Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-05
R. R. owners APPROVE
SHARING PLAN.
Representative Tells Bankers
Convention They Want Re-
gionaI Direotorships Abolished
OUTLINE ANOTHER SCHEME

Scranton. June 5.-Measure railroad
earnings with a yardstick.
Abolish regional directorships. No
| railroad representative in cabinet and
nc federal department of transporta :
| tion.
Interstate Commerce Commission to
fix rates on per cent basis, dividing
excess, in ration of one third to roads
and two thirds equally between the
government and the railroad labor.
Opposition to government guarantee
as forerunner of government owner
ship. Railroad corporate structure to
remain intact.
Such are the main features of plan
for return of the railroads under pri-
vate ownership suggested today by Lu-
ther NJ. Walter, of Chicago. Mr..
Walter explained his plans to the Penn
sylvania Bankers Association at the
opening session of its twenty fifth an
nual convention at the Hotel Casey
here. He is general counsel for the
National Association of Owners of
Railroad Securities.
Substantially the proposition fa-
vorcd by the organization. which rep
resents holders of eight billions out of
| eighteen billions of outstanding railway
! securities, is the scheme populary
known as the "Warfield plan.
Another speaker this morning was DIR.
Arthur \. Davis, of New York, who
told of his associations with the former
Kaiser and his family. DR.. Davis pre-
dicted gloomy future for socialistic
Germany.
$50 Attend Meetings
More than 800 bankers, many ac-
companied by their wives, are here to
attend the convention.
| Philadelphia is much in evidence,
virtually every bank and trust company
in that city having one or more OF its
officers representing it here.
| Every hotel here is overcrowded, and
many late arrivals were obliged to put
up with friends of local bankers. Among
the prominent Philadelphia attendants
| are T.. Puscy Passmore. of the Federal
Girard National Bank; Charles 5.
Calwell, Corn Exchange Bank, and
Arthur V. Morton, Pennsylvania Com
pany for assurances on Lives.
! Important business coming before the
convention today includes banking leg
islation, pending at Harrisburg. One
measure evoking unfavorable comment
| is the bill which would shear from trust
companies much of their legal business.
! The report of the state commission APP
pointed by the Legislature to codify
and revise the banking laws will report
this afternoon. Grover G. Ladner, of
Philadelphia. Il member of the commis-
sion, will explain its work and future
plans.
Welcomed by Mayor
Alexander 4. Conncll, mayor of
Scranton. on behalf of the city, and c.
S. Weston. president Of the First Ma
tional Bank in behalf of its bankers,
welcomed the delegates.
Arthur V. Morton, Of Philadelphia,
responded
Frank NJ. Horn. of Catasauqua, is
presiding over the convention. His an
nual report as president and those of
the secretary, ID. S. Close, of Tyrone.
and treasurer. f. II. Thomas, of Roy
ersford together with committee re-
ports, completed the morning business.
During the afternoon, John s.
! Fisher. commissioner of banking. and
Thomas Patterson. of Pittsburgh, will
speak before the trust company session.
While the bankers are in business
session. the ladies are being entertained
at the Century Club.
Tomorrow automobile rides to places
of interest in city and suburbs will be
taken. The Scranton and country
clubs are holding open house. and to-
morrow Mr.. and Mrs. Mortimer B. Full
Ter, will entertain in honor of the dele
gates and their ladies at their country
home at Dalton. near hcrc.