The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-09
TUESDAY, APRIL :. 1907.
No ambition is ever fully reailzed
here below at least. No paradise. be.
comes terrestrial In our day.-Vie;or
Hugo.
Readiusting Values.

In their haste to upbraid Roosevelt as
the arch destroyer OF railroad values, the
financial prophets and stock brokinS wise
acres have overlooked q nearer and much
more reasonable explanation. OF course
there has been hostile legislation against
the railroads, but such legislation was
being demanded and enforced last Ali-
gust. when railroad stocks sole. at their
highest values since 1866. When the
Hepburn bill was passed many thoughtfui
friends of railroads believed that the
reasonable control aimed at, and the
attempt to eradicate the open and ap-
parent abuses Of rebates and discrimina-
tions, so far from hurting would incai-
culably help and strengthen the intrinsic
value of railroads.
It will also occur to the obseryant stu
dent that despite the present cutlery OF
Wall Street against any attempt at rail-
road control, the stock market did not
begin its spectacular crash until the net
earnings fell off. 1t was the biting cost
of labor and material, not the barking Of
,,
wrecked the spectators. Why labor and
material have advanced so enormously is
the problem that must be solved If the
real answer is to be given TO the fall
in value of railroad securities.
To some this advance Is gold initiation
but it is not necessary 10 seek 50 abb
struse an explanation when a more OBJ
v!ous one lies close al hand in the sud-
den increase within the last few years Of
wealth and luxury throughou1 the Whole
Uaited States. p!ttshuyg IS NOT the only
e.tv walsh has gwen great crop Of
newly aaade E:.sEl,caairss. E7rozV coast u
cbasE azzcowa mea 81 q .ez years ago
have s7.adszzy COKE forward as The own
srz II Colossal r5cees. These rapid rises
Il f5rt4l= Ease I'D t1o widespread effect:
ore u gtT@ tEs pab?ic at large The
:':ea t:Iar zrsa. wszlta c7ul3 be acquired
By saute hsa52y eaanee or lucky turn;
The otaer t. create an utterly new stand.
All % expense for very large numbers O!
hH'lassssniS:s and corporations. As re.
z'1It ct tae iias.-sE cause. the idea OF higher
Wages, r..,.e .-axurT and extravaganza d
al assrEs h;as spread with amazing rapidly
Tie sfect Of this idea that evcrypod,
eoEla get rich quickly has been apparent
IN the enhanced cost OF all sorts Of labo,
and material. But. like nany othc.
crazes this dream will vanish under III,
stern touch Of reality, though the genera
level of labor and living will never z,
back TO the old low level Already iii,
demands for wages have in many in.
stances been carried 10 such a poln
That the employers have had to stop bug
mess. When such change begins, i,
emu cannot be seen, but this much cal
be safely said, that reimbursement Of rel
ati'c values must take place: otherwls
there VIII come a stoppage OF many in
nusules which cannot stand the adj
Vances which the railroads have had 7,
assume, II this readjustnent come
about slowly, business need not he d,e
arranged. and no general and se,Ioi
aggression need be anticipated. The dan
ger of the situation lies in /, sudden oo.
sa'ion Of industrial activity, and ~ n,c,
eht there are no signs of this OCCURRING