The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1912-09-10
READ Up ON RAILROADS
4 Necessity for the Citizens and n
Duty for the Legislature. Says the
SOlOn of Reddiek

Your railroad commission won't let
Us water the stocks. and it is the water
make my money out of"
The above is an expression made by
a railroad man in regard to the Wis
consin laws governing railroad cor
porations.
In Michigan it is unlawful for a
railroad 10 water its stock or issue
bonds without authority to do so from
the state railroad commission.
In Florida our railroad companies
may put all the water into their cor
porations the tariff Will stand. and the
people submit to the paying of divi-
dends to the railroads on their over
capitalization.
The Florida or Interstate Commerce
Commission does not lower rates of our
railroad companies that will deprive
them from earning an interest on their
investment, or declaring dividends on
their watered stock,
This is how it affects the people of
Marion county: The total capitaliza-
tion Of the \. C. L. for Marion county
is about $4,000 900. The 5. A. L. nearly
the same: other roads about 5000, 900.
making total of about s7.6OO.OOO.
These roads can be built now for
a bout 81, 600 900, or they are capitalized
for just $6,OOO,O0O more than their real
worth and instead Of paying the rail-
road an interest on their true value, we
are paying them an interest on more
than six times their value.
The total debt OF the state is less
than 81 per head: the total debt of the
county is less than Sc per head; each
and every soul in Marion county is in
debt to our railroad companies s2s5
per head, or we are owing the railroads
just forty times as much as We are due
10 state and county Indebtedness.
The average assessment of all the
wealth of Marion county, including the
railroad company is less than 5000 per
head, which shows that We are in debt
TO the railroad company just SIS per
head more than the total assessments
of all the wealth in the county
The average net earnings ef the A. c.
l. in the state for ths Year of 1910 was
about $1,000 per mile and the average
assessment of the \. c. L in the state
- bout $4,000 per mile, or the A. c. L.
earned just % per cent on its assessed
valuation and nearly fouE per cent on
its capitalization, or its profit to the
people VI Marion county was S12O.O0O
act
The 5. \. L. average net earnings in
the state in 1910 was about sf,325 per
mile and the average assessment being g
about $4,000 per mile, it earned about
20 per cent on its assessed valuation.
and about 3-12 per cent interest on
its capitaliza tion or the people Of Mar
ion paid the s y. L. in net earnings
a ahout $4,000
The state and county taxes for Mar
ion county is about sl50.000 yearly.
showing that the net profits to the \.
&c, l.. and 5. y. L. is nearly $4,000 more
than both state and county taxes.
The state gave the railroads 1900
600 acres of land. S1.0O0.00O cash from
the DiSton purchase, enough land 10
build every foot of their roads. and be-
sides the \. c. l. says pay US nearly
four per cent interest on about $4,000
per mile; the :. \. L. says we must
have an interest on about s6i 900 per
mile. and now they want the rates
raised so they can declare larger divi-
dends, so they can sell more bonds. so
they can make more out of the bonds
than they can in transportation
charges
By what moral right is each and ev-
cry soul in Marion county indebted to
| the y. G. l.. and :. \. L. to the amount
| or S2S5 each?
BY what moral right are the people
of this county compelled in freight and
passenger charges TO give the \. c. l.
/ and 3 y. l. an interest on more than
| six times the true value OF their roads
The railroad companies should have
the right 70 charge us enough to give
them a legitimate interest on their in
vestments. but the \. c. LIS. 25 per cent
not legitimate nor the % per cent OF
1.-The : A. l.. on the assessed valuations
! BY what right is the 1. & y. trying
to inject S4O,OOO.OOO more water into It's
Iroad?
| Do the railroads in many of the
other states Issue bonds when they
can and feel like it? No.
| Why can they in Florida, because
many of the members of the legislature
know nothing about railroad earnings
etc. and many OF our legislators and
iofficiaIs are very friendly TO the rail
road interests and its poor politics tC
work against the railroads.
Well Light what are you going to do
about It? Introduce at the very be
ginning OF the session a bill that il
lpassed will compel the railroads q
show cause why they should be per
mitted TO issue bonds and forbid then
Ito issue bonds unless authorized b!
lproper parties. Yours truly,
L. s. Light.