New-York tribune., 1908-12-05
ROADS PROFITS SMALL
Hartman Deplores Discrimination
4 eainst the Rich.

Pittsburg, Dec 4-E. H. Hartman, in a letter
read before the American Mining Congress 10
night entered into a general defence Of railways
He upheld the dividends paid. asserting that farm
ers bankers and manufacturers make double ana
uuadruple the profits made by railways He re-
sented discrimination against a man simply be-
cause he is rich asserted that freight rates have
been continually lowered and urged fair treatment
toward transportation lines. The letter follows in
part:
Many of the original investors in railroads lost
large part Of their capital The risk was greater
the country prOhted. There Is a widely circulated
p1rtsfio0 al that the trsfic viii bear 1t is
equally true that they do not charge what the
The managers and stockholders Of railroads in
ms % co4ntGg % Teazs re {nst tney cstad asS Along the
other railway lines They also realize and you
viii admit the Justice Of the claim that the
freight charges must be such as 10 pernn the
turns to the men and women of.this country whose
savings have helped to build and improve the rail-
Let call your attention also to the fact that
are developing freight rates have been diminish
ing; .,,-.--.. ,,o.,-. - - fair and
they desire to see all interests treated fairly The
impression exists that the railroads are owned oy
these men are rich they can stand res5TetiGn lon
fact is that the railroads are not owned py le"
The opinion that those who invest their means In
railroad should not be permitted 10 earn more more
than fair OF interest'' upon the caSh Naue
Of its property that { per cent Is fair "a u
of interest and hence the maximum perInisslois
interest such investments, is inconsistent WIN
the higher of interest from other kinds OF ~
vestrneHts In 1900 the farmers of this country re-
Celved the return of 2 per cent On the values OK
their farms In that wear: the manufacturers en-
loved in the year net return OF lN-i Per
cent, while the average net return upon me rau-
road Investments was scarcely per cent As q
single additional basis Of comparison, may adq
that during the last forty Years the dlvldends "I
ma Iiona banks in the United states nave averaged
Sa4 per cent. In no year has this average gore
below 5 per During the last few Years these
bank dividends have averaged 10 per cent
forget that Just beginning U
realize the possibilities in this country s growth
and the Transportation facilities should be suCh as
n aid rather than retard this Development lhert
are too many factors of uncertainty 10 permit our
dealing in specific phophecies. hut the best ss us
tirans of the country give the United states IN
twenty wears Go27) a population of $4,000 coo
people and a yearly coal production at the time
10 be hauled by the railroads OF about 12eoioo0Oeo
IN closing Mr.. Hartman commended the i'm
proverncnt OF inland water transportation facilities
as a means of receiving raw mineral products and
distributing the country heavy manufactured
mineral pToiuctS- at the least possible cost for
transportation. IF IL can be accomplished at q
sGls hle cost, e-Said Il extend my best wishes
fer It's accomplishment ----.-