 
 of this Act, the Commission may apph' by petition to the court of 
 commerce to enforce obedience to its order by writ of injunction or 
 other appropriate process, and in "addition thereto the offending 
 party shall, for each day of the continuance of such refusal or neglect, 
 be subject to a penalty of five thousand dollars, which, together with 
 costs of suit, shall be recoverable by the Commission, for the use of 
 the United States, in an action of cTebt in the proper circuit court of 
 the United States. 
 
 Sec. 7. That in every suit or proceeding in the court of commerce, 
 brought in the name of the United States or the Interstate Commerce 
 Commission, to enforce the provisions of the Act entitled "An Act to 
 regulate commerce," approved February fourth, eighteen hundred 
 and eighty-seven, and the amendments thereto, the Act entitled "An 
 Act to further regulate commerce with foreign nations and among the 
 States," approved February nineteenth, nineteen hundred and three, 
 the present Act, and any law that may hereafter be enacted amenda- 
 tory of or supplementary to those Acts, and in every suit or proceed- 
 ing in the court of commerce to enforce obedience to, or to restrain, 
 enjoin, or otherwise prevent the enforcement and operation of, any 
 order, ruling, or requirement made and promulgated by the Inter- 
 state Commerce Commission under the authority of any power con- 
 ferred upon it by either of the aforesaid Acts, or by any law that may 
 hereafter be enacted amendatory thereof or supplemental thereto, an 
 appeal from the final decree of the court of commerce shall lie only 
 to the Supreme Court and must be taken within thirty days from the 
 entry thereof, and the rules and regulations which, under existing 
 law, govern appeals from the several circuit courts to the Supreme 
 Court shall govern appeals from the court of commerce to the Su- 
 preme Court, except as herein otherwise provided ; but in none of the 
 suits or proceedings described in this section shall an appeal operate 
 as a supersedeas or shall any order be passed suspending or staying 
 the decree of the court of commerce pending an appeal, except upon 
 the giving of a bond of good and sufficient security, conditioned that 
 the appellant shall prosecute his appeal to effect, and, if he fail to 
 make his plea good, shall answer, in addition to all costs, all damages, 
 which shall include compensation for whatever sums for transporta- 
 tion service any person or corporation shall be compelled by the ap- 
 pellant to pay, during the pendancy of the appeal, in excess of the 
 sums such person or corporation could have been compelled to pay if 
 the order, ]udgment, or decree of the court of commerce had not been 
 suspended or stayed; which compensation may be recovered in an 
 action of debt upon such bond brought in the name of the United 
 States in any court of proper jurisdiction for the use of the person 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 729 
 
 or corporation from whom or from which the excessive toll shall have 
 been collected. 
 
 Sec. 8. That the heretofore existing Interstate Commerce Commis- 
 sion is hereby abolished and there is hereby established a new Com- 
 naission, also to be known as the Interstate Commerce Commis- 
 sion, which shall be composed of seven Commissioners, who shall 
 be appointed by the President by and with the advice and consent of 
 the Senate, and who shall each receive a yearly salary of ten thousand 
 dollars, payable in the same manner as the judges of the courts of the 
 United States. The Commisioners first appointed under this Act 
 shall continue in office for the terms of four, five, six, seven, eight, 
 nine, and ten years, respectively, from the first day of April, nineteen 
 hundred and five, the term of each to be designated by the President ; 
 but their successors shall be appointed for terms of ten years, except 
 that any person chosen to fill a vacancy shall be appointed only for 
 the unexpired term of the Commissioner whom he shall succeed. All 
 laws and parts of laws conferring powers and imposing duties upon 
 or otherwise relating to the heretofore existing Interstate Commerco 
 Commission shall continue in full force and eflfect and be applicable 
 to the Interstate Commerce Commission established by this Act, 
 except as herein otherwise provided. 
 
 All the proceedings depending before the heretofore existing Inter- 
 state Commerce Commission at the time this Act shall take effect 
 shall, without break or interruption, be deemed to be depending before 
 the Commission established by this section, and shall continue on to 
 conclusion before the new Commission. 
 
 Sec. 9. That there is hereby established a court of record, with full 
 jurisdiction in law and equity, to be called the court of commerce, 
 which shall be composed of five circuit judges of *tie United States, 
 no two of whom shall be from the same circuit, and three of whom 
 shall constitute a quorum. 
 
 Sec. 10. That the court of commerce shall hold four regular ses- 
 sions each year at the city of Washington, beginning upon the first 
 Tuesday in March, June, September, and December, and a quorum 
 of judges may appoint special sessions of the court to be held at other 
 places in the United States when justice would thereby be promoted. 
 
 Sec. 11. That the court of commerce shall have exclusive original 
 jurisdiction of all suits and proceedings of a civil nature in law or 
 equity brought in the name of the United States or the Interstate 
 Commerce Commission to enforce the provisions of the Act entitled 
 "An Act to regulate commerce," approved February fourth, eighteen 
 hundred and eighty-seven, and the amendments thereto, the Act en- 
 titled "An Act to further regulate commerce with foreign nations and 
 among the States," approved February nineteenth, nineteen hundred 
 and three and any law that may hereafter be enacted amendatory of 
 or supplemental to those Acts, and it shall also have exclusive original 
 jurisdiction of all suits and proceedings of a civil nature in law or 
 equity brought to enforce obedience to, or to restrain, enjoin, or other- 
 wise prevent the enforcement and operation of, any order, ruling, or 
 requirement made and promulgated by the Interstate Commerce Com- 
 mission under the authority of any power conferred upon it by either 
 of the aforesaid Acts or by any law that may hereafter be enacted 
 amendatory thereof or supplemental thereto: Provided, however. 
 
730 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 That proceedings to require witnesses to attend and testify or produce 
 documentary evidence before the Interstate Commerce Commission 
 may be brought in any court of the United States of original juris- 
 diction, sitting in the place or district where the inquiry or hearing 
 of the Commission is being held, and in all other respects such pro- 
 ceedings shall follow the course prescribed in section twelve of the 
 aforesaid Act entitled "An Act to regulate commerce." 
 
 Sec. 12. That in the exercise of the jurisdiction defined and con- 
 ferred upon it by this Act, the court of commerce shall possess all the 
 powers of a circuit court of the United States, so far as the same may 
 be applicable. 
 
 Sec. lo. That the court of commerce shall have power to summon 
 and bring before it all parties named as defendants or respondents 
 in proceedings before it, in whatever judicial district, territory, or 
 possession of the United States they may reside; and subpoenas for 
 witnesses to appear before the court of commerce may run into any 
 judicial district, or any territory or possession of the United States. 
 
 Sec. 14. That the court of commerce, as a court of equity, shall be 
 deemed always open for the purpose of filing any pleading, including 
 any certification from the Interstate Commerce Commission, of issu- 
 ing and returning mesne and final process, and of making and 
 directing all interlocutory motions, orders, rules, and other proceed- 
 ings, including temporary restraining orders, preparatory to the 
 hearing upon their merits, of all causes pending therein; and any 
 justice of the court of commerce may, upon reasonable notice to the 
 parties, make, direct, and award, at chambers, and in vacation as 
 well as in term, all such process, commissions, orders, rules, and 
 other proceedings, including temporary restraining orders, whenever 
 the same are not grantable, as, of course, according to the rules and 
 practice of the court. 
 
 Sec. 15. That the court of commerce shall have power to prescribe 
 the form and style of its seal, and to prescribe, from time to time, 
 and in any manner not inconsistent with any law of the United 
 States, the forms of writs and other process and rules for the return 
 thereof, the modes of framing and filing proceedings and pleadings, 
 of taking evidence, and of drawing up, entering, and enrolling orders, 
 judgments, and decrees, and otherwise to regulate its practice and 
 procedure as may be necessary or convenient for the advancement of 
 justice. 
 
 Sec. 16. That the costs and fees in the court of commerce shall be 
 prescribed by a quorum of the judges thereof and shall be expended, 
 accounted for, and paid over to the Treasury of the United States in 
 the same manner as is now provided in respect of the costs and fees in 
 the several circuit courts. Costs in cases in the court of commerce 
 shall be taxed against the unsuccessful party after the manner fol- 
 lowed in the circuit courts of the United States in cases between pri- 
 vate litigants. 
 
 Sec. 17. That the court of commerce shall have power to appoint 
 a clerk, a deputy clerk, a bailiff, who shall act as crier, a messenger, 
 and five stenographers, who shall receive annual salaries, as follows, 
 payable from the Treasury of the United States: The clerk, five 
 thousand dollars ; the deputy clerk, three thousand five hundred dol- 
 lars; the bailiff, two thousand dollars; the messenger, one thousand 
 five hundred dollars, and each stenographer sixteen hundred dollars. 
 
DUTIES AND POWEES'OF INTERSTATE COMMEKCE COMMISSION. 731 
 
 The clerk and deputy clerk shall subscribe to the oaths or affirma- 
 tions prescribed for clerks of the several circuit and district courts 
 of the United States, and shall each give bond in sums to be fixed 
 and with sureties to be approved by the court, conditioned faithfully 
 to discharge the duties of their offices and seasonably to record the 
 decrees, judgments, and determinations of the court of which they 
 are, respectively, clerk and deputy clerk. That the clerk and deputy 
 clerk of the court of commerce shall have power to administer oaths 
 and affirmations. 
 
 Seg. 18. That the marshal of the United States for the District of 
 Columbia, or for any judicial district of the United States in which 
 the court shall be sitting shall attend the sessions, and shall execute 
 the orders and processes of the court of commerce. 
 
 Sec. 19. That the Chief Justice of the Supreme Court of the United 
 States is hereby authorized, on the first day of January of each year, 
 or as soon thereafter as practicable, to designate five circuit judges of 
 the United States who shall constitute the court of commerce during 
 the ensuing year and until their successors shall be designated. 
 
 Sec. 20. That the President is hereby authorized to appoint, by and 
 with the advice and consent of the Senate, one additional circuit 
 judge in each of the judicial districts of the United States, who shall 
 receive the pay and the emoluments, exercise the authoriiy and 
 powers, and perform the duties now or hereafter required by law to 
 be performed by judges of the circuit court of the United States. 
 
 Sec. 21. That all Acts or parts of Acts in conflict with the pro- 
 visions of this Act are hereby repealed, but such repeal shall not affect 
 causes now pending in court nor rights which have already accrued. 
 All existing laws relative to testimony in cases or proceedings under 
 or connected with the Act to regulate commerce shall also apply to 
 any case or proceeding authorized by this Act. 
 
 Sec. 22. That this Act shall take effect on the first day of April, 
 nineteen hundred and five. 
 
 [H. R. 18127, Fifty-eighth Congress, third session.] 
 
 AMENDMENT Intended to be proposed by Mr. Martin to tlie bill (H, E. 18127) to supple- 
 ment and amend the Act entitled "An Act to regulate commerce," approved February 
 fonrth, eighteen hundred and eighty-seven, viz: Strike out all of section 8 and insert 
 the following: 
 
 Sec. 8. That the heretofore-existing Interstate Commerce Commis- 
 sion is abolished, and a commission is hereby created and established 
 to be known as the Interstate Commerce Commission, which shall be 
 composed of nine commissioners, who shall be appointed by the Presi- 
 dent, by and with the advice and consent of the Senate. The commis- 
 sioners appointed under this Act shall continue in office for the term 
 of two, three, four, five, six, seven, eight, nine, and ten years, re- 
 spectively, from the first day of April, nineteen hundred and five, the 
 term of each to be designate(i by the President at the time of appoint- 
 ment, and their successors shall be appointed for a term of ten years, 
 except that anv person chosen to fill a vacancy shall be appointed only 
 for the unexpired term of the commissioner whom he shall succeed. 
 Any commissioner may be removed by the President for inefficiency, 
 neglect of duty, or malfeasance in office. Not more than five of the 
 
732 DUTIES AND POWEES OF INTERSTATE COMMERCE COMMISSION. 
 
 commissioners nhall be appointed from the same political party. 
 Each commissioner shall receive a salary of ten thousand dollars per 
 annum, payable in the same manner as judges of the courts of the 
 United States. One of said commissioners shall be appointed from 
 each of the judicial circuits as now constituted by law, and his suc- 
 cessor shall be appointed from the territory now composing the cir- 
 cuit from which the original appointment was made. No person 
 owning stock or bonds of any common carrier subject to the pro- 
 visions of this Act, or who is in any manner pecuniarily interested 
 therein, shall enter upon the duties of such office, or at any time hold 
 the same. Said commissioners shall not engage in any other business, 
 vocation, or employment. No vacancy in the Commission shall im- 
 pair the right of the remaining commissioners to exercise all the 
 powers of the Commission. All laws and parts of laws conferring 
 powers and imposing duties upon or otherwise relating to the hereto- 
 fore-existing Interstate Commerce Commission shall continue in full 
 force and effect and be applicable to the Interstate Commerce Com- 
 mission established by this Act, except as herein otherwise provided. 
 All the proceedings depending before the heretofore-existing Inter- 
 state Commerce Commission at the time this Act shall take effect shall, 
 without break or interruption, be deemed to be depending before the 
 Commission established by this section, and shall continue on to con- 
 clusion before the new Commission. 
 
 [H. R. 18588, Fifty-eighth Congress, third session.] 
 
 AN ACT To supplement and amend the Act entitled "An Act to regnlate commerce," 
 approved February fourth, eighteen hundred and eighty seven. 
 
 Be it enacted hy the Senate and House of Representatives of the 
 United States of America in Congress asembled,, That whenever upon 
 complaint duly made under section thirteen of the Act to regulate com- 
 merce the Interstate Commerce Commission shall, after full hearing, 
 make any finding or ruling, declaring any existing rate for the trans- 
 portation of persons or property, or any regulation or practice what- 
 soever affecting the transportation of persons or property to be unrea- 
 sonable or unjustly discriminatory, the Commission shall have power, 
 and it shall be its duty to declare and order what shall be a just and 
 reasonable rate, practice, or regulation to be charged, imposed, or fol- 
 lowed in the future in place of that found to be unreasonable or 
 unjustly discriminatory, and the order of the Commission shall, of its 
 own force, take effect and become operative thirty days after notice 
 thereof has been given to the person or persons directly affected 
 thereby ; but at any time within sixty days from date of such notice 
 a,ny person or jjersons directly affected by the order of the Commis- 
 sion, and deeming it to be contrary to law, may institute proceed- 
 ings in the court of transportation sitting as a court of equity, to have 
 it reviewed and its lawfulness, justness, or reasonableness inquired 
 into and determined. 
 
 Sec. 2. That when the rate substituted by the Commission as here- 
 inbefore provided shall be a joint rate, and the carriers, parties 
 thereto, fail to agree upon the apportionment thereof among them- 
 selves within twenty days after notice of such order, the Commission 
 
DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 733 
 
 may, after a full hearing, issue a supplemental order declaring the. 
 portion of such joint rate to be received. by each carrier party thereto, 
 Tvhich shall take effect of its own force as part of the original order. 
 Such supplemental order shall be subject to review by the court of 
 transportatioii Avithin the time and in the manner hereinbefore pro- 
 vided for the review of original orders of the Commission : Provided, 
 That any rate, whether single or joint, which may be fixed by the 
 Commission under the provisions of this Act shall for all purposes be 
 deemed the published rate of such carrier, and subject to the provi- 
 sions of an Act entitled, "An Act to further regulate commerce with 
 foreign nations and among the States," approved February nine- 
 teenth, nineteen hundred and three. "^ 
 
 Sec. 3. That in every such proceeding for review the petitions and 
 answers filed with the Commission and the Commission's findings, 
 opinions, and, order, together with the evidence introduced in the 
 hearing before the Commission shall be deemed a part of the record 
 of the cause in the court of transportation, and said record shall by 
 the Commission be filed with the court of transportation within ten 
 days after notice for such review is given. 
 
 That in all such proceedings for review the defense shall be con- 
 ducted under the direction of the Attorney-General, but the Commis- 
 sion, with the approval of the Attorney-dreneral, may einploy special 
 counsel to be paid from its own appropriation. 
 
 That the Commission may at any time, whether before, or on notice 
 io the court, during the progress of a judicial review of its action by 
 the court of transportation, reopen its proceedings in any case and 
 modify, suspend, or annul its former order, ruling, or requirement. 
 
 Sec. 4. That if any party bound thereby shall at any time while it 
 is in effect refuse or neglect to obey or perform any order of the Com- 
 mission mentioned in sections one and two of this Act the Commission 
 may apply by petition to the court of transportation to enforce obe- 
 dience to its order by writ of injunction or other appropriate process, 
 and in addition thereto the offending party shall, for each day of the 
 continuance of such refusal or neglect from the time such order shall 
 have become operative, be subject to a penalty of five thousand dol- 
 lars, which, together with costs of suit, shall be recoverable by the 
 Commission for the use of the United States in an action of debt in 
 the court of transportation. 
 
 Sec. 5. That the word " person " or " persons " wlierever used in 
 this Act shall be deemed to include corporations. 
 
 Sec. 6. That the Interstate Commerce Commission is hereby in- 
 creased to seven members, and the salary of each shall be ten thousand 
 dollars per annum. The President shall appoint, by and with the 
 advice and consent of the Senate, two additional Interstate Commerce 
 Commissioners. Not more than four Commissioners shall be ap- 
 pointed from the same political party. 
 
 Sec. 7. That there is hereby established a court of record with full 
 jurisdiction in law and equity, to be called the court of transporta- 
 tion, which shall be composed of five circuit judges of the United 
 States no two of whom shall be from the same circuit, and three of 
 whom 'shall constitute a quorum, who shall be designated by the Presi- 
 dent for terms of one, two, three, four, and five^years, respectively, 
 from April first, nineteen hundred and five, and as their terms expire 
 
734 DUTIES AND POWERS OF INTERSTATE COMMERCE COMMISSION. 
 
 the President shall from the circuit judges appoint their successors 
 for terms of five years each. , 
 
 Sec. 8. That the court of transportation shall hold four regular 
 sessions each year at the city of Washington, beginning on the first 
 Tuesday in March, June, September, and December, and a quorum 
 of said judges may ajopoint special sessions of the court to be held at 
 other places when justice would thereby be promoted: Provided, 
 That if the business of said court of transportation will permit, the 
 judges, or any member of them, may be assigned to duty in the va- 
 rious circuits as now provided by law, but under no circumstances 
 shall such assignment interfere with the necessary and expeditious 
 performance of the duties of said court of transportation. 
 
