The Birmingham age-herald., 1919-12-20
4 STATEMENT TO THE PUBLIC

consult primarily it's own financial interest should exper with view ultimate seizure in respect to property condition as when of the November II 1s1s that be done with due regard to the integrity of the property.
 Section reduces the rate problem to simple matter or simpficeton is by the of statutory applied to the aggregate operating of the m produce F per cent us of cent optional with Com ing each the much it under competitive conditions but limiting the interest of each nd upon the value of it's ps stated sta o con any tinued energy and efficiency
 RETURN IS ON PROPERTY vALUE-NoT ON SECURITIES The aganist this provision partly from those provision securities. It has nothing what with bonds securities The ratio of return the value of the property determined by public authority he Commssion( Section of the Cum the same test value of the The only difference is that Section defines the rate optional with the Commission for unpoductve improve that figure for legislative judicial definition Section Other provisions of regulate earnings by requiring portion of any excess oyer six per cent to be paid public railway transportation Protest has been % this m o as tnt traffic able what termed excessive sons M which made that protest
 s on Gthg n to sa the for what vest%snt o+,;nn nave. rn.xn.,.d in .nnvns st. tory m ng to % on eo tro in all of their functions.
 ERRONEOUS STATEMENTS BY THE WALL STREET Among active spokesmen for those opposing Sec Wall Street Journal which has repeatedly asserted profits of compeenty managed roads for the benefit of The committees Security reached the conclusion that definite rate of return chance for speculative to few railroads unlikely be realized even by them under existing conditions;
 WaSa Congress reasonably definite unless accompanied by linn thought has been douy provides assurance definition instruction The Cummns B the other hand proposes in Section fairly definite asur Section permits carriers to retain six per cent upon the competitive rates established group plus portion any they What dscernbe in the present justify the wager the whole transportation system the chance.
 EARNINGS OF ONE ROAD NOT GIVEN TO ANOTHER The Cummns Bill creates of Transportation to which gives Jurisdiction the railway in furtherance of the public by subject the Act Regulate Commerce avoiding es gss0as s interruptions or to the railway The primary purpose of shown by Section the purchase of equipment facilities public interest require While loans to carriers is the public interest and there revenue to be taken road given
 The public will get the he Srams an @ he 6 earnings m paid making "gven to any road or employed favored class of roads
 The percentage fixed by Section stocks or bonds or upon the value of individual railway of the entire in each rate group, determined by the Commson the ratio the ascerained fixed at figure which justly complain. can any that ratio of return without earning it competitive basis There neither extortion nor stagnation in that process.
 Desirous only sound and wholesome the roads based on public confidence empha size the necessity for prompt and definite Legislation DARWIN F. KINGSLEY, New York.
 HALEY FISKE, New York.
 JOHN J. PULLEYN, New York.
 ID. VAN DYKE, Milwaukee, Wis.
 LOUIS F. BUTLER, Hartford Conn.,
 GEORGE K. JOHNSON, Philadelphia, Pa.
 B-COMMITTEE,
 NATIONAL ASSOCIATION OF OWNERS
 OF RAILROAD SECURITIES.