davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

rectly responsible to the people who
employ them-the stockholders.
The striking feature of the reor-
ganization Of Rock Island is the fact
that it is one Of the remarkable eX-
ceptions to the general rule. Dozens
Of instances of the downfall of cor
Eorations, of the reorganization of
companies with a view to benefting
the few rather than the many,
might be cited. In most of these in
stances the complaints of stock
holders and the general public have
been of little avail.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

kets, not to furnish materials for
political speeches, but to earn profits
for investors. This is such an ele-
mentary fact that by one who does
rot know American psychology it
might be taken for granted. Why
is earning a profit the first bust
ness of a railroad? Because with
out a profit there can be no improve
ments and even no requirements and
repairs.
American economic life in times
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

others whose legitimate interest in
the properties has been negligible
to have practically unreStrained
sway over the affairs of their COM
panies.
"The logical result Of the continu-
alton Of such a policy of inexcusable
disassociation of the owners and
operators of railroad and public
utility corporations will be either the
ruin of those properties or else gov
eminent ownership"
Corporation management - the
management of any enterprise
must of necessity be concerned most
with discharge of duty to that inter-
est to which it is most directly re-
sponsible. If stockholders care so
little for the maintenance of the Sc
curity of their investment as to
allow other interests than their own
to dominate the affairs of their COM
pany, then they cannot hope to find
corporate management particularly
responsive to their demands.
Any one who owns a single share
CT stock in a corporation is as
vitality interested in the affairs Of
that company as the owner Of the
controlling interest. And the work
ing together Of the small and the
large stakeholder for the common in
terest is essential if the greatest
good for the greatest number is to
be served.
| have in mind an old adage
which runs something like this:
Ones best security is the ground
one stands on" The owners of
American corporate securities may
we'll apply the adage to their posi-
ton. The best security for their in
yestments is the ground of organ
lied, cooperative effort. This holds
good as a means of prevention, as
we'll as of salvage.
| have before me leahet issued
by the Investors Protective Asso-
citation of America, which presents
the platform and principles of the
organization. In introducing these it
is pointed out that the movement is
one which proposes to enable stock
holders to safeguard their invest
ments as they have never been able
TO do in the past, because heretofore
they have acted solely as individuals,
The platform proposes a reform of
present conditions so that directors
of corporations shall be elected by
popular vote, rather than by the
rather questionable method now OBJ
tanning. In other words, it is pro-
posed to insist upon the publication
to stockholders of the names of pro-
POSED directors at least thirty days
before election, so that they may be
able intelligently to exercise their
right of voting.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
Must Be Equipped
For Maximum Demand

Where are these congestions?
Where are the shortages? 1t be-
hooves US to inquire diligently and to
get the truth. In Indiana this spring
q canning concern ordered 10000
tins for its asparagus output. II got
Unexpectedly enough asparagus be-
cause of the wonderful asparagus
weather for $4,000 tins; but the fac
tory could not get the extra 10000
tins made and shipped in time; and
10000 punches of good food went TO
waste after all the labor of raising
and shipping and cooking them had
been expended. The manager says
that the railroads alone are to blame.
It was so with coal in Ohio the
last winter when we were paying
So, 81, $40 and even Sl1 for Goals
that in the previous year had been
in no instance over 81 a ton. The
Goals had been mined, but there were
no cars, and there was no service.
In Western Nebraska good hay
was burned for fuel because of car
shortage. Hay could not be shipped
out, and coal could not be brought in.
In such a situation it Is provoking
TO farmers TO be told to raise more
crops for starving Europe when the
crops spoil upon their hands, or they
cannot get merchandise in return for
them. Right here in Ohio there will
be this summer a very serious short
age Of farm labor to harvest and
bring the crops to market In not a
few instances farm machinery that
might have helped greatly has not
been delivered, though long since or.
esTss
" 10 In tbs Light Of such facts a.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
Not Railroads Enough
In Some Sections

