davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

The cost OF reproduction furnishes no
Just test because the true value of a
| railroad. as Of any other piece OF prop
orty. depends largely upon its location
and surrounding conditions. A railroad
serving a territory producing only a
small amount OF traffic or a railroad
whose operating conditions are unfavor-
a Die by reason CT grades or other causes
cannot earn as much and is not worth
as much as another railroad serving
a territory producing large amount
| of traffic and having favorable operat-
ing conditions, though the reproduction
cost o. the two railroads he equal
Rates upon competitive business mus.
DC the same rs to all companies and
| 1t IS quite impracticabc to Ak rates in
| such manner rs TO enable each company.
| 10 earn fixed return and no more upon
| the reproduction cost OF its propcrtv.
To condemn the property OF a railway
company at price fixed on the basis
| OF its operating income at the loves,
| rates which the Cove rUment can con-
stitutionaliy iNrose would he as unjust
! liable as it would be to condemn other
| property at n nominal price on tho
| ground that the Government can con-
ttutionally destroy its entire value by
| taxation.
BY reason OF their magnitude the
railroads OF the United States have no
market value. Few. IL any. Instances
| exist OF competitive sale OF a railroad
| or of a true sale for cash or its eoulya-
lent. Moreover, any wholesale condem-
| nation or the railways and payment 70
| the owners In cash would unset all
| security values and might produce cha.
| otto financial conditions.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
HELP wANTED-MALE.
EXECUTIVES.

IMPORT AND EXPORT BANK
ING AND COMMERCIAL HOUSE
WITH WORLD WIDE CONNEC-
TIoNS REQUIRES THE SER
VICES OF SEVERAL HIGH
GRADE MEN CAPABLE OF
HOLDING EXECUTIVE POSI-
TIONS HOME AND ABROAD.
APPLICANTS MUST POSSESS
THOROUGH KNOWLEDGE OF
GENERAL IMPORT AND EX-
PORT BUSINESS. ONLY THOSE
FULLY CONVERSANT WITH
THIS BUSINESS NEED APPLY.
APPLICANTS MUST ALSO BE
THOROUGHLY FAMILIAR WITH
BOTH SPANISH AND ENGLISH
LANGUAGES; MUST BE CON-
PETENT TO TAKE CHARGE OF
OFFICE. THESE POSITIONS
OFFER EXCELLENT OPPORTU-
MITES TO THE RIGHT MEN.
REPLY IN CONFIDENCE. CIV
ING FULL PARTICULARS AS TO
BUSINESS CAREER; STATE
MARKETS MOST FAMILIAR
WITH, CLASS OF MERCHAN-
Disc HANDLED, ETC; ALSO
GIVE AGE, NATIONALITY. s.,
BOX 1877 SUN"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

OH CITY, Pa, Jan. ls.-Credit bal.
ances, 81; runs, s2,7ss. average. 52,s97
shipments. $4,000; average. $3.50.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
ject however. to the supervision OF the
central board.
Federal Railway Board supre me.

All acts and decisions of the central
board as well as of the regional boards
or regulation to be subject to the SUI
preme authority OF the Federal Rail-
way Board.
Power TO be vested in the Federal
Railway Board, through the central and
regional boards of regulation. (subject
TO the necessary constitutional limita-
uons) TO regulate all rates Of existing
railway companies ms we'll as those OF
, the Federal corporations and to execute
all the powers now vested in the Inter
state Commerce Commission but ey-
cept as TO rates and az to other matterg
4 of which the Interstate Commerce Com
mission now has exclusive Jurisdiction
, the existing companies TO remain sub
jcct to regulation by the several States
D. The Act Of Congress to provide
that each Federal corporation shall paw
in each state taxes on the proportion
of its property located within the State
The basis for fixing the aggregate value
| OF the taxable property of each corpora
ton and for tho apportionment thereof
among the states to lie prescribed BY
the Act of Congress and all questions OF
taxation to be decided in the first In
stance by the Federal Railway Board
subject to an appeal to the Supreme
| Court
The police powers OF the several
States in relation to the Federal cor
porations, their officials and their prop
erty TO be left unabridged. except when
In conflict with the Act OF Congress or
with regulations Of the Federal Railway
Board
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Difficulties in Plan.

