,note3 ,images ( ! orig9al pages are available ?r\gh ,int]net ,ar*ive_/,am]ican ,libr>ies4 ,see https3_/_/ar*ive4org_/details_/c\ntrysne $(gr#jj;hillri* ,,! ,,c\ntry',s ,,ne$ ,,( ,,great] ,,railway ,,facilities ,,& ,,t]m9als ,address ,deliv]$ by ,mr4 ,,james ,j4 ,,hill ,at ! ,annual ,d9n] ( ! ,railway ,bus9ess ,association1 ,new ,york ,city ,decemb] #ai1 #aiab ,! subject ( national transportation is _m-sid$4 ,"o aspect ( x takes prec$5ce 9 "o community or 9 ! op9ion ( "o int]e/1 :ile = o!rs "s diff]5t phase ranks all ! re/4 ,b e int]e/ & e community %\ld und]/& t ! ma9 ne$ today ( transportation & ( ! _m activities connect$ ) & dep5d5t ^u x is an increase ( t]m9al facilities4 ,x is no exagg]ation to say t ! comm]ce ( ! c\ntry1 its manufactur+ & agricultural indu/ry1 its prosp]ity z a :ole & ! welf>e ( e man 9 x :o engages 9 any ga9ful occupation c escape ?reat5$ disa/] only by su* additions to & enl>gem5ts ( exi/+ t]m9als at our great c5tral m>kets & our pr9cipal po9ts ( export z w relieve ! conge/ion :i* n[ p>alyzes traffic :5 any unusual dem& is made ^u !m4 ,our natural mat]ial gr[? w make ?is _! *ronic condition 9 ! ne> future unless quick action is tak54 ,if y increase ! size ( a bottle )\t enl>g+ ! neck1 m "t & "w are requir$ to fill & empty x4 ,t is :at has happ5$ to ! transportation bus9ess4 ,9 #aijg traffic 0 block$ on ne>ly all ! pr9cipal ,ea/]n railway l9es4 ,x took mon?s to convey an ord9>y %ipm5t ( goods f "o dome/ic m>ket to ano!r4 ,! dead-lock 0 brok5 p>tly by a panic t less5$ ! volume ( bus9ess & p>tly by ! ef=ts ( railway managem5ts to add1 by increas$ effici5cy1 to ! mov+ p[] ( facilities at comm&4 ,we nei!r anticipate nor desire p]petual bus9ess depression4 ,:ile ! limits ( effici5cy h n be5 rea*$1 we "k t x _c be made to cov] ! dem&s ( our gr[? 9 population & production4 ,! records ( any l>ge city w prove ?is4 ,! tonnage ( ! ,pittsburgh ,di/rict1 = example1 by railroad alone1 grew f #fd1abe1jjj to #aeb1jjj1jjj 9 ! t5 ye>s betwe5 #aija & #aiaa4 ,x is bo? practical & patriotic to ask :at is to be done4 ,fir/1 let u exam9e ! foll[+ table1 compil$ f ! reports ( ! ,int]/ate ,comm]ce ,commission1 %[+ ! rec5t gr[? ( ! transportation bus9ess 9 ! ,unit$ ,/ates3 ,increases ,p] ,c5t4 #ahie to #aije4 #aije to #aiaj4 #aiji to #aiaj ,mileage #ba #aa #a4e ,locomotives #ce #bb #c4 ,pass5g] ,c>s #bc #af #c4c ,freight ,s]vice ,c>s #de #bc #c4 ,pass5g] ,mileage #ie #cf #aa4 ,freight ,ton ,mileage #aah #cg #af4f ,bus9ess is beg9n+ to feel ! swell ( a revival4 ,! freight ton mileage ( ! c\ntry 0 less by sev5te5 & a half billions 9 #aiji ?an 9 #aijg1 & v little m ?an 9 #aijf4 ,contra/ ?is ) ! gr[? ( ! s+le ye> betwe5 #aiji & #aiaj4 ,! freight ton mileage grew 9 t ye> elev5 times z fa/ z trackage1 & five times z fa/ z equipm5t4 ,?is ratio w be subject to increase r ?an decrease4 ,x w be mu* great] 9 ?is ye> ( l>ge crops & add$ tonnage4 ,if any manufactur] 7 confront$ ) su* conditions1 x w\ld be cle> to him t he mu/ ei!r refuse bus9ess or m ?an d\ble 8 plant4 ,! railroad _c refuse bus9ess4 ,if x c\ld d s legally1 t policy w\ld /ill mean national panic & individual ru94 ,x mu/ enl>ge its plant4 ,j :at ?is means 9 ! exp5diture ( billions ( doll>s on new track & roll+ /ock ,i demon/rat$ m ?an five ye>s ago1 & ! facts h n[ be5 accept$ by all au?orities4 ,b ev5 ! exi/+ plant _c be work$ to its capacity )\t l>g] t]m9als4 ,h5ce ! supreme importance at ! v outset ( ?is factor ( ! transportation problem4 ,?is matt] is vital n only to ! railroads1 b to e bus9ess man4 ,x is ! imm$iate conc]n ( e l>ge city4 ,cities c gr[1 !y c escape decl9e1 only z ! movem5t ( bus9ess betwe5 & ?r\gh !m is kept free4 ,:5 ! p f9d t _! bus9ess _c be h&l$1 !y mu/ ei!r move away or cease produc+ & consum+4 ,!y w dec5tralize _! traffic1 s f> z t c be done2 & ! inability ( ! railroads to prev5t ?is1 by reason ( conditions impos$ on !m f )\t1 w "w injury to all ! great m>kets :i* h aris5 ?r\gh ! free play ( economic =ces & ! wise judgm5t ( ! build]s ( our prosp]ity4 ,no city c af=d to place its trade1 :i* is its life1 on a false basis4 ,:5 ! comm]ce naturally tribut>y to x is h&icapp$ by poor t]m9als1 or ov]load$ ) too heavy *>ges on acc\nt ( ! excessive co/ ( enl>gem5t1 x w g else:]e4 ,!re are a doz5 places betwe5 ! ,ma9e coa/ & ,norfolk t c\ld be made available = relief4 ,a city c nev] gr[ great en\gh to defy safely ! dem&s ( ! laws ( trade & its prop] accommodation4 ,%\ld ! dec5tralization plan be =c$ on traffic1 "s ( our greate/ cities w\ld n m]ely =feit _! natural %>e 9 national gr[?1 b !y w\ld surely decl9e 9 bus9ess1 weal? & p[]4 ,int]e/ 9 ?is "q %\ld be n local only1 b national4 ,a railroad t]m9al p]=ms ! same function z a h>bor4 ,x is actually ! l>ge/ & mo/ valuable h>bor us$ by ! nation's comm]ce4 ,probably no great] volume ( rail & wat] traffic is transf]r$ 9 any city any:]e ?an 9 ,dulu?