The Irish standard., 1914-07-11

'SA|NAINAINAX/SASNNIO
(Weekly Press Service Of the Social
Service Commission. American
Federation of Catholic Societies.
Peter E. Dietz, Editor. 43-44 Uni
versity Bldg, Milwaukee, Wis.
During the six fiscal years 1908
to 1913, inclusive, the steam rail-
ways of the United States of Glass I
invested in their road and equipment
cash to the amount Of $4.010,385,-
800. Railways of Glass I, so desig-
mated by the Interstate Commerce
Commission, are those with annual
operating revenues of over $1,000
900. They include about 10 per cent
OF tho milage. receiving, more han
sc per cent of the revenues. and
handle more than SO per cent Of the
traffic.
This cash investment Of the orcr-
ating railways of Glass of the East
ern District during the six years was
greater than the amount of capital
securities issued by them during
this period, and was 1919 per cent
of the aggregate of their capital Sc
curities outstanding June 80, 1918;
of the railroads of the same class of
the Southern District it was oil per
cent, and of the railroads of the same
class of the Western district it was
1872 per cent of the aggregate of
their capital securities outstanding
June 80, 1913. That is. the cash
actually expended by these railroads
during the last six years upon their
properties used in transportation
amounts to more than one-fifth of
their total capitalization at the close
of the last fiscal year. This is at the
rate of $668.397,551 per year.
These figures are obtained through
a compilation made by the Bureau of
Railway Economics from the reports
of the railways to the Interstate
Commerce Commission, and have an
important hearing upon many ques-
lions concerning the railways.
The Railroad Rate Increase.
That the financial depression of
the year is an artificial depression is
reiterated by the Washington CORES
pondent of the Chicago Herald. The
decision of the Interstate Commerce
Commission will deny, however, the
application of the railroads for a
freight increase of per cent, but.
according to the Chicago Herald, it
will grant increases ranging from 1
to per cent. and perhaps on COM
modities not transported below cost.
In reference to what the commission
will say on the conspiracy on the part
of the railroads, the Herald adds:
ut will be shown that the carriers
deliberately inaugurated this raid
upon the public in order to take care
of the huge obligations they had in
Cured and from which the country
has received no benefit.
"It will be stated that stocks and
bonds were pyramided to a point
where further additions were impos-
sible and then the roads went to the
banks and discounted short-time
notes. Finding themselves unable
to borrow anything more they de-
vised a campaign to drive the COM
mission to increase rates.
They went to the banks and told
them of their condition and urged
them to apply pressure upon the
commission. They asked corpora
lions and others with which they had
business connections to write to the
commission. They had the banks
tell their customers to communicate
with the commission and urge these
customers to impress upon their
customers the need of additional
revenues for the carriers.
"Thus an endless chain was Great
ed, and thousands of letters poured
in upon the President, the Commits
sion and Congress. At the psyche
logical moment the railroads began
to cut down their orders for supplies
and new work, and the result, it will
be charged, is the condition of de-
preston which exists.
"Thus the commission will endorse
the charge made by Senator LaFol-
let in his speech of last month that
concerted campaign has been in
augurated and was being conducted
by the railroads to force the commits
sion to depart from its sworn duty
Friends of Religion.
The Socialists of Rochester, New
York, issued a cordial invitation to
the trade unionists of the city to at
tend the Socialist State Convention,