Evening journal., 1917-05-26

yidual investors were present when
the conference was called to order. It
was announced that over a thousand
kilograms and letters had been re-
ceived from other investors who we're
unable to be present, but who an
nounced their desire to join the move
ment. In opening the proceedings,
Mr.. Warheld, who was elected chair
man of the meeting, said in part:
More than S3.0000OOOOO actual
investments, nearly One-htth or the
total capital Of all the railroads. Is
represented at this conference. The
owners of the securities or the rail-
roads feel great concern in the settle
ment of pending questions OF serious
consequence to the carriers of the
country in which their money Is IN
vested
"The railroads are required to pay
out by reason of increased prices this
year over last year for equipment
supplies. materials and labor over
: $50 900 600. The items composing this
vast sum are as follows. Increased
price for fuel $l00000.000; for loco
motives and cars. sl95,00O,OO0; ma
terials and supplies, Sl620OO,OOO;
wages of trainmen, $50 OOO,OOO; in
creased wages of other employees,
S57 900. 600 TO help to meet this the
railroads have asked for an increase
in their rates Of IS per cent This in
crease asked for will not begin to
make up this huge sum; nevertheless,
y Al. l.. 4 lkN "a
whether it will be allowed opposition
having developed in certain direc-
tions. The railroads very properly
have appointed a committee of five
well known presidents to direct the
operation of all the railroads entirely
i'm the interest of the Government,
which at this time is in the interest
of the war. We are here confronted
with an extraordinary condition.
Every citizen OF the country is do
ing his utmost in subscribing to the
Liberty Loan Any impairment of rail.
road credit must have its effect in
limiting the investing power of those
OF our citizens who are dependent
upon the returns from their invest
ments in railroad securities to enable
them to subscribe to this Loan
Addresses were made by II. A.
Schenck president of the BOwery
Savings Bank OF New York; John G.
Lonsdale, president of the National
! Bank OF Commerce. OF St Louis: j
II. Ecker of the Metropolitan Life
Insurance Company, New York; John
e Oldham, Boston; J. w. Stedman
Of the Prudential Life Insurance Com
pany, Newark. n j.; J. %. Woodruff
President Of the Trust Company, oi
Atlanta, Georgia. and Ex-Governor ed
win G.. Stokes, of New Jersey.
"The American people" said Mr.
/ Stokes. ARE long suffering and SLOW
to wrath, and ! have been wondering
for the last decade how long the
| stockholders and security holders o
our railroad would suffer a gradua
impairment OF their property withou
a united effort for just and prope
/ treatment
There are 100000 depositors il
the savings banks of this country anr
they are interested IN the sOlvenc.
and prosperity of the American rail
ways was amazed to hear Mr.. Ecke
give the figures of the life insurance
policies ] think you said. Mr. Chair
man, there were 34,OOO,OOO holders
who represented $4,000 O00.O o
insurance Every one Of these polio.
holders is interested in the solvenc,
and prosperity of the American rail
way systems. There are thousands o
stockholders OF banks and trust com
panies in this country and they arr
all interested in the solvency ant
prosperity of the American railwa!
I systems
Every loyal patriotic American
/ takes a just pride in the railway sys
tenn of this country. That is a marve
of efficiency, that has done so mucl
for this country, that has penetrated
/ the wilderness, the pioneer that hal
explored the desert and that TO-DAY
| furnishes a market OF onethird IL
amount of all the sales made unde
! the American flag. And yet, as vas
as their interests are, legitimate al
/ they are, they are the last to be con
sidered in the settlement OF railroad
problems"
At the conclusion of the mOrninl
session a committee on organization
was appointed consisting of AZ repre-
sentativeS OF the various cities repre-
sented az the conference. This com
mittee decided upon the name to b.
adopted for the organization ant
those present at the conference en-
rolled as members OF the association
The cOmmittee on organization wa
authorized to select a general com
mittee and other officers except tn
secretary who is to be appointed b.
the president. Five vice-president
will represent the following sub-divi
sions of the country South. East
Southwest, Middle West and Fa
West
The conference authorized Mr., Wal
field to appoint five representatives o
the organization to appear before tn
Interstate Commerce Commission 4
present TO that body the necessity 70
such action to stabilize the securitie
OF the railroads of the country and Z
protect the credit OF the carriers. TIL
association adjourned subject to Tn
call of the President