The Ocala evening star., 1908-05-06

inflicted by the existence of such an
unreas enable rate could not be meas
ured by hundreds or perhaps by hum
dreds Of thousands Of dollars. The
bearing of this citation is, to show
that any effectual protection to the
shipper must proceed from adjudica
tion of the reasonableness Of rates
before, and not after, they have been
paid-that is to say, in advance Of
their exaction by the carrier. Power
to pass upon the reasonableness of
ss a consequence constitutes practi-
cally the only safeguard which the
shipping public may enjoy"
i offered, two years ago, in Con-
gress an amendment to the present
Hepburn Railroad Rate BilI' to pre-
vent the railroads from ever repeat
ing such an overcharge on oranges
again. The amendment provided, that
no railroad should increase an exist
ing rate, without first getting the con-
sent of the Interstate Commerce Com
mission, on notice had to the shipper.
This amendment of mine carried
into effect the recommendation of the
Industrial Commission" My amend
ment was largely voted down. If |
am nominated to be United States
senator I will renew the amendment
| in that great body 1t will be "shield
and buckle" to the orange interest,
and applies equally to the vegetable,
melon, phosphate, lumber and cattle
and farming industry in Florida.
1t will save hundreds of thousands
! Of dollars to the shippers of Florida,
| in case of attempted sudden raise of
rates by the railroads. s~
OvercapitaIization of Railroads
| High and unjust freight rates are
| largely due to this cause.
In a speech made by me in the
| House of Representatives, February
Z, 1907, used this language:
! II want to read something relative
| to overcapitalization Of railroads in
the State of New York, occurring
many years ago, and 1t comes from
high and competent authority. Prof
Parsons, a competent authority on
the matter, testifying before the In
| dustrial Commission five or six years
ago, stated as follows:
"The prevalence of water in the
railroad system is so well known that
Il Is not necessary to do more than
| touch upon the matter Vanderbilt
set, the pace in consolidating the elev-
! en- roads between Albany and Buff
| falo and increased the capitalization
by nearly $9,0O0,0O0 in doing it, then
added so per cent to the stock CAPT
talization Of the Hudson road, OF
which he was president then extend
ing his control over the Central and
adopting the same tactics there he
! added $50 per cent to the New York
/ Central; then he consolidated the two
roads, and in doing it, inflated the
Central q per cent. more and the
| Hudson IS per cent; so that in the
four years from 1866 to 1870 hi
brought the capitalization up from
s54000.O00, which was little more
| than the total cost on the books o.
the company-about $4,000,000 more
i to $103, 900, 900. The total cost on the
books in 1870 was under $4,000 pei
mile, while under his capitalization II
was $122,000 per mile.
''That example has been followed
to a great extent all over the country
! SO that our railroad capitalization /:
new about half water, or water ant
Wind The figures of construction
and equipment cost given in Poor's
Manual from time TO time indicate
4 that the railroads Of the United States
are capitalized at about double wha
they could be built and equipped FOL
at the present time"
! How is it with the Florida rail
roads? In the same speech by mt
February 8, 1907, I used these w"rd~
Let me cite the facts as to SOM
c. the railroads in the State Of Flor
Ida upon this subject of overcapitali'
alton.
Take the Atlantic Coast Line Rail
, road In that State. It Is capitalizet
al $2s.S35 per mile.
} The Carrabelle, Tallahassee ans