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Online Library of Liberty: Economics, vol. 2: Modern Economic Problems

the railroads had large or small interests within the state. These statements can with approximate truth now be made in the past tense, as was not possible a few years ago. A better code of business morality has developed, and the railroad management’s relationship of private trusteeship toward the shareholders and of public trusteeship toward the patrons of the road is now much more fully recognized. The change was not brought about, however, without long and strenuous agitation and effort, educational and legislative.

References.

Gephart, W. F., The place of the canal in a national system of transportation. A. E. Assn. Bul., 4th ser., 1 (no. 2): 188-196. 1911. Round table discussion, 197-203.

Hadley, A. T., Railroad transportation. N. Y. Putnam. 1884.

Johnson, E. R., American railway transportation. 3d ed. N. Y. Appleton. 1908.

Johnson, E. R., Inland waterway policy. A. E. Assn. Bul., 4th ser., 1: 166-174. 1911.

Johnson, E. R., The Panama Canal and commerce. Pp. 295. New York. Appleton. 1916.

Johnson, E. R., and Huebner, G. G., Principles of ocean transportation. N. Y. Appleton. 1918.

lf1375-02_figure_047

Fig. 1, Chapter 29.—Main Railroads and Rate Districts of the U. S.

Map reproduced by kind permission of Denoyer-Geppert Co., Chicago, from Map. A 19 (in colors) in the Hart American History Series; to which have been added the outlines of rate districts referred to in decisions of the Interstate Commerce Commission.

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