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 UNIVERSITY OF ILLINOIS 
 
 
 LIBRARY 
 
 Class 
 
 Book Volume 
 
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 1
 
 
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 RAILWAY PROSPECTS in the SOUTH 
 
 ADDRESS OF 
 
 MR. L E. JOHNSON 
 
 PRESIDENT 
 
 NORFOLK & WESTERN 
 
 RAILWAY COMPANY 
 
 BEFORE 
 COMMERCE SECTION OF THE 
 
 SOUTHERN COMMERCIAL CONGRESS 
 
 ATLANTA, GEORGIA 
 MARCH 10, 1911
 
 Address of Mr, L, E. Johnson^ 
 
 President Norfolk Q Western 
 
 Railway Company 
 
 /

 
 Mr. Chairman, Ladies^ and Gentlemen: 
 
 It is not unnatural, when we speak of "Railway Pros- 
 pects in the South," that our minds should hark back to 
 the beginnings of railway development and ascertain if 
 the lessons of the past may not give us something upon 
 which we may predicate the future. For the purpose 
 of studying railway accomplishment and railway pro- 
 gress and prospects, I know of no environment more 
 suited to the purpose than within the borders of this 
 great capital of the "Empire State" of the South, 
 reared as it has been by southern men who typify the 
 very best in American industry and culture. Atlanta 
 itself sets at naught all the traditions of the more remote 
 past and brings to our minds the knowledge that the 
 introduction and development of railroads has meant 
 the establishment of a new industrial force in the pro- 
 gress of this country and has demonstrated that great 
 industrial centers may exist and thrive away from lo- 
 cations which were formerly considered necessary to 
 substantial commercial progress. 
 
 If any one, during the first half of the last century, 
 had been called upon to predict what would be the lo- 
 cation of Georgia's greatest city during the years which 
 should mark the opening of the present centiu-y, he 
 would hardly have selected the location which marks 
 the gathering place at this moment of this great com- 
 mercial congress. 
 
 Men who had studied the p9-st and gathered together 
 the experience of former ages would have sought at the 
 water's edge the location of Georgia's future commercial 
 
 31609
 
 and industrial center. Probably at some ample harbor 
 upon the seacoast, or at least upon the banks of some 
 navigable stream. No one in that day and generation 
 would have had the temerity to predict that, far re- 
 moved from water transportation, there should be 
 builded up this great metropolis of industrial traffic, 
 whose influence would pervade the entire South, and 
 rival its greatest seaports. That Atlanta exists as a 
 dominating factor in the commerce of the South, indi- 
 cates that some new principle has become a part of our 
 economic development. 
 
 Before undertaking to say a word or two in regard to 
 the present ''Railway Prospects," which is the subject 
 which has been assigned to me, it will doubtless be 
 profitable to reflect a moment on the manner in which 
 the railway construction was begun in the South and 
 throughout our country generally. It was in the South 
 that the operation of railroads with steam as the sole 
 motive power was first undertaken, and this action 
 adopted by the Charleston & Hamburg Railroad Com- 
 pany on January 14th, 1830, marks an epoch in the 
 transportation development of this country. It was 
 this year that the railroad company just mentioned, in 
 pursuance of the conclusions reached by its board of 
 directors, issued an order for the construction of a loco- 
 motive which had been designed by a citizen of Charles- 
 ton and which was built at the West Point Foundry in 
 the State of New York. The name borne by this 
 locomotive, the first used in regular service, was "The 
 Best Friend of Charleston," and it is needless to say 
 that the name so adopted was a fitting title for the 
 instrument of commerce then put into use and which 
 has become so large a factor in the civilization of our 
 countrv. 
 
