Daily press. [volume] (Newport News, Va.) 1896-current, 1910-10-29
DECLARES JU6GLlNG OF
STOCKS SHOULD CEASE
Witness Tells the interstate Com
mercc Commission That There le
No Mere Risk in Building Rail-
way Than in a Bank-Beeomes En-
thusiastic in His Answers.

Try Associated rress)
CHICAGO. ILL. Oct. 2S.-fresen-
tation of evidence by the shippers.
who are opposing the proposed ad'
vance IN freight rates was concluded
today before the Interstate Commerce
Comission with the testimony oil
Gcvernor w. d. Stubs, OF Kansas,
who. i'm characteristic manner, de-
clared his opposition to an Increase
! in rates and mis- belief. as a practical
| builder of railroads, that valuations
have Leen placed a too high a point.
"rll put up Il million dollar bond,
said the governor. that ! can con-
struct a main line railroad in Kan
sas. an up-todate line. too, for sz5.O00
a mile and make 10 per cent. proiit.
The lowest estimate Of railroad
building offered by the railways more
than doubled the governors estimate.
| Governor Stubs was the principal
witness introduced by the sh. ppers.
Governor Saibbs. time after time.
! iumped from the role of witness TO
| that az cross-questioner and repeatedly
turned on the railroad attorney with.
| Now | want to ask you a question.
l
| AT one point In the cross-examina-
| ton by Attorney T. j. Norton. OF the
Santa Fe railway, Governor. -Stubbs
declared: Now, let me tell you some
thing: There Is not as much risk In
build ng railroad In good territory
as i'm starting a bank. | do not think
the reads need preferential rights
they can make money as they are,
4. A
basis as q bank"
Mr.. Norton asked the witness il he
lkrew Of the washGut which put the
Salt axe road out of business for
hundred days.
yes, | heard of it," was the gov
ernor's reply.
Il Just called attention to it in con-
nectiun with your comparison of the
! risk of "a lroads and banks said Mr..
Norton.
Doesn't Wan. Story.
VOL. let me give you some infor-
nation right along that line about
banks" in ERECTED Governor Stubs.
Il can tell you a story that VIII make
your hair stand up"
Mr.. Merton disclaimed any desire
to have his hair stand. and Commits
s;orcr Lane. the top OF whose head
is smooth. said:
Suppose you tell me that story.
goscrEor?"
The story was los; in the laugh
, VIII ch followed.
Dent yov ,hink. governor" was
/ another question. that me santa re
road IS entitled to the increased value
, of its properties in Kansas, You do
not deny to the Kansas farmer the
increase in the vsI-, Of his land"
Eyes" quickly rcjoined Governor
Stubs. rising from his chair and en-
phas zing his words by pounding on
, The Judges bench. BIT that land IS
worth more because of the honest
labor cf men. women and children OF
every quarter section OF Kansas laud.
/. and the stock values of the railroad
holdings have been juggled and in
hsted and | don't know how much
water there is in it
Doesn't Agree With Ripley.
Governor Stubbs repeatedly re-
forred IN the position taken ~ Pres
p ident Ripley. Of Inc Santa Re railway.
that the market quotations Of rail-
road stock was fair criterion Of tho
property values.
? 7 think President Ripley is a
7 mighty fine fellow said the govern
.. or. ~bu; 7 don't agree with him on
thai point. want the railroads TO
, give 10 tf- commission the actual
p cosi 81 their re- Is. and van; them
; to gc; a fair return on their invest
, mcni
Later Governor Stubbs again stood
p M and. p1nctuaiine his words VITA
b blows on the bench. said.
, Should Have FAIR Income.
The railroads ought 10 be allowed
20 make OF TIT cent. On their &C
. fuai investment and also iay aside =
nice surplus for emergency uSe. BIt
J they ought not 20 invest that emcr-
b zcncy surplus from time % time IN
permanent improvements ana thea
, add u 70 The capitalization. Every
brfiness man ought 10 have a sur
pins Tor a rainy day. and the rsii.
roads should. ioc
Il don't ~ nix iha: SIS 90. 900 Is TO
great an amouni fcf The SANTA 20 ~
a. emergency fund. fcr p had year or
washout. but keep fhst fund sep
araie md don't carifaiiz, H. Tho pcc
Mo VII b. pleased ~ paw Inc rail
roads liberal returns o. fhcir acfpal
invcrimeuls u they vii only STOP
stock juggiirg
A question about the automobiles