Medford mail tribune., November 23, 1910, Page 4, Image 4

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AN INDnrCUDKNT NEWSPAPER
rUJJtlSIIED UAILY nXOEPT SATUIt
DAY BY TUB MBIirORl)
ntiNTino co.
A COD
cIii1i1Ih!h-I 18811; Ihf )iitliiiii llrcpiii-
HP UK Southern Pacific company reports
X rntiiniiKKiriii ns follows: "The onlv railroad owned I
to the railroad
ail road owned
Ditiiniioii uFtnT Ahiiror.1 Mali. by this company consists ol 1J.8 miles in the state ol ( all
:Mi
C1HOIK1M PUTNAM. K.Utor iui.1 MmiBtMr
" 'UiiHTfcil as (oiiil-cliiiuP frinVftr"" No-M-llllHT
). 1000, Hi Ilic pcwtorfiP t
Mi'itrufil. OraKou, tmilr the net of Atnroli
;1. HTl),
oYnotnl Caper of Jjw City f MtKijinl
ounacuirTiOK rates
?iV rikt hr TitHil""7rT f. .". .
Om month hr mull
l'Ar mouth, tfollvrrttl liy onrrlcr la
.Miilfiiltl. Anhlmiil. .Innkmiiivlllu
ml Onlrwl Point (Ol
Hiimliy only, liy mull. ior ymr. . I uw
Wwliljf, ht year . ! J-0
Tli" Mull Trlliuiu- in on nalo nl the
IVi rv Now HtMinl, Hun Kranalncii
1'iirtintnl Iloli-I NrUH HIhihI, Porlliiml.
Itnw iriitti Nh Co., IVi'tlmil, Uru.
V O. Wlilln.y. Seattle. WrmIi.
niitri..nnHfMMi New sum). Hj&Kjmh.
-rtBWT,
MW
UWOnN CIUOUI.ATIOH.
AvrnKu llly fur
November, 1901) , 1,700
J)eoriiilinr, ISO!) 1,811
Jtiiiunry. 1010 2,1M
Mjtt-cli, IU10 .-. J.ioa
AitfU. iaio j, j,
Aiuy. imo
Jliito, IttlO
.Mil)', IV10
. .k. ,
, . art Jl
ouuiini, iiiv . ,
Si'lUuiiilwr, liUP .'...
i.aui
f.!8
2.501
.sit
1.8 SI
",l
n :.;;;.'!.'. 3?
7 JTOO
tl 3TS0
10 3760
II 1710
J a Jfio
in iop
II J7ft0
10 S3S
October Olroulntlou.
JT ,
19..,
10
1
S3 ,
::::::::::
BC,
I?;:;:::::::
if::::::::::
277R
J77t
ITTf.
28U0
i860
280M
SOOD
IU7f,
00'
aooo
sotto
1060
Tiitul
flll.N'Jf.
County of .luck-
AvorjiKU ilally, lTtt.
sTATi: uk onicaoN,
mm, Hit:
On tho flrt ilay of N'aviMiibpr. 1910,
ioii)imlly iilearul lifori iui, (liKirK
I'ntimin, iimiiHh'w uf tint Mfilfonl Mull
'J'r(iiini, who upon orflh nuhnowliHlfii
liuil inu luiuvo iimiri'H lire nun unii cor
riut. If. N. YOCKICY,
IHcnl) Kotnry Public fur Oivkoii
Whereto Go
Tonight
U-GO
Hlilh-Clnss
Vnudcvlllo and
Movlnn
Pictures.
Channo of Proflram.
3-BIG ACTS3.
NOVEIiTY Sl'Kl'IAl.TY li MISS
MANI)KVJM,ti.
Sl'lH'IAIiTV ly Mlt. ATIIKV
Ono-Act I'lny, "The Jiulflc and the
Girl."
3 Reels Movlnii Pictures 3.
Doors open nt 7 p. fn.
Clillilrcn 10 U-UO AtlullH 20
Mntincu Kvorv Sntunlny tuul
Sundav i-M.