 1
 
 The construction of railroads in the early history of 
 the South possessed but few attractions to those who 
 had money to invest in business enterprises. The ex- 
 periment was considered doubtful and the undertaking 
 highly speculative; and, although the necessity and 
 advantage of more adequate transportation facilities 
 were recognized, and appreciated as being important 
 in the development of the country, yet so indifferent 
 was private capital to venture upon an undertaking 
 both costly and uncertain, that very few of the roads 
 of the South in its early history were constructed purely 
 through individual contribution. As a matter of fact, 
 the promotion and construction of most of the earlier 
 built roads was the result of the cooperation of the 
 State with individuals, to which was generally added 
 the aid of communities and cities whose interest it was 
 thought would be particularly advanced by such con- 
 struction. In other words, government ownership of 
 railroads is, for practical purposes, not a new thing in 
 this country, but, as a matter of fact, it is an experiment 
 which has already been tried and while, during its ex- 
 istence, much was accomplished which under other 
 auspices would have been difficult, yet the theory has 
 long since been abandoned, as unsuited to the con- 
 ditions existing in our country, and not in harmony 
 with our form of government. 
 
 However valuable and necessary the aid of the State 
 was in the beginning of railroad construction in this 
 country, it soon became apparent that railroad opera- 
 tion under the influence and control of governmental 
 authority was unsatisfactory and unremunerative. The 
 states soon ascertained that the properties they were 
 undertaking to operate were generally conducted at 
 an annual deficit, and even if profitable the State
 
 was put in the embarrassing position of operating prop- 
 erties for the peculiar benefit of one portion of its people 
 and one of its sections at the expense of the other sec- 
 tions, and the conclusion was forced upon the people 
 that it was no part of the function of the government 
 to make money out of its own citizens or to benefit one 
 at the cost of another. Many causes cooperated to 
 bring about the final abandonment by the states of their 
 control and interest in their railroads, but chiefly was 
 this policy of abandonment due to the conviction on the 
 part of the people that the operation of railroads, in- 
 volving the employment of vast numbers of men and 
 the inauguration of competition between sections and 
 cities equally entitled to protection and consideration 
 from the State, made it impossible for the State wisely 
 and efficiently to carry on these complicated and 
 hazardous undertakings. 
 
 While these policies were being inaugurated and tried 
 out in the various states and communities of the South, 
 the Civil War came on, the result of which was the 
 annihilation of much of the work which had been done in 
 railroad construction and, for many years thereafter, 
 every energy of the people of the South was devoted to 
 the reconstruction, consolidation and operation of these 
 avenues of commerce. The states did not undertake to 
 rehabilitate the roads, but usually turned them over to 
 companies financed by individuals and, for all practical 
 purposes, we may say that the growth of railways in the 
 South since the year 1865 has been the result of indi- 
 vidual enterprise and corporate energy. 
 
 Before we can say what is the '' Railway Prospect" 
 in the South I take it that it is necessary to see what has 
 been accomplished during these years in which the com- 
 panies have been working out their part of the problems
 
 of development, for I take it that if the railroads of the 
 South have been laggards in the race of progress, or 
 have so conducted their affairs that there is in the minds 
 of the people a lack of confidence in their integrity, 
 then they have failed to do their part in the upbuilding 
 of the country, and have been lacking in patriotic sac- 
 rifice for the common benefit when sacrifice has been 
 necessary. If these are facts, then in my judgment the 
 prospect for the future cannot be encouraging. 
 
 The roads have had a fair opportunity to do the work 
 that has been committed to them, and if they have 
 failed to live up to the responsibilities imposed, and 
 the duties assumed, then I take it they may reasonably 
 expect the same reward that was accorded in the Scrip- 
 ture to the unfaithful servant: "And there shall be 
 taken from him even that which he hath." 
 
 As one who has devoted a lifetime to the construction 
 and operation of railroads in this country, and whose 
 maturer years have been spent in earnest work in the 
 development of railroad transportation in the South; 
 and who, as the result of these later years of work, has 
 become reasonably well acquainted with the problems 
 that have heretofore been met and handled by those 
 who have had to meet the transportation problems of 
 the South, I wish to bear emphatic and earnest testi- 
 mony that no just or intelligent criticism can be properly 
 made against the manner in which your people have 
 handled a problem which has been surrounded with 
 most appalling difficulties. Indeed, the progress that 
 has been made during these years in railroad develop- 
 ment cannot fail to excite the wonder and admiration 
 of those who are familiar enough with the situation 
 to realize the difficulties which have been overcome. 
 Those railroads which existed at the close of the war
 
