Pine Bluff daily graphic., 1918-11-24
DIVIDED UYER SUCCESSOR AND
 R()Al) POLICY
No IntiInation Yet Revealed Who Will Succeed
 Secretary.

'i'-No'o , leSlSld tlJ1 as neaQ or the treasury and railroad administration preGlpltated discussion today of the future status of railroads. an issue "nlch mad been somewhat dormant up to the present. Indications wera that result of his retirement would De 10 throw into congress and into puDllc discussion much sooner than otherwise the issue of whether gov ment ownership or whethers the roads will De restored to private management, with some sort of fe- deral revision to permit their cOntinu- ed pooling and unified operation.
 Speculation as to Mir McAdoo's successors, however, took equal rank with the discussion of the future po- llcy toward the railroads.
 For the position of Secretary of the Treasury, Representative Carter Glass, of Virginia. chairman of the House Banking and Currency Con- mlttae. is known to be under seri- ous consideration. Friends of MT. Glass say he has a reputation for being close student and construc- tive thinker on financial subjects, ant! for executive ability in number of private enterprises.
 For Director General of Railroads there appears to be much more doubt of tine Presidents selection. Such a man as Major General George w.. Goethals is wanted, it was stated to- day--a man with executive ability not closely connected heretofore with railroad management who could view problems from the public standpoint and at the same time could direct the staff and organization already built up by Mir. McAdoo.
 On the new Director General of Railroads, whoever he may be. will devolve the task of guiding the roads through the readjustment period
 Upon the policies of the new rail director will depend largely whether the government shall continue com bining the railroads into homo genous unit or begin the ''breaking up' process in preparation for re- sumtion. of private control. From the Presidents selection observers believe may he determined to a large degree the attitude of the adminis-
 
 This is one reason why the pick ing of a new Director General is re- garded as fraueht with such unusual significance. Although Mir. McAdoo will retire to private life, his friends say he has no thought of refraining from expressing his ideas on govern mental policies from time to time Particularly will he remain interest ed in the railroad question and those in close touch with MT. McAdoo would not be surprised to see him come for ward in few months with specific recommendations for the nations con- sideration of the railroad issue. MT. McAdoo is said by his friends to look with disfavor on restoration of in- dividual railroad competition and there have been many reports that eventually he would advocate com plete government ownership. to be effected by exchange of government bonds for railroad securities. For mally and officially. however. Mir. McAdOO never has indicated this at titude.
 Tasks of considerable magnitude will face MT. McAdoos successor as Secretary of the Treasury. Proba- bly, two more Liberty loans will have to be issued. the nation financed through the reconstructionu period, and the revision of revenues arrang- ed and increased taxes collected. The new secretary also will be called on to recommend to the President for appointment a new member of the Federal Reserve Board, to succeed Frederic A. Delano who recently re- signed
 Previous to announcing his resig- nation yesterday Mir. McAdoo stated specifically that he had no thought of going to Europe, which was taken as meaning he would not be one of the American delegates to the peace conference.
 Mr. McAdoo said he had no idea who his successor might be, and ad- ded that he would make no recom- mendations to the President.
 Regardless of the appointment to the tres sury, post. it is considered improbable that there will be any great change in future fiscal policies of the government War bonds of short maturitleS, to the sum or apout eight billions, probably will be float ed in 1919. as planned by Mir. Me- Adoo and his treasury advisers. Be- fore .he leaves the treasury MT. Me- Adoo will prepare recommendations to Congress for legislation to change the War Finance Corporation into "Peace Finance Corporation" as he has suggested, thereby permitting 1t to finance industries during the re- adjustment period. The future of the Capital Issues Committee. is uncer- tain and the attitude of Mir McAdoo's successor may have much to do with it's course.
 As for the railroads, the new D1- rector General doubtless will nave much to do with the formulation Of policies for future nanagenents. MT. McAdoo recently indicated that he hod rIapned to continue conyOlida-