 Sec. 9. That the President is hereby authorized to appoint, by and 
 with the advice and consent of the Senate, five additional circuit 
 judges, no two of whom shall be from the same judicial circuit, who 
 shall receive the pay and emoluments, and exercise the authority and 
 powers, and perform the duties now or hereafter required by law to 
 be performed by judges of the circuit court of the United States. 
 
 Sec. 10. That the court of transportation shall have exclusive 
 original jurisdiction of all suits and proceedings of a civil nature in 
 law or equity brought in the name of the United States or the Inter- 
 state Commerce Commission to enforce the provisions of this Act, 
 the Act entitled "An Act to regulate commerce," approved February 
 fourth, eighteen hundred and eighty-seven, and the amendments 
 thereto, the Act entitled "An Act to further regulate commerce with 
 foreign nations and among the States " approved February nine- 
 teenth, nineteen hundred and three, and any law that may hereafter 
 be enacted amendatory of or supplementary to those Acts, and it 
 shall also have exclusive original jurisdiction of all suits and pro- 
 ceedings of a civil nature in law or equity brought to enforce obedi- 
 ence to, or to restrain, enjoin, or otherwise prevent the enforcement 
 and operation of, any order, ruling, or requirement made and pro- 
 mulgated by the Interstate Commerce Commission under the author- 
 ity of any power conferred upon it by either of the aforesaid Acts or 
 by any law that may hereafter be enacted amendatory thereof or sup- 
 plementary thereto: Provided, however. That proceedings to enforce 
 contumacious witnesses to attend and testify or produce documentary 
 evidence before the Interstate Commerce Commission may be brought 
 in any court of the United States of original jurisdiction, sitting in 
 the j)iace or district where the inquiry or hearing of the Commission 
 is being held, and in all other respects such proceedings shall follow 
 the course prescribed in section twelve of the aforesaid Act entitled 
 "An Act to regulate commerce." 
 
 Sec. 11. That in the exercise of the jurisdiction defined and con- 
 ferred upon it by this Act the court of transportation shall possess 
 all the powers of a circuit court of the United States, so far as the 
 same may be applicable. 
 
 Sec. 12. That in every suit or proceeding brought in the court of 
 transportation to enforce orders, rulings, or requirements of the Inter- 
 state Commerce Commission, or to restrain, enjoin, or otherwise pre- 
 vent their enforcement and operation, the findings of fact made and 
 reported by the Commission shall be received as prima facie evidence 
 of each and every "fact found, and no evidence on behalf of either 
 
DUTIES AND POWEKS OP INTERSTATE COMMBECE COMMISSION. 735 
 
 party shall be admissible in any such suit or proceeding which was 
 not offered, but which with the exercise of proper diligence could 
 have been offered, upon the hearing before the Commission that re- 
 sulted in the particular order or orders in controversy; but nothing 
 herein contained shall be construed to forbid the admission, in any 
 such suit or proceeding, of evidence not existing, or which could not, 
 with due diligence, have been known to the parties at the time of the 
 hearing before the Commission. 
 
 Sec. 13. That the court of transportation shall have power to sum- 
 mon and bring before it all parties named as defendants or respond- 
 ents in proceedings before it in whatever judicial district, Territory, 
 or possession of the United States they may reside, and subpoenas for 
 witnesses to appear before the court of transportation may run into 
 any judicial district or any Territory or possession of the United 
 States. 
 
 Sec. 14. That the court of transportation, as a court of equity, 
 shall be deemed always open for the purpose of filing any pleading, 
 including any certification from the Interstate Commerce Commis- 
 sion, of issuing and returning mesne and final process, and of making 
 and directing all interlocutory motions, orders, rules, and other pro- 
 ceedings, including temporary restraining orders, preparatory to the 
 hearing upon their merits of all causes pending therein ; and any 
 justice of the court of transportation may, upon reasonable notice 
 to the parties, make and direct and award at chambers, and in vaca- 
 tion as well as in term, all such process, commissions, orders, rules, 
 and other proceedings, including temporary restraining orders, 
 wherever the same are grantable, as of course, according to the rules 
 and practice of the court. 
 
 Sec. 15. That in all cases affected by this Act where, under the 
 laws heretofore in force, an appeal or writ of error lay from the final 
 order, judgment, or decree of any circuit court of the United States 
 to the Supreme Court, an appeal or writ of error shall lie from the 
 final order, judgment, or decree of the court of transportation to 
 the Supreme Court and that court only, and must be taken within 
 thirty days from the date of entry thereof; and said Supreme Court 
 shall give precedence to the hearing and decision of such appeal over 
 all other causes except criminal cases, and the rules and regulations 
 which, under existing law, govern appeals and writs of error from the 
 several circuit courts to the Supreme Court shall govern appeals and 
 writs of error from the court of transportation except as herein 
 otherwise provided. 
 
 Sec. 16. That the court of transportation shall have power to 
 prescribe the form and style of its seal, and to prescribe from time to 
 time and in any manner not inconsistent with any law of the United 
 States the forms of writs and other process and rules for the return 
 thereof, the modes of framing and filing proceedings and pleadings, 
 of taking evidence, and of drawing up, entering, and enrolling orders, 
 judgments, and decrees, and otherwise to regulate its practice and 
 procedure as may be necessary or convenient for the advancement of 
 justice. 
 
 Sec. 17. That the costs and fees in the court of transportation 
 shall be prescribed by a quorum of the justices thereof and shall be 
 expended, accounted for, and paid over to the Treasury of the United 
 
736 DUTIES AND POWERS OP INTERSTATE COMMERCE COMMISSION. 
 
 States in the same manner as as is now provided in respect of the costs 
 and fees in the several circuit courts. 
 
 Sec. 18. That the court of transportation shall have power to 
 appoint a clerk, a deputy clerk if necessary, a bailiff who shall act as 
 crier, and a messenger, who shall receive annual salaries, as follows, 
 payable from the Treasury of the United States: The clerk, five 
 thousand dollars; the deputy clerk, if one shall be appointed, two 
 thousand five hundred dollars ; the bailiff, two thousand dollars, and , 
 the messenger one thousand eight hundred dollars. The clerk and 
 deputy clerJf shall subscribe to the oaths or affirmations prescribed 
 for clerks of the several circuit and district courts of the United 
 States, and shall each give bond in sums to be fixed and with sureties 
 to be approved by the court, conditioned faithfully to discharge the 
 duties of their office and seasonably to record the decrees, judgements, 
 and determinations of the court of which they are respectively, clerk 
 and deputy clerk. 
 
 Sec. 19. That the justices, the clerk, and the deputy clerk of the 
 court of transportation shall have poAver to administer oaths and 
 affirmations. 
 
 Sec. 20. That the marshal of the United States for the District of 
 Columbia, or for any judicial circuit of the United States in which 
 the court shall be sitting, shall attend the sessions and shall execute 
 the orders and processes of the court of transportation. 
 
 Sec. 21. That all Acts or parts of Acts inconsistent with this Act 
 are hereby repealed. 
 
 Sec. 22. That this Act shall take effect on the first day of April, 
 nineteeii hundred and five. 
 
 Passed the House of Representatives February 9, 1905. 
 
 Attest : 
 
 A. McDowell, curk. 
 
58th Congress, ) HOUSE OF REPRESENTATIVES, j Report 
 3d Session. \ \ No. 4093. 
 
 AMENDING THE INTERSTATE-COMMERCE ACT. 
 
 Januaky 31, 1905. — Committed to the Committee of the Whole House on the state 
 of the Union and ordered to be printed. 
 
 Mr. TowNSEND, from the Committee on Interstate and Foreign Com- 
 merce, submitted the following 
 
 REPORT. 
 
 [To accompany H. E. 18588.] 
 
 The Committee on Interstate and Foreign Commerce, to whom was 
 referred sundry bills to supplement and amend the act entitled "An 
 act to regulate commerce," approved February 4, 1887, having had 
 the same under consideration, beg leave to report as follows: 
 
 The committee has had under consideration the following bills: 
 H. R. 10431, H. R. 6273, H. R. 6768, H. R. 7640, H. R. 11434, H. R. 
 11394, H. R. 13778, H. R. 13767, H. R. 16301, h. R. 16977, H. R. 17099, 
 H. R. 17678, H. R. 17650, H. R. 17867, H. R. 17786, H. R. 17783, H. R. 
 17781, H. R. 14831, H. R. 18127, H. R. 18286, H. R. 18423, H. R. 18466, 
 H. R. 18043, all having for their object an amendment to the interstate- 
 commerce act giving increased powers to the Commission provided for 
 in said act, and all claiming to provide for an expeditious determination 
 of the orders or rulings of said Commission and for a judicial review 
 thereof. 
 
 The subject-matter of this bill is not new. Legislation alon^ the 
 above lines has been attempted in prior Congresses. During the Fifty- 
 seventh Congress elaborate hearings extending over a period of six 
 weeks were had before this committee, and the testimony of numerous 
 shippers, manufacturers, and persons engaged in transportation, as 
 well as officials of the great railroad systems of the country was taken. 
 During the present Congress this legislation was again presented 
 through bills above mentioned, and again the opportunity was afforded 
 to all parties interested to present testimony. Numerous parties have 
 taken advantage of the opportunity, and the time of the committee has 
 been almost entirely devoted to hearings on and considerations of this 
 subject since December last. A large amount of testimony has been 
 taken and printed for the benefit of the committee and the Congress. 
 
 The importance of this legislation was indicated by the President in 
 his last annual message, wherein he used the following language: 
 
 The Government must in increasing degree supervise and regulate the workings of 
 KY— 05 47 737 
 
738 AMENDING THE INTERSTATE-COMMEKCE ACT. 
 
 the railways engaged in interstate commerce; and such increased supervision is the 
 only alternative to an increase of the present evils on the one hand or a still more 
 radical policy on the other. The most important legislative act now needed as 
 regards the regulation of corporations is this act to confer on the Interstate Commerce 
 Commission the power to revise rates and regulations, the revised .rate to go at once 
 into efiect and stay in effect unless and until the court of review reverses it. 
 
 Prior to 1897 the Interstate Commerce Commission assumed to exer- 
 cise the power to regulate rates; but by a decision of the Supreme 
 Court of that year in the maximum rate cases the court determined 
 that the interstate-commerce act did not give to the Commission such 
 power. Since that decision the Commission has repeatedly recom- 
 mended to Congress an amendment of the act to give it such power. 
 In its last annual report it uses the following language: 
 
 In that branch of regulation which pertains to the correction of established rates 
 and charges, there has been no amendatory legislation conferring power over the 
 rate and making "orders of the Commission effective, although we have discussed at 
 length in previous reports the weakness and inadequacy of the law, as from time to 
 time defects have been disclosed under construction of its provisions by the courts, 
 and have explained in detail the reasons for our urgent recommendations. 
 
 The Commission may find after careful and often extended investigation that a 
 rate complained against is unreasonable and or^er the carrier to desist from charging 
 that rate for the future, but it can not, though the evidence may and usually does 
 indicate it, find and order the reasonable rate to be substituted for that which has been 
 found to be unlawful. It results that any reduction of the wrongful charge amounts 
 to technical compliance, and frees the carrier from any legal obligation under the 
 order. The Commission can issue its order only against the rate complained of ; it 
 can condemn the wrong, but it can not prescribe the remedy. 
 
 This is illustrated by two cases decided during the present year. A rate of $80 per 
 car on peaches from New York to Boston, used as part of the through charge from 
 Georgia, having been found unreasonable, a reduction of $50 was deemed reasonable 
 by the Commission and recommended. The carrier reduced the charge to $65 per 
 car. A rate of $1.90 per ton on coal from Indian Territory to a point in Texas was 
 declared excessive by the Commission, and a rate of $1.25 was recommended as rea- 
 sonable upon the facts shown in the case. The rate was reduced to $1.50 per ton. 
 The proof in each of these cases demanded, in our opinion, reductions to the extent 
 recommended, but the carriers thought otherwise, and being under no compulsion 
 to follow our recommendations they put in much higher charges. 
 
 These carriers could have refrained altogether from taking any action under the 
 orders issued in the cases mentioned. They could, in the present condition of the 
 law, have stood upon their legal right to await the direction of the circuit court upon 
 a petition by the Commission and another trial of the issues in that court. In cases 
 involving important rates the carriers often do take advantage of that right. The 
 more important the case may be, the greater the benefit conferred upon shippers or 
 communities, the less likely is the order of the Commission to be obeyed. The Com- 
 mission must not only render a just decision, but one that is convincing to the car- 
 rier in order to afford the relief from unlawful rates which is contemplated in the 
 statute. If the carrier is not so convinced it merely ignores the order, and the time 
 involved in enforcing the same generally covers a period of years, which amounts in 
 most cases to a denial of justice. 
 
 If a decision by the Commission is right the public is entitled to have it go into 
 effect. If it is wrong — if it would deprive the carrier of property without due process 
 of law or invade any of its other rights or privileges under the Constitution or laws 
 of the United States — its operation could be enjoined, upon showing to that effect by 
 the carrier in a suitable and summary proceeding in the Federal court. The amend- 
 ments to the statute recommended by the Commission involve no fixing of whole 
 tariffs of rates in the first instance or at any time, but simply the redressing of trans- 
 portation wrongs shown to exist after full investigation, during which all affected 
 interests have been heard, and when an order is issued against a carrier under such 
 procedure it should, by operation of law, become effective upon the date therein 
 specified. 
 
 In the fixing of rates upon all commodities for carriage in all directions and between 
 all points reached by railroads it is inevitable that much injustice, unfairness, unrea- 
 sonableness, preference, and discrimination will be practiced notwithstanding the 
 greatest care and ripest judgment may be exercised by the railway officials charged 
 ■with the duty of rate making. These errors of judgment on the part of railway offi- 
 
AMENDING THE INTEESTATE-COMMEECE ACT. 739 
 
 cials, many of them occurring in the hasty exercise of the rate-making function or 
 in the effort to press on to the discharge of other urgent duties, constitute the reason 
 for Federal regulation and the basis of the present widespread demand for an amend- 
 ment to the existing statute which will enable their speedy correction when the 
 results of such errors are felt by the commercial public. 
 
 It seems appropriate to allude to what seems to us persistent misrepresentation on 
 the part of many who are interested in opposing this legislation that the amend- 
 ments desired would confer upon this Commission the power to arbitrarily initiate 
 or make rates for the railways, and that it would be most dangerous to place this 
 vast authority in the hands of five men, especially five men who have had no expe- 
 rience as railway trafiic managers. Xo such power has been asked by or is seriously 
 sought to be conferred upon the Commission. Though the popular demand may 
 eventually take that form under the stress of continued delay in remedying ascer- 
 tained defects in the present plan of regulation, the amendment heretofore and now 
 recommended by the Commission, -as to authority to prescribe the reasonable rate 
 upon complaint and after hearing, would confer in substance the same power that 
 was actually exercised by the Commission from the date of its organization up to 
 May, 1897, when the United States Supreme Court held that such power, was not 
 expressed in the statute. 
 
 What the Commission could do it the authority so denied should be definitely 
 conferred by the Congress is this: After service of complaint upon the carrier or car- 
 riers, after full hearing of each carrier and shipper interested, and after careful inves- 
 tigation a report and opinion would be rendered, and if the decision should be against 
 the carrier an order would be entered directing it to cease and desist from charging 
 the rate complained of and to substitute therefore a rate found, upon the evidence 
 before the Commission, to be reasonable and just. This procedure is essentially 
 judicial in character and form and be? rs no resemblance in any degree to the arbi- 
 trary administrative action which would result under the authority to make tariffs of 
 rates absolutely for the railways, either in the first instance or after some form of 
 hearing or investigation. 
 
 We said in our reports to Congress for 1902 and 1903 and now repeat that in view 
 of the rapid disappearance of railway competition and the maintenance of rates 
 established by combination, attended as they are by substantial advances in the 
 charges on many articles of household necessity, the Commission regards this matter 
 as increasingly grave, and desires to emphasize its conviction that the safeguards 
 required for the protection of the public will not be provided until the regulating 
 statute is thoroughly revised. 
 
 The complaints which come before the Commission and which are discussed under 
 another heading show that the grievances alleged reach from matters of trivial con- 
 sequence to those which involve very large sums during the course of a year's busi- 
 ness, and that the effect is not always confined to the mere amount of a given reduction 
 from a published rate, but frequently extends to the ability to carry on trade in great 
 lines of business. Though the law is extremely defective, aggrieved shippers have 
 no other recourse than to appeal to the Commission, in the hope, as was said in our 
 last report, "of some relief from conditions which they regard as intolerable." 
 
 Xo procedure for reparation or damages resulting from unjust rates can ever afford 
 an adequate remedy. This is so because, first, in respeqt of many articles of freight 
 the rate is an important factor in determining the cost thereof and in fixing the 
 limits of distribution and sale. The mere difference between the just rate and the 
 unjust one on actual shipments would seldom, if ever, apjiroximate the real damage 
 to a business injuriouslv affected. Generally the most serious injury in such a case, 
 though potent and substantial, is not even approximately measurable. In the second 
 place, the shipper, who alone is known to the carrier in the transaction, is often a 
 dealer or middleman who has protected himself in buying and selling on the basis of 
 the rates charged, yet he alone could maintain a suit against the carrier on accomif 
 of the unjust rate paid, although the hardship had fallen on the producer from whom 
 he bought or the consumer to whom he sold, or both. Jn the very nature of the 
 case adequate protection can be found alone" in prevention of the wrong; hence, the 
 vital importance of just rates upon which to move traffic at the time when or before 
 
 it moves. , ^ . ^■, , j i_ ■ i_ 
 
 This is also true in respect of tanff rates, however strictly enforced, which operate 
 with discriminating effect as between rival localities or competing articles of traffic. 
 The resulting disadvantage in such cases is not measured by the difference between 
 relatively equal and relatively unequal rates, but by the command of markets and 
 the ability to undersell which are secured by those who are favored by inequitable 
 rate adjustments. The injury thus inflicted is beyond calculation and can be redressed 
 only by the exercise of sufficient authority to readjust rate schedules to be observed 
 in the "future on the basis of relative justice. 
 
