The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-07-08


and there Is good reason to believe that
It will be a credltable exhibit and form
one OF tho oxposition's grca test attrnc|-5
TONS. 81. gi ii III }f8i5
ii Our South American Trade.
1t has already beef, noted In these coli
iumns that after the Pam American Cout1:-.
eli at Rio JnneiroE shall have closed, i Sec
rotary Root will visit the countries Of
South America with q view to cncouira e.
Ing moro Intimate trade relations With
tho United States. Up to this time we
have not bothered much about tho South
American trade, because we have found
a market for our surplus products q III
countries across the ocean, but Our pr
ductve capacity Is increasing at such q
ratio that 1t Is time we were looking out
for new territory, and South Americn
Is most inviting neld Of exploitation
For the fiscal year, 19oA-' o5 s our imports
from South America were nearly three
times MS great as our exports But the
European nations have been more active
In cultivating South sAlneri can trade as
the following table swill show: " I. 53$i 81
# s3 III 5is. Imports
AnerIcan /. !. Sis, 7s5,75s slyo sot,bso
British %, 945 coo ,SVO 900
German 4, 126, 100000 1131bs,OoU
5s5i s ~ jE ~ Exports. II s
American \. sss as, ei7 IS 20 SIS, sss55
British e. !. Z. $4,000 ITO, $4,000
r. or,na +, 40 075 O(,O N "a, UuD Ol>O
sSs 100a, 5 1 1901. a 1ncrease.
Americana. $l57 s2o,37S SIT, 131 1874 s13, so9 bol
British /. 4. \. 21S 10000 279640.OOO 6O,vSo, CoO
German Is. 1856 ~, o00 ~ 2S7, 153, 600 20 QUO
ss our commerce with South America for
the fiscal year ended June 80. 1so5, was g 4
500, GG8, 96G, which Is "a gain nearly three-
fold on tile two previous years combined
This Is encouraging and should serve to ,
make us renew our efforts. here is Moth
ing like personal solicitation. and as Mr.
Root IS a shreWd diplomatist his visit
will no doubt have the effect to. turn much
Of the South American trade toWar ds the
United States. IT is "a well-ltnowT fact
THAT many goods which Europeans sell to-
South Americans are manufactured In
the United States. IT goes without say
ling, therefore, that 5if the Europeans can
buy goods and pay us q profit for g II them
and reshlp them at q profit to the South
Americans we can better afford to sell
direct The advantage Is with us,if we
willTonly utilize 1T. IS i.
Az Mr.. Root has q fine opportunity--if = ne
be not embarrassed blythe atariff. i
L T D Ia Z
The Railroads and the People.
Editor Of The Times Dispatch a
Sir,-Permit me to call your al tentlon 70
IA singularly inaccurate statement IN an
| editorial in the Richmond Evening Jour
|5nul of July 9Th commenting on one u <
your editorials. Si5 IA. 2s
The Journal says that In the reorganiza-
lBtion of the Richmond and Danvllle Rail
road Company III IS. e asE jiis isf "A
'"rhc interests Of Its stockholders, whose
money had originally built the road and
counties, cities. towns and individuals
| along the line OF the road, who had In
simple guileless Innocence subscribed md
| paid for the stock, saw their interests
| submerged and utterly destroyed II by
I 5deugc of bonded indeb tedness, incurred
l for the most part in financing transac-
lions that while making the fortunes OF
/ some of the officers and directors, brought
! the parent rOau ltHe Stochlloiucis ellSt q
! or to ruin.''
s3T he fact Is that dividends were paid
| on tho original capital stock of S2000,WO
4 OF the Richmond and Danville Railroad
| before the war, and later tho Log sln-
i ture authorized It's Increase to $4,00O.OO0
j while still mostly LIN tho hands Of the
original subscribers, their heirs or u.s.
signs IA 4 4, 5iS,
| E2l Owing to the financial panic Of 1873 and
the conditions which followed. the stock
Of this company became greatly depressed
i and much OF 1t was sold at very low
i prices, but those who held their stock,
/ eventually realized very high prices for;
It. In consideration OF the rallrond COM
/ pany relinauishing its exemption from
i taxation the capitalization was Increased
! to s5OOO, 900, making another dividend IN.
i stock for the shareholders
i Long before the reorganization under
/ the charter granted by tho Legislature
i TO the Southern Railway Company. pref
i t. much Ill OF the stock OF the Richmond
i and Danville Railroad Company had
passed out OF the hands Of the original
i holders at prices ranging from S. to
{ over $3.50 per share, although the orig
Il inul subscriptions amounted to only $40
Z per share on tho then Capitalization,
4 which included stock dividends TO share
(, holders, of 100 por cent, on original capl-
tai. l, -,
2 II Under these circumstances W!lHt sFouHu
OF complaint can any original stockholder
have against the 'oiiicers and directors
of the company? The sufferers were the
snec,llato who bought the stock at ABB
surdlv high prices, and not those who
sold It. y. NJ ". - - =. y
The deductions OF the Journal are as
fnlsc MS Its statements are inaccurate.
II represents tho railroad corporations and and
the public as partners and says that u
the stockholders pnt}up a capital Of, say
nve million dollars heir contrlpu-
ton to the partnership tho rates shou 'lld1
, he SO adjusted as to yield them rea-
sonable profit on their Investment, say
six per cent or three hundred thousand