Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1915-01-07

la war which IL WitnOut proOou0ne IA
history. True, with rapidly increas-
ing cost OF operation on the one hand
land reduced rates on the other It
was merely a matter OF time until
the railroad question was bound to
become pressing-but the great trag-
edy across the seas has suddenly re-
solved into an acute crisis q problem
which might otherwise have been
solved gradually and without any
Ifar-reaching Industrial disturbance.
The United States is heavy debt
or nation. During the average year
our balance Of trade against the rest
of the world amounts to approxi-
mately $500. 900 ,000-but on top OF
this we always owe approximately
another $500 900, 900 which hereto
fore we have been able to stand OH
by selling Europe industrial securi-
ties to that amount. Now, however
the great warning countries have
served notice that they not only ex-
pect us to pay our debts above our
trade balances in gold--but that IN
addition they look to us to buy back
from them hundreds Of millions OF
dollars worth of American securities
which are now held abroad. 1t was
to deliver this grim message that Sir
George Palsh, Of the English ex-
chequer, paid his recent visit to the
United States, and when he got
through making his statement to a
group of big New York bankers an
old veteran financier who has sur
viyed many financial storm remark
to his profoundly silent auditors
''The sheriff, with writ, is on the
doorstep"
That a great nationwide crop
next year will give US the largest
trade balance we have ever known
is undoubtedly true-and yet with
having to finance all our monetary
needs at home from this time on and
buying back millions of foreign own
ed securities, the future at best is
precarious. However, the heaviest
strain Of all will come when the
war ceases and, when Europe De-
gins to rebuild the hundreds OF mil
lions of dollars worth OF property
which has been destroyed-for this
period is certain to force the highest
interest rates the world has ever
known, and If at that time American
railroad securities are not earning a
fair return upon the investment
nothing can prevent them from go
ing into the financial scrap heap
and 1t is to prepare for this emer-
gency-to keep railroad securities
from becoming a point. OF national
weakness, which will bring the
whole temple of American invest
ments tumbling down over our heads
to protect the hundreds-of banks
life and fire insurance companies
etc. whose assets are largely invest
ed in railroad bonds as well as the
railroads themselves-this is the fear
which is gripping hundreds OF imam
ciers, and students Of economic con-
ditions in the present hour-men'
many of whom heretofore have new
or seriously concerned themselves
over the troubles of American rail-
roads. In the present instance, there
fore. the railroad crisis is of tremen-
dous Importance because in 1t is in
volved the still greater problem OF
the integrity and safety OF the whoie
superstructure of American busi-
ness. That we cannot shove 1t aside
nv a broadside of demagogic plati-
tudes or minimize it by employing
the strategy of an ostrich is apparent
to all thinking citizens who are SER
iously concerned in their own ana
their countrys future welfare.
Up to People of Kansas
/ In no other commonwealth have
the railroads had larger share In
progress and development than In
Kansas, They came in the early days
when its broad prairies were the
habitat of rowing herds of buffalo
and savage Indians-and from that
hour to this they have played their
part in a drama of thrift and enter
prise which is without parallel IN
the history of the republic won
drous story of progress which has
travelled upon the four winds to the
ends of the earth and which swells
with pride the breast of every true
Kansan.
And yet, marvellous as have been
our accomplishment in the past, is