Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-15
PLAN COMMITTEE FOR
GOOD OF BOND OWNERS
National Association OF Security
Holders Would Prevent Mis-
takes of Railroads.
fBy Assoc,atcd prcss.1'

NEW YORK, March 14.-Establish-
| ment Of committee of railroad direc-
tors and another representing the larE-
est shipping organizations of the coun-
try to confer with committees of tho
National Association OF owners Of rail-
road securities to prevent further err
rors." was recommended In report
adopted by the governing committees
Of the association and made public
today.
S. Davies Warfield. the associations
president pointed out in the report
gether too far reaching and vital to
the people as n whole to permit of
errors in Judgment between the own
ers and operating executives: that each
have their proper place in the settle
ment OF these questions and that the
public will not stand for any further
mistake on the part of the railroads"
Meeting Accepts Proposal.
Tho suggestions, for cooperation en-
bodied In Mr.. Warfield's report were
unanimously adopted at n largely at
tended meeting of bankers and life
OF the United States.
They provide that the committee Of
railroad directors. comprising ono mem
Der from each board of Class /. rail-
roads. shall name u smaller committee
OF not more than twenty directors,
who i,,o in turn shall appoint subcom:
committees to be selected geographic
ally. To this committee,. II is sug-
islative. with which the railroads Will
have I Q deal; also matters of legislative
rasdH policy In respect to the rail-
committee Of railroad directors and
the communities representing the Sc
both" 1T was stipulated.
Association Can Solve Problems.
Pho organization known as the
american railroad association, with
hSad4anT,Srs h in SGhieag9 and now
statement said. presents the means OF
solving the technical problems that
arse ARISE, from n, time to time and which
position OF which all the railroads
could concur, and such matters may
be uIisp0sed Of by that association"
cumstanccs under which the owners
approached the return of the roads and
ganic law 10 admit of rates sufficient
to allow for the great discrepancies in
earnings between the various railroads
Many of these necessities. lie pointed
our, arc rot operating, matters and
any orga nization of purely operating
executives"
Private Ownership MT Stake.
Abiding to the act recently passed
py congress, the report said:
Few statutes have been enacted by
Congress upon the successful admins
tration which so much depends and
OWN rGS%s on so far r9a,ehinE Private
transportation system of the country
is at stake. Whatever it's defects no
other country has prospered as this has
under the private operation of it's rail-
roads Yet government ownership NAV
result, although the country IS over
whelmingly opposed to Il, from failure
TO carry out the intent and nurnoSns
OF this law"
statement in 1917. calling attention to
the state OF mind" hostile TO carriers
created in nearly every legislative re :,
!ation. whether national or state and
the steady encroachmcnt upon propcrtv
rights represented by bonds and stock"
the report said.
The fact cannot be concealed that
ms resulted largely from the railroads
them selves In the public policy which
mad been pursued. The stubborn fact
that these public service carriers bore
Il rela tionship TO the public which de-
named mat in their operation the first
consideration should be the public IN
r TER ST. the railroads apparently would
not not rteeoGnize They declined 10 accept
any longer private enterprises in tho
sense that they could be operated Az
private business not required to he
conducted under franchise right and
as public service.
me question of car service at this
tlme. the report states, lis extremely
serious" substantially ali the rail,
which is of great concern to tho shin
ming interests. ..-N