There is no remedy in sight; the
only possible remedy that can be
complete and relatively enduring de-
ponds upon a radical change OF
American public opinion as to rail-
roads and to railroading.
To begin, we need to see that we
have not enough railroads. We place
before our eyes the statistics OF the
trackage in the several states, and it
does seem generally great. There
are, for example, 12,200 miles of
tracks in the one state of illinois,;
$500 miles in the three small South
ern New England States, and $4,000
miles in Texas.
Then we reflect upon the vast
mileage of the greater railroad sys-
tens, such as the New York Central,
the Pennsylvania and the Southern
Pacific. ANY one of the ten greater
railroads serves an empire, so to say
Then we go over the total earn
ings, which, as every one knows, run
in some instances beyond 100000
900 a year, and in the cases Of two
railroads range around twice this
vast sum. Surely, America has
great enough and rich enough rail
roads.
But the trouble is that the stats
ties will not bear analysis and ap-
plieation, without the destruction Of
the simple fancies that American
railroads are all-sufficient, and can
stand even a measure of restriction
and perhaps blood-letting.
Southern New England has, it is
true, only small area, some $4,000
square miles; but it has over 5,000,-
900 people and nearly 200 cities of
over 5000 population each. These
cities and these people get almost
none Of their support and almost
none Of their materials Of manufact-
ure from their own neighborhoods,
and use themselves but a small frac-
ton Of their products. They buy
from and sell TO remote sections, with
long hauls for their freights.
Southern New England has to-day
an insufficient railroad development.
say this with personal knowledge,
for the garden Of my Connecticut
home backs upon the tracks Of the
New Haven Railroad; and half Of
my neighbors own stock in it. |
have been in every locality Of these
three states, and ! know the eondi-
tons. or course, with rates and
schedules regulated as they are, there
is no solution Of the problem.
This section has one mile Of track
for every four square miles Of land.
Only the Pennsylyania-New Jersey
section and Ohio do A. well. But
they have far less mead, since they
rycaues much Of wtst thsy gsasums
On the other hand, the Southern
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
Why Government Regulation
Often Becomes Necessary

With reference to the recorded in
stances of near-piracy, reckless
financing and short-sighted misman-
segment, one man whose interest in
railroad securities qualities him to
speak with authority has this to say:
1--WE have governmental and other
regulation and interference with the
operation Of American railroads and
public utilities because the owners Of
the enterprises have failed in their
duty and allowed fnanciers and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
By WILLIAM ESTABRooK CHANCELLOR

By WILLIAM ESTABROOk CHANCELLUh'
Head Of Department Of Economics,
Politics and Sociology, College Of
Wooster.
Ut is commonly said that Amer
lea is confronted by the dilem-
- ma as to its railroads whether
to regulate them or to place them
under government ownership, but 1t
may be that there is third way out
of the present serious difficulties.
With one of the greatest harvests
about to be moved, with vast produc-
ton from factory and mine, and with
troops to be brought to the seaboard
along with their supplies, the rail-
roads never seemed so important to
US as now. That their insufficiency
and inefficiency have had much to DO
with prevailing high prices is scarce
ly debatable.
We have heard so much of the i'm
mense superiority of our own rail
roads to those of Europe that we
have usually refused to consider as
public how they might be made still
better. We know, however, that a
blight has fallen upon railroad devel-
opment in the last few years, and we
have charged this to several causes.
In the last few weeks there has been
granted to our Eastern railroads by
the Interstate Commerce Commission
the right to charge somewhat higher
freight rates; statistlcians disagree
as to whether this will be more than
ID per cent at the most or less than
4 per cent at the least, in the total.
But every economist and every finan-
cier who has given thought to the
situation knows that while the new
rates will help, the increase does not
go to the roots of the situation.
1t would be wholly Improbable
here to go into the historical causes
of the establishment of the Inter
state Commerce Commission, or to
praise or censure its course since its
establishment. The whole American
people is to-day under the discipline
of the facts, which are that new
capital is hard to get for railroad de-
velopment or even for renewal of
equipment, that often there are
shortages of cars at critical times
and points, and that in this emer-
geney of the whole world we need
far better service right here in our
own land, for ourselves and all hu.
manity,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