'WSSullSZ' hoi.T,",iUo,SSSi I'ornia, and as the capitalization is largely based on leas
K'iVilL'm!,! 'iVoo! n',!',? ,i'?."W held l).v the eompany, no aHsk'Him-nt to property is made
'2Tr;5'.j:".,'"!'JJ,0JL Tlie total eapitalizationin 1909 of the Honthern Paeitic
company wjm.$JW8,-IH7,08l.22, or upon actual railway pi-op-erly
owiied of $n,'292,272 pel' ltiilo of road. Ah compared to.
tlie actual value of the 1 1.8 miles of road this capitalization
is preposterous, and as dividends to the amount of $70,
u(jn,b'8D have been paid in the past fuiir years and approxi
mately $10,000,000 in interest it is at once evident that
these enormous .sums were not derived from the 11.8 miles
of road- Prom whence then came this money?
This money was procured through the operation ol
properties under lease and from money, invested in othei
forms of investment, the principal of which was eithei
taken from the surplus from operation of leases or raised
through the sale of stocks or the issuance of bonds.
J low were these leases procured and what do tluu
represent' The financial scheme of the promoters of tin
Southern Pacific, company involved the creation of a com
pany to. obtain leases on'lhu property owned by the pro
moters, or in other words the owner of the properly leasee1
it to himself, then operated his own property, agreeing t
pay himself a rental as owner and dividends as operator
The lease is simply a scheme of capitalization so that
higher rates may be charged to earn a legal rateof inter
est, and thus large sums of money are procured in excess
of a reasonable return upon the actual value of tin
property.
The method works as follows: The Oregon & Tali
fornia Railroad company is the name of the eorporatioi
owning the mileage in tho state of Oregon, consisting o
(Jfiti miles of road. The actual value of the road is a boa
19,000,000. which is covered by capital stock. In additioi
to this capital stock, $17,7"Ui,000 of mortgage bonds hav-
been issued, making the total capitalization $:U),74;"),00()
The property is leased to the Southern Pacific com
pany, who agrees to pay a rental of $5,000 a year and sevei
per cent on the preferred stock and six per cent on tip
common stock, or a total rental of $l,2Gi3,000 out of tin
"a filings and interest on the bonds. The Southern Pacifi
compauy took up all of the stock and bonds and place
Ihein in its treasury and issued its own slock and bond
'igainsl the O. Ac ( R. I?, stock and bonds- By this phn
the capitalization has been doubled so thajt all money ii
excess of the rental was absorbed and interest on its owi
bonds, and at the same time paying interest on the bond
held in its treasury of the O. ( I?. R. To. and dividend
upon the stock in the way of rental.
Figured out on a simple sum it works this way: Tot;'
value of tho proerty is $1- Bonds to the amount, of 9'
cuts were issued and 10 cents in stock. The property
'lowever, was capitalized at $1.90, or-90 per cent in exees.
,! js real .value The $1.90 ol slock and bonds weretake'
up and $1.90 of the lessor stock issued, the total now bein;
M.S0, upon which the claim is made as a ritrht to eare
C& tsii Ctfnfihhi SHU,nmtf 1)0 original $1 should earn six per cent, llii
QIlwll4t(jliUMUl vvoul(l ,,( six ,,(nts 1HM' ,vt'iU'' nlll six per cent on the $;1.8'
wouui oe jlz coins, or nearly tour limes the amount th
lollar should earn.
The net earnings of the Oregon mileage of the South
nl Pacific company for this vear is $I,1:19,-I19, allowin;
tho right to earn six'por cent on the real value of the prop i
riy, or l.liu.uoo, tlie excess earnings are $2,999,-1 18. Th
'reiirht earnings of the Ore iron mileaire are about 1-1 mill
er ton per mile, therefore on a proper capitalization th J
Southern Pacific company snould not earn to exceed !
mils per ton per mile. In other words the people are bene,
taxed nearly five mills per ton per mile in excess of a reas
niablo charge.
