The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1882-01-07
POOR THING (,
entertained

POOR THING!
While the Chicago Railoay Age is express.
ly the champion of the railroad "monopolies"
and makes no other pretensions, there can be
no reason for finding fault with its presenting
the case of its clients IN It's best light; yet il
strikes us that the following lachrymoso refer.
ence to the case of the Illinois Central railroad
it laying it on even thicker than can be agree.
able to that corporation itself Says the Ag6;
The action of the state Of Illinois, through
its board of railway commissioners, IN Selling
control of the private property OF individuals
invested in railways, by establishing an arb.
trary and IN some cases al almost ruinous
schedule of rates, seems especially unjust IN
the case of the Illinois Central. That compa
ny is required to pay tax To the state Of !
per cent upon its gross earnings, which is
equal to nearly II per cent, on the net earn
ngs President Alderman states that tor sew
era years the annual tax amounted TO more
than the whole net earnings, often reaching To
100000 per year, and aggregatlng thus far
nearly $4,000 900, which has all been applied
to the reduction of the state debt. Meantime,
however, the owners of the road, who had the
courage to invest their money and give the
state this splendid line after frequent attempts
by the state government had failed, have had
small returns on their Investment Since its
completion the road has PAID on an average
only about per cent. on its stock, although
for years after 1t was built money invested in
tarm mortgages in Illinois yielded from IL to
"a per cent. The Illinois Central being a
north and south road, intersected at numerous
points by east and west lines, is particularly
exposed to competition, and the attempt of the
state, to which It's prosperity is so important,
TO cripple 1t against competition is an aston
ishing evidence both of injustice and short
slghtedncss.
! Is 1t really true, that by reason of this bur
den of 7 per cent OF It's gross earnings upon
the road, those patriotic gentlemen who had
the courage to invest their money and give the
state this splenuld line" are reaplng the mis-
cradle return of but per cent on their invest
ment?
| When the Illinois Central Railroad Compa
ny was organized the capital stock was placed
at 500, 000, 900, the estimated cost of the road.
OF that sum, however only 90 per cent, OIL
81 ,0OO, 900, were ever called for, the balance Of
the $20,000,000 having been borrowed ant
paid back (as far as that has been done, iol
we believe the company is still few millions
in debt out Of its earnings and sales of abou
1000, 900 acres of land the state gave the com
panp as a gratulty for taking the job to built
the road
| Though 1t has never been pretended we be
lieve, that the road and Its rolling stock evel
cost over S200O0,O00, by the very common
al, .;
mately raised to 100000, at which we be
lieve 1t now stands, Upon this amount since
about 1865, the Age tells us those patriotic
gentlemen who had the courage" &c, hav,
received an average of per cent, or $500,
600 per annum on an original investment %
$l,000000
d AS to that unjust per cent. annually paiC
to the state, il is to be remembered that the
Company, in return for it, enjoys the cxrmp
ton of all It's property, valued by the last an
nual report at $50 100000, from taxation. The
taxes in the various couatcs of Illinois yeal
in and year out, including state taxes, average
about per cent, which on the $35,0000O(
worth of property the company claim to OWE
Nouiu uihpuHt w Fiooiooo, HcdIiy N'uOVo'
more than the road now annually pays III,
state Considering that IN addition to this ex
emption from taxation, the state gave the Com
pany land from the sale of which it realized
nearly $4,000, 900, it strikes us that the les,
the Company whines about Its ! per cent. sti
pend to the state the more credltable 1t would
be tor ITS modesty
The FREE TRADER has none but the mos
friendly feeling for the Illinois Central Rail
road and for that reason, when its proiesscc
friends undertake to present one of the mos
splendid money making enterprises ever un
ldertaken on this continent in the above beg
carly light, we cannot withhold our pro,es
against such injustice.