Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1918-01-11


materials. of food and of fuel, and Of
everything thax is necessary for the
full mobilization Of the energies and
resource Of the country, should be
first considered, but 1t Is clearly In the
pubic 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 private
shipper will be as carefully served ard
safeguarded as Il is possible 30 serve
and safeguard 1t In the present ex-
traordinary circumstances.
To Keep Lines In Good Repair
"While the present authority OF the
executive sufflces for all purposes of
administration and while, of course. ali
private interests must for the present
give way to the public necessity, 1t is,
! am sure yoa viii 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 win
be maintained throughout the period Of
federal control in as good repair and
as complete equipment as at present,
ando that the several roads will receive
under federal management such con-
pensation as Is equitable aad just alike
to their owners and TO the general
public.
Il would suggest the average net
railway operating income of the three
years ending June 80, 1917. Tearnest
" recommend that these guarantees
be given by appropriate legislation and
given as promptly as circumstances
permit
"Deai Justly With Securities"
'Ineed not point out 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 at this time is the
financial argument IL is necessary
that the values of railway securities
should be justly and fairly paid and
that the large financial operations ev-
cry year necessary in connection with
the maintenance. operation and devel-
opment of the roads shc@ld during the
period of the war. he wisely related to
the financial operations Of the govern
a. ,nt.
'ur first duty Is, of course, 20 con.
serA 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 1t is an
obligation of public conscience and OF
public honor that the private interests
we disturb should be kept safe from
unjust injury, and 1t Is of the utmost
consequence 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 UNI
necessarily impaired. In the hands OF
many small investors in the country, as
well as In national banks, in insurance
companies, in savings banks. Ia trust
companies, in financial agencies Of ev.
cry kind, railway securities. the sum
total of which runs up to some $40,
000O00O00 or S11 0O0.00000O. constl.
tute a vital part OF the structure of
credit. and the unquestioned solidlty
of that structure must be maintained
"The secretary of war and / easily
agreed that in view of the many COM
pick interests which must be safe
guarded and harmonized, MS well as
because Of his exceptional experience
and ability I'm this new field Of govern
mental action. Hon. William G.. Me-
Adoo was the right man TO as
sumo direct administrative control Of /
this new executive task. At orr re-
quest he consented 10 assume the au.
thority and duties of organiser and d. /
rector general Of the new railway adj |
mInistration. He has assumed those |
duties and his work IS In active prog |
ress.
May Need Treasury Grants.