Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1914-09-15
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the Interstate Commerce Cummis-
sion unanimously found that the
railroads boa the richest section OF
the country needed more revenue.
That finding was based upon the
situation prior 20 the first OF July
t.Is year indeed Upon conditions OF
81 year preyiou'
SO emphasis need az this time be
put upon the new railroad capital
which has heretofore been required
90 provide for normal development,
but this has been from Sio0,o0O.oo0
10 $500. 700 600 per annum. and
railroads should not only be able
20 keep abreast OF The times but
should even in this emergency De IN
70 position 90 anticipate the de-
mauds OF an expanding commerce
simultaneously with the great Inn
pairmeat OF earnings general ere
dit conditions have broken down.
and the absolute and immediate pee
Dessitie- of both public and private
borrowers of money here and abroad
have already increased Interest rates
20 level uuthought Of few
months ago rates much higher
than present net earnings return
upon the railroad property of the
United States
This emergency was not contem-
tlBted when the Inter state Commerce
commission rendered be- decision in
fle Eastern rate case, set the pro
uiem- uoV confronting the railroads
greatly transcend 100 seriousness
those which existed then The
menace is now not only 90 railroad
credit but to thn transportation ser
vice itself. and efficient transporta-
uOu i- iuseplrably connected with
Ole welfare .f our people
Securities of u.itcd States rail-
roads held abroad are computed 40
from three 20 five billion dollars 10
is certainty that bond and note
obligations of the railroads matur-
ing before the end of next year ag-
create over S52U.OOu.e In the
highest public interest 10 Is impera-
tive that these OBLIGATIONS shall be-
met Yet 10 is evident that for q
long time Europe will not Doe % lead
nr OF money Orb America on the
contrary tho war win create such
enormous debts and involve such "a
general disloCation ot industry and
commerce. that Europe must realize
largely au it7 holding. ut American
securities regardless OF the price OBJ
taiuuble
The New York stock Exchange
has now been closed for q longer
period than az any otuer time IN
its history There Is no present mar.
Ret Tor railroad securities, either old
or new The United States is In
condition oi financial insulation.
/ Do the stock Exchange were % open
and 30 must open some timeI. the
pressure of selling would inevitably
I be- greatest AGAINST railroad securi-
] ties n they go down. industrial is
sues viii fall still more seriously
The public necessity 10 stem this tide
coy selling and 90 reduce 20 the ut
most it- destructive effect calls for
the exercise OF every resource of
craftsmanship
our re-. pectful requests are
That the President viii call the
I attention of no, country go the press
/ IE necessity Tor the support GO rail
road credit by the cooperative and
sympathetic effort oi the public and
of all governmental authorities. aud
-u rrsf thar the railroads bee reliey-
cd as far as possible of further i'm
mediate burdens involving additional
expense aud
That the President Nill urge a
practical recognition OF the fact that
au Emergency has arisen which re-
: lWras BOO the public interest. that
| the railroads have additional reve-
niue. and 1af '.s appropriate gov
ornamental a-nucic- seek way by
/ which such additional revenue may
I boz properly and promptly provided