The Washington herald., 1918-12-28
Financial NeuJy--Stock Market Prices
MASTER MINDS
INVESTIGATING
Holland Believes Magnates
Will Present Plan to
Return Railroads.


With possibly single exception
every one of the members OF the sub
committee Of railway executives
which is now occupied with drafting
a tentative plan whereby the rail-
roads Of the United States can be
returned safely and wisely to pri-
vate ownership. began railroad serv-
ice in the ranks. some OF them in the
lowest positions. Julius Krutt-
schnitt was at hrst an engineer in
charge OF railroad construction. then
road master then chief engineer and
so on until at last he was numbered
among the higher executives Of the
Southern Pacific Railroad. He is a
master Of the science and art OF rail-
road construction, operation and IL
nance and his executive field covers
2 large part OF the country which the
southern Pacific Railroad bisects.
Howard Elliott who is now chairman
OF the Northern Pacific Railroad Com
pany. first held the rod for the en-
gineering staff upon the Burlington
system Not long was he thus en-
ployed for his grasp. even as a young
man, OF the railroad situation in all
us aspects was observed by his su-
periors until at last he became pres
ident Of the Northern Pacific Rail-
road Company and later Of the New
Haven company.
From Engineer 10 President.
Samuel Rea stepped from time to
=
constructing engineer upon the
Pennsylvania Railroad until at last
he became president. Daniel Will
lard. president of the Baltimore and
Ohlo Railroad, in his career repre-
ssnts one OF the most romantic of
all the narratives which prove that
the republic is opportunity" and
the railway republic is also oppor-
tunity. For when he was in his
teens he was employed in an essen
tal although inconspicuous capac-
tty in a mill in his native State
OF Vermont. Rapid were his pro-
motions after he entered railway
service until at last he became
president of the Baltimore and Ohio
Railroad. His name Identifies some
OF the more important railway i'm
provements and advanCements that
have taken place within the last
twenty year,. A. Fl. Harris pIodded
with enthusiasm and energy on
from humble positions to the VIC
presidency of the New York Central
Railway system. Thomas De witt
Cuyler has gained an enviable repu-
tstiOn for business capacity OF
high order and for esta ablishing con-
structivs principles upon which
great corporations have been Sc
Curely based.
These railroad men in association
with two eminent lawyers constI-
tute the subcommittee of the rail
way executives whose duty it is TO
formulate a comprehensive and wise
plan which hereafter will be pre-
santed to the appropriate commit
tees OF Congress with a view to
establishing in the minds OF the
mem beTs Of the COngr essiOnal COM
mittee such facts and principles as
will enable that committee to pCr-
feet a bill which. II il becomes
law. will mako il possible easily.
satisfactorily and with all rights
and privileges guaranteed, to return
the railroads to private ownership
BrginnIBg the Right Way.
Those who have been able to hold
conversation with some OF the above
railroad executives have not failed to
observe that the railway men OF the
United States believe that the appro-
pirate way to reach the solution Of
the problem is for the railroad men
who are competent and who are rec
ogniZed of high integrity to work out.
fortified by their own experience and
knowledge. a plan and then offer it
for the consideration of Congress.
That has been deemed a better part
than for Congress first to formulate
a plan and then to learn. II possible
what the competent railway men OF
the United States think Of 1t.
Experts Studied Banking Question.
When Congress was persuaded that
II was vital that a change in our ma
tional banking and monetary system
be made a commission Of experts the
chairman of which was the late SEN
ator AldTieh. was appointed. whose
duty il was to investigate banking.
financial and fiscal systems as these
have been established in each of the
important nations and also to study
conditions i'm the United States That
commission was occupied for five
years in this work and its report is
regarded as masterpiece. Upon
that was based many of the features
eral Reserve system by the committee
of the Lower House OF which the
present Secretary OF the Treasury
Carter Glass, vas chairman. Thus
the experts, the men who knew and
learned all that it was necessary to
learn and know about banking sys-
TENS. provided Congress with the
needed material upon which to base
the bill which. when it became a law
established the Federal Reserve
system
Railway Masters to Investigate.
So also the American Bankers As
soCiation charged committee, of
which A. Barton Hepburn was chair
man. after having given undue con-
siderstion to the subject. to write a
report which was to be submitted to
Congress This was done and upon
the report were based some of the
features OF the Federal Reserve svs-
tenn. as well as the provision whe.~oy
the Treasury Department in times OF
emergency would be able to issue
emergency currency in amounts suffi-
Cient to prevent panic or money fam
inc. Only once during the life of this
statute was II necessary to utilize the
provision which II contained. and that
was at the beginning OF the European
war when this statute prevented.
through its operation by the Secretary
OF the Treasury, any chance of money
panic. Now the railway executives Of
the United States. who are recognized
masters in their vocation. are prepar-
ing for the day when Congress must
decide how and when the railroads
are to be returned to private owner