The Norfolk weekly news-journal. (Norfolk, Neb.) 1900-19??, 1909-03-19

means that they shall be reasonable
and just to both the carrier and the
patron. And there we come to the
question OF what is reasonable and
Just-a question most difficult to- an
swer In the present condition of
things Much Is said about overcapi.
, talization of railways and OF efforts
to earn dividends upon water. Much
has occurred to cause and to invite
those criticisms. II Is said that the
railroads of our country taken as a
whole, could not be reproduced for
n sum equal to their entire capitalZa-
ton. | am not prepared to challenge
that estimate. especially when the
value OF terminals Is considered. OF
course that capitalization and those
values are not evenly distributed but
this Is a big question and 1t cannot
be dealt with In any but q broad
way. The railroads have done some
wrong, have worked some evil. and
have done much good for our land.
|, for one, would be perfectly willing
to take their present capitalization at
its face value and forego any effort to
put any of it through the wringer,
provided we could have law which
would prevent the issuance by them
of any more securities except under
the seal of approval of federal au-
thorlty, high enough and hedged
around with conditions to insure
honesty and perfect fairness | would
include in such supervision the re-
organization of those railroads that
find their way into federal receiver
, ships. | would in this way dispose
n l,N gtDp fool
, ing sure that the development of bust
ness would bring full value to the
securities that have not too heavily
discounted the future and the posi-
bilities, and that those which have
discounted too heavily the future
would find adjustment in the bank
2 ruptCy courts.
would have a railroad eXpend
, liberal sums from income for main
tenauCe, renewals and betterments,
but | would positively and unqualified
ly prohibit the subsequent capitaliza-
ton of sums so spent.
Much discussion is INDUCED in over
the question of whether or not rail
y way has a right to earn returns upon
real estate values that have greatly
e increased. Here again | would set
J. stakes for a new beginning. Those
o enormously valuable terminals are
dedicated to a puOlic use They have
contributed to the increased real
, estate values in their immediate
vicinities as well as to those of the
cities in which they are located. They
I represent in part the enterprise of the
a promoters, and upon that they are in
n fairness entitled to liberal returns.
| would, therefore. by careful and com
petent experts, appraise the value OF
such terminals after they had been
used for a certain term of years, and
= upon that appraisement I would fix a
q maximum value, beyond which the
railroad might not go in figuring them
+ as assets upon which returns should
n be earned, and by one which those
l. properties might not be taxed.
| 1t is not possible for the railroads
l, to provide facilities that will meet the
Il maximum demand without providing
t much that will not be needed at Ger
tain seasons. Their revenues should
l. be liberal enough so that they can af
q ford to provide the best of service
I approximate the maximum demand
e for service, keep the properties il
: good and up to date condition, pro
NlNt btNiti anu lSIC"ulo az
" needed. pay liberal wages to EN-
: ployes, promptly meet all legal liabili
.. ties and pay fair returns on fair ant
% liberal capitalization. In return fol-
. this revenue they should afford the
~ highest grade of service to all the
70 localities and people served by them
: with entire freedom from unjust dis
h elimination. And when that kind o
r. service is provided and furnished the
,e people will be willing to pay what !:
right for it.
a Neither the act to regulate com
Re merce nor the interstate commerce
le commission were created for thu
p. especial purpose of reducing rates
y The prime purpose is to see tina
- charges are reasonable and just ant
o. that unjust discrimination is not in
m dulged in. The fact that there u
distrust and important difference be
n tween discrimination and unjust dis
10 elimination should be kept in mind
IN The circumstances and condition.
10 under which transportation is pei
formed must be considered, 4 dis
c. lance tariff may be all right for
IT. limited area of local traffic but a wild
IL belt in the middle of our COntinen
- would be IN sorry pnSnt II rates III
ppe bound and outbound therefrom wer
~ made strictly on mileage basis from
~ the Atlantic ports on the one side an
IL the Pacific gateways on the other side
nf Our traffic with other countries mus
m come and go through the ocean ports
Competition between localities
NJ keen and intense The ability of on
Va place to fairly compete with anothe
RI place depends almost entirely upo
the adjustment of freight charges
The power to confer artificial advan
of ages upon one place and to take ava
!, from another place natural az
w. vantages, to make one place languis
le- and another place thrive, to deal on
he veal 10 one and woe to another, t
M award favOrs to one and hand out di!
ordinations to another, to promot
the prosperity of one and insure tn
or financial and commercial destructio
6. of another is too great and involve
- too much in the line of national we
le fare TO be lightly delegated, free fror
1. IA ,.,,t ~