-,sup]ior4 ,on ! l& side almo/ ! :ole ( ?is is c>ri$ by ?ree railroads4 ,x is receiv$1 transf]r$ & dis*>g$ )\t conge/ion 9 ! busie/ seasons & ) exp$ition because ! t]m9als !re h be5 specially creat$ = ! "w !y h to d4 ,! nation has prop]ly made ! provision ( adequate h>bors its c>e1 & exp5d$ millions ( doll>s on our seabo>ds & ! ,great ,lakes to ensure ample facilities = load+ & unload+ c>goes4 ,x is n to be suppos$ or desir$ t ! nation %\ld furni% ! money to provide ^? great h>bors kn[n z railroad t]m9als1 al?\gh !y are va/ly m ess5tial to ! free movem5t ( trade4 ,b x %\ld smoo? ! way & make easy ! task ( ^? ^: bus9ess x is to provide !m4 ,:5 traffic is block$ & ! railroad y>ds ( ! pr9cipal cities are fill$ ) c>s t _c be mov$1 ! railroad suff]s ! loss ( a portion ( its e>n+s2 b ! bus9ess man loses a l>g] %>e ( 8 trade1 & ! work+man 8 employm5t4 ,no indu/ry c d m ?an protract a />v$ exi/5ce :5 ! curr5ts ( transportation cease mov+ freely4 ,:5 ! comm]ce ( an indu/rial empire ^: magnitude is p>tly indicat$ by ! cle>+ h\se ex*anges ( #ajb1jjj1jjj1jjj 9 ,new ,york ,city alone dur+ ! pa/ ye> is block$1 ! :ole nation suff]s4 ,:5ev] we h a big crop or a g5]al revival ( bus9ess1 ! c\ntry he>s mo/ ( ! dang] ( a c> %ortage4 ,! public assumes t if en\gh c>s are provid$ !y c be mov$ on s*$ule "t f po9t ( orig9 to de/9ation1 :]ev] ^! may be4 ,?is is n ! real tr\ble4 ,:at is really ne$$ is ! great] movem5t ( c>s4 ,! av]age movem5t ( a freight c> is ab\t #bd miles1 or two h\rs1 p] day4 ,delays 9 load+ & unload+ by %ipp]s are p>tly responsible1 b mu* ( ! lo/ "t is consum$ 9 gett+ into1 out ( or ?r\gh t]m9al po9ts :]e !re is n room to h&le ! c>s4 ,m c>s int5sify in/ead ( r$uc+ ! tr\ble4 ,no o!r bus9ess c\ld endure ! loss ( ! use ( its ma*9e plant = tw5ty-two h\rs out ( ! tw5ty-f\r4 ,"o ?\s& c>s w cov] ne>ly eight miles ( track4 ,ea* c> mu/ be swit*$1 load$ or unload$1 or all ?ree4 ,?is multiplies ! trackage requirem5t4 ,a ?\s& c>s are a fleabite comp>$ ) ! daily movem5t 9 ! busy season4 ,! railroads ( ! ,unit$ ,/ates c>ri$ #a1hdi1ijj1aja tons ( rev5ue freight 9 #aiaj4 ,at ! av]age load ( #ba4e tons p] c>1 x w\ld take #hf1jda1hfe c>s to move x4 ,ne>ly all ( ^! pass ?r\gh "s l>ge t]m9al1 mo/ ( !m sev]al times 9 ! ye>4 ,!re are ab\t ?irty important traffic c5t]s2 & if ! total movem5t 7 divid$ equally betwe5 !m1 suppos+ ea* c> to pass ?r\gh b "o m>ket1 & t only once a ye>1 #g1heh c>s w\ld h to pass ?r\gh ea* t]m9al e day 9 ! ye>4 ,five ?\s& c>s a day are en\gh to create a blockade 9 _m ( ! l>ge t]m9als ( ! c\ntry4 ,our wor/ tr\bles h come n f insuffici5t roll+ /ock or lack ( effici5cy 9 h&l+ x1 b f conge/$ t]m9als4 ,wat] r\tes give little assi/ance3 fir/1 because ! l>ge/ /reams ( traffic 9 ! ,unit$ ,/ates are n 9 a direction :]e ei!r natural or artificial wat]ways c be us$2 second1 because a wat]way less ?an tw5ty feet deep _c compete z a c>ri]4 ,! wat]way1 too1 may & (t5 does increase r ?an less5 ! pressure on t]m9al facilities4 ,!re is b "o possible rem$y--enl>g$ t]m9als4 ,! ma9 "q back ( t is f9ancial4 ,:]e & on :at t]ms is ! money to be _h = an improvem5t become z necess>y z ! removal ( a freight wreck f a ma9 traffic l9e4 ,! two ob/acles to be ov]come 9 ?is readju/m5t ( ! transportation ag5cy to ! gr[+ ne$s ( ! c\ntry are ! physical difficulty & ! co/4 ,! railroads c\ld n h =ese5 & gu>d$ aga9/ ?is ne$ ?irty or =ty ye>s ago4 ,!y c\ld n !n "k :]e ! greate/ m>kets 7 to gr[4 ,!y c\ld n tell 9 :at portion ( any city x w\ld be mo/ conv5i5t to h railroad y>ds plac$ a g5]ation lat]4 ,if !y _h secur$ l&1 *anges 9 bus9ess di/ricts w\ld 9 _m cases h made _! =e?\ght useless4 ,ev5 if gift$ ) prophetic k1 !y c\ld n !n h comm&$ ! res\rces = su* an und]tak+1 any m ?an ! c\ntry t[n ( today c put 9 all ! improvem5ts t its future z a city w require & ju/ify4 ,x is a natural & inevitable condition t we face4 ,^u ! railroads re/s ! responsibility ( p]=m+ ! "w n[ to be done4 ,w !y be left free to attempt x "u su* conditions z w make ! p]=mance ( x a feasible ?