 represented, as many of you well know, but little else 
 than a franchise and a right of way, and the work of 
 the years that had gone before had been to a large ex- 
 tent annihilated as the result of four years of enforced 
 neglect, and I defy any one to name another kind of 
 property that deteriorates as rapidly as a railroad, re- 
 sulting from lack of repair. Eternal vigilance, and no 
 small amount of money, is the price that must be paid 
 for the maintenance and continued existence of a rail- 
 road, yet these roads have been reconstructed and new 
 lines have been built to an extent that has been mar- 
 velous, considering the difficulties that had to be 
 overcome. Although a vast amount of mileage is yet 
 to be constructed in order that the transportation facili- 
 ties of the South shall be equal to many other sections 
 of our country, still the work that has been accomplished 
 makes the problems of this generation easier and the 
 way is open, if other conditions shall be favorable, for 
 this great work to go forward to its complete develop- 
 ment. 
 
 Statistics of railroad accomplishment are not easily 
 available, except during the past twenty years. If we 
 had the statistics of the work done during the quarter 
 of a century succeeding the closing of the war, the per- 
 centages of comparison, year by year, would be ex- 
 tremely interesting and would in every instance, I 
 believe, show an amount of progress, even under the 
 depressing conditions that existed during much of that 
 time, that would reflect tremendous credit upon those 
 who were fighting the industrial battles of that day. 
 
 I invite your attention, however, to a few simple 
 
 statistics of the past twenty years, believing that they 
 
 ought to be sufficient to satisfy the most critical, that 
 
 he railroads of the South have not been negligent of
 
 the responsibilities resting upon them, but, in truth 
 and in fact, have been diligent in providing facilities 
 for the development of the common interests. The 
 result of the activity and energy of your people who 
 undertook to rehabilitate the railroads of the South, 
 showed as the result of their achievement up to the 
 year 1890, the existence of 24,535 miles of single track, 
 30 miles of second track, and 3,265 miles of yard track 
 and sidings, in the section south of the Potomac and 
 Ohio Rivers, and east of the Mississippi. After that 
 year, the development was not so marked in the exten- 
 sion of new lines of road, although the construction of 
 such new lines was very substantial, but was shown in 
 the construction of facilities for the handling of the 
 business which the earlier railroad construction had 
 made possible. In 1909, the amount of single track 
 had increased to 41,273 miles, second track to 1,656 
 miles, and yard track and sidings had increased to 
 11,247 miles. These figures would seem to indicate 
 that the railroads of the South have been keeping pace 
 with the industrial development and providing facili- 
 ties to meet its needs. The increase of rolling stock in 
 both quality and quantity during this period was as 
 marked as the improvement and increase in roadbed 
 and new track. In 1890, the reports of the Interstate 
 Commerce Commission show that there were in this 
 section 3,310 locomotives, and 109,669 cars, while in 
 1909, the number of locomotives had increased to 7,772, 
 and the cars to 308,807. During this period, there was 
 a distinct tendency — especially during the later years — 
 towards the enlargement of locomotives and cars, and 
 hence the numerical figures given above only represent 
 in part the growth of your railroads in their rolling 
 stock intended for the use of the public in these com- 

 
 muni ties. This increase in the various elements which 
 go to make up the efficiency of the railroads of the South 
 has been largely in excess of the increase in population 
 during the time mentioned, for while, from 1890 to 1909, 
 the single track mileage had increased 68.22 per cent, 
 and second track 54.23 per cent., yard track and sidings 
 244.47 per cent., locomotives 134.80 per cent., and cars 
 181.58 per cent., the population of the territory served 
 by the railroads increased from 1890 to 1910, from 
 13,845,801 to 18,776,059, or 35.61 per cent. 
 
 Again let us look for a moment at the capitilization 
 and investment in railroad property in the South dur- 
 ing the same period, and the figures on this line show 
 the same progressive development. In 1890, the capi- 
 talization of the railroads in the territory above men- 
 tioned, which capitalization includes the outstanding 
 stock and funded debt of those roads, was $1,153,374,- 
 401.00. This capitalization in 1909, had increased to 
 $2,265,101,150.00. I have no means at hand for ascer- 
 taining how much of this capitalization has been con- 
 tributed by the people of the South, but I think that 
 it is safe to say that a very small portion has been 
 secured from that source and I take it that, from that 
 reason, much credit is due to the people — mostly your 
 own citizens — who have had the character and ability, 
 so to impress themselves upon the investing public of 
 the world whereby such large sums of money have been 
 entrusted to their care and placed at the service of your 
 communities, to be primarily benefited by the con- 
 struction and upbuilding of these railroads. This 
 money has been secured, and expended for the benefit 
 of this territory, although the return thereon has, in 
 most cases, been very meager, and the average return 
 much less than reasonable. Interest on bonds and 
 
