Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1914-12-24
A GRAVE CRISIS CON-
FRONTS THE RAILROADS
War Has Closed Money Markets Of
Europe 10 Them Indefinitely

ever it is possible for them to
lend it. But the emergency is
n fact extraordinary and
where there is manifest COM
mon interest we ought all of
US to speak out in Its behalf,
and am glad to join you in
calling attention to it. This is
a time for all to stand together
in united effort to comprehend
every interest and serve and
sustain it in every legitimate
way"
Again, in his recent letter to
Secretary McAdoo on the Mt W
banking law he used the follow
ing language:
"The railroads Of the coun-
try are almost as much affected
10y the war; not so much be-
cause their business is allied
as because their credit is called
in question by co lbt as to then
earning capacity. here is no
other interest so central to the
business welfare of the coun ry
as this No doubt, IN the light
of the new day, with its new
understandings, the problem of
the railroads will also be met
and dealt with in spirit OF
candor and justice
Like utterances have come
from scores of other prominent
pubic men ard financiers dur.
ing the last few weeks-men
who are above making a selfish
plea forfany private or corpor.
ate interest and whose sole de.
sire is hat American business
shall emerge from the present
precarious situation without
disaster. Under these circum.
stances it is the merest folly
for any citizen TO treat TIE
present crisis lightly or flip.
PANTY, for we are passing thro
a period in which The fnancisl
resources of every nation in the
world will be tested as never
before.
RAILROAD LOST MILLIONS
The net operating income Of
1.-THE railroads of the UniteC
S ates for the year ending June
80, 1914, was $1lS,554,875 less
than for the previous year
The gross earnings for the We; /
we're $66, 699, 4S6 less than fol
1918 while expenses and taxes
were $49,3565 more. Bu1
heavy as this burden was be
fore, the great struggle acros;
the seas, carrying in its wal {
the destruction OF untold hun
dreds of millions of dollars
worth Of all kinds Of property
renders the situation a thous
and-fod more serious. Il
means, in short, that for a mum
Der Of years to come Europe viii
have no surplus money for in.
vestment in the United States
or elsewhere and that Ameri
can railroads will have TO fl
nance their future needs a
home. How hetculean thi.
task will be, saying nothing
about protecting themse|v'
against the dumping of foreign
SECURES, may be judged from
the fact that the bond and note
obligations which will matur,
between now and the end O
next year, and which the rail
roads will have to meet in som,
Wav, amount to more tina,
1868, 100000 and this doesn'
take a dollars worth of new i'm
provements or betterments int
consideration. These are obi
cations which were incurred il
the part and which must b.
met as they fall due if tn,
transportation companies are t
preserved from wholesale re
ceiverships and ruin.
Manifestly, therefore, Amer
can investors, big and little
will have to come to the rescu,
and before they will consen
to do this American railroad sc
curities will have to be re es
tablished as a sound, respecte,
and paying investment-an'
this, on the basis of presen
railroad earnings, is impossible
For this reason the railroad
of Iowa believe the impendin,
crisis demands that they la,
this whole problem before tn,
the people of the entire state
that thew have a heart-tO.hear