The Birmingham age-herald., 1911-03-31
WALTERS BREAKS
 IRON BOUND RULE Chairman of l.. & N. Direc- tors Grants an Interview TALKS OF RATE CASES Declares Western Railroads Did Not Make Out Reasonable Case in
 Their Demand for Higher
 Rates

After looking over the various holdings of the Louisville and Nashville railroad in the Birmingham district. Chairmau 1 Henry Walters of the board of drec- tors and President Milton II. Smith of l tie Louisville and Nashville left last night for the north, where their inspec- tion of the line will be continued. They were engaged yesterday in look | ing at the shops here, the various im- provements being made and the general | physical condition of the Louisville and l Nashville in this district. They also called upon several industrial leaders in Birmingham and in turn were visited in | their private car by many Birmingham | industrial men.
 President Milton H. Smith paid short visit to Gen. Luke E. Wright at the | Hllman and talked informally with ths | former Secretary of War for short | time. They are old friends and spent | a pleasant few minutes together. | MT. Walters is, at the head of the At | lantic Coast Line and the Louisville and l Nashville railroad and held to be one of the best informed railroad men :n
 
 l yesterday in reference to railroad mat | ters in a purely informal way and in talking said he did not believe that the western railroads made out a fair case 1 for the recent requested increase in rates and for that reason their application was denied.
 Such statement coming from a man l who is so well equipped to give an ac- curate opinion will be. among the few | that have been made since the famous rate cases were decided. 1 In discussing that point MT. Walters said with all earnestness: '"rhe rate eases recently settled by the | interstate commerce commission will not hurt much the business of the companies | or their inclination to buy. I believe first of all that the members of the interstate commerce commission are earn est, fair. well-informed men. For thar reason believe whatever judgments they render will be according to right and justice, so there need be no fear of tho attitude that body of men have in ths commercial life.
 Case Was Not Reasonable "A great number of the railroads filed an increased tariff of rates which were held up by the courts until permission was secured from the interstate com merce commission. Evidence was intro duced and an opinion rendered that the railroads were not entitled to the re- quested advance and they were accord ingly denied
 q believe the railroads failed abso- 1utely to make out a reasonable case for their increase. The evidence demon strated that to me and the interstate com merce commission, I think, did not err in the decision rendered Now, when those railroads go to work and frame up a reasonable rate increase and make it plain to the officials that their wants are sufficient I do not an- ticpate the slightest difficulty In their being granted such relief as is applicable to their situation.
 Two Lines Affested
 The result of the adverse decision has not materially affected any line In my judgment. there are but two lines which will feel the denied petition. The two, however, will suffer and suffer pret- ty acutely. The others will go ahead without any further Interruption.
 'I am very sure there is nothing rad icalIy wrong with the country. Business is splendid and the chances are exceed ingly bright for a continuation of that prosperity to which we are always re- captive"
 MT. Walters, who has not been in Bir- mingham for three years or longer, was very much interested yesterday in ths advances that have been recently made in Birmingham towards material great ness. He was unusually interested in the vast development work of the Ten nessee Coal, Iron and Railroad company, speaking of that as a work of great magnitude and importance.
 Visit Unimportant
 He spoke nominally of his visit here.
 He spoke casually of his visit here,
 ''Mr. Smith and I are simply making a round of the line to get in touch with things There is nothing of special !m- portance connected with our journey. It Is customary to make trip of inspection every once in a while and this is not an exception,
 q have no desire to discuss any rail- road matters at this time"
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