Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1920-06-10
AT THE NATIONAL CAPITAL
What Are The Railroads Worth?


the country seems about to be cleared
up through the Investigations now
being made by the Commerce Com
mission. The Government has been
at work for vars in making valua-
ton of the properties and nearly $50,
100000 has been expended. But up
to within few days ago there has
been no comprehensive picture as to
what the records will finally disclose.
1t now seems that on the basis of
these reports the railroad valuation
will show the aggregate worth of all
the roads of the country to be great
ly in excess of the value shown on the
carriers own books, more than 81,
00,000,00 in excess of their cap
italization, and more than $4,000,
100000 in excess of the present ag-
gregate market value of their stocks
and bonds. The forecast, based up
on the completed field reports of the
Government engineering enperts for
nearly $4,000 miles of road in all
parts of the country shows the cost
of reproduction of so railroads on
the basis of the 1914 costs of labor
and matedial, when prices were a
bout half what they are today.
These roads, including the land they
occupy cost $3,203, 782,543. They
are carried as investments on carriers
books at $3,153, 275,1 56.
The ten largest roads in the list of
fifty, based upon the reports of costs
of reproduction as of 1914, are illu-
minating. The attention of the
Commishing has been directed to the
fact that the New York, New Haven
& Hartford inventory shows repro
duction cost of $124,00,000 in excess
of the company's own statement of
investment; the Boston and Maine,
an excess of $80,000,000; the Rock
Island, an excess of SAT, 900. 900; the
+ Create Northern, an excess of -$34,-
000,0 900; the big Four an encess of
sl5,000,00O.
Are The Minimum Figures
The railroad valuation figures that
have just been broubht to light tro-
ugh the Inter Commerce Commits
sion hearings, and which have been
presented by Thomas w. Hume of
Philadelphia, vice-chairman of the
conference committee on valuation
for these carriers are to be regarded
as minimum figures. On this point
NJ Hume says: Wherever there
is a difference of opinion between the
local engineering forces of the Gov
eminent and the representatives of
the carriers, the Government engine
ers put in the figures that they deem
to be the minimum, so that the servic-
ing officers of the Bureau of Valua-
ton in Washington may have the OPP
portunity in the first instance to con-
slider the claims of the carriers as to
what addition amount should be
allowed. In such large inventories
involving such great amounts it is
but natural that there should be some
errors and numerous differences of
opinion, WHICH, when considered, re-
suit in material increases in the total
of the inventories as first rendered
to the carriers. Aside from ques-
tions of fact which are individual to
to carrier, there are great differ
ences now existing between all the re-
representatives. of tn railroads and the
representatives. of the Bureau of Valu-
alton as to cost of Grading, Track
laying and surfaceing, General ex-
penditures, and Interest during con-
struction."
4 Tears And Greenbacks
In the passage of the soldiers
bonus bill the spectacle was present
ed of Republican and Democratic
Member of Congress playing for
credit for having passed the bill
through the Lower House. Sena-
tor Thomas exposed the insincerity of
! the lower branch of Congress by
pointing Out tIidL Tile I1Ouoc oCI a
side it ruls by bare majority
This was done without a record vote,
but when there was roll call upon
the bonus proposition, says the Sena-
tor, "the wildly advertised and US
tentatious virtue of more than two
thirds of it Members withered away
like violets in July sun When the
the final result was announced, the
remnant Of the opposition was toe
small to be significant of anything
more than that the roll call is the
suprem e test of moral foritude.
Senator Thomas is commenting furt-
her made referece to the significance
of this legislation being in the fore
front on Memorial Day. "It be
guiles the grief of the Nation" hi
said, shat while laying flowers anc