The Montgomery advertiser., 1909-02-08

advance of trafic. with the result that in the event of business depression, the small returns from the new mileage may bring the entire system on the
 one of the best illustrations in East. ern territory of the value of intensive railway development which Mir. Keys sbs r,s t sGs s, snssn s the ssss s' has stiii to depend upon the twe-track tunnel Under Bergen Hill. New Jersey. and over those two tracks comes all
 h frssss ,ao Ns% s"s aSss s' s 1s sss traffic grew and exceeded the capacity of the terminal facilities passsngei traffic was steadily. sacrificed to the nus. sa01 As vn q rssuit. MT. E keys sSows that the suburban development along the lines of the Erie has been stationary
 while the terrftories erved by the Lack. the New York Central, have increaaed rapidly in value. The Erie Is now en- gaged in cutting down Bergen ttil ts admit of four tracks instead of two company. as well as upon the popuia. tion of the territory tributary to 1t, will be most beneficial.
 Mir. Keys also contends that It ts 2 which-a road already has than to strain every resource to extend It's ip- huence into new territory and build up new trafac centers. The effect of pol. pi. competitor is spending the same amount of money on new equipment on double tracking and on enlargement terminals s to fasor the ssrrisSry Sa industries and for the location of new population. The author cites the fol- lowing remarks which were made ta s ha. a S nSy..d ny as Sadsr cf lines: 'T am half converted to the be- lief that have built to0 much; have servs af 'S nd ns them esiSn Saildins factories putting up cement mills. making the faetured goods Of various sorts. we ons n psss es ve yaars oa but
 country is getting rich by intensive growth. while mine gets rich mors slowly by expansion. They do not ones are getting to be cities. We | start g new town every few months
 but the old ones stand sttI1. They rafss capital in the markets of the world it' to work right away in the shape o1 new cars. new engines and spurs ntc new manufacturing plants. We get ous money with trouble, and sink 1t in. 2 charges for at least three years. Per, hasp their way Is the safer"
 The conclusion of Mir. Keys fS thas intensive railway development is to be preferred to large construction oi new mileage as emphasized by the un. favorable ~eonditions in which new mileage in the West and South must bs created. We do not expect that rail road building in these localities will cease. but since railway officials are coming to realize that money spent IT the development of existing facilities is fully as productive In the long run and far safer in the first instance than that spent on new lines. and when they are further confronted with diverse re strictions to the profitable investment passed by the Legislatures Of West ern and Southern States. 1t Is not din
 cult to see which alternative they will adopt.
 The railroads cannot be forced 70 build new mileage. Paternalistic regu. iation will probably not go to that ex- treme, and as long as the communities where the new mileage is most needea; preserve their present attitude toward investment of capital. 1t 10 only reas- onable to suppose that railway invest ment will be centered In the develop
 ment of existing facilities.