The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-08-01
THE 8 GREAT ROADS
ARE WORTH S92,-
030,712.
Market Value of Southern,
S. A. [. and Atlantic
Coast Line.
FRANCHISES, $54,2i3,865
Commissioners Still at Work on Railroad Fig.
ures, and Railroad Lawyers Still
at Work on Commits
sioners.

The Corporation Commission is still at
work on the railroad figures, and the rail
road lawyers are still at work on the Cor
pCraton Commissioners, lingering around
the office of the Commission, as if deslr-
Gus of lending any assistance TO the Com
missioners in their difficult task.
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 gong to be contested III
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-
iDg at results, and thereby to post thenr
selves with grounds for appeal from the
figures of the Commissioners.
Those lawyers who are most in evidence
always feel at home IN Federal coure.
They think that Federal court judges will
lend kindly ear TO their appeal to Cyer-
turne the Corporation Commission
The true value in money of the three
great railroads in North Carolina is $685.
$50. 712. 6S, or ,154 mile.
That is the price placed upon them by
the public or the market value as quoted
OH the great exchanges oil the world, the
only true test of their worth in money
Their combined franchises IN this State
are worth $54 .2i3 ,S65.97 and as such the
law plainly says must be taxed sepa-
rately from the physical or tangible prop
erty.
In yesterday mornings paper 1t was
shown that the market value of the South
ern Rwaliay
ern Railway was $40, $40, 900 in North Car
olina or $33. 235 a mile, and that the fran
chise was worth $27, O14 ,322.41, or nearly
$21 geo 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 oil
common stock, and and that the total
mileage of the road is 2,6G3.61, with 611.52
miles in this State. The assessed value
OF the road in 1902 was sS,712, 1852.
According 10 the mileage a little over
one-fifth of the road is III North Caro-
lima.
stock market quotations on June LIST
stock market quotations on June list were
so on common stock and 30 on preferred
This would make the total value OF the
stock SIG. 25O, 900. All to this $50 .3S
total outstanding funded debt and W.
have 81 ,264 Sl3.3S as the market vaiu,
of the entire road. One-fifth OF this Il
$t4.a52, 962 IS the approximate marke
value OF the road in North Carolina. From
this deduct the assessed valution OF thu
rhysical property in 1902. $S.712, I2S .62
and the result is $3.50, 23i.oG, the value o
the franchise in North Carolina.
So the true value in money of the roa'
pcr mile is $23.327, and the franclse pc
mile Is worth $9,O61-
The figures for the Atlantic Coast Lin
are as follows:
Stock issued and outstanding: Common
231 500 shares; preferred 1SS, 500 shares
Number of miles: total 1,S05.64; II
North Carolina 94S77. Assessed valuation
in 1902 for North arollna $13,97S. so
average valuation per mile, $14,733.22
The mileage in North Carolina is lit
lie over one-half of the entire mileage
Late stock quotations, this month, ar
lowest for common ia; Tor preferred los
So the market value of the stock is SAC
749. O0e. Adding to this s24, 526,5 500 of out
standing funded debt gives a total o
s71.275. 500. the approximate market valu
% the road.
One-half of this is $50, $50, and tina
is about the true value in money of tn
the Atlantic Coast Line in North Carolin
or $37 .592 a mile.
educting $1s, .44O.5O, the assessed va
uaticu in 1902. from the market valu
gives $2i .e59. 80 as the value OF the tral
chise in North Carolina. which Is s22,Si
ner mile for the franchise alone.