Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-12-10
MILLION A DAY
SHR|NKAGE IN
PAY ROLLS
B, F. Y0AKUM DEALS
WITH RAILROAD PROBLEM
Points Out Disastrous Effects
on Wage Earners and BuSi-
ness Interests of Craze for
Restrictive Laws,
tny Morning journal Special Leossd wirsI

tBy Morning journal Special Lensed Wirsl
Chicago, Dec 81. Pierpont Nor
gan sat at the banquet board OF the
Chicago Association OF Commerce to-
night while b. f. Yoakum, chairman
Of the executive committee Of the
Rock Island-Frisco lines discussed
"Our Country and our Railroads,
Mr. Morgan accepted the invitation
to he present some time ago, stlpu-
lating, however that he should not
be called upon to speak
Mr.. Yoakum declared that the
panic OF last year caused a shrinkage
in the payrols of the railroads Of
$1,000, 600 a day. largely as a result
OF misdirected agitation against the
roads He averred his conviction that
an established railroad policy by the
government is necessary but II must
be staple and "A centralized one. un-
der which the railroads can plan con-
struction years ahead He said 100,
600 miles Of road would have to he
built west, and southwest of Chicago
To care for the increasing population
and commerce. Railroads alone, he
said can not solve the transportation
problem of the country, but the gov
ernment must adopt as broad and
comprehensive a waterways policy as
has been pursued by the capitalists
in building railroads. Mr.. Yoakum
said In part
"Our country. the greatest present
and future country of the world, our
railroads. the greatest single interest
in the country two suo;ects OF sueh
unlimited possibilities that anyone ac-
customed to speaking could talk long
and interestingly
Transportation has been the chief
agent i'm the civilization, development
and wealth Of all countries. The
oceans. lakes and rivers served early
civilization: as population Increased
the trails and wagon roads reached
out into the interior as far as pro-
duce ana supplies could be profitably
handled. but It was steam power that
developed the modern world. ana the
railroad has made possible the supre-
macy Of the United states among the
countries Of the world.
oIn the construction Of railroad
through an undeveloped agricultural
country. with the grading outfits are
found the farmers. new towns. new
and a general population
engaged in every pursuit in life, The
immediate increase i'm property values
is from ten to fifteen times the cost |
1f the railroad The production of the |
farms. made possible by the railroad
bring to the farmers each year sew
,ral times the cost Of the railroad |
Yet. until recently, railroads were
ooked upon by the public only as q
means OF transportation. not as serV-
ants and builders Of the country. but
as enemies. operated in the Interest
II few.
"Thls has been the doctrine preach
ID by the political agitator. The
linking men of the country have
tood by. permitting the railroads to
light their own battles.
"Thc masses are becoming better
and to appreciate that the
General business of the country can
lot maintain it's normal basis or eX-
and unless the railroads can go for
ward In their work Of expansion.
"To successfully carry through I'M
.ortant construction work, plans
must be made years ahead: therefore.
is Of paramount importance for the
.coplc and the railroads to have a
xed governmental policy that can he
eled upon
I'VE are beginning 10 live down the
fleets Of last years depressing con-
itions: but we are an advancing and
orgettng people. and before the re-
ent panic has been forgotten. We
hould. as individuals and through
aid in influencing a gov
policy which viii protect ne :
rom similar calamities in tho fu-
are.
AN established railroad policy by
ar government is essential 70 the
.eIfare Of all CLASSES but more direct
that Of the railroad employees and
ther workingmcn The agitation
rainst the railroads has been mis-
irccted and the result has been 10 c
urt the workinrman, as We have re- I
entity seen in the loss or shrinkage ,
! tho payroll of railroad employees
lone Of $1,000. 600 per day. to say
othinR OF the army Of men engaged {
the manufacture OF material and D
lpplies used in the operation and
instruction of railroads who were
lrown out OF employment
The results Of ill-advised legisla- b
lon are of .ital Importance &C. the J.
liuion and q half railroad employees q
.ho invest their time by selling their q
lhor 10 the railroads and the mill !
on investors who exchange their q
Money for railroad securities. who D
ant their money safely invested. The
anger which threatens the em- &
loyee's payroll and mans invest
irnt IN railroad securities just as d
irely endangcrs every other branch g
{ business 10 is therefore of SUI
RENE importance that the employee J
nd the investor that We have fair D