+ & n a miracle8 ,9 "s places x w be physically impossible to secure ! l& area = prop] t]m9als4 ,! space t mu/ be us$ is g5]ally 9 or ne> ! bus9ess he>t ( ! city2 (t5 along ! wat]ways1 :]e ent]prise has be5 busy & l& values h rea*$ _! highe/ po9t4 ,!re=e ! space = su* t]m9als is ei!r n available on any t]ms or w co/ sums t s\nd fabul\s4 ,! f9anc+ ( new t]m9als pres5ts a f> m s]i\s problem ?an ! f9anc+ ( a new railroad4 ,l>ge sums ( money mu/ be rais$4 ,! own]s ( capital w n supply !m unless !y are satisfi$ ) ! security & ) ! prospect = a sure & adequate return on _! money4 ,:at security c ! railroads (f] = su* a loan8 ,already1 m]ely = con/ruct+ & op]at+ _! exi/+ ma*9e1 _m ( !m h n only pl$g$ _! cr$it to ! limit b h absorb$ a l>ge %>e ( _! surplus e>n+s t 9 o!r c\ntries w\ld h be5 paid out 9 divid5ds4 ,! ability ( ! ,p5nsylvania sy/em to h&le its big bus9ess is due 9 no small degree to its pa/ policy ( div]t+ pr(its legally ! prop]ty ( ! /ockhold]s to ! con/ruction ( bett]m5ts4 ,!re is n a well-manag$ railway ( any size 9 ! c\ntry ( :i* ! same is n true to "s ext5t4 ,&1 ) ! increase ( _! exp5ses & ! limitation ( _! income by public au?ority1 !re is com+ to be little or no surplus rev5ue t may be s employ$4 ,net income1 n gross1 is ! index ( prosp]ity & ! f\ndation ( cr$it4 ,gross rev5ues gr[1 b exp5se gr[s fa/]4 ,returns to ! ,bureau ( ,railway ,economics1 cov]+ #ij p] c5t ( all ! /eam railway mileage 9 ! ,unit$ ,/ates1 %[ t dur+ ! fir/ sev5 mon?s ( #aiab op]at+ rev5ues increas$ #c4c p] c5t p] mile z comp>$ ) ! same p]iod 9 #aiaa1 op]at+ exp5ses increas$ #d4i p] c5t1 & net op]at+ rev5ue decreas$ 4#e p] c5t4 ,! additions to taxes & o!r incid5tal exp5ses w raise ?is figure4 ,! progressive decl9e ( net e>n+s p] mile "u ! exi/+ me?od ( rate regulation is assur$4 ,! prop]ties ( _m sy/ems are already encumb]$ to ! limit ( cr$it & solv5cy4 ,securities h be5 consolidat$1 equipm5t tru/s h plac$ :at are practically *attel mortgages on roll+ /ock1 & money _c be rais$ except = a %ort t]m & at high rates4 ,t5 or fifte5 ye>s ago #d p] c5t w\ld br+ 9 capital = railroad improvem5ts4 ,/rong prop]ties sold _! bonds be>+ #c p] c5t int]e/4 ,n[ "s ( ! /ronge/ roads are pay+ #d p] c5t = new capital4 ,prop]ties less well kn[n = /ability & e>n+ p[] pay m4 ,! rate has advanc$ by f #a to #b p] c5t 9 little m ?an t5 ye>s4 ,! great sums requir$ to ext5d our t]m9als to meet ! actual bus9ess ( ! c\ntry c be _h only on condition t ! paym5t ( pr9cipal & int]e/ is absolutely secur$4 ,! railroads c pay money only z !y are p]mitt$ to e>n x4 ,9 ! la/ resort x is up to ! p to say :e!r or n ^! t]m9als & o!r facilities %all be suppli$2 j z x is up to !m to suff] ! sev]e/ ( ! consequ5ces if !y are n4 ,two que/ions arise imm$iately & naturally f ! situation z x discloses itself to any "o :o *ooses to look at ! facts4 ,! fir/ is1 8,:y are ! railways n n[ 9 a position to borr[ ! money & build ! t]m9als at once802 ! second is1 8,:at h ! railways done to entitle !m to confid5ce1 to relief & to a m fair & g5]\s treatm5t by ! public804 ,ea* ( !m c be answ]$ by an exam9ation ( facts (ficially v\*$ =4 ,! impairm5t ( cr$it has already be5 p>tly set =? 9 pres5t+ ! difficulty ( mak+ loans = improvem5t purposes1 & not+ ! high] rate t mu/ be paid4 ,h[ has ?is happ5$8 ,! limitation has come1 ( c\rse1 f two directions2 decreas$ e>n+ p[] & increas$ exp5ses4 ,a railroad has no o!r s\rce ( income1 g5]ally speak+1 ?an receipts f rates4 ,^! h /eadily decl9$4 ,:ile ! price ( ev]y?+ else rises1 ! price ( transportation falls4 ,! av]age freight rate p] ton p] mile receiv$ by ! railroads ( ! ,unit$ ,/ates fell f #i4bg mills 9 #ahij to #g4ec mills 9 #aiaj4 ,?is is p>tly ! effect ( legislative regulations & ! ord]s ( public commissions1 & p>tly due to volunt>y r$uctions made possible by increas$ effici5cy & increase 9 ! d5sity ( traffic4 ,on ! :ole1 railroad rates 9 ! ,unit$ ,/ates are ! l[e/ 9 ! _w4 ,b !y _c cont9ue to gr[ less =ev]4 ,rates mu/ be su* z w br+ 91 above op]at+ exp5ses1 a reasonable return on ! inve/m5t z measur$ by ! value ( ! prop]ty4 ,s mu* ! c\rts w uphold4 ,b t is n en\gh1 if ! railroads are to g into ! money m>kets ( ! _w z borr[]s ( billions ( doll>s4 ,a man mu/ d bett] ?an graze ! %>p edge ( bankruptcy if he is to f9d himself welcom$ z a prospective cr$itor by ! inve/or4 ,s ! railways1 if !y are to c>ry ?is new burd51 mu/ n only be protect$ aga9/ ! fur!r de/ruction ( _! cr$it involv$ 9 an un5d+ succession ( attacks ^u _! exi/+ rev5ue4 ,!y mu/ also be p]mitt$ to e>n en\gh to assure capital t !y c pay int]e/ & pr9cipal ( ! heavy additional loans ask$4 ,by ! light ( ?is practical1 un*angeable fact ! railway regulation ( ! future mu/ be guid$4 ,if x is n1 !n conge/ion & a g5]al p>alysis ( trade1 co/+ ! c\ntry m ?an d\ble its :ole bill = transportation _c be avoid$4 ,! ,railroad ,securities ,commission1 ) ,presid5t ,hadley at its head1 ! able/ & mo/ dis9t]e/$ body :i* has ev] inve/igat$ ! subject 9 ?is c\ntry1 said 9 its report3 8,:]e ! future is unc]ta9 ! inve/or dem&s1 & is ju/ifi$ 9 dem&+1 a *ance ( add$ pr(it to comp5sate = 8 risk4 ,we _c secure ! imm5se am\nt ( capital ne$$ unless we make pr(its & risks comm5surate4 ,if rates are go+ to be r$uc$ :5ev] divid5ds exce$ curr5t rates ( int]e/1 inve/ors w seek o!r fields :]e ! haz>d is less or ! opportunity great]4 ,9 no ev5t c we expect railroads to be develop$ m]ely to pay _! own]s su* a return z !y c\ld h obta9$ by ! pur*ase ( inve/m5t securities :i* d n involve ! haz>ds ( con/ruction or ! risks ( op]ation04 ,exactly :at happ5s :5 ?is "r rule is rev]s$1 & ! railroads are =bidd5 by curtailm5t ( _! e>n+ p[] to attract capital may be und]/ood f ! foll[+ extract f an editorial on ! f9ancial ye> :i* appe>$ 9 ! ,new ,york ,times ( ,octob] #c1 ( ?is ye>3 8,railways h issu$ a total ( /ocks & bonds & notes small] ?is ye> ?an la/ by #bc1hba1ajj1 :ile indu/rials h increas$ _! issues by #cfb1bhh1fej4 ,! decrease ( ! railway bond issues 0 no less ?an #ii1hhi1djj1 & !y 7 =m]ly ! favorite inve/m5t4 ,! increase 9 indu/rials 0 mo/ly 9 /ock1 ! figures be+ #bei1daf1bej4 ,=m]ly indu/rials 7 unable to m>ket /ock 9 competition ) ! railways1 b ?is ye> !y h be5 able to place betwe5 ?ree & f\r times z mu* z ! railways40 ,:ile rev5ue 0 %r9k+1 ! obligatory exp5ses ( ! railways ( ! c\ntry h increas$ enorm\sly4 ,_! equipm5t alone is valu$ at ne>ly ?ree & a half billion doll>s2 ! increase dur+ ! la/ n9e ye>s be+ #de4c p] c5t 9 locomotives & #ci4g p] c5t 9 freight c>s4 ,= ! m]e ma9t5ance ( equipm5t !y sp5t ov] #dac1jjj1jjj 9 #aiaj4 ,:5 we come to consid] op]ation1 ! figures m\nt z rapidly z ^? on a pressure gauge :5 ! ne$le is rac+ t[>d ! dang] po9t4 ,! wages ( ! railroad employes 9 ?is c\ntry h rea*$ ! /up5d\s total ( ov] #a1bjj1jjj1jjj a ye>4 ,accord+ to ! advance summ>y ( ! report ( ! ,int]/ate ,comm]ce ,commission = #aiaa1 ! total numb] ( employes 9 ! ,unit$ ,/ates decreas$ 9 t ye> by #bi1faa z comp>$ ) #aiaj1 :ile ! total wages paid increas$ by #fd1gda1afd4 ,9 no o!r occupation has su* a %[+ ev] be5 made4 ,if ! wage scale ( #ahii _h be5 9 effect1 ! item ( labor co/ w\ld h be5 "s #cjj1jjj1jjj less4 ,aga9/ lib]al wages ! railways d n prote/1 because !y "k t !y c r5d] safe1 adequate & satisfactory s]vice 9 proportion z _! employes are well fitt$ & well paid = _! "w4 ,b new outlay mu/ be balanc$ by new income unless op]ation is to cease4 ,public s5tim5t almo/ always supports ! dem& ( employes = high] wages4 ,public s5tim5t _c1 f ! po9t ( view ( ei!r ju/ice or safety1 cont9ue to prohibit or prev5t ! levy+ ( su* rates z alone w enable ! employ] to pay ! wage rate 9 _m cases practically impos$ f )\t z au?oritatively z are ! traffic rates t a commission ord]s into effect4 ,ano!r item ( exp5se :i* gr[s out ( all proportion to railway rev5ue or national developm5t is taxation4 ,9 #ahij ! taxes paid by all ! railroads aggregat$ #ca1bjg1dfi2 9 #aiaj !y _h ris5 to #ajc1gie1gja2 = #aiaa !y are e/imat$ at #aji1jjj1jjj & may be a c\ple ( millions m4 ,! increase 9 tw5ty ye>s up to #aiaj is #bcc p] c5t4 ,?is is by direct act ( ! p4 ,! extravagance ( all mod]n legislative bodies1 ! d\bl+ ( /ate & national exp5ses )9 a few ye>s & ! cont9u\s issue ( bonds = all sorts ( public purposes =m]ly met by g5]al taxation h dra9$ ! ord9>y s\rces ( rev5ue4 ,! railroad treasury has come to be look$ ^u z ! public mil* c[1 f :i* a new supply ( n\ri%m5t may always be obta9$4 ,s railway taxes h ris5 by leaps & b\nds4 ,ea* mile ( l9e 9 ! c\ntry paid #aii 9 taxes 9 #ahij1 & #dca 9 #aiaj4 ,! own] ( capital w n be ov]-anxi\s to l5d x to conc]ns :i*1 if ! pres5t t5d5cy is n *eck$ or rev]s$1 w pres5tly see all receipts beyond a b>e liv+ income div]t$ by taxation to ! public treasury4 ,:5 ! /ate appropriates out ( ! e>n+s ( ! railways1 z x did 9 #aiaj1 m ?an "o-f\r? z mu* z 0 paid 9 divid5ds to all ! /ockhold]s1 ! int]e/ rate naturally rises & ! possible supply ( new capital = railway inve/m5t ?reat5s to vani% altoge!r4 ,if y take two doll>s out ( y\r purse ea* "t y put a doll> 91 bankruptcy w happ5 9 "t4 ,! railroads are n yet r$uc$ to ! po9t ( collapse1 because mo/ ( !m are /ill p]mitt$ to e>n & reta9 divid5ds4 ,b _! borr[+ p[] has be5 cut d[n until x suffices only = h&-to-m\? improvem5t4 ,_! cr$it