The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-08-04
The 8 GREAT ROADS
ARE WORTH S92,-
83O,712.
Market Value of Southern,
S. A. [. and Atlantic
Coast Line.
FRANCHISES, S54,2i3,8o5
Commissioners Still at Work on Railroad { ig-
ures, and Railroad Lawyers Still
at Work on Commits
%sioners.
sioners.

The Corporation Commission Is still ut
work on the railroad figures, and the rail
road lawyers are still at work on the Cor
poration Commissioners, lingering around
the office of the Commission, as if desIr-
Gus Of lending any assistance to the Com
missioners in their difficult task.
A gentleman who is familiar with the
ways Of railroad men was asked yester-
day why he supposed it was that the rail
road lawyers kept hanging around the
Corporation Commission office.
1T is very simple" he said, Whatever
the result OF the Commissioners work
shall be, it is going to be contested IN
the courts. That Was settled long ago IN
the councils OF the railroad officials and
their attorneys. So naturally the law
yers keep at the elbows OF the Commls-
sioners, to watch their methods of arrlv-
ing at results, and thereby to post them
selves with grounds for appeal from the
figures of the Commissioners.
Those lawyers who are most IN evidence
always feel at home in a Federal court.
They think that Federal court judges will
lend a kindly ear to their appeal to over
turne the Corporation Commission
The true value i'll money of the three
great railroads in North Carolina Is $92,-
$50, 712. 6S, or $94, 154 a mile.
That is the price placed upon them by
the public, or the market value as quoted
on the great exchanges OF the world, the
only true test of their worth in money.
Their combined franchises IN this State
are worth $54, 213 800. 81 and as such the
law plainly says must be taxed sepa-
rately from the physical OF tangible prop
erty.
In yesterday mornings paper it was
shown that the market value of the South
ern Railway was $40, $40, 900 in North Car
DINA, or $50, 235 a mile, and that the fran
chise was worth $27, 014, 322.41, or nearly
$21 900 Il mile.
Now taking up the Seaboard Air Line
and the Atlantic Coast Line in the same
way.
The report of the Corporation Commits
sion for 1902 shows that the Seaboard Air
Line has outstanding $4,000 shares Of
common stock, $50, 600 shares OF pre-
ferred stock, and that the total
mileage of the road is 2,603. CT, with Gil. so
miles in this State. The assessed value
of the road in 1902 was $751; / 1852 and
the average valuation per mile was Sill
247 90.
According to the mileage a little over
OI1C-Hllu OIL the IOdu Is III NOitu ,dlO-
lima.
Stock market quotations on June LIST.
were 20 on common stock and 80 on pre-
| ferred. This would make the total value OF
the stock SIG, $50, 900. All to this $55,014,-
S13 .3S. total outstanding funded debt, and
we have 81, 264, S13. SO as the market value
of the entire road. One-fifth OF this IS
$14, 80, 962. 6S the approximate market
value of the road in North Carolina. From
this deduct the assessed v~aIution OF the
physical property in 1902, $S.712, 1852,
and the result is 50, $40, 23t.06, the value OF
the franchise in North Carolina.
Sc the true value IN money of the road
per mile Is $23 1927, and the francise per
mlle is worth $9,067.
The figures for the Atlantic Coast Line
are as follows:
Stock issued and outstanding: Common
231 800 shares; preferred 1SS, 500 shares.
Number of miles: total 1,SO5.64; IN
North Carolina 94S.77. Assessed valuation
III 1902 for North Carolina $13, 97S, 440. 80;
average valuation per mile, $14, 1882
The mileage in North Carolina is a lit
tie over one-half Of the entire mileage.
Late stock quotations, this month, are
lowest for common III; for preferred los.
So the market value of the stock is $40,
749, 900. Adding to this S24, 526, 800 Of out
standing funded debt gives a total OF
ST., 275, 800, the approximate market value
o. the road.
One-half of this is $35, 637, $50, and that
is about the true value in money of the
the Atlantic Coast Line in North Carolina
or $37 1912 a mile.
Deducting $13, 97S, 44O.5 O,t the assessed val
ustion in 1902, from the market value
gives $21 $50, 800. so as the value of the fran
chise in North Carolina, which is s22, S47
per mile for the franchise alone.