RAILROAD MAGNATES EXCITED Recent Legislation Brings Ferth Dire Prophesies. Tho clamor of tho interstate com merco commission for a valuation of railroads as a ImBis for making rates, has created consternation in railroad circles and prominent railroad officials and Wall street financiers, notably J. P. Morgan, havo visited Washington and the president. The llarriman rov elntlons na made in his testimony be fore the commission ,aro said to havo started the agitation anow. A railroad rate based on hto actual value of tho properties and the earnings and bona lido Investments is a moot staggqrlng proposition. Statisticians already are at work preparing estimates of the cost to the government and the rail roads of making a valuation of tho physical properties. Three states have made the valuations. They are Michigan, Wisconsin and Texas. Tho cost to states for making this valua tlon was approximately $12 a mile. It was asserted in a speech made by La Follette in the Senate that tho total cost both to tho government and tho railroad companies for making this valuation was not to exceed $20 a mile or a total cost to tho government of about 5 million dollars. It Is tho leav en of actual railroad valuation which is now working so continuously that is producing the railroad dread so far as tho national government is con cerned. The trouble in the various states is a entirely different story. Tho railroad stocks for one reason and an other have gone tumbling of late, but that might not happen, especially to some of the granger stocks, if the ac tual values of the roads could be made ia basis for rates. It Is in connection wlth this possibility that the rovela Itlon of Mr. Harrlman must bo consid erpd. A. B. Stlcknoy, president of the Chi cago Great Western railroad, in an in terview at Washington, discussing tho railroad situation, said: "The people are now laying tho foundation firm and strong for a tre mendous panic." Tho great unrest In tho financial world, President Stickney said, is not due to the policy of President Roose velt, but is brought about by "hostile legislation by the various state legis latures." Mr. Stickney contended that the only solution of the railroad prob lem Is to grant all tho power to regu late the roads to the federal govern ment. "I am in favor," ho said, "of all that President Roosevelt by his public acts stands for up to this time in respect to the regulation of railroads and their Tates." J. J. Hill, who hasn't talked for sev eral days, while Harriman has been (in the spot-light, testified before the ISundberg legislative committee of tho Minnesota legislature at Minneapolis, and declared without qualification that he would be only too willing to have the United States government take over his road. Ho stated further that if the government should go into the railroad business, it would be nothing short of a lottery and the country would, aw a matter of fact, have an "elephant" on Its hands. "Then," said he, "the government would be obliged to encage In another lottery to get rid of the elephant." "Why do you say that?" asked James Manahan, attorney for tho com mittee which Is trying to ascertain tho cost of tho railroads In the state. "I mako the assortlon because It Is so," said Mr. Hill. "If the government hnd charge of all the railroads in the country Congress would bo kept busy making appropriations night and day and tho districts with poor representa tion and sparso population would bo loft in the lurch. This would mean that tho districts In question would go to seed as far as tho railroads were concerned, and that tho railroads would get rusty, figuratively speaking, and bocomo Icbs and-less valuable." Mr. Monahan asked Mr. Hill what It would coRt the government to secure control of tho Great Northern. The witness replied that it would cost up wards of $40,000 a mllo to "repro duce" the Great Northern, not count ing exponslve terminals, docks and other property. Counting all of the property, he said it would be about $60,000 a mile "to roproduco" the road. Mr. Hill used the word "roproduco"' iguardodly, not admitting that ho would sell his road for only $40,000 or $60,000 a mile. Stuyveeant FiBh,.whom E.-.H, Har- the Illinois Central railway, fc opealy altlea wkfc the QasM interests, which, ea tho facavoflt, t dicates that there it at taut one way system which Harrlman canned take over right away. At a nee!la of the stockholders of tho Mkwouri-JRsv clflc in St .Louis yesterday Mr. Fish was elected a member of the board ol directors. It has been hinted recently that tho Misseuri Pacific is eacer to mako some move to indicate a willing ncss to acccdo somewhat to publU opinion. Thcro havo been complakiti of an Inclination on tho part of th Gould lino to ovado tho law and it ii hinted in railroad circles that th election of Mr. Fish to tho directorate is calculated to inspire public conft denco and get into tho good graces ol tho administration. it A representative of the Associated Press at Binghamton, N. Y., aske William J. Bryan on his arrival whal effect the Harrlman and other inves tigations would have on tho agitation in favor of government ownership oi management of railroads. He replied: "The most interesting phase of th situation Is the refusal of the people to lend money freely to the railroads. The railroad managers say that this it due to hostile legislation, but this is b mistake. There has been no hostile legislation of sufficient severity to Im pair the real value of railroad securi ties, whore the railroads have been honestly conducted upon an honest capitalization. "If the investing public Is alarmed, It is because the railroad managers, In a vain effort to terrorize the legisla