Aside from the value of the 1 1-8 miles of road ownot
by tlm Southern Pacific company the balance of its cap
talizalion has no mural right to exist; and it is not entitlei
o mm a cent upon this fictitious capital. Dissolve tlr
Southern Pacilie company and jmy a reasonable rate o
uteres! on the actual value of the fungible property o
he railroads and the freight charges within the state o
)regon can le cut 30 per cent and still leave a surplus' ovc
ind h1hw expenses til operation, innintciMUWe and a si
;er cent dividend.
A voluntary reliiHpiishmeut of thin extortion is in
oii-oivahle, therefore the people mut fight and keep oi
ighting until justice and equity prevail, '
NEW YEAR'S EDITION "
(Klin W'hccler Wilcox, the note.1
writer, is pon to w-it the Ko!u
ier vnllijy, the Kiict t' Mr. ami
Mix. F. It. jjhiipiinsiii ol Tabic Hock.
-Nowa iUl'.j
Count lioifL my limp; too 1iii you'u
liiuh? Upon flint fricmll (liuciilciii;
Too loilii"'!! hct'll Mllf'C jo" huu
SUOtt
Tito prifauli of tjic Iniic, 1 wcun.
I link joiJhi'jj'inir jKi'iillt'bt clionl,
The otto wnt'H mnut nntiiroV
lioifi(;'
flint wo nitty Mine noil praio. the
Loirf,'
For such n rriciulU inu-c tlioti ml.
..ut'H hJiii.ii. yellow Newtown onu
" Anil flofif flic Toll oir Pippin ilruiiis
Villi lot SWtict lllll-il' loll lllllllL'
'A lliiiuliqr l'cot, when Llta cuincx
lint: nwuutly sonic Dcu Davis hymn
And twiinur tho lyre of Northuii;
Spy,
im1 Huiuiulf- Sucillini.', sine ot him.
For ho'o ttlu apple of in eye.
it iUtvni hoiiofrih D'Anjou'-. cluult'
Ami Biiifrjj. Winter Nchs son?;;
'oinico. il1inJi:ir,tlctt ou"pani(lc
With Hosti and llowcll, 10,000
HtronL'. '
inir WiuoumpV over ploain praise
And touplf'tlio chords of Maidc.i
llltlBh
wnl all nlonsr the vhnii ways,
Where lcrulr, lunfcttured waters
rush. '
inir tieiitly, sweetly, all day lpn,
Ah sofl as n.n hce that Iiunls,
ot niiitiitrdn join in one Hweet son.
Of wclcoiniii;, whon Kiln conies.
ome horo, hiy iiium', and iue foi
Trousers Sale 33 1-3 Percent
500 Pairs lo Choose From REDUCTION
1110
.
McdfordV Exclusive Pioturo Tho
ntor. Lntut Liooiuiml Photo
plnya. .
One Dime- Xo Moro- One iplific
THE ISIS THEATRE
The plre wIumc vou ciui b"1.
v hjKml a pleuMini hour uwl
ho m hearty lautih.
PROF. BARLOW'S TRAINED
DOGS.
TOMMY LA ROSE,
llUtl'lt t0IH(uill.
In tli Tluvo l h.iractvrw.
The Gorman Yodler.
The Little Ltnlinn Lad.
The Jonkoy Sonn and Dance and
Clan Dancing.
lVm'l tuil lo M "TttHiniv." ll
i u wonder, iiiiruttuviiii! the Ut -i
mine i'ud jtJtM.
11 UUUI.S OV I'lCTl'ltlCS 41
A rALSK FKIKHD.
THK SANATORIUM.
UKAKTK AND POUT1CS.
8t)NU "Silver Throad,
I he HuW."
U U, HUnciinrd.
Aiun
Mutiacd cor SutuixUy and Sun
duv ut '2M.
NATATORIUM
EXTRA.
Prize Masqui'rade on Skntas
Ttmnksfiivitifi Eve. Novoniher 23.
SKATING.
Every Aftornooa and Evenlnq,
Mlf uu ohii N.uk u tttu lem
l. -ku" .
BOWLING.
