The advocate., 1892-06-08

SoHhohohB OOOuPyAuS Vno PVoAUlOhS SOu
do, TO make yourselves the laughing
stock OF the W rid by this 90 per cent.
statement
But your valuation placed the railroad
property OF the state in 1891 at $5,746
per mile. Is this high enoughr IfSo,
you are right. II not, you are wrong.
In the eighth annual report OF the board
of railroad commissioners, 1890, on page
XXX, occurs this language:
Itis quite common, however, for inflated ora
tors to assert that from 5000 to $4,000 per mile
is all that railroad legitimstey costs, and that
all capitalization above that is "WGler." We
have reports from which the foregoing figures
have been taken, an itemlZed statement OF the
actual cash cost OF 1883 miles, LOSS miles being
In Kansas; we refer to the Chicago, Kansas &
Nebraska railroad. All Of this road has been
built within the past four years, under most IA
UOrdblc conditions Gs to cost Of labor and ma
tertGI, and bIrtlt bv, or under the auspices Of,
company tVhOee financial credit iOds high, en-
dblinO it TO place securities upon the mdrkGtup-
on Uery favorable terms; yet the actual cost and
outlay for road and equipment, up to June 80,
1889, was 500 26i 1878, or $2l,OS3.O3 per mile.
There is no water In this.
BY turning to the report made by that
road, page 145, It's office show that Its
stock and bonds amount TO $35,55l per
mile.
And get yOU sGythGt Kansas railroads
are north only $5,746 per miIei
In chat same volume, page XIX, the
commissioners show that the stock and
bonds of Kansas railroads Is over 1853
millions, which, for the S,755 miles then
In the state, is something over $4,000
per mile This is what the roads them
selves report In stock and bonds, and
what they declare to be their cost, tOhen
reaching for taritS and Dividends, in
stead of avoiding taxes.
And get yOu sag that Kansas railroads
are OOrth only $5,746 per mile!
But again. Perhaps the eleventh GEN.
sus is the most authentic statement Of
the value Of railroads. In bullitin No.
1874, Superintendent Porter deals with
railroads in the following territory, which
he deslgnates as "Group VIE" Mis-
souri,, south of the Missouri river; Ar
kansas, Kansas, Indian Territory, Colo
RADIO, south Of Denver; and New Mexico,
north of Santa Fe. Certainly Kansas
are ss valuable as any In the
grouT. Mr.. Porter says:
The average interest payment per mile Of line
during the ten years covered by the accounts
81, ,l6s.O4. Payment as rentals amount 70 sl637S
per mile Of line, and payments as dividends
amount to &4A3 60 per mile Of line, showing that
the average earnings on railway property In
Group VIII for the ten years covered BY the &C
count is equal to 9i,76545 per mile Of line. This
sum, capitalized at per cent shOlcs that the rGtI-
rays IN this group are iOOrth Ss5,So9 per mile Of
line.
And get yOW sag that Kansas railroads
are north only $5,746 per mile.
Thus, then, it is. By the highest
In the United States the Kansas
railroads are declared to be worth Over
$35, 900 per mile, and to be profitable In
on that basisl That Is to say,
these roads will pay all their operating
expenses, the princely incomes Of their
officers, for all repairs and needed i'm
provements, all taxes and other charges
Of every name and nature, and still pro-
duce q net return Of per cent. on q