The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-02-11
THE INVESTIGATION.

"In theory stocks represent the prop
erty Of the responsible owners of the
road, and bonds are an incumbrance on
that property. - INTERSTATE COMMERCE
COMMISSION.
In view of the approaching investi-
cation by the committee appointed
under resolutions of the last Legisla,
ture, to ascertain information in re.
gard to the Wilmington & Weldon
Railroad and its exemption from tax
alton, it may be of interest to the pub
lie if not to the committee to know
something about the operations of this
road and the influence it is having
upon eastern Carolina at the present
time. AS reported by competent
authority of the ". & W. R. R. to
the Inter. State Commerce Commission
Tsee Statistics of Railways we find
the capital stock is So, 500, 600, Or
$l5,432 to the mile; bonds, $6,076,-
600 or $37,5O6 to the mile. If this
road is to be taxed is there any reason
why it should not be assessed upon
the some basis which they take to ad
Just their rates, that is $50, 938 to the
mile? On page Sd of this work re.
ferred to we find the stock bears 8
per cent. interest and the bonds 6.25.
Interest on the stock therefore is $16,-
666.66 monthly; On the bonds, $751;
646.42, total, $47,3l3.08. 1t needs
but a moments reflection on the part
of the most ordinary thinker to con
vince any one that this amount, to-
gether with the operating expenses,
forms the basis for adjusting the rates
on this line. These charges have be-
come fixed long since on this road,
and the people of eastern Carolina can
no doubt testify to the evil influences
following in its train. Now suppose
this committee should find that they
can tax this road, would it be polite,
at this particular time, when we are
without a commission or statutory re-
%strictive laws controlling such matters,
to levy and collect this tax? Who
would in the end be the sufferers by
such a levying? Surely not the rail-
road. 1t needs no argument to con-
vince the thinking people that as soon
as the tax is demanded the Traffic
Manager will be appraised of the addi-
tional charge to be met by the revenue
and the rates on all classes will be
raised a few cents per 100 lbs. and
the good people contiguous to and
served by this road will pay the bill.
If the consumers in eastern Carolina
are willing and ready to pay the tax,
by all means, to put them and that
road on a parity with the other Sec
tions of the State, let the tax be levied,
if it is found that there are no statu-
tory restrictions in the way. Instead
of endea voring to- place additional
fixed charges upon this road, which
are in the end carried by the people,
we should take some measures to re-
lieve the already heavy fixed charges
now upon this property and prevent
its recurrence. The interest on the
bonds as the largest item taken into con-
SSideration IN the adjusting Of rates
Why should 1t?
After talking with farmers from
various sections of the State, / am of
the opinion that this particular branch
of industry, practiced so prevalently
nowadays for raising money, is sur
rounded with great mystery. There
is nothing complicated about it. II
this practice were carried into all de-
partments of life, here is the way the
individual citizen would commence