The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-17
ASKS QUICK RELIEF
FOR THE RAILROADS
Railway Association Appeals
to the Interstate Commerce
Commission.
PRESIDENT rs COMMENDED
emergency Due to the War
Demands Extraordinary
Measures"

CHICAGO, sept. t6.--The general exocu-
tive committee OF the Railway Business
Association held in Chicago to-day att
thorisod the following statement:
THE Railway Business Association
commerds the spirit In which the railway
presidents recently conferred with the
preHidcn; Of the United States upon the
grave conditions confronting the railways.
aggravated by the European war. and is
profoundly appreciative of tho appeal
made by President Wilson on behalf OF
the railways We are moved thereby TO
say that tho logical sequences OF the Pres
dents appeal is for business men TO plead
that the Interstate Commerce Commission
ind II way to grant immediate relief In
response TO tho petition which the Eastern
railways have now hlcd.
out of the war has arisen AT ener-
gcacy affecting the railways which has
no parallel and which demands cxtraor-
dlnary measures. Reports OF earnings
and expenses for the year ended June 80.
1914, which were not yet available when
the commission decided the 9 pcr cent.
case. have now been laid before tho com
mission and show q serious decline OF
operating income M face Of increased
property investment The war has in
fluenced and Is naicting still further
losses IN gross carvings. II was evil
IDENTIFY the commissions expectation that
current earnings would be sufficient to
tide the roads over until the new sources
of revenue should materialize into money
The war has put an end 20 that hope"
The price level and strength of railway
securities have potent influence upon
the financial transactions OF all other cor
porat!ons. II railways cannot renew their
notes Or refund maturing bonds this fact
severely !irpairs the confidence which
lenders feel IN other companies. The Gov
eminent cannot by legislation provide vol
umc OF tonnage; but impairment OF credit
may be mitigated to some extent by an
advance in freight rates This would stay
the downward tendency Of income some
what and the sanction itself would Ice in
valuable as making good IN substantial
fashion the declared purpose o: ;ae COM
mission TO aid so far as We legally may
In the solution OF the problem as to the
course that carriers may pursue to NEE;
the situation
I'VE would respectfully urge upon Con-
grcss that IN consideration Of railway
mail pail pay tho recommendation OF tne
Congressional joiE; committee points r.
way whereby the railways may be dealt
with in a spirit ot greater ,iberal!ty than
is provided "a the House bill now undo.
consideration In the Senate THIS i surely
time when tho Government should be
aciuated by desire IL pay adequately for
an important public service rather than
to drive hard bargain with the carriers
because L has the power to do 50.
I'VE earnestly hope tina; the prayer of
the railway executives that the roads be
relieved as FAR possible OF further i'm
mediate burdens involving additional ex-
pcnso will bee needed by Legislative and
regulatory bodies and that railway EN-
piOyecs VII refrain from pressing at this
time demands wh!ch II granted or
awarded would result In higher labor
cos'"