[Gutenberg 47536] • The Country's Need of Greater Railway Facilities and Terminals / Address Delivered at the Annual Dinner of the Railway Business Association, New York City, December 19, 1912

Excerpt from The Country's Need of Greater Railway Facilities and Terminals

The railroads of the United States are entitled to both confidence and relief because they have not abus ed their trust in the matter of capitalization. While, to make possible the raising of money, stock-bonuses undoubtedly were given in their earlier history, it is true of them as a whole today that they have by far the smallest capitalization per mile in the world; and that they have kept their capitalization low by using for betterments millions of earnings which anywhere in Europe would have been handed over to stockhold ers, leaving the cost of improvements to be charged to capital account. This is one of the best-established facts in railroad history, though few people yet realize how great is the difference in our favor.

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