The evening world. [volume] (New York, N.Y.) 1887-1931, 1918-01-04

that Is necessary for tho full mobili-
Zation OF the energies and resources
OF the country should be first cons.d-
cred. but II Is clearly in the public
interest also that tho ordinary activ-
ities and the normal Industrial md
commercial life OF the country should
be intcrfercd with and dlslocated as
little as possible, and tho public may
rest assured that the interessand con-
venience OF tho private shipper will
be as carefully served and safeguarded
as IL IS possible to serve and safe
guard 1t In tho present extraordinary
circumstances.
while the present authority Of tho
Executive sufiices for all purposes OF
administration, and while. OF course.
all private interests must for the pres
ent give way to tho public necessity,
II is, ! am sure you Will agree with
me, right and necessary that the
owners 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 or Federal control in
as good repair and az 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.
~ would suggest the average
net railway operating income OF
the three years ending June &c.
1917. I earnestly recon nond that
these guarantees be aiven by ap-
propriate legislation, and given as
promptly as circumstances permit.
II need not point out tho essential
| justice OF such guarantees and their
great Influence and Significance as
elements In the present financial and
industrial situation Of the country.
"lndeed, one OF the strong arau-
ments for assuming control OF the
railroads at this tine 10 the fin
anoial argument. II 10 necessary
ties should bo Justly and fairly
protected and that the large fin.
aneial operations every year nee.
essary in connection with the
maintenance. operation and de-
Velopment OF the roads should.
during the period Of the war. be
wisely related TO the financial op-
erations OF tho Government.
NOTHING MUST STAND IN WAY
OF PROSECUTING WAR.
Our first duty Is, OF course, to con-
serve tho 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 II Is
an obligation OF public conscience and
OF public honor that the private IN
terests we disturb should be kept safe
from unjust injury, and II IN OF the
utmost consequence to the Govern
ment itself that all great financial
operations should be stabilized and
CO. ordinated with the financial opcr-
ations OF the Government.
mo borrowing should run
athwart the borrowings OF the
Federal Treasury, and no funda.
mental industrial values should
anywhere be unnecessarily I'M
paired. In the hands OF many
thousands OF small investors in
the country. as we'll as in Ma
tional Banks, in insurance com
paniss, in savings banks, in trust
companies, in financial agencies
OF every kind, railway securities,
the sum total OF which runs up
TO some ten or eleven thousand
millions, constitute a vital part OF
the structure Of credit, and the
unauestioned solidity OF that
structure must be maintained.
The Secretary OF War and | casilN
agreed that. In view Of the many com
pick interests which must be safe
guarded and hnrmoni2ed, as well a.
because of his exceptional cXpcricnc,
and ability IN this new field OF Gov
ernment action. the Hon. william q
McAdoo was the right man to as
sumo direct administrative control o
this new executive task. At our re
quest he consented TO assume tn
authority and duties OF Organizer an,
% Director General of the new Railwa,
=, Administration. lie has nssume