Rnst Muste In the Wpst
"NAT" THEATRE
Tonight ami Tomorrow Nlflht:
"The Mi.ljtVo n. 'i i "
"Dr. fnppiiV Klialit A- i On-
Ailaiiin- "
"FwtltV III .! H tl.lli..l
( I.IIHIIU I'ulllcdv.
Sullivan & Consldlnc Vaudeville
Next Week.
lOc-ADMISSIOtf 10c.
A sonir of- fhnver and fruit and
viutj. - ,
.Ike ureatiSKvyhifiJeriiii: from tlie hc.
Ur feotinhuiK wimU through lorol
pine.""
.et JluJIflowor wear her sweetest
inilo ;
And Jonatlian hi-, hriuhtest hue,
.ud Spilxunburd that m Intuitu
The (IreuniiiKb wet with heaven'.
dew.
here coined from lair Atlantic' -
'shoigs
A Hinjjor yveot as ircn Minys
I'hich all thfi,. world ol son ndorc.-.
Who rtiiiKa.to riht oppression'.-
wiling,
ome, applopiuich ami prune anil
poart,0
With al Jhu henies, Kiapuij and
Pluiun,.
.ml Jet y.oiir jirnUob till tho air
To weluoiuehar, wlnai Kiln uoiiiub.
ome, harp of wiup, coino nil tmioT
And it njjTit down at iialuruV
l't'et. t'
'o mat lor whylliBf sun, or moon,
(Jr stain, or ltiuidniim wift iuil
vcetl:
.'o'll vim: ol Tier jfliowe ititiKic ihmi
llu lit'tod up die heart liowoi
down,
.aulicd, wupl and vuu anil IhurIi-
ed attain
And Mpnnitfd tb IwaHi of lury'
crviwn.
roiu Ashlaud'd " iCnic uuw
hciulits,
Where ruivo tip ,, (1m Sukiyou
hilK
'o when- tin. lVciui rauKv uiiUc
W.ih Mt. Me!kili!th, ftry rtUw.
ill.'lr lIUUlr MMMMHn IMVOi
I lmvo,50U pnir of soul Tioocni all owcptiniinlly well iroulo nml
r tlm very bmW nuitormla; i)ielndi WOUSTKPS," TWKFDS.. COUUU
ltUY nnd othort'.ccitionall.v oil mnturinlH. . "
I'lfe lORlilnr pricey on thcxe ti outers inaka them the host vnliniH T
lover xaw. At "Ihu dincoiint nu:nliuicil ahovo oo'-y man in Medford
Dhutilil lie intcretiled. fall and chouo while the ohoobiny Is frond .
w. w,
IT
f
IFERT
NORTH FRONT, NEAR MAIN ST.
BOOKS
FOR
CHMSTMAS
Medford
Book
5t
ore
cent',
Win-re i.i, litaKow in prkt4K.
hllllt., , ' .
"row iu-d .mesh -oT all ud vm ul
Peilee, , ( .
To Wel."iiio twf, VfbM'JMl tOUKf
41 by th
Send a
Messenger
that will meet with the ap
proval of the recipient oi
""" message. Anv old kiuc1
'i messenger won't answei
Tie best should alwaj'a b.
sent ''if" you wish the re
cipient to pass a favorabh
verdict.
What you think about busi
ness stationery isn't quite so
important as what your corre
spondent thinks.
Don't buy
Tkt tlJtrJ f.ifjr tr fmilHiu tIMHmtrf
m eumrhire mm
"Lttkjtr tkt tntiit .mark"
because it pleases you, but
because it influences the man
you write in your favor.
H HMMMIK IkMli (.IWH, Ctlip
MMr. m4 kir clartii, n, Im.iACfti
Mkv It mid an lk m.urnn Ihjt
Umw". t.wowy m H'.-l,lv A lnJ..me
PliW m. Kvn upm t rtjtii-v, flnw.
If IMII4 d olhrr bu-i k-u l"itn.
pw iun.raphil ami mi
The Famous IZd&i)
is me Lamp or neat Beauty
because it gives the best light of all
lamps. The Rayo gives a white, soft,
mellow, diffused light easy on the
eye because it cannot flicker. You
can use your eyes as long as you wish
under the Rayo light without strain.
