The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1918-01-10

ability of those who have been man.
aging them. 1t is necessary that the
transportation Of troops and Of war
materials, of food and of fuel, and OF
everything that Is necessary for the
full mobilization of the energies and
resources of the country, should be
first considered, but il is clearly In the
public interest also that the ordinary
activities and the normal Industrial
and commercial life of the country
should be interfered with and dis
turbed as little as possible. and the
public may rest assured that the inter-
est and convenience of the privete
shipper will be rs carefully served ana
safeguarded as 1t is possible to serve
and safeguard II in the present ex-
traordlnary circumstances.
To Keep Lines in Good Repair.
"While the present authority of the
administration and while, of course, all
private interests mus for the present
give way to the public necessity, 1t Is,
| am sure you will agree with me, right
and necessary that the owners and
creditors of the railways, the holders
Of their stocks and bonds, should re
ceive from the government an unqual-
flied guaranty that their properties Will
be maintained throughout the period o.
federal control in as good repair aud
us complete equipment as at present
ando that the several roads viii receive
under federal management such com
pensation as is equitable and just alike
to their owners and to the general
public.
~ would suggest the average net
railway operating income of the three
years ending June 30, 1917. | earnest
ly recommend that these guarantees
be given by appropriate legislation and
given as promptly as circumstances
permit"
Deal Justly With Securities"
81 need not point cut the essential JUS
tice Of such guarantees and their great
influence and significance as elements
in the present financial and industrial
situation of the country. Indeed, one of
the strong arguments for assuming con-
troll of the railroads ut this time Is the
financial argument. 1t is necessary
that the values of railway securities
that the large financial operations ev-
cry year necessary In connection with
the maintenance, operation and devel-
opment of the roads should, during the
period of the war, be wisely related to
the financial operations of the govern
ment.
Our first duty is, of course, to con-
serve the common interest and the
common safety and to make certain
that nothing stands In the way of the
successful prosecution of the great war
for liberty and justice, but ii Is an
obligation of public conscience and of
we disturb should be kept safe from
unjust injury, and ii is of the utmost
to the government itself
that all great financial operations
should be stabilized and co-ordinated
with the financial operations Of the
government. No borrowing should run
athwart the borrowings of the federal
treasury and no fundamental indus.
trial values should anywhere be I'M
impaired In the hands of
many small investors in the country, as
well as in national banks In insurance
companies, in savings banks, In trust
companies, in financial agencies of ev-
cry kind, railway securities, the sum
total of which runs up to some So
0O,0OO,0O0 or $l1 900 100000. consti-
tute vital part of the structure OF
credit, and the unquestiOned sOldity
of that structure must he maintained
"The secretary of war and | easily
greed that, in view of the many COM
pick interests which must he safe
guarded and harmonized. as well as
because of his exceptional experience
and ability in this new field Of govern
mental action. Hon. William G. Nc
Adoo was the right man to as
sumo direct administrative control Of
this new executive task. At our re-
quest he consented TO assume the au-
thority and duties of organizer and d.
rector general of the new railway ad-
He has assumed those
duties and his work is in active prog
resS