The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-11-01

an aNElNAt NAht
,.m3nission-Provcd Too Much for
tI.. railway Attorneys.
CIV the Associated Press.)
C..51o. Ill, Oct. 2S.-Presenta-
tn.0 .gl evidence by the shippers who
an, o.posing the proposed advance in
<r+f-nr rates was concluded today be-
+.r. the Interstate Commerce Com
mission with the testimony of Cover
NOR ". Il. Stuggs, of Kansas, who, in
characteristic declared his
opposition to an increase in rates and
his lsljef as a practical builder Of
railroads that valuations have been
placed at too high a point.
".I pat up a million dollar bond"
said the governor, that I can con-
strGgt a main line railroad in Kansas,
an up-tO-Qate line 90, for $4,000 a
MI. and make ten per CEN profit"
b lowest estimate of railroad
hG".tuS offered by the railways o.
than doubled the governors estimate.
4|uternor Stubs, was the principal
witness by the shippers.
Governor Stubs time after time
jumped from the role of witness to
that OF CrOsS-queStiOner and repeated
~ turned on the railroad attorney
with, now l want to ask you a Ques-
ton"
Al one point in the cross-examina-
ton by Attorney T. j. Norton of the
Santa Fe Railway, Governor Stubbs
declared.
"Nou, let me tell you something.
There s not as much risk in build
Ing d railroad in a good territory as
IN starting a bank L don't think the
roads need preferential rights; they
can make money as they are and
thy SHOULD be run on the same bust
ness basis as a bank"
Mr.. Norton asked the witness if he
knew of the wash-out which put the
Salt Lake road out of business for a
hundred days.
Yes, I heard Of it," was the Gov
errors reply.
u Just called attention to it in
connection with your comparison OF
the SIX Of railroads and banks said
Mr.. Norton. Well, let me give you
some information right along that line
about banks" interjected Governor
Stubs. Il AN tell you a story that
VII make your hair stand up"
Mr.. Norton disclaimed n desir'
10 have his hair stand and Com
missioner Lane, the top of Who's
head is smooth, said Suppose yol
tell me that story, GoVernor?' TIL
story was lost in the laugh which
lCl49#Fd.
Don't you think, GOVERNOR Wa
another question:, that the Santa r.
road IS entitled to the increased Valu
az IT'S property in Kansas? You d
not deny to the Kansas farmer tn
Increase in the value of his land
Yes" quickly rejoined Governo
stubs. stsing from his chair an
emphasizing his words by poundin,
on The Judges bench. But that LAM
Is worth more because of the homes
tabor If the men, women and childr2'
On every quarter section of kansa
land and the stOcF values of the raj
road holdings have been juggled an
1"-tled and L don't know how niue
water there is in it,"
1;ovcrnor Stubs repeatedly referre
l" the position taken by PfeSldel
E-piey, Of the Santa Fe Railway, tha
III" market quotations Of rallroa
A5"' KS was a fair criterion Of the proE
tIty values.
II him President Ripley is
hI#tty fine fellow" said the Cover
HOE. but / don't agree with MI
Oh mat point. I want the raliroac
90 give to the commission the actus
cost Of their roads and | want thel
/" get a fair return on their nVeS'
m4nt."
Later, Governor Stubs again t
ul1 and, punctuating his words VII
hp"s on the bench beside him, salo:
The railroads ought to be above
10 make five or six per cent on ,hel
"-i'al Investment, and also lay aSlo
nice surplus for emergency. III
Wey ought not to invest that emel
Etncy surplus from time to time !
armament improvements, and the
%9d Ii to the capitalization. Ever
business men ought to ave a surplt
'%E a rainy day, and the railroad
should, too.
! don't think that $4,000, 600
40 great al amount for the santa /
az an emergency fund for 8, bad yea
~ d W~ashout; but keep that fund SCI