Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-11-12

allow the same per cent Of advance to
| all the other railroads in the country;
to keep this up year after year perma-
nently: and to have S150.000.000 left
over every year to distribute in higher
| wages to labor; and we could do all
this without any increase. whtever, IN
freight rates. This savings, after &C
cepting your modification, Is simply
because this big unorganized mass OF
people making up the government mas
a better credit than the greatest rail-
road system, or the best financier In
! the United States. We can borrow
money cheaper than you can.
Fiaurss Incomplete.
You hive left out other large saw
ings that would result II ON govern
ment ownership, even tho we kept IN
our employ the same highly talented
experts. managers attorneys, onlcials,
etc, ETC.. at present salaries. who have
been evolved by century OF American
railroadirg. In the last year. Tor whlch
we have somewhat com'lete returns,
eliminating Implications because OF IN
Incorporate payments, ma, asioe
from interest charges $3So,4ll,oe!) D
the surplus for the year, avaliaole lo'
appropriation, amounted to $i53,322,-
s04. which, in addition to net DIVIDENDS
declared ($291, 497,16D, was approprl-
ated as fellows:
Additions and betterments. oS,t4o'Slo
New lines or Extensions. o,ols'o1e
Other reserves ........... ',es',Ao1
Surplus for year Sl,oos'ooo
Total :. .$161. S25,7 TAO
To-day these additions. and better
ments. and extensions. ETC., belong TO
private companies, and you are claim
ing a right TO a return on such prop
erty in every court in the United
States where the reasona blenesS OF
rate schedules are under consideration.
This $16l 600 900 would go to the pup
lie. under government ownership, IN
addition to the $3.50 900 mentioned
above.
In addition to all these savings l
find the balance on June 80, 1911, car
ried to the general balance sheet OF
American railroads. considered as one
system. as reported by the interstate
commerce commission. the neat sum OF
s1,036,12S,O0O, in addition to ss1.0O0.Ooo
surplus for the year mentioned above.
This represents the accumulated sur
plus over a period Of years. Some OF
us have doubted the validity Of some
items in this surplus. but YOU SO report
1t; and upon this you claim return.
This accumulated surplus of more
than a billion dollars would also be
saved TO the American people in case
of the government purchase of out
standing securities. at prevailing mar
ket prices.
You have been lettering and i'm
proving your properties for many
years, out Of earnings. One company
boasts THAI it has placed a dollar into
the property for every dollar paid IN
dividends We not only pay you re-
turn on Your investment. but we ouiio
your properties for you.
Certain Of Figures.
The figures I have quoted In thls
letter are the results Of my personal
Investigations. stand personally re-
sponsible 10, them, and challenge you
to find an error. In the light OF these
facts l submit that my original est-
mate was conservative.
These are serious facts. and the
American public is going TO wake 20
their Importance before long. Remem-
Der, the large majority of the civilized
countries on the globe-three-f our1ns
OF them-aready own most OF their
railrods.
within the next five or ten years
you will see government ownership