 10
 
 dividends on stock which have been received on account 
 of railroad investments in the South from 1891 to 1909, 
 both inclusive, represent a rate of interest upon this 
 capitalization ranging from 2.54 per cent, to 3.60 per 
 cent. 
 
 I am quite well aware that, whenever the singularly 
 slight return upon railroad investments in the South is 
 commented upon, the answer of those who are critical 
 of railroads usually is that the return upon the capi- 
 talization does not represent usually the rate that is 
 paid upon the investment, and this on account of the 
 fact that the general charge is made that the stock is 
 watered, and that if the moisture were eliminated from 
 the capitalization the net returns would be much larger. 
 
 I do not pretend to know the financial history of all 
 of the railroads of the South, but I do know the history 
 and conditions surrounding quite a number of such 
 roads; and, as far as these are concerned, and I veril}^ 
 believe as far as the roads of the South generally are 
 concerned, there is but little foundation in this general 
 and wholesale charge of the existence of what is known 
 as watered stock in the capitalization of its railroads 
 generally. An examination of the financial history of 
 each of the roads would, in my judgment, develop the 
 fact that each issue of stock represented originally an 
 investment of actual money which went towards the 
 purchase or construction of the property; and that, in 
 the re-organization of such properties, which re-organiza- 
 tion became necessary in the history of practically every 
 road in the South, recognition has been made by the 
 new company, in the issuing of its securities, of the 
 stock and other sectuities of the old company, which 
 stock and other securities represented actual invest- 
 ments of money. 
 
 11
 
 No small portion of the stock of existing companies, 
 which is now frequently being criticized as "watered 
 stock," represents, as a matter of fact, stock issued to 
 the original owners of the road, which was turned over 
 after the war to some new company being organized 
 for the purpose of constructing and maintaining a through 
 line of travel, and represented only a small portion of 
 an actual investment in money. This stock, in fact, 
 represented, in many cases, the fortunes of not a few 
 courageous men who invested their all in the railways 
 of the South, and because an effort has been made to 
 preserve this investment to the original owners or to 
 their successors in title, the opportunity is frequently 
 sought in these days to criticise stock issued for such 
 purposes as being imentitled to recognition as an invest- 
 ment. I cannot agree with this theory, but have always 
 felt that the money which was originally contributed 
 is a part of the investment, the benefit of which is now 
 enjoyed by the public and which in good conscience 
 should be preserved to those entitled to it. 
 
 Again, if we look upon the present capitalization of 
 the railroads of the South, even upon the basis of their 
 physical valuation, I am persuaded that this capitali- 
 zation is in reasonable accord with what would be the 
 aggregate value of the properties based upon a fair 
 appraisement of their physical value, whether such 
 appraisement were based upon the cost of original 
 construction or the present cost of reproduction. Of 
 course, it is a fact that a physical valuation of these 
 roads has never been made and probably never will 
 be made, but yet a comparison of the present capi- 
 talized valuation with the physical valuation of other 
 roads not very dissimilar ought to be of value as an 
 aid to intelligent public thought and judgment on a 
 
 12
 
 question of this kind. The number of miles of railway 
 reported as owned in the Southern States east of the 
 Mississippi is 43,258 miles, including both single and 
 double track, and this divided into the sum at which 
 these roads now stand capitalized, as represented by 
 their outstanding securities, shows an average per 
 mile of $52,362.00, a valuation which, on its face, does 
 not appear to any one familiar with railroad conditions 
 to be extravagant. 
 
