The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-11-20

more than our statistician estimated
as saving on bonds. tais figure, as
shown in the original statements, was
$170, O00, 900, in round numbers.) Not.
withstanding the position of these two
eminent gentlemen, l believe your
point is correct, that such totals In
clude Implications which should be
deducted, because of payments to
railroads by other railroads, result
ing from mutual stock and bond own
erships. IL this is correct, the say
ings on dividends and interest ex-
clusively, because the government
can borrow at 3 per cent or less;
while the railroads have to pay from
4 to 6 per cent? would be only two
hundred and Atty million dollars every
year. To me. even this trifiing sum
seems worth while. But can readily
understand the difference in the view
point Of a railroad commissioner and
a railroad president.
Even s250,o00,00o year would per
init us to grant all the advances be-
ing asked for by the eastern railroads,
to be used so they afflrm-for better
cars and better roadbeds, ETC., and to
allow the same per cent of advance to
all the other railroads in the country;
to keep this up year after year per-
,manently; and to have hundred and
i fifty million dollars left over every
/ year to distribute in higher wages to
labor: and we could do all this without
any increase, whatever, In freight
rates. This saving, after accepting
your modification. is simply because
this big unorganized mass of people
making up the government has bet
ter credit than the greatest railroad
system, or the best financier in the
United States. We can borrow mon
ley cheaper than you can.
You have left out other large saw
| ings that would result from govern
ment ownership, even though we kept
! in our employ the same highly talent
ed experts, managers. attorneys. Of
fcials, etc, at present salaries. who
have been evolved by century Of
American railroading. In the
Hast year, for which we have some
what complete returns, eliminating
4 applications because OF intercorpor
ate payments, I find, aside from inter
est charges $3so,411,667) the surplu:
for the year, available for appropria
ton, amounted to $453,322, 9o4, which
lin addition to net dividends declared
!, (s291 .497, 164), was appropriated as fol
, lows:
appropriations for addi-
) tons and betterments $5S,740,S1
3 Appropriations for new
! lines or extensions. ..... 3,51S,62
! Appropriations for other
r reserves ......... 1885, Ii
q Surplus for year to general
J balance sheet .......... s1,66s,66
I Total ............ $161, S25,74
7 Today these additions, and bette
$ iments, and extensions, etc, belong
e private companies, and you are CLAIM
ing a right to return on such pro-
t erty in every court in the Unite
g States where the Responsiveness {
; rate schedules are under consider,
ton This s1e1. 100000 would go I
It the public, under government owne
$ ship, in addition to the $25o,Ooo,0C
j. mentioned above.
L In addition to all these savings,
r find the balance on June 80, 1911, ca
Y ried to the general balance sheet {
y American railre DIS, considered as or
e. system, as reported by the intersta,
" commerce commission, the neat SUI
d of one billion, thirty-six million, or