RAILWAYS: Valuation

The members of the Interstate Commerce Commission acted last week like ten schoolboys appointed to settled a schoolyard dispute. They made their decision, but like schoolboys, they knew that their teachers (in this instance the nine justices of the U. S. Supreme Court) would be the final arbiters. The dispute was over the valuation of U. S. railroads. It had been stewing a long timeĀ—since 1914 when the Esch-Cummins Act went into effect. By this Act Congress ordered the I. C. C. to reckon up the values of each of the U....

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