Evening journal., 1922-05-24
charges are an near the peak."

charges are still near the peak"
Until the public us convinced that
there is little likelihood OF further
material reductions in prices or
transportation charges, the conf
dence necessary to normal business
will to that extent be impaired" the
ruling stated. "The period of defla-
tion has been in progress more than
/ fifteen months; demand is reviving;
| prices are showing a tendency to
stabilize upon a level much below
that OF 1920, but above that of pre-
war years; and conditions of the ag-
ricutural and manufacturing indus
tries have greatly improved in the
past few months" the decision said.
The commission was unanimous
on the need for rate reductions.
Commissioners Cox and Lewis. how
ever, wrote dissenting reports as to
the manner OF making the cuts and
their extent. while Chairman Nc
Chord and Commissioners Potter
and Eastman expressed disagree
ment with other phases of the COM
mission findings.
Commissioner Lewis held that the
decrease was too small to be Of much
help in cutting living costs and help
ing business back TO normal.
''The decision of the commission
that rates be reduced is unanimous"
said Lewis. My dissent is limited
10 what appears to me to be unjusti- /
fed economic waste. A ten per
mill IN afI I
many commodities, have no percept- ]
ible influence in lowering costs OF
living, stimulating industry. amelior- |
ating economic conditions or bring !
ing us into more favorable and |
equitable relationships at home and |
abroad"
Commissioner Cox said that ito
the extent that a measure of relief
has been granted to the public
fully concur but l am not in full ac-
cord with the manner and measure
of the reductions"
1T is my judgment" he said, that
the amount available for reduction
at this time should be applied to
agricultural products. raw materials
and basic commodities which are
I
industry. the re-employment OF labor
and which could at once be reflected
In reduced living costs.
Cox argued that passenger fares
also should be cut.
Chairman McChord took excep-
ion. in a separate opinion. to fixing
The return to the railroads at SIS
per cent. saying It was too high.
AT this time" said McChord. "I
I'm opposed to fixing a rate OF an
lual return on the aggregate value
II the railway property. and In any d.
went to a rate OF 5.75 per cent. If
! rate return Is to be fixed at all.
hink It should not exceed sos. :
which was that fixed by Congress at n
time when conditions were at their
worst, and which seems to me not
nly adequate for present conditions
ut for future adjustment"
The reduction in rates decided on,
fcChord said. fall short of the full
ttainment of the desired end. The
ecord convlnces me that the pres
Mt level OF rates on the basic ar
cles is now operating as a serious I
urden upon commerce, and should
e materially reduced, and that upon
considerably lower level of rates.
nth an induced higher level of traf-
C activity. not only will the car
lers secure more net revenue but
he prosperity OF the country as m
yhole will be greatly enhanced. m
no doubt of our power ST
nd duty undea the law TO do this 81
Reductions on that general basis W
hould also be applied to passenger pl
ares" Ir
The rate decision. Commissioner c
Eastman said. should have been de- a
,rred until the labor board rendered ~
decision on railroad wages.
Howard Elliott. Of the Northern ga
acific. said the order was not
rprise and ventured the opinion 4
mt the commission took action ito
ID the agony"
"The comm ission has been work H
2 on the matter for some months" II
liott said. "I assume they figured II
At action might as we'll he taken Y
W as later We cannot estimate II
? scope OF the decision until we II
We given Il careful study" II
The commission said It was i'm II
ssble TO make findings respecting II
III