New-York tribune., 1921-04-11
Railway Attitude
On Labor Attacked
By Haley Fiske
Metropolitan Life President,
Representing Bond Own
ers, Replies to Objection
by N. Y. Central President

Haley Fiske. president Of the Metro
pclitan Life Insurance Company, and a
member of the executive committee of
the National Association of Owners of
Railroad Securities, said yesterday that
some railroads are in grievous error in
their attitude toward labor. He made
this statement in replying to a charge
brought by A. II. Smith, president of the
New York Central Railroad, against the
policy of the executive committee Of
the railroad security owners associ-
alton ii comforting with representatives
Of railroad employees. He also denied
in letter to the president of the New
York Central that the executive com
mlttee was representing that or any
other railroad when it. conferred with
labor representatives..
your assumption" Mr.. Fiske wrote.
that IN seeking a conference with
labor representatives, the most imppr-
tant element in the present problem.
we were pretending to represent you
or your road was quite unwarranted
We very frankly put our real position
before these organizations and the
public.
We think the present truculent at
titude of some railroad administrations
toward the operatives and the union a
great mistake" which may lead to dis-
aster, and that it is tirlc that al con-
cerned in The properties should show
some conr;latory disposition, ~ least
to the extent of cndeavoring to get trn
point OF view Of labor, and to seek stme
method OF neeot'ation to end the pes
ent impassc'
Mr. rlske then stated that the Metro
po1tan Life Insurance Company holds
securities OF the New York Central Rail
ROAD ana ITS subsidiaries to the amount
OF nearly $4,000 900 par value. In sd
dition, it has on its books loans ard ard
agreements to loan over $4,000 900 in
bonds and mortgages upon real estate
which Mr.. Fiske declares are "to finance
your operations in the neighborhood of
your terminal"
Aitogether,' he added, "our fnan-
T1hi Glai interest amounts to s32,Ooo,ooo
ms is about Is per cent of our total
lnyestment in railroad securities.
frankly" the letter concludes. ";t
dlsturbs US to have your board of di-
Tectors say that they represent in their
dealings with the present condition of
auaifs the stockholder withou any
fccognltion of the superior obligations
ol Ihe railroad companies. 1t may very
weil be that as matters are now threat
cning the stock will become a rather
negligible quantity; the bonds viii
never become so. Our interest in your
company is vital one 1t is very dis
turblng to read that you are disclosed
to ignore this interest. 1t is even more
disturbing to find yourself and the
board resent any action on our part to
protect our interests. We have seen
no disposition on your part to recoo-
nlze our interests or to consult with
those who in a sense own your prom
erty. On the contrary we have seen in
the past rather violent antagonism to
our efforts to promote helpful lerisla.
tion, which, now that it has been
passed, some of your people are takinp
credit for. You are objecting, if you
wlll pardon US for so saying, in an Of
fensive,. not to say impertinent, way to
our endeavor to protect our own in
vestment."