The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-28


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constitutional conventions from tho ex-
crcise of police power, that the State OF
Virginia through the corporation conf
mission has the right to exercise unfet-
tered the police power inherently resid-
ing in the State government. and that all
railroads received their franchises subject
thereto.
Relations Defined.
The decision then deals With the rcla-
tons between the State and the railroads
with respect to tho exercise OF rate
making power. The commission plants
itself on the high ground that q carrie,
has the right to earn it's operating eN-
penses and Il fair return upon the value
of the property used in the service.
1t then goes into an exhaustive and
elaborate analysis Of the earnings Of the
principal railroads and OF the value OF
the property used in producing these
earnings.
1t separates the intrastate earnings
from the Interstate earnings. and pre-
sents a statement of comparative net
profits arising to the railroadssi in these
TWO branches of earnings
1t here goes extensively into the evil
tlence and undertakes to show that the
percentage oil profit in intrnstate earn
ings is as great as the percentage of
profit in interstate earnings. 1t argues
as follows.
Having shown the net earnings per
mile Of the roads named respectively. on
their entire Virginia business. and that
no greater percentage of the company s
plant is employed in earning dollar of
interstate gross revenue. it follows that.
If the net earnings of the companies
$40, all tl,aS,~ 1n,,C
them n certain return upon q given valu-
alton of their property employed In earn
ing that revenue, then the net earnings
upon the ntrastate branch of that bust
ness must also yield the same return
upon a similar valuation of the property
employed in earning that intrastate reTe-
nue."
The commission then shows, by num-
her of tables, the Virginia earnings OF
several of the principal railroad COM
panics OF the State
II shows in these tables that the Nor
folk and Western Railway Company
shows gross earnings for the year end
ing June 30, 1906 on all It's Virginia bust
ness, of Sl5. il3.43 per mile. and net earn
ings on the same business of s5,S19.68 per
mile, all based upon the freight and pas
senger rates in effect during that fiscal
year. From this it appears that the net
Income of this line Is a little more than
57-S per cent. on n valuation of Sloo,eN
per mile OF its 1o5i miles of track located
and operated in Virginia
Figures of Roads.
That the Chesapeake and Ohio Railway
coiipanS' ~. ''e saa'o "su
sIie sai,ie pasis' e''oNs Sues s...'isIr
si- ~ t., peg i''i'. anu i's ,,,maa &c
st,'Saoo PEI, iiii'e' s'sins no. ,aI,,at,on
s,on ndn e zoe liza ~ 49,, nj,
OF slouvVV per llle on ia 800 I ,..,.rs "
IGcsitco ana vpeih.ou ~ ~ s,..a' III,
e'Shts -n.e lifts VI III, ~. $500.
age rEnss oser We MS u .irs aoN.u, -
anu Nusii'isS oil oousi'I w. , ,na.on
pa,iles from o,aiise W NsisI''l's W. J,,,
NV tl'c -A.ihls'e suasl l,,''u i.a.', oau
coihi'aHs' ioi we snilio seai is, %,
s,!e SO same n'ssis si'oMs 20
sI'.o2',,V per ni''e, anu ne . 70
S,llo.. pei ,,.''e. sm,s .o, :. no .o
app, ~. ma s o1s Pc, ee.t.. o' ~
t1oh'oi Sioo''no per hl'le OF us iS' mics VI
e4nsn io.,.Se'. .I,u oi',i - ~
ila' the Senpoaro Ar bii'e n'''.M
ool'ipanS' iot 'i'e sa.e se'i' l's".eu 90 ~
s,ie ,s same OASIS, SHOWS sross e"lni.,sS VI
sao.o ,o q, per i,ii1e anu net eaintnss %
s@,ns.SS per n, niue e., giving a net income OF
a,o1 ~ 40 pu, es,i., w
tlpi o, HlV''"o per niue u l,s 10, ll,''es W
sfn n,,, 'ocn,sC. ana ;, opera.ed IN vMs1n'a.
~, ~ .oou.le. u i",l"as Sonipsas, ~.
eS'' g" e't ~. ~, 30 1
s.t9"' We, Iui >, " 30 -. 'io pui
~. r"' Us " s,u,..o ~. ' !.
,,S . ~ - :, ~ nnn Wy.
-, oes ,o y. 1900 ~, ~.
i, 1y,,i, ~ n,nn, "a,a
90 III < s, - su',,o AZ.
i,,''Va - m'n.' tlu' ~. ~ 49,
,'aal,a "a a. i,a nur,e oS ane
i'I.n',S ".tN' '1'iN i'"'N way N'i''po"s'
p,iinnn, ra,., plu' 'eN n,' n,.u
rn;,a 80 COZ o1o 90 ss'oms sinss
carnimss ~ ~ $40 ~ NOV l,,i I,''o ~ nn "
,,ntn,,, ,,or nert 70 ~ 1on coo
Of its o,phty-,broo m,,as ~ troc,. ,ncntnd
M o,,nsat,,, T., I,.a,,,,, W t''eN ''Nd'e"