The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-05-18
RAILROAD SECURITIES
OWNERS TO, MEET

| Especial to abe Richfi ond -NirginiAn.)
| Baltimore. Nd, May ia confer
ence of the owners Of bonds and
stocks OF the railroads of the country
has been called to meet in Baltimore
at the Hotel Emerson May %. at IL
o'clock
| Owners of railroad securities from
various sections II the country have
sigaified their intention to be present
and the question of the organization
OF those representing millions OF dol
lars invested in the railroads OF the
considered.
The call for the conference says,
The credit of the railroads has APP
parently not been Sufficiently main
tsinei to enable them to economically
finance their requirements In times OF
their efficiency Largely depends the
successful outcome of The war in
which the United States has become
so vital a factor
Mr.. S. Davies VARIED has issued
the call for this conference as an
owner of railroad securities. A South
erner. he has interested himself in
various organizations for the develop
ment of the South asriculturally and
iindustrially. He is president of the
Continental Trust company, Balti-
more, and chairman OF the board of
directors of the Seaboard Air Line
Railway company.
Warfieid Issues Statement.
When seen in regard to the confer
ence Mr.. Warfield said:
THE call for this meeting in the
4outgrowth Of conferences among own
ers of the securities of various rail-
road companies and who reside In diff
ferent sections of the United States.
Great questions are now at issue in
this country. Some of them are of
considerable moment to the railroads,
consequently to those who own their
securities Those charged with the
responsibility of deciding questions af-
fecting the railroads want all the light
they can get in the settlement of such
questions.
There are four elements In This
situation: One the public which is suf-
ferIng from lack of shipping facilities,
because the railroads have not been
able to secure sufficient money TO prop
erly equip themselyes--if fully aware
of exact conditions the public would
respond to the needs Of the situation
as Il always does; one represented
i by those who sell the securities Of
railroads to those who now own them :
one represented by the executives who
operate the railroads; the fourth is
composed OF those who have supplied
railroads and represented by their
bonds and stocks.
There is the interstate commerce
lcomlnission and the state commissions
who represent the public; there is the
committee of railway executives, trunk
line associations and organizations and
committees OF those who actually ope-
rate and manage the railroads. There
are organizations of bankers who sell
railroad securities to the public, like
the Investment Bankers association.
But there is no general organization
of those who have their money in the
/ bonds and stocks Of the railroads, and
who have made possible the develop
ment Of the country through the de-
velopment of the railroads. In this
country there are about 10000, 900 pol
tieyhoiders in insurance companies.
There are 10000. 900 depositors in saw
inas banks. All these insurance COM
panies and savings banks are Mrge
holders of railroad securities There
are also over 500, 900 stockholders In
railroads and say double that number
I of bondholders
The railroad presidents or the
country have ably presented to the in-
terstate commerce commission the ef-
feet OF the great increase in cost OF
everv element entering into the equip
ment and opera tons of the railroads.
The conference will decide whether II
Is desirable for investors in railroad
bonds and stocks to ask the commits
sion to be heard on railroad cred,t.
/ Its bearing on securities and future
! railroad financing and the Importance
tof maintaining the credit of the ar
teries OF the nation--the arteries of
! trade-the railroads, representing sew
ente n billion dollars capital invest
ment, and what this means in the sue
cessful placing by the government OF
billions of dollars in loans to finance
] the war and TO provide for the effective
defense of our country"