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Show OUR PUBLIC FORUM III Julius Kruttschnitt On Financing Railroads I The farmers of 0 this nation need f 10 become better I j acquainted with 3 a the railroad men 1 & and their prob- t "W lenis. It is only jjirSssst S those who know that can give us "VXst information and J .XKpX" S, til WsFS'f tha farmers of I f America should if"" " listen attentively " " 3 10 what the men L il". .,lJ wh0 nuinage rail" ; road property have to say. Mr. Kruttschnitt, executive exec-utive head of the Southern i'acilic, has written an article dealing with the financing of railroads. He said In part: "The financing of a railroad is a function which the people, through their servants, the Railroad Commissioners Commis-sioners and the Legislators, have never attempted, but it is a most important im-portant problem, especially to sections sec-tions of a State where new railroads aie needed. The placing of securities has been left entirely with the promoter pro-moter and owner of railroads. "The Immediate determination of what earnings the railroad shall be permitted to receive and what burdens bur-dens it elall have put on It is in the hdlida oi clbcr servants of the public the Legislators Hnd tho Commits-sloners. Commits-sloners. "Managing a railroad is quite different differ-ent from managing a government where the money is raised by taxation. taxa-tion. When the expenditures, for good reasons or otherwise, increase, taxes can be equally increased. The railroads, while servants of the public, pub-lic, cannot raise money with such ease ami facility. The railroads must keep their expenditures within their I incomes because s.i.ile thev have some control over their expenditures -" liaw; inmost no control over their ;!-! ,V"'h'. rales "S fixed by public authorities. "There is not a railway manager In . t. e country today who is not fearful ,c1'1' "'' I'ress of increasing tie- mancis the transportation systems of low,, ' ,','',r'V W"' in a fow -v's. break down, unless the railroads are allowed lv,,ii,r I Bl'r fumU wherewith to bu Id ,t up There are vast sections ""' .filially ,n the West. lev c- I '""ro:'ls re needed and was i, use ,.w c.l)ita, 'People invest money in order to as to S'' :",Ul ra M.i-.tlcal bv , i '' "U'y 'a, ' wit h sir '"iln,t011'- rs that are dealt "th Sillily, -lUly Ulul U1,f... , u fr7'7 I." maie ' U or I r ), , ,"VUe '"Vestments, and earn in ', " r0i!,1 "s ,mu, b o-ed meet L WlU c',ahl" '"en. to ttet '"'ed capital charges." |