The main difficulties OF carrying out
this plan are:
(a) To establish the fair value or
just compensation to be paid for each
railway in guaranteed debentures and
stock Of the new Federal corporation
IN which the railway Is to be vested;
and
tb) To distribute this Just compen-
sation equitabiy among the existing
pondholders and stockholders.
Tho original cost or the reproduction
cost of the property of company fur.
nishes no Just measure for fixing It's
rates and no Just measure of what would
constitute fair compensation for its
property. To fix rates or compensation
on the basis of original cost would II,
many cases deprive the owners of q
large accret!on OF value 10 which they
are legally and morally entitled.
The construction OF railways has been
the principal cause of the large increase
OF the value Of lands and other property
throughout the country and the railroads
were built in the just expectation that
their owners would share in this in
crease OF values TO fix the rates OF a
railway on the basis OF a fair return or
original cost Or TO Condemn II al It's
original cost would be as wrong legally
and morally as to condemn the property
or farmers and owners OF city lots a,
the prices originally paid therefor tc
the Government.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Don't
Suffer
From Piles
send For Free Trial Treatment

No matter how long or how bad - 20 70
your druggist today and get 90 cent
box OF Pyramid Pile Treatment. II
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

cent. debentures. upon which the an
nual interest charge would be s2,-
100000.
.(b) 100000 shares OF stock with
out par value) Apon which Sc per
share would be earned and the Gov
eminent would guarantee $3.50, or
S1,b0o,ooo.
Total Government guaranty, s5.-
eo0,o 900.
I. $. option on stock at $50.
The Government 10 have an optional
right to purchase the stock at any time
at SIS per share.
AS expenditures for Improbable I'm
provements, &c, would be deducted from
the operating income shown under the
rules of the Interstate Commerce Com
mission IN determining the true operst-
ing income for the purposes OF this plan
the whole amount thereof could properly
be distributed, Assuming that the op-
Grating income in excess of dividends OF
81 per share on the stock is to be d.
vided between the stockholders and the
Government, the 100000 OF operating
income would be applied as follows:
Interest on $50. 900 de-
bentures ...............S2 .400.0 900
Dividend on 100000 shares
at 81 per share. ........ 100000
Balance 10 be divided be-
tween the Government and
the stockholders. ........ 100000
Total ......... Sc. oO0. 900
A railway to be acquired only II an
amount of outstanding bonds satisfac-
tory 10 the Federal Railway Board shall
be deposited for exchange into the de-
bentures and stock of the Federal cor
poration. Until bonds held by non.
asserting bondholders are exchanged OF
paid on an amount OF debentures
creating the same aggregate interest
charge as the outstanding bonds TO b,
reserved by the Federal corporation Out
of the aggregate amount toebe issued
by II for the property.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

Exports From New York.
Flour. 23,Se0 sacks: bacon. 5,430.50C
lbs. {: cornmcal. 1927 bhls. grass seed
1900 bags; lard. 10000 lbs.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
military and post roads: thes. rede~,

military and post roads these Federal
corporations to be free from State
regulation but TO he subject TO the
fullest regulation and control by suit
able boards established by the Fed
eral Government.
2. To refund the bonds and stocks
OF the present companies by the Issue
OF debentures and stocks OF. the new
FEDERAL corporations. these debentures
10 be guaranteed by the United States
and the stocks to be guaranteed mini
mum dividends.
3. To provide the capital needed for
the future development and extension
OF the railways.
=. To establish a Federal railway
BOARD and suitable subsidiary boards
Tor the effective regulation of the rail-
ways. with due regard for local in
tcrests.
.. To provide for the future efficient
management and operation OF the new
Federal corporations under the STU
pervision and control OF the Federal
railway board
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Fair Way to Measure Value.

1t Is submitted that the only fair and
practicable way Of measuring the value
OF a railroad and the just compensa ton
10 which its owners are entitled is
(a) To estimate as nearly as may
be its present and prospective true op-
Grating income under fair as we'll
as constitutional exercise OF the pow
ers OF regulation vested In the Fed
eral and State governments and
CD TO capitalize this true operating
income at ( r rate. based on the
rate Of intere: or profit payable 20
obtain capital and on any risks or un
certainties affecting the railroad and
its future operating income
The true operating income OF rail-
road for the purpose Of ascertaining its
value is not the operating income shown
under the rules of accounting prescribed
by the Interstate Commerce Commission.
Under these rules no deduction Is made
on account OF certain expenditures which
every railway company is obliged 10
make but which do not add to its earn
ings Every prudent business man would
charge such expenditures 10 operating
expenses or TO income.
Therefore, in ascertaning the true OPP
Grating income OF the railways there
should be deducted in each case from
the operating income shown under the
rules of the Interstate Commerce Com
mission fixed percentage based on the
approved practice OF conservatively man
aged railroad companies.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Method OF Issuing stock.

