Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-05
GOSSIP OF The STREET
SUGGESTS PLAN
OF r. r. CONTROL
Financier Offers Settlement Along
Lines of Federal Reserve
Regional system

The settlement of the railroad prob
lem along the lines Of the regional
system of the Federal Reserve Bank, as
mentioned in this column yesterday, has
been publicly indorsed by John ].
MITCHELL. president of tho Illinois Trust
and Savings Bank, who suggests as II
soution for the situation that, Congress
formulate plan for control of railroad
properties in n manner similar to that
or the Federal Reserve Bank system
Which controls in large part the bank
ing activity of the country.
9The President" said Mr. Mitchell
s'lIas shown he has Il complete under
standing of the importance of the prob
lem both from the standpoint of the
Investors and the future Of the nation.
THE Government should have full
power TO maintain an equilibrium be-
tween eXpenSe and income. The
equilibrium should be so maintained as
efosgiye a! fair return on invested capital
and care for employees properly.
There has been little complaint over
Increased rates decreed by the Govern
ment. Return the roads to private
ownership and there will be clamor
for lower freight rates
A good deal of attention in the finan-
cial district was centered yesterday
on the result of tho proceedings of tho
meeting in the New York Chamber OF
Commerce of some $50 leading railroad
executives, who for two days past have
been holding preliminary meetings.
A banker remarked yesterday in
speaking of this meeting that the most
important point to be discussed will be
the manner or course to be pursued in
/. returning the roads TO their original
! owners. This. banker called attention
to the following statement on the sub
ject by Charles T.. Mitchell, president
Of the National City Company. which
he said exactly expressed his own
views and also those of several other
Z financiers he had spoken TO on the
subject:
1T would be Calanitous if our
great arteries OF commerce., were re-
turned on such u basis. Those con-
ditions represented regulations without
Responsibility by 4 multiplication OF
commissions. 1 understand that most
of the railroad men and bankers believe
that the time for an academic discus
sion of the situation has passed and
that what is needed is a RAILROAD
Moses who will lead and come out with
sdefinite plan for the operation OF
the roads under private ownership and
not regulation without responsibility
Return of tho railroads under pre-war
conditions, 1t is believed by railroad men
and bankers, would be suicidal. There is
general feeling among railroad men
that there should be some regulation
but that there should also be respon-
& sibility."
". Banker AssaiIs Presidents Critic.
Discussion in the financial district
yesterday centered around President
q, Wilson's mission to Europe, according tc
+ the head of n leading banking house
This banker expressed his persona
opipiopy5h. the subject very freely, pref.
acing Mis- remarks by saying that Ia
had never voted for Democrat in his
life and never would, but, he said, the
issues Involved are too big, too mo
lnentous to be considered from tho
u standpoint of any political party. 81
often} think he said, ut would have
been good thing if tho German fee
had broken through the Gordon of tn,
Allied 4DavSes and swept up and dow
our coastScittes, and in that way brough
the war home to us. AS it is today, th'
war has been so far away that we hav,
not grasped what the winning of /
and through the winning what might!
questionsSw are to be settled at tn
pehce conference mean, not only to Ii
and our children after us, but to ever,
nation in the World, perhaps for al
time, 1t is true some of us here ant
thhre have lost relative, but that ha
not brought tho war and all it mean
home 70 the great mass of the American
pebple.'
IT have no patience" he continued
with "a lot of old goats who can Sc
nothing but politics in the President
mission. If some of them could see tn
9letsers L am getting from relatives Il
Paris and other parts Of Europe tellin
mo that every American man an
woman in Paris and the rest of Franc
Is ipraying, begging, pleading that tn
President should come over, as the onl