The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-04
EDMOMDS DISCUSSES
SOUTHERN CONDITIONS
Editor of Manufacturers Record De-
cIines to Comment on Reserve
Bank Situation.
PRAISES NEW CURRENCY LAW
Says Southern HALLWAY Systems Need
Enormous Sums tn Develop Their
Lines TO Maximum Efficiency.


my statement with regard TO Federa,
| reserve districts or the differences of
Baltimore and Richmond on the re-
serve bank question: said Richard III.
i;dmonds, editor of the Manufacturers
Record, at the Jefferson Hotel. last
night II have given the matter much
thought, and will probably have some
thing to say on 1t when get back to
baltimore"
Mr.. Edmonds is in Richmond. after
an automobile tour Of the South along
national highway. He will address
the local chapter of the American In
stitutc OF Banking at it's annual din
ner tomorrow night on the general
subject of Southern development.
In Il statement at Savannah shortly
after the reserve districts were an
nounced and objection to the appor-
tionmcnt began. Mr.. Edmonds. while
neither commencing nor critcizinR
the reserve city designations, took
Baltimore and New Orleans to task
for making the charge that the APP
pointmcnts In the case of Atlanta and
Richmond were made for political
reasons. The statement was widely
quoted. and was received with mixed
feelings In Baltimore, MIR. Edmondss
home city.
WILL ISSUE STATEMENT
al the Jefferson last night, MIR. Ed
monds indicated his reluctance to be
drawn into any discussion of the con-
troversy. lie preferred, he said, to
make his position clear In II careful
statement over his own signature. Such
statement. he indicated, would be
forthcoming after his return TO Balti-
more.
Fresh from a sojourn of moro than
four months in Florida and other
States in the South. Mr.. Edmonds ex-
pressed last night his conviction that
of period OF unprecedented develop
ment and prosperity. Various causes.
temporary in their nature. he said.
have produced II luil in the develop
ment program which may last for
several months, but the rebound will
come with their disappearance
The South in my opinion" said Mr.
Edmcnds, has not yet wholly recov-
cred from the effects of the panic of
1917. The change in administration
and radical changes In tile tariff and
monetary systems have somewhat re-
ihrncu expansion. This was to have
been expected. Capital and invest
ment Is warmy in times OF change.
Now that these changes have won the
pupnc confluence, their retarding in
,luence will disappear"
WARMLY iND0HStIS NEW
| Fi'DtNAIs RESERVE ACT
Mr. Edmonds was particularly warm
IN his Endorsement of the Federal re-
serve act, and the new system of ma
tional banking il has inaugurated. II
was his belief. lie said, that the sys
'em VIII mark now err Of business
prosperity by insuring stability of
INC money market, which under the
ola system was next to Impossible
iassed as war measure fifty years
ago. ne said. the national banking net
had out!ived Its usefulness. and had
oecoine utterly unadapted to tho
| changed needs of the country.
| IN his travels through the Soutb.
! said MIR. Ednonds, he had bccome I,,'
/ pressed with its two greatest prcs
| cnt-day nccds-better highways and n
Woo rehabilitation OF its railroads.
me construction of good roads, no
s''" Is going forward In the South at
an unprecedented rate, and is partic
uiarly noticeable in Florida. where
me coast counties are co-operatinc- in
I inc building OF brick and shell roads
that viii join Miami on the east coast
ana Tampa on the west coast with
| Jacksonville.
| PREDICTS UNnROKES Y,,cu
FROM WASHINGTON TO AfIA,rI
! i predict that within less than two
years there Will be an unbroken first
claSS highway between Washington
and Miami" said Mr.. Edmonds. ain
| our leisurcly tour to Richmond, we
FOUND excellent roads through most OF
florida ana Georgia. In South Caro-
| INA we encountered several bad
stretches. with considerable improve
I ment In North Carolina. The best long
stretch OF road wo found was the sec
lion of the Quebec Miami highway
between Durham and Petersburg. The
l2o-mile road between these two
cities Is eNcellcnt-much better than
| ..
| Richmond"
MIR. Edmonds commended as "A tyne
OF railroad construction TO be emu
lated by the rest OF the South tho
roadbed equipment of tho Carolina,
Clinchficld & Ohio Railroad. which
built a .30-milc line through tho heart
OF the ElIe Ridge Mountains at \ cost
OF 100000 a mile The road was he
said, built on the assumption that the
most thorough and expensive initial
construction was the cheapest in the
end because Of the reduced cost of
view. he said. is being demonstrated
In the 10 per cent advantage that this
road enjoys over other roads in the
per ton cost of hauling
SOUTH NEEDS FUNDS FOR
ROADS AND RAILROADS
The South does not need so much
new railroads as the thorough recon-
| struction of the roads it now has" said
MIR Edmonds. II don't think il is over
stating the case to say that nj least
81 ,OO0. 600, 600 is needed to bring South
crn railroads to their highest eiIicien-
cy. 1t is impossible, however, under
present conditions to get this money.
| and we must do the best we can with
what we have.
Mr.. diamonds attributed in large
part the difficulty OF attracting rail
road money in the South and else
whero to the tendency on the part of
the Federal government to bring the
roads more and more under its con-
| troll If the tendency towards govern
hent control continues. he said the
point will be reached where the gov
ernment will have to assume the bur-
Gen OF procuring the money necessary
for further lpvnlopr,nnt