The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-11-10
TA0RKE TAKES
DIRECT ISSUE
0ss'e~ ~~~~ o..
, WITH OFFICIAL
Representative of Shippers Writes
:, Letter ,contradicting John
~ .-..
Shelton Williams. =
CHALLENGES ASSERTIONS
n OF THE COMPTROLLER

Washington, D. c.. Nov 10-CliffOrd
Thorne, representing livestock, grain
and oil shippers before the Interstate
commerce commission in the reopened
Is per cent advance rate case, made
public tonight letter to John Skel-
ton Williams, comptroller of the cur
rency, taking issue with recent
statement by the comptroller support.
ing the efforts of the railroads to OBJ
tain higher rates. He challenged as.
serions of the, comptroller, and dared
him to appear before the commission
and question the accuracy Of state
ment OF fact offered there in behalf
Of the shippers opposing the, advance.
I'm regard to the value of our rail
roads as reflected in the market
prices on securities" says Mr.. Thorne
in his letter, you are quoted as say
ing that railroad securities have sus,
tanned the heaviest shrinkages, and
that they have been the leaders in
the downward movement of values.
l challenge that statement as untrue
If you have facts to substantiate such
r q claim it's your duty to present them
to the, interstate commerce commits.
sion, but you know that you dare not
attempt to testify to such statement
under oath on the witness stand.
No Evidence Of Claim.
There is not an iota' Of evidence in
support of your claim that has been
offered by the railroads or any hire
ling of the railroads, in this proceed
ing. The facts are precisely the oppo'
site of what you claim and we are
going to prove it. If you doubt this
| invite your attendance at the hear
ing next Friday before the Interstate
Commerce commission and dare the
question of the accuracy of solitary
statement of fact that will be offered
on behalf of the national Organiza-
tions of livestock shippers, grain ship.
pers, and the independent oil men of
the United States who are fighting
this advance. These organizations
have an aggregate membership OF
over a million shippers tH2
"They are entitled to respectful
hearing before tribunal not sub
pected to pressure or outside influ-
ences. Unless you can substantiate
these statements on the witness stand,
under cross examination, your state
ments are not entitled to the confii.
dence either of this commission of
the American people. s@>2ss% .
Security Decline Small.
Representative railroad securities
as class have declined in value at
less rate than those of industrials,
public utilities, or even bonds of the
United States government. There IL
world wide financial situation that
has affected the borrowing power OF
all men and of all nations. The de-
cline in security values IS not due
to inadequate railroad credit or in
adequate railroad earnings; 1t is due
to the war. You must know that fact
to be true. e. -
"This great human catastrophe, that
is paralizing so many manufacturing
and Industrial enterprises not direct
ly connected with the making Of wal
munitions, has entirely failed to in
jure our railroads, for the record
when completed, will show that the
railroads during the past two years
while this great struggle has beer
waging, have prospered better thar
during any other year since thu
steam engine was Invented H
Williams Makes Reply.
In statement tonight commentin,
on the Thorne letter, Controller Will
Jams declared that his original state
ment was issued in the interest o
the national banks.
Our national banks, which are ur
der the supervision of this Office" h
said. fare large holders of high grad