740 AMENDING THE INTEESTATE-COMMEECB ACT. 
 
 It is conceded by all that it ia right that rates should be reasonable and just. It 
 is clear that when they are not so there is now no adequate means of making them 
 such unless the carrier at fault can be convinced and persuaded to do so. The inter- 
 ests of one party can not be safely relied upon to determine and protect the rights of 
 ajiother. It must surely be possible to devise a method of procedure whereby prac- 
 tical effect can be given to the concededly fair demands of law that rates shall be 
 reasonable and just without sacrifice of the rights or just interests of either party to 
 the controversy. 
 
 If authority is to be conferred upon any tribunal, upon complaint and hearing, to 
 correct rates found to be unreasonable or unjust, there is good reason for apprehen- 
 sion that the purpose to do so could in many cases be thwarted unless there is also 
 authority to require the establishment of joint through rates over connecting and 
 continuous lines and to fix the divisions thereof in case the carriers fail or refuse to 
 do so. 
 
 ' As showing the widespread interest in this legislation there has been 
 filed with the committee thousands of petitions, resolutions, and tele- 
 grams from private individuals, corporations, and civic bodies demand- 
 ing that legislation along the lines suggested by the President's message 
 and the above report of the Interstate Commerce Commission be 
 enacted. Resolutions and memorials adopted hy several of the States 
 have also been presented. 
 
 To meet this great demand your committee has recommended the 
 enactment of this bill, its chief purpose being to increase the efficiency 
 of the interstate- commerce law. 
 
 The business interests of the country demand that the law be 
 amended, and the railroad representatives at the committee hearings 
 acknowledged that Congress should regulate the railroads, but it has 
 been a difficult matter to get witnesses to agree on just what amend- 
 ments should be made to the law. Your comiiiitteei however, believe 
 that the great demands of the people are: First, that the Interstate 
 Commerce Commission shall be vested with power to determine after 
 full hearing not only what is an unjust and unreasonable rate, regula- 
 tion, or practice, but at the same time to determine and declare what is 
 just and reasonable, and that such determination shall become oper- 
 ative as soon as practicable, and second, that lawful means shall be 
 provided to expedite the business of the Commission and speed its find- 
 ings and orders to a final determination by judicial review. To these 
 ends this bill has been framed and reported. 
 
 Section 1 of the bill confers upon the Commission the right to name 
 a just and reasonable rate in place of one found to be unjust and unrea- 
 sonable, and provides that the same shall take effect and become oper- 
 ative within thirty days from the date of service of the Commission's 
 order upon the party directly affected by it. No provision is made 
 for the suspension of said rate except upon reversal of the Commis- 
 sion's order by the court of review. 
 
 Section 4 provides for a penalty of $5,000 to be imposed upon the 
 party refusing to obey the order of the Commission for everj' day of 
 such refusal after the order becomes operative. 
 
 To increase the efficiency of the Commission it is enlarged to seven 
 members and the salaries increased to $10,000. The work of the Com- 
 mission is so great that five men have failed to perform it in a reason- 
 able time, and many cases suffer for lack of time and opportunity' to 
 be heard and datermined. The Commissioners' duties are so arduous 
 and of such importance that the present salary of $7,500 is believed to 
 be insufficient, and is therefore increased to $10,000. Men who are 
 fitted for the great duties of Commissioners under the law as hereby 
 
AMENDING THE INTEESTATE-COMMERCE ACT. 741 
 
 amended can command the higher salary, and none but men of very 
 highest ability and experience should be selected. 
 
 Section 7 provides for a special court of transportation to review the 
 orders of the Commission in case of appeals. It is believed that cases 
 will be greatly expedited, and that a court constituted as provided in 
 the bill will become expert in matters of interstate commerce, and that 
 a greater degree of uniformity and continuity will be found in its 
 decisions than in those of a court of less expert experience. 
 
 The Department of Justice reports that four additional circuit judges 
 are needed for the regular business of the circuits. It is thought that 
 the proposed court of transportation will not be occupied all 3ie time 
 with interstate commerce cases and -that it will therefore have time to 
 perform the extra duties required in the Federal circuits. 
 
 This court is composed of circuit judges designated bv the President 
 for terms of five years, with the exception of four of the first judges 
 appointed, whose terms are respectively one, two, three, four, and 
 five years. So constituted the court has at all times four members who 
 have had one or more years' experience on the bench. 
 
 The other sections of the bill are for the purpose of making the act 
 more complete and efl'ective. 
 
 Your committee recommends the passage of the bill H. R. 18588. 
 
 Bill H. E. 18588 is as follows: 
 
 A BILL to supplement and amend the Act entitled "An Act to regulate commerce," approved Feb- 
 ruary fourth, eighteen hundred and eighty-seven. 
 
 Be it enacted by the Senate and House of Representatives of the United States of America 
 in Congress assembled, That whenever upon complaint duly made under section thir- 
 teen of the Act to regulate commerce the Interstate Commerce Commission shall, 
 after full hearing, make any finding or ruling, declaring any existing rate for the 
 transportation of persons or p.-operty, or any regulation or practice whatsoever affect- 
 ing the transportation of persons or property to be unreasonable or unjustly discrimi- 
 natory, the Commission shall have power, and it shall be its duty to declare and 
 order what shall be a just and reasonable rate, practice, or regulation to be charged, 
 imposed, or followed in the future in place of that found to be unreasonable or 
 unjustly discriminatory, and the order of 'the Commission shall, of its own force, take 
 effect and become operative thirty days after notice thereof has been given to the 
 person or persons directly affected thereby; but at any time within sixty days from 
 date of such notice any person or persons directly affected by the order of the Com- 
 mission, and deeming it to be contrary to law, may institute proceedings in the court 
 of ttfinsportation sitting as a court of equity, to have it reviewed and its lawfulness, 
 justness, or reasonableness inquired into and determined. 
 
 Sec. 2. That when the rate substituted by the Commission as hereinbefore pro- 
 vided shall be a joint rate, and the carriers, parties thereto, fail to agree upon the 
 apportionment thereof among themselves within twenty days after notice of such 
 order, the (Commission may, after a full hearing, issue a supplemental order declar- 
 ing the portion of such joint rate to be received by each carrier party thereto, which 
 shall take effect of its own force as part of the original order. Such supplemental 
 order shall be subject to review by the court of transportation within the time and 
 in the manner hereinbefore provided for the review of original orders of the Com- 
 mission: Provided, That any rate, whether single or joint, which may be fixed by 
 the Commission un^ler the provisions of this Act shall for all purposes be deemed 
 the published rate of such carrier, and subject to the provisions of an Act entitled, 
 "An Act to further regulate commerce with foreign nations and among the States," 
 approved February nineteenth, nineteen hundred and three. 
 
 Sec. 3. That in every such proceeding for review the petitions and answers filed 
 with the Commission and the Commission's findings, opinions, and order, together 
 with the evidence introduced in the hearing before the Commission shall be deemed 
 a part of the record of the cause in the court of transportation, and said record shall 
 by the Commission be filed with the court of transportation within ten days after 
 notice for such review is given. 
 
 That in all such proceedings for review the defense shall be conducted under the 
 
742 AMENDING THE INTERSTATE-COMMERCE ACT. 
 
 direction of tiie Attorney-General, but tlie Commission, with the approval of the 
 Attorney-General, may employ special counsel to be paid from its own appropriation. 
 
 That the Commission may at any time, whether before, or on notice to the court, 
 during the progress of a judicial review of its action by the court of transportation, 
 reopen its proceedings in any case and modify, suspend, or annul its former order, 
 ruling, or requirement. 
 
 Sec. 4. That if any party bound thereby shall at any time while it is in effect refuse 
 or neglect to obey or perform any order of the Commission mentioned in sections one 
 and two of this Act the Commission may apply by petition to the court of transporta- 
 tion to enforce obedience to its order by writ of injunction or other appropriate 
 process, and in addition thereto the offending party shall, for each day of the con- 
 tinuance of such refusal or neglect from the time such order shall have become 
 operative, be subject to a penalty of five thousand dollars, which, together with costs 
 of suit, shall be recoverable by the Commission for the use of the United States in an. 
 action of debt in the court of transportation. 
 
 Sbc. 5. That the word "person" or "persons" wherever used in this Act shall be 
 deemed to include corporations. 
 
 Sec. 6. That the Interstate Commerce Commission is hereby increased to seven mem- 
 bers, and the salary of each shall be ten thousand dollars per annum. The President 
 shall appoint, by and with tKe advice and consent of the Senate, two additional 
 Interstate Commerce Commissioners. Not more than four Commissioners shall be 
 appointed from the same political party. 
 
 Sec. 7. That there is hereby established a court of record with full jurisdiction in 
 law and equity, to be called the court of transportation, which shall be composed of 
 five circuit judges of the United States, no two of whom shall be from the same cir- 
 cuit, and three of whom shall constitute a quorum, who shall be designated by the 
 President for terms of one, two, three, four, and five years, respectively, from April 
 first, nineteen hundred and five, and as their terms expire the President shall from 
 the circuit judges appoint their successors for terms of five years each. 
 
 Sec. 8. That the court of transportation shall hold four regular sessions each year 
 at the city of Washington, beginning on the first Tuesday in March, June, Septem- 
 ber, and December, and a quorum of said judges may appoint special sessions of the 
 court to be held at other places when justice would thereby be promoted: Provided, 
 That if the business of said court of transportation will permit, the judges, or any 
 number of them, may be assigned to duty in the various circuits as now provided 
 by law, but under no circumstances shall such assignment interfere with the neces- 
 sary and expeditious performance of the duties of said court of transportation. 
 
 Sec. 9. That the President is hereby authorized to appoint, by and with the advice 
 and consent of the Senate, five additional circuit judges, no two of whom shall be 
 from the same judicial circuit, who shall receive the pay and emoluments, and exer- 
 cise the authority and powers, and perform the duties now or hereafter required by 
 law to be performed by judges of the circuit court of the United States. 
 
 Sec. 10. That the court of transportation shall have exclusive original jurisdiction 
 of all suits and proceedings of a civil nature in law or equity brought in the name of 
 the United States or the Interstate Commerce Commission to enforce the provisions 
 of this Act, the Act entitled "An Act to regulate commerce," approved February 
 fourth, eighteen hundred and eighty-seven, and the amendments thereto, the Act 
 entitled "An Act to further regulate commerce with foreign nations and among 
 States" approved February nineteenth, nineteen hundred and three, and any 
 law that may hereafter be enacted amendatory of or supplementary to those Acts, 
 and it shall also have exclusive original jurisdiction of all suits and proceedings of a 
 civil nature in law or equity brought to enforce obedience to, or to restrain, enjoin, 
 or otherwise prevent the enforcement and operation of, any order, ruling, or require- 
 ment made and promulgated by the Interstate Commerce Commission under the 
 authority of any power conferred upon it by either of the aforesaid Acts or by any 
 law that may hereafter be enacted amendatory thereof or supplementary thereto: 
 Provided, however, That proceedings to enforce contumacious winesses to attend and 
 testify or produce documentary evidence before the Interstate Commerce Commission 
 may be brought in any court of the United States of original jurisdiction, sitting in 
 the place or district where the inquiry or hearing of the Commission is being held, 
 and in all other respects such proceedings shall follow the course prescribed m sec- 
 tion twelve of the aforesaid Act entitled "An Act to regulate commerce." 
 
 Sec. 11. That in the exercise of the jurisdiction defined and conferred upon it by 
 this Act the court of transportation shall possess all the powers of a circuit court of 
 the United States, so far as the same may be applicable. 
 
 Sec 12. That in every suit or proceeding brought in the court of transportation to 
 enforce orders, rulings, or requirements of the Interstate Commerce Commission, or 
 
AMEISTDING THE raTEESTATE-OOMMEROE ACT. 743 
 
 to restrain, enjoin, or otherwise prevent their enforcement and operation, the flnd- 
 inga of fact made and reported by the Commission shall be received as prima facie 
 evidence of each and every fact found, and no evidence on behalf of either party 
 shall be admissible in any such suit or proceeding which was not offered, but which 
 with the exercise of proper diligence could have been offered, upon the hearing 
 before the Commission that resulted in the particular order or orders in controversy; 
 but nothing herein contained shall be construed to forbid the admission, in any such 
 ■suit or proceeding, of evidence not existing, or which could not, with due diligence, 
 have been known to the parties at the time of the hearing before the Commission. 
 
 Sec. 13. That the court of transportation shall have power to summon and bring 
 before it all parties named as defendants or respondents in proceedings before it in 
 whatever judicial district, Territory, or possession of the United States they may 
 reside, and subpoenas for witnesses to appear before the court of transportation may 
 run into any judicial district or any Territory or possession of the United States. 
 
 Sec. 14. That the court of transportation, as a court of equity, shall be deerhed 
 always open for the purpose of filing any pleading, including any certification from 
 the Irterstate Commerce Commission, of issuing and returning mesne and final proc- 
 ess, and of making and directing all interlocutory motions, orders, rules, and other 
 proceedings, including temporary restraining orders, preparatory to the hearing upon 
 their merits of all causes pending therein; and any justice of the court of transporta- 
 tion may, upon reasonable notice to the parties, make and direct and award at 
 chambers, and in vacation as well as in term, all such process, commissions, orders, 
 rules, and other proceedings, including temporary restraining orders,- wherever the 
 same are grantable, as of course, according to the rules and practice of the court. 
 
 Sec. 15. That in all cases affected by this Act wlie^e, under the laws heretofore in 
 force, an appeal or writ of error lay from the final order, judgment, or decree of any 
 circuit court of the United States to the Supreme Court, an appeal or writ of error 
 shall lie from the final order, judgment, or decree of the court of transportation to 
 the Supreme Court and that court only, and must be taken within thirty days from 
 the date of entry thereof; and said Supreme Court shall give precedence to the hear- 
 ing and decision of such appeal over all other causes except criminal cases, and the 
 rules and regulations which, under existing law, govern appeals and writs of error 
 from the several circuit courts to the Supreme Court shall govern appeals and writs 
 of error from the court of transportation except as herein otherwise provided. 
 
 Sec. 16. That the court of transportation shall have power to presAribe the form 
 and style of its seal, and to prescribe from time to time and in any manner not incon- 
 sistent with any law of the United States the forms of writs and other process and 
 rules for the return thereof, the modes of framing and filing proceedings and plead- 
 ings, of taking evidence, and of drawing up, entering, and enrolling orders, judgr 
 menta, and decrees, and otherwise to regulate its practice and procedure as may be 
 necessary or convenient for the advancement of justice. 
 
 Sec. 17. That the costs and fees in the court of transportation shall be prescribed 
 by a quorum of the justices thereof and shall be expended, accounted for, and paid 
 over to the Treasury of the United States in the same manner as is now provided in 
 respect of the costs and fees in the several circuit courts. 
 
 Sec. 18. That the court of transportation shall have power to appoint a clerk, 
 a deputy clerk if necessary, a bailiff who shall act as crier, and a messenger, who 
 shall receive annual salaries, as follows, payable from the Treasury of the United 
 States: The clerk, five thousand dollars; the deputy clerk, if one shall be appointed, 
 two thousand five hundred dollars; the bailiff, two thousand dollars, and, the mes- 
 senger one thousand eight hundred dollars. The clerk and deputy clerk shall sub- 
 scribe to the oaths or affirmations prescribed for clerks of the several circuit and 
 ■district courts of the United States, and shall each give bond in. sums to be fixed and 
 with sureties to be approved by the court, conditioned faithfully to discharge the 
 duties of their office and seasonably to record the decrees, judgments, and determi- 
 nations of the court of which they are, respectively, clerk and deputy clerk. 
 
 Sec. 19. That the justices, the clerk, and the deputy clerk of the court of trans- 
 portation shall have power to administer oaths and affirmations. 
 
 Sec. 20. That the marshal of the United States for the District of Columbia, or for 
 any judicial circuit of the United States in which the court shall be sitting, shall 
 attend the sessions and shall execute the orders and processes of the court of trans- 
 portation. ..,,.., 
 
 Sec. 21. That all Acts or parts of Acts mconsistent with this Act are hereby 
 repealed. 
 
 Sec. 22. That this Act shall take effect on the first day of April, nineteen hundred 
 and five. 
 
VIEWS OF THE MINOEITY. 
 
 The undersigned members of the Committee on Interstate and For- 
 eign Commerce can not give tiieir approval to all of H. R. 18588 as 
 the best and most effective legislation to be bad in order to cure the 
 evils complained of by us, the President of the United States, and the 
 country, although we admit that it contains some wholesome points 
 and the state of legislation which would be brought about by its enact- 
 meflt would be superior to present legislation. No difference of opin- 
 ion exists between us that additional legislation is required to make 
 effective the primary requirement of the "act to regulate commerce," 
 namely, " that all charges made for any service rendered or to be 
 rendered in the transportation of passengers or property, or in con- 
 nection therewith, shall be made reasonable and just." 
 
