EIGHTEENTH ANNUAL YEAR BOOK — PART VII 431 



in apportionment of overhead expenses month by month. Judge Cowan 

 told me: "The temptation is too great. It is just like putting a negro 

 in a watermelon patch and telling him not to steal any melons. The 

 temptation would be too great." 



I have here a lot of other exhibits. There is one showing the increase 

 in interest rates in Great Britain to be double what it was before the war. 

 Here is one showing the shrinkage in English securities of about $10,- 

 000,000,000. Another exhibit here shows the dividends of the principal 

 English railroads to be the same or less than before the war. Here is 

 another :^xhibit showing how inadequate maintenance expenses were prior 

 to 1907, v'^ompared to the present time. Another presents an analysis of 

 the decline in security values, which shows that the bonds of these eastern 

 railroads since the first of the year have declined less than Panama 3's, 

 a government bond that does not have circulation privileges. Two-thirds 

 of the industrial bonds quoted on the stock exchange have declined more 

 than the railroads' bonds have declined during the same period. Here is 

 a little statement from the Wall Street Journal, showing the decline in 

 prices on railroad stocks and industrial stocks this year as compared with 

 last year. The Wall Street Journal must certainly be considered not anti- 

 railroad. It is disinterested — not connected with the case. They selected 

 twenty representative railroads and twenty representative industrials — 

 and it shows, what? It shows that thel decline in railroad stocks has 

 been less than the decline in the industrial stocks. It further show's 

 that the average price on the twenty representative railroads is greater 

 than on the twenty representative industrials. 



I simply want to urge upon you to be slow about making up your 

 minds on these things when you read accounts in the newspapers; wait 

 until you have heard the other side. And it is going to be absolutely 

 necessary for you to be on hand with your representatives during the 

 rest of this great war. There is a rumor gradually spreading thruout the 

 nation — you can hear it on the streets, in offices, on the trains, everywhere 

 that big business is getting a strangle-hold on our government; that they 

 are centering at Washington with their representatives; that they are 

 there day in and day out, getting in closer and closer touch with the 

 powers that be. I do not want to say that) that rumor is correct. I 

 believe it is not correct; but I do urge upon you that unless you continue 

 to take all necessary steps to prevent it, that situation will develop. It 

 is just as important that the stock shipper and the consumer be there 

 constantly as it is for the railroad stockholder to be represented there 

 constantly. 



The President: The question is often asked me, not only by our 

 members but by men whom I solicit to become members: Why is it 

 necessary for us fellows to be organized and appear before the Interstate 

 Commerce Commission in these fights? Should not the Interstate Com- 

 merce Commission look after our interests whether we are there or not? 

 Of course I have to explain, if it is within my ability to do so, why it is 

 necessary for us to maintain this organization and to employ Mr. Thorne, 

 and for Mr. Wallace and myself and others to appear before the Interstate 

 Commerce Commission in behalf of the shippers and producers, and 



