New-York tribune., 1917-12-28

10 see that action taken, am
sure that Nr. McAdoo will have the
heartiest cooperation from every one
IN the great task he is undertaking.
Sabin Indorses Move
Charles II. Sabir, president OF the
Guaranty Trust Company, called the
Presidents action constructive ana
statesuanlikn move which can only
have y beneficial effect upon the busi-
ness Of the country, the security mar
kets and the prosecution OF the war
1T was mdnifcstly impossible SAID
Mr. Sabin, ''for the railroads, without
some fo-m cf government cooperation,
20 meet the demands upon them, and
The plan outlined by the President 10
meet The situation is both equitable and
businesslihe, protecting the roads and
serving the public. Greater cooopera-
tion. Increased efficiency and improved
credit will ell result from the Pres!-
dents move.
The selection Of Secretary NcAdoo
as director general Of railroads seems
a happy one. as the whole hnancia!
structure Of the country IS so much in
vo!ved in the transportation situation
that unity Of understanding and ac-
lion will be valuable in their direc-
tion. II only remains for Congress
TO give effect 10 the Presidents pro-
sramme, which trust is assured.
Perhaps the most cheefne feature
c. thc situation is that this action
means q quickening Of our national
efficiency for the winning Of the war,
the orc big job OF to-day upon which
al our efforts should be concentrated"
G. ,. Mitchell, president of the Ma
:.onal City Company, declared that
the messure recommended by the
President FOR taking over the rail-
roads meant a swing Of the business
pendulum IN the right direction.
at has been swinging the wrong way
too long" he added, "hut from now or
! believe we are going 10 see great
deal Of the lost confidence IN Amer
can investment securities restored 20
where il ought 10 be. Railroad bonds,
in my opinion, will soon take their
rightful place in the vast credit
structure Of the nation"
Walter +. Frew, president of the
Corn Exchange Bank, said that the
taking over of the railroads by the
government and the appointment ot
Secretary Of the Treasury McAdoo as
director general was only another in
stance Of how thoroughly the Admin
.Strstiou has thrown itself into the
conduct Of the war.
Nothing but praise is due Mr.. Nc
Adoo's handling Of the bond issues and
the government finances" he said,
"and We may be suro that the admin
istTstion Of the railroads will be
equally effective and successful"
Good 10 Result" Says Shonts
T. p Shonts, president o. the Inter.
borough Rapid Transit Company, said:
with security holders protected by
the government guarantee on a rea-
sonable basis and with the railroad
systems of the country operated as q
whole. | can see nothing but good ss
n result. The guarantee of securities
should encourage investors, and the
increased efficiency from unified opera
tion viii greatly increase the transpor-
tation power of the country"
In steel and railroad equipment
circles opinions were expressed that
the taking over Of the railroads by the
government with fair guarantee of
earnings should benefit these indus
tries Putting into operation Of the
Presidents recommendations, it was
stated, should be followed by an in
crease in steel and railroad equipment
buying.
s. L. Schookmaker. chairman Of the
board of directors Of the American
Locomotive Company. said regarding
the Presidents proclamation:
III think it is fine. 1t should result
in restoring confidence generally, and
the selection Of Mr.. McAdoo as director
general Of the railroads l regard as a
wise choice"