The wageworker., 1910-03-19
WHAT ARE THE FACTS?

WHAt AXE t0G fACIS!
DO the people Of Lincoln really un-
derstand this Traction company mat
ter? The whole thing is bit involved
-purposely involved by astute busi-
ness gentlemen who prefer involved
financial questions when dealing with
masses, and simple business PROPOSE
tions when dealing with themselves.
The Lincoln Traction company is 8
consolidation of the Lincoln Traction
company. Before this consolidation
the Traction company was reorgani-
zation of another traction company
that had failed and caused several
Railway company was founded upon
the remains Of the old Home Street
Railway company.
The Lincoln Traction company as it
now stands has stocks, bonds and
mortgages outstanding to the total
amount of about $3,500,OOO. Its high
est claim to tangible property-that is
actual physical property-is $2,1O0,00O
But it is assessed on basis of ST.
100000 physical valuation. A million
and a half of the outstanding stock of
the Lincoln Traction company is pure
and unadulterated water. 1t repre-
sents not dollar invested in the
physical effects of the company; not
a dollar in the treasury; not dollar
financial experts who organized the
Citizens Railway company for the pur-
pose OF securing control of the Trac-
ton company and exploiting it. This
purpose OF exploitation was carefully
concealed until the consolidation was
effected, although it was limited at by
a party known to be interested.
The preferred stock of the Lincoln
Traction company is guaranteed per
cent. The first mortgage bonds bear
per cent. This preferred stock and
the mortgage bonds represent the ac-
tual money invested in the Lincoln
hA0ssioh >Ohpohy Pi,AoV,VOV III pic
ferred stock and perhaps $76O,OOO of
mortgage bonds. Keep those rates of
interest well in mind.
Now comes the Lincoln Traction
company and asks that the six-for-a-
quarter fare and the 5 per cent occu.
patton tax be knocked out, basing its
demand on the ground that if they
are continued the company will be un-
able to make betterments and extern
sions or to increase the wages of it's
employees. But at the same time that
ii makes this demand and assigns
these reasons, it has the nerve to ask
the railway commission to allow it to
pay per cent on the million and half
of watered stock issued by the COM
pany to the preferred stockholders and
bondholders.
There's high finance for you!
Eight per cent interest on 81, SOC, 900
is sl20,000 year. There are perhaps
800 employees of the Lincoln Traction
company. II that $4,000 which it is
proposed to give to men who never ac-
tually invested a cent of the amount
the dividend is to be based upon. were
divided among the 600 underpaid en-
ployes. 1t would raise the wage of each
man just $16.75 a month The Anal
gamated Association of Street and
Electric Railway Employees never, in
its Widest moments, asked for an in.
crease OF wage amounting to one-half
OF that sum.
The Lincoln Traction company AYERS
that 1t can not pay increased wages
on account Of the six-for -a-quarter
fare and the 5 per cent occupation
tax. Perhaps not If it persists in pay
ing 100000 year in dividends on the
si,500,000 OF water in its stocks.
County Attorney Tyrrell is trying t.
have that million and a half of wate
syphoned out of the Lincoln Tractio,
company. and he should be backed III
in his efforts by every honest citizel
of Lincoln. Especially should he b.
backed by every wage Garner in th
city.
Lincoln, in small way, is follow
ing in exactly the same path that ha
led Philadelphia to the unenviabl
plight that city is now in.
Right now is the time to about face