Page:The truth about the railroads (IA truthaboutrailro00elli).pdf/73

the Northern Pacific Railway Company was made. This case was tried most thoroughly, the testimony being taken before a master, ex-Judge Charles E. Otis, and lasting nearly four years. Many expert witnesses were called on behalf of the railroad and the State, and elaborate statements of valuations were submitted, analyzed, and dissected. The testimony in the Northern Pacific case filled 4258 pages, and the special statements supplementary thereto filled two volumes. As a result of this searching examination, the master on September 21, 1910, submitted his findings and recommendations. He found that the value of the property of the Northern Pacific Railway Company employed in its transportation business was on June 30, 1908, $452,666,489, as compared with securities in the hands of the public at that time amounting at par to $405,225,575.29. These securities represent not only the railroad property used for transportation purposes, but a large amount of other property, such as land, coal mines, new roads under construction, several important pieces of rail-