No other road then had even so
manytas 5000 miles of track.
II 8 per cent was then a fair
return for money it is plain that
in 1913 capital valuation Of $780,
600 per mile was fair for Lacka-
wanna, and of 100000 per mile
for Rock Island. othsr things being
equal. But In point Of truth, N
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
Stockholders Should
Accept Responsibilities

The American public and, in fact,
tie people of every free nation are,
however, gradually awakening to a
realization that the blessings of de-
mocraey were never intended for en-
Joyment by people who were unpre-
pared to accept the responsibilities
attaching to citizenship.
A democratic nation that denies
responsibilities will obtain from
government just what it deserves. If
voters fail to cooperate for their own
protection and vote to that end they
will fail to obtain representative
government. If stockholders lose
sight of the responsibilities that are
theirs as owners Of the corporations
in which they have placed their in
vestments then they will find that
the direction Of their companies will
be mainly for the benefit of those
who direct and control. At least,
such a condition is probable, if it
does not always obtain.
The Investors Protective Associa-
ton of America was formed for the
purpose of bringing about a closer
association between those active in
the operation of property and those
whose money made the operation
possible. Organization has been the
open sesame to development. 1t has
enabled lawyers, physicians, farm
ers, laboring men and public spir-
tied men and women to accomplish
things for their benefit otherwise inn
possible.
Some fault has from time to time
been found with the Interstate Com
merce Commission on the ground
that it has tended to tie the hands of
those responsible for making the
railroads of the country pay rea-
sonable return on the investment Of
the shareholders and bondholderS.
This may be true. II would not profit
az this time to enter into a discus
sion of the merits of the contention.
But there is one thing to be said
which is of vital import to share
holder, bondholder and railroad d.
rector and executive officer. There
have been cases of gross misman-
agement of railroads. There have
been cases of breach Of trust and
manipulation of railroad property
and securities. And those abuses
have had direct bearing upon the es-
tablishment of such supervisory
bodies as the Interstate Commerce
Commission.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
schedules. This does away with the
need Of the thousand clerks.

schedules. This does away with the
need Of the thousand clerks.
The notion prevailing in some
quarters that every economic activity
must be paralleled and matched by
some political activity is one of the
most pernicious in history. 1t has
resulted in leaving the great State
of Missouri with more square miles
Of land than all New England, and
with ten times as much good land,
provided with only as many miles
Of trackage per square mile as upper
New England, and in leaving North
ern Maine a wilderness, at that.
Hostile Legislation Not
Wholly to Blame
No one who remembers the won
ssrful sdyansss mAds svssy yssr for
decades after the Civil Wa. In cur
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

railroads and who now observes the
railroad map of the land can fail to
see that a baneful paralysis has
fallen upon US. Kentucky, beautiful
and rich, has only $500 miles OF
trackage, and Tennessee but 5000.
As we all know, there are many rich
counties in these and many other
states without a mile of railway
track.
1t is true that bad legislation and
hostile public opinion do not wholly
account for all these unfortunate
conditions; in many instances, the
railroads were unwisely and even
dishonesty managed, frightening
away financial supporters. But the
process by which railroad investors
have been denied profits fairly fore
seen and morally earned has been no
small part of the total misfortune.
There is a fourth proposition, not
to be neglected, that all persons in
terested in railroads SHOULD think of
them as business enterprises, not as
marvels to be gaped at, not as dice
to be tossed for the winnings, and
certainly not as materials for dem
agogic political campaigns in state
or nation. The beginning here is
to get ones mind off from time
tables and statistics Of mileage and
equipment, important as these are,
and upon net earnings per mile,
upon surplus and securities. The
railroader thinks of this as typified
in the ton-mile of freight and aver
age haul for passengers.
Capital Funded Confidence
In Return of Future
Here there is a difficult problem
for the average man who is not IN
finance or even in business for him
self. Capital is the funded conf
dence in the return Of the future.
Given an income of thousand dol
lars a year, with reasonable expec-
tation that it will continue for
many years, and man of
property is worth" a capital
sum in proportion to the pre-
vailing rates of interest. When
money runs at 5 per cent a year
the income amounting to a thousand
dollars a year is worth TO buy or
sell twenty thousand dollars a year
or more. When the rate of interest
runs generally higher, say, per
cent, such an income is worth six
teen thousand dollars. When 1t
runs lower, say, A per cent, the
thousand dollars a year may be cap
italized at twenty-five thousand dol
lars. Now, destroy the income, and
the man who thought that he or his
property was worth sixteen, twenty
or twenty-five thousand dollars
wakes to find himself not worth
dollar.
To the financier or business man
this is too obvious for statement;
but the legislatures of the nation
and states have laughed the analysis
to scorn. They have destroyed cap
ital funds and then wondered what
had become of railroad values.
How? By destroying profits and
thereby incomes. The 2-cent fare
has had something TO do with this.
Static railroad freight rates have
done their share. If this view seems
reactionary, then truth has been lost
or the trail, and it would be well
IN 90 back and recover it.
In this connection it is illuminat
ing to bring out the statistics Of the
last peace year and consider a few
facts of a few of the great rail
roads. This table presents them,
viz:
Earnings
| Mileage per mile
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
By f.. MARSHALL YOUNG
zV E WILL call her Miss A. NJ.
wv Her home is in Richmond,

