The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-11-04

/ is now so cents on an 500 pound bale. Es-
timatng the cotton crop OF Hunt county
at 10000 bales, the commission saves the
farmers of Hunt county 100000 annually
on this one product The commission rate
frequently causes the reduction of an in-
terstate rate. as any shipper Will tell you.
The commission rate on cotton from
Greenyille to Galveston was responsible
for reduction OF 5 cents per 100 on the
same commodity from Greenvlle TO New
Orleans. TIE prior commission rate on
cotton seed TO Greenvlle from points tea
mile distant WAS IL cents per 100. II
Is now cents per 100 reduction OF
sll25 on a $4,000 pound carload. From
points twenty miles distant from Green
Vile the rate WAS 10 cents per 100. 1t IS
now cents. a reduction OF $3.50 on
% 600 pound carload ! could show the
reductions Oh this commodity distances
twenty-five, thirty, forty. nifty miles, out
II would be merely repititions revealing
like reductions. / have compared the
rates OH -four and meal, corn and oats,
other grain and hay that existed prior to
the commission rate between Greenville
and such points as Leonard Whltewrignt
Bells. Emory. Alba, Farmersville. Sui
phur Springs, Winsboro and other points
with the rates now in force and / find
that the rates have been reduced all the
way from TO cents per 100, The devel-
opment of the wholesale trade of such
points as Greenyille has been made pos
sible by the railroad commission. 1t has
given protection not only to the producers
but also to the business interests" that
class OF our citizens who at first constl-
tuted the head and front of the opposition
to the commission. An investigation shows
that the reduction on other than farm
products has been equally as marked The
reduction in the rate on coal has been l6
per cent. on Ignite % per cent cotton fac
tory products 81 per cent, saddlery 10 per
cent. The st could be extended indeh-
ultely. To this enormous saving in freight
rates can be added an annual reduction
OF 500 600 in express charges as a result
Of the commission. OF course il is not
assumed that there would have been no
reduction In fire. ght rates II there had been
no commlss' on. However. these reduc-
tfens do exist and in the main they were
forced by the commission over The oppos-
ti5n OF the railroads The policy OF the
democratic party with reference to the
regulation and control of railway corpora
lions is one 1t Is reasonable to assume
would be reversed by the republicans and
their sympathizers. They would again
turn the people over to the tender mer-
cies OF the railway trust known as the
traffic association, with the usual result
mr. 81 YIN AMI bOND LAW.
| The policy Of the democratic party with
reference to railway corporations that
may extend their lines. or which may
hereafter be created is further shown
by the enactment Of the railroad stock
and bond law. Among other things this
law forces railroad corporations TO make
public the value of their roads and limits
the aggregate amount of stock and bonds
to be executed by them to the value of
their property. The commission has au-
thority 10 relax this rule to a certain ex-
tent for just and sufficient cause. Con-
cisely stated, this law prohibits, under
adequate penalty, the issuance by rail-
roads of fictitious stock and bonds. Dur
ing the next year YOU will no doubt hear
q great deal about the conditions that
existed prior to the enactment OF this
law, it's effect upon the Issuance of rail-
road stock and bonds, and what is still
sought 10 be accomplished In the dis
cussion that win be precipitated by the
submission by the legislature the pro-
posed constitutional amendment defining
insoivent corporations and prohibiting
them from doing business in this STATE
all OF these matters viii be gone inao
eNhaustivcly You VIII be told how the
Federal court, in effect, makes a rail-
road commission guarantee a reasuna BILE
return on railr- ad investments. This 1t
does by holding that railroad shall
have the right TO collect a tarlf sufh-
cient to pay operating expenses, provide
Tor bettermentS, to meet interest on its
bonds and a reasonable dividend upon Its
stock. Prior to the passage OF this
stock and bond law the 5000 miles OF
railroads built In Texas were plastered
win stock and bonds all the way from
$4,000 TO $4,000 per mile, burdening the
commerce OF the State with millions upon
millions of dollars Of fictitious and dis
hsnest stocks and bonds, representing
nothing Of value and issued In violation
OF the constitution and the laws of the
State, Some idea Of the wild excess OF
Issue of this class of speculative paper
can be had in consideration OF the fact
that the 5000 miles Of railroads In Texas
including the 1000 miles built since the
passage of the stock and bond law, which
has only moderate and honest issue Of
stock and bonds against them, have OUT
standing stocks and bonds to the enor-
NOUS aggregate of 1885, 2lS,5i1 This same
property was rendered for taxation In
1899 at $40 ,606,i06 One OF these roads
rendered for taxation at $685. per mile
has outstanding stock and bonds 10 the
amount OF S4U,OOV per mile. But THIS does
not give reasonable valuation. How
ever, the commission valuation. made b,
experts after careful investigation. Is
placed at $l41. 069,s01 According to tn,
commission valuation this 5000 miles OF
road Is burdened with fictitious stock
and bonds aggregating the fabulous sum
OF $2l7, 1870, upon which the Fedora
court holds that the roads have a righ
TO earn interest and dividend. Last veal
the Federal court forced the oomnissI On
to maintain a rate which paid 3.4S pei
cent interest and dividend upon this tota
: issue OF s350,000000 OF honest and fictl-
tious stock and bonds, $3.50 per cent or
thu commission valuation and 1886 per
cent on the tax assessment valuation The
: adoption Of law forcing these corpora.
Q ti9rg to an honest basis Will mean an an
9 nuai saving to the people CT Texas Inc
enormous sum represented bv an intercsI
: charge of Las per cent on s217, fsA,740 ci
fictitious paper. reduction which car
. not be made TIL the illegality OF thIs