The Kadoka press and Kadoka reporter. [volume] (Kadoka, S.D.) 1910-1923, 1918-01-11

shipper will be as carefully served an,
safeguarded az II Is possible to serv
ana safeguard il In the present ex
traordinary circumstances.
To Keep Lines in Good Repair.
While the present authority of tn
executive sufiiccs for all purposes o
administration and while, of course. al
private interests must for the presen
give way TO the public necessity, II is
am sure you will agree with me. right
ana necessary that the owners anC
creditors of the railways, the holders
OF their stocks and bonds, should re-
cc'Ne from the government an ungual.
lhrd guaranty that their properties will
be maintained throughout the period of
FEDERAL control In as good repair and
a> complete equipment as at present.
ahdo that the several roads will receive
under federal management such com
! I'iSatlon rs iS equitable and lust alike
To th'lr owners and 20 the general
! public
would suggest the average net
| railway operating income of the three
years ending June 30, 1917. earnest
" recommend that these guarantees
DE gwen by appropriate legislation and
gwen as promptly as circumstances
permit"
Deal Justly With Securities"
need not point out the essential ius-
nee ot such guarantees and their great
influence and Significance as elements
M IN" present financial and Industrial
situation of the country Indeed, one of
me strong arguments for assuming con.
lF"I "i the railroads nt this time is the
hhahclal argument. Ii is necessary
'hai The values of railway securities
should he justly and fairly paid and
ihat The large financial operations ey-
cry year necessary In connection with
tho maintenance, operation and dcveI. |
opm"nt OF the roads should. during the |
period of I'll" war be wisely related to /
'hc iinancial operations of the govern. /
ment.
our first duty is of course. to con.
serve IN" common interest and the
common safety and To make certnin
that nothing stands I'm the way of the
successful prosecution Of the great war
Tor liberty and Justice, but II is an
obIigation Of public conscience and OF
pubhc honor that the private interests
we dlSturb should be kept safe from
unjust injury, and IL is Of the utmost
consequence 10 the government itself
mat all great financial opcrntions
should be stabilized and Co-ordiuoted
with the financial operations If the
government No borrowing should run
''il"art IA" borrowings of the federal
treasury and no fundamental indus
'rial values should anywhere be un.
necessarily impaired. In the hands OF
many small investors in the country. as
\ril rs i'm national banks, ia insurance
companies, in savings banks, I'm trust
Companies, in financial agencies Of ev-
Fry KIND, railway securities, the sum
"tal of which runs up TO some $40.
FD,OoO,0oO or ST 900. 100000 constI-
nte n vital part OF the structure Of
redit, ana the unqueStiOnpd Soliditv
y that structure must be maintained
The secretary Of war AMI easily
greed that, in view Of the Iaany com
IeN interests which must he safe
uarded and harmonized, as well as
'canse of his exceptional experience
nj ability in this new field Of govern
rental action, Hon. William G. Nc
900 was the right man TO As
llhe direct administrative control of
ais new executive task. At our re-
uest he consented 10 assume the an
lority and duties of organizer and m.
'ct"r general OF the new railway ad.
inlstration. He has assumed those !,
lues and his work is in active prog
'SS.
May Need Treasury Grants.
ut is probably too much TO cynec, q
Iat even under the unified railway ad-
which viii now be- DOS.
Ole sufficient economies can be eff
cted Ia the operation Of the rail ,
hNS 10 make II possible 10 ada TO
err equipment and extend their on
ative facilities as much as the pres -
It extraordinary demands upon their
+" VIII render desirable without re-
rlng To- the national treasury for II
g funds. II IL is not possible. II will 9,
course, be necessary 10 resort to IL
congress rOr grants If money for &C
nc purpose. The secretary Of .ha n
'asury will advise with your conamit.