New-York tribune., 1920-02-06
Cuyler Cheered
-
BY Agreement
On Railroad Bill
Head of Railway Executives
Association Pledges Aid
iii Carrying Out Terms of
Legislation When Enacted

Agreement Of the House and Senate
conferees upon the essential features
of the railroad bill now before Con
grcss was commented upon in local
railroad circles yesterday as favorable
TO the companies and railroad inves.
tors.
I. Dc Witt Cuyler, chairman Of the
pledged the support of practically ali
the important roads Of the country 70.
carrying out the terms of the bill when
enacted into law.
1t MUST be q source Of satisfaction. >
said Mr.. Cuyler, "to all those inter.
ested IN the welfare Of the railroads
IN thus country that the conferees have
arrived at an agreement to report q
bill which, it is hoped, will be protec-
tive both, to the security holders and
the shareholders of the properties and
to the public at large.
There can be no question that the
conferences and the two committees
OF the House and Senate have had an
earnest desire to do justice to the
railroads. II the bill be enacted by
Congress the railway executives and
the owners of the properties will &C.
cept the bill in good faith with the
earnest hope that it may be productive
OF the desired result, namely. the pro
lection of the present credit Of the
roads and the extension of that credit
so that they may provide in the future
adequate facilities for the transporta-
ton system Of the country.
1T cannot be too strongly empha-
sized that this question does not af-
feet alone, nor even principally. the
owners Of these properties. The pub
lie is much more concerned. If the
transpt rtation system Of the country
try must suffer. 1t is. therefore, es-
sentially hoped that the protection
Of the credit the proposed bill seeks
TO establish will prove successful. II
it does not the railroads will confident
ly look to Congress for such additional
legislation as may be necessary to
further protect the companies and the
public
The compromise measure agreed
upon by the House and Senate confer
ence, in addition to fixing a limita-
ton to The operation Of the .o'a per
cent guarantee clause on earnings FOR
a period Of from one to Two years, it is
understood. will leave TO the discre-
ton Of the Interstate Commerce Com
mission whether this provision shall
be contiued for logger time
Elimination OF the clause providing
fer the creation Of a transportaton
board was refusal Of the recommen-
da.ion Of the Association Of Railway
Executives for the creation Of such a
body. It was the opinion Of the as
sociation that such an organization
would assist the Interstate CONNER rec
Commission IN arriving at the actual
needs of the carriers when the ques-
tion Of increased rates arose for con
siderat ion.
It was learned yesterday that Swager
Shlriey director OF finance of the rail
road admin nistration. has been in the
financial district she last few days con-
ferring with bankers and railroad Of
ticials. 1t was understood that the
chief purpose Of his visit here was to
complete certain details connected
With the appointment of the Guaranty
Trust Company as trustee OF the equip
nent trust plan by which the railroads
are to issue 20 the railroad administra-
ton equipment trust certificates cov-
erin@ the S380,000 900 Of equipment
purchased during the period OF Federal
control