The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1914-10-02
GRANEST CRISIS IN
HISTORY CONFRONTS
AMERICAN RAILWAYS
War Has Closed Financial Markets
or Europe to them Indefinitely

history. With greatly diminished re-
ceipts and an ever increasing cost Of
operation their condition was precari-
Gus enough before-but now. with the
financial markets of England, Ger
many. France, Austria, Belgium and
Holland indefinitely closed to them.
it means that they must he,ccr5rth
finance al their rcquirments within
the United States. Not only .aat.
but in their frenzy for ready sold
these countries are franticallv ....-
ing to dispose of big blocks Of the
nearly five billion dollars wor,I II
American railroad securities which
they now hold. It was this "d.np-
ING" process which forced the a.. ing
Of the New York Stock ExhaHge
some weeks ago. When ii will be
able to open its doors again, no man
darcs prophcsy-but when it doc. it
will unuucstionahly tax our resources
as never before not only to mair.ain
the integrity OF our railroad srrur-
tiles, but all other classes of indus
triad investments a4 we'll
President Wilson's Views
So grave is the situation considered
tina, some days ago a group of Eastern
railroad executives laid the matter
before President Wilson. Ate. u.s..
tcning 10 their plea the Pre- .4rnt
dictated a letter TO MIR. Trumbun Of
the Chcspeafc d Ohio Board in which
among other things he said.
"You asked me to call the a,fcn-
ton Of The country 70 the imnor.fiyc
need that railway credits be sustain.
ed and the railroads helpcd in rurrv
possiblc WAY whether no nr;v,t.. co.
opcrative effort mr. bv tho on,io,
agencies. and I an, glad IN dc On lao.
copso tbinl tho mood i yor,, ro,r
"Tbav ore irdisro,sohIo 60 orr
whole ocorornic Iiro tbo r,;I,.,,. .o
curities arc at the verv boort If moe,
Investments Iar,, and sr,all ,,hli,
and privatc nv individuals and Ly IN
stitutions
~ am confident tharo will bo o,rros,
and active co-onoratio, in +b;s ,ot
Ter. nerhans tho ono corror ,irt,ros,
Of our whole industrial Iifo
"IjndouhtadIy mo, bo+b - ,,,J o,,
of official nosition. will onnroc;,t,
what is inyolved md lo,d +ho;r 81,
heartilv wharovor Il i ross;,l,. e.,
them to lend il Rut tba eporre,,,
is in fact ovtroordirory and "a ao,,
there is manifest copmop ;ntoro., 40,
ought all Of Ms IN sneol opt il, i.s bo
half. and I am clad IN ioi, van :,
calling attention 70 il This To- III,
time for MI to stand torothcr f., ,,rit
ed effort to comprchcnd every Intcra.
and serve and sustain il in rypry l.r
itimatc way"
Railroads Lost Millions
The net GENERATING income of IN,
railroads Of the United State. for IN,
year ending Juno 30. 1914. wa. S1oO
uOO, 900 less than for the rrayiou
wear. The gross earninp for Tho vear
were $Ii.OOG,O OO less than for 1914
! while expenses and tayes were SIG
600 900 more. But heavy rs this bur
den was before. the great str,,peI,
across the seas. carving in IFS wax,
the destruction of untold hundreds n
millions of dollars worth Of all kind
Of propcrty, renders the Situation
thousand fold more serious I, poor
in short, that for a numbc, off vaor
to come Europe will have ma .urpIu
money for investment in the Irnito,
States or elsewhere. and that oe bo
been stated before orr railroads wil
have to finance their rurtbo,.. ..,is -
home. How Herculcap thi. t,sl, wiI
be may be indeed from, tbo fact tbo
the bond and note utilization. wbic,
will mature between now mud no an,
Of next year and which tbo ,..iIrood
will have to meet in some w,,
amount to more than S5f3 Goa OOOs
=,