The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1908-04-23
Defense of Railroads.
MIR. Moses H. Cone, Prominent
Business Man and Manufac-

MIR. Moses H. Cone, Prominent
Business Man and Manufac-
turer of Greensboro, Makes
Some Plain Statements on
Industrial Conditions in the
South---Touching on Rail
roads He Puts Up an Able
Defense for Them.
Mr.. Richard FL. Edmonds, editor of
the Baltimore Manufacturers Record,
was the guest of honor at a banquet
given by the Greensboro Chamber of
Commerce on the night of the 9th,
when he delivered an address. He
was introduced by Mr.. Moses Fl. Cone
who took occasion to make some
plain remarks on the industrial stu
alton in the South. Touching on
railroads and their Importance as
territorial developers and promoters
of prosperity, among other things he
said:
He thought the blame for the business
depression that has come upon the coun-
try should be placed upon the legislators
OF the country He said that, with the
unrest and dissatisfaction of year ago,
there was no good word for the man Of
means. Everybody was down on the
railroads and corporations. He quoted
from the reports OF the New York stock
exchange then and today, showing the
securities listed one year ago at $14,-
900, 100000, and today at $10,O0O,-
600, 900 He said that the country de-
serves just what it is getting. The con-
ditions are no worse in the South than in
other sections. In fact, Southern, corpo-
rations are better off than other corpora
tions, and may not deserve all that they
receive.
Touching upon the railroad situation,
Mr.. Cone put up an able defensa of the
roads. You may pass as many laws as
you want to in Washington, Atlanta,
Montgomery and Raleigh, but you will
never have more honestly conducted rail-
roads than you have had in this country.
Wall Street has got as few thieves as
any other community or church in the
| country in proportion to the population.
I OF course, if you want to go into Wall
Street to gamble, you will find thieves
| and may lose your money, but, if you do,
don't come out and play the baby act. -
Here he quoted Senator LaFOllette as
saying that the governmentisco controlled
| by 100 men, that the 100 are controlled
| by fourteen men. and that the fourteen
are controlled by Rockefeller and Morgan.
Mr.. Cone said that he was in position
| to know that this is not SO. He said that
/ t,,, i'd % h. h.
! Export and Commission Company owed
Morgan's bank-the National Bank oil
| Commensurate a million dollars, and
that he got the note renewed without
any trouble. 1T is easy to criticize, but
in most cases the person who criticizes
most is as dishonest as the person he
| criticizes"
In discussing Morgan and the Southern
Railway, Mr.. Cone said that Morgan had
done more for the South than any fifty
men. He told of his first trip South OF
/ the many changes of cars he had to make
between Washington and Greensboro
and from Greensboro to Asheville. saying
that it was Morgan's money that made
the great improvements enjoyed today
| The reorganization of the old Richmond
and Danville railroad into the Southern
| Railway was as honest and fair as any
organization ever effected. The $12O,.
| 600 900 Ofcommon stock is as honest and
fair as can be. The Southern has never
paid one cent OF dividends on this stock
although if Morgan is the kind OF man
he has been represented to be he would
have taken dividends on this stock in
stead of improving the roadway and
building magnificent stations all along
the line. He said that his company is the
largest shipper of cotton goods in tn,
South, but that he had never been able
to get any rebates from the Southern.
''lf | were Morgan | would throw VI
the Southern Railway. The people O
the South have committed a Grim,
against themselves, and when the South
ern Railway goes under the people will
then appreciate it and what Morgan ha
done for the South"
In speaking of the tendency to enac
restrictive legislation, Mr. Cone said tina
those countries having the greatest mum
Der OF restrictive laws have the leas
enterprise and the fewest Industries. TIL
sentiment was greeted with applause
Continuing, Mr.. Gone said
Il used to be good Democrat. Now
have no politics. Thomas Jefferson
policy was to use just as few restriction
as possible. Now it seems to be tn
policy to have just as many restriction
as possible.