 We are not informed as to any dissent on the part of any member 
 of the committee to the necessity and advisability of the Congress 
 conferring upon the Interstate Commerce Commission the power, 
 where a given rate has been challenged and, after a full hearing, 
 found to be unreasonable and unjust, to decide, subject to judicial 
 review, what shall be a reasonable and just rate to take its place, the 
 decision or ruling of the Commission to take effect and to remain in 
 operation until or unless the ruling so made by the Comi^ission is 
 held to be error or reversed by the proper Federal court haying juris- 
 diction thereof. 
 
 We contend, and believe, that if the "Act to regulate commerce" 
 is so amended, it will afford ample remedy for existing evils and 
 abuses in the matter of unjust and unreasonable rates, alleged to 
 be charged by railroads, and give equal protection and security to 
 the rights and interests of the public and the railroads, especially if 
 provision is made, as we propose, to expedite all hearings of injunc- 
 tion to restrain and annul rates, which was omitted in the present 
 law to expedite proceedings. We contend that if the Interstate Com- 
 merce Commission is worthy to have this important power conferred 
 on it by the Congress, subject to review of the proper Federal Courts, 
 that it ought not, in the exercise of such power, to be hampered and 
 trammeled by a multiplicity of rules, regulations, temporary restraining 
 orders, provisions, and requirements incident to the creation of new 
 and special courts, all tending to vexatious and needless dela,y.s and the 
 defeat of the ends of justice. It is not, in our judgment, in harmony 
 with the true intent and spirit of our theory of I'epublican government 
 or our judicial system, to signalize any special and distinct interest, 
 vocation, or employment in our own country and among our own peo- 
 ple by creating a special court to look after a special interest. 
 
 Congress can certainly be relied on not to enact hostile legislation 
 against our railroads. The President of the United States said: 
 
 The act should be amended. The railway is a public servant. Its rates should be 
 just and open to all shippers alilce. The Government should see to it that, vfithin 
 Its jurisdiction, this is so, and should provide a speedy and effective remedy to that 
 
 744 
 
AMENDING THE INTERSTATE-COMMERCE ACT. 745 
 
 end. Nothing could be more foolish than the enactment of legislation which would 
 unnecessarily interfere with the development and operation of these commercial 
 agencies. 
 
 For quite ten years after the approval of the "Act to regulate com- 
 merce" the Commission acted upon the assumption that the law con- 
 ferred the authority on the Commission to declare a given rate in lieu 
 of a rate fully investigated and found to be unreasonable and unjust. 
 The railroads adapted themselves to that construction. 
 
 No complaints were made that the Commission used its power improvi- 
 dently. Rates, regulations, and practices were adjusted by the Com- 
 mission and the railroads. No fear of irreparable damage being done 
 by the Commission to the railroads was expressed. No special court 
 of commerce or transportation was in existence, but the railroads took 
 their chances, like all other interests, before the Federal courts as now 
 organized. Quite twenty States of the Union have by legislative acts 
 clothed their State commission with the power to make'rates. In many 
 of these States there were railroads subject only to State supervision. 
 Yet railroads have flourished, prospered, and multiplied in those States. 
 
 It was only after the decision of the Supreme Court of the United 
 States holding that the Interstate Commerce Commission, under "the 
 act to regulate commerce," was not given the legislative authority to 
 prescribe rates that the trouble commenced. Then railroads disre- 
 garded the authority of the Commission and exercised the arbitrary 
 and undisputed power of fixing their own rates, subject to' the harm- 
 less power of the Commission to admonish them "to cease and desist " 
 from the violation of the law. 
 
 The real issue is, Shall Congress leave the rate-making power in the 
 hands of the railroads, which nas been arbitrarily used, and practically 
 without governmental supervision or judicial revision, for years past; 
 or shall we give in effective shape the simple and modified rate-making 
 power to the Interstate Commerce Commission, which the President 
 has called for in his message, and for which the Democracy contended 
 for all last session of Congress, and manj'^ of us much longer than that, 
 which the Industrial Commission advised, and which the Interstate 
 Commerce Commission requested for the more effective doing of its 
 work, safeguarded by the protection and safety that existing Federal 
 courts can give if all cases are expedited where proper ? 
 
 The bill reported by the majority contains provisions wholly unnec- 
 essary and superfluous for a certain speedy and efficient enforcement 
 of the rate declared by the Commission in lieu of a rate found to be 
 unreasonable and unjust. Where there is a plain, open, and lawful 
 mode by which evils complained of can be remedied, the country ought 
 and will condemn us if we persist, in following another plan of legisla- 
 tion, however plausible, which invites litigation and guarantees in the 
 construction of its legal intricacies, pleadings, and complications, dis- 
 couraging and harmful delays and consequent postponement of the 
 case for many years. We can not differ about the principle and we 
 oufht to be able to agree on such details as to make the statute real 
 and effective, and not a failure. The bill of the majority, we respect- 
 fully submit, is of that character. Why should a special court of 
 transportation be created for the special and exclusive jurisdiction of 
 •railroad cases? The bill, in a qualified way, seeks to counteract the 
 universal dislike that the people have to the creation of a special 
 privileged court, called into existence on the one idea only that the 
 conflicting interests of the people with the great railroad corporations 
 
746 AMENDING THE INTERSTATE-COMMERCE ACT. 
 
 of the country shall be adjudicated in that special court by assigning 
 the members of the court to other duties when business will permit. 
 Can it be denied that such a condition would invite and stimulate the 
 concentration of the powerful railroad influences in a manner well 
 calculated to do injury? 
 
 Does a special court provide against the delays that have been so 
 much complained of in the enforcement of the orders of the Commis- 
 sion under existing law ? Can it be denied that this special court of 
 transportation has exactly, under the bill of the majority, the same 
 authority in passing upon the " reasonableness" of a rate, fixed by the 
 Commission, that the Interstate Commerce Commission has now under 
 the present law, the act to regulate commerce? The Commission 
 now can say whether a rate is unreasonable and unjust, but it can not 
 declare what rate can take the place of the one declared unreasonable. 
 The court of transportation, provided for in the bill, will exercise the 
 same authority. It can not be clothed with authority to declare what 
 a reasonable rate is, because that is purely a legislative act. 
 
 We have an abundance of courts to meet the demands of the coun- 
 try. No complaints have been made that the Federal courts, as now 
 organized, are unable to dispatch the business with fairness, impar- 
 tiality, and ability. In this connection we call attention to the pro- 
 visions of section 12 of the bill, which are worthy of support and cor- 
 dial indorsement, because it adopts the usual and establisned rules for 
 the ascertainment of truth and the administration of justice in an appel- 
 late court. The findings of fact reported by the Commission must 
 be received as "prima facie evidence," and the usual provision for 
 newly discovered evidence is set forth in plain language, but the Com- 
 mission, and not the court, should rehear the case and pass upon the 
 newly discovered evidence. The court should deal with law, not facts. 
 We could but conclude that the court of transportation was in the 
 bi'oades't sense strictly "an appellate court," but that delusion was 
 promptly dispelled when we read the provisions of section 14 of the 
 bill. 
 
 That section contains the "railroad joker" of all the provisions of 
 the bill. It declares that "the court of transportation, etc., is always 
 open for the purpose of filing any pleading, including any certification 
 from the Interstate Commerce Commission, of issuing and returning 
 mesne and final process, and of making and directing all interlocutory 
 motions, orders, rules, and other proceedings, including temporary 
 restraining orders, preparatory to the hearing upon their merits of 
 all causes pending therein, and any justice of the court of transporta- 
 tion may, upon reasonable notice to the parties, make and direct and 
 award at chambers, and in vacation as well as in term, all such proc- 
 ess, Commission orders, rules, and other proceedings, including tem- 
 porary restraining orders, whenever the same are not grantable," of 
 course, "according to the rules and practice of the court." 
 
 A hearing of a case "upon its merits" takes up the case anew. A 
 case taken from the Interstate Commerce Commission b_v appeal to the 
 court of transportation would be tried de novo if tried upon its merits. 
 What will be the effect of such a provision? The railroads decline to 
 open up their case in full before the Commission and await the hear- 
 ing before the court of transportation. This section authorizes "all 
 restraining orders'' to be issued, superseding the orders of the Com- 
 mission, "on reasonable notice to tne parties," including temporary 
 
AMENDING THE INTEBSTATE-COMMEECE ACT. 747 
 
 restraining orders wherever the same are not grantable as of course. 
 Temporary restraining orders of the "of course character " are granted 
 on exparte affidavits without any notice whatever. Here you have the 
 rate fixed by the Commission enjoined and restrained by exparte affi- 
 davits, with quite a certainty that the temporary order will be made 
 final. 
 
 It can not be concluded by the majority that it would be obnoxious 
 to the Constitution to have required that any temporary restrain- 
 ing order or other proceedings should not supersede the order of 
 the Commission until and unless notice had been given to all parties 
 and hearing had on the same. This would have been an open and fair 
 dealing with this great question. Why, we are reliably informed that 
 on less distinguished persons than the President of the United States, 
 the able and distinguished Attorney-General of the United States, and 
 Secretary of the Navy, recommended, if the_v did not inspire, a bill now 
 pending before the Judiciary Committee of the House requiring that 
 notice should be given and a hearing had before the issuance of a tem- 
 porary injunction against strikers. With such provisions as we find 
 in section 14 of the bill, what possible confidence can the public have 
 in the prompt and efficient enforcement of the power given by the 
 bill to the Commission to declare what a reasonable rate is. 
 
 The power is granted, but its execution is regulated by injunctions, 
 restraining orders, and other proceedings to the degree of destroying 
 its usefulness, while it ought to be a law with a remed}' so easy of 
 enforcement that anyone could understand it. 
 
 The majority, in the provisions of section 3 of the bill, allow the 
 Commission to reopen the case and modify, suspend, or annul its order, 
 notwithstanding the fact that the court of transportation was then 
 judicially reviewing the order, and even engaged in trying the case on 
 its merits. It appears to us that confusion could readily arise when 
 the Commission and the transportation court, each having a like 
 authority to hear a case, should be engaged in that business at the 
 same time. As an independent provision, section 3 would not be 
 objectionable. 
 
 In the very limited time given us to prepare this minority report, 
 we have undertaken only to point out the salient defects of the bill of 
 the'majority, and show how and where, in our opinion, it will fail to 
 give the relief so earnestly demanded by the people of all sections and 
 interests of our people. 
 
 The people have the right to expect this Congress to enact legis- 
 lation that will relieve them of the unjust and oppressive burdens of 
 unreasonable railroad rates that they have sufl^ered from so long. The 
 minority members, in view of the vast importance of this question to 
 all the people, express the earnest hope that we will be allowed the 
 opportunity of offering as a substitute for the bill of the majority the 
 bill, a copy of which is hereto attached, which substantially expresses 
 the views of the undersigned members of the committee. 
 
 The bill we recommend is restricted to such, provisions as, in our 
 judgment, are necessary to give effectiveness to the "Act to regulate 
 commerce." It is not to be expected that all reforms needed can be 
 secured at once, but we should never lose sight of the controlling and 
 all-important requirement — the speedy enforcement of a rate declared 
 by the Commission. This is the prime consideration in the plan of 
 relief proposed by our bill. 
 
748 AMENDING THE INTEK8TATE-C0MMEECE ACT. 
 
 We see no occasion or necessity to increase the members, terms, nor 
 the compensation of the Commissioners. We have heard no complaint 
 made of either. We have been led to believe that retrenchment is 
 is demanded in "the affairs of the Government, inasmuch as the dis- 
 bursements have for months past exceeded its receipts. The bill under 
 consideration increases the expenses without a corresponding benefit 
 to the public. The court of transportation is an additional and unnec- 
 essary expense. It makes no improvement in the present procedure 
 nor in expedition of cases. A careful scrutiny of the same discloses 
 the fact that it increases obstacles in the execution of the law. It 
 seems to us that conferring the rate-making power on the Interstate 
 Commerce Commission will tend not to increase litigation or to require 
 more courts, but, with the assurance of celerity and certainty of dis- 
 position of cases, litigation would rapidly disappear and efficiency 
 be secured. 
 
 We believe that the Interstate Commerce Commissidn should be 
 vested with the power, where a given rate has been challenged and 
 after full hearing found to be unreasonable, to decide, subject to judi- 
 cial review, what shall be a reasonable rate to take its place, the rul- 
 ing of the Commission to take effect immediately, and to obtain unless 
 and until it is reversed by the court of review; and we also believe 
 that all proceedings brought in the courts to arrest, enjoin, or annul a 
 rate declared by the Commission shall be expedited in all the courts to 
 which such cases may be carried, as well as the cases arising under the 
 act to regulate commerce. 
 
 W. C. Adamson, 
 W. H. Ryan, 
 R. C. Davey, 
 William Richardson. 
 
 I indorse, subject to mj^ views set out in a report signed by me with 
 Hon. D. W. Shackleford, the provisions of the Davey bill to regulate 
 railway abuses. 
 
 W. B. Lamae. 
 
 A BILL to empower the Interstate Commerce Commission to fix transportation rates in certain con- 
 tingencies, for the enforcement of its orders, and for other purposes. 
 
 Be it enacted by the Senate and House of Representatives of the United Stales of America 
 in Congress assembled, That when, hereafter, upon complaint made, and after investi- 
 gation and hearing had, the Interstate Commerce Commission shall declare a given 
 rate, whether joint or single, or regulation or practice, for transportation of freight 
 or passengers, unreasonable, or unjustly discriminative, it shall be the duty of the 
 Commission, and it is hereby authorized to perform that duty, to declare, at the same 
 time, what would be a fair, just, and reasonable rate, or regulation, or practice in lieu 
 of the rate, regulation, or practice declared unreasonable, and the new rate, regula- 
 tion, or practice so declared shall become operative twenty days after notice: Provided, 
 That the Commission shall in no case have power to raise a rate filed and published 
 by a carrier. 
 
 Skc. 2. That whenever, in consequence of the decision of the Interstate Commerce 
 Commission, a rate, regulation, or practice has been established and declared as fair, 
 just, and reasonable, and litigation shall ensue because of such decision, the rate, 
 regulation, or practice fixed by the Interstate Commerce Commission shall continue 
 as the rate, regulation, or practice to be charged by the carrier during the pendency 
 of the litigation and until the decision of the Interstate Commerce Commission shall 
 be held to be error on a final judgment of the questions involved by the United States 
 court having proper jurisdiction, but no proceeding by any court taking jurisdiction 
 shall consider any testimony except such as is contained in the record. 
 
AMENDINa THE INTEKSTATE-OOMMEECE ACT. 749 
 
 Sec. 3. That when the .rate substituted by the Commission as hereinbefore pro- 
 vided shall he a joint rate, and the carriers, parties thereto, fail to agree upon the 
 apportionment thereof among themselves within twenty days after notice of such 
 order, the Commission may issue a supplemental order declaring the portion of such 
 joint rate to be received by each carrier party thereto, which shalttake effect of its 
 own force as part of the original order; and when the order of the Commission pre- 
 scribes the just relation of rates to or from common or competitive points on the 
 lines and between common or competitive points and the respective terminals of 
 said lines of the several carriers parties to the proceeding, and such carriers fail to 
 notify the Commission within twenty days after notice of such order that they have 
 agreed among themselves as to the changes to be made to effect compliance there- 
 with, the Commission may issue a supplemental order prescribing the rates to be 
 charged to or from such common or competitive points by either or all of the parties 
 to the proceeding, which order shall take effect of its own force as part of the original 
 order, and shall continue as the rate regulation or practice to be charged by the car- 
 rier or carriers during the pendency of litigation resulting from the order of the 
 Commission, until, or unless, the decision of the Commission shall be held to be 
 error on final judgment of the questions involved by the United States court having 
 proper jurisdiction. 
 
 Sec. 4. That in case such common carrier or carriers shall neglect, or refuse to 
 adopt, or keep in force, such tariffs of rates, fares, charges, and classifications, or reg- 
 ulations, or practice, so declared and fixed by the Commission, it shall be the duty 
 of the Commission to publish such tariffs of rates, fares, charges, and classifications, 
 or regulations, or practice, as the Commission has declared to be reasonable and law- 
 ful, in such manner as the Commission may deem expedient. Thereafter, if any 
 such carrier or carriers shall charge, impose, or maintain a higher or lower fare, 
 charge, or classification, or shall enforce any different regulation or practice than 
 that so 'declared or fixed by the Commission, such common carrier or carriers shall 
 forfeit to the United States the sum of five thousand dollars for each and every day 
 it has continued to refuse or neglected to enforce and apply the said tariff regulation 
 so published by the Commission. Each forfeiture herein provided for shall be pay- 
 able into the Treasury of the United States, and shall be recovered in a civil suit in 
 the name of the United States, brought in the district where the carrier has its 
 principal office, or in any district through which the road of the carrier runs. It 
 shall be the duty of the various district attorneys, under the direction of the Attorney- 
 General of the United States, to" prosecute for the recovery of such forfeiture. The 
 costs and expenses of such prosecution shall be paid out of the appropriation for the 
 expenses of the courts of the United States. The Commission may, with the con- 
 sent of the Attorney-General, employ special counsel under this act, paying the 
 expenses of such employment out of its own appropriation. 
 
 Sec. 5. That all existing laws relating to the procurement of witnesses, books, 
 papers, contracts, or documents, and the enforcement of hearings in cases or pro- 
 ceedings under or connected with the act to regulate commerce shall also apply to 
 any case or proceeding affected by this act. 
 
 Sec. 6. That all cases arising under the provisions of this act and all cases in which 
 any carrier or carriers shall, by any suit or proceeding, seek to enjoin or annul, sus- 
 pend, or modify any order or ruling of the Interstate Commerce Commission shall 
 have precedence over all other cases, except criminal, in any court to which any 
 such case may be carried. 
 
 Sec. 7. That this act shall take effect from its passage. 
 
VIEWS OF MESSRS. SHACKLEFORD AND 
 
 LAMAR. 
 
