Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1892-10-27
TIE. Rk WAYS.

They Ere Rated at Three Times Thei,
Cos.-Governme Ownership.
The government railway statistics, re
Gently issued by the statistical bureau
at Washington, show the number Of
miles of railroad in the United States
1877, 900; railroad stocks and bonds out
standing. $40, 765. 626.O 41; gross earnings
for the year, 81, 138, 024, 459; net earnings
for the year, 1856, 5S7, 1888.
These tremendous figures furnish az
eloquent demonstration of the great
magnitude of this branch of industry
and clearly show the vast power that
lies within the hands of greedy and I'M
scrupulous owners to Cypress the people
The outstanding stocks and bonds Of
a railroad are supposed to represent its
cost, and consequently are to be regard
ed as so much indebtedness against the
people, upon which they must pay in
terest. In other words, the builders of a
railway say to the people Of the United
States, 1--WE have put SO many millions
of dollars, as represented by the stocks
and bonds we have issued, into the con-
struction and equipment of this road,
and now we are entitled to and shall
levy and collect from you interest on
this sum above operating expenses" q
When the owners Of the railroads Of
the United States come forward and say,
I'VE have built and equipped 167,9O9
miles of road at cost of $40, 765, 626, O41,
or 1914, 116 per mile, as evidenced by the
amount of stocks and bonds we have
issued" the fiagrancy of the falsehood
uttered is potent to every man possessed
with even an ordinary degree of knowl-
edge concerning the cost of constructing
and equipping railroads in this country.
Instead of the 1877, 900 miles of railroads
in the United States having cost $40, 1885,
626 ,041, or 1884, per mile, the actual
cost is much less than half this sum.
Competent authorities state that $780,
600 per mile is the average cost of build
ing and equipping railroads in this coun-
try. This would bring the actual cost
of the railroads in the United States
down to about $3 ,250, 900, 900, or less than
one-third of the amount claimed by the
owners. On this basis, after paying op-
Grating expenses, including princely
salaries to head officials and extravagant
legal expenditures in constant defense
of their unjust actions, more than 10
per cent. remains from the earnings of
the railroads in the United States the
past year for distribution to stock and
bondholders.
The above statistics show that 1858. 70
out of every 800 of gross receipts of the
railroads is required to meet operating
expenses" Under government owner
ship this ratio of expense to income
would be largely decreased, for there
would no longer be any necessity to pay
salaries of geo. 900 to $4,000 for the SER
vices of individuals to operate them,
and the expensive legal departments
would be almost wholly dispensed with
The greatest saving to the people, how
ever, would result from the ability of the
government to replace all legitimate
outstanding Indebtedness of the rail-
roads at n III lower rates of interest
Where is the man who would not gladly
exchange the present bonds of railroads
for government bonds even at lower
rates of interest? Would not the stock
holders as willingly make similar ex-
change?-Soathern Mercury.
Few LEA NaiIed