In closing, the writer desires to say that he regrets the impossibility of treating the subjects of depreciation and fair return in a satisfactory manner without unduly lengthening this discussion.
It may not be out of place to say that, in the writer's opinion, a fair return on the average public service corporation property should be considerably in excess of the figures usually named. There is but little incentive to invest in railways, street railways, or other public service corporations, if the limit of return is to be 7%, or 8%, or even 10%, on the actual investment. This is especially true where the hazard of investment is increased by term franchises under which the companies are operating. The writer has the most absolute confidence in the ability and integrity of our Supreme Court, and is led to believe that, on a proper showing, confiscation will not be permitted.
He also believes that, in general, the great mass of intelligent people wish only absolutely fair dealing with the corporations.
On making a full and frank showing of facts and conditions, the public service corporation which is honestly financed and honestly operated, need have little fear of ultimate justice.
The public service corporation which is administered, not to render service to the public, but to permit stock speculators to reap a harvest, can hardly hope for the same brand of justice, and it is hardly to be expected that such a corporation will welcome publicity.
[19]. Electric Railway Journal, January 8th, 1910. p. 76.
[20]. December 4th, 1910.
[21]. Railroad Age Gazette, July 24th, 1908. p. 587.
[22]. Engineering News, June 16th, 1910, p. 697.