Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-04-21

posing it.
Then three competent honest men appointed
by the power that gave these railways life and
existence would certainly subserve the general
interests of all more in harmony with equality,
justice and fair play than committee
spectators whose chief interest is private gain.
Evil minded, suspicious people, with but lit
tie regard for the feelings OF their feIowman, as
a reason for opposing commission, say thatthe
railways will buy up or control its members
rms is go3r lame and contemplate e1ensg
dishonesty, and is a charge that railway
managers are corrupt bribers who should not
be trusted at all, The people of Texas have not
yet come to that. AS yet they possess integrity
themselves, believe Others do, have confidence
in their officers, and are willing to trust them.
| Reposed in the heads of departments are far
greater interests than will ever be left to any
and no complaint has been made of any of them
| in this state. After a murderer has
st5 sd and has
or. with a stroke of the pen, can set him free.
| He can, without check or hinderance, such
! reasons as he may entertain, open the doors of
the penitentiary and set at liberty the 5000 con-
| Vlcts there Responsible trust are reposed in
all our officers, and it IS very rare that they are
not executed with fidelity, honesty and to the
| satisfaction of the people, The imputation that
| the commission would fail for lack of fidelity
| cannot receive even passing consideration by
| those who themselves are ''armed strong IN
honesty. -
Sensational alarmists and corporation apollo
glsts cry out on every hand that the laws OF
Texas are oppressive of the interests Of railways;
| that their expenses now exceed their earnings;
| that they are making no money; that they are
on the verge of bankruptcy, and that reduc-
| ton of rates will ruin them. To hear them talk,
| one would suppose that our statutes are teemlng
| with railroad legislation and taxation
| so burdensome to exclude all
from railway operation in Texas, except.~self
! sacrificing patriots that class of daring
| fellows who pursue their sportive occupations
| for recreation and fun.
Facts do not sustain, but Overwhelmingly dis
nal hes fT,oar
ments. The construction and equip
ment of the 5000 miles of rail
road road in Texas never cost over fifteen thousand
dollars per mile, or in the aggregate S12O OGO 900.
| Interested railroad men will contend against
this estimate of cost; the practicable ones of
them however, would cheerfully contract to
DUPLICATE all the roads in Texas for that amount.
At all events they are rendered under oath and
s are taxed, as shown by the comp
s6859 per mile, or in the the aggregate es1S at
$50. 900 09Q The states grant to them Of b, oOO.
| parasites, composed of their stockholders, yet
| own, are now worth SIa0, 600, 900. Add to
this the amount they procured as right
| free of cost from the various counties, towns
| and cities into or through which they were con-
| structed, and the liberal money and bond sub
| sides that were also donated to them and it
| wohId seem that liberality instead of oppression
| had;oeen, the rule and not the exception towards
| When the railway orators, essayists and de-
| tenders write and speak in such pathetic terms
1
| expenses of these public highways of Texas,
| they generally draw upon the annual reports
made by their companies to the comptroller of the
| state for proof Having the custody of the
| books and accounts they prepare the reports and
furnish the proof. Their evidence therefore is ex-
parte, unexposed to the light of investigation by
| anyone except their own trusted and confden-
| tiRl agents. Try, one of you, to see the books
| of a railway company in this state, Go to their
! general offices and ask to see them, and you will
! be treated with about much courtesy as 3
| tramp would be by car. Therefore the pub
| lie mus, content itself with an inEestiga-
| ton Of the eemptroller's reports, and rely
alone upon the proof furnished by the other side.
| There are some well established rules, however,
| by which the accuracy of their statements may
be tested and their errors exposed. Expert
| railroad men and impartial writer's upon the
subject say that all the expenses of railway
| over G. per cent. of their gross earn
ings. This itself would seem to be very lib
| eral rule, According to their own reports made
/ under oath and fled with the comptroller in
| October last, the gross earnings OF the railways
of Texas for the twelve months preceding were
| s2s, 900, 600. Dedueting 60 per cent, of this
expenses. and there remains SI1, 200, 900
| to be retained as clear profit. ap-
piled in paying interest on inflated bonds
| or used as dividends watered stock. The
| reports,of these railroad companies show stock
issued PAID np t s9D the 6so AMOUNT of $7 600
| provides that no stock shall be issued
| or indebtedness incurred except for
| labor, property or money received and
| applied to corporate purposes, the bonds and
| stocks which these reports show to have been
| state, would imply that they cost that amount.
l contend and propose to show by few illus
trations that such is not the case, but that most
| Of these stocks and bonds are watered
| fictitious. Not long ago l had the pleas
ure of cross-examining railroad promo
| ter and officer as 10 the manipulation and man
| agement OF the East Line and Red River rail-
| county to Mckinney in Collin county. a dis
| lance of 155 miles. He stands we'll in Texas, is
| an honorable gentl eman and spoke from his
| own information obtained while connected with
the. time by a stenegrapher acting under
oath on the appointment OF the court. That
gentleman told on the witness stand that the
| well constructed and equipped, cost from JEFF
ferson to 9reepville, about 126 miles, $1,000 per
he he and the other owners issued in
| terest bearing bonds covering the outlay;
5000 Of to the mile without any
ton whatever. They felt that they had the
right to do this. The bonds and stock therefore
to 50, 900 to the mile. The state
granted. TO- this company co 9E for CON
the mile, which, added to the right of way
granted and donations made by the people
along the route, was certainly enoughto fully pay
feT the whole road; He further stated that they
sold, that railroad, including the stock and
for $500 per mile, cash. Without any
to the people whose patronage supports it, this
GAap W ASsbOi0 nc 10 III iSAdS
writing interviews now on ''The Timid-
ity of Capital placed upon that narrow
guage road mortgages to secure a bonded in
debtedness of thirty-fiye thousand dollars to the
mile. In this one transaction over three million
dollars were made without single honest days
labor. The traffic of the country has to bear
increased tolls and rates to pay it.
Again, the railroad from Tsxarkana
by Tyler to. Waco cost its promo
mile. 1t was narrow guage, well equipped
and bore the reputation of being al excellent
road. The company that constructed snd
owned it received from the state 10, 240 acres
of land to the mile besides liberal
donations and the right of way from the people
along its route. It. however, was sold for
about S., 900 to the mile lis guage was broad
ened at an additional expense of So 900 to the
mile, making it actually cost from beginning to
end sl3 900 to the mile. BY the usual manipu-
lation bonds were issued and mortgages placed
upon that line of road to secure
S37, 600 to the mile. In 1884 that road
while in the hands of receiver, was sold under
decree of the Federal court at Waco to satisfy
said bonds and mortgages, the purchasers pay
ing therefor the sum of So ,00O coo. Last year it
was again placed in the hands of 8 receiver in
the Federal court at Tyler, and suit is now pend
ing there to foreclose the mortgages for the pay
ment of its bonds now amounting TO SIT, 600. 600.
That same gentleman whose 'thealth'' demands
so long stay in Texas at this particular time is
reported to have had a hand in that job also.