Pine Bluff daily graphic., 1918-01-05

railways, the holders of their stocks
 and bonds should receive from the
 soNernment an unqualified guarantee
 that their properties will be main taiDed throughout the period of fed
 eral control in as good repair and a complete equipment as at present. an dthat the several roa Is will re ceive under federal management such i compensation as is eluitayble and just, alike to their owners and to the general public. l would suggest the average net railway operating in- come of trree years ending June 20 1917. l earnestly recommend that these guarantees be Sivcn appropri ate legislation, and given as promptly as circumstances permit.
 need not point out the essential justice 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 argllments for assuming control of the railroads at this time is the financial arel,- ment. 1t is necessary that the values of railway securities should be just y and fairly paid and that the large financial operations every year neceS- sary in connection with the mantea- ancc. operator and development of 1 the roads should, durng the period
 of the war. be wisely related to the financial operations of the goveru- l ment. Our first duty is, course, to conserve the common interest and the common safety and to make certain that nothing stands in the way of 1 the successful prosecution of the
 great var for Liberty and Justice, 1 but it is an obligation of public COT science and Of public homo" that the
 vatc interests we disturb should be kept safe from unjust injury. and it is of the utmost consequence to
 the government itself that all great | financial operations should be stabil-
 nzed and cC-ordinatcd with tle finan- l clal operations of the government. No borrowing should run athwart the borrowings of the federal treas l ury, and no fundamental industrial values should anywhere be unneces- salily impaired In the hands of
 many small investors in tEe country. as well as in national banks, in ins,l-
 rance companies, in financial a2cn- cles 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 struct-
 ure of credit and the unqucstioncl solidity of that structure must be maintained
 Mr!!GuN Right Man.
 The secretary of war and l easily agree that ir view of the many com pleN interests which must be safe guarded and harmonized, as we'll as because of his exceptional experience and ability in this new field of gov ernment actin, the Hon. William G. 1 McAdoO. was the right man to assume direct administrative control of this new executive task. At our request, ne hastened to assume the authority of organizer and director general of
 the new railway administration. He l has assumed these duties and his work is in active progress.
 l It is probably too much to expect that even under tho unified railway ] administration which will now bn
 possible, sufficient economies can bo | effected in the operation of the rail
 ways to make it possible to add to l their equipment and extend their l operative facilities as much as the
 present extraordinary demands upon l their use will render desirable with 1 out rcSorting to the national treasury for the funds. It is not possible it l will. of course. be necessary to res 1 ort to the congress for grants of ! money for that purpose The socrc- ' hn 1, ! vour committees with regard to the
 very practical aspect of matter. For
 the present. l suggest only the ! guarantees l have indicated and such | appropriations as are necessary at
 thc outset of the asl:. take the
 liberty of expressing the hope that
 the congress may grant these prompt
 y and ungrudginsly. We are deal
 ing with great matters and will. I
 am sure. dcal with them greatly.
 1 Would Controi Communication.
 1 Washington, January IA joint
 resolution authorizing the presidca.
 10 take possession and control of any
 ivstem of electrical communication
 including marine cables. radio stat
 ions. telephone and telegraph sys-
 ems and to urify and utilize them to
 inc exclusion of all other traffic no-
 "essary for government work Was ill
 'roducsd today by EcDraScntaijves l Aswell Of Louisiana. The bill prcvi,
 5es Representative Aswell contepJed.
 that combination of the telegraph and
 telephone lines would relieve t0.G00
 telegraph operators for military ser
 vice ani that it is necessary to con
 'rol the wires tO guard against their