, 1922-11-21

~strangulation1 rather than a reasonable and fair
and progressive government regulation.
Business has expanded. This has been due to
the natural order of things; and yet, despite the
fundamental relationship of transportation to in
dustry; and the fact that commerce of every kind,
agriculture of every branrh, industry Of every
character, are all basicly dependent upon trans
portation, the fact stands out with menacing bold
ness, that instead of commerce and industry ex-
banding together, n condition which could only
mean a greater and firmer prosperity, the con-
verse is true.
While commerce has expanded. as best it could,
with so great n handicap, transportation has de-
clined 10 an even greater ratio-and as the situa-
tion stands today the momentum of that decline.
unless quick action is taken TO arrest it must
eventually pull commerce 10 its level. There is nc
other way TO argue it.
Mr.. Markham's address is remarkable in thai
railroad executive that he is-he stands firmly and
immovably for the proper kind of government repru-
lation-
That is absolutely essential. The interlinking
importance of rail facilities to every line of bust.
ness, and business TO rail development, makes
and TO that end it should be operated under agen-
cies controlled by the public. That does not mean,
however, that so great an agency in general pros
perity should be made the football of demagogic
politicians, and that railroads shall be, through
a wave Of prejudice and passion, restricted from
earning sufficient net return upon their investment
to enable them TO raise the new capital for the
expansion so imperative TO their own expansion,
ami correspondingly u public development.
II government control arbitrarily fixes valua-
tions TO a point where net earnings on capital is
cut down to below an attractive investment figure,
the public will not absorb the rail securities. nor
will the larger financial sources rescue the roads
from the scrap piles That has betn seen and keen.
ly felt, and prosperous communities have felt the
sting of a federal policy of rail strangulation.
Tie point is, the public should get fixed in its
mind that its own interests are coincident with the
interests of the transportation lines that serve
IT, and that any reverses to one must of necessity be
felt by the other. To that end a mutual helpful
ness and cooperation should ex:st-with a wisdom
of thought and action that should be just and fair
to the roads and to the public.
The interstate commerce commission has taken
this view of 1t. The valuation commission has
taken this view of it. The public has taken this
view of it-and it is refreshing to sec from the
most excellent address of one of Americas great
est rail executives that the transportation officials
take this view of it.
So, 1t seems a better day is dawning. After all
of these years in which the demagogues have had
full sway against the railroads, and for which
the public has paid and is paying the penalty, the
public sentiment is ready and willing TO give the
railroads a fair trial.
This, however, should and will be done only with
the hand of the public carefully at the throttle so
as 10 promptly check any effort to acquire greater
privileges than they have a right to expect.
A square deal" all around is all that is neces.
sary to solve the problem.