The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-20
SAVED The DAY.
Henry Allen Credits Newspapers
With Arresting Panic.
In Speech Before Kansas City
Commercial Club.
PRESIDENT j. j. HILL
RESIDENT j. j. HILL
OF the Great Northern Talks on
the Conditions.
Gives His Views ON the Needs of
Business World.

1
! the Commercial club, and laid partic-
u1ar stress upon the good effect the
newspapers of the country had in COW
ering the present financial situation, in
| presenting to the millions of readers
| the true condition of monetary affairs.
The newspapers, he said had allayed
fear and prevented panic that would
have been as entirely unwarranted as
any period of hysteria through which
the country had passed. The power of
| the press was never as apparent as it
| is today; the press was never so neceS-
| sary part of the country machinery
as it is today. The simultaneous publ
cation of conservative news in the great
dailieS of the nation had been the sal
walton of the days. The press of the
time had. he declared, larger mission
than ever before and there was the
more need that it be sane in it's state
ments. He spoke in depreciation of the
yellow journal so-called.
James ]. Hill of ST. Paul, executive
head of the Great Northern railway,
was the principal speaker.
Mr.. Hill discussed the Commercial
Development of the Missouri Valley"
and gave comprehensive history and
review of Industrial conditions as they
exist today. He said:
THE transportation facilities of the
| whole country are and have been I'M
equal to its present means. They must
be made equal to it's burdens they bear
or the country can not prosper.
Have Done Their Best.
Railroad arrangements have met the
situation by every effort to increase
equipment and increase efficiency in
operation. In both directions what they
have accomplished is little short of
wonderful. Everything that available
capital ingenuity, cheap service, high
priced labor and skilful management
can accomplish has been done. The
problem that remains is both physical
and financial, to bring construction up
to the needs of our immense domestic
commerce, and to raise the necessary
money to do this. If both or either of
these is impossible 1t is not the fault of
the railway system and only gross ig-
norance of the truth, or the malice of
disturberS, can ignore the plain and
true facts. Only by improved methods
of operation has the country been saved
from a blockade of traffic such as
would have destroyed business activity
or turned it into game of confusion
and chance.
This achievement in connection with
a constant reduction of rates that has
brought the average per mile for each
passenger in the country in the last 10
years to about cents, and the freight
rate to "a cents per ton per mile a
saving that amounts to billions of dol
lars in the aggregate, will be better ap-
preciated after a comparison between
the statistics Of railroads in the United
tries.
The percentage Of net earnings avail
able for distribution on the capitalized
cost OF me railway system of England
is 3h par cent; in France, 4; in Ger
many, 6. The average of these is Az
per cent on much higher capitaliza-
ton per mile, amounting in England to
over four times as much The total
dividends declared by all the railroads
of the United States in 1906 was but 4
T9n ant of 10 ~A4
standing On over SO per cent of out
standing stock no dividends whatever
were paid.
Judged by Results.
ANY other business is judged by it's
average conduct, its average returns.
The railway system of this country is
not failure, as has been charged by
men who are without knowledge of
the facts and whose opinion is conse-
quently Of no value. On the contrary
it is when judged by results, by official
records, perhaps the most conspicuous
success achieved in the development
of the United States. Costing but one
half to one-fifth as much as the sys-
TENS of other countries and charging
rates from II to 1 y as great. 1t car
ries nearly double the business per
mile and pays twice the rates of
wages. Few inventions produced by
American genius, probably no other
industry founded and perfected by
paratively record which, in the es-
sentials of practical value so distances
all comparisons. Under conditions
most difficult, we have created a |
transportation system at lowest first |
cost which gives the most efficient |
service to the public at the lowest |
charge and pays its employees the !
highest known scale of wages.
1.-THE railway men of this country |
have right to be proud of their rec
ord and recent criticism supported by |
nothing better than ignorant declama-
ton. The people should realize that
city of a railroad. 1t has been their |
habit to regard the railway as a |
means of transportation over which |
an indefinite business may be done, |
limited only by the policy or the |
wishes of its management The truth
of course, is that neither the desire to |
serve nor the prospect of gain can get |
out of the railway work beyond it's |
requires the application of the same |
treatment of railroads as of other |
property, and comparisons as to rates. |
as to efficiency, as to capitalization per |
the railway systems of the United |
States far above those of any other |
country in the world in service, in VAL |
ne and in useful conduct.
Need More Roads.
1.-The capital now invested in rail-
ways is well employed. and the men |
in charge of the railways in this
country have struggled for nearly 5 |
years with the greatest problem of our |
time; how to move load whose |
weight increases from 10 to Is per
cent a year with an engine whose |
power increases at the rate of about |
II per cent year. The limit of safe. |
speedy and reasonable service with |
existing facilities has. been reached. |
The measure of prosperity is the ease !
and certainty with which commodities |
may be moved.
THE whole situation declares that |
we must have more new lines, more
dot1hla mora and Croa w