The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-03-03

10 lii'- dictates OIL MS OW IL COilSciciice,
hut for its effect on the moral stamina
oc the people Of the country. the CON
Version Of Sunday into day of wild
socinl dissipation is as much 10 be
deprecated rs any other Of tho or
1ensca against we'll ordered society
GOULD THINKS IT'S a GOOD THING.
frank Jas Gould has written let
ter 10 the New York American en-
pressing tho opinion that the decision
of the Interstate Commerce Commits
sion in the railroad freight rates cases
lis Just and will prove salutary" lie
says that tho decision shows that the
railroads can mako a fair return of
profit unon ino basis OF the present
rates under an economic administra
tion:' tha, with the natural increase
in tho business or the country ana the
development Of its resources. increased
business is coming 70 tito railroads.
that "the welfare OF The public de-
nands that the railroads Should he run
on clean business basis. and il Was
never contemplated that tho Office Of
railway officials should be in the halls
OF legislation, and. finally. that "thc
findings Of that Commission must
prove Of comfort 10 the thinking liz
vestor for they clearly show that his
securities have a real value, il, add-
ton to earning power, back OF them
which should increase IN the future,
thus insurins their stability"
This is an interesting view Of the
subject. the Brandeis view, in Il sense
that the railroads arc 10 be saved BY
economic management rather than by
volume Of business. The statement that
the decision OF tho Commission shows
that the investors securities have a
real value, in addition TO earning
power back OF them" is somewhat
cryptical, and we confess frankly that
We 10 not know what il means, rs We
have always thought that the only real
value Of railroad securities depended
upon the earning power Of tile rail
roads issuing the securities We sup
pose, however that Mr. Gould has
reference to the stock jobbng con
ness Of the exchanges we certainly
should not attach very great import
ance to anything that the Gould in
terests would say as 10 the practical
management OF railroad properties
There has been considcra bic increase,
sion show in the gross business OF
the roads during tfT last year, bit
there has been during the same period.
ias I he same reports show. Il discourag-
ing falling off in the net earnings OF
tthc roads. VIC do not understand it,
from very practical situation they
have heen protesting all along that
! they could not live on the rates they
have been receiving for their service
ana they have no surplus that can be
employed for such extensions and de-
lvelopmenf as the natural increase in
Tie business Will require.
There was another little nurry in
tho securities market yesterday. and
there is undoubtedly much serious re-
/ lection among tho people who have
4
| money TO invest as to the outcome.
! The railroad builders have said that
IAN enormous amount Of capital is re-
tnuired for necessary railroad eStcn-
fsions and rcconstructions III tho coun-
| try, and while the present owners may
| find ii advisable 10 put ,ip to keen
| from being shut UP on the principle OF
| the ordinary gambler WHO has riskcd
tso much that lie IS willing 10 risk
more, there does not appear to be any
great rush of new canital into the rail
! road field We Shall be able TO see
/ within few months. perhaps, how The
steadily decreasing act earnings of The
railroads will affect both "the public
and the security holder" whom AIR
| Gond seems to hold In almost ancc-
tionate consideration.
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VT TIE END OF THE I,OpF,.