South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-11-10
COMP TROLLER
AROUSES IRE
Of c. THORNE
Shippers Head Challenges
Williams to Appear Be-
fore Commerce
Commission.

and OIL shippers before the inter-
state commerce commission in the
reopened 10 percent advance rate
case, made public Friday night a let
ter 10 John Skellton Williams.
comptroller Of the currency, taking
issue with a recent statement by the
comptroller supporting the efforts
Of the railroads 70 obtain higher
rates. He challenged assertions OF
the comptroller and dared him 10
appear before the commission and
question the accuracy Of statements
Of fact offered there in behalf of
the shippers opposing the advance.
The letter follows:
Dear sir ] have read with in
terest your statement in support OF
the railroads in their present at
tempt TO increase the freight tax on
the American people another S50.-
100000 annually. You have given
this statement to the newspapers Of
the country upon the very eve OF the
trial OF the case before the interstate
commerce commission. I will not
even suggest that you are lending
the prestige Of your great 0tice 20
help the railroads stampede the
commission for / know you would
not stoop to such a base undertak-
ing, and If YOU did SO it would be
useless. for 1 have confidence in the
courage and integrity Of that great
tribunal TO believe that il cannot
be stampeded. If that were not true
p n, n Il 20. ~
regulation OF railroads I'm America.
Questions Interference.
II wonder. perchance. if the idea
has ever occurred to YOU that one
department OF the government
should not try 20 dictate to another
Of the government what
IS its duty on matters Of grave i'm
port. Would you welcome a public
statement from the interstate COM
merce commission telling you what
you should do on a matter Of i'm
portance which you were called up
on to decide? Perhaps the commits
sion is capable Of deciding this case
upon the facts presented TO IL, and
not upon newspaper interviews and
pronunciamentos.
I'm regard TO the value Of our
railroads as reflected i'm the market
prices on securities. you are quoted
as saying that railroads securities
have sustained the heaviest shrink
age and that they have been the
leaders in the downward move
menT Of values I challenge that
statement as untrue. If you have
facts 70 substantiate such a claim
IL is your duty 10 present them TO
the interstate commerce commission
ct once. But YOU know that you dare
not attempt TO testify 70 such a
under oath on the wit
ness stand. There is not an iota OF
evidence in support Of your claim
that has been offered by the rail
roads, or any hireling of the rail-
roads. in this proceeding. The facts
are precisely the opposite OF what
you claim and We are going to prove
il. II YOU doubt this I invite your
attendance at the hearing next Fri
day before the interstate commerce
and dare YOU to Ques-
ton the accuracy OF a solitary state
ment OF fact that viii be offered on
behalf of the national organization
of livestock shippers. grain ship
pers. and the independent oil men
Of the United States who are Eight
ing this advance. These organila-
tions have an aggregate member
ship of over a million shippers They
are entitled 70 respectful hearing
before a tribunal not subjected to
pressure or outside influences. Tn
less YOU can substantiate these state |
ments on the witness stand. under |
cross examination. your statements
are not entitled To the confidence |
either of this commission or of the
American people
Security Declines Due to War.
Representative railroad securities
as a class. have declined in value /
at a less rate than those OF indus I
trials. public utilities. or even bonds .
n the United States government |
There is world wide financial F.
situation that has affected the Dor I
rowing power Of % men and OF all /
nations. The decline i'm security 1
values is not due 70 inadequate rail- /
NfAh NtFAAA va Ai'f'NtN tN+'At $50 ~fFNA ]
Il IS due 70 the war You 4
must know that fact 10 be true.
This great human catastrophe, /
mat is parsIyzing so many manufac- |
turing and industrial enterprises not !
directly connected with the making /
1f war munitions has entirely fail /
I'd 20 injure our railroads, for the /
record. when completed. viii show /
that the railroads during the past I.
two years. while this great struggle /
has been waging. have prospered 4
better than during any other year /
since the steam engine was invent /
ed
You state. II a way cannot be I
found now 10 reduce the prices Of I
materials and the cost Of labor 10 /
a normal basis. and this for the
present is hopeless il seems clear /
on the facts before Us that re-
vision and modification OF the Fabric /
u rates 20 meet these new cOndi- I
tons has become imperative You 4
seem 70 overlook two very salient +,
facts First. the purpose Of the sur /
plus over one thousand million dol (
srs which our railroads have been 4
permitted TO accumulate DURING the i
past 20 or 80 years and second, /
- --.-,,,-,s.z e~rraase fu fra fH,1 I.