The Washington times., 1913-06-12

that of the Interstate Commerce Commission do ali the rate
making
Then again for the the valuation part Of e de-
csion
So far concerned the Minneapolis and ST. Louis Railroad the
decision held that its earnings within State already were 50 low
the reduced con6satorv and terore wa.
in violation Of the Constitution Of the United States and inns in the
case Of that particular railroad, null and void
But the complaints Of the Northern Pacific and Great Northern
the uneasonabeness Of the applying also to Them
dismissed with the opinion that particular case of those
roads the rates low give fair return on
what might be considered fair valuation of property and of the
service performed by them
But here again emphasized fundamental rights
Of the railroads. for distinctly stated that property lis not
placed mercy legislative caprice also declared that the
railroad entitled has, right to receive just eompensa
ton for the services given the public
There nothing that part the fears
vesng public Government policy of legazed
hon The itself directly against inadequate
But the opinion of Mr. Justice Hughes did principles
Of railroad valuation that favorable the railroads
hold that the special purposes to which railroad property
could be assumed make special valuation properly
Public opinion will hold with Mr. Justice Hughes special
valuations when they merely arfca-ought
place burden the public We for example, that
have become railroad the intervening generations ought
to be supendou asset which those using the rail-
far that particular item concerned the public did share when
it granted the charter.
anything opinion Of Justice
Hughes about special uses and Special values
cusion Supreme Court held example,
the Pennsylvania railroads tunnel under should
have its real value the railroad knocked Of might
have value for than the special of the
Pennsylvania railroad
might very little relatively might worth nothing
all for other purposes but the panest principles Of
equity well would rule that
tunnel Pennsylvania property should be determined
valuation of adjacent proper-pehaps of
abu by all that the railroad vastly expen-
ve enterprise for the Improvement Of its service and the benefit of
the public using it.
Nobody justified in assuming Supreme Court
the American people takes other point of view
such thing.
Then again valuation reached by an estimate of the cost
and other part of the real estate Mr. Justice Hughes objected
mere speculation.
But he didn't declare great railroad hundred nil
lions says magnificent terminal like New York Central,
valuation of that terminal should be determined adjacent real
estate the side perhaps used for important
pose whatsoever And nobody has right
Supreme Court any other authority would ale
great and costly terminal structure the basis Of say sacs
in its neghbohood.
The Supreme Court decision the Minnesota es
make clear that the public be taxed make excessive
good will any artificial unusable valuation whaso
But this has been clear for time Water longer
railroad investment that belongs This
perfectly understood by enlightened railroads Whatever has beeh
done in the they trying do that sort of thing
the enlightened railroads. and only the enlightened railroads
nue be successful in the Of their properties
occasion wild excitement
on6caon the decision There justification for the
stock market conditions that nearly pancky Those who
United States laws and the railroads operating
didn't think Monday Tuesday Perhaps numbers
did think those days don't think when
hey understand the facts and circumstances better.
is reasonably that the impoan. rail-
country today-n harmony with this opinion of
supreme the basis reproduction
plan of arriving present day valueswl inventory well
the total of their outstanding stocks and bonds and
heir other liabilities.
And good thing points
for nventoing railroads. thus taking big toward
Clarifying the whole railroad situation