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Show WAR FIELD PLAN SUBMITTED TO HOUSE COMMITTEE V SHTtfGTON Aug 29 - Principals of the Warfield plan, under which a minimum interest of 6 per cent on rail- road securities would be guaranteed through a mandatory adjustment of rates by the interstate commerce commission," were indorsed by fifty million persons owuing or directly in I terested in railroad securities," in a memorial to COngreSB submitted to the house interstate commerce committee today b s. Davlea Warfield, president . of the National Association of Owners of Railroad Securities. Mgnors of the memorial numbered 5000 investing institutions. Including s.i ings banks, national and state-banks, state-banks, surely companies, trust companies com-panies and life and fire insurance com panics and 8189 individual investors. ; The shipping public also was repre sented in the indorsement by six municipal mu-nicipal trade organisations w ith an es-i es-i limited total membership of 30,000 insurance in-surance companies giving their endorsement en-dorsement were said to represent 23. 000.000 policy holders while it was estimated es-timated that 5.500.500 persons were represented by Bavings banks In presenting the memorial, Mr Warfield aid Its signors did not ask I "tho continuation of autocratic railroad rail-road methods of the past, but a just and definite solution by the congress Of the most important problem now be fore the country ." Urging favorable consideration by congress of the remedial legislation enclosed en-closed In the Warfield plan, the memorial me-morial concluded: ' It is our conclusion that the railroads rail-roads cannot avoid destruction and eventual governmental absorption j w ithout a primary distributable return ot not less than 6 per cent assured ! upon the aggregate investment, net through a governmental guarantee but through the exercise by congress of its duty to stop, by act, the knife of regulation regu-lation short of the heart of the transportation trans-portation system of the Cnited States.' |