The Birmingham age-herald., 1920-03-15
AND SHIP COMMITTEE URGED
 ID AVOID ERRORS
Warfield's Suggestions for Cooperation Adopted At Meeting of Financiers
 From All Sections
By Associated Pres,

New York. March 1f.-Es ta blishment Of a committee of railroad directors and another representing the largest shipping organizations of the country to confer with committees of the Ma load Securities to prevent "further errors" was recommended in report adopted by the governing committees of the association and made public to- day.
 S Davies Warfield. the associations president. pointed out in the report that the questions at issue were alto- aether too far-reaching and vital to the people as a whole to permit of errors in judgment between the own CTS and operating executives; that each have their proper place in the settlement of these questions and that
 the public will not stand for any fur ther mistakes on the part of the rail roads"
 The suggestions for co operation embodied in Mir. Warfields report were unanimously adopted at a largely attended meeting of bankers and life insurance presidents from all parts of the United States.
 They provide that the committee of railroad directors. comprising one member from each board of Class 1 railroads. shah form smaller com mittse of not more than twenty di- rectors, who in turn shall appoint q | subcommittee of seven the members lcf all committees to be selected geo. graphically. To this committee, 1t Is suggested, shall be referred "the ques- 1 lions of policy. both aublic and legis- lative, with which the railroads will! have to deal. also matters of legisla- tive financial policy in respect to the railroads as whole"
 BINDING ON BOTH Any action taken jointly by the com mittee of railroad directors and the committee representing the securities | holders Is to be "bnding on both ' it was stipulated.
 '.The organization known as the American Railroad Association, with l headquarters in Chicago and now | maintained by thv railroads the statement said, "can present the means
 of solving the technical problems that arise from time to time and which af. | feet all the railroads and In the dis | position of which all the railroads could concur. and such matters may 1 be disposed of bv that association.'' 1 MT. Warfield gave in detail the ci-- cumstances under which the owners | approached the return of the roads
  organic law to admit of rates suffi- cient to allow for the great discrep- ancies in earnings between the vari- | ous railroads and to re-establish rail
 I oad credit" Many of these neces- | sities. he pointed out. are not oper- atinE matters and should not be left to the decision of any organization of purely operating executives" 1 Abiding to the ac. recently passed lhy Congress. the report said:
 Few statutes have been enacted by Congress upon the successful admin i istration of which so much depends and with results so far reaching Pri- | vate ownership and operation of the 1 rail transportation system of the coun- l try is at stake. Whatever its defects, no other country has Vrospcred as this has under the privat. operation of it's railroads. Yet government ownership ! may result, although the country is overwhelmingly opposed to 1t, from failure to carry out the intent and pur- poses of this law"
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