u " h WILL call ner MISS a. W.
wv Her home is in Richmond,
W little country town out
in Indiana. She works day in and
day out to add her quota to the
family treasury. Not much that life
gives so freely to many is given to
her without demand for compensa-
ton.
One day she heard of the Chicago,
Rock Island g. Pacific Railroad as an
investment proposition. She told her
family about it. They talked it over.
They had saved a little money-not
much, but it was a great deal to
them. In the end they invested their
savings.
Then came the crash. The news
papers told of the bursting of an
other brilliant bubble down in Wall
Street. Later came the announce
nlent of a declaration of war by one
Nathan L. Amster, of Boston, who
had invested some money in Rock
Island and did not intend to see IL go
down in the whirlpool. He rallied
minority stockholders to his stand
ard. He demanded that their rights
be protected, their property saved
for them.
Miss A. NJ, in her little country
home out in Indiana, heard of Mr..
Amster. Things were looking pretty
black to her. But hope came, and
she wrote to Boston. Here is a part
of her letter:
II am a country girl, and the
money invested in this railroad rep
resents years of hard labor, and we
looked forward to the interest on the
same to help keep us; and as we get
no interest on our money now we
feel it. So please try and do some
thing for the stockholders, as they
need the interest on their money
The letter from Miss A. NJ. was
one of hundreds of equally pitiful
pleas. The story Of the fight waged
by Mr.. Amster has been written into
history. But the lesson of it all is
Illuminating. And, after years of
needlessly helpless submission to
corporate abuses, made possible by
that same submission, the long de-
delayed means to prevent such dis
tressing experiences as those of Miss
a. NJ, Of Richmond, Ind, has made
its appearance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29

French farmers have agreed to ut!l."
mechanical means TO the utmost. J"
government has been urged to take ~
mediate measures for the adoption {"
motor cultivation at the terminates .,
the war and to settle upon type v
machine plough OF various grades "
power, the manufacture OF which, :"
the number Of $4,000, must be taken u
hand in France, directly hos'i1l'e'
cease, for delivery within six moh'''
to the farmers, who will receive tn,"'
through and with the assistance OF wv
local agricultural services ana SYM
Gates. Payment is TO be MADE e''H.'
in cash or by annual instslmen's' II
each locality there is to be WORSHIP
for repairs, where machine parts arc
kept in stock at fxed prices. In fi rsn nSe
there are under cultivation oS ~
acres OF land AMI nearly 4Y0V,OV 90 1870 aeo
Of vineyards. OF this total 49,ooy'vUV
acres are ploughed annually by t0~ -,
doning the out-of.date horse or %
drawn plough in favor OF motor p you Sn6
there would be saving Oh 4V,VVO, , ~
days labor and an enormous sans .,,
beasts, both for traction and ttansP''"
The shipping shortage is CAUSING
serious embarrassment to importers o
skins and other commodities WIS"
normally are imported in eonsideraOp'
quantities from the East African prO,
teetorates. Many thousands OF dollars
worth Of skins which have been puia
chased nv American importers are We.
up for lack Of bottoms, ana ae
az. mnntha hahind achcdule.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
ReAexes Of War

