Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-12-28

NIT it. but are not the American peo-
pie as capable as the people of other
countries? Have they not shown that
they are capable Of solving every po-
litical and financial question yet pre-
scented to them?
Concerning the methods by which
the transfer can be made to the gov
eminent, it is unnecessary to give de-
tails Of a plan, as they can be worked
out when the time for it arrives. Con-
gress has the right to regulate COM
merce between the states, and 1t could
provide for an impartial commerce be-
tween the states, and it could provide
for an impartial commission to APP
praise and purchase the property.
Much difference Of opinion would exist
as to the proper price to be paid for 1t.
Mr.. Poor, who is considered high au-
thority, and has always been partial to
railroad interests. some years ago es-
timated the cost at about 100000 per
mile. Railroad building has since then
been materially cheapened. Tens of
thousands of miles have been built for
less than $4,000 per mile. This has
been proved again and again before
legal tribunals, by the testimony OF
competent engineers employed by the
railroads. These same roads have
been capitalized at $4,000 to $4,000
per mile. But taking Mr.. Poor's esti-
mate, the cost Of 100000 miles Of road
would be $6,210,OO0,O0O. The holders OF
railroad securities would gladly ex-
change them for per cent United
States bonds. These bonds would af-
ford a safe and desirable investment,
49, Jo1 In
AT present railroad stocks are largely
held by spectators and stock gam
blers, and no conservative investor
will purchase them only at panic
prices.
The amount paid last year to about
| 1,2OO,0 900 railroad employees was about
40 per cent of the gross receipts This
would incur an expense OF $763,543.-
100; the interest charge would be
sISe,3OO, 900; total expense of en-
ployes and interest, s949,S43,l30;
gross receipts for 1903, $1,90S, S57, S26;
leaving a balance of $959,014,6s6 to
provide for betterments, sinking fund,
|. reduction OF rates, loss OF taxes, ana
for contingencies.
Opponents will say that this rail-
road property is capitalized at s14,-
S82,111,544 This is an increase OF
1907, 900 900 over that OF the previous
year. with an increased mileage OF
only Alta miles. The capitalization
of the roads is no Indication whatever
of their cost or of their value. 1t
could with as much propriety be fixed
at fifty billions as at fifteen billions.
It is claimed because large amounts
have been expended during recent
wears in better1nents, that this should
be represented in the capitalization,
but this mony did not come out of
the pockets of the stockholders gen.
orally. but out of the patrons of the
| roads.
OF course, there will be strong oppo-
sjtion to the purchase of the railways
by the government, as there always is
to every great undertaking. 1t Will
naturally be opposed by those who
share directly or indirectly in the
profits of the present system, and es-
necially by those who are engaged
in manipulating the property for spec
ulative purposes.
To secure the transfer Of this prop
erty to the government in q, proper
manner and at a reasonable cost, Will
not be small task, but that the
United States government, can COM
! mand the necessary ability to accom-
plish this in a reasonably satisfactory
manner / have not a doubt and there
is little doubt that it is only a ques-
ton of time when 1t will be done.