" kVSrv A- V i tf fi(,'jm: .- WAR BURDEN ON STOCK MARKER Mtrij' In Iho rprinr, must be upon a still 'higher Ir.como basis. Tha Treasury Ima Inilinnti-il nml ueh Intimation Is tantamount to n command that It l.i desirable that all large ap Plications for capital bo flrat etibniltted for the annrovnl nf Hi Triniirv ifnr i being publicly cITereJ. Mcanwhllo It -Ml-,i ..i... i-, i. tn'T i- in .i.,.. ! ! , i i . . i ..,. ,..,'., n 'J"".,.'. "" ' ' '""- itlnn nhrt lAttn im nnt blnff en I ' I MnfiMMttM fiMiat lit ttnnurft?n t tU rurvw wrt m rmtmrna v w A ". I'AmprWq Entrance Into1"',0.01."" ",,,?u "t " only way in .tt.IIH.rH.cl S .Dlllioii '""iwlilcli eecurltles can adjust to the new Big Conflict brougnt Severe Losses ADVANCES AS YEAR ENDS rental rates for money (as determined from time to time by the rates paid by the Government) Is to reduce the prices , for tho securities until the return on the i Investment rises to correspond to the I new rates. In .the case of bonds and notes, etc.. where tho Interest nnvineiit Is Mf.tl quantity, the only method of readjust ment is ,ine one noted, namely, a reduc tion In price, In the Instance nf share of course, the natural way to adjust se- NCW TOltK. Ic It. American troops ns yet have not been .11..1 11. .,, to nartlcipnio wy " tho tmttlelle'ds of Kuropc. and ma loss I curltles to the higher returus demanded f a,WIi,m life for that reasonlstlll I b' Investors would he to Increase tho w ........ ....'.. r v ifani iiieiii... !.. .,.. I ........ u.n.i ....ivtuiii. , cede that In current . , .;...,-;, V,". ,."... ,. -. , .... ,.v be said to ho feel-I"' '' ' ''"i,ons. .Ing the pressure of the war In all Hilt all will con ther I many stochs tho current . . .....'.. t.. i .: . .. . .. "" directions. Taking forty rei"" scam n reduction tn rilWdcnris. speculative and Investment m. Bla B00ST von jtAlMtOADS .nciinn In tho year's average prl, on the New York tock Kxclianse .maeen somewhat In excess of 30 per '" Is probably nn averngc of me mC I " Tho railroad situation was one of dts order until .last week, when President Wilson took oxer the control of the rail way systems of the nation and gave as- All mt I PA (if TiaI InnAi.iA. .. a.. al --- -r . w- ' - "-. lllLiltllca v'LUUI IU 111(1 far as active stocks as n whole an con- , average ot tho last threo years. And It cerned. Tho reduction In bonds ins proo ably been about one-third to one-Hlf of this amount. Nevertheless. It U i oh , oui from these representative calculations that Wall street ulng the lm' " broadest application Ins been ml l bearing Its full share of the kind war burden It must bo called upon to b.r. An estlmato by n. large banker who has made a study ot the "0J"VI,la' the decline In railroad securities listed on the New York Stock Kichangejl. c. the valuo of the various property tie ,...a "., n. niininttnns for their scurl- ties as compared "with those ctrer.t Earlier In the year was between $1150.. SJ.OOO.OOU.UW uuuiasi ivu- natural, witn me Increasing ox pendltures for operations, the delay In action by the Government nuthorltlM on the demands for Increased frolghi rates and tho always preent prospects of Federal control without any Indica tion as to what shareholders could ex pect when such a step was token, that values of kucIi securities should ho Im paired. Stockholders wcro worried as to what the" Government would name as a Just valuation of their holdings and were uncertain as to whether they could expect smaller dividends or no divi dends when the transportation lines came directly under the supervision of Washington. When the l'resldent named Secretary luxation and loans aro not being en tlrely wasted. Some $S,dOO.OOO,000 has already been loaned to, our associates In the