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

in critical moments by larg" rate IN
.creases they be!i">c. has been nS'd L"
Cxhaustlun y better remedy must p'
found. and the OrEH z"d St'"r''H
holders are r,,nN in""l that ih'E "''''
that method in tn" "0-"rdlnhi'"h 81 Ia
cilitIcS and S"rN ice and institution VI
economies whIrh will admit II SuhS''"'
iial reductions in railroad rates. II a. ~
tcrrstinE to note that a considerable per
rentagc Of Ia" III, niDCrS IN inns "i -"
iZatiun are houdhuld"rS. Railroad d'r'c-
tors Of course. are elected ty IN" >i"'h-
holders. thus giving the holders "t Su'h
securities u ,Irrc; share IN til" manage
mrnt Of the property. But the phu-
holder, hcc.luSr at What has h"r''"i"'c
been considered his assured return mas
had no such opportunity.
"'rh" SAYINGS hanks and lie 'nSur
ancc companies, always i ready mHrk''
l"I i.ui bon - ind themselves h'aFlls
h"u:.hl "u securities WhiCh nave psiSS'u
from the stable class to the question:
abb. Onr more adverse turn and lh'H
VIII be- wholly doubtful. 1t may be- won
l"rcd il any Of these institutions would
make Il large subscription at IN" pr"S'hl
time IT, L rLIl ISSUE. Tn" reaction al
Their refusal on the public buying could
not be other than serious.
No Interference N Operation.
The investors also hold that II IS IN
economic error for the railroads I" pro-
i'll" all the money for improvements
and extensions by the issue ut Sccurl-
ties. They believe that At least il por'
;Iun Of ih"r Improvements should h"'
mad" out Of money earned IN operation
II III, loads continue unable to meet
their charges and make improvements
h~Sld,S. the one va! out would De luE
,hcr security issues. The railroads have
the logical defense that tho war lrf'
them IN Il had I'r$lt;on ind mat III many
cases their properties were returned IN
a condition inferior Ia that At the tiSlc
of their surrender. contrary To the pro-
visions If congress-. The security mold
crs reply that this condition VIII only
be aggravated by the pursuit or old
rull,irs that new means must he takrn
to meet an unusual situation. They con-
slider the Joint use of facilities and their
other suggested economies the one sound
method.
Those who arg active in the manage
mcnr of the National Association OF
Owners Of Railroad Securities have
never intended to interfere IN individual
railroad operation or management.
1I;yidcncr of this attitude OH the
part of tho security owners association
arose during the deadlock in the labor
Sir"",iuu ThoS" who represented tn"
millions Of people owning life insurance
pu.Irrrs, ur VINO have deposits IN say
ings banks. believed that the great pub
lie interest represented by them de-
mandcd that they should gain an un-
drr>ianIing of where the trouble lay
SO a conference was asked with the
representatives Of the four railroad
brothcrhoods. The conference was not
held 10 consider working conditions or
wages or To discuss questions properly
10 b. disposed Of 10y railroad mana &C.
mcnts Representatives of the asSoCia-
ton who attended this conference were
men having great experience in orGani-
zation and familiar with the conditions
under which such organizations must he
maintained. There was general dis
cussion at the conference. lasting