Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1908-03-29
CORPORATIONS
GET into Line
Telephone and Railroad Com
panies Furnish State
ment Of Cost
In Line With the Presidents
Ideas for Taxation
Data


Data
Washington, D. c., March rs
President Roosevelt's belief that by
means of the physical valuation of
the property of great corporations,
the relations between the public and
these corporations will be improved
and that the interests of the stock
holders will be protected, has re-
ceived support from an unexpected
quarter. Theodore N. Veil, president
of the American Telephone and Tele-
graph company, better known as the
Bell system, in his first annual re-
port as president of the company,
made public last week, has applied
the Rooseveltian principle of physi-
cal valuation to his company, fol-
lowing the example of the United
States Steel Corporation and the
Pennsylvania railroad, in supporting
policies of the present national adj
ministration. The American Tele-
phone and Telegraph company has
obligations to the amount of 1884,
939, 900, shown by President Wallis
report to include the outstanding OBJ
legations of itself and it's subsidiary
operating companies in the United
States in addition to the capital
stock, at par, in the hands of the
| public. The report deducts from the
total of obligations sundry invest
ments amounting to SOL, 075, 900.
The balance of $453,S65,O0O repre-
sents capital invested in operating
plants. These, however, are carried
on the books of the company at a
valuation of $492,456, 1000. The APP
| proximate accuracy of this book valu-
alton has now been proven by the ap-
praisal of engineers based upon an
estimated cost of copper at fifteen
/ cents a pound, although many mil
lions of pounds used by the company
were purchased at considerably
higher figure. The Rooseveltian APP
| praisal, as the report of the engin-
GERS may be called, gave total val
uation of $4S8,292,000. The de-
duction Of $453,S65, 900, represent
in the outstanding obligations
against its operating plants leaves a
surplus of appraised value over the
total of outstanding obligations, no
less than $34,431,O00. Political
gossip in Washington and current
opinion in the financial district of
New York hold that the practical
demonstration of the value of the
application of the test of physical
valuation will have the effect Of les
SEEMING opposition to the policy Of the
president in this direction.
50 y
Now that the national conventions
are only a few weeks off, the two big
parties have begun to take inventory
with the result that the leaders are
put to it" to find enough issues
and differences of policy upon which
to make a fight and get out the vot.
ers for the final battle next Novem.
Der. Seldom before have the great
political parties prepared for battle
with such few really vital principles
at stake. Al close comparison of the
heretofore announced policies of the
republicans and the democrats will
show that there are only few, ant
these few slight divergences of opin
ion on the great questions of the day
q With a realization of this state O,
affairs, the political stock-taking ha.
been earnestly and seriously pursued
and the possibility of hitherto al
most un-thought-of factor has pre-
sented itself. This is no less thar
the supreme court of the United
States-that tribunal which, by it,
Interpretation of the statutes and
treaties which congress enacts, con
stitutes itself the power behind ths
throne"-the real law-making body
At the present time six members O.
the highest tribunal in the land arr
republicans, and the chief justice anf
Two associate justices are of dem
ocratic faith. No less than four Of
the Jurists will be eligible for re
tirement this year, and the chance.
are that they will retire during tn.
next administration. Therefore thu
! next president doubtless will have i,
IN his power to reorganize the SUI
preme bench and install four mer
who are sympathetic with his polio
les and are of his political faith
The four who may possibly retire ii
the next four years are Chief Justice
{. Fuller, democrat, and Associate Jus
tice Harlan, republican; Brewer. re-
Il publican, and Peckham, democrat
This confederation, 1t will be seen
$50 ortant one, ant