The Washington times., 1922-09-11


c very same hour
and only q few
WILLIAM HARD blocks away the
Attorney General Of the United
States appeared In the Federal
building before Judge wnkerson to
argue In favor Of q permanent con.
tinuance Of tho injunction against
the strikers.
This injunction today II as OBJ
noxious TO numerous great railroad
owners as II is to tho strikers them
selves. The new line Of battle stands
as follows:
On the one side are the hard
boiled" or die hard" executives
backed by the anti.union open shop
policyof Attorney General Daugherty
and sustained by the boards Of direc.
tors representing the stockholders
OF the majority Of the railroads.
On the other side there are the
| strike leaders who are seeking a
give and take" adjustment Of the
strike in cooperation with the man.
agements Of a minority OF the roads,
backed by the representative of|fn-
surance companies and savings
banks owning many billions Of dol
lars Of railroad bonds.
Insurance Men Opposed.
The chief of these representatives
10 Mr.. Warfield. president Of the
Seabosrd Air Line and president
also of the National Association oil
Owners of Railroad Securities. II
was with Mr.. Warfield that Mr.. Jew
eli worked out the terms OF peace
which today will be submitted TO the
strikers policy committee.
II develops now that intense fael-
ing against the policies of the ma !ior.
, ity Of the railroad arrangements ex-
ist among insurance companies and
savings banks which have invested
! the money Of their policyholder5 and
Of their depositors in railroad bonds.
This feeling has shown itself in nu'
merous ways. and Is now eliminating 9
| in the activities of Mr.. Verified in
opposition to the majority Of the rail.
road executives in this strike.
Mr.. warfield went before the
, Interstate Commerce Commission
! some time ago and charged the
/ railroad executives with wasting
hundreds Of millions Of dollars a
| year by bad management Of freight
! cars and OF terminal facilities. He
presented the findings made by a
large staff Of engineers employed
| by the National Association OF
Owners OF Railroad Securities. He
was represented by eminent coun.
sci, among whom was Walter Fish
| er, OF Chicago, formerly Secretary
| Of the Interior under President
Taft.
Fear for Investments.
Mr.. Warfield gave the Interstate
| Commerce Commission to under
stand that the insurance compa-
MES and savings banks composing
the membership Of the National Asso-
| citation OF Owners Of Railroad Sc
curities and possessed of some thir'
teen billion dollars Of railroad bonds
| were fearful Of what might happen
| to the value of their investments
in railroad properties unless better
| and more efficient methods OF
management were adopted by the
railroad executives.
Bondholders Intervene.
This was the first break noticed
, between on the one hand the railroad
executives and boards OF directors
and stockholders and on the other
hand the underlying owners Of bonds
who have no voice in the selection
Of the boards Of directors. and came
to Washington to attack the boards
Of directors and the executives be.
fore the s1nterstate Commerce Com
mission.
| Bonds do not vote in the choosing
of the arrangements Of the railroads,
and II Is bondholders who, through
Mr.. Warfield. intervened before the
Interstate Commerce Commission
and are now intervening In this
strike.
1t is now remembered that meet.
| ing was held some time ago between
DISTINGUISHED railroad labor lead srs
and prominent officials of powerful
insurance compan MES and savings
banks in the East. This meeting
was attended by Haley Fiske, Of the
Metropolitan Life Insurance Com
pany; Darwin Kingsley, Of the Now
York Life Insurance, Representatives
Of other insurance companies, and OF
certain great savings banks and by
Mr.. warfield, all representing bond
holders.
II was also attended by Mr.
Johnston, Of the railroad shop
crafts; Mr.. Stone. Of the locomotive
engineers; Mr.. Shea, OF the locomo'
tive firemen; Mr.. Sheppard. Of the
conductors; Mr.. Lee, OF the train
men. and Mr.. Manion, Of the teleg'
raphers.
| Certain railroad executives com.
plained bitterly that insurance com
pany officials and savings bank Of
ficials should be stepping into tho
railroad labor problem. They soid
that Il was q problem for the ex,
ecutives. A president of one OF
the insurance companies responded
then by remarkinG that the rail
road labor problem was OF intense
and immediate interest TO the peo
pie whose money had supplied the
A..ha