The Republican. [volume] (Oakland, Md.) 1877-current, 1908-07-30


charges high enough to secure a fair
income on the enterprise as a whole.
The securities at market prices VIII
have passed into the hands of subse-
qUelt purchasers from the original in
vestOrs. Such circumstances should
properly affect the decision of the tri-
bunal engaged in determining whether
the tota.ity of rates charged is reason
able cr excessive. To ignore them
might so seriou " and uH'ustly i'm
i pair settled valuas as to destroy ali
hope of reSt0rii = confidence and for
ever end the i2ducemcnt for invest
meme il new railroad construction
which, in returning prosperous times.
/ is sure to he essential to our material
proSre&r.
F:nm what has been said. the proper
cone lusigus would seem to lee that in
attempting to determine whether the
entire hedUle Of rates Of a railway is
excessive. the physical valuation of the
road is q relevant and important but
. not necessarily 4 controlling factor.
an confident that the fixing of
rates ON the principles suggested above
would not materially impair the pres
ent market values of railroad securi-
/ ties il most cases. for | believe that
the normal increase in the value of
/ railroad properties especially in their
/ terminals, win more than make up for
the possible o~ereapitalization in ear
lier years. In some cases. doubtless.
it vii be found that decentralization
/ is made an excuse for excessive rates.
and then they should be reduced; but
I the consensus Of opinion seems TO be
/ that the railroad rates generally in this
( country are reasonably low.
Conclusion That There Should Be
Physical Valuation.
! l have dis usScd this, with some de
gree Of detail. merely to point out that
the valuation by the Interstate Com
mcrce Commission of the tangible
/ property of Il railroad is proper and
may from time to time be necessary in
/ settling certain issues which may come
| before them. and that no evil or inius-
/ tiee can come from valuation in such
| cases if it be understood that the re-
suit is to I've used for Il just purpose.
and fin, rior.f +, - f,tr ,,r,at ,,,,,lar on
/ the .fr.,,,,sf,,,.o. ~ ,r,o f,,,,ost,,o,,+ -
recognized.
/ National Control of Interstate Com
/ rncrce Cooperation.
| Another suggestion in respect to sub
! ordinate and au.fII,rv machinery noe
/ csg0ry to carry o1t rnp,,hIic,n uoIinios
! j. that of tho inco,nor,ti,, u,,ior Ma
tionaj law or tho Iirnnsino, h,, Eotiorol
licoDs, ~, o,,4,,,.,.1 ro,rf,t,.,. ,,f ,,o,,,,,,,
MICS aro,~nd +, i,to,yraro trade m.
fact j. tf.+ ,,o,,.I,. nh ,,,,,.,.t i,,,,,, a.,
ipo q commonwealth I,,,,i,,o.... ,,.o ,,,,,,,,,
in interstate. ,.o,,,,no,..o ,,d If thu Oh
Uara raonirad ia tol-o ont q EoioroI
]iransa mr. - rodor,I chortor +I,a lpr.
don unon tho Interstate I,,,,i,,oss, 81 ,,,,
,.or,,t,.,- would I,o.o,,,,o i,,+,.,..,lIo
II is no .a,.,r,. tboroforo 70 do,.iso
eorp, moan. f,,. ,.r,,.if-.i,,,, o,,d i,,,,,r
inc, Iodo,o1 ..,,,,,,,.,.is.i,.,, g ,.,,l,, 40.
,i,,,,. .., r,,,,, +,,,. VA, +o,,,
ration to orroot ,.o,.,,,i,,.., - i,,tar.+,.o
+ro,lo mud ,,,o,,or,,rios c., mn,
lions constitute = ,,or,. .r,,.,II rorao-,+
oco ~ oil o-,,,ocr,,l :, i,,+,,,.,,t, 80
ross
"1t'o'' VI AM trust Law
lie l'oS'lp'e operation OF the anti
ti"S' IL" uHu2F cAlS'lhS rulings OF the
( supreme 'VuII mas gwen rise 10 sug-
Sts''oH' lof Us necessary aihehdheht
p''lt!I i,H app"CaIloh TO cases
" "'1H 1t - eu were never III the
'oii ID! IDH Vi lue iIai!lerS OF lhe
STATUE Lake Two instances n mer-
C"uH' VI nl"I"A"C'ul er ehSaSeu III
leT''ilH"'c p"a''leSS lhat covers certain
H.''eS' NIantS 10 sen MS BUSINESS ana
MS SOU Nil' anu 80 III the terms OF
'He sac oplsaIeS hlihSeII 10 the puF'
'H"9ei no' u 20 ih'o 'lie same puSl
Hc'S III 'noSe nt'tes' Huch restraint
vi u"ue mas anyways peeh enforced al
coiiiilI"H INV As"ih' the employees OF
an 'L'eiSu''t runway combine ana en-
tel upon peaceao'e ana lawful strike
W "tl'c' wages a. coihIiloh
law inns was Hot restIalHI Vi lraue
vi C'Ai.iit' 'e Vi Nlo'atloh Vi the
t!9u.S VI 'Ne 'o'i,l'"H! Vi VI .Le puollc'
NeIIhel case ought 10 DE maze Viola
tioH vi 'He 'Htl-tlu St Jaw MY own