It would be difficult to conceive of any modern activity which contributes
more to the necessities and conveniences of life than transportation.
Without it our present agricultural production and practically all of our
commerce would be completely prostrated. One of the large contributing
causes to the present highly satisfactory state of our economic condition
is the prompt and dependable service, surpassing all our previous records,
rendered by the railroads. This power has been fostered by the spirit of
cooperation between Federal and State regulatory commissions. To render
this service more efficient and effective and to promote a more scientific
regulation, the process of valuing railroad properties should be simplified
and the primary valuations should be completed as rapidly as possible. The
problem of rate reduction would be much simplified by a process of railroad
consolidations. This principle has already been adopted as Federal law.
Experience has shown that a more effective method must be provided. Studies
have already been made and legislation introduced seeking to promote this
end. It would be of great advantage if it could be taken up at once and
speedily enacted. The railroad systems of the country and the convenience
of all the people are waiting on this important decision.