The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-22
RIPLEY IS HEARD.
President of Santa Fe Issues
Second Letter.
Denies That the Road Is Over
capitalized.
-,~S
PAYS SHARE OF TAXES
Thinks That EquitabIy They
Might Be Reduced.
Willing to Stop the Issuance of
Passes.

play in the matter Of passenger "a
in the state of Kansas. President T. X
Ripley, Of the Atchison. Topeka &
Santa Fe railway. has issued seeoii''
open letter to the people OF Kansas
President Ripley declares ne mas re-
eeived many communications from 'i's
people Of this state, some approving ana
others criticising his manner Of con-
Quoting Santa Fe affairs. IN answer TO
the criticisms Mr.. Ripley says that the
Santa Fe railroad is not overcapttalzea'
and that the road is worth all that IS
claimed for It, He says in regard TO
taxation that his company will not muir
muir so long as the property is assessed
in the same proportion of its real Vaiae
as the property Of private citizens
Mr.. Ripley declares that, as the larg~
est single taxpayer in the state OF Kan
sas. the santa Fe is entitled to be
heard in politics the same as any otheI
interest.
announces that the company VIII nave
no objection to the dfscontinuance OF
the custom Of issuing passes in the stat9
of Kansas If the people so desire. tie
save passenger receipts Will not be no
ticeably increased in this event. now
eve:-
The letter in full follows:
To the People of Kansas:
ter have received a very large num-
Der OF communications, Of which about
one-half are in approval, one-quarter
In criticism and the rest asking Tor
information.
Finding it out of the question to an
swer each letter, [ have decided TO
answer all at once SO far as is praeti-
cable.
Those who take issue with the first
letter mainly dwell on these points;
A1TpoaT 0zYarcz mia liZafi0n-
2. The taxation of railway property
8. The issue Of free passes.
4 The alleged Interference of the
railroad in politics.
Santa Fe was worth all it is capitalized
for I am asked if the stockholders
who bought the stock ten years ago at,
say, $1,000 share, have not made
money. OF course they have. but has
that anything to do with the case
They had courage enough to buy an
interest in a discredited concern, just
emerging from bankruptcy a
few had the courage to do IT, The
great bulk of our common stock was [
held by those who owned it when the /
bankruptcy occurred; who held it
throughout the receivershlp and VINO
paid an assessment of $1,000 per share i
in cash in order to keep 1t. How about I
those people most of whom paid par
or more for the stock in the SOS, and
who not only got no returns between I
1889 and 1899, but paid an assessment /
besides?
Among the letters received is one /
from which I quote as follows:
ION March II, 1889, bought Santa /
Fe stock. paying $55 for each share. !
On July II, 1895, I paid on each share I
Of stock cash assessment Of $40. |
Fifty-fiVe dollars. with interest at 6 per 4
cent compounded annually for seven !
teen years, amounts to s147-95, and ten
dollars compounded at the same rate /
for eleven years amounts to $500. I
And there has been no time in the last
seventeen years that I could not COM
pound at that rate semiannually In
stead of annually. Ny stock should
today represent to me S166-S5 per
share. have received on each share
dividends to the amount of $3.50. /
Deducting this from the above amount
would leave each share standing me at
$145.35. The stock is selling at go and
I am q loser of S52.35 on each share.
And Yet. according to the (Topeka)
Capital, because stock sold at 13 eight
years ago, am not a loser at all. but
am a gamer by 900 per cent. No doubt
but that most of the stockholders
stand about in the same position I do
The above letter is from a citizen of
Kansas whom I do not know and never
heard of before, but he was fortunate
in only having paid s55 per share
many Of the present stockholders paid
S120
repeat tiidAs WAEtEitI We consider
what the property has cost (including
in the cost the interest on investment9.
or whether we consider its reprodt1c-
ton value. it is not over-capitalized
Second. taxation: The Santa Fe de-
sires to pay its fair share of the taxes
levied for the support of the state, it
will not be heard tc murmur so long
as its property Is assessed al the same
proportion of its real value as is the
property Of other citizens: there is no
Ae1~-gA
respect on the one hand OF oppressed on
the other. Il may say that. in nv opin-
ion. a strict and honest application Of
this principle would considera bly re-
duce the taxes we now pay)
Third. as to passes. Tt is almost mi
versal custom in every part Of the
country to transport free of charge ma
ttonal, state and county officers. it was
originally meant as a courtesy. and I
have never felt that it gave the railroad
any claim on the conscience of the off,
ciai receiving il. nor have known of
any case where a legislator has voted
OF been expected to vote against his
convictions because of holding a pass
If the people Of Kansas desire thar tals
courtesy shall cease to be extended to
their officers, there will be no objection
raised by this company. But the mo
hibitton of passes to other than rail-
way employees Will not materially in
crease the passenger receipts.
ouIeil, me Eallroad IN politics. We have
the same interest in good government &C
has any other citizen and the same rfe 81
70 display that interest AS the Iarp lsslst
corporation in the state and the largest
tax payer We have a vital interesf II
sane and conservative IegisIation@a111di
when las has too often been The easel
there is danger that the state viii ~
swept off its feet by appeal to passion
and prejudice made by designing dema-
Fosues for their own personal ends. ii
becomes a duty to oppose those men. by
fair and legal means-in such cases. ana
IN such cases only, viii the Santa Fa he
found in politics Individual emuloves
are unrestricted; they may hold and ex
press such views as they think proper. but
the company, nor is the latter responsi
PIE for their political opinions or utter
I realize fully that such prosperity as
the Santa Fe has enjoyed IS due lareeIv
e the energy and thrift of the Kansas