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

3GTRGSGNI4H4 oO,OOO,SSO
PIE SPEAKS HERE
WOULD EFFECT MAJOR ECONOMIES
M RAILROAD OPERATION BY
POOLING FACILITIES AND
SERVICES
WAGE ABDUCTION ALONE WILL
NOT REDUCE rHEI9Hr RATES
-REvIEwS SITUATION IN
DETAIL
Speaking informally 20 Il number OF
rrnruir, Mt h,i>inr>> mIn 4, the 'haW-
h..- OF Commerce" assembly room \eSttr-
day afternoon. Milton ". Harrison az
New York. vice president Of the Nation
~ Association IT Owners Of Railroad
Securities. outlined tn" railroad SltuH-
;,"l and tn" suggestions made by Sc
uuritS owners for its hcttcrm"nt Mr.
Harrison emphasized the fact that tue
aSS,ciation has no contention with r'i'-
road executives and does not wish 10
conflict with them in any way. pn the
,hrr hand he EXPRESSED admiration Tor
rhr men who guide the hcStlnicS OF our
great railway systems and declared
that the desire OF the security holders
was TO cooperate with them tor mutual
brnett.
He also took occasion 10 correct some
other Misrepresentation which appear |"
have gained rredence in regard to the
policies Of the association. One or these
related to reductions in railroad wages.
\ report had been circulated 10 reduc'
tons in railroad wages. \ report hal
been circulated Mr.. Harrison said. that
the security holders were opposed TO
reduction. This ne stated was entirely
erroneous. as the ASSOCIATION strongly
farors a wage readjustment Referring
20 the fact that the association had
been called soc!;,liStic by some OF It's
misguided critics, ne cited as retuta-
ton of this ch.Age the fact that tho
organization was responsible for having
the reasonable return clause placed in
IN. transportation act. through which
tho railroads were guaranteed fair
rate Of earnings. {
Plan for Major Economics
The interest Of the railroad security
owners. as stated by Mr.. Harrison Is
the same AS that of a man who holds
mortgage on a piece OF real estate he
wants TO sec the property kept IN such
condition that his investment VIII be
secure and his interest paid. The assoc
cation has outlined z constructive pian'
he explained. for bringing about MAJOR
economies through coordination OF ser
vices and facilities One Of the teaturfs
Of this plan would be what MIR. Harrison
STYLED a railroad war council COM
poSed az 20 leading executives. nEe
selected from each OF four great groups
and - representatives Of security own
ers The executives from each group.
under this plan. would make special
study Of their, own problems, holding
meetings as often as desirable. Then.
the entire council would meet about
four times a year. The representatives
no ~
part in group meetings. nor would they
interiors in any way with operations
but would present their views at meet
Ings Of the whole council.
As An example OF what might be &C
complished BY such coordination or ser
Vices and facilities. Mr.. Harrison men
toned the fac; chat at present ie".Ooo
freight cars. representing an investment
If "A billion and a half. ar" used in
seasonal movements two months in
the year and are idle the other ten. BY
n properly coorhinatcd system OF alloca-
ton he declared. this enormous waste
could be cut down and eventually al
most eliminated He mentioned, also,
the fact that q leading railroad execu-
tive stated few days ago that tho
roads could save an enormous sum year.
Is on their coal bill by unified pur.
ChaSes.
AG1tn0t Government OWnorUn1p
Speaking OF wage reductions: Mr..
Harrison said that tho reduction which
probably will be made soon will make
II possible for the better class OF roads
to earn six perrent above expenses. but
will not permit OF reduction OF
freight rates he believes. can only be
brought about through the economies
t. be effected by pooling OF services
and facilities. Wages. ne pointed out.
have boon increased rs percent since
1917 while gross earnings have In
creased out'5i percent He IS convinced
that wages will not E" hack 10 prc-war
l,l"iS in the near future.
AS TO government ownership. he was
emphatic. owners Of railroad Secur-
ties he said. want IL Scc mia Jor
economies effected through cnordina-
tion. but they want them effected undec
private. not government ownership.
continuing. h" spoke "f the fragrant
waste that took place while the roads
were under government control. In this
connection, \" cited also the railroads
OF Canada pstrt Of wh.ch arr, owned b.?
the government. The government owned
system In Canad had a deficit E>t year
o. over 32jQ00nDo0 h" pointed out,
while the system under private owner
ship showed for the same period a sub
S,antial profit.
The association now has committees
III more than Jnn communities Mr.. Har-
risen said. all OF which are actively en-
g.,gcd in the movement TO further the
welfare of the railroads and their own
ers OF the formation and growth Of
thc association. he said in part:
100000 Are 1ntsrsstsd.
Although 5n.0U0.000 Americans r"
the indirect owners Of the railroads. on"
TANKS OF the nations rail system in tho
:. ri'S Of freight or passenger rates II
has however. become fairly clear that
something mus, be done on the side uf
thr investors. who are almost lost to
SIGHT in the wranHls between labor and
the railway executives. About ~ percent
o. IN. combined funds OF mutual life
Insurance companies and savings banks
are invested in the roads. What be
comes OF these funds and their earn
ing power ~ A matter which touches
the daily life Of more than %I.nnn. hnn
policy holders and more than ln.0nr.U""
dcrrSitors.
In the days before the war railroad
bonds were looked upon as one Of TN"
stable Investments OF the nation. They
we're considered 10 b. almost. II not
wholly. ~ good a. government bonds.
and ~ ,hr return Was larger a great
deal of money went into them from tho
pockets Of small security holders. But
NV. wHh The railroads. failing tn earn
interest charges. the position NJ rail
bonds has bccOm" somewhat prc"ar'"'S
~ hen the owners Of railroad seCuri-
t.cS met in Baltrm"r" on May - inIi.
/, Was iittlc thought that the mnS" m.'ui
.lrn inaugurlted would reach its pres
eu, proportions. An even hundred In
Nitati,ns II tins first meeting wcrc
Srn, to important security owners In