Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1914-10-01

lu0 WAR uhb
brought American Railroads face to
face with the greatest crisis in their
history. With greatly diminished re-
ceipts and an ever increasing cost of
operation their condition was parcari-
Gus enough before-but now, with the
financial marketsoflEngland Germany
France. Austria, Belgium and Holland
indefinitely closed to them, it mean
that they must h%enceforth finance all
their requirements within the United
States. Not only that, but in their fren-
zy for ready gold these countries are
frantically seeking to dispose of big
blocks of the nearly five billion dol
lars worth of American railroad Sc
curities which they now hold. 1t was
this "dumping'' process which forced
the closing of the New York Stock Ex-
change some weeks ago. When it will
be able to open its doors again, no man
dares prophesy--but when it does it
will unquestionably tax our
as never before not only to maintain
the integrity of u railroad securities,
but all other classes of industrial in
vestments as well.
President Wilson'S Views
So grave is the situation considered
that some days ago a group of Eastern
railroad executives laid the matter be-
fore President Wilson. After listening
to their plea the President dictated a
letter to Mr.. Trumbull of the CHEESE
peake & Ohio Board in which among
other things he said:
"You asked me to call the attention
of the country to the imperative need
that railway credits be sustained and
the railroads helped in every possible
way, whether by private cooperative
effort or by the action wherever feas-
ible of governmental agencies, and l
am glad to do so, because I think the
need is very real.
"They are indispensable to our
whole economic life, and railway Sc
c~urities are at the very heart of most
investments, large and small, public
and private, by individuals and by
institutions.
81 am confident there will be earnest
and active cooperation in this mat
ter, perhaps the one common interest
of our whole industrial life.
Undoubtedly, men, both in and out
of official position, will appreciate
what is involved and lend their aid
heartily wherever it is possible for
them to lend it. But the emergency is
in fact extraordinary and where there
is manifest common interest we ought
all of us to speak out in its behalf,
and I am glad to join youth calling at
tentiona to it. This is the time for all to
stand together in united effort to com
prehend every interest and serve and
sustain it in every legitimate way"
Railroads Lost Millions
The net operating income CT the
railroads of the United States for the
year ending June 80, 1914, was $780,
000,0 900 less than for the previous year.
The gross earnings for the year Q
ga, 900 900 less than for 1913-while *
penses and taxes were $76, 000, 000
more. But heavy as this burden was
before, the great struggle C oss the
seas, carrying in it's wake the destruc-
tion of untold hundreds of millions Of
dollars worth of all kinds of property,
renders the situation a thousand fold
more serious. It means, in short, that
for a number OF years to come Europe
will have no surplus money for in
vestment In the United States or else
where and that, as has been stated be-
fore, our railroads will have to finance
their future needs at home. How her
culean this task will be may be judged
from the fact that the bond and note
obligations which will mature between
now and the end Of next year and
which the railroads will have to meet
in some way, amount to nor than
$56S, Ooo, 900 this doesn't take q