 These figures, however, include the railroad securi- 
 ties held by railway companies and are, therefore, 
 larger than the stock and bonds in the hands of the 
 public, which, for purposes of conservative comparison, 
 we will consider as the net capitalization. The Inter- 
 state Commerce Commission does not give the amount 
 of stocks of southern railways held by the railways. 
 The best means of approximating the amount of these 
 stocks is to base our calculation upon the percentage 
 of all railroad securities owned by southern railroads. 
 The latest year for which this information is given 
 covering the section now being considered, is the year 
 1906. In that year the railway stocks and bonds owned 
 by southern railways were 14.23 per cent, of the total 
 capitalization. Deducting this amount from the total 
 capitalization we reduce our estimate of the average 
 of the per mile valuation of the roads of the South from 
 $52,362.00 per mile to $44,911.00 per mile, as the 
 average net capitalization of the railways of the South. 
 
 As stated above, no attempt has ever been made to 
 ascertain the physical value of the railways in those 
 states, but similar valuations have been made in quite 
 a number of states, notably in the States of Washington 
 and Minnesota; and, as the result of the expert val- 
 uation made in those states by representatives of 
 
 13
 
 the state government, we find (making no allowance 
 whatever for the franchise values of the property as a 
 going concern) the physical valuation to be as follows : 
 Washington (1905), $58,288.00 per mile; Minnesota 
 (1907), $47,454.00 per mile. 
 
 I take it that the conditions, though different in 
 many respects, yet are not so different as to lead us to 
 beUeve that the physical values of the railroads in the 
 South are less by any great amount than the average 
 physical value of the railroads in the prairie territory 
 of the Northwest, and this comparison certainly leads 
 to the probable conclusion that the existing capitali- 
 zation of the railroads in the South is not in excess of 
 their true value by whatever standard that value may 
 be ascertained. 
 
 The conclusions that I draw from the two lines of 
 information which I have sought to bring to your 
 attention is that the present securities of the railroads 
 in the South fairly represent the actual investment of 
 money, and that that fact should receive the wholesome 
 recognition of the people of the South, and the further 
 fact that the expenditiire of this capital has resulted 
 in the acctimulation of railroad properties that fairly 
 represent in value the capitalization which is dependent 
 upon the roads for a reasonable return. 
 
 I am persuaded that if the people of the South become 
 reasonably satisfied of the correctness of these propo- 
 sitions many of the problems that confront the railroad 
 situation in this section will be solved, for when once 
 our people have settled in their minds the beUef that 
 the nominal capital invested in railroads in the South 
 represents in truth and in fact a real and substantial 
 investment of money to the amount of such capital, 
 which also has been used in the production of existing 
 
 14
 
 property which represents, on a fair valuation, the 
 amount of its capitaHzed value, then many of our 
 difficulties will be removed and little, if any, legisla- 
 tion will be adopted in the future which may result in 
 crippling our railroads. I say this because I know the 
 people of the South to be fair-minded and, on any 
 question concerning which they have been informed, 
 there need not be any fear of their acting as the con- 
 ditions may demand. 
 
 And now, coming to the question of what the pros- 
 pects of the railroads in the South are : From my obser- 
 vation and general knowledge of the southern section 
 of our cotmtry, I unhesitatingly express the opinion 
 that there is no section of our country that has a brighter 
 prospect for full development by its railroads than that 
 section lying south of the Ohio and east of the Missis- 
 sippi Rivers, and extending also westward from the Mis- 
 sissippi River on the northern border of the Gulf of 
 Mexico, provided an energetic, comprehensive, and 
 proper financial support is given to the matter of 
 better farming, thereby diversifying your crops, enrich- 
 ing your lands, utilizing your water power, and, in 
 fact, bringing this vast area of tillable and productive 
 land into and under correct and effective cultivation. 
 We are the most wasteful people in the world with 
 respect to the cultivation of the soil. Thousands upon 
 thousands, and I doubt not, millions upon millions, of 
 acres of land are lying unproductive within the terri- 
 tory which I have mentioned that only need proper 
 cultivation to produce that which brings capital into 
 your agricultural districts, communities, towns, and 
 cities. Mark me, that unless the attention of your 
 people is drawn to these questions in a manner that 
 will convince them of the necessity of producing more 
 
