The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-11-11
PREVENTING RAILROAD PROG.
RESS

William a Law. formerly of Spar
tanburg. now vice president of the
First National Bank of PHILADELPHIA
and president Of the American Bank
ers Association. addressing the Phila-
delphia chapter Of the American In
stitute of Banking In PHILADELPHIA one
day last week, said
There is do doubt that in the past
abuses crept into railroad manage
ment to the detirment OF shippers. and
was necessary, but instead of sane
regulation the Interstate Commerce
Commission has attacked the entire
railroad interest with ruthless hand,
with the result that railroad business
throughout the country has been
strangled. Their finances seriously
hampered, railroads have come to com.
plete standstili in the matter OF con-
structive enterprise, and investors
have almost completely lost conf
dence. making further financing a
grave question. Within the next year
the railroads will be forced to pay
off about $5Q0,000.000 OF their mort
gage indebtedness, which, in view of
the present situation. they will prob
ably be unable to accomplish.
THAT the further prosperity of The
essary that the Interstate Commerce
Commission should realize that a freer
hand must be given to railroad off,
cials to proceed without unnecessary
restrictions and that increased rates
were vital necessity to the life OF
his enterprise"
Does any one know. of any South
Carolina investor who would care to
buy $4,000 Of the stock of new
railroad company that expects to build
a line in this State?
Does any holder of cotton care to
exchange cotton, even at twelve cents
a pound, for shares in railroad COM
panies? Does anybody in South Caro-
lima care to buy railroad shares on
any terms?
To all these questions the answer
would be negative, yet villages, towns
and districts are not lacking In South
Carolina that are very eager that
somebody build railroads-with some
body else's money. South Carolinians
willing and able to lend money on q
farm mortgage or to buy farm may
still be found. even in period OF hard
times-but they have no money to
put in railroads. even II railroads be
their immediate and urgent need.
Before the European war ends,
quantities OF money will be made In
the United States and some Of 1t will
seek investment in the South. The
construction Of new roads in the
South and the Improvement of roads
already In existence would be OF con-
siderable benefit to Southern people.
The South Is by no means SO we'll
provided with adequate railroad facil-
afe, z,fI -nr
Western sections of the country are
and, while cotton Is now priced and
labor is so low-priced, too the
would be helped by railroad extension.
But, Mr.. Law says. the railroads
have come to a complete standstill in
the matter of constructive enterprise
and that is saying that no one in
this part OF the country will dispute.
The railroads are curtailing their ex-
penseS. Moreover, q considerable part
Of our people are not disposed to lis
ten wnen tnr ruiirchd companies say
they are too poor TO reduce passenger
fares. Everybody hereabouts insists
that the railroads are fair game and
nobody hereabouts would buy q rail-
road On any terms.
We hold no brief for the railroads.
We are content to direct attention to
the fact as declared by MIR. Law
railroad construction Is at q standstiil.
That is not healthy thing for the
country. and, for the South in particu-
lar, 1t is most unhealthy,
.Live and let live is a pretty good
maxim. but, for some reason or other.
the public has always ben unwilling
&c allow K 20 apply TO the seese that
lay golden eggs.-The State.