Although most of the leading English
insurance Offices are now prepared 70
issue policies covering The risk Of per-
sonal injuries caused directly By air
craft raids, and have discussed certain
features of the business together, no
standard wording has been agreed
upon, says The London Times
While, therefore, the phrases Of the
different policies will vary, the pro'se-
ton given by such wording as the fol-
lowing enumeration Of the risks S.
sumed seems comprehensive:
Against bodily injury resulting IN
death or disablement caused withlnihe
United Kingdom directly and immsdi'
ately by aircraft (hostile or otherwise
or by shots, shells, bombs or missiles
from or used against aircraft, or by
falling glass, buildings or building ma
terial Immediately resulting from ar
craft attack or Gnti-aircraft deieRis'
All the forms of policy do not 'ps'
officially mention failing glass, oul'o'
ings or building material" although p"
is understood to be the intention OF INC
companies that they should assume
such liabilities. II will be noticed tas'
the risk of these contingencies IS COW
cred, provided they are "immeais'eH
resulting from aircraft attacks or anu
aircraft defence" The view IS no"
strongly herd that not all Offices al any
rate, would necessarily pay in respect
of any injury caused by material ls'.
ing several days after q raid, since T"
might be contended that other cause,
might in the interval have been az Eolii
To bring about a collapse. The risA "
death or disablement caused BY or eoI'
trbuted TO by illness OF any hho,
nervous prostration or shock, SEEM
generally to be excluded from the p0''
icies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
Organization Seeks to
Rouse Investors

Inspired by the example of the
benefits to be derived from an or
ganization Of stockholders and bond
holders, formed for self-protection
and the assertion of rights, a num-
Der of influential and public spirited
men have launched the Investors
Protective Association Of America.
This association was formed to
enable the Miss A. Ms Of the coun-
try to get together, to cooperate and
help one another. II aims to rouse
American investors-the owners of
$40, 100000 in the securities of
American railroad, public utility and
industrial corporations-to a sense
of proprietorship and what it en-
tails. It's object Is to, as far as pos
sible, prevent the recurrence Of such
experiences as those of the Rock ISL
and.
The organization of such an asso-
citation Of investors is based upon
the fundamental idea that the COM
mon good is not best served by leav-
ing the interests and properties Of
investors in the control of boards Of
directors and corporate financiers, 1t
embodies the principle that those
actively In control Of tho nations
corporate enterprises must DO d..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-29
$4,000
$4,000

No other road earned as much pc
mile of track.
Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1917-02-08
SOWING ALFALFA ON
WELL-TlLLED SOILS
seedbed Should Be Prepared
Year or Two Before Planting
-PloW Early and Deep.

tBy PROF. NJ A. REEsos. Oklahoma A.
81 and M. College, StiiawateE;e
In preparing tke seedbed for alfalfa
you should begin ii year or two before
you wish to seed by planting a cul-
tigated crop, keeping the ground well
cultivated and free from weeds. Corn
is a good crop TO preeede alfalfa.
The critical period OF alfalfa Is the
first six weeks OF the life of the plant.
The ground should be plowed early
and deep. 1t shouie: be free from
weeds and as free as possible from
weed seed. 1t should be well titled.
out firm up 10 the surface when seed
ed. Subpacking with disk harrow
with disks set straight is an excellent
practice. Fall seeding In September
without nurse crop Is considered the
surest method to follow. However, If
there is not favorable season and
sufficient moisture III the fall, you may
sow at corn planting time In the
spring.
i From IL to is pounds Of seed per
acre Is ample IL the seed is clean and
strong. When 1t is sown witt, d grain
drill attachment on well prepared seed
bed, and when sown carefully and not
too deep, from ten to twelve pounds Of
seed Is quite sufficient. The seed IS
small and does not need 10 be sown
too deep, just so you get 1t Into the
moist dirt.