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Show The Railroads Who Owns Them? Who Will Operate Them Railroad Officials Now Clerks Interests of the Railroad Investor at Stake a Suggestion for Raising Capital. In the current Issue of the Magazine Maga-zine of Wall Street an article by Mr. John Mulr, President of tho Railway Investors' League, puts forward a timely suggestion for raising the capital which is so badly needed by the roads now: "In a country ot this magnlture roughly 1000 square miles having I In three quarters of a century built I up a rail transportation system of j 250,000 miles, with a congestion of ' traffic now which denotes the height ot prosperity, why Is it that this Immense Im-mense system Is in such a plight today to-day that, to save It from bankruptcy, bankrupt-cy, there Is seriously considered governmental gov-ernmental control and ownershlilp? "Tho inspiration of such a question Is an offense to American enterprise and Intelligence. It is a reflection on American uprightness; It is a chal lenge to American nonesiy. Clogging Commerce "Rates which were considered wholly Inadequate four years ago are still the measure ot charge, whilst other business have advanced their prlcee 30, 40 and 50 percent. Yet the railroads have had to stand this ndvmico In their costs, and at the same time aro wearing out rolling stock and equipment which they are working at full speed In order to supply tho war demands. A Blow At Thrift "Who owns these railroads? Not the few owners of twenty and forty years ago. The great number of owners now total over 600,000 against 100,000 not very many years ago. "The handling and treatment of tho entire railroad question has brought up tho ominous suggestion of government control and operation. "Heaven forblt It! It would be a calamity. "We are a democracy. This Is a government for the people, by the people. Tho notion of a government owning and operating the railroads Is a suggestion to adopt the effete methods of European thraldom. To hear up In this free country a vast political machine officered and ranked rank-ed by voters dependent upon their position,- as much or more through influence as ability, would disorgan ize the best transportation system In the world and would bo n retrogrado step for this nation. "Ypt- tho railroads must havo capital and a great deal ot It. Whence Is this capital to come? A Got eminent Hacked Appeal "The Liberty Loan Introduced a new element into American finance; discovered an Immenes new reservoir of money. To tho second loan nearly 10,000,000 peoplo subscribed. Ninety nine per cent subscribed In sums ranging from $50 to $50,000 nnd I their subscriptions amounted to $2,-500,000,000. $2,-500,000,000. They were induced to buy, moved by the desire to help their country. "If vast sums under this plan can be raised by the government to holp the country, cannot vast sums be raised for the railroads to properly prop-erly equip them under car trust or other plan? Would not a proper nresentatloa of the matter to the hundreds of thousands ot small railroad rail-road Investors bring a ready response to help tho roads In which they are already interested? "If such an appeal were mado to these small Investors by tho railroads direct, I would foar Its success. Already Al-ready the small Investor In railroads Is In doubt about his rallrtad stocks and might say, 'Why throw good money after bad?' But If the government, gov-ernment, for the roads, would make such an appeal and collect In this easy manner, a manner which now would admirably suit tho slow filing of railroad needs, I believe the response re-sponse would bo full, adequate and hearty." Odd Lot Review. |