The Elbert County tribune., 1908-07-30
Makes His Notification Speech at
Cincinnati, While City Is in Gala
Attire to Receiue Him as a Con-
quering Hero Text of
His Speech.

|
II restrained without undue Interference
with legitimate business
Railway Traffic Agreements.
IT Is agreeable to note in this regard
and the Democratic platform impIiediy
| approve an amendment to the Interstate
commerce law by which interstate rail-
roacs may make useful traffic agree
ments, II approved by the commissions.
This has been strongly recommended by
the benefit of the business.
some OF the suggestions OF the Demo-
sraac s,ho platform a relate really to this
which have referred. Take for in
stance, the so-called physical valuation
all rates or receipts of a railway. less
proper expenses, should be limited to a
its property and that il the sum exceeds
this measure, II ought to be reduced. The
difhculty In enforcing the principle is In
of the company's property, and in fixing
what is. a fair profit. 1t is clear that the
physical value OF a railroad ard its plant
termining its full value; but as Presi-
dent Roosevelt in his Indianapolis
| ed out. the value of the railroad as a go
ing concern. including its good will. due
than the value of its tangible property
and It is the former that measures the
be allowed. Then. too, the cues
! ton what Is fair profit Is one
involving not only the rate of interest
usually earned on normally ss7 invest
| fnents, but also sufficient allowance to
make up for the risk Of loss both of cap
ltal and interest in the original outlay.
These considerations will have Justified
the company in imposing, charges high
enough to secure a fair income on the
enterprise as whole.
What Roosevelt Said.
"As Mr. Roosevelt has said In speak
| Ing of this very subject:
" The effect Of such valuation and su-
pervision Of securities cannot be retro
active. Existing securities should be
tested by laws in existence at the time
more injure securities which have be.
come an important part of the national
wealth than IT would consider a propo-
The question of rates and treat
ment of railways is one that has two
titled to reasonable rates: but less is
an Injustice to the carriers. Good
them is not alone Injustice to stock
holders and capitalists whose further
good OF the whole country. but It di-
rectly affects and reduces the wages
| of railroad employees.
| For what has been said, the proper
conclusion would seem to be that in
attempting to Determine that whether
way is excessive. the physical va1ua-
tion of the road is a relevant and i'm
ling factor. Ply steal valuation proper
~ used will not generally impair Sc
Rates Are Low, He Says.
I'm some cases. doubtless. II will be
found that decentralization is made
| an excuse for excessive rates. and then
they should be reduced but the con-
sensus of opinion seems to be that the
railroad rates generally in this coun-
| try are reasonably low. This is why
doubtless the complaints filed with the
| Interstate commerce n n
against excessive rates are SO few as
compared with those against unlawful
discrimination in rates between shippers
and between places. OF course in the de-
termination OF the question whether dis
| elimination is unlewful not, the phys
ical valuation Of the whole road is of lit
| tie weight
of detail merely to point out that the
| valuation by the interstate commerce
commission of the tangible property of
time to time be necessary in settling
| certain of the issues which may come
before before them and and that bat no cyl, or In
| such cases. II 1t be understood that the
result is to be used for a Just pur-
der all circumstances OF the invest
| ment is recognized. The interstate com
to ascertain the value of the physical
railroad property II necessary in de-
| termining the reasonableness of rates
| National Control Of Corporations.
|
| subordinate and ancillary machinery
| necessary to carry out Republican poli-
cies is that of the incorporation under
national law the licensing by ma
| tional license or enforced registry of
companies engaged In interstate trade
| The fact is that nearly all corpo- ations
doing commercial business are en-.
| gagged in interstate commerce. and If
they all We're required to take out
| the burden upon the interstate bust
ness OF the country would become In
| tolerable.
TT is necessary. therefore, to de-
| wise some means for classifying and
corporations as have the power and
| temptation to effect restraints of In
terstate trade and monopolies- Such
| corporations constitute very small
| percentage of all engaged in inter-
| state business.
Roosevelt's Proposed Classification.
with such Classification in view. Mr.
| Roosevelt recommended an amendment
Hepburn bill. which provided for vol
untary classification. and created
farDns mmunity oy from proseeutions fr,ne for reas
sonable restrictions of Interstate
register and submit Themselves to the the
publicity regulation of the depart
ment of commerce and labor.
THE Democratic platform suggests
a requirement that corporations and
interstate trade having control of 25
per cent. of the products in which they
deal shall take out federal license.
This classification would probably In
clude a great many small corpora
tions engaged in the manufacture of
special articles or commodities whose
total value is SO inconsiderable that
they not really within the per
view or real evil of the antitrust law.
1t is not now necessary. however, to
discuss the relative merit OF such prop
ositions but II is enough merely to af-
firm the necessity for some method by
which greater executive supervision
can be given to the federal government
over these businesses in which there is
a temptation to violations of tho anti
trust law.
Construction Of Antitrust Law.
THE possible operation OF the anti