The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-10
NEBRASKA FREIGHT RATE CASE
Depews View of What a Contrary De-
cisi0n WOnId Have Meant.

! New York. March 9-Discussing the de-
cision of the supreme court in the Ne
braska maximum freight rate case
Chauncey NJ. Depew. president of the New
York Central railroad. says:
1.-THE contention of the men who framed
the Nebraska freight rate law and of the
people in other western states who agree
with them, have been for years that the
Legislatures have the right to confiscate
railroad property within the states by fiX-
ing rates so low as TO leave no return 10
stock and bondholders.
"Of course if the people who have money
to build railways believed that their doc
trine would prevail, no more railways
would be built. If the doctrine had been
sustained by the supreme court there
would have been panic in railway secur-
tiles. Every investor would have under
stood that he held his stock subject TO
its being made worth less by an act Of
some legislature. There is now in bonds
and stocks of railways about so, 900 000, 600
and most of the investments of the coun-
try are based on these. If that investment
can be rendered worthless over night by n
bill damned through a legislature and ap-
proved by a governor in three hours no
body would invest in such property. Such
a doctrine. If carried out, would cause
greater loss than our four years Of civil
war. The decision of the supreme court
is just what every lawyer and business
man expected it would be.
THE legislature has the power to fix
rates within lines where the railways can
live and get reasonable returns. AS TO
what reasonable rate is, the supreme
court would not decide finally. This is a
new country and railways are necessary
to develop il. There are still immense
areas undeveloped which can never be de-
veloped without railway lines.
IF that case had been decided in favor
Of the Nebraska law. not another mile OF
railway would have been built in that
state The railways now within the Dor
ders would not have maintained their
roadbed and equipment and in five years
Nebraska would have been far behind ;hs
rest Of the country. There would have
followed inevitably a reduction IN expen-
dltures, and wages would have gone down
% per cent"
At fire IN Germania hall. Hartford,
Conn, Monday night a panic resulted and
eight persons were severely burned. Mrs.
August waterdorf, aged a. is believed 70
be burned fatally. Damage 10 the build
ing IS 5000.
A general creditors bill was filed
against the IaFollette Land and In
provement company Of LaFollette. Ten
nessee. yesterday. z. 7. Warner was
named temporary receiver. The company
owns 5000 acres OF land IN Campbell
county and the townsite % LsFolIet,e.
The Ellsworth newspaper bill. which
passed the New York senate last week
and which newspapers throughout the
state have assalled as an attack upon the
liberty OF ,he press. was To have come up
in the assembly yesterday. but was not
called Up and ;he probability Is taat Il
viii not Be pressed for passage
Two Italian laborers were instantly xii
ed and two badly hurt BY two-ton dirt
car which fell upon them yesterday while
they we're At work on the ne~ East river
bridge, New York The dead meu were
Joseph DrIr1el and Dominick Dottore
The injured are Michael Bosn aclo and
Joseph Rumnelo. The latter has since
died.