Rocky Ford enterprise., 1908-07-31
TAFT ACCEPTS NOMINATION
DECLARES HIS POLICIES
Makes His Notification Speech at
Cincinnati, While City Is in Gala
Attire to Receive Him as a Con-
guering Hero---7ext of
g His Speech.

EIst t1Ie WHY'S ana means by Which tho
high level of business integrity and obe-
dience to law which he has established
may be maintained. and departures from
II restrained without undue Interference
with legitimate business.
Railway Traffic Agreements.
TT is agreeable to note in this regard
that the Republican platform expressly
and the Democratic platform imp!iedly
commerce law. by which Interstate rail-
roads may make useful traffic agree
mem ments. If approved by the commissions.
President Roosevelt. and will make for
the benefit of the business.
cratic platform e Relate really III" to % this
subordinate and ancillary machinery to
which have referred. Take for in
or railways. 1t is clear that the sum of
all rates or receipts of railway. less
proper expenses. should be limited to a
fair profit upon the reasonable value of
Its property. and that II the sum exceeds
this measure. IT ought to be reduced The
ascertaininG what Is the reasonable value
of the company's property and in fixing
what is fair profit It is clear that the
is an element to be given weight in de-
termining Its full value: but as Presi
dent Roosevelt in his indianapolis
speech and the supreme court have point
ed out. the value Of the railroad as n 60
ing concern. including its good will. due
cIrcfl;a 10 sffi"isnSy OF service and many other
than the value of its tangible property
and u Is the former that measures th.
be allowed. Then. too, the ques-
;ion what is fair profit. is one
usually earned on normally safe Invest
mcEts. but also a sufficient allowance to
make up for the risk of loss both OF cap
Thesa ana cnaiSsrs,n 'ns ,,, pgna lam s,Iad
the company in imposing charges high
enough to secure "A fair income on the
enterprise rs n 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
tested by % laws IL existenee ss at s%1"1 .he time
of their issue. This nation would no
more inJurc securities which have be-
wealth than IL would consider a propo-
The question OF rates and treat
sides. The shippers are certainly en-
titled to reasonable rates: but less !.
ss'ss tcr ,s. raroas. shs snrTsr- G9Gd
them is not alone injus,iee to stock
investments may be nccessary fSr the
good Of the whole country. but Il d.
rectly affects and reduces the wages
For what has been said. the proper
conclusion would seem to be that in
asc sebd to dstermne M ,snt
way is excessive. the physical valua-
tion of the road Is a relevant and i'm
ling factor. Physical valuation proper
ly used will not generally impair Sc
curities.
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 nied with the
Interstate commerce commission
against excessive rates are SO few as
compared with those against unlawful
discrimination In rates between shippers
termination Of the question whether dis
elimination Is unlawful or not. the phys
icai valuation Of the whole road is of lit
Il have discussed with some degree
of detail merely to point out that the
commission of the tangible property of
a railroad Is proper and may from
time to time be necessary In settling
before them and that no evil or in
Justice can come from valuation In
such cases. II II be understood that the
result is to he used for just pur-
pose. and the right to a fair profit un-
der all circumstancss OF the invest
mcrce commission has now the power
to ASCERTAIN the value of the physical
railroad property !, necessary n,e In de-
National Control Of Corporations.
Another suggestion in respect to
subordinate and anciilary machinery
necessary to carry out Republican poll
cies is that of the Incorporation under
national law or the licensing by ma
tional license or enforced registry of
companies sngag ged In Interstate trade.
IA. 70 10 hn all ChFnnrDfinnS
doing a commercial business are en-
gagged in interstate commerce. and IL
the burden upon the Interstate busi-
ness OF the country would become In
tolcrnble.
''It is necessary therefore. to de.
wise some means for classifying and
Insuring federal supervision Of such
temptation to effect restraints OF In
tcrstate trade and monopolies. Such
percentage OF all engaged in inter-
state business.
Rooseveit's Proposed Classification.
with such classification in view. MIR.
Roosevelt recommended an amendment
in the antitrust law. known as the
Hepburn bill. which provided for vol
untary classification, and created a
strong motive therefore by granting
immunity from prosecutions for rcn-
sonable restrictions Of Interstate
trade to all corporations which would
register anu ~ tHt
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 are 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 IL is enough merely to af-
Arm the necessity for some method by
which greater executive supervision
can he given to the federal government
over these businesses in which there Is
a temptation to violations Of the anti
trust law.
Construction Of Antitrust Law.
THE possible operation of the anti