The Birmingham age-herald., 1913-12-12
RAILROADS WANT TO
IMPROVE, DECLARES
PRESIDENT ELLIOTT
Speaks Before Railway Bus
mess Association i'm New
YOrk-COx Talks on
Financial Issue


New York. December LII do pot
think l ever sat on a board that felt as
badly as did the New Haven board when
they met conditions which forced them to
give the decision to take away dividends
and Christmas presents from thousands
of people, Howard Elicit. the new head
of the New York, New Haven and Hart
ford railroad system. declared here to-
night at dinner of the Railway Busi-
ness association. Mr.. Elliott alluded to
tho meeting of the New Haven road $
directors yesterday at which it was voted
to pass the dividend
''rhey had the courage to do it,, added
Mr.. Elliott "and they did it because
they thought it was better for the stock
holders and better for the people at
large" a
Governor James NJ. Cox of Ohio was
among the speakers at the dinner, which
was attended by many prominent rail-
road officials, and other representatives
of the business world. Governor Cox
urged that the interstate commerce com
mission. rather than state commissions.
be vested with authority to pass al issue
of railway securities. as a means of re-
storing financial health to railways.
Some Overcapitalized
Regarding charges of dishonest railroad
management Mr. Elliott said that If some
railroads in the past nave been over
capitalized. il is to be regretted But
no worka Bile method has been suggested -
he declared, by which securities issued
legally and bought in good faith can be
taken from the owners without failures
and receiverships that harm many more
people than the owners of the securities
To the criticism that The railroads We're
extravaganza he replied.
Many economies can only be adopted
by throwing away old appliances and
buying new ones. And if the railroads
have no money with which to get the new
tools they must do the best they cam with
the old ones"
'The railway managers or the country
he continued want to know where to
improve. They welcome just criticism
based on real knowledge of all the facts.
TO serve the public adequately is their
purpose, and it Is their duty to seek dill
gently from the appropriate authorities.
the authority and help necessary il the
railway is to do what the people want
and must have if the country is to grow
So it would seem as If IL was to the best.
interest of the people to be patient with
a railway which has practically no con-
troll over the price of what it has to SELL
transportation-and very little control
over the price of labor needed to produce
that transportation
Will Affect Whole
Mr.. Elliott said that anything that ef-
fects adversely the credit and social well
fare of New England will affect the whole
country and he urged the business men
of the country who benefit from the ac-
eumulated savings of New England from
her large purchases from other parts Of
the country, should at this time OF storm
and stress help the situation in every
reasonable way"
Vesting of authority TO pass. on issues
of railway securities in the federal in
terstate commerce commission rather than
i'm state commissions, was urged as a
means of restoring financial health to
railways by Governor James NJ. Cox of
Ohio. in an address here tonight before
the Railway Business association Regu-
lation of rates also should be left with
the interstate commerce commission he
maintained, and these rates should be re-
vised SO often as changing changes of
railways demand them.
No man in conscience" said Governor
Cox, will avow the propriety of a wild
cat policy in the issuance of securities
No community in America will protluce
the man who will attempt to justify the
practices which have shaken the conf
dence of the conservative thought New
England. -
.srhe whole country stands appa I'd,
great property builded on the re 5urce,
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