 15
 
 to the acre, competition will become so great from other 
 countries that you will be in danger of losing your 
 prestige and preeminence upon the lines of progress 
 along which the South is most capable of development. 
 I submit for the consideration of the growers of the 
 principal crop of the South, viz., cotton, if it is not 
 within your power by scientific methods to increase the 
 amount of cotton raised per acre to a considerable 
 extent. But you should not be satisfied with merely 
 being" represented before the world as the grower of 
 one article, notwithstanding the common parlance 
 "Cotton is King." You have the best climate on the 
 face of the globe. Your section lies midway between 
 the extremes of cold and heat; you are not in an arid 
 section; you have, as a rule, sufficient rainfall to furnish 
 moisture necessary to the growth of all characters of 
 crops; you are in easy access to transportation to all 
 parts of the world, and with the completion of that 
 imdertaking to which our government is committed, 
 viz., the Panama Canal, you will then be at the door 
 of Central America, South America, and many thou- 
 sands of miles nearer to the Pacific Coast, China, and 
 Japan, than any competing section or territory. Par- 
 don me for giving you a word of warning that you 
 should be up and doing in preparing yourselves to take 
 charge of these markets when they will be opened to 
 you. You should ask your representatives scattered 
 throughout these countries to inform themselves as to 
 their requirements and as to their methods of doing 
 business. Do not deceive yourselves — you cannot 
 change old and established methods in the foreign 
 countries without patient effort, and even then you may 
 never change them. You may have to, and I believe 
 you will, adapt your measures and methods to those 
 
 16
 
 of the foreign country with which you are transacting 
 business. 
 
 And now, if you again ask me what are the ''Rail- 
 road Prospects of the South/' my reply is that the 
 future and additional development of the railroads in 
 the South is, to my mind, entirely dependent upon the 
 attitude of the Southern people towards the railroads. 
 Business conditions affecting and surrounding the South 
 are such as invite and demand the further extension 
 of existing roads and the construction of many new 
 lines. The management of the roads now serving this 
 section are fully alive to this situation. They are 
 ready to seek further capital to carry on these improve- 
 ments, but their experience during the past few years 
 brings home the fact that those who have been in the 
 habit of furnishing money are imcertain as to the atti- 
 tude of the Southern people towards these investments. 
 In the event that it appears that the well-defined pol- 
 icy of the states of this section is to see to it, as far as 
 legislation is concerned, that every investment in rail- 
 road property shall have a fair chance to work out a 
 reasonable, if not a liberal, return upon the investment, 
 then I know that ''Railway Prospects" will be very 
 bright for this favored section; but, on the contrary, 
 if it shall appear that the railroad proposition is to be 
 a political issue upon which politicians, or even states- 
 men, are to run for office, then I know that the mana- 
 gers of your railroad properties will not be able to go 
 into the money markets and secure the funds for a 
 new road, and difficulty will be had in sectuing funds 
 for proper maintenance and improvement of the exist- 
 ing roads. 
 
 It seems to me that recent history has demonstrated 
 that the day is past when the railroad question can be 
 
 17
 
 properly dealt with as a political proposition. In fact, 
 it is altogether an economic proposition and cannot be 
 successfully handled by the politicians, however sin- 
 cere may be their ultimate purpose. Such attempts 
 have always resulted in disaster to the roads as well as 
 to the community. I do not, however, conceal from 
 myself the fact that all railroads are in some measure 
 monopolies and as such should be subject to the regu- 
 lating hand of the body politic. In the working out 
 of our system, we have established both for the nation 
 and for most of the states, commissions, whose duty 
 it is to exercise regulating influences to prevent the evils 
 that arise from monopoly; and if, as the years go by> 
 it shall appear that these bodies will be able, with equal 
 hand, to protect all sections from undue discrimina- 
 tion and, at the same time, preserve to the railroads 
 such rates that the revenues shall be remunerative, 
 then I look forward to the early day when railway 
 development in the South shall take steps far in advance 
 of any section of this country. 
 
 One more word and I have finished. All of these 
 things I believe will be finally and best accomplished 
 when the people of the South get in the habit of owning 
 their own railroads. Stocks and bonds of these com- 
 panies can be purchased on the open market to-day at 
 prices which will justify a reasonable return under fair 
 and just governmental regulations, and I do not know 
 any better opportunity for investment by the people 
 of the South than in the securities of their own trans- 
 portation companies. 
 
 18
 
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