It is unnecessary and perhaps would be out of place for me to add
a word to this magnificently reasoned out admonition to the legisla-
tive mind and to all whom it may concern.
And it is submitted that inasmuch as it is established by an
unbroken line of Supreme Court decisions that capitalization can not
under any circumstances enlarge the rights or the company nor
diminish the equity of the pubhc as to rates, the act of 1896 is m line
with the best modem thought on the subject, and furnishes an effec-
tual method of ascertaining true values for rating purposes, for taxa-
tion purposes, for capitahzation purposes, and for the purpose of
safeguarding the public from the real evils of false capitalization,
inefficient management, and imperfect service.
APPENDIX.
[Documents asked for by the committee.]
OPINION IN PEOPLE v. O'BRIEN, 111 N. Y., 1.
