The sun., 1918-12-04
CHIEFS
\ AGREE ON POLICIES
175 Officials, at Dinner Here,
Discuss Plans for Resum-
ing Control.
OUTSIDERS GIVE VIEWS
Meeting Was Preliminary to
Gathering at Chamber Of
Commerce To-day.

In anticipation Of the meeting OF
railroad presidents and executives to-
day at the Chamber of Commerce 115
leading railroad men OF this country
assembled at Sherry's last night as
dinner guests OF T. De Witt Cuyler OF
Philadelphia, who during the Federal
control Of railroads has acted as chair
man Of the Railway Executives Ad-
visory Committee.
II was stated that the railroad exc
cutives as a result of their discussions
have practically determined the poll
cies which they will urge.
AT the dinner It Is understood. every
phase of railroad policy was gone over.
Men who have not in the past been
identified with railroads were heard.
among them Theodore N. Vail and
Frank A. Vanderlip. Both spoke at
length.
Railroad executives from all sections
of the United States assembled yester-
day and a series of conferences was
held ut the offices of the Railway Elk
ecutives Advisory Committee and in
other parts of the city, all OF which
was preliminary 10 the meeting at the
Chamber Of Commerce.
The most interesting feature Of the
gathering OF small groups OF railroad
men both in the Wall Street district
and uptown was the fact that life
insurance presidents, including Charles
A. Peabody of the Mutual Life Insur-
ance Company, capitalists such as
Henry c. Prick and Theodore ". Vail
and the heads of large investment
banking houses like Frank A. Wander
lip were called into consultation.
Seek Owners Views.
What the railroad executives en-
deavored to ascertain. 1t was learned
despite the privacy of the confer
ences, was the attitude of the real
owners OF securities, the biggest hold
ers in this country. toward the real
problems connected with the return
of the roads to at least a partial pri-
vate control. The meetings therefore
were to develop some definite policy
regarding the future OF the railways.
The outcome of the conferences is ex-
pected to be disclosed at to-day's
meeting when the railway executives
take UP present and future conditions.
The programme of the Chamber Of
Commerce meeting Is only in outline
as yet. but the probability is that
resolutions will be adopted and COM
mittee appointed to work out the pro-
gressive policy which the groups out
lined yesterday. Most of the session
will be devoted to a discussion of
what the railroad men could agree
upon and the best policy for the i'm
mediate future.
Favor Progressive Policy.
The consensus Of opinion in railroad
circles yesterday was that an over
whelming majority will vote In favor
OF progressive policy. Few railroad
men care to go back to the conditions
Immediately prior to the war. and there
is little real sentiment for Government
ownership or an abolition OF all COM
pettive conditions.
Practically every railroad head ex-
presses the opinion that thorough rail-
road regulation has come to stay. and
few express objection to Federal regu-
lation OF the issuance of securities. II
goes without saying that the railroad
men would like to see the Sherman
law and the anti-pooling act repealed
o. Davies Warfeld. president OF
the National Association of rH-.crs Of
Railroad Securities. made -pylicatior
yesterday to the Interstate Commerce
Committees OF the Senate and House
Of Representatives for permission &c
have representatives Of the association
appear before the two bodies and ex-
plain the attitude of the stockholderi
on the problem OF restoring the roads
20 their owners.
The letters were sent following ar
important conference OF the members
Of the advisory board and genera
counsel for the association.
Taking the Presidents message as G
basis, the conferees discussed fully the
restoration OF the roads. OF the ad
visory counsel ex-senator Elihu Roo
and John G. Milburn, New York; JohI
8. Miller. Chicago, and Hugh L. Bond
Baltimore, were present. The mem
bers of general counsel who were IL
conference were Samuel Untermye
and B. II. Inness Brown. New York
Warheld. who was present.
When it ended the President mad
publia the following copy of the asso
ciation's communication to the Com
merce committees:
"On behalf of this association we re-
spectful,y ask that at propitious time
you will accord the association an op
portunity to he heard in respect TO the
return OF the railroads to their owners
The position taken by the associa
ton in so far as the return of the rail
roads to their owners is concerned 1.
almost Identical with that largely
taken by the President in his address
before the Congress yesterday.
only recently has the association
through the public press stated tina
the railroads must be returned unde
plans which shall protect alike tn,
shipper, the travelling public, labo
and the security owner; provide ade
auate means for governmental regula