Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-18
LEARNS ABOUT TEXAS LAW
Former Rough Rider Officer to Be
Governor of New Mexico.
COMING TRIP TO JAMESTOWN
Discussing Arrangements With Ad-
ment in the West.

President Roosevelt continues to acquire
information on the subject of the physical
valuation of railroads. He wants to know
about all state laws that seek to keep rail-
roads from foisting watered stock on the
public. He had talk today with 8. II.
Cowan of Texas, regarded by him and
many others as Of the best posted
men on railroad affairs in the country The
President talked yesterday with eX-Gov.
Larrabee of Iowa, author of some of the
early railroad laws of Iowa and Of a book
dealing with the railroad question. In the
last few months the President has sought
every fact possible to get. What use he
proposes to make of the information is
not stated by him, but is pretty we'll
known. 1t is said that the President
in some of his speeches in the next few
months may touch upon his plans for
perfecting the existing railroad rate law
and other acts exercising supervision over
the railroads OF the country
If he does not do that he will be well pre-
pared to discuss the subject in his message
to Congress next December. That message
will be one of tremendous Importance, close
as 1t will be to the presidential campaign of
next year. The President has clearly indi-
tied that he considers existing laws in
need of improvement. and he will make
recommendations to accomplish it. One of
these will be a proposition bearing upon
the physical valuation of the railroads.
Mr.. Cowan told the President about the
Texas stock and bond law. and what it
has done in that state. This law was
passed in 1884, said Mr. Cowan, land has
proved a success 1t was not put on the
books for the purpose of becoming a basis
for rate-making, but to fix the line beyond
which roads could not go in issuing stocks
and bonds. AS the law stands roads cannot
issue stocks or bonds or both, in excess of
the valuation placed upon them by the
commission in our state. So far as / can
remember there has never been a protest
on the part of railroads against the valu-
alton fixed by the state officials. The COM
mission is liberal In its estimates, and the
probability is that the roads are valued at
10 to 20 per cent more than their actual
cost Despite the fact that there Is fire.
quent kicking about such law, Texas has
built twice as much railroad mileage since
the law was enacted as any other state
in the country. The fact is that the COM
mission places valuation upon 9 per cent
of the railroad mileage of the country. The
cost of obtaining this valuation has been
comparatively small, and the work is car
ried with little cost in connection with
other work..
Gov. Hagerman Resigns.
Official announcement was made at the
White House today that Gov. Hagerman of
New Mexico has informed the President
that he will send in his resignation. 1t is
understood that Gov. Hagerman was given
tip that the resignation would be what
the President desired. He is to be sue
ceeded by Capt. George Curry, governor of
Samar province. Philippine Islands. Capt.
Curry is personally well known to the
President and stands well in New Mexico
He was captain of Troop III in the Rough
Riders.
Gov. Hagerman's resignation results from
charges filed against him that he alienated
the public lands of the territory to rail-
road company. The legislature has been
hostile to him. and the people did not relish
his administration of affairs. Delegate An
drews Of the territory conferred with the