Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1912-08-06
Observation-Disclosures RY.
(Communicated.)

NJ. editor:
This is a wonderful country, like
wise a wonderful age in which we
live.
From the Atlantic to the Pacific the
sig.. of progress is abroad in the land,
and every city should be up and do
ing in order to protect its own inter-
ests. 1t is said that fools rush IN
where angels dare not tread. 1t takes
big acts to do little things and some
TINS sledgehammers are used to
drive tacks. According to the decision
of tic Interstate Commerce Commits
sioli. rendered June 8, 1912, in the
case of Bitter against the Washington
Virginia Railway, facts were brought
out that astound everyone who investl-
gates.
1t seems that the Washington-Vir-
ginis Railway is not living on bread
alone; but requires little water. 1t
seelas that after the merger of June
3oti., 1911, the total amount OF capital
stoc;; issued against the 45.S3 miles
of railway was $5,z80,300, or the enor-
nous amount of $126,l24.S1 per mile
of road. No one knows and it is I'M
poss ;ble to learn the actual amount OF
money invested in the several lines or
the amount of money received from
the sale of said stock and bonds. The
original cost is not disclosed. After
an exhaustive examination by the In
tiers ate Commerce Commission they
repc:t it inconceivable that the prop
pert could cost the fearful sum OF
S12C. 124.81 per mile, and further as
serts, from all the facts in the case
that the capital stock is grossly excess
sive. 1t is learned from the report OF
the Commission that the average year
" taxes amount to SIS, 325.05. This
sum deducted from the net operating
revenue would leave $223,4S2.55, OF
an equivalent of six per cent OH cap
itali.ation of $3,724,709, or $2,058,59l
less than the outstanding capital or
juno 80, 1911. When you consider
that the total outstanding capital was
SIS, 7SO,3O1 consisting of $2,37S,SoO OF
stoc,: and S3,402,O0O OF funded debt, it
appt ars to ready thinker that or
June 50, 1911, the capital was $685.,
800 more than at the date of the COM
bine.l operation, the additional amount
consisting entirely of stock.
In conclusion, l would like to know
why should the people of Alexandra
City and the surrounding counties be
compelled to pay heavy dividend
on something for which they receive
no benefit? Has this enormous amount
of watered stock for which cold casf
has been received been used to benefit
the people, or is there one thing tt
show for it's use in comforting favor:
upon those who are paying Tor th'
road and that dearly.
! AS to our city, as corporation, w
are to act on franchise asked on Roy
al street. This franchise is of vital in
terest to the city and all it's people
one that will get more valuable as thu
yeals go by. There should be no un
due haste in this matter and council
should look before it leaps; for it may
be tie voice of Jacob through the hant
of Esau. Let's travel slow in Thu
matter, for sometimes behind thu
warm rays Of monday sun ther'
turks a storm cloud which will des
cend ere evening with damaging eff
feet upon those who are not mind
full of their own welfare and have no
kept their lamps trimmed and burning
Let US live for the city; protecting i
against the encroachment of corpora
tions and rendering to Caesar, at tn
! same time, that which is due him.
F. C. SPINkS.
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