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 provided; but there came an unexpected hitch in the proceedings, caused by the appearance of a young man by the name of Thorne, a member of the State Railway Commission of Iowa. Mr. Thorne had the finances of all these railroads at his finger-tips, and he proceeded to cross-question the railroad presidents and tear their testimony to pieces. He showed that in twelve years the capitalization of the roads had been increased ninety-two per cent, and their dividends increased three hundred and fifty-nine per cent. In the year 1912 their dividends had been the greatest in history. In 1910 the Pennsylvania, the Baltimore & Ohio, and the New York Central had assured the Interstate Commerce Commission that they could not borrow money, yet in two years they had borrowed five hundred million dollars!

Mr. Thorne showed how in their reports just submitted they had padded their costs. Every locomotive had cost one hundred and twelve per cent more to maintain in 1913 than it had cost in 1912. Freight cars had increased thirty-three per cent in cost, despite the fact that iron and steel were cheaper. The Interstate Commerce Commission allowed Mr. Thorne to question all the railroad presidents, and not one of them could answer him. And what do you think the newspapers did with this most sensational incident? I take the facts from Charles Edward Russell, as follows: The "New York World" gave nearly a column to the testimony of the railroad presidents, and said not a word about Mr. Thorne! The "New York Times" gave a full column, and not a word about Thorne! The "Philadelphia Public Ledger" did the same, and the "Baltimore Sun"; the "Cincinnati Inquirer" gave half a column without mentioning Thorne, and the "Chicago Herald" the same. (This clipping marked, "By the Associated Press"!)

The hearings were continued. President Smith of the New York Central, a Vanderbilt property, took the stand. Mr. Thorne submitted figures showing that his road had made eleven per cent net profit, that it had put by an eleven-million-dollar surplus, that if its dividends had been properly figured they would have been fifty-four per cent. President Smith was absolutely helpless, dumb. And how do you think the New York newspapers treated that incident? The "New York World" gave it this headline: ." And not a word about Thorne! Likewise the "New York Times" gave President