The New York herald., 1921-03-31
R.R.BONDHOLDERS
SEEK LABOR PEACE
Association Asks Conference
With Brotherhood Heads
Here Next Monday.
GRAVE CONCERN VOICED
Roads Did Not Earn Inter
est on Bonds During First
Two Months Of 1921.

The National Association of Owners
OF Railroad Securities, representing
in membership approximately $4,000
100000 worth of stocks and bonds of
railroads, yesterday took hand in the
tangled railroad situation by forming
committee of investment bankers to
meet heads of the four chief operat-
ing brotherhoods Of the railroads in
an effort to aid in reaching imme-
diately partial adjustment of rela-
tions between the railroads and their
employees. Tentative arrangements
have been made to hold the conference
next Monday at 10:30 A. NJ at the
Astor Hotel.
In a telegram asking for a confer
ence with the heads of the four broth
erhoods members of the committee
point out that as its first duty it wants
to be of help in the present railroad
emergency, and with this in view it
is suggested that arrangements be
made at once for a conference. In
speaking of the suggestion s. Davies
and of the Continental Trust Company
Of Baltimore, declared that one weak
ness in the present situation is lack
of coordination between the two gov
ernmeptal bodies that deaf with the
railroads; one adjusts rates, the other
wages.
There should be coordination between
the Interstate Commerce Commission, the
rate making body. and the United States
Railroad Labor Board. One body. sit
ting In Washington. cannot be expected
successfully to adjust rates and fares
to meet the expenses incident to railway
operation, while another. sitting in Chi
cago, attempts TO adjust wages. the
largest and most important OF all rail-
way operating expenditures. which can
only be met by rates the commission
alone is required to establish.
THE Immediate necessities, however,
have to do with the adjustment OF
present difficulties apparent in respect
to the railroad employees, and the COM
mittee wishes TO assist in this crisis. as
indicated in the letter to the four
brotherhoods."
Offlcials Of the National Association OF
Owners of Railroad Securities said that
the present railroad situation is OF
gravest concern to the owners OF railroad
securities.
''rhe operating results Of the carriers
for the past two months Of 1921 (Jan-
uary and February" said a statement
issued by the organization. reveal that
for the first time in American trans
portation history the railroads as a whole
are not earning the interest on the ag-
gregate amount of their outstanding
bonds. Some are not earning operating
expenses. only few their fixed charges.
These conditions claim the immediate at
tention Of railroad bondholders. An i'm
mediate and partial remedy seems to lie
In an adjustment OF relations between
the railroads and their employees. The
hearings before the United States Rail-
road Labor Board at Chicago do not
evidence an carly settlement OF present
| difficulties"
The following have agreed to serve on
the committee as representing investors !:
Darwin p. Kingsley. president. New
York Life Insurance Company; George
E. Brock. president Of the Home saw
ings Bank. Boston; Haley Fiske, presi-
dent Of the Metropolitan Life Insurance
Company: Myron I. Herrick. president
of Society for Savings. Cleveland: John
J. Pulleyn president Of the Emigrants
Industrial Savings Bank, New York :
w. T. Kemper. chairman of the
board OF the Commerce Trust Company.
Kansas City: Henry Parkman. treasurer.
Provident Institute for Savings. Boston !;
Samuel Fl. Beach. Rome Savings Bank.
Rome. ". T.; V. A. Lerencr. comptroller,
Williamsburg Savings Bank. Brooklyn ;
s. Fred Strong treasurer. Connecticut
Savings Bank. New Haven: Charles G.
Moore. San Francisco A. G. Robinson,
president. Peoples Trust and Savings
Bank, Pittsburgh. Pa. Samuel VI. Haw-
ley. treasurer, Bridgeport Savings Bank,
bridgeport. James RI. Manning. presi-
dent OF the National Savings Bank OF
Albany and Mr.. Warfield. Other COM
mitteemen named are from Hartford,
Milwaukee, San Francisco. Richmond.
Los Angeles. ST. Louis. Springfield and
/ srt.s