The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-04
MR. HENRY'S ADDRESS
Colorado Man Addresses the
Congress.
TALK ON TRANSPORTATION
Railroads Bonded Beyond
Their Original Cost

Hon. T. c. Henry Of Denver Colo,
spoke on Transportation" as follows;
AS text for my topic on this occasion I
venture to slightly paraphrase the most
serious and solemn interrogatory ever pro-
pounded, because, TOO. like Pauls af-
frightened interlocutor, our foundations
have been shaken" and our structures are
shattered.
My years, for nearly a third Of cen
fury past. have been almost equally di-
vided between Kansas and Colorado. Ny
business operations have enforced a rather
wide acquaintance with resources there
and adjacent. So bounded, my somewhat
perforce CONGRATULATIONS, I trust therefore,
may. 90 measurably unchalenged-
In the southwest group" embracing
Missouri, Arkansas, Texas. Oklahoma
Kansas. Colorado and New. Mexico, in 1897
there were, according to Poor's Manual
1885 miles Of railroad, capitalized at
$3.50 AZ, Sg5, and a bonded Indebtedness ad-
ditional Of 1896, 1877, $50 in aggregate, ten
times the entire assessed valuation OF the
state Of Colorado for 1898, and an IN
crease Of considerably more than one nun
dred million dollars over 1882. But the
net revenue as represented by interest
and dividends paid was something more
than 100000 less. The total amount so
realized was equivalent to about 81 per
cent On the bonded Indebtedness.
1t Is quite probable that 1899 will show
-zo~aoeo sovrar T1reviOl1S
year President Jeffrey, of the Denver
and Rio Grande, as reported recently,
stated that, measured by the advance in
its stocks and bonds, that property had
increased more than 81, 600 in the past
twelve months. Considering the greatly
improved physical condition OF the south
western group since the panic Of 1S93
the augmented equipment the distribu-
ton of the increased capital stock, the
enhanced market valuations and the
greatly increased purchasing power Of
the dividends and interest paid, the con-
trast with the shrunken incomes and
consequent enormous depreciation of other
property, especially agriculture, is start
ling.
Moreover, Il the various land and bond
subsidies. gratuitous rights Of way and
the temporary and inexpensive original
construction are all considered, it is prob
able that the existing bonded Indebtedness
alone represents twice the actual orig
tnal cost and twice what the group" en-
tire could at this time be duplicated for,
disregardlng terminals and righs Of az,
possibly.
The principal source Of railroad income
in the territory referred to is from and
for the farm. 1t viii be interesting in this
connection, therefore, to analyZe and COM
pare the statistics Of Kansas, a repre-
sentative agricultural state, which the
embodied in the complete and admirably
arranged reports Of the present and for
many years secretary of its board Of agri-
culture, Hon. F. D. Coburn. The total
home values Of all the 1--we stock and
agricultural products for the past five
years are nearly one million dollars less
than for the five years previous, although
the farm working population has fncreas-
ed slightly. The past twenty years show
an unmistakable general trend toward
lower Yields from soil exhaustion, alread y
equal to % per cent. The average value
per acre yield also affected by lower
prices from 1879 TO 1855 IS $9.65, while that
from 1898 to 1898 inclusive is only SLG0-a
loss Of more than 50 per cent.
Meantime the total assessed valuation
Of the Kansas farms has remained prac-
ticaily unchanged, one hundred and sixty
nine millions of dollars in 1885 and one
hundred and siNty-two millions in 1885
Mr. i. r. Hilton, an expert observer
and a recognized authority, in the cur
rent Kansas Report says: While the acre
earnings have been greatly reduced the
past twenty years Cfully one-hal0, farm
ers have striven 20 meet the lessening
yield and the lessenns price per busha
by reducing the cost and pracuc.ng the
most rigid economy and thus adjust them
selves to. the new economic conditions
with which they are confronted The
greater purchasing power of money, tht
cheaper machinery and impIemnts ant
better tools have helped them I'm adapting
themselves to these new conditions. But