Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-03-15

INTO the earning capacity of the large
systems. 1t first put Harri-
man on the stand and proved by his {
that the profits Of the
Union Pacific in recent years have
been gigantic; that out of these prof
its the Union Pacific has expended
$3.50 100000 in improvements and 'ex-
tensions, has piled up a great reserve
fund and has built up it's stock divi-
dends to a ten per cent basis
The commission has recently inli-
Gated a disposition to probe into the
earnings of the Great Northern, North |
ern Pacific and the Burlington-the |
Hin lines.
II it should be shown that the great
railway systems generally are earn
ing excessive profits. the foundation
would be laid for Vulnerable suits be-
fore the commission for reduction OF
freight rates. This has alarmed the
big railroad interests and the have
set about a systematic and cunning
scheme of checking rate reduction
Hill Morgan. Mohler, SticFmey and
others are singing the same song. The
investing public, they say will not buy
their stocks and bonds. They cannot
therefore, build new mileage and pro-
vide new equipment and increased
facilities to take care of the increas-
ings traffic which prosperity has roll
ed upon them.
Evidently there is a conspiracy to
put the screws" on the public. Rail-
way traffic is allowed to become con-
gested everywhere, particularly In the
northwest, and when the people cry
out because they cannot ship their
wheat, their lumber, their ores and
other products the railroad interests
reply that since the country has emit
cred upon the policy Of agitation for
railroad control the investing public
has taken alarm and the railroads are
powerlesSto raise funds to take care OF
the growing business or the country
unles they are allowed to increase
their freight rates. Stickney, for ex-
ample says that rates ought to be ad'
vanced 10 per cent Hartman says
1t will be necessary to advance rate
Morgan says the railroads mus
charge higher rates. and Hill has fire.
quently intimated the same thing.
These men are reckless in thei
game of intimidating the American
people. They are threatening finan
ciaI panic which is to be more terrible
they say than the panic of 1898.
seems that they will not scruple a
anything that will help to secur
I them in the enjoyment Of their pres
ent enormous profits.
But the country will not be easil
swept off its feet by these noisy clam
ors of the railroad interests. The fact
are of record that with the preser
earnings the railroads profits ar
large. If with these fat profits the in
vesting public will not buy railroa
stocks, the distrust is due to its lac
and others. These interests have give
SO many demonstrations of their wi
lingness to unload watered or initiate
securities on the investing public tht
1.-the investing public has become war
Most of the railroad stocks that al
now selling far above par are initiate
'e and watered. 1t will not hurt II
country If these inflated values sui
~ side A general readjustment of stoC
AZ values would indeed pave the way
a SUBSTANTIAL reduction in freight rate
1t is not likely that the railroad il
terests will deceive President Roos
= l~elt and the interstate commerce con
mission. President Roosevelt on
-. put his hand to the plow, is not Il
:, man to falter in righteous task.
;, Spokesman Review.
a nIIESTInN re REAI cITIZER