The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-06-10
LOOK TO CONGRESS FOR AID
Railroads Have Hope That Rate
Making Power Will Be TAX
en- From States
OPINIONS ON DECISION DIFFER

New York, June tO-The stock mar
kcl was sharply depressed at the
opening today as the result of the de-
,isiun OF the supreme court in the
Minnesota case Railroad shares were
sold i'm large amounts and prices gave
way In all directions. The largest loss
was sustained 10y the Northern Pacific.
one of the railroads directly concern
Cd in the Minnesota ease. That stock
1rokc ~ to 105. Amagamated. Steel
and q; nuinber of others opened | 10 .
POINTS lower. After the first sharp
break the market rallied. recovering
from half to point in many cases.
Lowest Prices Of Year.
Nlthough railroad stocks were the
heaviest sufferers. virtually all stocks
traded ~ fell To the lowest Of tho year,
the losses extending more than -four
points Brokers gathered on the floor
lvng before the opening of the market,
witch was the signal for excited sell
iUg. on the first downward rush. large
blocks of stock We're marketed Large
supporting orders had been distributed
before the opening OF the market and
their execution checked the break al
ter the first sharp decline.
The effect of the Minnesota rate de-
cis,on. heightened by several other
hrar,5h factors, all combined to give
tho wnrket the severest shock IN
mauy months. II was reported the at
toraey general would oppose both
plans for the dissolution of the ilarri-
man roads. Another unfaNorablc IN
Guouce was the failure of Englebcrt
'rhlucssei. announced on the London
stock exchange today. Englebert. the
senior member of the firm. was killed
Last Saiurda, when he drove his auto
mobile through a fence into the river
Nedway. The Hill stocks fcll 1--WE
points below Yesterdays close.
Boston Market Also Hit.
Boston. June 10. Local copper ANA
tailroad shares opened decidedly lower
ou the Boston exchange today. Not
able declines from yesterdays close
were in North Butte which opened OH
~; Copper Range off y; Calumet
,G Arizona off /: Boston a. Maine and
luitcI Machinery both down l. Trad
ms was active.
Decision SimpIfies Rate Making.
Washington June t0.--LawyerS VINO
Gathered today at the supreme court
70 listen to the application of princ'-
pics laid down by Justice Hughes IN
the Minnesota rate cases to the fatc
eases from Missouri. Arkansas. Ken
lucky. Oregon and West Virginia wero
cf the opinion that rate making poti'
in the states and before tn" tedera'
government had been reduced to %
much more accurate basis than ever
before.
All sCrts of opinions prevailed as u
where the victory rested in the MIN
Lcsota decisions. Minnesota state oi
tcials, in dispatches, expressed pleas
TIRE over the result. and Attorney Gen
eral McReynolds and members OF th'
Interstate commerce commission saio
they were fully satisfied. The pros
rcct of Congress taking charge oi s'a''
rates affecting Interstate commerce III
directly lent encouragement 10 wv
railroads that they would escape IRON
regulation by forty eight state com
missions.
The attempt of the railroads 10 %
tabIish a cost of reproducing 'ne'
property new. as equivalent to ia'
value" on which they were entitleo y
earn rates, was regarded as dooi'co
The federal court Of Minnesota adop'
cd that basis. II allowed rainoao y
multiply the normal market Naluc V
ihe land by two. In order TO arr'No q"
. cost OF reproducing new rls"' y
way outside of the three big c'''cS
that state Justice Hughes he'u ''..
was no place for Hypothetical ihu'..
plier In fixing fair value oi 'an
road property upon which the pun,
must pay a return, and that the ran
roads ought to be satisfied. u
average market price" was given ,"e'
land free from hypothetical auu'''o"'
That would permit railroads 10 emu
the benefit Of the general prosper'!
the country by receiving In return "o
cny upon its original Investment ~
On the increase i'm the value vi '"''
investment,
Members of Congress stateu ""o
asked their opinions whether co"e'''