Evening star., 1923-05-31
RAIL HEADS WATCH
u.S:cONTROLM MOVE
Describe Proqressives' Meet
ing in Chicago as Effort for
Federal Regulation.
Nv the Asknciated Press.

Nv the Associat ted Press
CHICAGO. May 31.-Government
ownership was declared today by a
committee of western railway presl-
dents; composed of the heads OF six
large systems, to be the real pur-
nose behind the conference on ,vaiu-
alton held here last week by the So
called progressive group.
The statement. signed by $. n. Eel
ton. president of the Chicago Great
Western; Hale Holden, president OF
the Chicago, Burlington and Quincy;
c. II. Markham, president of the Ili1-
nois Central; H. E. Byram. president
Of the Chicago. Milwaukee and st.
Paul; w. III. Finley. president OF tne
Chicago and Northwestern, and J. f..
German. president of the ChlcaSo'
Rock Island and Pacific. declared the
real purpose Of the conference nt mas -
impossible and government ownership
unavoidable"
See Concerted Plan.
The six rail executives declared
this was but part of concerted
plan to discourage capital from the
rail field hamper private ownership
and operation and allow government
ownership an inning.
.'-rhe call for the conference stated
its purpose was to bring about more
adequate representation of the puolic
with respect to the work OF valuation
of the railroads being done by the
Interstate Commerce Commission,
the statement of the executives said
TT Is notable fact however. that
almost every man who accepted the
invitation has been. or is now. an
avowed advocate of government own
ership, and that most of those VINO
delivered public addresses explicitly
advocated government ownership.
Challenge Statements.
Statements made at the conference
were challenged by the executives.
one of them being that the roads are
seeking and the Interstate Commerce
Commission is considering glNirG
them. a valuation OF $1o.000.000.OOO in
excess of what the railroads are en-
titled to- This the rail heads de-
cIared. was without foundation ad-
ding that the roads and the commits
sion were proceeding under the valu-
alton law of 1913, the author of which
was Senator Robert NJ. La Toilette.
chairman OF the valuation conference.
The assertion of radicals that the
actual value Of railroads does not eX-
ceed $4,000. 5000 is based entirely
on calculations made by themselves
on market prices of railway stocks
way securities have been selling at
the lowest prices to which they ever
declined. due entirely to government
operation and unfair regulation" the
executives statement read.
Statements have been made that
the railways are seeking a valuation
of SIS 900. 100000. In the rate-advance
case of 1920 the railways sought SEQ
40o,o00,000. this figure being based
on the actual book cost of roads and
equipments. The tentative valuation
made by the commission at that time
was $1,000, 100000 less.
'All that the railroads are seeking
10 that i'll making a valuation of
their properties the Interstate Com
merce Commission shall treat them in
accordance with the provisions of the
Constitution as interpreted by the
courts. To disregard these constitu-
tional provisions and the court de-
cisions under them. as radical poll
ucians demand, would involve such
confiscation of private property and
investment made in good faith as has
never occurred in the history of this
country"