 It is with great reluctance that wo dissent from the expressed views 
 of other members of the committee. The overshadowing importance 
 of the subject, however, demands that we shall put forth every possi- 
 ble effort to secure for the people the full measure of relief which they 
 demand and to which they are entitled. It has been urged that it were 
 better to accept at this time partial remedies for the evils complained 
 of and trust to the future legislation for complete relief. We think 
 this would be a most grievous error. This suggestion might have force 
 if we, as representatives of the people, could at any time bring up for 
 consideration proposed legislation. We all know this can not be 
 done under the rules of the House as at present administered. Now, 
 after decades of waiting, under the stress of an intense public senti- 
 ment and the pressure of a strenuous Executive, we are permitted to 
 legislate upon this great question. W^hat shall we do with our oppor- 
 tunity? Should we not go boldly into a full consideration of the whole 
 subject? If we do less, will the people excuse us? 
 
 Any legislation at this time will fall far short of the work unless it 
 shall provide: 
 
 1. Power to find a given rate unreasonable or unjust and to prescribe 
 a reasonable or just rate to be substituted. 
 
 2. Power to prescribe a joint rate. 
 
 3. Power to eliminate unjust discrimination. 
 
 4. Power to stop rebates and secret cut rates. 
 
 5. Power to regulate private cars and private car lines. 
 
 6. Power to regulate terminals and terminal facilities. 
 
 7. Power to regulate freight classifications. 
 
 8. Power to compel the furnishing of equal facilities to all. 
 
 9." The preservation of competition between carriers and markets 
 and a limitation upon the power of the Commission to raise rates or 
 prescribe minimum rates. 
 
 10. For facilitating a speedy conclusion of proceedings in courts 
 and limitating litigation as far as the same may oe done. 
 
 With aView to securing these remedies we herewith submit a sub- 
 stitute bill which we think amply meets the demands. The basis of 
 the substitute we offer is the Hearst bill. It contains all of the pro- 
 visions of the Davey bill, but it also goes much further in what we 
 regard as required remedial legislation. 
 
 All of which is respectfully submitted. 
 
 D. W. Shackleford. 
 W. B. Lamak. 
 
 750 
 
AMENDING THE INTERSTATE-COMMERCE ACT. 751 
 
 ■*-BILL to increase the powers of tlie Interstate Commerce Commission and to expedite the final 
 decision ol cases arising under the act to regulate commerce by creating an interstate commerce 
 court. 
 
 Be it enacted by the Senate and House of Representatives of the United States of America 
 in Congress assembled, That hereafter when the Interstate Commerce Commission 
 shall, in any case pending before it under the act to regulate commerce, approved 
 February fourth, eighteen hundred and eightv-seven, as amended and supplemented 
 by other acts of Congress, find that a rate for the transportation of freight or pas- 
 sengers IS unreasonable or unjust, it shall determine what wbuld be a reasonable and 
 just rate in such case, and shall order that the rate so found to be reasonable and 
 just shall "be substituted for the rate so found to be unreasonable or unjust: Provided, 
 however, That in no case shall the Interstate Commerce Commission have any power 
 to order any carrier to raise any rate which it has duly filed and published. 
 
 Sec. 2. That the provisions of the act to regulate commerce, approved February 
 fourth, eighteen hundred and eighty-seven, and acts amendatory thereof and supple- 
 mental thereto, shall apply to all transportation of interstate commerce over any line 
 or lines of railroad, and also to such transportation over any part water and part rail 
 route used for through shipment or through carriage. 
 
 Sec. 3. That all persons, copartnerships, joint stock companies, associations, and 
 corporations owning or operating, or both owning and operating, any private freight 
 cars or any freight cars not owned by a railroad company, used in interstate com- 
 merce, are hereby declared to be common carriers and are hereby made subject to 
 all the provisions, so far as they are applicable, of the act to regulate commerce, 
 approved February fourth, eighteen hundred and eighty-seven, and all acts amenda- 
 tory thereof and supplemental thereto. 
 
 Sec. 4. That all terminal facilities, tracks, switches, spurs, freight depots, ware- 
 houses, and all facilities used or necessary, and a,ll acts and services performed or 
 necessary in relation to the forwarding and transportation of any interstate commerce 
 and the preservation and safety of the same in transit, are hereby made subject to 
 the provisions, so far as they may be applicable, of the act of Congress to regulate 
 commerce, approved February fourth, eighteen hundred and eighty-seven, and all acts 
 amendatory thereof and supplemental thereto. 
 
 Sec. 5. That when the rate fixed by the Commission is a joint rate and the carriers 
 parties thereto fail to agree upon the apportionment thereof among themselves within 
 twenty days after notice of such order, the Commission may issue a supplemental 
 order fixing the portion of such joint rate to be received by each carrier party thereto. 
 
 Sec 6. That it shall not be lawful for any common carrier subject to any of said 
 acts, or any company or person acting for or in the stead of such common carrier, to 
 advance, reduce, or cancel any individual or joint rate, fare, or charge now or here- 
 after in force oyer the route or line of such common carrier unless or until notice 
 thereof, plainly showing the change intended to be made in such rate, fare, or charge, 
 and the date when the same shall take effect, shall have been filed with the Inter- 
 state Commerce Commission and posted in all depots or stations where passengers or 
 freight are received for transportation under such rate, fare, or charge for at least 
 thirty days prior to the date when such change is to become effective: Provided, 
 however, That said Commission may, for good cause shown, upon special application, 
 allow a particular rate, fare, or charge to be changed upon shorter notice published 
 and filed as aforesaid. No joint rate, fare, or charge shall become effective until all 
 carriers named as parties thereto shall have concurred therein by signing the rate 
 schedule or filing general authorization or specific notice of concurrence with the 
 Commission; and any common carrier enforcing any schedule of joint rates, fares, or 
 charges which shall not have been concurred in by all carriers parties thereto, or any 
 schedule of rates, fares, or charges which shall not have been published and filed as 
 required by this section, shall be subject to a forfeiture of one hundred dollars for 
 each day such unlawful tariff shall be published or enforced. The said Commission 
 may prescribe the form, contents, and arrangement of all schedules of rates, fares, 
 and charges, and it shall be the duty of said Commission to make orders from time 
 to time, as may be practicable, with a view of securing uniformity in freight classifi- 
 cation and the use of rate schedules containing concise and easily understood pro- 
 visions and regulations. 
 
 Sec. 7. That when any notice of advance in rates, fares, or charges shall be filed 
 with the Commission, the said Commission shall have authority to inquire into the 
 lawfulness of such advance and make orders in respect thereof to the same effect as 
 if such advanced rate, fare, or charge were actually in force. The provisions of this 
 section shall also apply to notice of any change in classification of freight or other 
 regulations afltecting rates. 
 
 Sec. 8. That when in any investigation made by the Interstate Commerce Com- 
 mission it shall be made to appear to the satisfaction of the Commission that any- 
 
752 AMENDING THE INTERSTATE-COMMERCE ACT. 
 
 thing has been done or omitted to be done by any common carrier, respondent or 
 ■defendant, in such proceeding in violation of the provisions of the act to regulate 
 commerce, approved February fourth, eighteen hundred and eighty-seven, or.any 
 act amendatory thereof or supplementai thereto, or of the provisions of this act, it 
 shall be the duty of the said Commission forthwith to cause a copy of its report in 
 respect thereto to be delivered to such common carrier, together with an order or 
 orders directing such common carrier, its officers and agents, and any receiver or 
 trustee of its property, to wholly cease and desist from such violation, and to estab- 
 lish, put into effect, and maintain such individual rate, fare, charge, relation of 
 rates, fares, or charges, joint rate, fare, or charge, and division thereof, classification 
 of freight articles involved in the proceeding through and continuous carriage over 
 connecting lines or roads, including intersecting switches or connections, and regu- 
 lations concerning transportation, mcluding the furnishing and apportionment of 
 cars, the provision of other facilities connected with or incidental to transportation, 
 and the receiving, forwarding, and delivery of traffic, as in the judgment of said 
 Commission may be necessary to prevent the continuance in any degree of such 
 violation. That whenever any common carrier, subject to the provisions of this act, 
 .shall fail or refuse, after reasonable notice, to furnish cars to shippers for the trans- 
 portation of freight as interstate commerce, or to forward and deliver such freight 
 at destination within a reasonable time, such failure or refusal shall be deemed to 
 constitute unjust discrimination and undue and unreasonable prejudice and disad- 
 vantage, and in any case or proceeding pending before the Commission or any circuit 
 or district court of the United States based upon such failure or refusal on the part 
 of any such common carrier, proof that in the furnishing of cars or forwarding or 
 delivery of its traffic other shippers have been preferred shall not be required. 
 
 Sec. 9. That subject to the proceeding in review hereinafter provided every order 
 issued by the Interstate Commerce Commission under the authority of this act shall 
 become effective and be obeyed by the carrier or carriers mentioned in such order 
 on and after the date specified for compliance in such order: Provided, That when- 
 ever any such order requires changes in rates, fares, or charges, classification of 
 freight, or regulations affecting the compensation of any carrier, it shall not go into 
 effect until after the expiration of thirty days from the date of service thereof upon 
 the carrier. All orders of the Commission amending or modifying orders previously 
 issued, if made upon application of the carrier, shall become eHective as therein pro- 
 vided. The Commission shall have authority at all times to alter, modify, add to, or 
 vacate any order it shall have issued. In case any person, company, or corporation 
 other than a carrier, who may be interested in the traffic or transportation involved; 
 ahall be included as a party defendant or respondent in addition to the carrier in a 
 proceeding before the Commission, orders may issue against such additional party in 
 the same manner, to the same extent, and subject to the same provisions as are 
 authorized with respect to carriers. 
 
 Sec. 10. That there is hereby created a court to be known as "The Court of Inter- 
 state Commerce," which shall consist of three justices, of whom two shall constitute 
 a quorum. Said court shall be a court of record, with jurisdiction as hereafter 
 defined. The justices shall be appointed by the President, by and with the advice 
 and consent of the Senate, and shall, unless removed by the President for just cau§e, 
 hold their offices during good behavior. The salary of each justice shall be seven 
 thousand five hundred dollars per year, payable in the same manner as salaries of 
 judges of other courts of the United States. The provisions of section seven hundred 
 and fourteen of the Revised Statutes of the United States relating to the retirement 
 of judges of the United States courts shall apply to the justices of the Court of Inter- 
 state Commerce. Such court shall prescribe the form and style of its seal and the 
 form of writs and other process and p' edure as may be conformable to the exercise 
 of its jurisdiction. The o<.,..rt shall appoint a clerk, who shall perform and exercise 
 the same duties and powers in regard to all matters within its jurisdiction as are 
 now exercised and performed by the clerk and reporter of the Supreme Court of 
 the United States, so far as may be applicable. The salary of the clerk of the court 
 shall be three thousand dollars a year, payable in the same manner as the salaries of 
 the justices of said court. The court shall, have power to establish all rules and reg- 
 ulations for the conduct of the business of the court within its jurisdiction as con- 
 ferred by law. The court shall have authority to appoint and fix the compensation 
 of such deputy clerks or attendants as it may find necessary to the proper perform- 
 ance of its duties. The salaries of the officers and all the expenses of the court, 
 including all necessary expenses for transportation incurred by the justices of the 
 court, or by the marshal, or clerk, or any deputy clerk, or attendant of the court, 
 upon official business in any other place than in the city of Washington, shall be 
 allowed and paid out of the appropriation for salaries and expenses of the courts of 
 
AMENDING THE INTEESTATE-COMMEECE ACT. 753 
 
 the United States upon presentation of itemized vouchers therefor. The general ses- 
 sions of the court shall be held in the city of Washington, but whenever the conven- 
 ience of the public may be promoted, or delay and expense jirevented thereby, the 
 court may hold sessions in any part of the United States. The court shall be fur- 
 nished by the Attorn«y-General of the United States with suitable offices and all 
 necessary office supplies. 
 
 Sec. 11. That said court of interstate commerce shall have exclusive jurisdiction to 
 review all orders of the Interstate Commerce Commission and summarily to enforce 
 performance thereof by writs or other proper process. The said court shall also 
 have exclusive jurisdiction in all proceedings brought by or upon the request of the 
 Interstate Commerce Commission under section three of an act to further regulate 
 commerce with foreign nations and among the States, approved February nine- 
 teenth, nineteen hundred and three. The said court shall also have exclusive and 
 all necessary jurisdiction to enforce, upon the petition of the United States or of the 
 Interstate Commerce Commission, the requirements of the act to regulate commerce 
 approved February fourth, eighteen hundred and eighty-seven, and acts amendatory 
 thereof and supplemental thereto, in respect of the filing and publication of sched- 
 ules of rates, fares, and charges of common carriers subject to the provisions of said 
 acts. Disobedience of any order, writ, or other process of said court shall constitute 
 contempt-of said court, punishable by a fine payable into the Treasury of the United 
 States of five thousand dollars for each offense, or by imprisonment for not more 
 than one year, or by both such fine and such imprisonment. Every distinct viola- 
 tion of any such order, writ, or other proper process of said court shall be a separate 
 offense, and each day of the continuance of such violation shall be deemed a sepa- 
 rate offense. 
 
 Sec. 12. That any party to a proceeding before the Interstate Commerce Commis- 
 sion aggrieved by an order of said Commission may, within thirty days after issuance 
 of such order, file with said court a petition for review. Upon the filing of such 
 petition it shall be the duty of the clerk of the said court to serve a copy thereof upon 
 the Interstate Commerce Commission, and after service of such copy of petition upon 
 the Interstate Commerce Commission it shall be its duty within twenty days there- 
 after to cause to be filed in said court a duly certified copy of the entire record in 
 connection with the order to be reviewed, including the petition, answers, testimony, 
 report, and opinion of the Commission, its order and all other papers in connection 
 therewith. Said court shall thereupon, as speedily as may be, proceed to review the 
 order appealed from as to its justness, reasonableness, and lawfulness upon the said 
 record returned by the Commission, and thereupon it, after hearing the parties, said 
 court shall be of the opinion that such order is unjust, unreasonable, or unlawful, it 
 shall modify, set aside, or annul the same by appropriate decree or remand the cause 
 to the Interstate Commerce Commission for a new or further hearing; otherwise the 
 order of said Commission shall be affirmed. Pending such review the said court 
 may, upon application and hearing, if in its opinion the order under review is clearly 
 unjust, unreasonable, or unlawful, suspend said order. 
 
 Sec. 13. That the defense in such proceedings in review, except as to orders of the 
 Commission dismissing an application or petition, shall be undertaken by the 
 Attorney-General of the United States, and the costs and expenses of such defense 
 shall be paid out of the appropriation for the expense of the courts of the United 
 States. The Commission may, with the consent of the Attorney-General, employ 
 special counsel in any such proceeding, paying the expense of such employment 
 out of its own appropriation. 
 
 Sec. 14. That if any party bound thereby having failed to file petition for review 
 within the time hereinabove specified shall refuse or neglect to obey or perform any 
 order of the Commission while same is in.fo'-'w, or having filed such petition for 
 review shall refuse or neglect to obey or perform "an^iTrda- of the Commission as 
 modified or affirmed bysaid court upon review as aforesaid, obedienceand perform- 
 ance thereof shall be summarily enforced by a writ of injunction, attachment, or 
 other proper process; and it shall be lawful for such court, upon petition of said 
 CommWon, or of any party interested, accompanied by a certified copy of the order 
 alleged to be violated and evidence of the violation alleged, to issue a writ of injunc- 
 tion, or other proper process, restraining such common carrier from further continu- 
 ing such violation or disobedience of such order or requirement of said Commission 
 and enjoining obedience to the same; and in case of any disobedience of any such 
 writ it shall be lawful for such court to issue writs of attachment, or any other proper 
 process, against such common carrier, and if a corporation, against one or more of 
 the directors, officers, or agents of the same, or against any owner, lessee, trustee, 
 receiver, or other persons failing to obey such writ or other proper process. 
 
 Sec. 15. That the decisions of said court shall be final, and no appeal therefrom 
 
 I5Y_05 48 
 
754 AMENDING THE INTERSTATE-COMMERCE ACT. 
 
 shall lie unless, in the opinion of the said court, a constitutional question is involved 
 which ought to be reviewed by the Supreme Court of the United States, or unless 
 the Supreme Court of the United States, upon it appearing to its satisfaction that a 
 constitutional question is involved in said decision which ought to be reviewed in 
 the Supreme Court, issues a writ of certiorari directed to the clerk of said court to 
 transmit the record in such case to the Supreme Court for review. In the Supreme 
 Court such case shall take precedence over all other proceedings except criminal 
 cases. During the pendency of any appeal to the Supreme Court neither the order 
 of said court nor the execution of any writ or process shall be stayed or suspended. 
 The defense in all such appeals in the Supreme Court, except appeals from orders 
 aflBrming an order of the Commission which dismisses an application or petition, 
 shall be undertaken by the Attorney-General of the United States, and the costs and 
 expenses of such defense shall be paid out of the appropriation for the expenses of 
 the courts of the United States. The Commission may, with the consent of the 
 Attorney-General, employ special counsel in any appeal to or review by the Supreme 
 Court, paying the expense of such employment out of its own appropriation., 
 
 Sec. 16. That in case of disobedience to a subpcena the Commission, or any party 
 to a proceeding before the Commission, may invoke the aid of said court of inter- 
 state commerce in requiring the attendance and testimony of witnesses and the pro- 
 duction of books, papers, and documents, under the provisions of the act to. regulate 
 commerce and the acts amendatory thereof and supplemental thereto, and in case 
 of contumacy or refusal to obey a subpoena issued to any common carrier subject to 
 the provisions of said acts, or other person, said court may issue an order requiring 
 such common carrier or other person to appear before said Commission (and pro- 
 duce books and papers if so desired) and give evidence touching the matter in ques- 
 tion; and any failure to obey such order of the court shall be punished by such 
 court as a contempt thereof in the same manner as hereinabove provided for disobe- 
 dience of other orders of said court amounting to a contempt thereof. 
 
