The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-07-11


$4,000 a mile, or less. Now in Kan
sas we have a new tax law and under
that law property is assessed for what
it is worth. what it would sell for I'M
der normal conditions. The law re-
quires the railroads to state to the tax
commission what is the actual value
of their lines. and the Missouri Pa
cific in compliance with this require
ment. made a statement to the state
tax commission giving the actual
value of its lines in Kansas, and the
highest value placed on any part of
that road In this state was the line
running from Atchison to Leaven-
worth. which was valued at $22,5O0 a
mile. and the average value of all of
its mileage. including the subsidiary
lines in Kansas was fixed at $12,323 a
mile.
value of the Missouri Pacific railroad
and upon what amount it is entitled
to earn interest and dividends?
The Union Pacific.
Take the Union Pacific railroad 1t
is bonded for $33.322 per mile. These
bonds do not include recent author
ization of additional bonds. forty mil
lions Of which were sold last month.
In addition to this bonded indebted
ness the road is stocked for s9S,319 a
mile, making total indebtedness for
stocks and bonds of more than $751;
600 per mile. Under the new tax law,
the Union Pacific submitted a state
ment to the tax commission giving
what it alleged to be the actual value
of the lines. 1t placed the average
valuation of it's entire line in Kansas
at something less than $11,20S a mile
Now what is the actual value of the
Union Pacific railroad, and upon what
amount of money is it honestly en-
titled to earn fair return?' as held
Inv fhn ~ CT
paid 8 per cent dividends on an in
debtedness of $4,000 mile. about
twelve times as much as it says 1t is
worth in its report to the state tax
commission. and about four times
what it could be reproduced for
THE Union Pacific for the year
1907 paid ,012 in dividends. or
$7.S44. per mile. 20 per cent of the
value as given to the state tax commits
sion. Now upon what amount of
money, under the decision of the su-
preme court is this road entitled to
knows?"
Mr.. Bristow then discussed the La
Toilette amendment in which he
sought to give the commission author
ity to ascertain the value of the rail-
roads and quoted extensively from
messages of the president in favor of
the provision. Continuing Mr.. Bris-
tow said:
Says Long Against 1t.
This provision is in absolute har-
mony with the policy of the presi-
dent. Yet Senator Long voted against
the amendment and at the national
convention on June 18th, when an eff
fort was made to have such a plank
put in the Republican platform, when
it was well known to be the wish of
Secretary Taft and of the president
that such a provision be incorpor-
ated, Senator Long not only voted
against it, but solicited other delegates
from Kansas, as a personal favor to
him to vote against this provision.
Yet in the face of this, he is proclaim
ing to the people of Kansas that he is
a supporter of the president and the
presidents policies"
Mr.. Bristow then discussed LONGS
Beloit speech in which the senator
gave great weight to the value of the
service in rate-making. He illustrat-
ed what he termed. the viciousness
of this system by citing the coal rates
from Colorado to western Kansas
which in some instances are higher
than those to towns in eastern Kansas
much farther from the mines. In
closing this discussion, he said:
''The transportation companies not
only transport coal but usually own
the mines. They do not base their
charges on the cost of serving the peo-