The Rayo Lamp Is low-priced, and
even though you pay $5, $10 or $20 for
other lamps, you may get more expensive
decorations but you cannot get a better
light than the low-priced Rayo gives. A
strong, durable shade-holder holds the
shade on firm ind true. This season's
new burner adds strength and appearance.
Once a' Rayo Uacr, Always One.
Ptalers Eitrywhert. If not aiyaut s. u-rllt fr dttcriptivt
circular lo the mart it agtncy eftht
5!f mnAn'rA Oil PrvmrifiTiTr
(Ineori.or.ted) JSii
MSIS
! L
l MJwiiiiSy f J
lwIIA
mi
Troutman Orchard Heater
The world's standard of efficiency and economy.
They burn air. Made in seven types to meet any
requirements. Special prices for short time. We
also manufacture the lard pail hea'ers. Write Karl
J. Wundf, General Agent, Meridian, Idaho.
r rrm-.rn mmm. nnnm g
SPECIAL
Mlthy Hnr.Mik
i UMmjlmt b.u-t
AvtMivrly
J
fX COXKOUMITV with established Vugtom. tho Mai
Tribune will i.ssue a special edition of H)s0G0 or timr
opies on New 'ear,s da v.
I his issue will be more ehtWate than am Uithert.
itteniptetl. It will contain cuts of new Medford build
njjs, as woll im new oiH-lmnl scenes and pMuorauwR.
A comnlete snnmwry of the year' prugiinu! ami devel
pnumt will be ifivpn, lhe plmnowieual reconl of the cit-
u public and private construction, of tho vallev in orelum
1-js-imln and plantinK the histurv of the nut'iiroffnwKivi
vear in the career of the world's grvHlent oivhuttl bcl
uid itt; metropolis.
As there will lie im coiniueri'ial elub panphlefs issuci
his winter, this etlitiun is planned to fill the jfnp and kivj
he worhl informed as to southern Oregon's growth an.
levelopment.
NO ISSUE THURSDAY MOVIKa DAY
T
IIKIJK will Ih no ittue of Ut AlaiFIVilnute toinorntw
Tltanksufivinif dtiv.
The print injf plant is hciujr inovetl into the new Mail
rribuno buiUUnjr mt Kir stiwt IhHwwu ixth and MUt
ttreelK.
It will be ninth time before the juv ifnV will x iln
fched. but tho expiration oX tht pnwut mm render tutv-
inu imperatic.
In the up- intiiiic, the pa n
olitilU led t tl l t r -ll! '. liltirv
oiiio, imi of Mint',
-irc.'in,
Deep in th pWn wnterx num.
.- vluiiiiu-iiuir ui Hlx eit' Btfi
Aloiitf Itov-o dviii VMtRt w-
ot .'"i.l. ni pb her ' mu4i Im
MIIIV'.
L't tiii nd iiif iMl tree and
hill ' -
(mill louh to nUdlj? Join muic
The -...iy df ienM mill
vitt. 'w
r. nut Dili IQHKt l-BH riny f J,,,,,.
No "ii.tt i ht$ con HatV"f irii-!.
Ve u..t i.n mi veiulMr loiit-Thit'-
,t, tk9 tB that e e.u
Kimr
ho Yctl.iw N'twUiwii fholr wilt mj; , "
And In--1 th 'time on Pippin V0
dium;
VV'II .mi ill,- fmit put up far spring :
And I,.,., n tiMif whim ktla et.Hic ATrKXIl COLI.KOE.
i ivtd oa
A Small Bearing Orchard.
Attractive Price - Easy Terms.
W.
r
V .)ik & Go.
A
Medford
Printing
1'llAKl.KV L OAXT.
