The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-04-25
ROADS WILL HELP
Rail Lines to Aid Federal
Valuation Law.
Executives of SO Companies
Decide on Cooperation.
IT WILL COST MILLIONS
Expense of Furnishing the In
formation Comes High.
Franchises and Assets IncIud-
ed i'm u. s. Probe.

New York April 25.-Executives of
% railroads met at the Grand Central
terminal in this city and appointed
a committee headed by Samuel Rea,
president of the Pennsylvania and in
Guiding representatives of the IS lines
for the purpose of devising a plan to
cooperate with the interstate COM
merce commission in complying with
the new federal valuation law.
At the close of the meeting, which
was held in the New York Central
board room, the following statement
was given out:
"A meeting of executive officers of
all the railroads of the country was
held to consider questions involved in
the act of congress approved March l.
1913, for federal railway valuations.
After a general discussion a perma-
nent committee was appointed with
Samuel Rea of the Pennsylvania as
chairman. There will be Is members
in all, seven representing eastern lines,
seven representing western lines and
four executive of southern roads"
The gathering, one of the most no.
table ever held in the history of Amer
lean railroading, was secretly arranged
by President Rea, who presided.
Among those present were William {.
Brown, president of the New York
Central; Joseph Wood, president of the
Pennsylvania western lines; Frederick
D. Underwood, president of the Erie
Daniel Willard, president of the Bal
timore & Ohio; Henry Walters, chair
man of the Atlantic Coast Line; Milton
H. Smith, president of the Louisville
& Nashville; w. A. Gardner, president
of the Chicago & Northwestern; Mar
vim Hughitt, chairman of the Chicago
& Northwestern; w. w. Finlay, pres1-
dent of the Southern railway; Julius
Kruttschnitt, of the Union Pacific; L.
NJ. Emerson, president of the Atlantic
Coast line; w. J. Harahan, president
of the Seaboard Air Line; D. A X.
Worthington, president of the Chicago
& Alton: George F. Baer, president of
of the Long Island railroad; W. B.
Story, Jr., vice president of the Atchi-
son, Topeka & Santa Fe; B. H. Win
chell, president of the ST. Louis & San
Francisco; J. N. Fitzgerald, president
of the Western Maryland & H. NJ.
Cocherspeyer, vice president of the
New York, New Haven & hartford.
George K. Schriver, second vice pres
dent of the Baltimore & Ohio, was
secretary of the meeting.
Not to Oppose Federal Act.
THE discussion was very general"
explained Mr.. Shriver, ''and the COM |
nittee was given full power to act for |
IN the part of the railroads to oppose |
n any way the enforcement of this
federal valuation act. In fact, we CO.
operated with the congressional COM
nittee in framing the law and shall
lid in every way in carrying out its in
ent. 1t has been estimated that the
Interstate commerce commission will
spend $6,00O,000 in the next five years
n making this valuation 1t will cost
he railroads a great deal more than
hat to compile the information which
We must furnish to the commission. 1t
S up to the committee appointed this
Ifternoon to devise the easiest and
most uniform method OF complying
With the law
Mr. Shriver was asked if the COM
nittee would recommend a standard
orm of valuation to be followed.
THAT is hardly possible" was the
eply.
The new valuation law which the
abroad executives met to consider was
irst proposed by Senator LaFollette.
t provides that the interstate COM
nerce commission shall, Investigate,
scertain and report the property OF
very common carrier subject to the
PROVISIONS of this act and used by it
or the convenience of the public
THE law is not confined to physical
explained Mr.. Shriver.
As we understand it, the federal val
alton will include franchises and all
alua BILE assets
It was the original idea of La Fol-
4tte and the advocates of this federal
aluation law to eliminate, water
aIues in stock and fix an actual
alue for use in dealing with freight
ate problems.
Railroad men declare they welcome
MS federal valuation as it will show
he railroads of the country as
hole are not over capitalized and
lat the properties can not be repro
uced for anything like the assets
iven in the annual reports