The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-11-06
e. l.. Copeland on Business Con-
ditions in This Country.
Santa Fe Treasurer Gives Views
to English Capitalists.
GOOD TIMES COMING
Official Says Pendulum of Pros
psrity Clock Is Swinging.
Other Items of General Interest
in the Traffic World.

E L. Copeland. secretary and treas
urer of the Atchison, Topeka & Santa
Fe Railway company, lately received
%the following letter from a business
man of London, England, whose name Is
omitted from this copy of the COM
London. Eng, Oct Is, 1911.
Mr. E. L. Copeland, Secretary ana
Treasurer A. T. & S. F. Ry. Co.,
Topeka. Kan.
Dear Sir:-Having some land and
other investments in Kansas, Oklahoma
and Colorado, 1 am especially interest
ed in the progress and development or
that section of the United States.
am writing you because you are con-
nected with the railroad whose securi-
ties, judging from the financial reports,
are not used for a football on Wall
street. I notice that Santa Fe stock
is always above par, and is undlsturb-
ed by market furries. A report, there
fore, from you as Santa F'e official
having to do with the company's fnan-
ces, would be of value. I would be
pleased to have your views about the
present financial situation in the Uni
ted States. There seems to be what
our agents call q slowing up" is that
Invent too fast few years ago, and
that the Slowing up is to give you an
opportunity to catch your breath? We
heard much talk over here about 4
country. Has the wave subsidized, leav-
ing the country normal? Your opinion
in these matters would be greatly ap-
preciated by an admirer of your coun-
try, and one who pays heavy tax
for the support Of your institutions.
Yours truly.
In his reply Mr.. Copeland said that
the Englishman's mind was operating
clearly when he suggested in his ques-
he cri
the country an opportunity to catch its
breath.
The annual reports rendered by the
transportation companies at the close
of the fiscal year ending June 80, 1911"
Mr.. Copeland said in his reply, 'Show
a general increase in all sections Of the
country in the volume of business han
died. Last year was a prosperous one
for the farmer, because he was favored
with good crops and received good
general prosperity We fail to consider
that we are possibly reaching the high
water mark in the volume of business,
and that the next year there may not
be harvested as much corn, and the
markets may not handle as many cat
tie, sheep and hogs and we may not
be crowded to the limit in taking care
of what is produced in the factories and
in the agricultural districts. But this
does not necessarily mean that there
is anything wrong with the condition
of the country, except possibly that
we have been spending a little more
money than we should spend. and as
the volume OF business naturally de-
creases, it causes US to consider little
more carefully how we should make
our purchases.
These are questions that not only
bother the individual. but they bother
the financial department of a great cor
poration which has millions of dollars
invested in engines and cars which
must be kept busy. The railroad man
ager. looking ahead, believes that new
cars and more engines will be needle
next year in handling the business OF
the country, but, in considering the
slowing UP of business in general he
cannot see his way clear to make thess
additional expenditures. Take, for in
stance, the recent annual report of tbs
Atchison, Topeka & Santa F.e Rail
way company, which showed the gross
business to be the largest ever handled
in the history Of the company. but the
operating expenses increased in a great
er ratio. owing to the increased cost
of labor and the increased cost OF sun
plies and material, additional clerical
force employed to furnish statements
and information needed by the inter
state commerce commission and vari-
Gus public state utilities commissions
When you consider these conditions sanc
the possibilities of additional IegisIa-
ton affecting the revenues of trans.
portation companies. it stands to rea-
son that these concerns must hesitats
about making expenditures Of money
in any direction which will not brins
an immediate return.
NO one can predict the volume u
agricultural products which it will o.
necessary to transport next year, ant
still. if it should prove to be q bunpel
crop, as is now indicated by presen
conditions, the transportation com
panies doubtless would be blamed i
thay did not have cars and equspmea
20 take it to market on demand of tn,