Teddy And
the Outcome
Arrnnge to aUoud tho Cugeno Qct-
, .NMsa Colteg, aud let ui get yoa i
, jooii poaltlon when you gmJnute, .-
ttr cow. Sai.J tor our uew um-
wti M V Ht S,-aih tr i
ll tn-hind the tirt imperticu)
ui-ii of ill return um! whert- i
.-u find uy ulimr rvfuhlicMu !.! -
r who tarrd bettor ttwn Htfftt
(Uoxton tll.ik.) ,i,i tho IntuMide of Te.-dv. Y.u
It would k -wkU i.,i t ft.(, iuiifn.,1 M F.WWiU' u WWhimi mid a
mU xiew ill political ifiunnu t:iP other ho ted thmnwlvi-
i'htdirf U.MHMvr Htttit t(katit ! Mily by ovtikuttf KaMvlt in w-
mt ns HfttMitHl tr tk mmipli anpiMy. Aim! htw lurw oitdl
iwiioiirsitt.w r hi l3.rl l. ' iwvr bNi the Xw VVk majority
mii. It.- would nut Ittto n.Mhi.-t i tllin a HherMuaBtHM-WN4-bttr
than to trwU hnviMMutv ' ruff Mtmidimt ticktl
" m thit h-tuuil hiih Imm fiu; ilr. U' m)iritv i not .rj Imiv;.'
nr HiiriU.ittlv iirMirilif fr htm bv th NV Yrk -tiunlunl nt m.n
like JiuUo Mutiroii Ihm rfnv ufttVu- tiirnmit. fr lVttlm)i Ia1 rrl
Cut Flowers, Ferns and
Decorative Plants
J. T. BSOADLEY . CO.
Amiiimiu-i tlu' Uao a oh . ,i--.--t i ,, K.-mj, l'.i'm- ami
oilier IVetuatlu- Plault. in lllt-u -.it , Ii-mim' ii ii ilu- le-M-l nil
umt Hill otli-r wuiiib tor wtli' jit I'uthki'iiV iu-w ton, i.irmr
Cfiit nil avimue and Sixth iuu.
Cut Flowers
ItimU tor delixiMV rtiut -hi liior iiiii;
Utvoiatnn; for vt'iluiu.:-. impimnv, ,.;,.., ,, ,H,,ul.
Ti .-in- ot our i-n-ri.,.-,,-- , , , ir ,i,uih-i i.ii.u-.
fit .-i i' . nhr will n ..- (.i,.m ,,i uiu-nl'n:..
IMiONK M.'IN MSI
i-rviit fit of th i-lH-torut, Uooi
U lol the staii by much lt than
lb reixibltfMiift kit Aln!avhtikti,
Kmv Jtrtfu.v u Mr. Ttvfl'w wtat wf
Ui.
Tli Hr York Tlm icaM that
it -k uubelimahkt in the nututun
i bat th retMtbKMttii f Kvw York.
rtmw m raiHiHl. mid it mri-im" t"
! iop it. The patent laubitiiv ol th
x-trii4kut to whv tbr iteoine
ttr front their i-t 4uu4bcbv.t
ot rvwant rrptihlkiiu lrwUitors in
WaHhnti: mU m( Albanv u tnb.
nt- to our uiMtltHtMiMi m4 to ihv
lottti wh . mihohl tK.
Xt rvm hi admirer mat dmit
that an a anit Mewr ha iid nt in
wtl
In- iv( ,' ;,
I "v !,,
IH -IMP-.Htnl M viMftVV Miul .ll- Jr.illi.ul ..I .in.. L n.,,i .,.. u
." lii i,k,il. ttici 1H' li -1 'ilW.WMI mi ,i tiinin-i iti'llioi-rtlllf Int., ImliU lluit mm ihiI ms. ll... 1..,... ..... .. ,1 i i ... .
"" '" (c. i.rm,Tur, .VUT-HHBBa LriHt-uIli.
II- Ii
r
-l In ,1 ( . , ,
W . I Vi
lli -I
I
inui i i i r
ll, n I ill llllll
I I
M
1 1 n 1 1
Hi. i ,',. nT hinlni ili-, mi ulioii, ,,. ftwi in 'ik.-tl ih
"' ' ' '' i il H .1. .iii.lmi; ui-iiiii., f ihi new ualiiMi..
' ' - - - i- i - - . -i .! I-.U1
t
w iyililii iHwm
1