Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-12-19
DISCUSS THE
new HAVEN
RAILROAD
and Cox Talk Over
!. Problems Of Common
Carriers
Ohioan Suggests Remedies for
Transportation Troubles
Cd LiOe

New York Dec. 1871 do not thine;
ever sat on a board that felt as
badly as did the New Haven board
when they met conditions which fore
ed them to give the decision to :ake
away dividends and Christmas pres
ents from thousands of persons
Howard Elliott, the new head of the
New York, New Haven & Hartford
system, asserted at a dinner of the
Railway Business association. Mr..
Elliott alluded to the meeting of the
New Haven roads directors, at which
1t was voted to pass the dividend.
Governor James M. Cox of Ohio
was among the speakers at the diu-
ner, which was attended by promin-
ent railroad officers and other rep
resentatives of the business world.
Regarding charges OF dishonest
railroad management, Mr.. Elliott
said that If some of the railroads in
the past have been overcapitalized, 1t
is to be regretted.
But no workable method has been
suggested" he said, 10y which securi-
ties 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"
As to Extravaganza.
TO the criticism that the railroads
were extravagant, he replied:
MANY economies a only be
adopted by throwing away old appli-
ances and buying new ones. And If
the railroads have no money with
which to get the new tools they must
do the best they can with the old
ones. The railway managers of the
country want to know where to i'm
prove. They welcome just criticism,
based on real knowledge Of all the
facts. To serve the public adequately
is their purpose"
Mr.. Elliott said that legislation that
affects adversely the credit and So
cial welfare of New England will af-
feet the whole country, and he urged
that the business men of the country
who benefit from the accumulated
savings of New England, from her
large purchases from other parts OF
the country, from her great and con.
tinuous contributions to the national
welfare in sending out trained men
and women, should at this time OF
storm and stress help the situation
in every reasonable way"
Cox Offers Remedies.
Nesting of authority to pass on is.
sue of railway securities in the feder.
al interstate commerce commission,
rather than in state commissions, was
urged as q means of restoring finan.
cial health to railways by Governor
Cox. Regulation of rates also should
be left with the Interstate commerce
commission, he maintained, and these
rates should be revised as often as
changing conditions of railways de-
mand them.
mo man in conscience said Gov.
ernor Cox, will avow the propriety
of a wildcat policy in the issuance
Of securities. No community in AM.
erica will produce the man who will
attempt to justify the practices which
have shaken the confidence Of the
conservative thought of New Eng.
land.
Country Stands Appalled,.
1.-THE whole country stands appali.
ed. Great property builded on the
resources thrift and pioneer morals
Of New England has been drained
of its very blood and bone. through
methods that inspired the divine com
mand, Thou shalt not steal OF the
$4,000 stockholders, half are women,
many are estates and trusts-circam
stances which speak the confidence
OF those now dead.
What xcu has government to
offer those who lived secure in the
thought that It protected the defense.
less? What word have the states re.
sponsible for this outrage to utter in
explanation? It would have been I'M.
possible Of accor l:shment in any
progressive state. feel sure the fed,
eral government in its present hands
will not remain dumb to the con
G s