The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1908-07-31
TAFT ACCEPTS NOMINATION,
DECLARES HIS POLICIES
Makes His Notification Speech al
Cincinnati While City Is in Gala
Attire to Receive Him as a Com
quering Hero--.7ext or
His Speech.

itft is,ss % ss~s.sss fsIsssiy ssa X
Ntnfs 80 hN sAles4 10 Eas sstAhlss4ad
Z e.. I. issS sl'sa,s Ai,sss
Nish trEiusaatr b~usass
Railway Tfsfne Agreements.
III s4!sssLls 20. note IN ihss Isstrd
IVA We brpobhesn platform ~sptr{b
80 ue n'moer1iIg eiA,fesn hapsirhis
sismsrcs Law. by shls sis,., mssssJtnf
fpaas mAg plshfi nssfvi uafhe arfs-
Ts. assfgsss RI " so,a.s,sstt.
n <. . ~. e, rais ar
.e,. se"I p, z, 81 'i.fs,.,9t: e y; ps2
Anbordissis and sn1ilsry xsashistsSJ,o
which have referred. Tste fsrybn-
o. railways. II IL clear that the sum OF
hh rates or receipts OF "A railway, less
proper expenses. should be limited to n
ihlr prort upon, the reasonable vaiue OF
ia property. and that II The sum exceeds
TINS measure. IL ousht TO be reduced. The
diflculiY In enforcing the principle IL In
nscgrtnlning what 10 the reasonable value
ot thr cofnpanys property, and In fixing
what n a fair profit. IL is clear that tile
physical value OF IA railroad and it's plant
- an element to be given weight In de-
dent Roosevelt In his Indianapolis
speech and the supreme court have point
ca out, the Haiue OF the railroad as a go
ing concern, including Its good will. due
TO efieisncy OF service. and nan other
circumstances may be much greater
than the value OF its tangible property
investment on which a fair profit must
De flowed Then, too. the ques-
ton, what Is a fair profit is one
usually earned on normally safe invest
ments. but also a sufficient allowance to
i msks an up foT 1ss risk ,n Of, of l0 nr both Of on zap
sAssusapsnys4Ha Ssspssrns fcfYaFsss hIsh
enough to secure a fair income on the
enterprise as a whole.
he*4Roossveit.said.
t.-ssAs. Sftl ROOSEVELT has SAID IN speak
iasslSSseiS, ess y S ssas Valuation aid 81.
-peftisiori bf securities cannot be- rstro-
active : Existing sesprities- should. be
tSf thaai ISSUE "rSis nation a. w sss Tm mo-
lnjure- securities witch haye.:be
come an important part Of the %national
t~osreppdiate the national debt
ment OF railways Isl one that has two
sides: The shippers are certainly en-
s al fh3 ta ifsss qo rat eaffr, eqs les go6 u
business for the railroads is essential
X Seq e no. P alons inSisti Injp .a Stock to
holders and capitalists. whose further
investments may. be necessary for the
good OF the whole country. but It d.
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
the entire schedule of rates OF a rail-
way is excessive, the physical -valua-
ton Of the road is a relevant and i'm
ling factor. Physical valuation proper
ly used will not generally impair Sc
Rates Are Low, He Says.
TN some cases. doubtless. 1t will be
found that. decentralization Is made
an excuse for excessive rates, and then
they should, be reduced, but the con
sepsus of opinion seems to be that the
try are reasonably low. This is, why
doubtless the complaints filed with the
interstate compassion
compared with those against unlawful
discrimination In rates between shippers
and between places. OF course in the de-
elimination is unlawful or 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
q railroad is proper n may from
certain or the issues which may come
before them and that no evil or in
justice can come from valuation in
such cases. IL 1t be understood that the
result is; to be. used. for a just pur-
pose, and the right to a fair profit un-
der all circumstances OF the invest
merce commission has now the power
to ascertain the value of the physical
railroad property 4 necessary in.de-
termining, the. RESPONSIVENESS OF rates.
National Controf-of Corporations.
-faA~ okbAr Extraordinarily rccSax H.
subordinate and, anciiiary; nmachinerY
oies IS that t. 81 S4t sGe i ineorp posSaen u RS.sr
national lawHor the licensing by o
companies engaged in Interstate trade,
The fact is that nearly all corporations
gagged in 'ihtefstate Commerce. and II
they all. were required to take out "a
federal license OR q federal ,oharter'
rss S 81 : S SpSn, she wo mfars Seoome eu in-
tolerable.
ut is necessary. therefore. TO de;
insuring federal supervision OF such
corporations as have the power n
temptations, to effect restraints of, in
e rersasts snsd teon nna T~on ~ Sess a sSshi
percentage of all engaged in inter
state business -. 49,.
.RooseveIt's Proposed Classification
H'"ewith such classification In view, Mr..
Roosevelt recommended AIN amendment
in the antitrust law, known as the
Hepburn bill which provided for vol
|untary classification, and created ia
strong motive therefore. by granting
sSn % a r fsGm ,Pf~pHsssS : asnt ter. tsa se
trade to all corporations which would
register and submit themselves to the
publicity regulation of the depart
ment of commerce, and labor. .fs'
1.-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 a federal license.
This classification woul probably In
clude a great many small. corpora
lions engaged in the manufacture of
special articles or commodities whose
total value Is SO. tnconsiderable tha
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 II Is enough merely to az
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
temptation to violations Of the anti
trust law
Construction Of Antitrust Law.