Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1912-02-03

Stock Watering.

There is no doubt that stock wat
ering is an extremely rcprehensible
practice 1t is i method that has
been used by many semi-respectable
concerns TO fitch money from the
public. In short, in some instances.
it has partaken of the characteristics
OF larceny; or more properly, Of
pockct-picking, because the victim
was imposed upon while believing
he was possessed of a full knowledge
of just what was going on.
At the same time. as has always
been conteuded 10y The Republican,
the charges against business men and
business institutions with respect TO
this matter have been made frequent
~ with little or no knowledge Of
the facts. And this statement applies
particularly To the railroads OF this
country.
OF late this paper has had oc-
casion more than once to criticisc
the railroads for their business meth
DDS 1t believes that in the treatment
OF shippers, and particularly with re-
spect TO the shippers of this section.
much injustice has been done. At
the same time, because one may OBJ
ject 10 certain practices on the part
OF any individual or any corporation,
is no reason why he should not be
fair And it is the simple truth to
say that with respect to a certain
kind Of charges made against the
railroad corporations and other cor
porations. fairness has been conspicu-
Gus by its absence.
1t is not out Of place to say at
this point that, in speaking Of over
capitalize ton, with respect to which
comparison is always made with the
railroads Of Great Britain. the rail-
road companies OF this country are
always put in a most unsavory light
1t has been the universal custom to
draw a comparison between the roads
Of this country and the roads of
Great Britain. where government su-
pervision is at its best and show the
lamentable condition of the roads
Of the United States when compared
with the roads Of what used to bc
called the mother country 1t is al
WAYS argued by those with a So
cialistic turn of mind that simply
because the roads of Great Britain
are operated under strict government
al supervision and ours are not the
argument is all on the side Of the
roads Of that country.
But returning to this matter Of
capitalization which. after all, con-
tains the essence OF the contention,
what are the facts? The facts are
that with absolute regulation in Great
Britain and an extremely mild sort
of regulation in this country; and
with the gravest sort of charges
against the railroad people OF the
United States with respect to watered
stock-the fact remains that in this
country; where the difficulties of rail-
road building are immeasurably
greater than in Great Britain, the
capitalization is vastly less than i'm
that country. 1t would seem then
that the charges made regarding over
capitalization can hardly be sustain
cd.
Now. here are the figures which
are furnished by the Interstate Com
merce Commission, a government in
stitution and one which is hardly
expected TO be unduly unfavorable to
the railroads The official report of
the Interstate Railway Commission
shows that for 1909, the last year
for which any figures were available.
the capitalization per mile of all the
roads i'm the United States was $685.
259. England and Wales, for that
year. the capitalization was s32S,7G1.
more than five times the amount of
the capitalization OF roads in this