Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1896-05-22
RAILROAD ROBBERIES.
How the Barons and wreckers Have
Squeezed the People.

How the Barons and wreckers Have
Squeezed the People.
The growth and development Of the
United States since the war have been
the wonder of the world. One Of the
most remarkable things in connection
with that development has been the ex-
pansion in railroad building.
Who owns these roads, and in whose
interests are they run? Built, as many
of them were originally, by the aggre-
cation of capital in small amounts from
genuine stockholders, they have been
absorbed in a manner almost phenom-
email, until today it is safe to say that
three-fourth of the railroad mileage OF
the country is owned and controlled by
a few score of men, most Of whom have
their offices on Wall street.
How could such things happen?
will be asked. They simply stole them.
that is all.
The railroads of the land are now
represented by capital stock OF $5,l50,-
900, 900, funded or bond debt Of 50, 7O0,-
100000 and floating debt of nearly
$500, 100000. The gross earnings per
year are now about 81, 100, 100000 leav-
ing, after paying operating expenses,
net earnings of about 1926, 100000. This
is divided into interest on bonds OF
about 235,0OO,000 per year, and divi-
dends on stock of about $S5,OOO,OOO.
The passengers carried reach nearly
600 100000 per year, and the freight
traffic is nearly 700, 100000 tons year.
Every cent of the enormous income
from this leading industry of the coun-
try comes directly from the people. An
examination would show that the
money honestly expended in the pro-
duction of all railroads and their equip
ments is but 1.-THE Of the capital nomi-
nally invested in them. The rest Is
water pure and simple, but it figures as
Invested capital" as "vested inter-
ests," upon which the capitalists claim
the protection of the courts and the
whole government machinery, and al
ways get 1t.
No better illustration Of the power
exercised by the monopolists is needed
than in the history of the West Shore
enterprise Of New York State. The
Vanderbilts and their cohorts up to the
time the West Shore road was started
held the merchants and the agriculture
lists in their iron grasp, debating rates
and conditions for the handling Of traf-
fic with absolute despotism. The pros
pect of competitive line reaching from
New York City to the lakes put the New
York Central people on their mettle.
and from the very inception OF the
former measures were taken to crush 1t
out.
After the new line had been com
pleted every obstacle possible was
thrown in its way, and the road finally
went into bankruptcy, a condition
which had been regarded as inevitable
by every one who at the time was &C
quainted with the tactics of the Van
derbilts. When the West Shore be-
came hopelessly involved, the Wander
bits, through Mr.. ]. P. Morgan, gobbled
it up at their own price.
Those who had put money into 1t
were crowded out, all competition was
crushed, and the business interests OF
the state placed under the Vanderbilt
control as completely as ever The
and their friends were the
only ones who profited by the deal,
which is only one of hundred carried
through successfully, despite public
sentiment and without interference
from the courts and judges whose duty
it was to MISREPRESENTATION Tillman
in New York Herald.