New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-30
BRYAN SEES NO DANGER.
Discusses Regulation and GoUern-
'ment Ownership of Railroads.

Boston, March 29-H NJ. Whitney. former DEM
oeratio candidate for Lieutenant Governor, To-
night made public letter from William J. bryan
dealing with tho railroad question The letter
was in response to ono from Mr. whitney, IL
which he asked:
Whether, in your Judgment. there Is any danger
that regulation Will be carried 10 the Pnee+sd
In the railroads OF the country, and whetn1er' IN
nation or b. the several states, TIC - tTe yaue
Of the physical railroad properties.
M. Bryan writes. in part, as follows:
! in favor Of both national and state Eeguo
iaton, and also believe that pubic ",,estjan
In my discussions this subject have R9niti e3
IN ownership by the federal government fo,aTeI
the lines / prefer a system in which tho Ieuesst .
trunk nes a M the o%nersp Of the Of the
lines be lgft to the states This This how sm not sure
Of public ownership and until they are ready 70
consider that question the interest IS centSo .ba
regulation AS an advocate of regulation OF tl ne
danger Whatever f8 ' that This regulation WIN be car
Fied to the point OF preventing ing raiToads OF the
country. And 1 also assure you that y ar
by the nation the stockholders may expect 20 20
receive price at least equal to the Vsiu1 ne sncb
111,biic has Shown no d,snosition to reduce rail-
road earnings point which would deny 4" Ie~
have contended that the present value OF the
railroads should be ascertained by the ~
Commerce Commission and the COMMISSIONS "a llIt
various states in order that Investors mag 80
when they are buying stock OF intrinsic Ndu0 s,.
when they are being cheated. As long as ~
motors permitted TO issue STOCK IN. in
represent real value there must be nuct ION "a
the stock market for every disclosure OF ulI
road management necessarily anect5 me 800 ts
stocks The stockholders. therefore, VINO uesIto 80
purchase for legitimate investment Shoulu . ,
much interest as the patrons in reducing Wy
road business TO an honest basis, nut tue -,
have thus far prevented the passage OF
authorizing the Interstate Commerce COMMISSION
" "a r Line ~ the roads is ascertained, am
satisfied that public sentiment viii insist I all,
returns shall be sufficient 10 pay reaS,l" 9iS,iSac5
dend on the money invested. w ilal lI,lS
should he II might he difficult TO fix arol'5Sl ny -,
sbould saw that any maximum rate IAeu ~ "a
people should be a little higher than tne for
nv connection in the purchase OF stoch- al.
Instance the stock which pays 4 per cent 9lHi,
ought 10 be enough above that to proNlue iuI
HE fluctuations in business. II II relulle7 -
nor cent dividend make stock sen AZ pa,
The maximum dividend contemplated u. te5i-
sbo,Iid he above per cent, or say per CEN;
In case the various states or the natoh .t.S
10 enter upon public ownership OF the Io'os
would he no disposition to conf1scate me PI ~
1 am satisfied that IN the purchase o. ao@oS ,1'an
1,bic vrould be much more apt TO pay more t'a4l
fbe roads are worth than less. IT,, :,
7 think / can speak for those VINO ptI H . -.
ree1latIon and know that there is hot anu ~
has Fheen danger of injustice 10 the owner " ~
Threads and II I can speak for thoSe VIZ u
iieve that THE ultimate solution OF me IaIlloau
,'T1tIeTo Is TO be found in public oWhelshlp IN
se1- that there is disposition 10 coIlusaIt
road property even il the courts woaid permit -