The Cairo bulletin., 1910-09-26


and through the States. This ruling
by Judge Otis, II confirmed. will re-
move at one swoop the State legis-
lation and interference that has so
gradually grown into severe handi-
cap against railroad prosperity An.
other point that should not be over
looked is Judge Otis contention that
railroads are entitled to earn Z per
cent on the valuation of such por.
tions OF their property as are actual
ly employed in connection with the
operations of such roads in their
functions as common carriers. This
excludes all outside land holdings or
other investments, as basis OF val
uation. which the railroads may have.
The point is perfectly clear that the
return permitted shall be per cent
on the total valuation of railroad
property used In the business Of trans
portation.
Turning Point Reached.
This railroad ruling suggests that
a turning point has been reached in
the unnecessary attacks upon rail.
road property. There is no question
that abuses had arisen that required
drastic corrective measures; and the
railroad arrangements by their high
handed methods were themselves
largely to blame for the fact That
these corrective agencies took tne
form of unnecessarily sburdensome
provisions. But the railroads have
now a national law that will protect
them in their constitutional rights
quite as effectively as 1t will curb their
abuse Of power. Tie railroad prob
| lem of the future is to be settled by
| the simple rule of Right and Justice
| II State legislation, as by the st
! Paul decision now seems the promise
4. is to be settled on the same nnes tner
| the railroad situation must DE consid
| cred highly improved. The Mime
sofa commissioners are reported Y
| have determined to carry the cues
| tion OF their jurisdiction to the Su
| preme Court. No fault can be founJ
with sucn determination, for oul
| Supreme Court Is not bugbear. II
| Is our court of final resort whose
| power exceeds that even of the Pres
| ident, whose members are appointed
| for life and whose action has but one
| restraint. that Of exact justice TO
rich and poor, and to corporation nc
less than to individual. tFesideni
! Taft's appointments to fill vacancies
! have been admirable. and we need
not fear any action Of the Supreme
Court of our country will take.
i Whatever the decision in the Stand
i ard Oil and American Tobacco cases
i we can rest assured that nothing VII
4 be ordered that will spell contiscn
ton; our Supreme Court is in no
sense a DOGGY.
Money Conditions.
i Money conditions, too should moi
j be lost sight of in considering the ia
vorable features of the situation
4 Our great crops are being marketed
4 win less than usual strain, and the
\ prospects favor a continuance OF the
4 easy situation. The controversy tnal
has developed with foreign bankers
over the question of our own banks
/, guaranteeing bills of lading will un
loubtedly work out satisfactorily witt
4 in the six weeks intervening before
the crisis is reached; and the issues
!. have already been reduced to- sucI
: narrow limits that banking Interests
{ at nome and abroad may be depended
: upon to Sc that a satisfactory adjust
! ment is reached.
II Other Developments.
With developments such as hay'
\ already been referred to. the marke
: is well able to withstand the mor
4 temporary Influences The politica
situation will undoubtedly work 1t
l self out and the agitation will no
l have been without its compensation
2 in the form of better officehoders
: ana cleaner political situation gen
: orally. The tariff will be revise
section by section with ample notic'
I Of changes to prevent undue inter
I ference with business and thus
8 will move one step nearer the DC
t sired removal Of the entire tari
question from politics.
t The market has not yet thrown Of
d the depression resulting from the pc
n lltical strain. The sentiment and III
T. dertone are palpably better, how
5. ever, the worst" is known; and pu1
l. chases OF good investment stock
It may be made on all important rece'
I'll slons without undue risk.
r HENRY CLEWS.