The Washington herald., 1910-03-13

way. its engines and empty cars. and
nothing else, ne wildly struck In that d.
Erection. Ny associates have always said
that I am an optimist / neither deny
nor confirm their accusation. However.
/ have never believed that the people at
bottom were antagonistic to our rail-
roads. The abuses of the railways were
condemned. and that was right; but the
abuses were the fruitage OF conditions
which were logical in human nature and
the events.
Built to Promote Welfare.
1T must be borne in mind that in the
past railways were built to promote the
the welfare of localities. Baltimore and
Philadelphia, competing with each other,
went into the transportation business.
Cincinnati built line Of its own into the
South, as a measure of commercial de-
tense against Louisville On all sides,
centers of trade and industry were fight
| ing either for self-preserVation or uIti-
mate supremacy. The war between com
munities the accepted principle that
large customers should buy freightage
as well as merchandise at a cheaper
rate than small customers, and the saw
age competition among the railroads
| themselves for traffic, led naturally to
the practice OF giving rebates. Of re-.
funding part of the money paid for car
rying commodities.
so there was an immoral side 10 the
railway problem. l have spoken of the
physical transformation. worked out
gradually. but boldly. in tracks. bridges,
and equipment. Alongside Of It, in all
the struggle and strain OF that monu-
mental accomplishment, there has been
an ethical evolution. correction of con-
duct, and the rejection OF standards
that were formerly thought TO be neces-
sary and defensible. until one shipper
has no more privileges, secret or public.
than another. Relating has stopped abb
solutely. No more passes are given.
Moreover. It is my belief that during all
the progress of the railways TO better
state. moral and physical. the people have
been friendly. rather than hostile"
NO Financial Fears.
DO any serious financial problems
trouble the minds Of railway managers
al this timer
None that I konw Of think money
can be obtained for needed branches. ex-
tensions. and other improvements. The
only matter Of grave concern relates to
legislation. We have laws enough. There
is danger that the national government
viii cross the line Of regulation and at
70 ~,
ment When that occurs the country
should buy the railways, and IL that ever
happens the subsequent chaos and in
competency will be appalling. In my
opinion, the railways should have the ex-
elusive power Of fixing the rates Of trans
portatlon. When a rate is too high. IL
ought to be challenged and the dispute
settled by the Interstate Commerce Com
mission. The claim that rates are dear
because railways are greatly over-capi-
talized is groundless- Besides. rates are
low Except in rare instances. the rail
ways OF the country could not be dupli-
Gated for the market value OF their out
standing securities.
Another danger Is the possible con-
fiict between the government az Wash
ington and the various States over rail-
way regulation; q State saying. Go
ahead with your issue OF bonds and
stocks and Washington saying. .stop:
the local authorities have no right
TO interfere when a road is engaged in
transporting interstate commerce. In
such an event there would be perplexity.
stagnation. and loss Consequently
prudence and wisdom are now essential
for the continuation OF sound business
conditions
Believe In Regulation.
Il believe in railroad regulation" Mr..
Hughitt continued to say. Sin order.
among other things. that unjust discrinl-
nation may be prevented between CEN
ters Of business and competing zones
which market their products in the same
places. Railways. you understand. de-
sire to build up general business in the
regions through which they operate.
Kansas City, battling for the same mar
ket with Chicago, might complain that
its rates on outward freights were excess
sive. There are determinations and un-
just determinations. The latter should
not be tolerated. Then the public ought
10 be assured that the bonds or shares
put out by a railway are actually for
permanent Improvements. In short. there
should be a rational supervision of the
railroads of the country, but no tinker
ing with their management"
Should mechanics, clerks, merchants.
farmers, and professional men invest
their surplus funds in railway securi-
tiesg'
I think so. Information about our
railways should be made so free and open
by law that anybody could easily ascer-
tain what stocks and bonds were OF I'M
questioned value. We have 5000 share |
owners; I wish we had $1,000"
THE question is getting hackneyed. I
know. but why is living so dear?'' I
asked
Land Was Cheap Then.
when I was in Bloomington, land was
worth about 81 an acre" Mr.. Hughitt re-
piled. William ". Corcoran, the Wash |
ington banker, who financed the Mexican
war, owned immense tracts Of rich prairie |
that could have been purchased at that
figure. l have owned farms ever since
l was sixteen years old. At Bloomington. |
/ had eighty acres OF land. and sold my
crop Of corn for ten cents bushel. Pork |
was less than three cents a pound. Cat
tie were equally cheap In price Improved |
farms In that region to-day sell for sl75 |
an acre and even more. Pigs are a legal |
tender in Chicago at nine cents a pound. |
Corn is 20 cents a bushel.
For $500 miles west of tidewater there
has been a similar overturning of former
conditions. Farmers cannot pay from $50
to 500 an acre for land and grow pork. /