Daily capital journal. (Salem, Oregon) 1903-1919, 1910-03-28

pIlSeS, WneIneI II De LOT luCItdSGS
or improvements in existing lines
and absolutely calling halt on new
projected railroad enterprises. And
the railroads have not reached the
position that they now occupy
through any concerted plan; they ali
realize and appreciate the necessity
of renewing their tracks and equip
ment that the recent depression
would not permit of. This in the
face of a very general actual or
threatened demand for large in
creases in the wages of their en-
ployes, and knowing that the only
way they can grant these advances
will be by a corresponding advance
in their revenue, and the only way
in which they could increase this
revenue would be by raising their
rates, and certainly the outlook for
this is far from promising. They
have no certainty as to the charac-
ter of legislation to come; they are
in positive fear of congress, and are
warranted in that fear by special
bills already introduced, which Is
a sufficient cause for them to hesi-
tate. They are not certain that the
people generally would favor an in
~ iCttoC III ihNNo' anu lICN 1iO OQuc
ly uncertain as to whether the public
would not side with labor in its in
creased demands upon the railroads.
They feel as all owners of property
naturally would feel, that the earn
ing capacity of their property is now
absolutely dependent upon the man
ner in which they shall be governed.
They do not know what that gov
ernment is going to be; they are al
most positive that there will be no
legislation which will cause an in.
creased desire on the part of inves-
tors to put their money into railroad
properties. They have been given to
understand that probably their bor-
rowing capacity is to be limited with
in narrow lines by the government,
so that even if they were willing to
make these expenditures, it would
be difficult for them to obtain the
necessary financing
In fact. looking at it from any
point, the owners of railroad prop
erty have nothing to see that would
encourage them in spending money
until they have a more definite idea
as to what extent they are going to
be controlled and directed by the
ldIlOildl SONtl llilltuI, anu lIlGI ouCll
circumstances, all of the vast indus
trial enterprises that are depending
upon the railroads will find thatt at
the time that their present orders
upon the railroads will find that at
some six months ago. when it was
not dreamed of that the present ad-
verse conditions could possibly arise,
will have been completed, that we
N1y1I1 orai in hn in nrantinoI1xr thn M
position that we were in during the
early part of 1908. Therefore, it is
of the greatest Importance that some
decided action be taken by the gov
ernment at as early a date as possi
BILE. as there will be no improvement
until this uncertainty has been over
come, and in my Judgment unless
congress restrains it's interference
with the earning capacities of the
railroads, there will be permanent
setback in the general business of
the country, that it may take years
to overcome.
Some congressman think that the
railroad interests are the real force
that is behind the rapidly growing
unrest of the business men regard
ing legislation This is absurd; we
uttu no SDul " MchC 10 up " OuA
unfortunate situation, which is by
no means confined to railroad supply
institutions,
I do not think there will be any
change in these affairs until the bus
mess man, the manufacturer, and
their employees realize that they have
got to make a fight for their inter
ests.
The producers of wool, cotton, to-
bacco, sugar and many other special
articles in this country have so in
terested themselves in their business
that they have forced the general
government to put a special protec
tive tax on the things they produce,
which we and our employees, who do
not produce them, have to pay for,
and to many of which we do not OBJ
ject.
On the same principle, and for the
same reasons, when business men
become active in looking after their
interests, and with the same rights,
we can induce the general govern.
ment to give us equal protection by
allowing the railroad companies,
who are the producers of our rev.
enue, to make sufficient profit to en-
able them to buy a full plenty of the
goods they need which we manufaC-
ture This will involve no SDeCidl