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Show S g-s of rereed go" a-e eccner c ::..: :n ! TRICKING set .p si.xv: -ry rcacr Aio.n .-g tv .'o-'.'o. r o .' v i. s u- ;-v A . : . ."e has e ! --,;"'. ct c l.c.d. c o n-r t '.... c r. . n '. ' c :r.,t..:g c nr. '. cC-pa - s .-."e. r..: cs Vv n.-.t it a o. ".s '.cV is e. -r.i-r. . s e d r . c .....:. . " BS!CLL. t"ee legal al'.cra'.vr.s eo.. d w... e'd i.n provid:-g an actal g'ow'.n avenue for erre-p-is-g ...nd establish-d i:..k,rg co.'--p.-nies. lte. the e.-.sed en:-v rales et al nrav h..r-; dr.:-.g fe inevitable period v!'trar.si:un. but m..ny of the p.-.r-tu ip.ouig common earners h.o e applied for new routes and territories as well as for c.'"".ict carrv ir.c i;ch;s. Ultimately this cho.dd lead to enlarged market sh.oes owing ow-ing to the proven expertise of the concerns despite the increase in-crease in the level of competition. competi-tion. THE OUNCE in the operating oper-ating environment as a result of the IsisO regulatory changes has created a quandaiy. lor years most companies cairied these operating rights on their balance sheets as assets ith passage ot the law . m.inv fu nis have taken an exttaoidin.iry charge against earnings in PSO's thud quarter to tepie-sent tepie-sent the diminished values. Furthermoie. although some uncertainly pievails. the camels intend to take a deduction deduc-tion on their lMl taxes, w Inch will be a partial ofiset to the rights quandary. Overall, we do not feel that this is a ei meal factor. IN THE final analysis, trucking common stocks will be influenced more bv the f undamental un-damental condition, prospects, pros-pects, and growth ot the industry indus-try itself than by a one-time alteration in the value of intangible intan-gible balance sheet assets. Certainly 19S0 could be characterized as a year which the trucking industry would like to forget. The maior publicly pub-licly owned funis moved into an economic slump, beset by such advcise factois as lower freight volumes, (ugh mieiest rates, soanng fuel pi lies, and the enactment ol legislation making it easier to cnler this regulated field. I T IS Nl ) I sin pi ismg. con sequenlly . that Ibis leih u,i of opei.ition.il dillic lilt ies has to date had an unl.iv 01 able irn pi.ii t on the furns' (mam ial ie-suits. ie-suits. Pio'-pccts foi the laiuie. houe v er. tav or a mo c.d of these glum c on. hi n ins and c,K Stan! I a I ' V I n- p I o y ( d pi "! 1 1 le v els f . t ! ' is c : il k al iiid.i c : y be-sc o: :-. . k.-g -:n r . :-e : ce ",c. v or: . - -v. -c c.e-e-'.c v .: over t"... se"s A.S l W S. r.';-v.-'. n-io:.-'vc. e k..T.-.v"..-v eve 07. " t; ; .t ; l ; " . ;'s .. d P..". Cs in I' s ; j.'- -g fe :v pe ot a. . :v .-. -d :'; . k;- i c . -'. . : s e.i.h Tke :r..c's "g rc. s-.-v is and so tr-e cxricted l..ho: peace d.."n.g W1 ;s 4 e.t.n.ie rds for next veer's prosrsr-Cs Fix o-ab.f i.so are the s caused :r:e.d p-icrr.jt fexi-h...:v fexi-h...:v v e-s..s the t.s-er reg.da- eecn s.-oe .-t te ci'c. :o..s "O . . ; s r "! ,;v !" C i : -. g .. 's. : g .ie...... bc'.:e: - t-o-. s eo on c a : . s ;n :se o... ' c v c.o e. N.s...-.h : T:-.?.k?:. o! F..bson s Ke;v::s Is -.. g leason.ihr st.vtc nr.. i.e! co:r:-'.:; rvuv in ;"".s s,-g ; o! '.be n.o.ion s N.s.nrsv toi :bf ,t 1 c :: c e 1:1 eve: to :. ke advan:..ge ol wk. C. to: :e.ove:v 1:1 . ,vo:" c ;.... u ' s |