The Montgomery advertiser., 1908-01-12

farm, a town lot or what not. If you cannot hold out reasonable assurance of the safety of that dollar and some return on it. the owner won't invest 1t in e railroad
 During the last wear there has been great depreciation-billions of doi- lars---in railway securities because the owners of the dollars invested therein either feared for their safety or thought they saw better chance to make money through some other in- vestment: and not only have railroads been affected but also other great in dustries-copper. steel coal and others finding their markets largely in raii- roads. It is not my purpose to go at length into the causes creating this belief
 T have already quoted from statis- tics available to you all showing that other investments have been better than railroads. Since the date of those figures there has been widespread legiS- lation increasing the expenses and de- creasing the rates of railroads. State Legislatures alone have passed ITO bills, more or less. adding to their bur- dens and practically without economic investiEation.
 "The other business of the country manufacturing agriculture, mining, numbering and so on-has flourish ed duri1g, these last few years as never before, proving bevohd doubt that rail- way rates are not and have not been prohibitive nor a burdensome check upon commerce. In the fact of this wonderful progress have come these legislative attacks mon railroads. You are to judge of the relations between the apprehensions of investors and such legislation.
 ssEif A k1 What have you considered good and safe Investments during the last year or so? If fruit-growine and farming, had been subject to price reductions in relation to their products by legis- latfve attacks. such as the railroads have received. would not values of farms have been affected? and would not It be more and more difficult to get somebody's privately owned dollar into the business?
 The United States Bureau of Labor Bulletin 6s of March 1907. Shows in- creases in wholesale prices since the decade ending 1900 of 24 per cent for farm products. clothing 12 per cent, fuel and lumber 2s per cent.-all com modities 15.s per cent, which in the last two years has increased to prob- ably 20 per cent Wages paid by rail- roads have risen Dronortionately. Rel
 
 be about 20 per cent less than fin 1895, even if the figures had not been changed.
 But the rates. passenger and freight. have decreased actually as we'll as relatively. Lately, notwsth- standing that passenger trains are crowded, fresght cars loaded heavily locomotives carrying loads up to their capacity-conditions most favorable to maximum earnings the increases in expenses and lower rates have been such as to reduce the net revenue to railroads. compared with last year, though the business carried has been the greatest ever known.
 This I think is of interest to you. because 1t is youF problem as wen as ours. To increase transportat:on fa- cflities that will be needed to meet the growth of your business. somebody's privately owned dollar must be invest ed in railroads. And he won't invest It unless he has confidence that you and and all the world are going to afford 1t the same protection as if in- vested in some other business"