Railroads: Their Construction, Cost, Operation, and Control

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Crane & Company, 1898 - Railroads - 179 pages
 

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Page 92 - And in order to ascertain that value, the original cost of construction, the amount expended in permanent improvements, the amount and market value of its bonds and stock, the present as compared with the original cost of construction, the probable earning capacity of the property under particular rates prescribed by statute, and the sum required to meet operating expenses, are all matters for consideration, and are to be given such weight as may be just and right in each case.
Page 132 - Waite, has said that, while a state has power to fix the charges by railroad companies for the transportation of persons and property within its own jurisdiction, unless restrained by valid contract, or unless what is done amounts to a regulation of foreign or interstate commerce...
Page 89 - The state cannot Justify unreasonably low rates for domestic transportation, considered alone, upon the ground that the carrier is earning large profits on its interstate business, over which, so far as rates are concerned, the state has no control. Nor can the carrier justify unreasonably high rates on domestic business upon the ground that It will be able only in that way to meet losses on its interstate business.
Page 133 - ... a power reserved to the legislature to alter, amend or repeal a charter authorizes it to make any alteration or amendment of a charter granted subject to it, which will not defeat or substantially impair the object of the grant, or any rights vested under it, and which the legislature may deem necessary to secure either that object or any public right.
Page 132 - States upon the impairment of the obligation of contracts, or the deprivation of property without due process or of the equal protection of the laws, by the States, are not violated by the legitimate exercise of legislative power in securing the public safety, health, and morals. The governmental power of self-protection cannot be contracted away, nor can the exercise of rights granted, nor the use of property, be withdrawn from the implied liability to governmental regulation in particulars essential...
Page 91 - ... the original cost of construction, the probable earning capacity of the property under particular rates prescribed by the statute, and the sum required to meet operating expenses, are all matters for consideration, and are to be given such weight as may be just and right in each case.
Page 88 - In our judgment, it must be held that the reasonableness or unreasonableness of rates prescribed by a State for the transportation of persona and property wholly within its limits must be determined without reference to the interstate business done by the carrier, or to the profits derived from it.
Page 91 - We hold, however, that the basis of all calculations as to the reasonableness of rates to be charged by a corporation maintaining a highway under legislative sanction must be the fair value of the property being used by it for the convenience of the public.
Page 88 - Congress not having exerted this power, as it might have done under the terms of the charter, it remains with the States through which the road passes to fix rates for transportation beginning and ending within their respective limits. The true reason is that Congress has no authority to interfere with the exercise of the police power by the States within their borders. The same question had recently been decided against the corporations in the case of Reagan vs.
Page 93 - If it be said that the rates must be such as to secure to the owners a reasonable per cent on the money invested, it will be remembered that many things have happened to make the investment far in excess of the actual value of the property — injudicious contracts, poor engineering, unusually high cost of material, rascality on the part of those engaged ia the construction, or management of the property.

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