Page:Walter Renton Ingalls - Current Economic Affairs (1924).pdf/56

42 commensurately, nor even so much as the general economic index. It is equally clear that the railways are in no position to reduce rates at present unless they reduce labor also. Either a reduction of rates or an increase of wages at the expense of the stockholders of the roads would be akin to confiscation of their equity in the railway property of the country, which already has been gravely impaired.