608 IOWA DEPARTMENT OF AGRICULTURE 



systems partaking in the case; and it shows as a consolidated figure that 

 for the year 1913 they were able to pay all of their operating expenses, 

 taxes. Interest on bonds and debts, and had enough left over to make 



8 per cent on all their capital stock outstanding in the hands of the 

 public, water and all — New Haven, Wabash, Erie, and all the rest; and 

 during the previous ten years, that averaged in round numbers from 7 to 



9 per cent. If I was not justified in making some fight on that proposi- 

 tion, I want you to hold up your hands — anybody in this crowd that feels 

 that way. 



Men, I don't get to see you very often; I may not get to see you during 

 the next few years; but, whatever happens, I want you to know that I 

 am courageously and honestly trying to do what I think is right and just 

 by all parties concerned. 



I thank you. 



General Discussion. 



The President: In accordance with, the motion passed just 

 before adjournment, the chair appoints the following members 

 of the committee to consider and prepare a form of card to be 

 sent out : "Will Drury,' Early ; Henry Brady, Perry ; J. R. Doran, 

 Beaver. 



"We will now take up again the general discussion of asso- 

 ciation matters. "We wish to give just as many as possible an 

 opportunity to disabuse their minds of anything that might be 

 there in regard to the work of the association ; and while we don't 

 wish to call anybody down, we hope you will endeavor to con- 

 fine your talks within the limits of five minutes. 



Mr. Rittgers : I would suggest that the chair suggest some- 

 thing for discussion that he thinks is the most important to the 

 association at the present time. 



The President: Acting on that suggestion, I should say that 

 there are two things, in my judgment, that are confronting the 

 organization, which are of vital imi^ortance, and possibly of the 

 greatest importance. One is the question of what you are go- 

 ing to do in regard to the future so far as renewing the mem- 

 bership pledges is concerned. I think the secretary stated that 

 the pledges in some fifteen or more counties had expired, and 

 of course in those counties, after the first of January, you have 

 no membership. 



The other is what you are going to do in regard to these 

 propositions that Mr. Thorne has brought out, that are con 

 fronting us, in regard to railroad rate advances and kindred 

 matters. While it is a fact that we may feel as an organization 



