Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-12-09
RAILROAD men PRESENT
HEADS OF SOUTHERN RAILROAD
ARE BANQUETTED WITH THE
EXECUTIVES.
plead FOR CONSERVATISM
President of Is. Il o. Pleads Tor Care
By the People In the Rcgula-
ton of Railroads.

BALTIMORE, Md, Dec, S.-The
south and west met In Baltimore when
the governors Of fifteen states gath
cred here as the guests of the city.
The southerners held a conference on
the question Of immigration TO the
south and westerners who are touring
the country came to exhibit the agrl-
cultural and mineral resources or
their states.
Besides the southern state execu-
tIyes, the heads OF several transpor.
tation companies In the south attend.
ed the conference.
The result of the southern govern.
ors' conference was the adoption of a
resolution providing a committee to
investigate the immigration problem
and report at a future conference.
Governors Banquetted.
At the dinner tonight to the visit
ing governors and transportation
managers welcoming addresses were
made by Mayor Preston and Govern
or Crowthers, President Daniel Will
lard Of the b. e O., acted as the
spokesman for the railway officials.
He referred to the differences between
the public and railroads and called
on the governors OF the various states
to make Investigations Of the con-
duct and acts Of 'peacemakers
Pleads for Conservatism.
Congressman Oscar W. Underwood
af ba ha
thought to suggest to the chief execu-
tives of the states and business men
who represent the industrial growth
of the south.
"If we move with conservatism"
said Mr.. Underwood, 1--WE move with
safety If we move with radlcalism,
we move with danger. Much import
ant legislations confronts the people
OF the United States today In my
judgment your reports should be pro-
gressiye, but let us move forward with
conservatism that we may not bring
wreck and ruin"
Railroads Unprepared.
That there is possibility that the
next period Of great industrial activity
in this country may find the rail-
roads utterly unable TO carry the
greatly augmented burden imposed
on them, and that their partial fall
ure to meet the situation in 1906 and
1907 has furnished q sufficient fore
taste of what such condition would
mean, was the warning note sounded
by President Daniel willard, of the
Baltimore & Ohio railroad.
Mr.. Willard continued in part -
follows:
To-day the presence of a surplus
above interest and dividend reluire-
ments as the result of a Yeas )p-
Grafton, is looked upon in many quar-
ters as evidence Of such a degree Of
prosperity as to justify reduction OF
rates, or an increase of wages, or
both, and it has come about thai ihs
railroad is well nigh unable to ef-
fectiyely resist either.
Future Obligations Great.
The capital requirements for the
next five years will not be less than
$500, 000, 900 per yea, tYd we have
most excellent author ~ Cor l.liev-
lHB tndl llltg may dIPt'dNli 'hf F'A'i-
nous sum of one billion dolld-s per
annum The problem, then which
confronts the railroads at the present
time. is, where, and by wha, insane.
is to be obtained the great amount Of
new capital needed to provide the 1d-
ditional facilities ani new miage &C.
essary to properly meet the require
ments of growing l)Intry end
when finally obtained, how viii the
additional obligations f'T interest or
dividends be met?
People Responsible
There is little. II any. ground un-
der existing conditions for hope CT
large reward in come 'tion with rail-
road investments. AMI even The sta
bility of moderate returns is freqnent-
~ questioned When tire people de-
clded to exercise Their right 20 regu-
late, by law provided, hey took upon
themselves at the SANE time the re-
sponsibility attending tHs exercise ~
that right. There can No M evasion
Of the responsibility accompanying the
exercise of power.
"Who can criticise. that IN view Of
all I have said, they ,the r1ilroat
men) hesitate to recommend expcn
iitures which would add ltrgely 10
capital liabilities. while feeling un-
certain about theli ability to meet
the Increased chargtsg