6. Issues OF debentures and stock Of
the Federal corporations TO be made
only as authorized by thu Federal Rail
way Board and for purposes approved
by It Dobentures and stock 20 be Is
sued ms hereinafter provided to take
over existing limos when authorized b.
the Federal Railway Board Additional
debentures and stock for new cunstruc-
ton. betterments and additions TO he
Issued only UP to aggregate amounts
authorized from time TO time by Act OF
Congress and each sale to he approved
b. the Secretary OF the Treasury.
:. The accounts of each Federal
corporation TO be kept according to the
best methods Of accounting as pre-
ecribed by the Federal Railway Board
and detailed annual reports to be pub
lished
s. Tho Federal Railway Board 10
have power TO negotiate with the rep
resentatives Of each railway company
and with committees OF it's bondholders
and stockholders for transfer Of tho
property OF their company to desig-
mated Federal corporation and for an
exchange Of their bonds and stocks for
debentures and stock OF the Federal
COrporatlou
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Plan TO Remedy All Defcct..

The plan suggested is an act of Con.
Gress TO ho passed comforting all powers
required to carry out the following
IDEAS
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Tests Arc Impractical.

Experience shows that all such tests
are impracticable and illusory, Review
BY the courts Of rates or regulations
r-escribed by the Government furnishes
no remedy against unwise or unfair reg
ula,ion. The courts are not fitted TO
supervise the regulation Of the railway :
~ TO determine the reasonableness OF
heir rates,
No satisfactory result can be attained
without putting an end TO regulation of
he railways and rate fixing by the
sevsra, States To obtain effective and
wise regulation it Is necessary to vest
supreme authority in some board ap-
ponte1 BY the national Government.
OF course, the members OF this board
must be competent men; but competent
men are essential 10 the successful OPP
Grafton OF any plan.
Tho Government cannot safely give
re necessary guarantee OF a fair return
on Investments in the railways unless
vested with plenary control over their
management. including the power 10 re-
move the officers OF the companies. such
plenary power of regulate would not
be unfair to security holders II coupled
with a guaratec of a fair return on their
Investments.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

STOCK EXCHANGE. house wants assists
ant to cashier in bond and sru.h age:
must know Wal street Nuios post a
holds possibilities for tn r,ght man who
IN Dc rstdnds the meaning e. work and
LOYALTY; give fun particulars 49, to experl-
enc, salary cNr"cted, &c, uy lnitci 49, <,
box l27 Sun officc
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

Efficient and economical operation of
always and the best service 20 the
country require that track facilities.
equipment and terminals be pooled when
ever desirable ana that wasteful COM
petition he stopped.
To secure efficient and economical OPP
e-ation OF the roilways 1t is necessary
10 preserve the interest Of stockholders
ard officers in the management OF their
properties.
The benefit OF the high credit Of the
Government should accrue to II and
should not be given eratuitously TO the
existing security holders Of the railway
companies. Accordingly, a proposal that
the Government shall guarantee to the
railway companies perpetually or for a
long term OF years their average operat-
ing income OF past years. as under the
present Federal control act, should be
rejected.
Such a guarantee would In effect be
= gift Of enormous value 20 the stock
holders aud the Junior bondholders OF
the railway companies. Operating In
come guaranteed by the United States
obviously is worth vastly more than
operating income subject TO tho risks
ard uncertainties OF the conditions az.
tectiHg the railways.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Courts Provide No standard.

The operating income Of the railwfrss
depends largely upon the rates which
the Federal and state governments per
NIT them to charge, Unfortunately the
courts have not vet furnished any def
mite oi urartiral standard for deter
mining tina limits ~ the constitutional
powers OF the Federal and state gov
ernments 20 fix rates, ana neither Con
grcss nor the Interstate Commerce Conn
mission nor any State commission has
vet furnished any definite or practical
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
MORAWETZ OFFERS
new RAILROAD PLAN
Federal Board Should Be Put
in Full Charge, Is Belief
of Economist.
ACT OF CONGRESS URGED
Opcration of Lines by L. S.
Government Is Called Cost
" and Inefficient.

