The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1910-06-28
Mr.. GRIFFIN REPLIES

ing statements: First, that my rrcsen.
tation of the ease is not candid; second,
that what ! did have To say was based
upon the action of the shippers con
ference, aud third. that | had no right
TO pose as a business man having inter
ests in common with the shippers.
The circulation for signatures Of a
statement relating To freight rates was.
~ far rs was concerned, confirmed
IN fellow members Of the Railway Bus
! mess Association. aud no reference was
made Ia the shippers conference. !
personally attended this conference aud
have no criticism 10 make on anything
that was lone there and none was made
or intended by me, but what ! "depre
Gated was contained in an a%rticl" sent
out by the Illinois Manufacturer As
sociation. dated May I. and. ~ a mem
her Of that Association, personally
wrote a letter to each Of its individual
members, dated May II. In this re-
fcrred To the misleading and unfair
statements contained in the circular Of
May { mentioned above, and IN doing So
was candid. | said that the state
mcnt "that railroads are rapidly in
crcasing their net earnings was not
true, aud ~ To the correctness of my
statement beg To refer to the follow
ing:
The latest Interstate Commerce Com
mission reports show that during the
month of March eleven systems. repre-
Scnting every railroad, north and west
IN Il line drawn through Chicago and
81. Louis. show an increase If gross
earnings for the month of March of
nearly ~ .0OO. 900 compared with March
1909. while the net earnings for the
same railroads ia the same period show
Il decrease of $685., 600: and the Inter
state Commerce Commission figures for
the ten months July TO March 81. in
1910, as compared with 1909. show au in
crease ut gross Of over $4,000. 900, while
the net earnings of these same systems
in the same period of comparison. show
a falling oil of over S%3,jOO,OUO. And A.
comparatively little of the increases at
wages had even gone into effect during
March, the railroads must provide some
means TO increase the revenue that j.
already decreasing on an increased
amount of business, and there is no
way for railroads TO provide this TX
ccpt by increasing their rates. and sure
" there il a reason for tuc need Of il.
In the third paragraph on the second
page of this Illinois Manufacturers As
ISOLATION circular of Nav : il is stated
that 80 per cent WAS earned on the
dividend paying stock, making no allow
ance for the 80 per cent stock on which
no dividends were paid. might, with
equal propriety, make the statement
that there was no dividend paid on non
dividend paying stock. For "A cleaner
definition, the average earnings should
be based upon the entire stock. and not
upon the best paying portion of it. IN
less there is some reason why the ~.
5OO,OoO,00o representing the 80 per cent
should not have received any dividends
AZ all.
In the final PARAGRAPH Of the editorial
Is - stated that | should not he allowed
to pose ~ n business man. ''having no
interest IN common with the shippers
Inasmnrh rs my concern shipped an nv.
| arauo nf 9rn nnn t,u. - a..ll -
duet during 1906 and 1907, and we were
obliged 10 receive more than $780, 900
tons of iron TO furnish this. plus enor.
nous quantities Of coke, coal and other
supplies, ] al safely claim To have
shipped out about 75O,OO0 tons a year,
aud as there are no railroads who can
afford 10 haul this material, or any part,
Of II, without having a revenue from il,
an increase of 10 cents a ton on nv
hauling charge would amount TO 49, 900,
and, therefore, | have business inter.
ests in common with the other ship.
pers.' The 100000 tons of the finished
product shipped represented in the
neighborhood Of sl0,O0O,OOO. This $40.
100000 represented mostly labor, with
the exception of the cost of the ore and
coal in the mines. All the balance was
made up Of wages and profit on the diff,
ferent conditions Of the raw material
until II was finished product.
My Illinois plants produce 6O per cent
Of this amount, or 4 100000 a year. For
three years our Chicago plants have not