The Benefit of the Hepburn Law to the Banker, Broker, Shipper, And the Public; Address Delivered Before the Fitchburg Board of Trade, Wednesday Evening, April 3

Cover The Benefit of the Hepburn Law to the Banker, Broker, Shipper, And the Public; Address Delivered Before the Fitchburg Board of Trade, Wednesday Evening, April 3
The Benefit of the Hepburn Law to the Banker, Broker, Shipper, And the Public; Address Delivered Before the Fitchburg Board of Trade, Wednesday Evening, April 3
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By this rule which the Commission has adopted, a road under the control of another road by a lease of long dura- tion or by the ownership of the majority of its stock is not obliged to make a report to the Commission. The identity, therefore, of the controlled road disappears, and its name is dropped from the Commission's list of railroads, although it still has a legal entity as a railroad corporation, and its bonds are still in the hands of the public.
Mr. G. W. R. Harriman, who has made an e
...xamination of the statistical reports of the In- terstate Commerce Commission for me, has claimed that, by the application of this Merger Rule to the capitalization of the railroads, the value of the statistical reports is vitiated.
Five months after this criticism was made, an editorial appeared in the March 15th number of the Railway Age as follows: — 13 In his annual report for the year 1905, just now being distributed, Professor Henry C. Adams, Statistician to the Interstate Commerce Com- mission, announced that he has in progress a de- tailed investigation of the duplication of the railway capitalization which, when completed, will enable him "to make an absolutely correct statement of the amount of railway capital, which in fact, under the existing organization of railway properties, may claim support from railway earnings.


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