The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-10
BANKERS OPPOSE
U. s. RAIL CONTROL
Investment Association Fa,ors
Early Return of Lines
to Owners.
WOULD ALTER SYSTEM
W. II. Taft Points Out lmpor.
tant Planks for Peace
League.
WOULD ALTER SYSTEM

ATLANTIC CITY. Dec. o.-l'Rq eAi...
method of regulating utiltiei. os7erlar
as it relates TO railroads, aas cha.
terized as failure by the &nlroad o..
curities committee % the ir,,...
Bankers Association Of Amr,.,a. pl ..,
opened it's seventh annual ,ou,.pt.
here to-day. The report Un's- g..
bodied this declaration twa1 sana.u.,
by John +. Oldham OF Merfll. u,dt.-
& Co. OF Boston, chairman o. the col.
mittee, and was approved BY the 400
members attending the me ttinc n ,
resolution adopted the ASSOCIATION o..
posed public ownership or perraue,
operation OF railroads and declared oil.
pha tically in favor OF an early return
to private ownership OF lines under slr-
altered methods OF regulation as wou'a
insure sound railroad cred and al ads.
quate transportation sIsto m
Nobody to-day seriously questions
the Availability OF 2 ro,iay OF resu'..
ton which aims to protect the publ
from abuses and diRcr limitations o.
various kinds" said Mr.. Oldham's II.
port, but it demands at the same tine
TeRulSllOn NIltn "DuiO tllbDle trs
railroads to maintain their credit upon
a satisfactory basis. The alternative it
public ownership or sorne ? stern o.
public control whereby security woult
not be dependent upon the merits o,
particular enterprises. but on the sound.
ness Of public credit"
Regarding the pre-war railroad rssu-
latiou the Railroad SECURITIES Committee
emphasized the point that tho railroads
cannot be returned to their pre-war
status without providing RELIEF from th'
burdensome conditions under which
they have heretofore been operated ard
that any plan OF future 60, srrreats,
control should eliminate the conflict te-
tween State and Federal bodies II Z.
further Contended by the committee tAr'
tho Sherman antitrust laws, and he
Stateantl-trust laws IN their appl-
cation to transportation. sno,.'i hs
repealed in the interest Of ofIir.enc 20
economy, because such laws VIII W. ur-
necessary under pro,sr GpNar0sr'
regulation. Finally it was co7-s"d'A
that any plan OF Governmental con a.
which increases oper1'inn e%r"ls,s 2~i
regulates INCOME shouli assure resNoIs''
bility for adequate earniuys an -
tanned credit.
Government Control IncHri-nt.
I'VE find nothing in the aNpor'ar,' O.
other countries in the Government own.
ership Of transportatior which va
rants the assumption that such dj c%.
pertinent in this country Would be SO.
cessful." said Mr. Oldha,n. "Ar.or'
to reliable authorities. ihe record. y
Government ownership tho World o"sr
show decreased efficiency. increased ~.
pense, lessened initiative poli'ictl Ut"~-
ference and economic waste. E.r."-.
more, we find nothing in the c>rcc"
OF our own country in the a"'i % 81 o.
ownership which encourages ',' j"7
that We can prcGtaDly extend ''
sphere"
While the repor; 81 the 3, ''-a3 ''7.
mittee was the most important D.. &c
persons, considering after T.. war ...-
cial problems the addvcs. ~ W'.. Y
Taft gave them great plea u
Before entering into the 81 J.t
his address which deaf WIN $50 -
and purposes of league IL 80!
peace. Mr.. Taft talked briefly Uro" -
difficulties of his position a head 90. -
War Labor Board. He sau i~ t..
perience led him to believe that 'l" =.
look for public utility securities ., ST.
a good one. lie said: "In,e>;'rs
particular field have my profound
pathN.
They arc dealing with a pvA ''
has been educated to "a rate 10. f,"'
to a method Of fixing fare that '.
say Incidentally, without being
pert. has proved Itself 70 lie M
investors. Whether YOU can on .'
it is n question that | have decided
to express an opinion on because ! d'
know. Adjustments. as | uud'rs,HH
do not pay dividends.