OCR Text |
Show Road Officials Say Their Own Investment Figures Are' Quite Modest WASHINGTON. May 27. Preliminary Prelimin-ary reports of the Interstate commerce commission on tho cost of reproducing tho country's railroads were Introduced Intro-duced before the commission today by tho carriers as sustaining their property investment account figures on which they base their request for freight advances aggregating $1,017.-000,000. $1,017.-000,000. so as to bring a return of six per cent which is allowed under tho transportation act. Thomas W. Hulmc, of Philadelphia, vice chairman of the carriers' valuation valua-tion committee, told the commission that govornment engineering repoi'ts for fifty systems with a mileage of 51.S53 showed the cost of reproduction at 1914 prices including the value of land, to be $3.203.7S2,543. as compared with a property investment account of ?3.15S.275,irG carried on tho books of the companies. When inventories arc completed for all tho roads of the country. Mr. Hulmc declared, they would show a reproduction-cost on the 1914 prices in excess of the carriers' own investment statement, and that on tho basis of present prices the total would be far in excess of this. Costs now, ho said, are more than 100 per cent above those prevailing In 1914. oo |