Victor Morawetz, an economist who
4. considered in the financial district to
10 one OF the foremost authorities in
mi, country on railway finance, has
n-epared for private circulation a plan
for a solution OF tho railway problem
which differs radically from the plan
nut forward by the Association of Rail
way Executives A copy Of the plan.
with an attendant analysis OF the rail-
wav situation. was obtained yesterday
hv TIVE Sun. The pamphlet follows:
Permanent Government operation OF
re railways would be contrary to the
hest interests Of the country and should
n. rejected. II would result in unpro-
s-ess!ve. costly and inefficient operation
With poor service to the public and high
rates.
Security OF railway investments and
me capital necessary 10 the development
n, the railways cannot be obtained un-
der any practice hlo system OF Govern
mental rate fixing or regulation, unless
Coupled with some guarantee by the Gov
eminent OF fair returns on the invest
rerts Security OF railway investments
cannot Re obtained BY making the power
~ The Government 10 Ak rates or to reg
late the railways depend upon the
.reasona bleness" or adequacy" OF the
-a,es or regulations, or upon the appli-
alton OF any formula that can be de-
,sed
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

NLN-\Ge Il - 90, c&pcri"ur. ulUoces.
sary; travel. make secret iu.g.l fgatious,
reports; sslarles, "Npenses. Ai..eri,sp FoI-
ei1n Detective Agency. az s.. iuuis
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

,,a ,.,,. .,,,...,. ..o.. ..,,,,o,
s,,, ,,,,,ur,i . W STA,
l",1..S " ue ioIl'icu as here'li PlV,
be a body of tho highest dignity. 4
member of the Presidents Cabinet
should be "A member and its other menu
bers should be selected with the great
est care by tho President with the adj
vice and approval of the senate.
. The Ecdorol railway hoard 70 or
panize ten IN fifteen 1federa1 railway
cor,nanies ,irder mo no, ~ corsross
Each or those communities 10 have tho
usual mowers of railway cor,,,nica and
,Is,, ,n,.or v.,,b ,Lc onnrn,.aI ~ ,to
Eoderni r.iiwnv board 10 ncc,irc al, or
ans, ,xis,i,, ii,o. ~ r,il,r,,. W. cav
,,.inr 49,, 10 ,to, ,ha avis,i,,.- t,,,os IN
ha core1Iid,tod in no Ircdsr,f cornnra.
tlons n, dl,o,,,I b,. tho roioroi r.ii-
: - 49, a., s,,'h ,,,,,,,,o. 80 ,,,ai'o
80 ., cf,con ,,oti i,aio,noJ r1iir..,. e,.s-
ten,s
pro,isio, to be ,,,da for ,,,e issuc nv
.aoh ,rodkr.I onr,nr,tio, ~ dohont,,roe
- s,oct' e., o,,a,,,,,, o,,nio,o,t g. tate
80 as harairattor ,,ro,,Jdn, ,bo bonds
I'D s,onls - tLo rnyis,irS co,,,,,nies
H,basa ,,ro9er,ios ,ro 10 10 ,cs,cd IN ,',cI,
I,oder,i ,nrnnratIons ard ais, a. mo.
-, 90 go, S,1i,, .',t',. Nv
.i., w.. a' w. 80.
''' ~ W pN'
Cu,r,ptcc Inv the Government.
| fagmeh, OF tne prlnclpai ana in'eres'
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

LEADING secret society wants men 10
got members. big money 20 big Iu.u. no
salaries Or advance. THE OWL south
Bond. Ind
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19

SALESMAN VHul-d 10 - ~ mn
grade teas ara Offices 20 .V5 u,, crlers
o. commission AMI su'a~v, se..N f,r or
p.u postiion aud fl mp - l.. - APLLJ
& 90. Dspf Is. Ilron. Iowa
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Against Government Guarantee.

proposal that the Government shall
cave existing BONDS and stocks undis-
turbed, but snail place its guarantee
upon bonds and stocks hereafter issued
with the approval of the Government
'or betterments and additions should
re rejected for similar reasons. The
PRACTICAL effect of such guarantee
would be TO make the Government re-
snorsible for all bonds and stocks equal
NJ rrior in claim 10 those guaranteed
~ the Government
rrder the power of eminent domain
tho United States can condemn those
-alroads which serve as instruments OF
Interstate commerce and as military and
post roads. Upon such condemnation the
United States would have to pay just
Compensation to the owners OF the prop
critics condemned and this Just compen-
St.or would have TO be paid In cash.
Unless the owners should be willing to
accept something else in lieu OF cash.
The Government, through a condemna-
Ion proce edng. can take a railway sub
iect 70 its existing mortgages and In
debtedDess, !. q, IL can condemn the
equity Of the stockholders. But even
Il the Government can condemn rail-
va" free and clear Of existing mort
cages aid Indebtedness. II cannot impair
he rights OF mortgages and creditors
- Dc paid in full out of the proceeds OF
,be property before anything is given TO
The stockholders. The Government can
rot Condemn the bonds of a railway
Company apart from the property OF the
company, and when the property OF a
company is condemned by the Govern
rent Il cannot prescribe the distribu-
ton Of the proceeds among stockholders,
rlOTtgagees and creditors
Where Government Would Lose.
nply to condemn the equity OF the
s'o2kho.ders OF a railway company
leav'ng rs outstanding bonds and other
Indebtedness undisturbed, would not be
ssi''actory to the Government. because
No result would be to give to the hold
ere If the outstanding bonds and other
'rfebtedness gratuitously a practical
guarantee OF their claims. the Govern
msnt falling to secure the benefit or the
saving Of interest which might be effect
81 through the use of its high credit
To condemn tho property of com
hny free and clear Of its existing mort
sases and Indebtedness. leaving the dis
Intuition Of the compensation for the
property 20 be made according TO the
egai rights Of mortgages, creditors and
po:khoiders, would In many cases result
N great Injustice to Junior security
h'.aerl and stockholders.
Results Expected From Plan.
TIE plan herein proposed is designed
70 attain the following ultimate results
70 vest the railways (taken in
sA'aolA groLpsl in ten to fifteen cor
nora'ons formed pursuant TO an act
pastel b. Congress- under it's power
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
Results Expected From Plan.

