The Railway Library, 1909: A Collection of Noteworthy Chapters, Addresses, and Papers Relating to Railways, Mostly Published During the Year
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The Railway Library, 1909: A Collection of Noteworthy Chapters, Addresses, and Papers Relating to Railways, Mostly Published During the Year
Railroads -- United States -- Periodicals
We do not ask for favors. We wish to be treated fairly; that is
all. No one can possibly be more interested in the prosperity of
the railroads than the railroad employes. From every dollar earned
by the railroad forty-two cents go directly to pay wages of railway
employes, while only twenty-one cents, or one-half that amount, go
to pay interest and dividends. In no other country in the world
does the railroad employe get so large a share and the security
holder so little. Why should not the man who invests his money in
railroad stock receive as much return in shape of dividends as the
man who invests his in a farm or factory? The last census report of
the government, that for 1900, showed that money invested in farm
lands in the United States earned an average return of over 10 per
cent, and money invested in manufactures earned over 19 per cent.
The governor of Iowa, in a printed article over his own signature,
appearing in the February, 1907, number of "Farming," gave a number
of specific instances where money invested in farm lands in Iowa
earned from 18 to 23 per cent, and he referred to such cases as
typical. The last report of the Interstate Commerce Commission shows
total earnings of all railroads in the United States for year ending
June 30, 1907, to have been $2,589,105,578. It also shows total
capitalization as $13,053,974,156, and money paid as interest and
dividends $551,128,713, equal to 4.2 per cent on capitalization.
Certainly this does not seem excessive when compared with profits in
farming and manufacturing as given above.
We are glad to know that our farmers and manufacturers are
prosperous, because we have long since learned that when they are not
prosperous the railroads cannot prosper. I fear they have not yet
fully realized that it is better for them, also, that the railroads
should prosper. We hear no complaints in Congress or elsewhere
because our farmers and manufacturers are prosperous; in fact, we are
all inclined to boast about it.
Public-domain text, read in full here on John Shaqi.
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