The Era-leader. [volume] (Franklinton, La.) 1910-current, 1918-01-10
sThe common administration Will be

ana peTSOnnel OIL the railways dS pos
sible Nothing will be altered or dis
turbed which it is not necessary to
disturb. /
I'VE are serving the public inter |
ests and safeguarding the public safe !
ty, but we are also regardful of tho |
interest Of those By Hhom these great !
are owned, and glad to avail
ourselves of the experiences and the !
trained ability Of those who have beeA
managing them. 1t is necessary that
the transportation OF the troops and
OF war materials of food and Of fuel,
and of everything that is necessary
for the full mobilization Of the en-
ergies and resources CT the country,
should be first considered; but it 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 anG
dislocated as little as possible, and
the public may rest assured that the i
interest and convenience Of the prl-
vate shipper will be as carefully
served and safegusrded as it is posi-.
Bile to serve and safeguard it in the
present extraordinar! circumstances.
Sdetrack Private Interest.
While the present authority of the .
executive suffices for all purposes OF .
administration, and while, OF course, .
all private interests must for the pres
ent give way to the public necessity, |
it rs, l am sure you will agree with F.
me. right and necessary that the own
ers and creditors OF the railways, the
holders of their stocks and bonds,
should receive from the government
an unqualified guarantee that their
properties will be maintained through
out the period Of federal control IN as
good repair and as complete equip
ment as at present, and that the sew
eral roads will receive, under federal
management, such compensation as is
EQUITABLE and just alike to their own
ers and to the general public. I would
suggest the average net railway Op.
Grating income of the three years end
ing June 80, 1917. | earnestly recon-
mend that these guarantees be given
by appropriate legislation, and given
as promptly as circumstances permit.
81 need not point out the essential
Justice OF such guarantees and their
great influence and significance as
elements in the present financial and
industrial situation Of the country. In
deed, one of the strong arguments for
assuming control of the railroads at
this time is the financial agreement.
II necessary that the values OF rail-
way securities should be justly and
fairly protected, and that the large
financial operations every year neces-
sary in connection with the mainte-
nance, operation and development OF
the roads should, during the period OF
the war, be wisely related to the H.
nancial operations of the government.
| War Is First Duty Of Nation.
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 it is
also an obligation of public conscience
md of public honor that the private
interests We disturb should be kept
safe from unjust injury, and it is Of
the utmost consequence to the gov
eminent itself that all great financial
SEPARATIONS should be stabilized and CO.
ordinated with the financial opera
Hons Of the government. No borrow
: lngs should run athwar the borrow.
, lngs OF the federal treasury, and no
fundamental industrial values should
anywhere be unnecessarily impaired.
In the hands of many thousands Of
? small investors in the country, as we'll
: as in national banks, in insurance
) companies, in savings banks in trust
} companies, in financial agencies OF
t every kind, railway securities the sum
total of which runs up to some ten or
, eleven thousand millions, constitute
, vital part of the structure of credit
4 and the unQuestioned solidity OF that
structure must be maintained.
"The secretary of wap and l easily
agreed that, in view of the many com.
olex interests which must be safe
Q guarded and harmonized, as we'll as
s because of his exceptional experience
g and ability In this new field of gov.
D srnmental action, the Hon. William G.
n McAdoo was the right man to assume
I direct administrative control of this
new executive task, At eur request
he consented to assume the authority
and duties Of organizer and director
general Of the new railway admins
l. tration. He has assumed those duties
and his work Is in active progress.
ut is probably too much to expect
that, even under the unified railway
" administration, which will now be pos
:, ;ible, sufficient economies can be eff
u fected in the operation of the rail
" ways to make it possible to add X
= their equipment and extend their op
arative facilities as much as the pres
!. emit extraordinary demands upon theil
- use will render desirable, without re
-, sorting to the national treasury fol
!, The funds. If it is not possible, it will
= Of course, be necessary to resort tt
= the congress for grants of money TO,
g that purpose. The secretary of tht
- treasury will advise with your com
:, mittees with regard to this very prac
ical aspect of the matter. For th'