The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-14
LETTER TO RIPLEY
J. 7. Pringle, Author OF ANU
Pass Law, Writes.
Makes Reply to Statement Of
Mr.. Ripley.
ADVANCE IN STOCKS.
Shows How It Has Benefited the
Holders.
The Advantages OF an Anti
Pass Law.

J. r. PrinEle representative from
DsaRe county. who made the fight Tor
an anti-pass bin in the last legislature
with a. proportionate reduction OF pas
senzer fares. has not formally replied 20
the axubbs questions but he discussed
the propositions involved in them today
while in Topeka Mr.. Pringle is propa-
bly, better versed on the subject OF pas
senEer fares than any other member OF
the legislature, and in discussing TINS
subject he said:
Il consider the letter to the people OF
Kansas given to the press August by
President Ripley and since posted In the
Santa Fe depots and mailed IN large
numbers to voters in my community an
important communication understand
Mr.. Ripley is preparing second letter
in which he will endeavor to answer
some OF the objections made to the ufst
one.
Mr.. Ripley win learn that while there
may be some demagOgue seeking sehsd-
tional prestige. they are few compared
with the great mass Of people anxious ~ /
have the railroad problem put on bus
mess basis. When done they will pc as
willing to keep out Of the railroad busl-
ness as they are now anxious 10 nave
the railroads keep out Of the govern
ment business.
The prosperity Of the Santa ze rail-
road company, according to Mr.. Ripley )
own statement, ought to be assurance 70
all railroads in the state that the people
are not only willing but want them 20
prosper. If this road has been rebuilt
and re-eduipped in the past ten years,
as stated by Mr.. Ripley, 1t has not been
done BY the stockholders, but from the
earnings Of the road In the meantime
Santa Fe stock has advanced TO par. A
little conputatiOn shows the enormous
gain to the stockholders on their 216
million dollars Of stock It also reveals
the political blunder, if not a crime, OF
permitting railroads to issue stock al
q nominal value.
Just ten years to a day prior TO
Mr. RipIey's letter Santa Te stock was
selling on the market, preferred at
1854 cents, common at II g cents on
the dollar. Mr. Ripley refers to the
dividends received by stockholders
during the past ten years, during
which time preferred stockholders
have received a little over % per cent,
and common stockholders a little over
p per cent Or a little under 3 per
cent on preferred stock and little
over . per cent on common, per an
mum. This, of course, Is upon the
par value OF the stock. not on the
actual value, or investment at that
time On the actual investment, the
figures show an income Of nearly zoo
per cent during the ten years, or near
ly 20 per cent per annum.
Mr.. Ripley's question as to wheth-
er or not the dividends are excessive
depends on the basis of computation.
They certainly are excessive and the
injustice to the public is apparent
How far 1t can be corrected now in
Justice to present stockholders. is an
other matter. 1t certainly suggests
the necessity of some kind OF legis-
lation to stop a repetition Of it.
mr.. Ripley's letter against re-
IT.
the issue. Railroad companies have
the figures, and they should reveal
them. Two railroads, Mr.. Ripley's
road being one of them, asked per-
mission to have men from their pas
senger departments come before the
railroad committee of the house in
the last legislature. to oppose the
pending bill abolishing passes and re-
ducing railroad fares accordingly. The
request was granted, but when asked
to furnish data as to the number Of
passes and their value, covering two
years previous. one company failed
to appear and the other withdrew the
request for a hearing.
1.-THE anti-pass bill of two years ago
was directed against free passes and
contemplated giving to the public in
reduced rates what the railroads
were giving away to a favored few. I
have 1t on seeming good authority,
that the Santa Fe company collects
from paying passengers about 2.15
cents per mile; from all passengers,
including pass-holders. it collects only
about Il cents a mile.
Just what the reduction should be
IN fixing a. new rate, is a matter of de-
tail The railroads know how many
passes they issue; they ought to know
their value Whether they do or do
not is important From a business
standpoint. If relieved Of the burden
of free passes, there should be little
objection to giving the public at least
that reduction in rates"
"How about the primary matter -
Mr.. Pringle was asked.
II supported the primary bill in the
last legislature" he replied, but
have not noticed that anyone is advo-
eating that now, so suppose a new
plan of some sort will be proposed. I
am in favor of a primary election law
that will be fair all around, and I hope
that some one will devise such a meas
ure next winter.
GAS to the assessment of railroads.
all property should. Of course be as
sessed on the same basis. opposed a
measure introduced in the last session
which provided that ali private prom
erty should be assessed at its real value
and providing a penalty on assessors
for not so assessing It, and my sole rea-
son for opposing 1t was because rail-
roads were not included In its pro-
visions Railroads were left j41st as
they are now. The question of the
assessment of railroads opens t1D fhe
entire taxation question. and I hope
some one viii also devise 2 inst a15
adequate plan by which our taxatIon
system may be made so that all pron-
ertX shall bear its just and equal share
Of the burden Of government.
LOCAL MENTION.
Miss Mabel Nfcof ra4,4,,.s -.