The Covington leader. (Covington, Tenn.) 18??-current, 1918-11-28
SECRETARY OF TREASURY
McADOO RESIGNS POST

Washington, Nov. %. William
Gibbs McAdoo, secretary of the treas
urv. director general of railroads and
often discussed as one of the presiden-
tial possibilities of 1920, has resign
ed his offices to return to private
business.
President Wilson has accepted his
resignation. Mr.. McAdoo will give
up the treasury portfolio as soon as
successor has been selected lie
wished to lay down his work as diree-
tor general of railroads by January
hut will remain if the president
has not then chosen a successor.
Upon the new secretary OF the
treasury, whoever he may be, Will
devolve the task Of financing the
nation through the transition period
Of war to peace, which probably Will
include at least two more Liberty
loans and possibly also a further re-
vision of the system of war taxation.
Letters between President Wilson
and Mr.. McAdoo, made public with
the announcement Of the resignation,
give Mr.. McAdoo's reasons for leav-
ing the cabinet solely for the purpose
Of replenishing his personal fortune
and express the presidents deep re-
gret al losing his son-in-law from his
official family.
TT IS entirely probable that the
president may Gill separately the Of
fices Of secretary Of the treasury and
director general of railroads. There
was nothing official on which to base
statement Of who might be under
consideration for secretary OF the
treasury. On previous occasions when
successor to Mr.. McAdoo was dis
cussed John Shelton Williams, comp
troller Of the currency, and ". I. y.
Harding, governor of the federal re-
serve board, have most generally been
mentioned. Paul Warburg, formerly
member of the reserve board and a
pr0minent New York banker, and Rus
sell C. Leffingwell, assistant sec
tary Of the treasury, also are feek-
oned among the possibilities.
President Wilson is not required
to choose the new director general OF
railroads from among the cabinet
members, and it is possible that the
place may 20 to some one associated
with Mr.. McAdoo in the railroad adj
ministration. If The place should 60
to some member of the cabinet, Sec
rotary Baker Of the War Department
Postmaster General Burleson and
Secretary Lane, of the Department
Of the Interior, are likely Ia be cen
sidered.
There was a probability that the
dictatorship might have gone To Mr.
Baker at the time the president de-
cided to give it to Mr.. McAdoo. II
was thought that the government up
GRAFTON of railroads as war meas
ure was closely connected with the
military programme, but the president
chose Mr.. McAdoo because If his
knowledge Of transportation prob
lens.
Postmaster-G General Burieson al
ready IS operating the telegraph, tel
ephcne and cable lines under govern
ment control. Secretary Lane is IN
timately versed in transportation
problems, particularly railroads, and
for years was a member of the Inter
state Commerce Commission and al
one time chairman. Walker D. Hines
assistant director general Of railroads
formerly a New York lawyer and
chairman of the board of the Santa
F'e, has been intimately connected with
the development of government op-
GRAFTON, and is among those discussed
in Washington as a possible success
sor to Mr.. McAdoo as director gen
eral.
Mr. McAdoo made the announce
ment of his retirement at one of his
weekly conferences with a score Of
newspaper men tonight in his private
office at the treasury.