Investors in the securities of the 1,800 U. S. railroads waited for the Court's decision on the Los Angeles & Salt Lake's valuation. The Interstate Commerce Commission had said the line was worth $45,000,000; road officials claimed $76,000,000 valuation. Such discrepancy, if extended to all U. S. railroads, would mean 20 to 25 billion dollars and a great tumbling over of the price of securities. This was considered a test case, but really was not.
Said the Court, in effect: the I. C. C. valuation is always tentative for any given railroad; it can...
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