The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-12-12

ALlanCa-ClaSS 1, "a C6uISS CldSS -
SO cents; class 8, "A cents.
acksonville-Class !, 81 cents; class
2, 76 cents; class 5, II cents.
What is operating to produce this
movement and these rates?
Water facilities and water connpeti-
ton furnish the secret. If We had a
waterway from Memphis to Jackson
Vile suitable for carrying these com
modities, is there any doubt that the
rates would be materially less than
they now are? Even Atlanta would be
benefited and the railroads would han
die business at equally good profit, as
they now can, while the people who
produce and consume would save i'm
mensely.
We get some idea of the cost Of dis
tribution and the toll exacted OF the
industries and necessities of the peo-
pie from a brief consideration Of the
history and practices of the express
companies operating in the United
States These figures ought to set
people to thing and what is more i'm
portant, to acting. The total revenue
collected from the public by express
companies for the year ending June
Goth, 1909, for the service of transpor-
tation, was $3.50. ,602.25. They have
other sources of revenue.
The first annual report on the Stats
tics of express companies for the year
ending June 30th, 1909, by the inter
state commerce commission, states:
The balance sheet statement shows
very clearly that it is through the
profits of the business that the large
assets have been accumulated, and it
may be safely asserted that the orig
inal investment in this business as q
whole wa relatively insignificant -
Total assets are shown to be $780,
POI ,3S0.54 of express companies oper-
ating in the United States, p. %, and
the record value of property actually
used in operation by express COM
panies is but IL per cent Of the assets
shown.
The Adams Express Company fur
nishes a striking illustration of the &C
cumulation of assets out of revenues
by these companies. This report shows,
o. SO, in March, 1898, this company is
sued $4,000 900 50-year per cent col
lateral bonds, and again, in June, 1907,
issued 100000 40-year per cent
collateral trust bonds, making a total
of $50, 900, 900. The bonds were issued
as a means of distribution of assets
TO stockholders. 1t thus appears that
90 900 shares and $50, 900, 900 in bonds
have been issued as dividends to stock.
holders, in addition to the regular divi-
dends.
The business of the company is gov
erned by a board of managers which
is a elf-perpethating body. There
has never been a meeting of the share
holders for the election of managers.
These companies issue money orders,
financial papers and perform other
functions besides those of carriers.
The dividends declared for the year
ending June 30th, 1910, were as fol-
lows:
Adams Express Co.
e1 81 q 81 2
Surplus for year ........... l,7OS,4Sl
American Express Co.
Dividend ................'''. Z'd!S'200
Surplus for year ............ 1,b66,bOl
Southern Express Co.
Dividend .................... OO,OOO
Surplus for year ............ 1,676,091
United States EXP. Co
! Dividend oOoOOu
Surplus for year ....-."...-. l95,s9O
Wells Fargo & Co.
| Dividend lrZlo, o05
Surplus NEUTRALITY-SUSPICIOUS.. 1857, 055
The trip from the field TO the table
| from the forest TO the market, from
| the factory to the home, is generally
an expensive one. That journey is Of
ten more or less perilous. There is
| danger of hold ups" Along the
route, leakage, tolls, 'arbitraries" and
| the like occur, and are eXacted, which
! the ultimate consumer must bear.
Let's make broad the way, and free
along with the country's source OF
wealth and the peoples necessities
| may move to their destination.
We have referred to the farm value
| of agricultural products annually har-
| vested in this country. Let us nov
| call attention to the product of ouT
nanufa cturers. The value of these
products is given at $4,000 100000 &c
| SIC, 900. 100000 annually. What they
| cost the consumer, am unable to say
probably in about the same proper
| ton as Mr.. Yoakurn gives for the agri-
cultural products - something like
| double the figures. The item of trans
portation is found in large proportion