Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-06-01
RETURN OF RAILROADS
!. TO FORMER OWNERSHIP
VIII Be Followed by Investment OF
So Enormous Sums i'm Industrial
Development In Country.
SOUTH TO GET LARGE SHARP;
Congress Soon to Act in Matter
"Warfield Plan" 10 Solve VcNatious
Problem Is Endorsed by Bankers
and Other Business Interests.

. country TO their owners. and the man
ner OF the future management by them
: OF the great transportation lines, to-
Sether with the Immediate effect upon
the business Of the country of a quick
change from governmental 10 corpora
ton control are the subjects now up
pcrnloSt in the minds of tho public and
are causing more discussion than even
tho Peace terms and the league OF ma
lions
tercstins letters IN tho Cincinnati En-
auirer, and other papers OF last week
has this TO say:
Should Congress legislate so as TO
restore the railroads To private owner
ship by January l, 1920. the certainty
that this Will be done viii tend immc-
diatciy to affect business conditions.
This is the view taken not only by rail-
road executives, but by business men
and financial leaders.
The fact that AT the meeting OF the
savings banks and trust companies
section of the American Bankers AS
ISOLATION the representatives voted
unanimously 10 support the Warfieid
plan for the return of the railroads 10
private ownership and adequate go
eminent regulation of the railroads
demonstrates that leaders in American
banking life will aid the government
and the railroad executives"
Endorsements of wnrficId PInn.
The "Warheld planl' rcterren 10
above. was worked out by Davies War
field, of Baltimore for the National AS
ISOLATION of Owners OF Railroad Sc
curities, and was Endorsed last week
By both the Maryland Bankers Asso-
citation a, its annual convention in
Atlantic City, and the executive com
mittee of the American Bankers Asso-
cation al It's meeting at White sulphur
Springs.
The Maryland bankers adopted a
resolution saying tina: their associa-
ton lis unalterably opposed 10 gov
eminent ownership and 10 Federal con-
troll and operation longer than the
time sufficient for Congress to enact
adequate legislation for the return OF
the railroads 10 their owners, which
shall provide for their successful adj
Ty.y also declared their Opposition
- methods that have been proposed for
The return Of the railroads, which in
'olre new companies, years OF valua-
tion and serious legal complication.
and would result in concentration of
facilities with consequent destruction
Of incentive and individual initiative"
They went further and said "Wo
are IN favor OF preserving the present
operating structures Of these proper
ties through which the development
favor legislation by Congress In line
with the plan of the National Asso-
citation. Of owners Of Railroad Securi-
Ties tdesignsted Warfcld plan), and
which, with tho machinery 10 make il
afective. is based on fixed percent
age .return--throuEh rates--to the rail
invest
ments agEresated in each of tho three
classification territories OF tho coun-
Try laid out by the Interstate
Commerce Commission"
Az Bnnks and Bu.inesx See II.
The resolution adopted by the exec
utive committee OF the savings bank
section OF the executive council OF
he american Bankers Association
tai provisions Of the Warncld plan,
especially IN respect 10 the Definite
rule for rate marking, tho result of
which Is 20 establish fixed percent
age return to the railroads. the excess
earnings upon such returns to be used
n the public interest as proposed in
IN the letter quoted from Holland"
ieadinE business man OF New York is
ca IN order 10 adjust railroad problems
satisfactorily is the exercise Of com
mon mon S senss nt'iisni,ies which have
or no great consequence They can he
swept away in a moment, this author
1t has been said tina, with peace No.
sotiattons completed satisfactorily and
win the railroad situation adjusted TO
me future needs Of the country, no
serious obstacle will stand in the way
or the development OF the great era OF
prosperity which awaits us if We take
advantage or our opportunities
Dig Money FOR Invcstmcnt.
IL is declared by other far-soeinc
men Of affairs and large capitailsis
tn2i employees OF railroads must re-
ceiIe iair wages. .Anit De entitled 10
satisfactory working conditions Above
All. they say. there must be rates Tor
carrying freight and passengers that
VIII pay. for the labor and material
consumed III operation, and viii pro-
woe a fair return on the value OF tho
property "
II these things can nc done and don.
promptly. according TO tho prophecies
or inc wlsc men interviewed by 'Hol-
land there viii follow Investments
Or new capital Of not less than $1,000
Oou.oo" year for tho next decade or
more There is no telling how large :,
propoIHon Of mis- vast sum viii he in
vested IN the south. which just no,y is
certainly tho most inviting field OF
the whole country "
IN" impression seems To prcvail i'm
New YORK A. well as in Washinston
MAJ congress win enact Legislation
whlch VII! make II possible to return
me railroads 10 thoir private owners
nY the FIRST OF next year, and make (,
certain that hereafter me transn0r,,
,ion system Of the country will De adc
quaie for the demands for -transpnr
Teton which VIII come from tho nuh-
NC "neI nc new era Of prosperity IL