CHAPTER V

RATE MAKING IN PRACTICE (_Continued_)

Effect of changing conditions, 147.--Lumber and paper rates, 148.--Equalizing industrial conditions, 148.--Protecting shippers, 149.--Pacific Coast lumber rates, 150.--Elasticity and quick adaptation, 152.--Rigidity and delicacy of adjustment, 153.--Transcontinental rate system, 154.--Excessive elasticity of rates, 155.--More stability desirable, 159.--Natural _v._ artificial territory and rates, 159.--Economic waste, 159.--Inelastic conditions, 161.--Effect upon concentration of population, 162.--Competition in transportation and trade contrasted, 163.--No abandonment of field, 165.

Cost _v._ value of service, 166.--Relative merits of each, 167.--Charging what the traffic will bear, 169.--Unduly high and low rates, 171.--Dynamic force in value of service, 177.--Cost of service in classification, 179.--Wisconsin paper case, 181.--Cost and value, of service equally important, checking one another, 184.