 Sec. 17. That it shall be the duty of the Interstate Commerce Commission to pro- 
 ceed expeditiously with the trial and determination of all cases brought before it, 
 and to render a decision in each case within sixty days after the cause has been 
 finally submitted. 
 
 Sec. 18. That all acts and parts of acts in conflict with the provisions of this act 
 are hereby repealed: Provided, That such repeal shall not-affect causes now pending 
 , n court, and such causes shall be prosecuted to a conclusion in the manner heretofore 
 provided by law. AH existing laws relative to testimony in cases or proceedings 
 under or connected with the act to regulate commerce and the acts amendatory 
 thereof or supplemental thereto shall also apply to any case or proceedings authorized 
 by this act. 
 
 Sec. 19. That this act shall take effect from the date of its passage^ 
 
INDEX. 
 
 Page. 
 BACON, EDWARD P., Milwaukee, chairman executive committee Inter- 
 state Commerce Law Convention, held in St. Louis October 28 and 29, 
 
 1904, representing producers, shippers, and consumers 5 
 
 Testimony of, relative to — 
 
 Commission, orders of, if reversed by court no relief to railroads under 
 
 Quarles bill 14 
 
 Court, condition's upon power of, to supersede order of Commission.. 10 
 
 Rule of, for determining percentage of return never laid down. . . 11 
 Discrimination in rates — 
 
 Between individuals, Quarles bill fully met in Elkins law 16 
 
 Localities - 25, 26, 27 
 
 Quantities -' 18 
 
 Domestic and foreign 19 
 
 "Facilities" (under the word) Commission compels railroads to 
 
 furnish sufficient cars 22 
 
 Frequently complained of 18 
 
 Six forms enumerated 18 
 
 Elkinsbill, amended at suggestion of our (shippers', etc.) committee.. 7 
 law — 
 If thoroughly enforced, would remedy evil of rebates; Quarles 
 
 bill has no such provision 16,26 
 
 Reduced to minimum violation of rates between localities . 26 
 
 Hearings ample in Fifty-sixth, Fifty-seventh, Fifty-eighth Congresses. 5 
 
 Industrial Commission, hearings aijd report 6 
 
 Interstate Commerce Commission formerly acted upon theory of 
 
 power now sought to authorize by Quarles bill 14, 27 
 
 Injunction too slow a process 26 
 
 Limitations, legal, to put conditions upon power of court, to supersede 
 
 order of Commission 10 
 
 National incorporation act 13 
 
 Newlands (Senator), suggestion of act embodying one system of rates 
 
 and one system of taxation 12,25 
 
 New Orleans to Pacific coast, rates favor imported goods 20 
 
 Order of Commission suspended only upon application and hearmg. . 10 
 
 Suspension of, during investigation 8 
 
 "When to take effect in Quarles bill 8 
 
 Penalty for noncompliance with Quarles bill 8 
 
 Present law, provisions of 7 
 
 Private-car legislation may be necessary ■io 
 
 Publicity of books, and inspectors to examine; provision recom- 
 mended ^^'23 
 
 Quarles bill — . . , -^ iu -i. -7 
 
 Purpose of, to clothe Commission with specific authority 7 
 
 Provisions stated ^ 
 
 Provision in, for review to expedite proceedings 8 
 
 Renewal of Elkins bill, relied upon 6 
 
 Senate would gain voteS by not adding to 24 
 
 Railroads — 
 
 Number operated; number of systems l^ 
 
 As to obligation to haul under rates fixed 14 
 
 Unwilling to be restricted in their power to fix rates 28 
 
 755 
 
756 INDEX. 
 
 BACON, EDWARD P., etc.- Continued. Page. 
 Testimony of, relative to — 
 
 Rates — 
 
 A technical compliance with requirement to change - 7 
 
 Can be determined by experts only 21 
 
 Factors in fixing 11 
 
 Fixed by Commission and sustained, when railroads decline to 
 
 haul 14 
 
 Making of, a legislative act 15 
 
 Reasonableness of rates j. 11 
 
 Rebates — 
 
 Believe not now paid 28 
 
 Books would not show directly 18 
 
 Enforcement of Elkins Act would remedy evil of 16, 26 
 
 Evils of exaggerated 17 
 
 Provision in Elkins Act beneficial to railroads 26 
 
 Review provisions 24 
 
 Steel and iron, domestic and foreign rates on 19 
 
 BILLS relating to interstate commerce and the Interstate Commerce Com- 
 mission in the Fifty-eighth Congress: 
 Introduced by — 
 
 Mr. Quarles, S. 2439 711 
 
 Mr. Carmack, amendment to S. 2439 713 
 
 Mr. Cockrell, S. 2861 713 
 
 Mr. For'aker, S. 3937 714 
 
 Mr. Penrose, S.4092...; 715 
 
 Mr. Spooner (for Mr. Quarles), S. 6677 715 
 
 Mr. Elkins, S. 6709 718 
 
 Mr. Patterson, S. 7051 719 
 
 Mr. Newlands, S. R. 86 -. 724 
 
 Mr. Kean, S. Res. 288 726 
 
 Mr. Hepburn, H. R. 18127 726 
 
 Mr. Martin, H. R. amendment to H. R. 18127 731 
 
 Mr. Townsend, H. R. 18588 732 
 
 report accompanying H. R. 18588 737 
 
 BUKB., B. HTTDSON, member of Florida railway commission, acting with 
 association of commissioners of the various States: 
 Testimony of, relative to — 
 
 Commission, conferring rate-making power upon, will largely remedy 
 
 evils 49 
 
 Courts, aggrieved parties do hot resort to 46 
 
 Discrimination in rates favor large shippers in Florida 47 
 
 in long and short haul 48 
 
 Florida railway commission, powers of, favorable results of 41 
 
 National association railway commissioners, composition and purpose 
 
 of; represented here; resolutions 41 
 
 Quarles bill, hardly strong enough 49 
 
 Rates — 
 
 Favor absolute power of Commission to make, upon complaint. . 48 
 
 To Chicago, Cincinnati, and New York 45 
 
 CANNON FALLS DISCRIMINATION 34,37,39 
 
 CARS: 
 
 Testimony relative to — 
 
 For private, legislation may be necessary ( Bacon ) 23 
 
 Under word facilities" Commission compels railroads to furnish 
 
 sufficient cars ( Bacon) 22 
 
 CATTLE-RAISERS' ASSOCIATION OF TEXAS: 
 
 Testimony relative to — 
 
 Complaint of rates to Commission (Cowan) 64 
 
 CINCINNATI FREIGHT BXJREATT CASE: 
 
 Testimony relative to — 
 
 Discriminations between localities cited { Hooker) 129, 132 
 
INDEX. 757 
 
 CLASSIFICATION OF BATES: Page. 
 
 Testimomj relative to — 
 
 Abuse in change of ( Hooker) 139 
 
 COMPETITION: 
 
 Testimony relative to — 
 
 Has disappeared (Cowan) 56 
 
 To secure business, and agree upon rates (Cowan)' !!!]!'.!!]!!!!!!!!! 55 
 CONFISCATORY RATES: 
 
 Testimouy relative to — 
 
 Nebraska legislature cited (Bavenport) 201 
 
 CONSTITUTIONAL aUESTIONS: 
 Testimony relative to — 
 Congress — 
 
 Has not power to regulate commerce wholly within a State (Dav- 
 enport) 182 
 
 Unable to fix a certain rate, or to delegate that power (Daven- 
 
 Port) 209,211 
 
 Courts can not be confined to evidence before Commission (Stpne) ... 251 
 
 Discussed (Nimmo) 151 
 
 Objection to — 
 
 Quarles-Cooper bill (Davenport) 209 
 
 Recommendations of President (Davenport) 205a 
 
 Rates could not be adjusted without giving preference to some port 
 or ports (Davenport) , 178 
 
 COST: 
 
 Testimony relative to — 
 
 Increase of, in materials more than offset by stopping of rebates 
 (Cowan) 113 
 
 COURTS: 
 
 Testimony relative to — 
 
 Aggrieved parties do not resort to (Burr) 46 
 
 Claims of unjust rates not filed under Elkins law; too much expense 
 
 and time involved (Staples) 39 
 
 Conditions upon power of, to supersede order of Commission ( Bacon) 10 
 
 Congress can not impose upon the, legislative duties (Davenport) 207 
 
 Decision of 1897 that Commission has not power to fix rates, cited 
 
 (Davenport) • 199 
 
 Has power to set aside as unreasonable any rate fixed by State or 
 
 Congress (Davenport) 206 
 
 In fixing rate should not be governed by amount invested (Cowan) . . 110 
 Passing upon a rate for future prescribed by Commission ( Nimmo) . . . 157 
 Rates fixed by Commission can only be enforced by the courts; cases 
 
 cited* (Davenport) 218 
 
 Reasonablenessof rates jurisdictional and only determined by (Daven- 
 port) 221,224 
 
 Review provisions (Bacon) 24 
 
 Rule for determining percentage of return never laid down by (Bacon) . 11 
 Under rulings of, Government has gradually been losing control; 
 strong companies absorb weak ones ( Staples) 30 " 
 
 COWAN, S. H. , attorney of Texas Cattle-Raisers' Association and Cattle- 
 Growers' Interstate Committee: 
 Testimony of, relative to^- 
 Competition — 
 
 Has disappeared 56 
 
 To secure business and agree upon rates 55 
 
 Complaint of Cattle- Raisers' Association to Commission 64 
 
 Court, in fixing rate, should not be governed by amount invested . . . 110 
 
 Governmental regulation of rates recommended 55 
 
 Esch-Townsend bill, objections to ,. . 184 
 
 Increase of cost.in materials more than offset by stopping of rebates. . 113 
 
 Labor, cost of 108 
 
 No official can tell cost of hauling between given points 110 
 
 Number of miles constituting a day's run 109 
 
758 
 
 INDEX. 
 
 COW AIT, S. H., etc.— Continued. > Page. 
 Testimony of, relative to — 
 
 Pooling, opposed to 61 
 
 Prices of railroad supplies and materials have advanced 107 
 
 Railroads receive larger amount of .service for money expended than 
 
 formerly 108 
 
 Kate-making, should be left to Commission Ill 
 
 ; Eates — 
 
 I Amendment suggested empowering Commission to fix 60, 114 
 
 High for transportation of cattle on Gould lines 51 
 
 Unreasonable respecting grain, lumber, live stock, etc 53 
 
 Cases not reasonable cited , 54 
 
 Reasonableness of rates — 
 
 Difficult to determine 58 
 
 Power should be given to determine 54 
 
 Hagerman, James, quoted as to how determined Ill 
 
 Rebates have stopped 112 
 
 Rebate, stopping of, has more than offset increased price of materials. 113 
 Sherman antitrust act, Interstate Commerce Commission no authority 
 
 to enforce 55 
 
 Southwestern (rate) tariff committee fix rates; instances cited 55 
 
 Steel rails, prices of 108 
 
 "Under substantially similar circumstances and condition," should 
 
 be stricken out; decision in Belmont case 113 
 
 Unification defeats competition E6 
 
 Valuation, amount invested should not entirel)' govern in fixing 
 rates ~ 11,110 
 
 CROCKER, CHAKLES H. , representing the Manufacturers and Producers' 
 
 Association of California, submitted resolutions 126 
 
 Testivioriy of, relative to — 
 
 Interstate Commerce Commission, representation of, upon Pacific coast, 
 
 recommended 127 
 
 Present law ample, if enforced 127 
 
 DAVENPORT, DANIEL, of Bridgeport, Conn.. 
 Testimony of, relutivv to — 
 
 Confiscatory rates, 2s ebra.Bka legislature cited 201 
 
 Congress — 
 
 Can not impose upon tlie courts legislative duties ,. 207 
 
 Has not power to regulate commerce wholly within a State 182 
 
 Unable to fix a certain rate, or to delegate that power 209, 211 
 
 Can not establish confiscatory rates. . 188, 191, 197 
 
 Unable to fix a certain rate, or to say that less than a certain rate 
 
 shall not be charged 209 
 
 Constitutional objections to — 
 
 Recommendations of President 205 
 
 Quarles-Cooper bill. ._ 209 
 
 Court has power to set aside as unreasonable any rate fixed by State 
 
 or Congress ; 206 
 
 Decision of 1897 that Commission has not power to fix rates, cited . . . 199 
 Differentials — 
 
 Illustration in 194 
 
 Direct legislation can not establish, in favor of one port over 
 
 another 179 
 
 Discriminations in rates in favor of ports of one State over those of 
 another; lists of customs districts and ports of entry and deliverv, 
 
 July 1, 1904 :..... "171,191 
 
 Interstate Commerce Commission — 
 
 Has not power to fix rates; court decision, 1897, cited 199 
 
 May fix rates, but they can only be enforced through the courts; 
 
 cases cited 218 
 
 Power to revise and regulate rates from message of President 
 
 Roosevelt 204 
 
 Sporadic instances of exercising power to determine what rates 
 should be until court declared tney had not such power; early 
 decisions of, that they did not possess that power 199 
 
INDEX. 759 
 
 DAVENPORT, DANIEL, of Bridgeport, Conn.— Continued. Page. 
 
 Testimony of, relative to — 
 
 Long and short haul, illustrations in differentials 194 
 
 Nebraska legislature fixed rates which were confiscatory 201 
 
 Newlands' (Senator) suggestion of act embodying one system of rates 
 
 and one system of taxation, discussed 182 
 
 Railroads, extent of ownership of securities by banks and insurance 
 
 companies 170 
 
 Eates — 
 
 Commission exercised power to determine what they should be 
 
 ^ until court declared they had not power to do so 199 
 
 Could not be adjusted without giving preference to some port 
 
 or ports 178 
 
 Could not, constitutionally, be adjusted and give preference to 
 
 some port or ports : 178 
 
 Fixed by Commission can only be enforced by the courts; cases 
 
 cited 218 
 
 If fixed by Commii^sion, must be uniform 193, 196 
 
 In favor of ports of one State over those of another; lists of customs 
 
 districts and ports of entry and delivery, July 1,1904 1 71, 191 
 
 Influences under which they are established 177 
 
 May be fixed by Commission, but can only be enforced through 
 
 the courts; cases cited 218 
 
 Not in power of State legislature or Congress to put in force any 
 
 schedule of, which court may not set aside as unreasonable 206 
 
 Power to create commission to prescribe 1 90- 
 
 Prescribed to-day may not be reasonable to-morrow; case cited.. 201 
 
 Separating interstate from domestic 198 
 
 Steadily declined before consolidation of systems and since, largely 
 
 through competition between communities and shippers 203 
 
 Reasonableness of rates difficult to ascertain 221 
 
 Jurisdictional and only determined by courts 221, 224 
 
 Water carriers should be brought under provisions of interstate com- 
 merce law 180 
 
 Water routes, law should apply to 180 
 
 BEAN, Ii. A. , chairman of executive committee appointed by convention of 
 pe^ch growers of north Georgia. 
 Tmtimoiiii hf, relative to — 
 
 Railroads of United States ; earnings of; table given 265 
 
 Rates, now excessive ; instances cited 265, 267 
 
 Reasonableness of rates, basis of, must be the fair value of property 
 used; decision cited 265 
 
 DIFFERENTIALS : 
 Testimomj relative to — 
 
 Direct legislation can not establish, in favor of one port over another 
 
 ( Davenport) 1 79 
 
 Illustration (Davenport) 194 
 
 DISCRIMINATION IN RATES: 
 Teitimoiiij relative to — 
 
 Between individuals, Quarles bill, fully met in Elkins Act (Bacon) ... 16 
 
 Localities (Bacon) 25, 26 
 
 Quantities (Bacon) 18 
 
 Cannon Falls case (Staples) 34,37,39 
 
 Can not be avoided unless carriers permitted to make uniform rates 
 
 (Smith) 230 
 
 Cincinnati case cited ( Hooker) 132 
 
 Domestic and foreign (Bacon) 19 
 
 Favor large shippers in Florida (Burr) 47 
 
 Frequently complained of (Bacon) 18 
 
 In favor of ports of one State over those of another (Davenport) 171 
 
 Lists of customs districts and ports of entry and delivery, July 1, 1904 
 
 (Davenport) 191 
 
 Long and short haul (Burr) 48 
 
760 INDEX. 
 
 DISCRIMINATION IN BATES— Continued. Page. 
 Testimony relative to — 
 
 More complained of than high rates (Staples) 31 
 
 New Orleans to Pacific coast, favor imported goods (Bacon) 20 
 
 Kates not extortionate, but relatively need revision ( Hooker) ' 131 
 
 Section 1, Quarles bill, and act of 1887, similar as to (Staples) 3& 
 
 Six forms of enumerated (Bacon ) 18 
 
 Used to build up business in certain localities; cases cited (Bacon) .. 27 
 
 ELKINS BIIiL: 
 
 Testimony relative to — 
 
 Amended at suggestion of our (shippers, etc. ) committee (Bacon) 7 
 
 ESCH-TOWNSEND BILL: 
 Testimony relative to — 
 
 Analysis of, by Walker D. Hines (Smith) 235 
 
 Cowan, S. H., objections to 184 
 
 Does not require complainant to pay costs (Stone) 264 
 
 Effect upon railroad development, and upon southern ports (Fish) . 296-297 
 Excluding proof on appeal, except that before the Commission, is 
 
 unconstitutional (Stone) 251, 254 
 
 Objections to orders fixing rate going into effect before court has 
 
 opportunity to investigate (Stone) 247-248 
 
 No imperative necessity for; railroads and country prosperous (Stone) . 263 
 Under it Commission given power and authority over all regulations 
 
 affecting transportation of persons or property in addition to rate 
 
 fixing (Stone) 253 
 
 Under it the relief of the court is illusory ( Fish ) 305 
 
 Kailroad building would stop (Fish) 308 
 
 Would be disastrous to railroad interests and employees (Stone) . . . 260, 261 
 
 ELEINS LAW: 
 
 Testimony relative to — 
 
 If thoroughly enforced would remedy evil of rebates; Quarles bill has . 
 
