The mirror. (Stillwater, Minn.) 1894-1925, 1907-07-18

me, would be a mighty comfortable
did you have it all in your
lefthand pants pocket at this particu- /
lar juncture. The average profits per
mile, of all roads, mind you, is shown
to be $3.50; and these same roads
see whole aggregation of poorfarms
ahead of them if they are to be COM
PEELED to carry passengers for two cents
per mile! This report further shows
that the net profits are increasing by
leaps and bounds each succeeding
year; the increase for 1905 over 1904 was
Sos, 100000, while the increase for 1905
with 1905 was 500, ,OO0, 600, and |
these are the roads chat must increase
the transportation tax on the farmer,
shipper; in fact all lines Of business,
because steel and iron cost little
more, and because, they are compelled
to pay the man behind the throttle and
the key few dollars more per year
than formerly.
Every item in the tables shown in
this report. which are taken from the
books of the companies themselves,
shows vast gain in favor of the COM
panies; even in the matter of dividends
is this shown, those for 1905 totaling
the sum of $l95, ,157 1898, while those for
1906 reach the gigantic sum of $229,-
4O6,598, and after all the dividends
were declared and profits pocketed,
and keep it in mind that in hundreds
of cases these are based on watered
stocks and bonds, there still remained
in the railroad treasures the sum of
$1OO,428, ,707. How much, think you,
would this undivided, profit" account
have aggregated had all these proper
ties been revaIued and the dividends
based and paid on the actual cash in
vested?
Publicity, thru government super
vision, will change all this; dividends
will be paid on a fair basis of value
for the various properties, this "undi-
vided profit" account which today is
the weapon all our great railway mag
mates use to sand-bag and wreck COM
peting lines, or lines they may wish to
add to the system already under
their control, will be abolished and all
men will be given square deal in
shipping any and all commodities to
the markets of the world.
1t is obvious from the showing made
by this report that the railway execu-
tives are not sincere in saying that
the increase in operating expenses,
etc, is the real reason for their desire
to increase the carrying rates for the
products of the country. The real
reason may easily be cOnjectured, but
let us hope that the move already un-
der way may be checkmated; that the
millions of dollars of water already in
jected into railway securities may be
squeezed out, and that all tariffs will
be revised and placed on live and let
4 live basis.
In Great Britain railways have al
ways been subject to government reg
ulation. The natural conservatism of
our friend John Bull, his inherent re.
spect for all vested interests, the doc.
trine of an adequate return on capital
and the inevitable struggles between
the shippers and carriers, identical
with the struggle in this country, have
effected this idea of the development
of the idea of governmental snpervis
ion. In common with England We
have an Interstate Commerce Commis
sion, but with the difference that ii
England this commission is a potent
force, one always to be reckoned with
The English commission passes on th'
legality of any rate called into question
, orders reasonable facilities for trans
. portatior; orders thru rates on applica
. ton Of either railway or shipper
, Imagine an American railway man
{ ager asking our commission to fix an!
kind of a rate; perish the thought
u Any road or shipper has the right t
!, appeal to the High Court and from
. that to the Houseof Lords. but I flint
, in my researches that appeals are yer.
, few; the conservatism and high stand
+ ing of the commission precluding tn
. possibility ofvety many unjust deci
: sions. The lessons taught this nation
by British experience are many an,
) plain. The cost Of procedure befor