Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1910-11-15

pers and security holders, l suggest
three aspects of the question which
are of general and intense public con
Germ. The country, as whole, needs
and must have, if it is to grow and
prosper as it ought railway earnings
sufficient for three things:
Il. The payment of liberal wages
to an adequate number OF competent
men in service which is all the
while becoming more exacting, and
on which the safety and the conven-
fence of the public constantly depend.
, II #
."2 A reliable return to railway
, capital sufficient to induce the con-
: structiOn WithoL- delay Of hundreds OF
thousands of miles of new railways to
! further develop the country and meet
the transportation demands of the i'm
mediate future. 81 Must we not,
in the public interest make railroad
construction so attractive and profit
able that the necessary capital will
be forthcoming? Otherwise, must we
not come measurably to a standstill,
and face future of comparative stag
nation?
"3. The betterment of existing lines
as to greatly augment their service
ableness to the public, as can in vary
ing degrees be done everywhere,
without any increase of capitalization
that can be fairly avoided"
Mr.. Knapp has perhaps understood
the number of those interested as Sc
curity holders and shippers. There
are at least 100000 security holders,
representing not less than 100000
people, including many charitable in
stitutions, women and children, and
among the assets of every insurance
company and savings bank are rail-
way securities, so that a very consld-
cradle number OF people are interested
deeply as owners in the rates charged
by railways. Then again, there are
in the agricultural states very large
number of people who are shippers,
and in the country as a whole very
large number who are users OF the !
railway for travel.
Points two and three made by Mr..
Knapp are very important to a new,
growing and expanding country like
that west Of the Mississippi river.
Every railway in that country must
spend very large sums of money to
provide facilities needed to keep pace
with the growth Of business.
What the Railway Owner Has Done.
The demagogue often tries to give
the impression that the railway owner
is a rich man, and nonresident, who
is taking very much more from the
country than he gives. | have the
exact figures for the Northern Pacific
for the ten years ending June 30,
1910. During that period the owner
of the property has put back into this
western country for improvements and
additions to existing lines, for new
equipment and for building new rail
ways, SLAP for every one dollar he
has received in the form Of dividends,
or forty-tWO per cent more than he
has taken out. This additional money
he has either borrowed or advanced
from funds belonging to
him. Not very lucrative return for
the railway owner who takes all the
risk of business with no guarantee OF
protection. What the Northern Pa
cific has done has been done by the
Great Northern, Union Pacific, Santa
Fe, and all of the big railways must
to do the same thing if we
are to avoid coming to a standstill ,
and facing a future of comparative =,
as suggested by Chair ,
nan Knapp.
Now, why did the railway owner :
invest his money? 1t was, of course, ,
or the same reason that men embark =
n any business enterprise-in the ;
hope of making profit 1t was not in ,
rested with the idea of getting re-
urn of only 4, 5 or per cent, because :
he owner better loan his money on
arm mortgages and avoid the risk
If business if that is to be his limit.
Recently a Chinese load of $4,000, 900
las been floated in this country, and
Why? Simply because the investors
eel that there is a greater chance
# profit in building and operating
always in China than there is to-
lay in the United States.
Higher Cost Of Living for the Rail-
ways.
All these elements that make for
igher cost of living for the individual