tures, have carried matters too far. "It any other answer is needed foi the hesitancy on the part of investors, the investigations furnish it, for the inquiries have shown to what extent railroad stocks have been watered. But what Is the alternative? Must the government refuse to investigate rot ten management for fear the misman aged railroad no longer will be able to fool the public into buying InfMed securities? Tho sooner the railroads are put on an honest basis the more secure will the investing public feel." Discuss Harrlman's views Railroad men in Chicago do not agree entirely with E. H. Harrlman's views regarding the physical aspect of the railroad of the futuro Asked to express his views regarding the future railroad, B. L. Winchell, president of the Rock Island, said: "It would seem to me that if all the railroads In the United States should be changed at once into six-foot gauge roads we would be troubled with even a greater car and power shortage than exists at present. The first six-foot gauge road would find itself in a pret ty unfortunate predicament. How do you think it would get its traffic to other roads and the traffic of connect ing lines to Its own rails? "There are, however, many things to be said In favor of a broader gauge. There is the element of greater safety; it would be possible to use blggor cars, and with bigger engines wo could haul greater loads. If, however, we arc to seriously face changing the gauge of our railroads I do not soo where tho money is to come from. "In fact, there would not bo money enough in the country. Every bridge would have to be rebuilt and every car wo now have would bo useless. The 5 billion dollars which James J. II111 says It is necessary to spend in the next five years accomplishing the transportation necessary of theetaoln transportation necessities of the coun try woiild bo an infinitesimal amount If we are to adopt a six-foot gauge." Daniel Willard, vice president of the Burlington road, said: "I do not care to criticise Mr. Harrl man. Regarding electricity I believe we all think that at some futuro time it will supplant steam as a motive power. I hardly bellovo our railroads will have to bo rebuilt In the next ten years." "In general, I agree with Mr. Har riman," declared C. A. Cloodnow, gen eral manager of the Alton road, "ex cept that I do not look for a broader gauge. The changing of tho gauge would involve, I believe, too much in the way of reconstruction of structures, tho gradual substitution of electricity for steam, but am of the opinion that this will take much longer thau ton years." Even tho burglar would have aomo trouble In breaking a deadlock; .DrlvewayB Coachman's habltH. That author seems wlBest who' tells us tho thlncs with which we agreo. tHC USINItS MAN. President Roosevelt's Opinion of Him as Expressed in His Latest Book. 4 4 4 J f The American business man Is of a peculiar typo, and probably tho qual ities of energy, daring and resourceful ness which havo given him his prom inence In tho international industrial world find their highest development In tho west. It is tho merest truism t say that In tho modern world Indus trialism Is tho great factor In tho growth of nations. Material prosper ity Is tho foundation upon which every mighty national structure must bo built. Of course there must bo moro than this. There must be a high moral purpose. A life of the spirit which finds its expression in many differ ent ways but unless material prosper ity exists also there Is scant room in which to develop tho higher life. Tho productive activity of our vast army of workers, of those who work with their head or hnnds, is the primo cause of tho giant growtli of this na tion. Wo havo groat natural resources but such resources are never moro than opportunities, and they count for nothing if tho men in possession hnvo not tho power to take advantage of them. In snob development lnwa play a certain part, but individual characteristics a still greater part The prlmo fnctor in securing In dustrial well being Is the high average of citizenship found in the community. Tho best laws that the wit or man can devise would make no community of thriftless and idle men prosperous. No scheme of legislation or of social reform will ever worlc good to tho community unless it recognizes as fundamental the fact that each man's own Individual qualities must bo tho prime factors In his success. Work In combination may help, and the stato can do a good deal in its own sphere, but in tho long run each man must owe his success In life to whatever of hardihood, of resolution, of common pense and of capacity for lofty en deavor he has within his own soul. It is a good thing to act in combin ation for the common good, but it is a very unhoalthy thing to let our selves think for one moment that any thing can ovor supply tho want of our own Individual watchfulness and ex ertion. Yet, given this high average of indi vidual ability and Invention, we must ever keep In mind that it may be nul lified by bad legislation and that it can be given a chance to develop un der the naost favorable conditions by goed legislation. ONLY ONE "BROMO QUININE." That is L AX ATI V 13 BROMO Quinine. Similarly named remedies sometimes deceive. The first and oritinal Cold Tablet is a WHITE PACKAGE with black and red lettering, and bears the signaturo of B. W. GROVE. 25c. Even the Society for the Prevention of Cruelty to Animals wouldn't objoct if you wore unkind to tho train hog. PILES CURED IN 6 TO 14 DAYS. PAZO OINTMENT is guaranteed to cure any cbbo of Itching, Blind, Bleed ing or Protruding Piles in G to 14 dnys or money refunded. JiOc. 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