Potosi journal. (Potosi, Mo.) 1894-1929, 1914-10-14
WHAT RAILROADS DO
WITH THEIR INCOMES,
The Largest Employer. Of
Labor, Buyers Of Steel, Coal,
Taxpayers in the Country

y In the beginning of the pre-
tent article on the railroad stu
'tion it is pertinent to remind IL
reader that the transportatio
companies and the public fa<
each other under radically chani
ed conditions to.oay from thos
which prevailed few years ag'
ION the one hand, the Inter Stat
Commerce Commission and tn
different states, either throug
their Public Service Com missio
or Legislatures say what rate
the railroads shall charge fo
service. On the other hand, tn
proposal made in the presen
Congress that the Inter-Stat
Commerce Commission be em
powered to pass upon all ney
railroad securities before the,
can be placed upon the marke
and like powers having alread.
been conferred within the state!
upon the different Public Ser
vice Commissions, means tina
the last vestige of control ovel
their finances will have been tax
en- away from the railroads, ano
that henceforth. their fate lies
absolutely in the hollow of the
peoples hands.
Furthermore, it must be SAID
for the stockholders and manag
ers of the roads that they have
no protest to offer against this
stringent governmental regula'
ton. The only plea they make
is that the value of their securi-
ties be not destroyed and that
they be permitted to receive liv
ing rates so that they may con-
tinue to render efficient and ade-
quate service to the people. The
proposal to submit all new secur-
tiles to official investigation be-
fore they are placed upon the
market, if fairly interpreted
and exercised, will have the ap-
proval of nine out of ten railroad
officials throughout the country.
In view of these changed condi-
lions therefore and the fact that
the people have taken over the
entire control and regulation of
The railroads, why should they
lot be as fair to them as they
ire to all other great National
Industries? That they will be,
'nce they come to understand
;he true situation, is the conf
lent belief of those entrusted
With the responsibility of rail-
'oad management and those who
lave put their money into these
luge properties. The attempt
Ipon the part of certain political
to create the i'm
'ression in the public mind that
he railroads represent some
,reat sinister influence in the Ma
ion is utterly absurd. With
everal million investors, large |
nd small, owning the transpor-
alton companies, with nearly
wo million employees working
or them and with scores of mil
ons travelling and shipping
reight over them, the railroads
onstitute the most Democratic
S well as gigantic institution in
he country to-day-an industry
wned by the people, and con-
rolled and regulated by the peo-
le and intensely essential to the
omfort, convenience and pros
Gritty of our entire population.
In last weeks article the grave
risis which confronts the rail-
Dads because of the European
Var which has indefinitely clos
d the foreign money markets to
lem was briefly explained. The
yet waa also cited that Ameri.
IN railroads are not owned by a
Nv rich men as many have
aoughtlessly come to believe-l1
1at on the contrary, 95 per cent
their ownership is in the hands {
hundreds of thousands of (
tockholders large and small;
that all the old line
fe insurance companies, hun
reds of savings aud other banks. ,
enevolent institutions, ETC., have |
any millions of their assets in
,sted in railroad bonds, and I
lat therefore millions of hold. ,