The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1914-06-09

ated regions. but the roads there
have been brought to a far greater
standard OF efficiency than have the
roads here.
The official report of President Ar
thur Twining Hadley and others OF
Mr.. Taft's railroad securities COM
mission furnished ample evidence OF
this.
The average capitalization OF the
railroads of the United States is
about ninety thousand dollars a
mile, said Secretary Lane, OF the
department of the interior, in a let
ter, dated January IS, 1914, TO Con-
gresham Houston.
The 2042 miles of government
owned and operated railroads in Can
ada show capital cost to the gov
eminent of an average OF s47,237 a
mile
Wisconsin made a physical valua-
ton of all the railways in that state
and found the present valuation per
mile TO be s35,490 on June 80, 1911.
more than an average in cost of con-
struction and equipment to the mile
as compared with the average cost
per mile of all the railways in the
country. In making their valuation
the engineers in the employ of that
state included within that valuation
Wisconsin's proportionate share of
the cost of the terminals in Chicago,
St Paul and Minneapolis, and also
of all the terminals in the cities
within Wisconsin. They also made
an estimate OF. the cost of reproduc-
ing all the railway lines in Wiscon-
sin from absolutely new material,
paying the present price for mater
ials and rights of way, and found
that cost to be s44,S97 mile.
The Union Pacific Railroad in
Kansas is high-grade property. The
state railroad commission, under
state laws, placed the physical value
OF this railway at less than forty
thousand dollars a mile. The total
capitalization of the Union Pacific
System per mile is $146,012.60.
Increases i'm Dividends
There are very few railways in the
United States that are so we'll built,
equipped and managed as the Santa
20 I,
terminals at Chicago, Kansas City,
Los Angeles, San Francisco, Denver,
Fort Worth, Dallas, Houston and
Galveston. 1t traverses the mountain
ranges west of the Mississippi, and
its cost per mile of construction and
equipment is certainly higher than
the average cost of all the railways
OF the country. The total capitali
cation of the Santa Fee amounts to
ony $5S,346 mile and its stock
sells on the market at about par. 1t
IS well known that a large amount
oi the common stock issues of the
Santa Fee was used for promotion
purposes and does not represent
cash paid into the treasury of the
railway or any physical property
zafue.
After making fair allowance for
depreciation in the value Of cars, en-
zines, tracks, bridges, buildings and
$50 un, on account of age, service and
wear and tear, fifty thousand dollars
a mile would be an extravagant es-
innate of the reproduction value of
all the railroads in the United States.
of railroad stocks yielding dividends
Increased from .969,S95 in
1900 to $3.50, 25O,326 in 1911, how
the average rate on MISUNDERSTANDING
stock has increased from 5.23 pei
cent in 1900 to 500 per cent in 1911,
and how the average rate of return
on all stock has increased from 2.39
per cent in 1900 to SAB per cent in
1911.
The figures on all the hodgepodge
of rates will show the most glarins
iniustices, absurdities and wrong:
that most communities know of ane
fight against.
ne it be said that all these evil!
will yield to regulation, the fact re
mains that they have not yielded t.
regulation.
Taxation? The railroads merel.
charge it as one of their expense
that freight and passenger rate
mHSt pay.
Franchise taxation? The court
have held, notably in the Consolidat
ed Gas case, that if the people tax
corporation franchise they have ad