The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-05-03
BY James S. Mccarthy.

| L
SssFederal Government has voted lands
6and money to educate the children
'of the farmer and the mechanic and
has endowed Institutions to make re-
search. The States have followed
the lead Of the Congress-, and some
thing is being done in each of them,
much is being done in some of them.
to teach the science of agriculture
The movement among those inter
|, ested is so strong that the old-fash-
loned educator and the hostile leeisla-
Ator are getting into the minority.
2A President Roosevelt is making a
Nulet investigation Of the capitaliza-
tion and valuation Of railroads for
Xhe purpose Of fully informing him
kelf upon these subjects. He pro-
poses that the people shall not be
nisled by misinformation on these
matters, as they were on the rate
question. If possible, the President
will prevent the public being thrown
into another on the railroad question.
In this connection it is we'll to
state that so much has been said bv
cheap magazines and mucl5-rakc
writers generally about the overcaD-
ltallzation and watered stocks Of
railroads that officials of the Govern
ment having particular charge Of
such matter have determined to as
certain the true condition of affairs
IN order that sensationaIism and hos
tile agitation may be allayed.
Hon. Martin A. Knapp, chairman
of the Interstate Commerce Comm.s
Ssion, has forcibly pointed out that in
$$shls opinion a full investigation will
|syhow that the railroads of the coun-
B*ry instead Of being overcapitalizcd
are undercapitalized. "here is great
difference between capitalization and
valuation Of railroad property. BY
capitalization is meant all the money
Nput into the roads from The begin
&ing, such as cost or constructing
9he road, side tracks, erecting de-
bots. purchase of engines and cars.
building and rebuilding Of bridges.
, terminals, and all items Of conStruc-
tion and equipment, while valuation
means what the roads arc worth to-
day, that is, what the property in
sight is worth.
Investigation shows that the water
ing Of railroad stock was abandoned
many years ago. Undoubtedly in
the beginning Of railroad construc-
ton in this country much watered
stock was issued, but since the roads
have been amaleamated into large
systems. all money raised by new is
sues Of stock has been put into the
roads with view Of cquipping them
in manner TO handle the enormous
volume Of business that has develop
ed within the past fifteen years. In
this manner thousands Of miles of
Adouble track, side tracks. new steel
Abridges, and terminals have been con-
,%tructed, and new and heavier equip
t{ent purchased.
AETurther investigation of the rail
N&M question has brought ont i'm
Hny ,sion that railroad rates arc bas-
ymN upon capitalization. The official
iaH Htstigation shows the complete fall
eaNk of this contention. Rates
,e4sc based upon existing condi-
nMns, and, arc made with an eye sin
sHMSar. ID moving the traffic, and not
s. SiNh 5thc purpose Of realizing a pro-
ait1upon capital invested.
II The people after mature considcra-
zion of this great question, have come
Mo realize that much fisinformation
Mas &been imposed upon them, and
NowNthat they fully understand it in
Ms true light the storm Of hostile agi-
$Rtion against the roads that has wag-
aN Efor some three or four years is
Alpidly subsiding, and reason is be-
inning to reign in it's stead.
,Consul James w. Johnson, locat-
! at Puerto Cabcllo, reports to the
hited States Department Of Com
brcc and Labor that American
icking-house products arc largely
imported into Venezuela. Lard
. lams, bacon, hnd corncd beef in
inst constitutA the products most
= bopular in that country. The present
yholesalc price Of lard is $16,99 per
500 pounds net; hams, $23.16 to $24.-