mu/ be s f> re/or$ z to make x equal to c>ry+ =w>d ! creative & con/ructive "w :i* we h se5 to be a condition ( cont9u$ national gr[?4 ,h[ does _! record = tru/wor?9ess /&8 ,:at h !y done to %[ !mselves fit = t l>g] lib]ty ( action :i* is indisp5sable if !y are to p]=m all ! functions belong+ to ! prop] conduct ( _! bus9ess8 ,! railroads ( ! ,unit$ ,/ates are entitl$ to bo? confid5ce & relief because !y h n abus$ _! tru/ 9 ! matt] ( capitalization4 ,:ile1 to make possible ! rais+ ( money1 /ock-bonuses und\bt$ly 7 giv5 9 _! e>li] hi/ory1 x is true ( !m z a :ole today t !y h by f> ! smalle/ capitalization p] mile 9 ! _w2 & t !y h kept _! capitalization l[ by us+ = bett]m5ts millions ( e>n+s :i* any:]e 9 ,europe w\ld h be5 h&$ ov] to /ockhold]s1 leav+ ! co/ ( improvem5ts to be *>g$ to capital acc\nt4 ,?is is "o ( ! be/-e/abli%$ facts 9 railroad hi/ory1 ?\gh few p yet realize h[ great is ! diff]5ce 9 our favor4 ,! /ati/ics ( railway capitalization1 z giv5 by ! ,int]/ate ,comm]ce ,commission1 are1 un=tunately1 n always comput$ accord+ to ! same rules4 ,?is weak5s or de/roys _! value = comp>ison4 ,a *ange ( /ati/icians may involve a *ange ( me?od4 ,h[ev] consci5ti\s ! motive1 ! result alt]s relations :i* %\ld be con/ant4 ,?us ! (ficial railway capitalization 9 #aiji 0 #ei1bei4 ,9 #aiaj x is return$ at #fb1feg4 ,b ! increase is *>geable mo/ly to *anges 9 ! assignm5t ( capital /ock to "o acc\nt in/ead ( ano!r2 & "o su* *ange alone op]ates to increase ! av]age capitalization #gjj p] mile = ! entire ,unit$ ,/ates4 8,manife/ly01 says ! ,/ati/ician ( ! ,commission 9 8 report1 8a figure s con/ruct$ %\ld n be subject$ to ! burd5 ( su/a9+ any v weighty conclusions04 ,! ,bureau ( ,railway ,news & ,/ati/ics e/imates ! capitalization ( #aiaa at #ei1cde p] mile2 probably #fj1jjj1 9 r\nd numb]s1 repres5ts ab\t ! av]age actual capitalization today4 ,?is figure is to be comp>$ ) ! capitalization p] mile 9 o!r c\ntries1 z %[n 9 ! foll[+ table3 ,unit$ ,k+dom #bge1jdj ,engl& alone #cad1jjj ,g]many #aji1ghh ,france #aci1bcg ,! increase ( capitalization p] mile ( railroad 9 ,engl& & ,wales = ! n9ete5 ye>s betwe5 #ahij & #aiji 0 f #bee1jgc to #cbh1gfa1 or #gc1fhh2 aga9/ a total capitalization = all ! roads 9 ! ,unit$ ,/ates 9 #aiji ( #ei1bei4 ,x exce$$ our total capitalization by #ad1dbi p] mile4 ,! av]age annual increase = ! n9ete5 ye>s has be5 #c1hgc p] mile1 exce$+ ! entire annual net e>n+s p] mile ( railways 9 ?is c\ntry dur+ ! correspond+ p]iod4 ,our capitalization p] mile is f "o-half to "o-fif? t ( ,european c\ntries2 p>tly because ! initial co/ ( con/ruction 0 great] !re1 b l>gely because ( a fix$ diff]5ce 9 policy4 ,! ,am]ican railway makes improvem5ts s f> z possible out ( e>n+s or surplus1 leav+ capital acc\nt to c>ry only new con/ruction4 ,! ,european road di/ributes e>n+s among its /ockhold]s1 & issues new capital to provide necess>y bett]m5ts4 ,! diff]5ce acc\nts = ! %>p contra/s ( ! figures pres5t$ above4 ,! ,am]ican policy is 9 ! public int]e/1 because x t5ds to keep fix$ *>ges d[n4 ,a managem5t c take its own "t ab\t replac+ a surplus us$ = improvem5ts4 ,:5 ! money has be5 procur$ by issu+ new bonds1 ! int]e/ on ^! is a m&atory *>ge & mu/ be add$ to ! total to be rais$ annually f rates4 ,s f> z ! public is conc]n$1 ! ,am]ican policy is f> bett]4 ,& x %\ld be rememb]$ t x became ! ,am]ican policy by *oice1 n ( legal compulsion1 at a "t :5 managem5ts _h a lib]ty ( action d5i$ to !m n[4 ,x w\ld be an ironic turn ( affairs if ?is policy1 delib]ately foll[$ ( _! own option by railroad managem5ts ?r\gh ! :ole hi/ory ( ,am]ican railroad+1 at ! exp5se ( ! /ockhold]s & because x favors ! rate-pay+ public1 %\ld be rev]s$1 & ! burd5 transf]r$ to ! p's %\ld]s z a consequ5ce ( regulations prescrib$ by ! p !mselves4 ,at pres5t x seems n improbable t ?is w come true to "s ext5t4 ,a capitalization ( #fj1jjj p] mile w n transact ! bus9ess ( ! c\ntry4 ,on all trunk l9es & :]ev] population becomes d5se & traffic heavy1 capitalization w h to be made l>g] = new facilities & d\ble track+4 ,! heavy am\nts requir$ to provide t]m9als mu/ also be *>g$ to capital acc\nt4 ,) wages & mat]ial z high z !y are n[1 billions w be requir$4 ,if additional money mu/ be borr[$ = ! less p]man5t improvem5t ( :i* ,i %all speak pres5tly1 ! c\ntry w ev5tually h to c>ry a capitalization m ne>ly approa*+ t ( ,europe2 &1 z a necess>y coroll>y1 rates w rise to a correspond+ level4 ,! railways are entitl$ to confid5ce & relief because !y h display$ effici5cy 9 ! conduct ( _! bus9ess4 ,?is is j z m>k$ z _! relatively l[ capitalization4 ,! figures already giv5 %[ an increase ( traffic 9 a ye> ab\t five times z great z ! increase ( equipm5t & elev5 times ! increase ( mileage4 ,yet ! ma*9e has be5 haul+ its load1 because effici5cy has be5 develop$4 ,heavi] rails1 l>g] eng9es1 c>s ( great] capacity1 increas$ tra9 movem5t & ! full utilization ( equipm5t h kept bus9ess mov+4 ,! d5sity ( traffic 9 ,engl&1 ,france & ,g]many %\ld be z mu* great] ?an 9 ! ,unit$ ,/ates z ! d5sity 9 ! ,middle exce$s t 9 ! f> ,we/]n /ates4 ,yet "h are ! facts3 ,ton ,miles ,p] ,mile ( ,road ,france #dif1ici ,unit$ ,k+dom #ebi1fbb ,g]many #hbg1djj ,unit$ ,/ates 7#aiaj7 #a1jga1jhf ,x is cle> t our railroads h be5 capably manag$1 & t ! res\rces & p[]s entru/$ to !m are be+ us$ to ! highe/ bus9ess advantage4 ,h[ ! money !y sp5d is be+ employ$ is %[n by ! fact t our railroads move #bgb ton miles ( freight p] doll> ( net rev5ue1 :]e ! ,unit$ ,k+dom %[s only #eh1 ,g]many #agb & ,france #hh4 ,= hone/ & effici5t conduct our railways h no equals 9 ! _w4 ,by ?is supreme te/ !y decl>e _! fitness = ! gigantic "w t /ill rema9s to be und]tak54 ,n only1 z ,i h %[n1 h !y n *>g$ to capital ! co/ ( improvem5ts cov]$ by /ock & bond issues 9 o!r c\ntries1 b !y h %>$ _! ga9s lib]ally ) ! p ?r\gh rate r$uctions4 ,x has become common to ?9k ( ! progressive l[]+ ( rates1 :ile all o!r *>ges are ris+1 z ! "w ( legislative compulsion4 ,on ! contr>y1 _m ( ! mo/ important r$uctions made 9 ! pa/ 7 volunt>y4 ,^! are ! l[]+ ( *>ges on ! great /aple products ( ! soil4 ,?is has made settlem5t possible4 ,x has made x possible = ! f>m] to realize ! b5efit ( high prices = 8 crops4 ,x has d\bl$ production aga9 & aga94 ,x has made possible ! movem5t ( lumb] f ! ,pacific ,coa/ to ! ,middle ,we/ & ev5 ! ,ea/]n m>kets4 ,x has become a def9ite policy4 ,& x has left 9 ! pockets ( ! p an enorm\s am\nt ( money t w\ld h gone to ! c>ri]s or at lea/ be5 %>$ by !m if !y _h f\ght aga9/ *eap transportation = ! f>m in/ead ( fo/]+ x4 ,if ! freight & pass5g] rates 9 =ce on ! ,great ,nor!rn sy/em 9 #ahha _h rema9$ un*ang$ until #aiaj1 !re w\ld h be5 collect$ f ! public #a1bfg1daa1ied additional4 ,?is am\nts to m ?an eight times ! av]age p> value ( its out/&+ /ock & bonds 9 ! h&s ( ! public dur+ ! same p]iod4 ,t is to say1 if !re _h be5 no rate r$uctions on t sy/em dur+ ! pa/ ?irty ye>s1 x c\ld h paid (f its entire capitalization e ?ree & ?ree-qu>t]s ye>s4 ,if railroad rates 9 ! ,unit$ ,/ates _h increas$ z mu* 9 proportion z ! prices ( commodities & ! wages ( labor betwe5 #ahid & #aiji1 ! c\ntry's bill = transportation = ^? fifte5 ye>s w\ld h be5 ov] sev5 billion doll>s m ?an x 04 ,! railroads1 !n1 h prov$ !mselves compet5t & tru/wor?y4 ,b if !y are to furni% ! necess>y additions & provide new t]m9als1 )\t :i* ! traffic ( ! c\ntry c no m cont9ue to move ?an a d]elict c voyage f port to port1 ! money w n come1 z a magician cat*es co9s1 out ( ! air4 ,x mu/ be ei!r e>n$ or borr[$4 ,x seems cle> to any "o famili> ) ! conditions & requirem5ts t bo? res\rces mu/ be drawn ^u4 ,fir/ capitalization mu/ be mat]ially enl>g$4 ,b ! railroads mu/ be able to %[ t !y c e>n a fair return be=e !y c add to ! pr9cipal ( _! debt4 ,! v fact ( additional capitalization involves additional fix$ *>ges4 ,! inve/or mu/ be assur$ t su* e>n+s w n be prohibit$ by ! law be=e a loan c be plac$ at a be>able rate ( int]e/4 ,& ! high] ! rate1 ! great] mu/ be ! future *>ge on traffic to meet x4 ,! c\ntry comes to a /op be=e a f9ancial 8no ?or\ghf>e01 f :i* no exit c be f\nd save ?r\gh a relaxation ( ! rigid & ho/ile prohibition ( all rate advances t n[ absolutely negates ! prop] & necess>y expansion ( traffic ag5cies 9 ?is c\ntry4 ,! !ory ( enc\rag+ home indu/ry has prevail$ 9 ?is c\ntry dur+ ! great] "p ( our national exi/5ce4 ,import duties av]ag+ #da4bb p] c5t 7 levi$ 9 #aiaa4 ,! advocates ( ! sy/em claim ?is is done to protect ,am]ican ,labor4 ,our manufactures are protect$ z a matt] ( national policy4 ,transportation co/s ! public f "o-?ird to "o-half z mu* "h z 9 ,europe4 ,?is *eapness is n pur*as$ at ! co/ ( ! work+man4 ,9 #aiaj ! av]age daily e>n+s ( railway employes 9 ! ,unit$ ,/ates 7 m ?an twice z great z 9 ! ,unit$ ,k+dom1 & two & ?ree-qu>t]s times z mu* z on ! ,prussian-,hesse sy/em 9 ,g]many4 ,z employ]s ( labor & also z produc]s ( a commodity t ev]ybody uses directly or indirectly1 pay+ t labor m ?an x receives any:]e else 9 ! _w & supply+ t s]vice = less ?an is *>g$ any:]e else 9 ! _w1 ! railroads des]ve a public