Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1903-08-06
DISASTER IMPENDING.
Tue Republican Policy of Letting
Well Enough Alone VIII
Bring had Enough.

Bring Had Enough.
There is something rotten about the
financial condition of the railroads, if
the various reports of their conditions
are to be believed. The interstate COM
merce commission gives the official fig
ures to show that the railroads have in
creased their net earnings during the
past five years 81 per cent The annual
statement of the Baltimore & Ohio for
the fiscal year ending June 30, 1903,
shows an increase of the net earnings
over the previous year of 81, 1893, 1921. Yet
with this unparalleled increase of the
B. & O., which, for the month of June,
wal a new high record, the market price
of the stock has declined during this year
% per cent. All the railroad stocks have
declined. Chicago & Northwestern, one
Of the Vanderbilt group, has declined
over 80 per cent. during the same period,
and this stock is looked upon as repre-
senting of the most stable and con-
servatively managed roads in the United
States. The Pennsylvania railroad stock
has declined 40 per cent. during the
present year, and this stock has been re-
garded as good as government bonds,
and its earnings have increased beyond
all previous records.
The railroads included in the North
ern Securities company, the merger of
which the administration has attempted
to prevent, have a surplus of over SAL
300, 900 for the last fiscal year, and yet
that stock is rapidly declining in value.
One of the roads leased by the merger is
the Chicago, Burlington & Quincy rail-
road, and it has just borrowed IS, 900, 900,
for which six per cent. was paid, the
loan to run until next March. The Union
Pacific has also just borrowed 100000
900 on short-time notes. What possible
need can there be for railroads to bor-
row money and pay big interest when
they have, according to their W re-
ports, a vast surplus? There must be
something rotten in the state of Den
mark. Are all these railroad reports of
vast earnings and their large surplus
tricks of bookkeeping to induce the
lambs to buy their stock in Wall street?
There is no doubt the railroads are do
Ing more business than ever before, and
are charging exorbitant rates for car
rying freight and passengers. So they
have undoubtedly earned the increased
money, and their expenses have not
kept pace with their earnings.
What have they done with the money?
Have the managers invested it in Wall
street or loaned it to the banks, those
with which they are connected? Wall
street is in a bad way, and the New
York banks are inextricably mixed up
with speculation; they are loaded down
with vast amounts of undigested securi-
ties-the watered stocks of the trusts
and corporations. The ephemeral pros
perity of Wall street and the New York
banks has turned to tight times that
forebodes disaster.
Those of us who are not interested in
Wall street could view the discontinue
of the spectators and the extremity OF
the banks with composure if 10 did not
affect business elsewhere, but, unfor-
tunately it does. Wall street and the
New York banks and the railroad mag
mates are also the trust managers; they
control directly or indirectly about all
the products that compose the neces-
saries of life. Their tentacles extend to
the uttermost ends of the United States.
| n,eo-{ar IL Wall ctraat ctnrc Tho u,hon1e
of commerce.; the banks all over the
country draw in their horns and decline
to make loans. Even the farmer feels
the impending disaster, for he cannot
borrow a few dollars to pay the hired
man. The country merchant stops buy
ing goods, and the wholesale houses re-
duce stocks and the manufacturer and
the importer do a restricted business
Hard times come on. Real estate is un-
salable and mortgages and interest are
impaired.
The republican policy of letting well
enough alone when the impending panic
materializes, will be viewed by the peo-
pie as letting bad enough alone, and the
| CIV IOE IelOlH Will DC oldl u IN VI 6Ohb.
The protection to the trusts and the mil
lions they have piled up cannot stem the
tide of disaster, for in hard times high
trust prices fall more heavily on the CON
sumner. That such a revulsion is com.
ing no one with his eyes open can doubt.
The wise will prepare for 1t. The many
will suffer for their lack Of observation.
The trust and railroad magnates are at
the bottom of the impending evil. They
have controlled the policy Of the DOM
inant party and have supplied the funds
to keep it in power for their own selfish
ends. The republican leaders are re-
sponsible; they have had full swing, and
must abide by the result Of their own
work.