Every evening, Wilmington daily commercial., 1918-09-25
j. S. RAILWAY CONTROL
TO STAY A. B. A. TOLD
War Management Will Never
Return, Sisson and Inter
meyer Predict at Meeting.

Chicago, Sept 25 Government con
troll of the railroads Is here to stay, but
whether actual Government ownership
will accompany II Is sttll question,
fnan icrs gathered here for the convcn-
tion of the American Bankers Associa-
tion were told Yesterday
Two views of the Government control
and ownership questions were presented
To the bankers. both being expoundcd at
the meeting of the savings bank section,
Samuel lntcrmycr, the New York law
yer. who represented the ralruad scctr-
itv holders IN the making of their con
tracts with the Government presented
one. and Francis II Slssnn, Vice Prcsi-
dent ol the Guaranty Trust Company
of New York gave the other.
Both agreed however, upon one thing
They assumed that II was impossible
that the railroads would ever return to
the pre- war system of ownership and
management
Tonigh there was joint meeting OF
the national bank. savings bank, State
,ontro bank. and trust company sections,
over which John \ iarwcll of Cmcago pre-
sided
Apvoc ArEs REGIONAL sYs 1FM.
Mr.. Slssnn. IN presenting his views on
the future Of the railroads affirmed that
| Government control and operation had
not vet proved itself superior to private
operation lie advocated system oi re-
| piona RAILWAYS, with w0stciu coinpcti-
| tion eliminated. and perhaps with TOY
| crnmcnt guaranty ot Investment returns.
| Mir Sissnu did not agree that the
| future value Of railroad securities VIII
| hc determined even during the period oi
/ Government operation. and thought
| tins would he 'istil less IN the period ut
| transition from Government back 10 pr
vatc ownership by the compensation
| which the Government may pav he com
panlcs or hv the WAY ~ Which t may
| maintain the properties He thought.
! AS tho prospect of the return IT the
RAILWAYS to thcir owners as the act
contctnplatca. becomes more imminent,
/ the ratio between earnings aud expenses
| Will become q more and moro important
| factor IA determining the value oi the
| securities
Hc also Thought raiiroad stocks
| would To- placed ~ the Same class as
| railroad bonds. slncc. With thor earn
| lnrs definitely hunted and guaranteed.
speculative possibilities vii ho largely
eliminated from them and their prlces
should not grcatl, i'u tuate
rRr VAR R,rrs Scr ~ rrruH~.
Nh Si.snn insisted that tho Gov m
mcut In it, own operation ol the roads,
having found both freight and passo y
ger rates iuaUcQuatc. would never return
tn the rrc war rates
Mr. lntCrmyCr @aW 10 torrors IN
continued Government control. winch hc
affirmed was normal. natural and not
snciahStlc lie also stated his hohct m
Government ownership "t tclographa.
telephones and natural resources.
such as our deposits 81 coal. non. cop
pcr ard ol and orr forcats that of
right arc the heritage ot the "utlrc poo
plc and should never have hccn allowed
e. ~ from them
Tins also Mr. l'ntcrmycr affirmed !,
was not Socialism, which hc deprecated
as economically nnsound IN all ITS
tcncts
1T would be unsafe and nnSound,
SAID MIR l'ntCrmycr, to prrdl'ate the
final outcome upon tile human or pohil-
cal lfc and power of any single lndl
vi,iual The problem must hc analvscd
IN its wldcr aspects. from the stand
point of the powers that have hecn dele
gated hy the contract We have no
rlcht ID assume thcy will not he ever
ci4cd The status ot the security hold
,rs must hc Judged l,y what may hc law
fullv done under the contract and not
hv spcculating upon what will hc done :