consid]ation n ext5d$ to !m n[4 ,second1 ! railroads %\ld be p]mitt$ to e>n & hold a surplus equal to fifty p] c5t ( ! am\nt !y pay out 9 divid5ds1 to be held = em]g5cies & appli$ to improv$ facilities4 ,!re are _m exp5ses1 & new ones con/antly aris+1 t mu/ n be add$ to capital *>ge unless rates are to be made t ! public _c & ought n to be ask$ to be>4 ,9 addition to ! heavy dem&s ( ! ord9>y gr[? ( traffic1 !re are _m extraord9>y exp5ses4 ,public au?orities d n hesitate to ord] ! railroads to provide additional equipm5t4 ,?is1 be+ only p>tially "u ! own]'s control1 is soon scatt]$ ov] ! c\ntry4 ,! weak] roads pref] pay+ a p] diem *>ge to buy+ = !mselves4 ,?is compels ! /rong] roads practically to provide new equipm5t = ! :ole c\ntry & pay ! co/ ( x f _! own res\rces4 ,grade cross+s mu/ be elim9at$ bo? 9 ! cities & 9 ! c\ntry4 ,! ord]+ ( ^! is held to be a legitimate "p ( ! police p[] ( ! /ate1 ^: ex]cise is unlimit$4 ,to raise or l[] tracks at a s+le city may co/ millions ( doll>s4 ,?is class ( exp5ses gr[s v rapidly 9 ! ,unit$ ,/ates z population becomes d5s]4 ,%all we capitalize !m also1 z has be5 done abroad8 ,safety appliances mu/ be adopt$4 ,+5uity is add+ ye>ly to ! numb] ( ^!2 & ! public dem&s rightly t !y be put into use z soon z _! value is demon/rat$4 ,b all ^! ?+s take money--& a lot ( x4 ,/eel c>s are a good illu/ration ( ?is k9d ( exp5se4 ,!y are com+ into g5]al use1 & x has be5 propos$ to make _! pur*ase & employm5t compulsory ev5 be=e _! b5efits h be5 fully prov$4 ,to buy !m is a big exp5se1 b t is only ! beg9n+4 ,a tra9 made up ( !m is sixty-five p] c5t4 heavi] ?an "o compos$ ( old /yle c>s4 ,m tra9s mu/ be run to r5d] ! same s]vice4 ,tracks & bridges mu/ be /r5g!n$4 ,s ! co/ ( s]vice is increas+ all ! "t ?r\gh improvem5ts t ! railroads are j z anxi\s z ! public to adopt4 ,e "o ( ^! improvem5ts co/s money4 ,v few ( !m produce "o doll> ( additional rev5ue4 ,yet ! railroads mu/ pay _! bills or g into ! h&s ( a receiv]4 ,su* an increase ( rates z w cov] ^! exp5ses2 ! accumulation ( at lea/ su* a surplus z w furni% funds = ^! daily dem&s 9 ! dome/ic economy ( ! railroads1 mu/ be au?oriz$1 unless traffic is to decrease1 transportation facilities to gr[ worse in/ead ( bett]1 or capitalization to be increas$ until any rates t ! p c pay w fail to cov] ! fix$ *>ges ( ! common c>ri]s4 ,an extraord9>y doctr9e is n[ be+ prop\nd$ 9 _m qu>t]s4 ,x is held t ! accumulation ( a surplus is evid5ce t rates are too high & ought to be l[]$2 j z if ! man :o e>ns1 saves & puts a doll> 9 bank to meet future cont+5cies !reby admitt$ himself guilty ( ei!r di%one/y or extortion4 ,x is held t a railroad has no "r to receive or enjoy income d]iv$ f any o!r s\rce ?an ! op]ation ( its plant4 ,x is ass]t$ t a railroad has no "r to ! natural increm5t 9 ! value ( its prop]ty1 ?\gh ?is is n d5i$ to any o!r corporation or to any individual "u l circum/ances4 ,x has be5 attempt$ to apply ^! pr9ciples to ! regulation ( railway prop]ty1 /ripp+ x ( privileges enjoy$ by citiz5s & o!r corporate entities "u ! con/itution4 ,b h[ ab\t ! o!r side ( ! %ield8 ,does ! /ate recognize & abide by ?is same doctr9e :5 its own rev5ue is at /ake8 ,all ! e>n+s ( ! railroad1 f :atev] s\rce d]iv$2 all ! prop]ty to :i* x holds title1 no matt] h[ acquir$ or held1 is tax$ by ! /ate z ! prop]ty ( ! railroad2 ei!r indirectly by a tax on gross e>n+s or directly on assess$ valuation4 ,! /ate has tax$ surplus & all improvem5ts made f x j ! same z ^? made f ! proce$s ( /ock & bond sales4 ,c x d ?is--c x tax all e>n+s1 improvem5ts made f e>n+s & surplus )\t confess+ t ! hold]s are entitl$ to ! prop]ty & ! income f x z truly z ! /ate is entitl$ to ! tax8 ,! rule ( fairness & ! equal h& ( ! law %\ld make ! obligations & ! privileges ( ! railroad co-ext5sive4 ,! taxes paid by ! railways ( ! ,unit$ ,/ates 9 #aiaj 7 ab\t #ac p] c5t ( ! total int]e/ & divid5ds4 ,!y 7 ov] #be p] c5t ( divid5ds alone4 ,t is1 ! /ate receiv$ f ! prop]ty "o-f\r? z mu* z all ! own]s ( x put toge!r4 ,9 ! face ( facts l ^!1 no j man & no c\rt t reg>ds ei!r law or equity %\ld "q ! "r ( ! railways to enjoy ! natural increase & to e>n ! normal rate ( pr(it on all ! prop]ty !y hold1 no matt] h[ inve/$ or employ$4 ,x is n a political b an economic "q t ! c\ntry has to consid] & solve4 ,! adju/m5t ( t>iff taxation1 ! regulation ( railroads & all o!r simil> matt]s ov] :i* ! legislative p[] has control & :i* are ess5tially economic & non-political are held delib]ately )9 ! range ( curr5t controv]sy = ! advantage ( p>ty