Railroads are not like other businesses. Because they are part of the national transportation system, they can't just shut down when they no longer find it profitable to operate. That's why quitting needs the approval of the Surface Transportation Board, and why the board should reject an application by the Central Oregon and Pacific Railroad (CORP) to abandon most of its line from the Willamette Valley to Coos Bay.

Tunnels on that line have deteriorated to the point of being unsafe. The track itself needs maintenance as well. CORP tried to get shippers and the state to pay more than a lot of money for repairs, but that was rejected.

Last week the federal board held a hearing in Eugene on CORP's application. Congressman Peter DeFazio, who testified, said the railroad had not been serious about fixing the line before deciding a year ago to stop service and then applying to abandon it altogether.

The line to Coos Bay serves several shippers important to the area's economy, companies that now have higher expenses of shipping by truck.

The public has an interest in maintaining railroads just as the public has an interest in maintaining highways. The difference is that highways are publicly funded while railroads usually have to fend for themselves.

Here's what the law allows and what should happen: The transportation board denies the request to abandon the line. At the same time it approves an application by the Port of Coos Bay to declare the line a feeder line, meaning that the board would order CORP to sell the line to the port. If there's a dispute about price, the board adjudicates that. Then it would be up to the port and the shippers - likely with financial help from Congress and the state - to repair tunnels on the line (for an estimated $3-4 million) so that service can resume.

Some time before all this happened, the parent company of CORP, RailAmerica, was acquired by Fortress Investment, a hedge fund. Such private equity funds don't exist to run railroads. They exist to make money for their investors, even if it means shutting down an important line.

DeFazio once proposed legislation to prohibit hedge funds from buying railroads. In the public interest, that is an idea he should pursue and Congress should approve. (hh)