The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-05-28

throughout the day, during which the
security owners gained what they con-
Sidrr"i valuable Information. They ell
Ic.i Vurcd {" have those appt arinE Tor
the. conditions surrounding IN" railroads.
and evprcs:,rd the hpi'" that tn" security
owners could C"-"p"rat" in bringing
about Il solution "f tho difficulties CON-
fronting them.
"F"!iow INK this conference President
\. II. Smith Of tn" New York central
Railroad wrote President Warii"id 81
the ass"rati"n. saying that the se"ur-
ity owners association had nothing I"
dc with tho management of the New
York Central and n" right 10 interior"
with III" workin. conditions and wages
Of the railroad. Mr. Wariicld did not ans
wcr communication because he believed
the communication because II" b"ll"N"I
that IL had u" barring upon tho purpose
OF the conference. Haley FiSkc. PrrHi-
dent Of the Metropolitan Life Insurance
Company. answered. the letter on behalf
Of the Metropolitan. Mr.. Fiskc pointed
out that the Metropolitan had bought
bonds If tho New York Central and
Mortgages on it's property TO the en-
tent Of t33,0On.0oh. lie informed Mr..
Smith that II WAS tho purpose OF the
Metropolitan to protect its interests III
whatever way seemed wise to- its man
agcmcnt.
Better Labor Relations Sought
MANY Of the representatives Of the
security owners believe there should nc
better relations established between the
railroad employees and the railroad MAIL
agemcntS. and they arc concerned over
their apparent drifting apart. In the
case of the public service corporations.
such rs the railroads. dealing directly
NTH hn
hold that there should hc some effort 10
nut nm end to tho labor difficulties
which arise from time to time. ThrY
point out that efficient and economical
service cannot he obtained unless bet
ter understanding Is reached. and 1t WAS
with a desire to he of service in the pro-
motion OF such relations and upon the
. appeal of those interested in other dlrec
tons that the conference took place.
The security holders appear to be
gaining strength every day. The assoc
citation is organized in inN cities. 1t
represents 20 per cent Of the savings
banks and the mutual insurance COM
ranics. The share Of these institutions
in railway ownership may be under
stood from tho fact that onc-siXth OF all
savings bank funds. or more than w.
600 600. 600. Is invested In rail bonds
Out Of $500. nOO. 0nn the insurance COM
panies have more than s20N0.h00.0Oo in
rail- bonds and stocks. The investment
OF hanks trust companies and security
companies reaches almost *@.JOO.n0O.Ooo
so that this group of institutions holds
considerable percentage of the 500
600 .000. 900 outstanding rail securities.
This does not include the trust estates.
Additional investors in stocks. bonds
and other railroad obligations who are
affiliated with tho Security Owners As
Sociation. including trust and other
forms Of estate holdings. surety. fire
and marine comnan MICS. private investors
colleges and schools brings its total re-
presentation UP 10 more than $ll.0OO-
O0n. 200 of all classes of rail securities.
The association stands for a tighter
rein on the issuance OF such securities
only recently has been given 10 the In
tcrState Commerce Commission. and the
investors believe that body has made