politics4 ,s long z !y c be kept f a fair & p]man5t settlem5t on ! basis ( economic ju/ice1 !y w furni% rally+ cries = ! un?9k+ ( "o political p>ty or ! o!r4 ,! c\ntry _c rise to ! level ( its duty or its opportunity until ! sci5tific k ( ! exp]t & ! action ( ! j judge are appli$ to ! settlem5t ( su* economic issues4 ,! ,am]ican p mu/ soon beg9 to realize h[ injuri\sly !y are !mselves affect$ by a game t has be5 play$ = s _m ye>s ) _! bus9ess prosp]ity & _! future welf>e4 ,meantime ! practical que/ions t ,i h pres5t$ & t gr[ /raight f ! root ( ! pres5t situation rema94 ,! wisdom1 ! desire = ju/ice1 ! intellig5t self-int]e/ ( ! :ole c\ntry %\ld be conc5trat$ ^u ! answ]1 :i* is n really difficult to f9d4 ,! p mu/ fir/ realize t regulation mu/ n be /rangulation4 ,e re/riction compatible ) ! public int]e/ may be appli$ )\t impair+ ! position ( ! railways1 or _! ability to cont9ue s]v+ ! public2 because _! int]e/s at bottom are "o4 ,x is high "t t a rational p]ception ( ?is id5tity %\ld put an end to ho/ile discrim9ation aga9/ ! railroad1 & a policy be %ap$ :i* w p]mit ! railways ( ! c\ntry to lay a broad f\ndation = transact+ ! future bus9ess ( ! c\ntry1 by provid+ ! ma*9]y )\t :i* t bus9ess _c be done4 ,s9ce ! greate/ ne$ is l>g] & bett] t]m9als1 ! process ( improvem5t w be co/ly4 ,s9ce ! sum to be rais$ mu/ be reckon$ 9 billions1 ! railroads1 if !y are to ma9ta9 _! wage scales1 & _! /&>ds ( effici5cy1 mu/ be p]mitt$ to *>ge su* rates z w enable !m to pay int]e/ on ! additions to capitalization repres5t+ ! money inve/$ 9 new t]m9als1 & also accumulate a surplus suffici5t to take c>e ( ! con/antly aris+ dem&s = additions to ! exi/+ plant4 ,c\rts & commissions w see t excessive rates are n collect$4 ,on ! o!r h& ! c\rts h affirm$ ! "r ( ! companies to e>n a reasonable return on ! total value ( _! prop]ty4 ,betwe5 ^! well-m>k$ l9es ! railway rate %\ld move1 accord+ to ! ne$s ( traffic & ! developm5t ( ! bus9ess ( ! c\ntry4 ,rates ei!r p]man5tly un*ang$ at ! pres5t figure or l[]$ by compulsion mean1 9 view ( ! exi/+ em]g5cy1 no?+ b ru94 ,t ru9 w n be s imm$iate or complete = ! railroads !mselves z x w be = ! bus9ess int]e/s to :i* !y w no long] be able to give a prompt & adequate s]vice4 ,x w be f>-rea*+1 because its effects w t\* e man1 h[ev] humble1 :o is engag$ 9 productive indu/ry4 ,if x comes x w be ! mo/ disa/r\s cata/rophe 9 all our bus9ess exp]i5ce4 ,! :ole "q may be summ$ up 9 ! simple fact t ! bus9ess ( ?is c\ntry has gr[n beyond ! possibility ( be+ h&l$ by a railroad sy/em co/+ on an av]age #fj1jjj a mile4 ,! exp]i5ce ( ! :ole _w is aga9/ su* a proposition4 ,i d n und]rate ! importance ( o!r int]e/s or issues1 ,i only give due place & emphasis to ?is "q :5 ,i say t x dw>fs by comp>ison e o!r t bespeaks ! att5tion ( our p4 ,:at1 9 comp>ison are any ( ! innovations or int]pretations ( ! national w :i* h rec5tly =m$ ! subject ( a nation-wide & passionate discussion8 ,across e /ream ( comm]ce :]e x ent]s a di/ribut+ city an ob/acle gr[s high] e day1 re/ra9+ ! impati5t tide ( ! nation's ex*anges4 ,x is "t = all ( u to lay aside prepossessions1 ho/ilities1 diff]5ces 9 po9ts ( view1 & "w toge!r = an object inf9itely m ess5tial ?an mo/ ( ! great ent]prises deem$ s national 9 _! scope & b5efits t !y comm& n only ! sympa?y b ! f9ancial back+ ( ! gov]nm5t itself4 ,x is ! duty ( e bus9ess organization1 ( e bus9ess man1 ( capital int]e/$ 9 safe inve/m5t & labor int]e/$ 9 sure & remun]ative employm5t1 to help sw+ ! c\ntry into l9e beh9d ! only policy t c help & save !m all4 ,no pl$ge ( national cr$it1 no subsidy 9 ca%1 no immunity or privilege is ask$2 only fre$om to raise on reasonable t]ms ! capital )\t :i* ! "w _c be done2 imply+ necess>ily fre$om to e>n on t capital ! return )\t :i* x w n be =?com+1 & en\gh additional to make & keep railway equipm5t & s]vice equal to ! progress ( inv5tion & improvem5t & to ! j expectations ( ! p4 ,no national or municipal campaign1 no moral crusade1 no comm]cial or f9ancial adv5ture or assurance c dem& or ought to receive f y & o!rs l y ! att5tion1 ! /udy1 ! en]getic support claim$ by ! imm95t & urg5t issue :i* ,i h tri$ to pres5t 9 outl9e4 ,9 a day ( big ?+s x looms above !m all4 ,! railways1 anxi\s to be active 9 ! upbuild+ ( ! c\ntry & ! introduction ( a com+ era 9 transportation1 /& at att5tion4 ,w ! c\ntry give ! ^w ( p]mission & remove ! heavy cl\d ( d\bt & depression :i* has /eadily arre/$ ! gr[? ( ! nation's comm]cial facilities8 99 99 99 99 99 99 ,transcrib]'s note3 --,obvi\s errors 7 correct$4