THE GREEN BAG

veloped in other jurisdictions? In Massa chusetts every location is subject to revoca tion, and every mile of track in the public highways may be ordered up at the expense of its owner, if certain designated officers think such action necessary in the public interest. Capitalization and indebtedness are limited by the independent judgment of expert public officials to the actual physical cost of the properties provided for conduct ing the public service. Every avenue to speculative profits and stock watering, in its many forms, is closed, and an investor may hope at best for only a very moderate return upon his actual cash investment. The hands of the government are tied neither by the existence of perpetual franchises in the streets, nor by the almost equally trou blesome franchises for fixed terms under which the public is at the mercy of the company until the expiration of the term contracts, when a new bargain must be made. Massachusetts is free from the ne cessity for such bargains, in the negotiation for which the municipal authorities, if hon est, feebly endeavor to foresee and provide for the changing conditions likely to arise

during the twenty or more years to follow the date of the new contract; and, if they are dishonest, sell the property of the pub lic, but themselves retain the consideration. Whether it is too late to apply the Mas sachusetts system in other states, and whether their legal conditions and the tem per of their people would render a gradual change to this system, as the term franchises expire, inexpedient or impossible, are ques tions which it would be presumptuous in one at a distance to attempt to answer. Undoubtedly such a change would be feared by the managers of corporations in those states, where a strong feeling of an tagonism has grown up, either as a legiti mate result of a mistaken system, or be cause of inherent differences in the attitude of the public toward corporations. If the change could be properly and safely effected, however, other states might be congratu lated, as Massachusetts certainly is to be, upon having adopted a policy which has resulted in making of those who conduct its public services, real public servants. BENTLEY W. WARREN. BOSTON, MASS., Dec., 1904.