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Show 1 CUMMINS DENIES RAIL STOCK WATERED DES MOINES. Ia.. Oct. 31 It !s a moral and economic crime 10 cay that the Interstate commerce commission over valued the nations railroads by seven or eight billion dollars. Senator Sena-tor A. B. Cummins declared In a banquet ban-quet address here Tho transportation act, otherwise known as tho Esch-Cummins act. neither validated watered stock for the roads, nor caused Increased freight rates, the senator said In discussing the law, of which he was one of the! authors. Legislation was required when the ratlroads were turned back to their owners after government war time operation when wages of employes em-ployes were more than doubled and rates increased 25 per cent, with a net loss of about $-15,000,000 a month, which would have increased to about $100,000,000 monthly after the first of September, 1920. the senator assorted. |