 no such provision (Bacon) 16, 26 
 
 In a measure helpful to both sides (Staples) 30 
 
 Rebate provision beneficial to railroads (Bacon) 26 
 
 Eeduced to minimum violation of rates between localities (Bacon) ... 26 
 
 FACTORS IN FIXING R4^TES: , 
 
 Testimony relative to — 
 
 Mr. Bacon 11 
 
 FLORIDA RAILWAY COMMISSION: 
 Testimony relative to — 
 
 Powers of, favorable results (Burr) 41 
 
 FISH, STTJYVESANT, president Illinois Central Railroad Company, and 
 president of the Yazoo and Mississippi Valley Railroad Company: 
 Testimony of, relative to — 
 
 Commission could have no jurisdiction over rates on ocean outside of 
 
 3-mile limit 278 
 
 Discrimination in favor of certain ports, if rate-fixing power left with 
 
 Commission ; illustration '. 277-278, 279 
 
 Esch-Townseiid bill — 
 
 Effect upon railroad development and southern ports 296-297 
 
 Railroad building would stop 308 
 
 Under it the relief of the court is illusory 305 
 
 Illinois Central Railroad — 
 
 History, statistics, receipts 269 
 
 Interstate Commerce Commission — 
 
 Demand for proposed legislation promoted directly by 277 
 
 Mingling of legislative, executive, and judicial functions in 300 
 
 Union of irreconcilable functions in 298 
 
 Railroads — 
 
 Employees of, 1,300,000 276 
 
 Gross earnings and operating expenses 302 
 
 Have promoted colonization of lands; praise of American meth- 
 ods — Pierre Leroy-Beaulieu, and Mr. Priestley 282 
 
INDEX. 761 
 
 FISH, STXnrVESANT, etc.— Continued. Page. 
 Testimony of, relative to — 
 Railroads — 
 
 Number of miles, relative to territory 277 
 
 Number of stockholders ] 276 
 
 On the average, have not been profitable! 308 
 
 Rates lower here than in any other country 289 
 
 Stocks of, now owned largely by our own peopleand in small hold- 
 
 ' ^ ings 275 
 
 Rates — 
 
 British system of control of 303 
 
 Difficulties to be met by Commission in adjusting.. 278 
 
 Opposed to clothing any board with power to fix; citing opinion 
 
 of ex-Senator Edmunds 274 
 
 Texas import rate case 304 
 
 GOVERNMENTAL REGULATION: 
 Testimony relative to — 
 
 Rates recommended (Cowan) 55 
 
 HAGERMAN, JAMES: 
 
 Statement of, how to fix reasonableness of rates Ill 
 
 HINES, WALKER D. : 
 
 Analysis of Esch-Townsend bill 235 
 
 HEARINGS: 
 
 Testimony, relative to — 
 
 Ample in Fifty-sixth, Fifty-seventh, Fifty-eighth Congresses (Bacon) . 5 
 
 By Industrial Commission, and report (Bacon) 6 
 
 HOOKER, JAMES J., Cincinnati, representing Receivers and Shippers' 
 Association: 
 Testimony, relative to — 
 
 Cincinnati freight bureau case 129 
 
 Interstate Commerce Commission — 
 
 Orders of, should be effective until reversed by court : 129, 137 
 
 Power to fix reasonable rates necessary 129 
 
 Tables of representative rates in 1897 and 1904 139 
 
 Joint rates, if partly by water, interstate commerce law should apply to . 137 
 
 New England cotton mill, products of, rates compareid with southern. 132 
 Railroads opposed to clothing commission with power that would 
 
 defeat present delay 129 
 
 Rates — 
 
 Abuse by changing classifications of 139 
 
 Adjustment of, not necessarily difficult 134 
 
 Controlled by a few men 135 
 
 For southern cotton-mill products need not necessarily be low to 
 
 compete with New England 132 
 
 If power to fix, taken from railroads, no panic in stocks 136 
 
 Not extortionate, but relatively need revision 131 
 
 Now made by fifteen traffic managers for United States should 
 
 be reviewed by railroad presidents 135 
 
 Relative adjustment; stated adjustment 130 
 
 Tables of, June 30, 1897, as compared with June 30, 1904, by 
 
 Chairman Interstate Commerce Commission 139 
 
 Tariffs, number of, in the United States 134 
 
 Transcontinental, know of no complaint of 138 
 
 Southern cotton mill, products of, rates compared with New England 
 
 products 132 
 
 Southern Railway rates higher and more unequal than any other 129 
 
 ILLINOIS "CENTRAL RAILROAD: 
 
 Testimony relative to — 
 
 History, statistics, receipts (Fish) 269 
 
 INDUSTRIAL COMMISSION: 
 Testimony relative to — 
 
 Hearings and report (Bacon) 6 
 
762 INDEX. 
 
 IIT JUNCTION: Page. 
 
 Testvnony relative to — 
 
 Too slow a process (Bacon) 26 
 
 INTERSTATE COMMERCE COMMISSION: 
 Testimony relative to — 
 
 Amendment suggested giving power to fix rates (Cowan) 60, 114 
 
 Conferring rate-making power upon, will largely remedy evils 
 
 (Burr) 49 
 
 Danger of conferring autocratic power upon ( Nimmo ) ] 60 
 
 Demand for proposed legislation promoted directly by (Fish) 277 
 
 Findings of, prima facie (Staples) 33 
 
 Formerly acted upon theory of power now sought to authorize bv 
 
 Quarles bill ( Bacon) ". 14, 27 
 
 Same (Staples) 31 
 
 Given power over railroads beyond rate fixing (Stone) 253 
 
 Has not power to fix rates, court decision, 1897, cited (Davenport) . . 199 
 Joint rates, if partly by water, interstate-commerce law should applv 
 
 (Hooker) ■ ". 137 
 
 Law ample, if enforced (Crocker) 127 
 
 Jlaj- fix rates, but they can only be enforced through the courts; 
 
 cases cited ( Davenport) 218 
 
 Order of should be effective until reversed by court (Hooker) 129, 137 
 
 If reversed by court, no relief to railroads under Quarles bill 
 
 (Bacon) . 14 
 
 Powers of (Stone) 244 
 
 Power of, to fix reasonable rates necessary ( Hooker) ■ 129 
 
 Power to revise and regulate rates; message of President Roosevelt 
 
 ( Davenport) 204 
 
 Relative adjustment — stated adjustment (Hooker) 130 
 
 Representation upon Pacific coast recommended ' (Crocker) 127 
 
 Should be empowered to regulate not only rates but service (Jlac- 
 
 kensie) 123 
 
 Should have power to revise rates ( Dean) 269 
 
 Sporadic instances of exercising power to determine what rates should 
 be until court declared they had not such power; early decisions of, 
 
 that they did not possess such power (Davenport) 199 
 
 Tables of representative rates in 1897 and 1904 (Hooker) 139 
 
 Under Esch-Townsend Isill unlimited power in hands of men inex- 
 perienced in railroad management, and not required to be lawyers 
 
 ( Stone) _ ----- 261 
 
 Union of irreconcilable functions; mingling of legislative, executive, 
 
 and judicial functions (Fish) 298, 300 
 
 Yiews of, changed as to competency of adjusting rates (Smith) 230 
 
 JOINT RATES: 
 
 If partly by water, interstate-commerce law should apply (Hooker) 137 
 
 LABOR: 
 
 Tedimony relative to — > 
 
 Cost of (Cowan) 108 
 
 LIMITATIONS: 
 
 Testiitionif relative to — 
 
 Legal, to put conditions upon power of court, to supersede order of 
 Commission (Bacon) 10 
 
 LES ETATS-UNIS ATJ XX SIECLE: 
 
 Translation from 282 
 
 LOCALITIES: 
 
 Testimony relative to — ^ * 
 
 Discrimination between (Bacon) 25, 26 
 
 In certain; cases cited ( Bacon) 27 
 
 Violation of rates between, less since Elkins Act (Bacon) 26 
 
 LONG AND SHORT HAUL: 
 Testimony relative to — 
 
 Clause insufficient (Staples) 31, 34 
 
 Illustrations in differentials (Davenport) 194 
 
INDEX. 763 
 
 .^■A-CKENZIE, BSURDO, representing the stock raisers of the West: Page. 
 
 Teslhnony of, relatire to — 
 
 Interstate Co'iimerce Commission should be empowered to regulate 
 
 not only rates but service 123 
 
 Railroads — 
 
 Cattle should be hauled 800 miles with one feeding 121 
 
 Poor servi I e of 124 
 
 Rates — 
 
 For hauling cattle increased, although cost of operating not 
 
 increased ; 120 
 
 Put up when rebates abolished' 123 
 
 ' Rebates abolished, but rates put up 123 
 
 MERCHANTS' ASSOCIATION OF SAN FRANCISCO: 
 
 Resolutions of 127 
 
 MINNESOTA STATUTE 31, 35 
 
 NATIONAL A.SSOCIATION OF RAILWAY COMMISSIONERS: 
 
 Composition and purpose of; represented; resolutions 41 
 
 NATIONAL INCORPORATION ACT (Xewland's suggestion): 
 Teslimonij relalire to, by — 
 
 Mr. Eacoii 13 
 
 NEBRASKA: 
 
 Testimony relatire to — 
 
 Legislature fixed rates which were confiscatory (Davenport) 201 
 
 NEW ENGLAND COTTON MILLS: 
 
 Testimony rehdire to — 
 
 Products of, rates compared with southern ( Hooker) 132 
 
 NEWLANDS, SENATOR (suggestion of): 
 Tesliiiioiiy relatire to — 
 
 Suggestion of act embodying one syt^tem of rates and one system of 
 
 taxation (Bacon) 12,25 
 
 Same (Davenport) 182 
 
 NEW YORK BOARD OF TRADE AND TRANSPORTATION: 
 
 Testimony relatire to — 
 
 Favors commission of Congress to investigate and report (Nimmo).. 165 
 
 NIMMO, Jr., JOSEPH: 
 Testimony of, relatire to — 
 
 Constitutional question discussed 151 
 
 Courts, passing of, upon a rate for future prescribed by Commission. . . 157 
 Interstate Commerce Commission, danger of conferring autocratic ' 
 
 power upon 160 
 
 Presents petition of New York Board of Trade and Transportation 
 favoring special commission of Congress to investigate and report 
 
 to Congress r 165 
 
 Rate making by Commission, what it involves 155 
 
 ORDER: 
 
 Testimony relatire to — 
 
 Of Commission suspended only upon applicationand hearing (Bacon) . 10 
 
 When to take effect in Quarles bill (Bacon) 8 
 
 Partial list of bonds and stocks of railroads held by savings banks, 
 insurance companies, and other institutions 493 
 
 PENALTY: 
 
 Testimony relatire to — 
 
 For noncompliance with Quarles bill (Bacon ) 8 
 
 PERCENTAGE OF RETURN: 
 
 Testimnvi/ relative to — 
 
 Rule for, never laid down by court (Bacon) 11 
 
 PERRY, E. P., secretary of National Wholesale Lumber Dealers' Associa- 
 tion, New York: 
 
 Testimony of, relative to — , 
 
 Interstate Commerce Commission should have power to revise rates. 269 
 
764 
 
 INDEX. 
 
 POOLING: Page. 
 Testimony relative to — 
 
 Advantages of (Stone) 262 
 
 Opposed to (Cowan) 61 
 
 PORTS : 
 
 Testimony relative to — 
 
 Discrimination in favor of certain ports, if rate-fixing power left with 
 
 Commission (Fish) 277-278 
 
 Illustration - . . 279 
 
 PRESENT LAW: 
 
 Testimony relative to — 
 
 Ample, if enforced (Crocker) 127 
 
 Provisions of (Bacon) 7 
 
 Technical compliance with requirement to change rates (Bacon) 7 
 
 PRICES: 
 
 Testimony relative to — 
 
 Of railroad supplies and materials have advanced (Cowan) 107 
 
 PUBLICITY OF BOOKS: 
 
 And inspectors to examine, provision for, recommended (Bacon) 16, 23 
 
 PRIVATE CAR LINE SYSTEMS: 
 
 Bacon, Edward P. , Milwaukee, chairman, etc. 
 Testimony of, relative to — 
 
 Legislation maybe necessary 23 
 
 Ferguson, E. M. , of Duluth, representing various shippers' organiza- 
 tions. 
 Testimony of, relative to — 
 
 Act in dual capacity of carrier and merchant; evasion of law with- 
 out detection 312 
 
 Amount paid Armours in excess of previous refrigerator charges 
 
 a rebate 312,322 
 
 Armour: 
 
 Business extends beyond packing-house products 315 
 
 Has gradually extended their business in commodities 324 
 
 Armour cars not leased to the railroads; shippers compelled to 
 transport in Armour cars all commodities that originate upon 
 
 lines operating under these exclusi ve contracts 331 
 
 Armour (The) private car line companies — 
 
 Have 12,000 cars 316 
 
 Advantages enjoyed 369 
 
 Control and dominate to extent of fixing rates for independ- 
 ent dealers for similar traffic 311 
 
 ^ Control different lines 314 
 
 Control about 8,000 fruit cars; others not permitted to use 
 
 their own cars by reason of a secret contract 314 
 
 Same; cases cited 315,317,320,356 
 
 Do not always provide cars when needed, and shipper alone 
 
 suffers 330 
 
 Example of extortion 368 
 
 Have full knowledge of competitors' business 312 
 
 Largest -" o27 
 
 May sell below cost and make profit by this dual system 315 
 
 Not common carriers; therefore not amenable to the act to 
 
 regulate commerce , 336 
 
 Others than the Armours operate about the same, except not 
 
 connected with the selling of products transported by them . 324 
 Solicit commission men to use their cans and then rob them 
 of their business by themselves purchasing the same class 
 
 of goods; illustration 332 
 
 Armour refrigerator car profits 333 
 
 Armour refrigerator charges not on exhibition at Duluth, and 
 information difficult to obtain 333 
 
INDEX. 765 
 
 PRIVATE CAR LINE SYSTEMS— Continued. Page. 
 
 'Ferguson, E. M., of Duluth, etc.— Continued. 
 Testimony of, relative, to — 
 
 As to distribution of cars of, in various sections, resulting in 
 
 economy 329 
 
 Believe existing- kws afford as much protection as proposed act. . 333 
 
 Same, illustrations 335, 341, 346 
 
 California and the Middle West shippers got along better prior to 
 
 the advent of this system than since 329 
 
 Discriminations — 
 
 Against persons outside of private car line business; cases 
 
 cited 319 
 
 In charges of private line systems 345 
 
 Enumeration of private ear lines 328 
 
 Fair conclusion that carriers are interested in private car line 
 
 companies 314, 372 
 
 Fruit growers opposed to private car line systems 338 
 
 Gould private car line system operates 3,000 or 4,000 cars 337 
 
 Information as to amount of capital invested in private car line 
 systems unobtainable; estimated that there are 50,000 cars, cost- 
 ing about ?1,000 each; ordinary box cars cost between $700 and 
 
 $800 each 343 
 
 Legislation desired by Western Fruit Jobbers' Association 390 
 
 Not as much trouble in getting cars prior to these systems as since. 321 
 
 Number of private car lines about 300 '.. 313, 320, 340 
 
 Objection to legalizing and bringing them under Interstate Com- 
 merce Commission jurisdiction 312, 342 
 
 Opposed to continuance of, in any form 311 
 
 Pere Marquette owns 110 refrigerator cars, but because of exclu- 
 sive Armour contract refuse to furnish their own cars; cases of 
 
 other roads cited 323 
 
 Prosecution at expense of shipper 313 
 
 Proposed law would double duties of Commission 312 
 
 Railroads- 
 Give free transportation to representatives of the private car 
 
 line service 367 
 
 Render bill to consignee, usually in lump sum; unless de- 
 manded, bill never indicates any private car line charges. . 366 
 
 Should be kept open alike on equal terms to all 314 
 
 Should furnish all the instrumentalities of carriage. . . 330, 339, 373 
 
 Rebates given by private car lines to Mr. Watson 322 
 
 Refrigerator cars — 
 
 Have become as much a necessary instrumentality of carriage 
 
 as any other cars '. 327 
 
 Large portion of railroads own their own, but connecting 
 ; lines, where private car line system prevails, will not han- 
 
 ; die railroad cars 321 
 
 To large extent in continuous use upon lines of most carriers. 359 
 Refrigerator charges — 
 
 Exorbitant; not enforced, except upon roads under contract, 
 whereby one refrigerator car line company has exclusive 
 
 privilege for furnishing these cars 325 
 
 Should be incorporated m railroad rate 338 
 
 Routing of cars — 
 
 Shipper unable to select, and thereby loses privilege of mak- 
 ing arrangements with connecting lines 346, 353, 356 
 
 By arbitrary, shippers unable to keep track of perishable 
 
 ■goods 355,360 
 
 ' Secret contracts, hearing relative to, conditions characterized by 
 
 Commission as shocking 316 
 
 Secret-routing agreements of the private car line systems — 
 
 Make it impossible for shippers to locate blame ■ 360, 362 
 
 Reasons for such agreements 364 
 
 Work delay and loss to shippers 365 
 
 Shippers forced to enter into arrangements with private car line 
 
 system; cases cited ■- ,344, 345, etc. 
 
