The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1920-06-17

valuation of the properties and nearl
SO ,0C0 600 900 has been expended
But up TO within a few days ago ther
has been no comprehensive pictur
as to what the reports will finally dis
close. II now seems that on the basi
of these reports the railroad valuation
will show the aggregate worth of al
the roads Of the country to be great
ly in excess of the value shown on tn
carriers own books, more than 81
900 900 900 In excess of their capital
zation and more than S6,000,000 ,00
in excess Of the present aggregate
market value of their stocks ant
bonds. The forecast, based upon The
completed field reports of the govern
ment engineering experts for nearly
$4,000 miles of road in all parts o
the country shows the cost of repro
duction of so railroads on the basi!
Of 1914 costs Of labor and materials
when prices were about half wha
they are today. These roads, includ
ing the land they occupy, cost $3,203,
782,543. They are carried as invest
ments on carriers books at $3,158y
275,156.
The ten largest roads in the list OF
so, based upon the reports Of the costs
OF reproduction as Of 1914. are illumi
mating The attention OF the com
mission has been directed TO the fact
that the New York, New Haven &
Hartford inventory shows a reproduc.
tion cost Of $124,OO0,O00 in excess of
the company's own statement OF in
yestment; the Boston & Maine, an ex-
cess of $SO,O00,0OO; the Rock Island,
an excess OF S470OO,OO0; the Great
an excess of $34,000,000; {;
and the Big Four an excess of $15,-
600 1000.
The railroad valuation figures that
have just been brought to light
the Interstate Commerce
Commission hearings, and which have
been presented by Thomas W. Hume
Of Philadelphia, vice-chairman Of the
committee on valuation for
the carriers are to be regarded as
minimum figures. On this point Mr..
Hume says: Wherever there is a
difference Of opinion between the local
engineering forces Of the government
and the representatives of the car
riers, the government engineers put
In the figures that they deem to be
the minimum, so that the supervising
officers of the bureau Of valuation in
Washington may have the opportunity
In the first instance to consider the
claims Of the carriers as to what ad-
iitional amount should be allowed. In
such large inventories involving such
great amounts II is but natural that
there should be some errors and nu-
nerous differences of opinion. which
when considered, result in material
Increases in the total of the inven-
ories as first rendered to the carriers
Aside from questions OF fact which
ire individual 10 a carrier, there are
great differences now existing be
.ween all the representatives of the
railroads and the representatives Of
he bureau of valuation as to costs of
track-laying, and surfacing,
expenditures, and interest dur
ng construction"
In the passage Of the soldiers bonus
bill the spectacle was presented of
republican and democratic members
II congress playing for credit for hav-
ng passed the bill through the lower
house. Senator Thomas exposed the
nsincerity Of the lower branch Of
congress by pointing out that "the
house set aside its rules, by a bare
This was done without
record vote, but when there was roll
,all upon the bonus proposition, says
the senator, 'the widely advertised
and ostentatious virtue of more than
of its members withered
away like violets in a July sun. When
The final result was announced, the
remnant OF the opposition was too
small to be significant of anything
more than that the roll call is the
supreme test OF moral fortitude. +"
Senator Thomas in commenting fur
ther made reference to the signifi-
cance of this legislation being in the
forefront on Memorial day. at be-
guiles the grief of the nation" he
said, "that while laying flowers and
laurel wreaths upon the graves Of the
dead to highly resolve at the same
time to replenish the pockets Of the