Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-03-18
PETITIONS SIGNED BY ALL
CLASSES FOR REMuNERA-
TIVE RATES.
FINAL HEARING BEFORE
SENATE COMMITTEE
Railroads Do Not Expect to Secure
Favorable Action at Present Session
Farm Mortgage Bank Bill Favor
ably Recommended in Each House
Number of Banks to Be Organized.
sDecfa, 70 T,mes-Republ;can.

Special to imes-Republican.
Des Moines, March 1s.-Final hear
Ing by the senate railroad committee,
and others of the legislators inter-
ested, was given today to the commit
tee of railroad men DESTROYS of secur-
ing larger revenue for the railroads in
Iowa.
The conspicuous feature of the hear
Ing was pres entation. Or showing, by
the railroad representatives of petit
tons signed between 5000 and bO,Uuo
residents of Iowa asking fer consider
alton by the legislature o. measures
that will eventuate III greater revenue
for the railroads. In addition there was
presented to the members of the legis-
la ture the resolutions 10 like effect or
over fifty of the commercial bodies OF
the state, in as many different cities
and towns.
The railroad asked consideration of
these petitions as on basis somewhat
different from the usual petitions, IN
that they are signed not by railroad
men or by them alone, but by men in
all walks Of life and the names OF thou-
sands of farmers appear on them. 1t
was pointed out today, also, that these
petitions were secured in the open and
fairly, by being circulated for just
what they are, no signer having any
need to doubt exactly what they are
for or their purport
These signatures in such large
number" said James c. Davis, ''indi-
cate to US a remarkable change OF SEN
tinent in Iowa IN recent years. No
Lo,.
five or ten years ago. The people are
looking at the matter IN a different
way now. These petitions ard resolu-
tions deserve consideration
Among those who appeared today to
speak TO the committee were R. H.
Ashton, vice president Of the North
western; Mr.. Blabon, vice president
Of the Great Western: Mr.. Sewell, vice
president Milwaukee,: Mr.. Markham,
president Illinois Central; and P. S.
Eustis, traffic manager Of the Burling-
ton.
At the bottom Of the statistical in
formation given legislators is this
claim made by the railroads. that as
matter of fact the net return on the
taxed value Of railroad property. from
all sources, Is about 51s per cent; and
that the net return on the actual value
is about per cent; that the profit on
passenger earnings is about 2 per cent
and on freight 3 per cent based on the
taxable value If the business is to
be maintained and there are to be adj
ditions, extensions and proper upkeep
this income must be increased in some
way.
There is no expectation that any
thing will be done with the bill before
the legislature but the railroad people
desire to get the whole subject square
ly before the members.
The farm mortgage bank bill is in
each house noww it'll favorable COM
mittee recommendations and 1t will re-
ceive consideration in the house today
If the program Is carried out. Dennis
Hogan, Of Massena, states that If the
bill is adopted and becomes law there
will be organized this year a number
of these banks for the benefit Of far
mers. The only criticism Of the bill
heard is from some bankers who have
feared that it might be going too far
and provide for too much general
banking but the sponsors for the bill
say this Is because the bill is not fully
understood. Mr.. Hogan has fine let
ter Of Endorsement from Prof. T. n.
Carver, Of the department OF econ
omics, Harvard University, formerly an
Iowa man, in which he says:
Il have looked over the bill whose
aim is to provide for the incorporation,
establishment, regulation and control
of state farm mortgage banks Of Iowa
The bill seems to provide for an ordin-
airy joint stock Incorporation TO do
business in farm mortgages and TO sell