Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-05-23
RdiLWayI Investors Unite
to Protect Holdings
Continued from Page One

10 PTOCGCC HOCUHCYo
Continued from PAGE One
OF the National Bank Of Commerce. OF st.
Louis, and H. A. Shrenck, president of the
Bowery Savings Bank, New York city,
The motion made by Cooper was imme-
dately seconded by a score OF investors
present but at the suggestion Of Warheld
the appointment Of the organization COM
mlttee was deferred He said that II the
investors present did not object he thought
II would be better to enlarge the COM
mittee and that the matter would be taken
up before the end Of the day He explained
that there were a number Of persons that
he desired TO address the meeting before
final action was taken on the organization
OF a permanent body. This suggestion
was concurred in.
$1,000 100000 REPRESENTED
The men who faced warfleld when he
called the meeting to order shortly after
IL o'clock this morning represented ap-
proximately $4,000. 900 900 Of investors I'm
some form Of railroad securities. There
were presidents and vice presidents OF ma
tiona banks trust companies and savings
banks from all sections Of the country
whose deposits totaled billions Of dollars.
only two women. the Misses NJ. A. and
r., NJ. Shaeffer, of Washington, who are said
to be large stockholders of some OF the lead
ing railroads in the country were present
and they listened intently to the addresses
made
Upon the motion Of Lonsdale, president Of
the National Bank of Commerce of st.
Louis Warfeld was unanimously elected
chairman Of the meeting and f. II. Pringle,
Jr., vice president Of the Bank Of Charles
ton, s. C., secretary.
Mr. Warhcld, in his address to the in
vestors present, said that the meeting more
than met his expectations and that at least
1000 replies TO the invitation that he had
sent out to investors all over the United
states had been received These letters
he said, came from as far south as Tampa,
Fla and as far west as Portland, ore.
FEEL GREAT CONCERN
II do not believe such a gathering pos
sblc' said Warfeld were II not that the
owners Of the securities OF the railroads feel
great concern I'm the settlement of pendinR
questions Of serious consequence 20 the car
rcrs Of the country in which their money |
is invested"
IL seemed to me that the time had ar !
rived when by concerted action, those own |
ing securities OF the railroads should pre- |
sent to the public and those in authority |
the situation confronting the railroads as |
affecting their efficiency, their credit and |
consequently, their securities.
Former Governor OF New Jersey Frank |
@. Stokes made a strong appeal for the i'm |
mediate organization Of investors which |
would make itself felt when consideration |
is given to railroad matters i'm Washington. |
He declared that the time had arrived when |
the people, who owned the stocks and bends |
or the carriers of the United States should |
assert themselves and let governmental au- |
thorities know that they had rights which |
must be respected and properties which |
must be conserved.
THE investor must let the peopIe I'm
washington know that he IL a person who
is just as valuable to the prosperity Of the
country as Is any other Citizen" said Mr..
Stokes
Mr. Stokes declared that sentiment must
SO crystalline among the American investors
that a permanent, effective organization can
De established which can do good work in
the future in the matter of upholding their
rights where rates and credit are concerned
FRANK II. Ecker, treasurer of the Metro
poItan Life Insurance Company of New
York, and one of the best-known insurance
men in the United States. suggested thar
lhe conference, while in session. take nm
FOR serious consideration the question of
making the credit Of the railroads one of
me FEATURES in any discussion affecting
rates to be charged.
BURDEN ON ROADS
Mr.. Warfeld said:
Ihe railroads are required to pay ont
oH reason or increased prices this wear
- 80 S'"i lo' equipment, supplies, |
materials and labor more than $50 OOO
600. The items composing this vast sum
are as follows Increased price for fuel,
SlOO,OOOOOO; for locomotives and cars
Sl95OOO,OOO; materials and suDnlies
Sl62OOO.OOO; wages of trainmen. SEQ.
VVo'oOo Increased wages of other en-
ploYes, $57,O00000. TIC. helm TO meet tbis
the railroads have asked for an increase
IN their rates of 10 per cent. This in
crease asked for will not begin to make nm
thlS huge sum nevertheless, there seems
10 he considerable doubt whether it will
De allowed opposition having developed
in certain directions
Inc railroads, very properly and na-
trlotlcally have appointed a committoe
OF iVe wel-known railroad presidents
10 dlrect the operation Of all the rail
roads entirely i'm the interests of the
Government. which at this time is in the
Interest snl Oh the war, We are here con-