 Strawberries; southwestern traffic in, rates for same 360 
 
766 INDEX. 
 
 PRIVATE CAB LINE SYSTEMS— Continued. ^^S^- 
 Ferguson, E. M., of Duluth, etc.— Continued. 
 Testimony of, relative to — 
 Systems — 
 
 Comparative service of - 374 
 
 Do not furnisli adequate supply of cars; case cited 344 
 
 Favor one shipper over another 325 
 
 Lawfulness of operating not yet passed upon by court 343 
 
 Not economical to carrier 382 
 
 Not one good reason why they should exist 313 
 
 Opposed by many railroads 313 
 
 Would obtain control of all food supplies 313 
 
 Waxelbaum, J. J., Macon, Ga. 
 Testimony of, relative to — 
 
 History of, in Georgia - 392 
 
 Necessary in transportation of fruit, but present charges exorbi- 
 
 ,tant; shippers not properly treated 392 
 
 aXTABLiES BILL,: 
 
 Testimony relative to — 
 
 Hardly strong enough (Burr) 49 
 
 Penalty for noncompliance ( Bacon ) 8 
 
 Purpose of, to clothe Commispion with specific authority (Bacon) ... 7 
 
 Provision for review to expedite proceedings (Bacon) 8 
 
 Provisions stated (Bacon ) 7 
 
 Strong feature of, provision to declare fair rate, with power to enforce 
 
 an order ( Staples) 31 
 
 Section 1 and act of 1887 similar as to unreasonable discrimination 
 
 (Staples) 36 
 
 Suspension of order during investigation ( Bacon ) 8 
 
 Would gain votes l)y not adding to (Bacon) 24 
 
 BAII^KOADS: 
 
 Testimony relative to — 
 
 As to obligation to haul under rates fixed (Bacon) 14 
 
 Benefited by Elkins Act rebate provision ( Bacon ) 26 
 
 Cattle should be hauled 800 miles with one feeding (Mackenzie) 121 
 
 Consolidation of, not for purpose of eliminating competition, but to 
 give more economical and efficient service and more uniformitv of 
 
 rates (Stone) .". . . 259 
 
 Beamings of in U. S. ; table given (Dean) 265 
 
 Employees of, 1,300,000 (Fish) 276 
 
 Extent of ownership of securities by banks and insurance compa- 
 nies (Davenport) 170 
 
 Few officials of, able to dictate charges (Staples) 30 
 
 Gross earnings and operating expenses ( Fish ) 302 
 
 Have promoted colonization of lands; praise of American methods — 
 
 Pierre Leroy-Beaulieu and Mr. Priestley (Fish) 282 
 
 Increase of tonnage moved (Smith) 233 
 
 In hands of receivers (Smith) 233 
 
 Newlands's (Senator) suggestion of act embodying one system of rates 
 
 and taxation (Bacon) 12, 25 
 
 Number operated and number of systems ( Bacon ) 12 
 
 of miles constituting a day' s run ( Cowan ) 109 
 
 of stockholders (Fish) 276 
 
 No official can tell cost of hauling between given points (Cowan) 110 
 
 Obligations of, compared with carriers by water (Smith ) 227 
 
 On the average, railroads have not been profitable ( Fish ) 308 
 
 Opposed to clothing Commission with power that would defeat present 
 
 delay (Hooker) 129 
 
 Poor service of ( Mackenzie) 124 
 
 Rates lower here than in any other country ( Fish) 289 
 
 of hauling cattle increased although cost of operating not 
 
 increased (Mackenzie) 120 
 
 Receive larger amount of service for money expended than formerly 
 
 (Cowan) 108 
 
INDEX. • 767 
 
 RAILROADS— Continued. , Page. 
 
 Testimonji relative io — 
 
 Stocks now owned largely by our own people and in small hold- 
 ings (Fish) 276 
 
 Unwilling to be restricted in their power to fix rates (Bacon) 28 
 
 RATE MAKING: 
 
 Testimony relatire to — 
 
 Arbitrary matter (Stalples) 31 
 
 By Commission, what it involves (Ninimo) , 155 
 
 Court has decided CommissiSn must have in view fair return upon 
 
 value of property (Staples) ' 33 
 
 Should be left to Commission (Cowan) :. Ill 
 
 impartial tribunal (Staples) . . .■ 31 
 
 RATES: 
 
 Testimony relative to — 
 
 Absolute power of Commission to make, upon complaint, favored 
 
 ( Buft-) 48 
 
 Abuse by changing classifications of ( Hooker) 139 
 
 Abuses cited; Commission powerless (Staples) 34, 36 
 
 Adjustment of, not necessarily difficult (Hooker) 134 
 
 Amendment suggested empowering Commission to fix (Cowan) 60, 114 
 
 As to court passing upon rate for future prescribed by Commission 
 
 ( Nimmo) ". 157 
 
 British system of control of (Fish) 303 
 
 Can be determined by experts only ( Bacon) 21 
 
 Commission exercised power to determine what they should be until 
 
 court declared they had not power to do so (Davenport) 199 
 
 Commission has changed its views as to power to adjust (Smith J 230 
 
 Complaint of Cattle Raisers Association to Commission (Cowan) 64 
 
 Complaints of, far reaching in character; Maximum Rate Case (167 
 
 U. S.) cited (Stone) 247 
 
 Congress can not establish confiscatory (Davenport) 188, 191, 197 
 
 Congress unable to fix a certain rate or to say that less than a certain 
 
 rate shall not be charged (Davenport) 209 
 
 Controlled by few men ( Hooker) 135' 
 
 Could not constitutionally be adjusted and give preference to some 
 
 port or ports (Davenport) 178 
 
 Difficulties — ' 
 
 Of arranging; cases cited (Smith) 228 
 
 To be met by Commission in adjusting (Fish) 278 
 
 Discriminations — 
 
 Can not be avoided unless carriers permitted to make uniform 
 
 rates (Smith) 230 
 
 In favor of ports of one State over those of another; lists of customs 
 districts and ports of entry and delivery, July 1, 1904 (Daven- 
 port) ." ". 171,191 
 
 Few officials are able to dictate (Staples) 30- 
 
 Fixed bv Commission and sustained when railroads decline to haul 
 
 ( Bacon) 14 
 
 For southern cotton mill products need not necessarily be low to com- 
 pete with New England (Hooker) 132 
 
 Governmental regulation (Cowan) ' 55 
 
 Hagermap, James, (juoted (Cowan) Ill 
 
 Have steadily dechned before consolidation of systems and since, 
 largely through competition between communities and shippers 
 
 (Davenport) 203 
 
 High for transportation of cattle on Gould lines ( Cowan ) 51 
 
 If fixed by Commission must be uniform (Davenport) 193, 196 
 
 Influences under which they are established ( Davenport) 177 
 
 If power to fix, taken from railroads, no panic in stocks (Hooker) 136 
 
 In some States courts have held power can be conferred on a com- 
 mission to prescribe rates (Stone) 246 
 
 Increased by unification of interests (Staples) 29 
 
 Making of, a legislative act (Bacon) 15 
 
 Same (Staples) 32 
 
768 * INDEX. 
 
 RATES— Continued. . Page- 
 
 Testimony relatire to — 
 
 May be fixed by Commission, but can only be enforced through the 
 
 courts; cases cited (Davenport) 218 
 
 Not extortionate, but relatively need adjustment (Hooker) 131 
 
 Not in power of State legislature or Congress to put in force any sched- 
 ule, which court may not set aside as unreasonable (Davenport) . . . 206 
 
 Now excessive; instances cited (Dean) 265, 267 
 
 Now made by 15 traffic managers for United States should be reviewed 
 
 by railroad presidents ( Hooker) ...». 135 
 
 Of 1866 compared with present, on flour (Smith) 227 
 
 On Southern Railway higher and more unequal than elsewhere 
 
 (Hooker) 129 
 
 Opposed to clothing any board with power to fix; citing opinion ot 
 
 ex-Senator Edmunds (Fish) .' 274 
 
 Power — 
 
 Should be given to raise as well as lower (Staples) 31 
 
 To create commission to prescribe ( Davenport) t 190 
 
 To prescribe legislative; maximum rate case, and others, cited 
 
 (Stone) 244 
 
 Proposed legislation, demand promoted by Interstate Commerce Com- 
 mission ; reports, interviews, etc. (Fish ) 277 
 
 Bates of hauling cattle increased, although cost of operating not 
 
 increased (Mackenzie) 120 
 
 Put up when rebates abolished (Mackenzie) 123 
 
 Beasonableness of — 
 
 And elements governing (Bacon) 11 
 
 Difficult to determine (Cowan) 58 
 
 DiflScult to ascertain (Davenport) 221 
 
 Rearrangement necessary (Hooker) 130 
 
 Belative adjustment; stated adjustment (Hooker) 130 
 
 Separating interstate from domestic (Davenport) .1 198 
 
 Should not depend upon amount invested ( Cowan ) 1 10 
 
 Tables of, June 30, 1897, as compared with June 30, 1904, by chair- 
 man Interstate Commerce Commission ( Hooker) 139 
 
 Tariffs, number of, in the United States (Hooker) 134 
 
 Technical compliance in change of (Bacon) 7 
 
 To Chicago, Cincinnati, and New York (Burr) 45 
 
 Transcontinental, know of no complaint of ( Hooker) 1 38 
 
 Unreasonable respecting grain, lumber, live stock, etc (Cowan) 53 
 
 Water carriers should be brought under provisions of interstate- 
 commerce law (Davenport) 180 
 
 BEASONABIiENESS OF BATES: 
 Testimony relative to — 
 
 Basis of, must be the fair value of property used; decision cited 
 
 (Dean) 265 
 
 Cases not so, cited (Cowan) 54 
 
 Court starts with presumption that rate fixed by Commission is 
 
 reasonable; case cited (Stone) 251 
 
 Difficult to ascertain (Davenport) 221 
 
 Difiicult to determine (Cowan) 68 
 
 Hagerman, James, quoted as to how determined (Cowan ) Ill 
 
 Jurisdictional and only determined by courts (Davenport)' 221, L'l>4 
 
 Power given to determine (Cowan) 54 
 
 Power of Commission to fix, necessary (Hooker) 129 
 
 Those prescribed to-day may not be reasonable to-morrow; case 
 
 cited (Davenport) 2t)l 
 
 "Under substantially similar circumstances and condition," should 
 
 be stricken out; decision in Belmont case (Cowan) 113 
 
 REBATES : 
 
 Testimony relative to — 
 
 Abolished, but rates put up (Mackenzie) 123 
 
 Believe not now paid (Bacon) 28 
 
 Books would not show directly (Bacon) 18 
 
INDEX. 769 
 
 REBATES— Continued. Page. 
 Testimony relative to — 
 
 Elkins Act provision beneficial to railroads ( Bacon ) 26 
 
 Enforcement of Elkins Act would remedy evil of (Bacon) 16, 26 
 
 Evils of exaggerated (Bacon) 17 
 
 Have stopped (Cowan) 112 
 
 Stopping of, has more than offset increased price of materials (Cowan) . 113 
 Resolutions, petitions, memorials, and letters of legislatures, boards of 
 
 trade, chambers of commerce and others, Fifty-eighth Congress 711 
 
 REVrEW: 
 
 Testimony relative to — 
 
 Provided in Quarles bill; purpose of (Bacon) 8, 24 
 
 RXTLE: 
 
 Testimony relative to — 
 
 For determining percentage of return never laid down by court 
 
 ( Bacon ) , 11 
 
 Rate should not be entirely governed by amount invested (Cowan).. 110 
 
 SHEBMAN ANTITE.TJST ACT: 
 
 Testimony relative to — 
 
 Interstate Commerce Commission, no authority to enforce (Cowan) . . 55 
 
 SMITH, TOXLTOTH H. , president and chief executive officer of the Louis- 
 ville and Nashville Railroad Company: 
 Testimony of, relative to — 
 
 Discrimination of rates can not be avoided uhless carriers permitted to 
 
 make uniform rates 230 
 
 Esch-Townsend bill, analysis of, by Walker D. Hines 235 
 
 Interstate Commerce Commission has changed its views as to power 
 
 to adjust rates 230 
 
 Views of, changed as to competency of adjusting rates 230 
 
 l^ailroads — 
 
 Increase of tonnage 233 
 
 In hands of receivers 233 
 
 Obligations of, compared with carriers by water 227 
 
 Rates — 
 
 Difficulties of arranging; cases cited 228 
 
 Discrimination can not be avoided unless carriers permitted to 
 
 make uniform rates 230 
 
 Of,1866 compared with present, on flour 227 
 
 SOUTHERN COTTON MIIiLS: 
 
 Testimony relative to — 
 
 Products of; rates compared with New England products (Hooker) . . 132 
 
 SOXTTHEBBT RAILWAY: 
 
 Testimony relaiive to — 
 
 Rates higher and more unequal than any other (Hooker) 129 
 
 SOtTTHWESTERN (RATE) TARIFF ASSOCIATION: 
 
 Fixes rates; instances cited (Cowan) 55 
 
 STAPLES, CHARLES F., railroad and warehouse commissioner of Min- 
 nesota ■ 29 
 
 Representative of association of commissioners of various States 37 
 
 Testimony of, relative to — 
 
 CannoiiFalls discrimination 34,37,39 
 
 Commission, findings of, prima facie 33 
 
 Court — 
 
 Claims of unjust rates not filed under Elkins law; too much ex- 
 pense and time involved 39 
 
 Under rulings of. Government has gradually been losing control; 
 
 strong companies absorb weak ones 30 
 
 Discriminations — 
 
 Cannon Falls case 34, 37, 39 
 
 More complained of than high rates 31 
 
 Section 1, Quarles bill, and act of 1887 similar as to 36 
 
 BY— 05 49 
 
770 
 
 INDEX. 
 
 STAPLES, CHARLES F., eto.— Continued. Page. 
 Testimony of, relative to — 
 
 Elkins law in a measure helpful to both sides 30 
 
 Interstate Commerce Commission formerly acted upon theory of 
 
 power now sought to give by Quarles bill 31 
 
 Long and short haul, clause insufficient 31, 34 
 
 Minnesota (statute) 31, 35 
 
 Quarles bill — 
 
 Section 1 and act of 1887 similar as to unreasonable discrimination. 36 
 Strong feature of, provision to declare fair rate, with power to 
 
 enforce an order 31 
 
 Railroads, few officials of, able to dictate charges 30 
 
 Rate making — 
 
 ! An arbitrary matter 31 
 
 ! Court has decided Commission must have in view fair return upon 
 
 value of property .' 33 
 
 Should be left to impartial tribunal 31 
 
 Bates — 
 
 Abuses cited; Commission powerless 34, 36 
 
 Few officials able to dictate 30 
 
 Increased by unification of interests 29 
 
 Making of, a legislative act ., 32 
 
 Power should be given to raise as well as lower 31 
 
 Unification of interests has resulted in unreasonable increase of rates. 29 
 
 STEEL AND IBON: 
 
 Testimony relative to — ' 
 
 Domestic and foreign rates (Bacon) 19 
 
 STEEL BAILS: 
 
 Testimony relative to — 
 
 Prices of ( Cowan ) 108 
 
 STONE, HENRY L., general counsel of the Louisville and Nashville Rail- 
 road Company. 
 Testimony of, relative to — 
 
 Constitutional questions — courts can not be confined to evidence be- 
 fore Commission 251 
 
 Interstate Commerce Commission — 
 
 Given power over railroads beyond rate fixing 253 
 
 Powers of ^ 244 
 
 Under Esch-Townsend bill unlimited power in hands of men 
 inexperienced in railroad management and not required to be 
 
 lawyers 261 
 
 Esch-Townsend bill — 
 
 Does not require complainant to pay costs 264 
 
 Excluding proof on appeal, except that before the Commission, is 
 
 unconstitutional « .• 251, 254 
 
 No imperative necessity for; railroads and country prosperous 263 
 
 Objections to orders fixing rate going into effect before court has 
 
 opportunity to investigate 247,248 
 
 Under it Commission given power and authority over all regula- 
 tions affecting transportation of persons or property in addition 
 
 to rate fixing 253 
 
 Would be disastrous to railroad interests and employees 260, 261 
 
 , Pooling, advantages of 262 
 
 Railroads, consolidation of, not for purpose t)f eliminating competi- 
 tion, but to give more economical and efficient service and more 
 
 uniformity of rates 259 
 
 Rates, in some States courts have held power can be conferred on a 
 
 commission to prescribe 246 
 
 Complaints of, far-reaching in character; Maximum Rate Case 
 
 (167 U. S.) cited 247 
 
 Power to prescribe legislative 244 
 
 Reasonableness of rates— court starts with presumption that rate fixed 
 by Conunission is reasonable; case cited 251 
 
INDEX. 771 
 
 SUSPENSION: Page. 
 
 Of order during investigation (Bacon) 8 
 
 TKAPFIC ASSOCIATIONS: 
 
 Testimony relative to — 
 
 Governmental regulation of rates recommended (Cowan) 55 
 
 TBAFFIC MANAGERS: 
 
 Fifteen, now fix rates for United States (Hooker) 136 
 
 "UNDER SUBSTANTIALliY SIMILAR CIRCUMSTANCES AND 
 CONDITIONS:" 
 
 Should be stricken out; decision in Bglmont case (Cowan) 113 
 
 UNIFICATION OF INTERESTS: 
 Testimony relative to — 
 
 Defeats competition (Cowan) 56 
 
 Has resulted in unreasonable increase of rates (Staples) 29 
 
 VALUATION: 
 
 Testimony relative to — 
 
 Amount invested should not entirely govern in fixing rates (Cowan) . 11, 110 
 
 WITNESSES, LIST OF: 
 
 Bacon, Edward P 5 
 
 Burr, E. Hudson 40 
 
 Cowan, S. H 50 
 
 Crocker, Charles H 126 
 
 Davenport, Daniel ; 169 
 
 Dean, L. A 264 
 
 Ferguson, E. M 311 
 
 Fish, Stuy vesant 269 
 
 Hines, Walker D. (analysis of Esch-Townsend bill) 235 
 
 Hooker, James J * 129 
 
 Mackenzie, Murdo ■ 119 
 
 Nimmo, Joseph, jr 151 
 
 Perry, E. F 268 
 
 Smith, Milton H 225 
 
 Staples, Charles F 29 
 
 Stone, Henry L 243 
 
 Waxelbaum, J. J 392 
 
 WATER ROUTES: 
 Testimony relative to — 
 
 Commission could have no jurisdiction over rates on ocean outside 
 
 8-mile limit ( Fish) : 278 
 
 Law should apply to (Davenport ■> 180