Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-12-26

selfish plea for any pT1vaAe or cor
porate interest and whose sole desire
IL that American businas shall
emerge from tho present precag3oua
situation without disaSter. Under these
circumstances It II the merest folly
for any citizen to treat the present
crisis lightly or nippantly. for we are
passing thru period in which the
financial resources Of every nation IN
the world will be tested az never be-
fore.
Railroads Lest Millions.
The net operating income Of the
railroads OF the United States for the
year ending June 30. 1914. was $118.-
554.S75 less than for the previous
year. The gros earnings for the year
were $50, 69s,4Se less than for 1913
while expenses and taxes were 1885,
653 more. But heavy 40 this burden
was before, the great struggle across
the seas, carrying in it's wake the de-
struction Of untold hundreds OF mil
lions OF dollars worth Of all kinds OF
property, renders the situation q thou
sand fold more serious. It means, in
short. that for a number Of years to
come Europe will have no surplus
money for investment in the United
States or elsewhere and that Amer
lean railroads will have to finance theii
future needs at home! How herculean
this task will be. saying nothing about
protecting themselves against the
dumping Of foreign securities. may be
judged from the fact that the bond and
note obligations which will mature be-
tween now and the end Of next year
and which the railroads will have to
meet in some way. amount to more
than $563, 900, 000-and this doesn't take
dollars worth OF new improvements
or betterments into consideration
These are obligations which were In
Cured in the past and which must DC
met as they fall due II the transporta-
ton companies are to be preserved from
wholesale receiverships and ruin.
Manifestly. therefore. American In
vestors. big and little, will have to
come to the rescue-and before they
will consent to do this American rail-
road securities will have to be re-
established as a sound, respected and
paying investment-and this. on the
basis Of present railroad earnings. Is
impossible!
For IHlS IcdSOH IliC baiAoehN W
Iowa believe the impending crisis
demands that they lay this whole
! problem before the people Of the en-
tire state-that they have heart-to-
hear. talk with the farmer, the mer-
chant, the manufacturer, the banker
the laboring man. and all other citi-
zens upon this great question which
so vitality affects the future welfare
Of the commonwealth and the nation
Why Railroads Are Helpless.
In times Of acute financial stress
private Industries are in position tc
adjust their affairs verv Largely te
meet the emergency. They can ad'
| vance the price OF their commodities
cut their payroll in half. or shut down
| altogether, and thus permit the storm
to blow over without actual ship.
| wreck. The railroads AZ quasi-publie
enterprises. however. are In an en-
tirely different position. Their rate:
are regulated by law and can not bs
advanced without the consent Of thu
people thru their law making bodies
In order to please the convenience
of the public and not to break dowr
| the commerce OF the country they mus
| OpcEdIc lHcO AIoiShl 0h0 PoceChSO'
trains whether they carry a full load
or only quarter OF = load-and Il
view Of these facts 1t IL manifestly I'M
fair to put the railroads in the sam'
class with private Industries in tn
| present crisis and ask them to shift 70
themselves az best they can. When tn
people took over the complete MAXIM
aa& regulation OF railroad rates the!
-! the same time assumed the soleml
| implied obligation to see that the rail
roads get a square deal-for the peopl
are the only power that stands be
| tween them and ruin.
! We believe every intelligent either
Will agree that agriculture. commerce
and industry can not get along withou
| the railroads. On the other hand. tn
railroads can not get along without
| the patronage and. what is equal!
essential. the good will OF the people
That some OF those who have beei
entrusted with railroad management
In the past are somewhat responsible
for the apparent gulf between tn
public and the transportation com
panies is perhaps true. Busy an
harassed by the herculean tasks en-
trusted to their care, there has bee
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