The labor world. [volume] (Duluth, Minn.) 1896-current, 1916-04-22
BETTER HOURS WIZ
not HIT Divide J; !;
T.
Railroad Brotherhoods Declare
Shorter Workday Will Cost
Railroads Little.
ANSWER CHARGE MADE
BY RAILWAY MANAGERS
Officials Resort To Old Cry TO
Protect Investments Of
Widows and Orphans.

CLEVELAND, O., April 20.-Op-
ponents of the eight-hour day move
ment for railway freight train crews
are attempting to make capital out
OF the statement that "35 per cent
OF all railway stock pays no divi-
dends," declare the representatives
Of the four big railroad brotherhoods
Sympathy is desired for the poor
stockholder who might suffer a de-
crease in his dividends if better
working conditions are granted to
the wage earners Of the railways. 1t
the granting of better hours will re-
suit in a decrease in dividends, but
that is the argument that is being
put up by the railroads.
In Much Better Shape.
AS far as dividends are concerned
railway stock is in much better shape
than it ever was, and when it is as
serted that IS per cent of all railway
stock pays no dividends, it should
also be shown that in 1897 only 80
per cent Of all railway stock paid
dividends, and in 1914, which was
the last available figures, 81 per
cent of all railway stock paid divi-
dends. There has been a gradual in
crease in the per cent Of dividend
paying stock since 1897 and this in
spite Of the fact that there has been
large increase in the amount of
stock issued, much of which repre-
sented no capital investment what
ever but was issued to pay bonuses,
commissions, etc., given to such fl
nancial manipulators as operated the
New Haven, Frisco and Rock Island
deals.
1t should be remembered that in
the total amount Of railroad stock
outstanding there is considerable that
is not expected to pay dividends, such
as switching lines, belt line transfers,
ETC.. which are constructed only to
facilitate the handling Of traffic in
and around terminals. +. -
Pay Better Now.
Interstate Commerce commission
statistics show that there has been
an increase over the period from
1897 to 1915, regardless of any in
crease in the total volume of stock
that there has been a very large in
crease in the proportion that pays
dividends. These statistics assume
the total amount of stock to have
been 100 per cent each year, from
1897 to 1914, inclusive, and they
show what proportion of this total
for each year was dividend paying
stock, thus indicating the relation of
the stock that paid dividends to the
total stock outstanding for each year.
Thus, more detailed examination
Of the official statistics Of the Inter-
state Commerce commission, as re-
CARDS the dividend and non-lividend
paying stock of the railways Of the
United States does not give the i'm
preston that the opponents of the
eight-hour day movement are so de-
sirous of instilling into. the public
mind.
They Are All Getting More.
To say that "35 per cent Of the
railway stock paid no dividend'' in
1914 does not, in the slightest degree,
indicate that the stockholder of
American railways has not Jared we'll
with his investment. On the con-
trary, it has been conclusively proven
that the condition of this stockholder
has considerably improved over the
period of years.
AS conclusively shown the railroad
corporation itself, and not the widows
and orphans which the railway off,
Gals would try to have us believe own
the stock of the railroads.