Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-04-30

tional capital can be secured. This
IL Justly due them, nothing more.
| nothing less. It 10 . strange argument
that the general movement Of tranic
will be Increased BY charging more
to move It.
Prosper Under Regulation.
SIN the past twenty years, under
government regulation, our railways
have been able to increase their cap
ital assets an much a. they did IN
the preceding sixty years. under COM
petition: and in the past fourteen
years. under goverument regulation,
they have been able to increase their
net revenues ~ much as they did in
the preceding sixty-six years. under
the competitive system.
1.-THE net operating income, above
All operating expenses Of the railway
companies involved in this case. az well
as OF the railroads. as q whole, In tho
United States. has been increasing in
stead of declining.
1.-THE complaint Of American rail-
roads about DECLINING net revenues
commenced in 1910. The net operating
income OF these railroads. during the
past four-year period commencing with
1910, has been greater. so far as our
records 60. than during any other
four-year period since the steam en-
CINE was invented.
Incomes Greatest Ever.
THE net operating income Of these
railroads in the eastern district, as a
whole, during the last fiscal year. for
which we have any official report, was
1886, 100000; this was greater than for
any other year in their history. with
only one exception, 1910. when the
other advanced rate case was pending.
According to their own exhibits IN
this case. the net earnings OF these
railroads, as . whole. during the last
Ave years, averaged greater than dur
ing the preceding fve-year period, and
the net earnings in 1913 were greater
than the average for either one Of the
said f1veyear periods.
1.-THE carriers own statements In
their petition, in their opening state
ment, and in their testimony In this
case. have forced q discussion of the
propositions precisely as stated above.
The preponderanoe Of the evidence ad-
duced on behalf Of the public. as we'll
as the facts established by their own
claims made by the carriers concerning
their net revenues.
There is no question but what the
future will develop further economies.
inventions and improvements-as in
the past-that will further augment the
net revenues OF these railroads.
THE carriers have claimed an in
ability to properly take care of their
properties because Of lack Of funds
during recent years. The undisputed
evidence in this case shows that they
have. in fact, been able to expend larger
sums for maintenance and improving
their properties during the past four
years, than during any other four year
period In their history: and their OK
penditures Of that character last year
were s6O.Oo0.ooo greater than ever be-
fore in their entire history.
THE carriers have claimed their
securities were not attractive any
more to the public, and their credit was
ruined. The undisputed evidence IN
this case shows that railway secuEi-
ties average higher than any other
class, on the market next to government
better than, that OF any other class OF
companies engaged in any line Of bust-
ness or industry in the United States.
Net Earnings Sufficient.
"The carriers claim that present net
profit or net corporate income. even at
its high leva, Is not adequate. This
commission unanimously held IN 1910
! that, in order to have sufficient reve-
nue., company should be able to pay
! it's operating expenses. including in
terest, taxes. ETC.. and have sum left
over equivalent to IN per cent on its
common stock.
"The carrierI own exhibits in this
case show that last year, the railroads
as whole, in the eastern district. had
sufficient to meet all these expenditures
and pay their operating expenses, flxed
cbarpaa taxes and intereAt and had left