The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-11-10
IH0RNE CHALLENGES
ACCURACY OF THE
WILLIAMS FIGURES

WASHINGTON. No.. 9.--cliff"rd
Throne. representing live stock gram
and ull shippers t"Eur" the Interstate
Commerce Commission in the rruprnc'!
IL percent advance rat. case. made pub
Inc tonight = letter IL John SHELTON
Williams, comptroller al the currency.
taking Issue w!th = recent statement py
the comptroller >upp"rtInS The efforts
OF tn. railroads q uD;aiu higher rntr:'.
. He challenged assertions Of The COMP
trollcr and dared him To- appear brt"r"
the commission ;,n,f questioned the ne
curacy If statements Of fact Offered
there IN behalf OF the shippers opposing
the advance.
The letter in part follows:
"IA.ar $Ir.--I have rr;Id with interest
your statement IN support OF tho rail-
roads III their present attempt to IN
crease thu freight TAN on the American
rcupic another say. GG0.Uu0 annually.
YOU have given this statement 10 tho
newspapers OF tho country on the very
eve ct the trial of thu case before III"
Interstate Commerce Commission. l Will
not even suggest that You are lending
the prestige vi your great office 10 help
the railroads. Stanpc'c The COMMISSION.
. Tor / know you would not St"Up 10 suCh
, Il base undertaking: and II you did :"
2
dr,rcc in the courage and integrity OF
! that great tribunal 10 believe that ii
canno, be stamp2dad. II that were not
! true. the time has arrived To abandon the
regulation OF railroads IN American
in regard 70 the value OF our ratl-
J roads as reelected in the market price
! Of securities. you are quoted rs saying
! that rtIlruad securities have sustained
tho heaviest Shrnkagc, and that they
; have been the leader III the downward
! movement OF values. challenge that
! statement as untrue. If YOU have facts
! TO subStantiatc such a claim. il Is your
| duty To present them TO the intrrstat"
| commerce commission at once. l'ut you
| know that you dare not attempt |" tGS-
,ify To such a statement under oath on
| the witness stand.
! You state: III 4 way can b. FOUND
! now to reduce the prices of materials
/ and the cost Of labor IN Il normal basis
, and this for II" present IL hopeless. IL
seems clear on the facts h"rorc nS I
revision and modification Of the fabric
of rates tn meet thrSr new conditions
has become imperative. You seem TO
uycrluokNwo very salient facts: First
tho uurpos.. OF tho surplus over one
thousand million dollars which our rail-
roads have been permitted 10 accumu-
late during the past twenty-five UT
thirty years and second. t. enormous
increase in traffic during the past 1c"
years.
In this wild scramble for protitccrlng
! and in the constant placing or ADDITION
al burdens Of all kinds and character
,-crecatin:, hundreds and oven thod-
! sands of millions OF dollars. upon IN"
| American people. would It not be Wise
tn be- sure of your ground bcfor" rec-
onmrnding AN additional tax equivalent
70 five per cent on another billion DOL
| lars 10 be paid BY the shippers or THIS
| country?
"Ecfore reaching conclusions It would
be- we'll for you. aS we'll as othcr puo''c
officials. to learn TO walt until you nav"
heard both sides"
In a statement tonight, commenting
upon the Thorne letter. which ne SAID
had been called to his attention. al
though II had not reached him. Comp
troller Williams declared that his orig
inal statement was issued In inc Inter
est Of the national banks
Our national banks. which arc under
the supcryision Of this Office" he SAID.
"arc large holders of high-gradc rail-
road bonds which have declined greatly
in value My statement was intended
TO give encouragement and To prevent
the unnecessary sacrifice of such sccUrt-
ties. believing as did thai tho interests
of our railroads would be .safcGuardcd
and protected and that they would h"
permitted to charge such rates for trans
! purtation "a would. with good manage
ment. enable them to earn Il fair return
/ upop the capital invested In them.