Railroad executives meet in emergency session. Washington, D.C., March 11. Leading executive of the railroad industry met here today in emergency session to study what they describe as the most critical financial condition in railroad history. During the meeting the executives, all members of the Association of American Railroads, considered a proposed new "National Railway Policy" as a solution to their financial problems. Left to right: (seated) Carl R. Gray, Vice-Chairman, Board of directors, Union Pacific Railroad; J.M. Kurn, Trustee, St. Louis-San Francisco Railway; C.E. Denney, President, Erie Railroad; E.S. French, President, Boston and Main Railroad; E.M. Durham, Jr., Chief Executive Officer, Chicago, Rock Island and Pacific Railway; and Daniel Willard, President, Baltimore and Ohio Railroad. Standing, left to right: S.T. Bledsoe, President, Atchison, Topeka and Santa Fe Railway; George B. Elliott, President, Atlantic Coast Line Railroad; Hale Holden, Chairman, Southern Pacific; M.W. Clement, President, Pennsylvania Railroad; J.B. Hill, President, Louisville and Nashville Railroad; F.E. Williamson, President, Grand Central System; J.J. Pelley, Chairman (ex-officio) Association of Amn. Railroads; E.E. Norris, President, Southern Railway; and J.J. Forster, Sec. and Treas. Assoc. of Amn. Railroads, 3/11/38