The Washington herald., 1917-06-07
R.R.SECURITY HOLDERS
TOGETHEARINGTODAY
Interstate Commerce Commission
Meets at Willard Hotel Today.

aA8lC~A1AASAA
ers OF Railroad Securities" which was
organized for the stabihzing Of the
securities OF the carriers Of the eoun-
Try at q conferences OF railroad Sc
curity owners held In Baltimore, May
2. will be given hearing by the In
terstAte Commerce Commission tomor-
row at 1:S0 .. m at the New willard
Hotel where the commission Is hold
ing its sessions S. Davies Warfeld,
Of Baltimore, president Of the associa-
ton. was IN Washington yesterday to
arrange the details.
This wiz be the FIRST hearing ever
accorded by the Interstate Commerce
Commission to organized railroad Sc
curity holders. As the hrst important
action by this newly formed national
railroad bonds and stocks this hearing
marks new era in railroad history.
The Baltimore conference was attend
ed by over 900 owners or represent
atives Of owners of securities OF rail-
roads from various sections of the
as far as Kansas City, Mo-, and East
as far as Portland, Ne, and repre-
senting over g, ,0O0, ,000. 900 OF railroad
securities. This conference was called
BY s. Davies Warfield, who was elect
ed president. Mr.. War1eld Is presi-
6ent OF the Continental Trust Com
pany, Baltimore. and is a large holder
Of securities Of the Seaboard Air Line
Railway, and is chairman Of the board
of directors.
An organization committee of eighty
rrCminent owners OF railroad securi-
ties from thirty-five cities OF the coun-
try was named at the conference.
President Warfield was authorized TO
arrange q hearing before the Inter
state Commerce Commission and ap-
point representatives to appear. also
10 appoint counsel In this letter to
the commission requesting the hearing
Mr.. Warheld said:
Never Represented Before.
1T is proper to call your atten-
tion OF the fact that this asso-
citation is very largely composed
and this will be greatly extended
Of owners OF millions OF dollars of
bonds and other evidences of debt
OF the carriers apart from stocks,
ana VINO up to this time have not
been in position to have organized
representation. While stockholders
OF carriers, who have representa-
tton through the carriers are also
members. and while It is equally
also bondhoIders, approximately
three-fourths of the total capital
OF the carriers is represented by
bonds and other evidences of debc.
and the same proportion would
maintain in the membership OF this
The association bears much the
same relation to the subject now
before your honorable commission
as do the shippers. The shippers
feel concerned regarding the in
creased cost to them for hauling
this association and who have fur
nished the money. to haul these
. goods are also concerned. and per
haps more so; The goods which
are hauled belonging TO the ship
psrS are sold by them at unrestrict-
whereas the prices charged by the
carriers for hauling such goods in
which Is used money derived from
the sale Of railroad securities now
owned largely by those represented
IN the membership of this associa-
tion. we beg. to submit. are made
by you and they should be.
5O,OOOyOOO Inventors.
This association represents the
which are supplied to the carriers in
the aggregate, vast sums of money,
made possible by the 50, ,0O0, 900 people,
who personally or through their life
insurance policies, their deposits in
the savings banks and through other
channels, in the final analysis, fur
nish to the institutions the money to
buy the securities Of the railroads. A
great public and economic question
Is being solved. We feel, therefore,
entitled to. be heard independently Of
the carriers presentation OF their
case and as representing a most i'm
pOrtant element entering into the
subject under consideration"
In announcing the date Of the hear
ing Mr.. Warheld gave out the follow
lrg statement at the Hotel Willard !:
The Interstate Commerce Commits
Etnn uEill h1ar
National Association Of Owners of
Railroad Securities on Friday, June
Sth, at l:30 O'Clock at the New VIII
lard Hotel, Washington, where the
commission Is holding its sessions.
The following gentlemen will appear
before the commission on behalf Of
this association: Darwin P. Kings
ley. New York, president, New York
Life Insurance Co: NJ. A Schenck,
New York, president, The Bowery
Savings Bank, and president Savings
Banks Association OF the State OF
Of Messrs. Merrill, Oldham and Com
pany, who is the author OF many ar
ticles on railroad financial matters,
and Robert F. Maddox. Atlanta, Ga,
PRESIDENT. Atlanta National Bank.
The association will also be represent
OF Kansas City, Mo-"
The prominence Of the men who are
to represent the association before the
commission Is generally recognized
and the hearing is looked forward to
with unusual interest in investment
quarters all over the country. II is
pointed out that Mr.. Hagerman is
regarded as one Of the ablest lawyers
in the West. One of his most recent
appearances in eastern courts was in
Washington where he argued the
governments case before the United
States Supreme Court in testing the
constitutlonality Of the Adamson act,
which case he won and where he had
arrayed against MIN the legal talent