Evening journal., 1922-03-16
Mr. Lees speech was as follows

this opportunity OF renewing my |
friendship with so many OF the busi- /
ness men of Wilmington. As many |
Of YOU will recall, / was stationed |
here for two years from 1914 10 |
1915, as general superintendent OF |
the Grand Division of the Pennsyl-
vania Railroad System which lies
between Philadelphia and Washing
ton. and for which Wilmington is
the operating headquarters. The
cordial relationships. both personal
and official established during that
period with the business men Of this
city and OF the State of Delaware
forms some OF the happlest recollec-
tions OF my railroad life, and l al
ways look back upon my residence
here with pleasure and satisfaction.
Rotary clubs, 1 understand, are
made up altogether OF men actively
engaged in business That. ] believe,
is a necessary qualification for mem
bership. The question all business
men are asking today is. when are
good times coming back2
1T occurred TO me that nothing
could say would be more likely to
interest you than an attempt to out
line. in a necessarily brief and very
general way. some thoughts upon
the relationship OF TIE railroads,
and the railroad problem, to this
very important question OF restoring
normal trade conditions in our
country.
I'VE are living in very remark
able and interesting period, which
to the student OF business conditions
presents some curious aspects For
instance. we have experienced and
are experiencing a collapse In con-
suming power and trade activity
which is probably OF unprecedented
severity We have had, aDd are hav-
! ing. a good many business failures.
| We read OF many men being out Of
work. Everyone OF us has personal
/ knowledge OF certain lines OF trade
/ in which activity is at very low ebb.
yet we have no bread lines,
suck as were conspicuous features
OF previous periods OF depression.
which attracted far less comment
and attention than the present one.
] The element OF personal privation
seems happily conspicuous by its
absence.
Il have never, as yet read or
heard what seemed to me a satisfac-
tory explanation of this apparent
anomaly. Personally think 1t can
only be Interpreted as a remarkable
testimony to the fundamental
soundness of our country, which
should be a favorable augury for
prompt and complete recovery. In
addition, I am inclined to think that
tke wage-earners OF the country
must have saved out OF their war
time earnings more than has usually
been supposed, so that basically the
situation may not be as dark as Il Is
bcustomarly painted
Nevertheless, trade in general is
everywhere very dull. and no one
can deny that II this condition were
TO continue too long a great deal OF
very deep-seated harm must result
Therefore. we are watching for the
turning OF the tide.
There can be no real return Of
prosperity until there Is a resump-
tion OF effective demand for goods
and commodities a buying pow
er that will measure up muck more
adequately than at present TO the
productive capacity OF our indus
tries, mines and farms. The start
must be made somewhere.
THE key to the situation, l be-
, lieve, will be found in a general
realization OF the truth that our
railroads must lead the nation back
j. to prosperity. II this is true, It fol-
lows that the country must accord
20 them full and fair opportunity SO
TO do.
THE United states is more de-
pendent upon It's railroads than any
u other nation in the world. The i'm
= portance OF that truth can hardl,
be exaggerated A writer in one o.
our most widely read publication
= has quite justly termed the United
q states an experiment In transpor
- tauon.'
n Europe with It's deeply indente,
coastilne and innumerable bays
s estuarles and rivers. was populate,
n and civilized by water transporta
s ton. The UNITED states has a fairl
h regular coast line; no great arms o
e the sea go very far inland. and com
paratively few rivers. considering tn
n extent OF our territory. are naturall
II navigable for great distances. Thes
II are immense areas. thousands o
II square miles in extent, containin
/ great cities. Industries and vast agri
i cultural regions. which are hundred
\ OF miles from navigabie water.
III "Our country presents the nrst in
i stance in the worlds history OF
II vast population settling the interlo
i OF a great continent and develop
/ ing there the highest and most com
II plex form OF civilization. which, 10
III its continuance. is absolutely depen
dent upon railroad transportation.
iii Take away our railroads, an
n within a lifetime the great interio
II basin between the Alleghanies an
II the Rockies-now one OF the mos
n important Industrial and agricul
n tural regions in the world-woul
II largely revert TO the condition {
N / prairie and forest OF hundred year
II ago.
tn Australia IS In somewhat tbs
II condition. larger than the Unite
II states. ard possessing immense ares
OF arabic land. it's settlement is a
II most wholly confined TO little firms
II on the aeacoast. chiefly because NJ
III fortunate politica! labor condition