The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-29
OCKJUGGl|hG.
CURSE O.: ROADS [ !
Stop "High Finance And Their
Business vVillMIln-
GOVERNOR sT.uB j J! ADVICE Q !! i:
prove.

Appears Before Commerce Com.
mission as Witness for u
Shippers. ss
Chicago. Ill, October 2s.-Presentp-
tion OF evidence by the shippers who
are opposing the proposed advance In
freight rates was concluded TO day pc
fore the Interstate Commerce Commits
sion with the testimony Of Governor
w, r. Stubs, OF Kansas, who, lnSchar :;
acteristic manner. declared his oppo-5
sition to an increase In rates and his
belief, rs q practical builder OF rail-
roads that valuations have been pltalc cd
at too high a point
"1,ll8put up a $100o,0O0 bond, sald
| the Governor, that can construct q Q
main line railroad In Kansas, IN up--s
to-date line. too. for $so ~, 9 t1l ME-
and make 10 per cent. profit.
The lowest estimate OF railroad build 3
ing offered by the railways more than;
doubled the Governors estimate.
Governor Stubs was the principal
witness introduced by the shippers
Governor Stubs time after time
Jumped from, the role of witness TO.
THAT OF cross -questioner, and repeatedly
turned on the railroad attorney With %.
Nov, Il want to ask you question.
AT one point in the .cross-examlniaa.s
tion by Attorney T. j. Norton. or the
Santa re Railway. Governor Stubs De-.
clared: ST !
Can Make Money AZ They Are.
"Now. let me tell you something
There is not ms much risk In building
a railroad In a good territory as IN
/ starting a bank don't think the
roads need preferential rights; they
can make money as they are, and they
|sl1ould be run on the same business
i basis as a bank
MIR. Norton asked the witness II he
4 knew OF the washout which put the
Salt Lake Road out Of business for a
Eyes. 1 heard OF It." was the Gov
just called ate, attention ion, !. to .n it Il =,
the risk Of railroads and banks" said
well, let me give you some informa.
ton right along that line about banks.
4 tell you story that will make your
hair stand up.
Mr.. Norton disclaimed any desiye to
his hair sta up whose
sad rs POP S Woie e
4 that story. Governor. The story was
A lost lost in the the laugh which followed.
i Don't you think, Goyernor. was ~
Road Is entitled auit 10 the Increased value
i of Its properties In Kansas? You do
not deny to the Kansas farmer the In
crease in the value of his land.
| Stubs. rising from his chair and em-
4 phasizing his words by pounding on the
n judges bench "Bnt that land is worth
more because OF the honest labor OF
the men, women and children on every
3 the: stock values of the railroad hold
ings have been juggled and inflated.
and don't know how much water
there Is In 1t. .st ,s. u;
,lj5to the position taken BY, Presid en-
II RIPLEY, OF the Santa Fc Railway. that
u the market quotations of railroad
Il stock was a fair criterion OF the prop
II erty values. . as
I 81 think President Ripley is mi ght!
i fine fellow said the Governor, but !
don't agree with him on that point.
: want the railroads to give to the com
{ mission the actual cost OF their roads
and I want them to get u talr return
on their investment.
Later Governor Stubs again stoot
up, and, punctuatlng his words witt
n blows on the bench beside him, said:
..The railroads ought Ito be allowed
. tual Investment. and also lay aside {
i nice surplus for emergency use. Blu
/ they ought not to invest that emer
: Eency surplus from time to time II
s permanent mprovementsan and then adj
2 it to the capitalization. Every busl
2 ness man ought to have q surplus 10
ell a rainy day, and the railroads should
= too.
e f"I don't think that $25 100000 is to-
!, preat an amount for tho Santa Fc a
e an emergency fund for q bad year
v n wash out: but keep that FUND sepa
8 rate and don't capitalize it, The PEG
j pie will be pleased to pay the ran
roads liberal returns on their actua
investments If they vii only sto
;. stock juggling !
]: A question about the number ~ OF 7, au
i tomobiles in Kansas caused .$the, Soy o.,
= most shout: ..I'llg tell you why Their
= are lot Of automobiles In Kansas.
i lis because we've got % pros rous; IN
= dustrious people, fertile fields and hay
! the stun to buy them In spite Of tn
. high railroad@rates."t sa3s4s
= In his testimony. Governor stubp
y declared: S34,, .aFssSt , Is
:. = "Thes curse OF the railroad bushes
? in this country Is the stock tugglin
and the high finance. Stop this hlg
= finance. Make every ollars5o 81 capi
talizatIon represent dollar inyeste
lin the road and the people will ia
\ over themselves to buy railroad stock
and bonds.
! KING GEO CT MEMBER E e.
!. OF BOSTON H0N0RABL LIE