Show RADICAL RAILROAD regulation AND ITS EFFECT ON BUSINESS to tile the business manewith Man with enor enop dious crops crop commanding tho the highest prices ever known with every kind of busi business nesson on a safe ale and sensible basis with merchandise stocks blocks of all kinds almost at a minimum with everybody of making good all the necessary improvements which the past two years depression would not permit of and to fill up stocks which have bee been I 1 almost most depleted with plenty of money and credit to do all these theao things there Is a hesitation by tho the greater part of tho the business community for tho the reason that something has appeared calling a halt in the progress which had so ao fairly started in the latter halt half ot of 1909 the one great and mostaa most apparent p a rent element which has caused this hesitation Is that the railroad corporations po rations of this country have hava stopped the purchase ot of anything beyond their immediate necessities so much so that betterments which had bad been projected which are not only betterments hut but in a great many cases are a almost I 1 ost or soon will be necessities amoun amounting Ung to over one thousand millions ot 0 dollars have been held up it Is customary for railroads to prepare their budgets ot of expenditures january it these budgets had been prepared on the lines ot of necessities the outlook tor for general business particularly among manufacturers would be exceptionally good for 1910 these budgets bave not been presented and are not within the call or even within wiehl n the sight of those who would gladly welcome them and it Is doubtful when we will bo be able to make any reasonable forecast in the manufacturing and commercial world it Is unquestionably true that the railroads would gladly enter into a year of liberal expenditure but as matters stand now it la Is quite possible that they will be compelled to drop back into the condition they were in the latter part ot of 1907 and during the year 1908 that Is purchase nothing except that which is absolutely essential and the reasons are exactly the same as those that existed in the early part of 1907 that Is radical railroad regulation our legislators seem to be unmindful of the causes of the depression of 1907 and 1908 and give every andl indication of entering reentering re the field with even more laws to interfere with and discourage the investment of money in railroad raili oad enterprises whether it be for increases or improvements in existing lines and absolutely calling a halt on new projected railroad enterprises and the railroads have not reached the position that they now occupy through any concerted plan they their all realize and appreciate the necessity ot of renewing their tracks and equipment that the recent depression would not permit of this in the face of a very general actual or threatened demand for large increases in the wages of their employees and knowing that the only way they can grant these advances will bo be by a corresponding advance in their revenue and the only way la in which they could increase their revenue would be by raising their rates and certainly the outlook for this Is far from promising they have no certainty as to the character of oe legislation to come they are in positive tear fear of congress and are warranted in that fear by special bills already introduced which Is a sufficient cause for them to hesitate they are not certain that the people generally would favor any increase in rates and they are equally uncertain as to whether the public would not side with labor in its increased demands upon the railroads they feet as aa all owners of property naturally would feel that the tha earning capacity of their proper property tv la Is now absolutely dependent upon the manner in which they shall be governed they do not know what that government la Is going to be they are a almost positive that there will be no le I which will cause an in creased desire on the part of investors invest ori to put their money into railroad properties they have been given to ua der stand that probably their borrow ing capacity Is to bo be limited within narrow lines alnea by the government so go that even if they were willing to make these expenditures it would be difficult for them to obtain the necessary Anan financing cling I 1 in fact looking at it from any point the owners of 0 railroad property have nothing to see BOO that would encourage them in spending any money until they have a more definite nite idea as to what extent they are going to be controlled and directed by the national government and under such circumstances all of 0 the vast industrial enterprises terp rises that are depending upon tho railroads will find that at the time that their present orders upon which they are working issued some six men months the ago age when it was not dreamed of that the present adverse conditions could possibly arise will have been completed that we will again be la in practically the same position that we wa were in during the early part of 1908 in my judgment unless congress restrains its interference with the earning capacities ot of this the railroads thera will be a permanent setback set back in the tha general business of the country that it may take years to overcome some congressmen think that thab the th railroad interests are the real tore force that is behind the rapidly growing unrest of the business men regarding legislation this is absurd we need no spur to wake us up to our unfortunate situation which is by no means mean confined to railroad supply institutions there are arc railroad employees plo it 11 takes men kosup to cupply what the railroads need and a vast number of men are employed in supplying the personal needs of tho the a have above men every kind ot of business is dependent la in some measure on railroad prosperity tho the producers of wool cotton tobacco sugar and many other special articles in this country have so interested te themselves in their business busl nesa that they luve have forced the general government to put a special protect ive iva tax on tho the things they produce which wo we and our employees who do not produce them have to pay tor for and to many ot of which we do not object on the same principle and for the same reasons when business men become as active in looking after their interests and with the same rights we can induce the general government to give us equal protection by allowing the railroad companies who are the producers of our revenue to make sufficient profit to enable them to buy a full plenty of the goods they need which we manufacture this will involve no special tax will mean better railroad service and more business tor for everyone particularly the working man and when it is considered that in reality sa of nil all F iba be money received by the railroads and ourselves goes directly to the working people we should have the solid endorsement dor and individual support ot of every working man in the tha country cause the trouble with the whole situation is that many of the men who make the laws are not familiar with the true inwardness of the relations and dependence which the tha manufacturing and business interests have upon the gemial railroad situation nor do they realize that in administering their so BO called discipline to the railroad companies that we aro are the ultimate consumers of that discipline remedy it Is of the greatest importance that some nome decided action be taken by the government at as early a date as possible as there will bo be no improvement pro until this uncertainty has boa been overcome january 22 1910 T A GRIF giuin FIN |