The New York herald., 1921-04-11
FISKE WARNS RAIL
HEADS TO BE FAIR
Securities Association Is in
Duty Bound to Deal With
Labor Spokesman.

Haley Fiske, president or the Metro
politan Life Insurance Company and
a member Of the executive committee
Of the National Association Of Owners
Of Railroad Securities, informed A. II.
Smith. president OF the New York
Central Railroad. in letter given out
yesterday, that some railroads are
making mistake in their attitude
toward labor. Mr.. Fiske's communi-
cation was IN reply TO Mr. Smiths let
Ter TO $. Davies Warfeld. president of
the association, taking exception to the
position Of the a>Sociation's executive
committee in comforting with repre-
sentatiyes Of railroad employees.
Your assumption" Mr.. Fiske wrote,
that in seeking a conference with the
labor representatives. the most i'm
porant element IN the present problem,
we were pretending to represent you or
your board was quite unwarranted We
very frankly put our real position be-
fore these organizations and the public.
We think the present truculent attitude
Of some railroad administrations to-
ward the operative and the union
aster and that IL is time that all con-
cerned in the properties should show
some conciliatory disposition, at least
70 the extent OF endeayoring to get the
point Of view Of labor. and to seek some
method OF negotiation to end the pres
ent impasse."
Mr. Fiske stated that the Metropolitan
Life Insurance Company holds securities
OF the New York Central Railroad and
its subsidiaries amounting TO nearly
S23, GOO. 900 par value In addition. it
has on ITS books loans and agreements
to loan more than 50 900 900 on bonds
and mortgages upon real estate TO fl
nance your operations in the neighbor-
hood of your terminal"
Altogether" he added. "our financial
interest amounts to $1,000. 900. This
Is about 10 per cent. of our total in
vestment in railroad securities.
Frankly. II disturbs us" Mr.. Fiske
added. to have your board Of directors
say they represent in their dealings
with the present condition of affairs the
stockholder, without any recognition OF
the superior obligations of the railroad
companies. 1t may very well be that
IS matters are now threatening the
stock will become rather negligible
quantity: the bonds will never become
SO. our interest In your company is a
vital one. 1t Is very disturbing to read
that you are disposed to ignore this in
terest. 1t is even more disturbing to
ind yourself and the board resent any
action on our part To protect our in
terests.
We have seen no disposition on your
part to recognize our interests or to
consult with those who. in sense, own
your property. On the contrary we
have seen in the past rather violent
antagonism TO our effort to promote
helpful legislation which now that il
has been passed, some OF your people
are taking credit for. None Of the
railway arrangements has thought II
wise to seek any counsel or to recognize
In any way the serious situation in
which we find ourselves. On the other
hand you are objecting. if you will par
don US for saying so, in an offensive,
not to say impertinent, way. TO our en-
deavor to protect our own investments.
We feel that we had right to expect
cooperation and help rather than oppo-
sition.
And now that our confidence is over"
the letter concluded, I'VE feel that we
have accomplished much. In our opin-
ion IL Is time that all OF the interests
investors, administrators and operatives
get together. and that it Is not time
for recrimnation.