Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1924-01-10
Railroads Plan Huge
Expenditures for 1924
RAILWAY AGE WILL INVEST
LARGE SUMS FOR THE I'M
PRoVEMENT OF ROADS

Information published in todays is
she of the Railway Age indicates that
the railways in 1924 viii invest approx
ina ly as much new capital in per,
manent improvements and equipment
as they did in 1928 il no legislation adj
verse to the railways is passed or ser
iously threatened by Congress. The
significance of this information be-
comes apparent only when it is real
lied that the total investment made in
new facilities in 1923 surpassed those
OF any previous years excerfing possib
ly 1910 and 1911
Thirty-four railw>sys operating 1O9,-
As miles of line have furnished the
Railway Age the details Of their 1924
budgets as far as they have been
made up. These show that these roads
already have definite plans for max
ing capital expenditures during the
present year, amounting to $35O,OOO
600 Railways having approximately
the same mileage made estimates ag
gregating approximately the same
amount at the beginning of the year
1928.
Capital expenditures made in 1928
says the Railway Age, aggregated
81 ,O76O 100000 The forecast for 1924
that capital expenditures this year
will be approximately the same is bas
ed on a comparison of amounts al
ready authorized and definitely plan
ned for expenditure during 1924 with
similar figures of year ago. The
most important adverse influence
which is tending to retard the authori
zation of improvement work at this
time is the uncertainty regarding the
attitude of Congress. This condition
is causing hesitation on the part OF
many executives as is evidenced by
articles from railway executives pub
lished elsewhere in this issue"
In the articles referred to julius
Kruttschnitt, chairman of the south
ern Pacific, says that unless checked
by the doings of Congress, capital ex-
penditures in 1924 will approach those
in 1928" but he adds, If the Trans
portation Act is amended to the ex-
tent Intended by certain threatened
legislation the expenditures the rail
roads will be able to make will be
very much curtailed because of the
unwillingness of investors to furnish
money under such conditions
w B. Storey, president of the Santa
Fe, says that whether capital expendi-
lures to increase facilities will be as
large as in 1923 will probably depend
to a considerable degree upon the at
titude shown by Congress.
N. d. Maher, president of the Nor
folk & Western, says that the exepndi
lures of his road will be close to the
amount spent in 1928 and may be con
siderably in excess, depending upon
conditions, but injurious legislation
passed by Congress affecting railways
will have serious effect upon our ex-
penditures for improvement and ex-
tension
The railway executives who con-
tributed to the Railway Ages sympos
ium are almost unanimous in express
sing the opinion that the prospect for
railway traffic in 1924 is. that it will
be as large and may even be larger
than in 1923.
c. r. Gray, president of the Union
Pacific, says, eff conditions in the
west do not suffer from adverse eff
fects from the east, my judgment is
that the aggregate volume of traffic in
1924 will closely approximate that of
the year just passed"
w. ]. Harahan, president of the
Chesapeake & Ohio, says, 81 feel that
we should have as much traffic in
1924 as in 1928, perhaps more.''
E. r. Loomis, president of the Lee
high Valley, says business prospects
for the railways in 1924, in my judg-
ment, may be viewed with optimism.
- IVA AuAAl, pAC0luCuL VI Tie SI
LOuis-San Francisco, believes there
is no reason why 1924 should not be
an exceptionally good year.
C. H. Markham, president of the
Illinois Central says "the capital ex
penditures of the Illinois Central in
1924 will be about as large as in 1923
with the exception of expenditures fol
equipment 1t is inconceivable that
Congress will issue mandate to the
investors of the u. S. that Il
purposes to depart from the wise prin
ciples laid down in the Transporta
ton Act requiring the Interstate com
merce Commission in it's rate decis
ions, to give due consideration to the
transportation needs of the country
in order to provide the people of the
United States with adequate transpor
tation'
The forecasts of capital expenditure
has under construction an additional
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