Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-12-27
UPHELD BY BANKERS.
AND RAILWAY HEADS.
Presidents Action in Taking
Over Roads Meets Almost
Universal Approval.
REASSURE SHAREHOLDERS

By the Associated Press.
NEW YORK, December 27.-Almost
without exception leading bankers and
executives of railroads having their
headquarters here today expressed their
approval of the action of President Will
son in taking over the countrys railroad
lines. The action of the President had
been anticipated by railway officials for
some time and most Of them agreed that
the governments program, as whole,
met their expectations
In the financial district bankers ex-
pressed relief that the uncertainty over
the situation had been ended. The
Presidents statement regarding guar
anty of compensation to the railroads
will have the effect of reassuring hold
ers of railway securities, it was as
serted.
Some bankers at first expressed sur.
prise that Secretary McAdoo should
also retain his position in the Treasury.
but. upon closer examination of the
Presidents plans. they generally agreed
that, in view of the financial phase OF
the problem Mr. McAdoos retention
Authorities on railroad finance said
that in their opinion the change in
status will have little, If any, effect
on the operation of the railroads. They
anticipated that Mr.. McAdoo would di-
rect questions of general policy only,
leaving the actual operation of the
lines to a staff of experts.
Frederick d. Underwood OF the Erie
was enthusiastic over the action taken
This is the best news L have heard
n
biggest and finest thing that ever has
happened to our railroads. 1t has SO
many big sides that/I hesitate to DIS
cuss them without being familiar with
the details of the Presidents plan. On
the basis of the general announcement
l would say instantly that 1t will be a
grand thing for the country as war
time measure, grand thing Tor the
railroads themselves and grand solu-
tion of the labor problem.
w. II. Truesdale of the Lackawanna
also expressed his approval.
l.. F. Loree of the Delaware and
Hudson declined to comment asserting
that any statement on the Presidents
action would have to come from the
railroads war board.
f. e. Loomis of the Lehigh Valley
was non -committal, although he said
the move was not & surprise.
Pleasure Expressed at st. Paul.
81. GhlIJ, 1NlHft-, lteCelHbti - " At
railway presidents-Louis w. Hill of
the Great Northern, J. NJ. Hannaford
of the Northern Pacific. Edward Pen
nington of the 500 line and James p.
Clark of the Chicago, st. Paul, Mime
apolis and Omaha--here, met the an
nouncement of President Wilson that
the government would operate the rail-
roads after tomorrow with pledges to
cooperate unreservedly with the Presi-
dent and Secretary McAdoo in carrying
out their plans to run the transporta-
ton systems of the country.
The selection of Secretary of the
Treasury McAdoo as general director
Of the railroads was praised by OFF,
Gals, Louis w. Hill characterizing him
as the best man President Wilson could
have named for the place. He said:
when j read Sunday that the gov
eminent might take over the railways
and that Secretary McAdoo was under
consideration for the position of di-
rector general / wired to Mr.. McAdoo,
telling him that I was anxiously await
ing verifcation of the report. Every
body connected with the Great North
ern is happy to hear of his appoint
ment This railroad will do everything
possible to support him and President
Wilson in operating the roads. I'm
sure Secretary McAdoo Is the best man
the President could have selected for
the place"