Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-06-26

further disturb present financial con
ditions, but of no practical value Tor
the purpose Of arriving at a fair n
equitable basis for rate-making' ana
| don OF believe hat il would cure the
existing Ills.
As a railroad manager. ! should not
Oppose it. nor do ! see 10Y the right OF
the government to make such a valua-
ton can be challenged, even though |
doubt its ultimate efficiency in accom-
plishing the practical results for which
it is being urged. The expense II
would entail on the government would
be unwise. as all the elements consti-
tuting the principle OF fair and equit-
able rates can be had through other
sources of information at the govern
ment's command-which viii be re-
liable while the valuation theory viii
not.
3.-The Limitation of Future security
Issues.
This plank in the most radical of
all platforms meets my views, | be-
lieve hat the capitalization of the rail-
roads should be directly undel federal
law. which would provide federal au-
thority to construct and operate a
railroad. the purpose of WhiOn is 20
engage in interstate traffic either over
its own rails or through connecting
lines. Such legislation should be
made with the fact clearly in mind
that in some sections of this country
there are large areas that need rail
roads, and that they cannot get the
railroads unless the builders are al
lowed to make a profit, or to see the
chance of profits, on the building.
The law should, however. make 1t i'm
sible to gain these profits more than
once: and the requirements of rail-
RAIDS for new capital for Improvement,
equipment, and development of the
property, and the country served,
should be placed under the supervision
Of the interstate commerce commits
sion. with authority only to authorize
such Increase of capital as the prop
erty needs fully to take are of its re-
quirements.
This is a question that will require
careful consideration and the commits
sioners should be allowed sufficient
latitude for themselves to use some
discretion as conditions may warrant.
4.-Uniform System or Accounts.
I believe that there should be uni
formity in accounts, and | am glad to
see the efforts now being made in that
direction by the government. When
the end is accomplished and the plan
in working order, the investor VIII
know that the reports of the different
companies are a corerct guide to the
value Oh lDPll NfAu ttltHs III JUL
words, the annual reports of the rail-
roads Will be a proper and Legitimate
basis for public confidence, as they
should be.
5. Publicity.
There should be no mystery in the
railroad business. | think that our
accounts should be subject to inspec-
ton by the government, as openly n
as freely as tho accounts Of a national
h., l. ~, nom u,thfopt ia tn, fngnnnIfRn
of the examiners; but ali Information
pertaining to the railroads. business
should be protected against improper
use. Such publicity will be found the
ultimate safeguard of the laws look
ing toward fair rates and equitable
dealings. and will, at the same afford
the investor another proper test of
value for the securities he buys or
owns.
6.-Legalizcd Traffic Association.
| do not believe that the railroads
pools should be legalized, but | do be-
lieve that traffic associations between
railroads should be allowed. suppose,
for instance, that two railroads can
reach all the lumber traffic of the
states of Texas and Washington. They
might form a pool with certain con-
Meeting lines northWard and eastward,
whereby those connecting lines should
receive all his lumber for tT%ansporta-
ton beyond the northern and eastern
termini of the two lines. A pool is a
closed association. A traffic associa-
ton on the other hand, is open, and
all the connecting lines are allowed TO
participate, The federal government
by endorsing a pool, would give an
advantage to a few of the stronger
lines to the detriment of others not
parties to the pool. BY legaliZing the
traffic association. however, the gov
1900 +.rsIl L.. IAmfgIn Ia. foo. f1A
whole. rather than for the part. This
is the true function Of government.
When the government shall have es-
its interstate traffic agents at
the different commercial centers of the
country, the federal traffic representa-