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state, during the last twenty-five years seems to have been to decide rate questions in the great majority of cases in such a way that rates were rarely advanced and generally were reduced, and to introduce rules, regulations, and methods that increased expenses. I am not contending at this time that this policy was and is wrong, or that control and restraint by governmental authorities should cease, although something could be said about that great question. I do, however, want to make a plea that coupled with restraint and control there should be protection to the owners of the securities. The commissions, both state and national, naturally feel the great pressure of the millions of users of the railroads for reduced rates and increased facilities. But if the rates continue to decline, or even remain on the present level, and if expenses are increased by higher wages and cost of materials, and by the introduction of different appliances and facilities more rapidly than the roads can obtain money, then there is but one result for some of the railroads of the United States, and