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Railroads--Valuation

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Letter from Frederick W. Whitridge to Theodore Roosevelt

Letter from Frederick W. Whitridge to Theodore Roosevelt

Frederick W. Whitridge is not familiar with the laws of the ten states mentioned by President Roosevelt as providing for state valuation of railroads. Whitridge agrees with Roosevelt that more states may move to require valuation, but he does not believe that this justifies a move by the national government to make such a valuation. He refers to court cases, and encloses extracts, which have required valuation of a railroad to determine whether a given rate was reasonable; but he notes that such actions are quite different from requiring valuation of all roads. In his opinion, valuation of the railroads would be a means to one of three ends: taxation, setting rates, or limiting or controlling capitalization. The first is not necessary, and the others would cause fear among holders of railroad securities for the value of their investments. He urges Roosevelt not to discuss it further.

Collection

Library of Congress Manuscript Division

Creation Date

1907-04-15

Creator(s)

Whitridge, Frederick W. (Frederick Wallingford), 1852-1916

Letter from Theodore Roosevelt to Frederick W. Whitridge

Letter from Theodore Roosevelt to Frederick W. Whitridge

President Roosevelt has heard from a few railroads expressing support of the valuation of railroad companies by the federal government. Ten states already require it, and Roosevelt expects twenty or thirty more states to adopt the policy, after which railroads may be expected to push for national valuation to simplify the process.

Collection

Library of Congress Manuscript Division

Creation Date

1907-04-12

Creator(s)

Roosevelt, Theodore, 1858-1919

Letter from Theodore Roosevelt to the Interstate Commerce Commission

Letter from Theodore Roosevelt to the Interstate Commerce Commission

President Roosevelt suggests to the Interstate Commerce Commission that it would be a desirable thing to have a valuation made of railroad properties. Roosevelt is not sure how much time or money such a thing would take, or if it is possible to do without congressional action, and asks for the Commission’s opinion on these points.

Collection

Library of Congress Manuscript Division

Creation Date

1906-05-17

Creator(s)

Roosevelt, Theodore, 1858-1919

Letter from William H. Taft to Theodore Roosevelt

Letter from William H. Taft to Theodore Roosevelt

William H. Taft is grateful to receive confirmation from President Roosevelt regarding a matter concerning George Rumsey Sheldon. Taft thinks a letter from Roosevelt would be better if it came after Taft’s letter of acceptance, rather than after his speech of acceptance. Taft is uncertain about what to address in his speech. William Jennings Bryan has introduced so many ideas, some of which may have merit but all of which are untried, and the Republican party has taken no stance on them yet. Taft has not been enjoying running for president.

Collection

Library of Congress Manuscript Division

Creation Date

1908-07-13

Creator(s)

Taft, William H. (William Howard), 1857-1930

Extracts from minutes of stockholders meeting

Extracts from minutes of stockholders meeting

Charles S. Mellen acknowledges that the stock of The New York, New Haven, and Hartford Railroad Company has shrunk tremendously, but notes that all railroad stocks have fallen and all railroad corporations are subject to attacks from the government. Mellen cannot guarantee what is going to happen but there is nothing to “warrant apprehension regarding the dividends.” Connecticut Senator Morgan G. Bulkeley assures Mellen that as long as he is an honest man he is in no danger of going behind bars, though Mellen notes that determining if a man is honest depends on one’s point of view.

Collection

Library of Congress Manuscript Division

Creation Date

1907-10-30

Creator(s)

New York, New Haven, and Hartford Railroad Company

Letter from James Shanklin Harlan to Theodore Roosevelt

Letter from James Shanklin Harlan to Theodore Roosevelt

James Shanklin Harlan of the Interstate Commerce Commission relates to President Roosevelt an aspect of the Spokane railroad rates case which may have bearing on the question of railroad valuation. Harlan notes that the Northern Pacific Railroad used their valuation to defend their rates, and the complainant did not even cross-examine because the exposition was so extensive. Harlan argues that private shippers challenging the rates ought to have access to the valuation information to make their case.

Collection

Library of Congress Manuscript Division

Creation Date

1907-05-04

Creator(s)

Harlan, James Shanklin, 1861-1927

Letter from Albert J. Beveridge to Theodore Roosevelt

Letter from Albert J. Beveridge to Theodore Roosevelt

Senator Beveridge is grateful for President Roosevelt’s recent letter which praised his articles, and showed it to William C. Bobbs, editor of Reader magazine. He believes Bobbs and his magazine can advance Roosevelt’s cause in the country. Beveridge will send Roosevelt a separate letter with a piece replying to William Jennings Bryan on the “trust question.” Beveridge also advises against the valuation of railroads and suggests that Roosevelt avoid mentioning the matter in speeches for the time being.

Collection

Library of Congress Manuscript Division

Creation Date

1907-05-07

Creator(s)

Beveridge, Albert J. (Albert Jeremiah), 1862-1927

Letter from Henry Lee Higginson to Theodore Roosevelt

Letter from Henry Lee Higginson to Theodore Roosevelt

Henry Lee Higginson offers President Roosevelt his opinions and critiques about current economic policies in the United States, especially pertaining to the Treasury Department and to railroads. Higginson believes the Treasury should circulate more money and is against the policy of holding it out of circulation. He also believes that railroad owners and investors should be able to reap the benefits of the risks they take in investing in railroad stock.

Collection

Library of Congress Manuscript Division

Creation Date

1907-04-24

Creator(s)

Higginson, Henry Lee, 1834-1919