The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-06-13


Massachusetts such laws as now obtain
In England The purpose OF those OF US
who so resolutely believe In the new pol
ley, In Its thorough carrying out and In its
progressive development, Is In no sense
punitive or vindictive.
We would be the first to protest against
any form OF confiscatiOn of property, and
whether protested not. 1 may add
that the Supreme Court would be trusted
In any event to see that there should be
nothing done under the guise of regulating
roads to destroy property without just COM
pension or without due process of law.
The man who builds great railway IA
eilities Is "a vital IL, necessity to the coun,
such men but we do not favor a policy OF
exploiting the many for the benefit Of the
few.
We favor the railway man who operates
his railway upon straightforward and
open business basis, from the standpoint Of
permanent Investment, and who has in
terest In Its future; we are against only
the man who cares nothing for the property
after his speculative deal In securities has
been closed We favor the railway manager
who keeps In close touch with the people
along his line rather than In close touch
with the speculative market; who oper-
ates his line with view to the advantage
he can legitimatey get out Of his rail-
way a permanent Investment by CIV
ing fair return to the stockholders and
to the public good service with reasonable
rates: who does not operate his road with
vantage which will follow capItalizing an
uncertain future and unloading the securi-
ties on the public.
We wish to make 1t to the interest OF
the investor to put his money into the
honest development of the railroads. and
therefore We wish to discriminate against
the man who, while enriching himself.
lays upon the future owners and patrons
of the road and. above all upon the hon.
ar " tnQ m N m
crate the road. burden Of additional debt
without addirg correspondingly to lis actual
worth. Much Is said about the inability
Il railway presidents to agree among them
cased and what plans followed in the effort
to work out the problems which now pre-
sent themselves.
In so far as the law Is concerned. all
| ask OF them Is a willingness to comply
fully with the spirit and a readiness to
move along the lines indicated by those
who are charged with administering 1t.
Our policy Is built upon experience, and
our primary purpose Is to insure the fu-
ture against the mistakes and delinquen-
cies Of the past.
There has been much wild talk as to
the extent OF the overcapitalzation OF our
railroads. The census reports on the co a
merciai value of the railroads of the coLn-
try, together with the reports made to the
Interstate Commerce Commission by the
railroads on their cost Of construction, tend
to show US that a whole the railroad
property of the country Is worth much
as the securities representing it, and that
In the consensus Of opinion of investors the
total value OF stocks and bonds Is greater
than their total face value. Notwithstanding
the "water" that has been injected in par
| ticular places.
Real Value Great.
The huge value Of terminals, the I'M
mense expenditures In recent years In dou-
Bile tracking, Improving grades, roadbeds
and structures have brought the total in
vestments TO point where the opinion
that the real value Is greater than the face
value Is probably true No general state
ment such as this can be accepted as hay
ing more than a general value; there are
many exceptions but the evidence seems
ample that the great mass of our railroad
securities rest upon safe and solid f0unda-
| tions: II they fall In any degree to com
mand complete public confidence. it is be-
cause Isolated instances of uncomfortable
/ stock watering and kindred ofenses arouse
suspicion, which naturally extends to all
| other corporate securities so long as sim
| liar practices are possible and the tendency
| to resort to them Is unrestrained by law
There is an essential difference between
| private and quasi-pubic property which
| justifes setting somewhere limit beyond
| which the accommodating value in quasi-pub-
| lie properties, due to the necessity OF q
growing community. shall not be capitalized.
! One OF the most important features OF