The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-05
ANTI.RAnwAy LEGISLATION.


Of a Railway party IN the United States.
For twenty years the Changers OF the
West and the Farmers Alliance Of the
South have been passing state laws IN
terded 10 bear heavily upon The rail-
reads until the oppression they haze
caused has resulted in serious discus
sion OF proposition 10 orga lie polt-
teal party.
The Nay number OF the North Ameri-
can Review has highly interesting and
instructive article contributed by Harry
7. Robinson, president Of the "kai'V ay
Age and Northwestern Railroader,' upon
this topic Mr.. Robinson begins by
quoting an extract from letter written
him by (as he says the resident Of one
OF the strongest railway companies In
the West. in which the writer says:
II the dictatorfai power Of the peo-
pie over railway management IS not 10
be exercised in the future as II has been
I'm the past. so as 20 work complete con-
nscation Of shareholders interests IN
all the weaker lines, the change WILL
I'm my opinion, be by reason OF the or
ganization OF political party represent
Ing railway shareholders and railway en-
ployees."
Mr.. Robinson states that part OF this
letter was published, and, as a conse-
quence. other letters were received from
nearly a score Of railway presidents and
railway managers Of the same import.
II serious movement were set on foot
70 organize railway party for influence
in politics. It would be idle TO pooh, pooh
the movement. The country contains
elements that can be moulded into
formidable organization that, II 1t could
not carry elections, could 30 very far
towards deciding contests between the
two great parties. and could at least
exact from each concessions 10 its inter-
ests. Mr.. Robinson says that there are
in the immediate employment Of the
railways OF the United States. 100000 men,
all OF whom. or nearly all Of whom, are
voters. There are. he says, about one
million and quarter shareholders In
the railway properties OF the country;
and in other trades and Industries i'm
medately dependent upon the railways
for their support there are estimated TO
be engaged, as principals or employees,
over ono million voters more These
three classes would give at once a mass
ed voting strength Of some three million
OF voters. There are also, in the smaller
towns especially. and at points where
railway shops are located. all over the |
country a number OF small tradesmen
clearinghouse keepers. &C, who are J
patronage Of railway employees, and |
whose vote could unquestionably be cast |
in harmony with any concerted en-
ployees' movement.
il would have further TO be taken into |
that in organizing rail- |
way party all the sinews OF war would |
be forthcoming in abundance. II would
be absurd 10 despise such a party If /
serious attempt were made at forming it.
1t cannot be denied that the railroads
have been the victims of most cruel
oppression at the hands OF the legisla-
lures Of the West and the South. Mr..
Robinson states that he has Analysed
the reports showing the condition Of
in a number of the Western
States. and he found that in the seven
States OF Iowa. Minnesota, two Dakotas,
Wisconsin. Nebraska and Kansas, there
were ninety separate companies operat-
ing lines. and OF these only fifteen earned
dividends, while seventy-hve failed TO
earn any. Following the statistics as
TO the Interstate Commerce Commission,
he states that in 1880 only So per cent
Of the stock Of the railways of the coun-
try was earning any dividend, while the
rest. or very nearly 5000. 900. Was alb
solutely unproductive Of revenue to it's
holders.
In the States OF Kansas, Missouri, Ar
kansas and Colorado, 1880 per cent. Of al
stock is unproductive. In oregon, Wash
ngton. Idaho, California, Utah and Ne
,ada 1851 per cent is reproductive, and
IN Texas $3.50 per cent. IS unproductive.
It is plain, therefore, that confscatory
legislation goes far towards causing those
who have contributed their money TO
,reating the railways Of the country TO
De almost entirely without reward for
heir enterprise.
Tho Granger and Farmers Alliance
men. however say that great part
4 this capitalization is water" But
hey make most serious error In this
egard. Occasionally a wrecker like Jay
iould has been fortunate enough TO palm
~ spurious issue Of railway securi-
les upon the country, apd great public
attention is fixed upon the act. The
,ublic thence comes to suppose that the
ssuing OF spurious railway securities is
he rule instead OF the exception. In
his. however. it falls into the most seri-
nus error. To issue spurious securities
S most difficult and dangerous act.
'he issuer runs the risk OF the peniteni-
ny. and the purchaser runs the risk
I having them declared void by the
hing is successfully done. and. In the
allure Of things. but little of 1t can be
uccessfully done
Mr.. Robinson states that the capitan-
alton and bonded debt Of the railways
a the United States at the beginning Of
ne year 1898 were somewhere about
II 800 900. 900, and he says that no well
lformed authority on railway affairs in
he country believes that the railways
q the United States could be duplicated
o-day for that sum.