Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1914-10-21
RAILROADS NOT THE
ONLY Ones affected
ARGUE THOSE oPoSED TO
INCREASE IN FREIGHT
RATES
EXAMINE WITNESSES CLOSE
Show Railroads Keep Up Divi-
dends Despite the Bad
Outlook.

NHT ASHINGTON, oct go Counsel
w for shippers and shippers as
sociations took the position before the
Interstate commerce commission today
no conditions confront American rail
roads as result of tho European war
or any other cause that does not
I equally affect every other industry
This contention was the basis for
rigid cross-cXamuatlon of Witnesses
called before the commission by the
eastern railrouds to support their pc
tIton for relief through general in
crease of at least per cent IN freight
rates.
Members or the commission, an Of
whom We're present with the ,Ncrp-
! tlop Of Chairman Harlan, frequently
questioned Witnesses closely The att
tack of Special Counsel BrandcIs on
the policy OF the railroads of maIu-
tanning their dividends without respect
TO the financial straits IN which they
now profess to find themselves, re-
ccivcd special attention from Com
missioner Meyer Questioning both
Daniel u. willard, president of thU
Baltimore II Ohio railroad, and Fred
eric W. strauss of the Now York
banking house Of W 4. X Selgman,
Mr. Meyers asked II stockholders
should not he content to draw their
profits, part in the improvements of
the properties ANA part I'm cash Both
witnesses insisted that reductions OF
dividend would impair credit Of the
| lines.
Buy a share"
Commissioner Meyer said he had
heard Of no proposal to start a 'buy
share of railroad stock" movement.
lie asked MIR Strauss II statements Of
the railroads witnesses as TO the pros
| poets Of railroad securities, were in
his opinion, calculated to make such a
movement possible.
Have you been accustomed, "
asked .dr. Meyer, ito have the head
of n great concern como TO your Of
flee and offer You $4,000 600 of an
issue Of securities, at the same time
stating he would not invest I'm them
himsclf2 In your opinion, how would
/ that affect the credit OF the com
panyH'
Undoubtedly it would tend to
shake confidence" tho witness re
piled.
Interested In Returns.
RWcrting to the question Of dlvi-
dcuds, Mr.. Meyer asked If tho witness
did not believe Clientagc Of stock
holders could be built up who would
look upon property Improvements as
part OF their legitimate dividends.
Mr. Strauss thought not.
THE average stockholder has lit
tie personal pride in property" said
Mr. Strauss "Iio is Interested in what
he gets out OF his Investment"
During tho cross-oXaminaton Of
Mr. willard, Commissioner McChord
asked If the amount the proposed .
per cent increase would realize, Csti-
mnted at S50.O0O.000 would accom-
plish the correction Of all the oppres-
sivo conditions Of which the carriers
complained
Country Says Nothing.
"The idea is that this $4,000, 900"
the commissioner said, will put the
roads on their feet and improve busi-
ness in the country. The country
seems to be arguing in favor of this
Increase"
Il have not spoken for the coun-
try" said MIR. willard.
The only other witness Of the day
was Charles A. Conant OF New York,
who appeared as financial expert
for the carriers He predicted that
the railroads would find new capital
hard to get because of the many loan
Continued on Page Two)