. Electric railway journal . them, or whether it allowsthem to remain in the hands of private investors, thatthe unit of their fares, the price at which their productis sold, must be restored at least to the level whichprevailed in past years. I have confidence in the common sense and judgmentof the American public. I believe that it stands readyto pay a fair price for what it receives and I conceiveit to be our main duty both as members of this asso-ciation and as operators of electric railways to see thatthe public is informed as to what such a fair pricereally is, not in terms of coinage, b
. Electric railway journal . them, or whether it allowsthem to remain in the hands of private investors, thatthe unit of their fares, the price at which their productis sold, must be restored at least to the level whichprevailed in past years. I have confidence in the common sense and judgmentof the American public. I believe that it stands readyto pay a fair price for what it receives and I conceiveit to be our main duty both as members of this asso-ciation and as operators of electric railways to see thatthe public is informed as to what such a fair pricereally is, not in terms of coinage, but in those of value—that is purchasing power. 772 Electric Railway Journal Vol 52, No. 18 Public Ownership the Obvious Policyfor Electric Railways* The unusual of today may well be the common-place of tomorrow—Public ownership wouldsolve the many present problems of operation—Railway executives should be interested only inprotection or return of investment. By Richard McCulloch President United RailwaysSt. Louis. THE obvious remedy for the perils which nowconfront the electric railway industry is publicownership. It is the purpose here to analyze thesituation and indicate the advantages of public owner-ship at present to both the public and the investor. Old-Style Franchises Are Valueless In recent years one of the great difficulties has beento obtain franchises of sufficient duration to enable thecompanies to borrow necessary capital at the lowest rateof interest. As a matter of fact, under modern utilitycontrol, a franchise is merely a permit to lay tracks oncertain public property, the service and equipment beingdetermined from time to time by a commission. Never-theless, franchises have heretofore been associated inthe public mind with great value, and this impressionpersists. There has always been more or less opposi-tion to new long-term franchises or extensions. Under public ownership the necessity for franchisesimmediately disappears, and the rate upon which
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