Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-03-10
POVERTY PLEA ITO RECEIVE
RUDE JOLT WHEN ThoRNE
is HEARD.
INCREASE or CAPITAL AND
DIVIDENDS ENORMOUS
Msnsy Fer investments in Stocks APP
parsntIy Not Difficult to Find-Divi.
dsnds Increased Even More Rapidly
Than Capital stocks-etrikins Show
ing Made BY Iowa Commissions.

Des Noines, March 1o.-The poverty
plea Of American railways as a basis
for asking higher freight rates is due
for rude shock this week when Mr..
Thorne presents to the interstate COM
merce commission statistics which
bear out these comparisons:
Increase single track mileage, 1890
1912, SO per cent.
Increase capital stock. same period.
50 per cent.
Increase dividends declared, same
period. 800 per cent.
In the showing made by the carriers
in behalf Of an increase in rates in the
eastern territory great stress was laid
on the claim that as things are at
present they will be unable to secure
additional capital and thus develop
ment must be stopped. But it is found
there has been q pretty steady in
crease in the amount Of stocks foated,
which would indicate that at least in
the past money for investment in rail-
way securities was not hard to find.
On the point Of capitalization Mr..
Thorne said:
we find that the carriers have been
able to increase their single track
mileage constantly since 1890. Further,
we find that they have been able to in
crease their capital stock at even a
greater rate than their increase in
mileage. Thirdly. we ind that they
have been able to increase their divi-
dends even more rapidly than their
capital stock.
"The total single track mileage in
the United States in the first fve-year
period ending in 1894, compared TO
1890, shows an increase OF per cent
the second period % per cent, the third
period % per cent, the fourth period A
per cent. In 1910 the single track mile
age exceeded that Of 1890 "a per cent,
in 1911 81 per cent, in 1912 SO per cent
while the increase In single track
mileage in 1912 was SO per cent over
1890, the increase in capital stock was
% per cent, and the increase in diVi-
dends declared $50 per cent.
Increase in Dividends.
"The increase in capital stock has
been steady from 1890 to date. The
first five-year period shows an increase
cent, the third period So per cent, the
fourth period 81 per cent In 1910 its
increase was IS per cent, in 1911 ~
per cent. and in 1912 80 per cent.
THE total dividends declared, Of all
American railways in the first five
year period ending in 1894. show an
increase of 8 per cent over 1890; the
second period showed an increase OF
per cent, the third period 106 Per cent,
the fourth period 251 per cent. In 1910
this increase was 366 per cent in lSli
42S per cent. and in 1912 359 per cent"
The recent decline in dividends
shown in the United States as whole
Goes not correspond to conditions In the
eastern district where, during the each
and every one Of the four years 1908
during which time there has been agl-
tation for increase of rates. the d1vi-
bends in the eastern district have ex-
ceeded those for any prior year.
Showing 10 Striking.
The showing made as to actual divl-
dends Of the American railways Is
striking. The average for each OF the
five wears of the five-year period
1904 was ss4,449,s76; the average. for
the next five-year period was $s3, 49,,
s45, for the next period it was $lso,.
07S.927, and the next one, ended isoSs
81 was ssos,12:.212. Then for 1910 the.
dividends declared were s4O5, 71i,4lo.
for is11 they were 46o.195,S7s. and for
1912 they were $400.432, 752.
l4 The increase in capital stock Of the
railways has been marked for eacn
year and period. Commencing with
81 .4os, ooo, 900 in 1890 1t had increased
10 So. 11s, ooo, 900 in 1910, and to ss.47O,-
COO. 900 in 1911 and $s.4es.ooo.ooo in
1912. This is stock held by both the
railway companies and the public.
rna stock for 1912 was slightly less