The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-01-03
RAILROADS
BIG FISCAL YEAR
Santa Fe Head Predicts Large
Earnings for 1916.
E. p. Ripley Says Crops VIII
Determine Latter Part.

Copyright New York Evening Post
1880
The following article by E. P. Rip
ley, president of the Atchison, Topeka
& Santa F'e railway, appeared in the
annual financial review issue of the
New York Evening Post:
A sufficient portion of the fiscal
year 1916 has already passed to war
rant the presumption that, taken as
a whole, it will be one of the largest
in earnings we have ever had. If the
question refers, however, to the cal
endar year 1916, you are asking a
question the answer to which is not
known to anybody and concerning
which nobody's OF inion has much
value. So much depends upon the
crops and upon mercantile conditions
elsewhere that statements as to any
thing beyond the next few months are
mere conjecture.
1 do not think the railroads will
have to add much to their terminals
and equipment facilities during 1916
to keep abreast of the country's de-
mands for transportation" The diff
ficulty at present is not with the rail-
roads, so far as I am advised but with
paralysis of the shipping business.
There is an enormous export demand
for war material, accompanied by a
great lack of maritime bottoms to
transport it-this results in the dam
ming up of the stream of commerce
at the Atlantic ports, and naturally
sets ii back into the country Over a
large portion of this nation there is
no shortage of cars that is noticeable,
and the trouble is almost entirely con-
| fined to the Atlantic seaboard.
| I am glad that President Wilson has
at last taken official notice of railroad
| conditions. Everybody who knows
anything of the subject has long recog-
nized that the railroads cannot serve
the commissions of forty-eight states
plus the interstate commerce commits
sion, and intel1igently obey the orders
OF all which orders are in many cases
| in direct conflict, and in many other
cases tend to notification. Everybody
also realizes that the Interstate COM
! merce commission, which ought TO he
supreme in all matters, both local and
national, is already terribly overwork-
ed and utterly unable to do what is
expected of it. I think there is pretty
general agreement on the part of
thinking people that the commission
should have its duties extended in
some directions and curtailed in 9TH
ers. To speak more properly, perhaps,
| they should have their duties defined.
There is manifest Improperly in hav-
ing one BODY act as detective, prose-
cutting attorney, and Judiciary
1t has never seemed to me to be the
junction of the government to regu-
late the issuance of securities. In
vestors should post themselves as to
plenty of reputable houses which can
give them the necessary information
1 do not believe it is the duty of the
government to regulate railroad OF
other securities, but I do not wish to
be understood as raising any objection
to 1t. AS I have never given my per-
sonal sanction to any securities which
were not based upon actual value, and
do not expect to do so, 1 am entirely
Indifferent as to the activities of the
government in that direction
L DO not see why the government
should take hand in the reorganiza-
ton of bankrupt railroads, for the
same reason which have given in the
foregoing question, and for the same
or similar reasons 1 am entirely indif.
ferent as to whether II does or not