TIE plan herein proposed is designed
T" attain the following ultimate results
70 vest the railways taken in
'4'able groLpsl in ten TO fifteen cor
nora'lons formed pursuant 10 an act
pastel b. ~ ,gress under It's power
" ttg7l,ate commerce and establish
Perth Amboy evening news., 1919-03-28

levers of Wisconsin, the son of Baron
and Baroness William c. Gevers, Ode
ceased) of Bonn, Prussia.
Bach in 1856, this property was
owned by United States Senator for
New Jersey, William Wright. At his
death the property was left to his son
Colonel Edward II. Wright, who re-
ceived fame during Tbs civil war and
his daughter Miss Catherine Marie
Wright, who later married Baron Will
liam c. Covers of Bonn. Prussia.
When Colonel Wright died he left
his share of the property to his wife
Mrs. Dora Mason Wright, who in tsrn
left it to their son, General Wright,
who is now the present owner The
final papers for the transaction are
now in France ~receiving the signature
of General Wright.
+. w. Frelinghuysen. president of
the Mutual Benefit Life Insurance
Company, and a brother OF u. s. Sen
ator Joseph S. Frelinghuysen. is at
torney for William A +. Gevers and
CLANCY G.. Parker is attorney for the
Wright interests. Jacob s. Karkus, a
local attorney, with offices in the Rari-
tan building, who has recently re
turned from France. where he had
been serving with the cohors, has
charge of Mrs. Stimon's interests.
Mr.. Stimon has also purchased from
Ira w. Grouse the corne property at
Prospect street and Iehigh
The consideration is given as $1,000.
Perth Amboy evening news., 1919-03-28

The deal was closed through the Of
fec of Attorney Karkus.
Perth Amboy evening news., 1919-03-28
Rev. Mr.. Reynolds to Lecture In
Keyport on Odd Fellowship

BIZ Special Correspondent.
KEYPORT, March 2S-With the
approaching of the n hundredth an
niversary of the birth of Odd Fellow
ship. Rev. F. t. b. Reynolds, who for
the past twenty-five years has been
a most active member of the organi-
cation upon which the sun never sets,
is preparing an illustrated lecture,
which will be given at the local Re-
formed church on d Fellows night,
April 81. The lecture which will be
of great interest to all lodge members,
will be entitled "The Glories Of Odd
Fellowship" and will be illustrated
by many beautiful slides relative to
Odd Fellowship. Among them will be
pictures of the home in Trenton, of
which William A. Tilton, a member
of Bayside Lodge. No. 1913, and a res
ident Of Osborn street, was h archi-
tect and supervisor.
Rev. Reynolds is sparing no effort
to make this address most interest
ing and the lodges of Atlantic High
lands and Red Bank hove been in
vited to be present.
Perth Amboy evening news., 1919-03-28
OLD HISTORY Of
LAND SOLD HERE
Isaac Stimon Buys Two Lots
in Prospect Street of Histor-
icaI FIXTURE

The sale OF lots No. 2 and 3. block
lis, in Prospect street. to Isaac Sti-
mon, of this city, has revealed in the
search through the records. some in
teresting and historical facts concern
ing past owners of the property. which
Is well woish repeating for those who
seek, hidden facts of a historical ma
u concerning the city of Perth Am
boy.
The property which Mr.. Stimon has
purchased for the sum of $4,000. is
owned jointly by General Edward II.
wright Of the First Army Corps. A. e.
L. IN anc and daughter Mrs. w.
Parker. wife of CLANCY d. Park&, an
attorney of Newark and William A. f..