Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-26

THE STOCKHOLDER AND THE SHIPPER.
When railroad magnates fall out hon
est shippers and stockholders learn a
lot of things they might have suspected,
but which they have had great difficulty
in proving. After his recent examina-
ton by the Interstate Commerce COM
mission at Washington, Mr.. E. II. Har-
riman showed signs of repentance and
publicly confessed that the troubled
conditions in the railway world today
were due to the sins committed by rail-
way managers in ignoring the rights
Of shippers and patrons and In oppos-
ing laws designed to correct these
abuses. Mr.. Harriman's confession was
frank and complete. incidentally, he
took occasion during the inquiry into
his manipulation Of the affairs OF the
Chicago & Alton and the Illinois Cen
trail to throw a few rocks at his ancient
railroad enemy, Stuyvesant Fish,
former president of the Illinois Central,
whose official scalp has been dangling
at Mr.. Harriman's belt for some time
Now Mr.. Fish has accepted the chal-
lenge and iS saying few very caustic
things about railroad managers in gen.
eral and Mr. Hartman in. particular,
and the public is learning things.
In an address to the students of the
University of Pennsylvania, Mr.. Fish
declared that the recent stock panic
was not caused by President Roose-
welt or the action of state legislatures
on railway bills, but was due to the
"rotten conditions in certain railroad
circles unearthed by the investiga-
TONS" He declared that he had made
railroading his life study and he
summed up the result of his Observa-
tions and experience in this striking
statement:
I have no hesitancy in saying that no
railroad fortune was ever made through
/ enhancing rates, depressing shippers, or
withstanding the general tendency OF rates
to decrease. And what is more. every
dishonest railroad fortune has been made
by rObbing the stoekholdeF
Corporation managers have long been
in the habit, when their methods of
conducting their affairs has aroused the
opposition Of the public and the legal
authorities, Of appealing for the pro
lection OF ''the poor stockholders" and
'the small investors" According to
Mr.. Fish's contention. the big fortunes
dishonesty gained by railroad manipu.
lators have not come from the shippers
and the general public, but from the
stockholders. Acting upon this cue
railroad managers throughout the cOun-
try are furnishing data to show that
the stock in their companies is held by
working people and represent the saw
ings Of hard toll. The Pennsylvania
has displayed the fact that majority
OF its stock Is owned by women, and
the inference is plain that any legisla
ton affecting the value OF such stock
would be aimed directly at widows and
Orphans whose savings are thus in
vested. The Boston & Albany shows
that its stock is divided among 1905
individuals. most of them wOrkingIner
and farmers In New England. Clearly
any reduction Of railroad earnings. Il
Mr.. F1sh's statement is correct, would
simply work hardship on stockhold
ers and small investors in railway Sc
curities.
The public win not be deceived by
such argument. The dishonest fortunes
rallied against by Mr. Fish have beer
secured by imitation Of securities, wa
tered stock and deals calculated to de