Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-06-27
RATES NEXT
New Law Requiring Commission
to Fix Rates Becomes Effect
i've on July 4
200 PER CENT IN DIVIDENDS
Significant Item Regarding Express
Profits Filed for Reference by Com
missioner ketchum-No Date for
Hearing on Express Rates Yet Fixed
Capital News.
200 PER CENT IN DIVIDENDS
Special to Ttmes-Republican.

Des Moines, June 27.-On July 4 a
law will go into effect requiring the
Iowa railroad commission to put in a
schedule of express rates to be the
maximum rates that a be charged IN
Iowa. Just on the eve of the com
mission taking up this duty comes
press dispatches that the Adams EN-
press Company has decided to pay a
200 per CEN dividend with interest
bearing bonds, which bonds are to be
distributed pro rata to the stock
holders.
Chairman Ketchum of the commits
| sion, clipped the dispatch u of a
newspaper and has it on his desk at
the state house and between times is
meditating upon it. According to the
Information he a this decision OF the
Adams Express Company is evidence
that it has an enormous surplus to dis
tribute but that it proposes to dis
tribute. 1t as interest bearing bonds. 50
far as can be learned the money is not
distributed and there is no information
that the money will be used in better
ments. The distribution as Mr.. ket-
! chum understands it is merely a pres
| ent to the stockholders but he public
| will be expected by the company 70
i pay rates that Will enable the express
company to pay the interest on these
bonds.
According to the information this
action of the express company is on
the eve of action by the interstate
commerce commission establishing a
uniform system of bookkeeping for the
express companies which in the future
will show just how much they make.
They will not be shown to make much
latter they have paid the interest on
these gift bonds.' While the action
of the company may be precipitated
by the action of the interstate com
merce commission 1t also is OF very
great Importance in this state in as
much as the commission here is about
to put in express rates. The date of the
hearing on express rates will be an
nounced shortly. In as much as the
action of the Adams Express Company
has become known publicly the Iowa
commission may find it necessary TO
go to the bottom in its investigation OF
all companies and ascertain just the
nature of all their bonds and indebted
nesses. Members of the Iowa commits
sion do not propose that the people OF
this state shall pay express rates cal
culated to enable the express compan-
les to pay interest, their stock and
bonds to twice that amount that were
given away without consideration.
A new distinction was conferred upon
Iowa live stock yesterday when an in
snrance company. devoted to writing
risks on the lives and health of regis
tered cattle and horses was given au.
thority to do business by Auditor of
State Carroll.
1t is a Des Moines company. of
which; H. c. Wallace is the president.
It takes the old name and succeeds
a which went put of business
in this state In 1898 or 1894. It's or
ganization was made possible by a re-
cent law, and between the time the
former company ceased going and the
formation of the new one under the
new law, the policy of the office of
the. dUuitOI " SldtS q OSSL S@iAtS
the idea.
Death by accident and disease fur
nished the basis for the risks which the
new Iowa company will write. Regis
tered animals only are to be written.
The rates have not been disclosed by
the company to the auditor, but the
limit of a risk is $1,000 on a horse.
Drastic conditions are provided for. For
instance, If an insured animal gets
sick it must have the attendance and
attention of a veterinary surgeon.
Proofs of death must be furnished az
IN the case of human beings or fire.
The company has 100000 capital,
$4,000 being paid in. Mr.. Wallace is
president. George c. Carpenter is vice
president, G.. C. LOOMS is secretary,
C. H. Martin is treasurer and these
with John Sherman make the board Of
directors OF the company.