war and will be returned, principal and Interest. Furthermore, we aro to end the war with a complete restoration of the American flag to the seas. The Shipping Hoard's program calls for a production In merchant ship I during 1018 of 6,000,000 tons out of the .24.308 tons contained In tho Government's entire merchant shipping program, Including 19 ID. Of tho latter sum, no less than IS. 2 per cent Is at this moment on the way to completion. This means that, with our Improved hanking system, wnicn will facilitate foreign credits to the pur chasers of American goods, our manu facturers have eery possible chance of maintaining nnd Increasing the for eign trade which they' have obtained ns a result of the exigencies of the war. The vear that Is Just ending has wit nessed an almost complete reversal of conditions that were current at the closo of 1!IG. We have been distributing the flrvimiuliltfMl " I W -...., . sue- Mil the ear er years ot tno war. wucn our ml jiaran!, ., on t , Monte Tomba ipiesrni Mines were im ihk iiuiu ub -highly profitable prices all products of our forms, mines and factories that we could produce or spare. Thus wo started with a vast accumulation of wealtn. uii the other hand, we have gone Into the war on such a vast and energetic scale that promises easily to outdistance the earlier expenditures of our allies. Our expenditures are necessarily on a stu pendous scale, since we nro financing not only our own wants, but a considerable part of the wants of our associates In the war. rkvrrvtri nrt.T rmn kesehvb seamas utiunnnu lUlLUd; Trill LIllLi ,New York Man Washed Ovcrbonnl AT MONTE TOMBA - circumstances fori wealth that we ro actively i rent outlook sue- lit the earlier years of tho vn French Troops Operating ;on Italian Front Score Notable Victory 1390 PRISONERS TAKEN nOiME, Dec' 31. French troops, nosuminR the offen sive for the first time in tho Italian theatre of war, Rained n notable vic tory between Osteria, Dcmonfendra SIX MONTHS IN JAIL PENALTY F0RQUITTER front, the War Office nnnounccd to day. 1 T .- t.- 1. i I IflAn ..- .iiiu i-tuiicii v'uihu it'll iti.w irisim- WITH NOTEVOLEVnTORIA ALFR0NTEITALIAN0 I Monument! Sono Stnti Dan Ticgiati o Tro Pcraonc Uccisc HO.MA, .11 dirembre. lTn comtmiralo ufficinlc, pubbli cato orr! dal Minislcro dclla Cucrrn in Itoma, annnnzia cite 1c truppe francesi, di rinforzo a quelle italiane, hannn asstintn roffcnslvn c chc per la prima vnlta ncl tcatro italiano di Kticrra haituo cundnunato una note- HlIKe Drifts Slow Up Even tho vo'' Horla. tra Osteria e Demon- leiuirn-Alarazino (!) I francesi ratlurarono 1.190 prl- in Wnr Zone WASHIXOTOX. IXc 3lc--.lunies Syl veVer IJyrne. senniali. t'nlted States N'nvnl llescrvc t'ofps, was washed oerbnard In the war zone during a galo and loot. .Secretary l)anlels nnnounccd 1 today. A dispatch from vice Aumir.ii Sims tnld that ltyrno uas serving on board a xrssel operating In tho war zone. Hrne enrolled In April. 1917, In New I V.,1' t'ltf lln fm !11 fmitil ntil. ...... ..... .. ., ... SAMMEES FLOUNDER IN THREE-FOOT SNOW Missouri Mule in France crs. Uesides the prisoners, the poilus took sixty machine ruiis, seven caiv lion nnd much other material. British and Italian airmen co-op crated in the victory. DEKLIX, Dec. 31. Tin: AMintirAN aiimv in ntft inn n.,,1 .'..- .i.., it amioars reasotble JIcAdoo as ole dictator of all the rail' to assume therefore, that as Imluj-lal roads and at tho same time gave nssur- '.... ' ..!,, nrvnonderatt In ance of large net Incomes Hie fnai- n. . securities o iii",' - .. .. ... .... ........ v ! Ki,.ir i,-vclianiro transactions inaiino oiiiujiihifu, aim immeuiaieiy many-lm m U:-,.tolIn nr stork exchange seel- poriani in 'M ties, due directly to our '"tra"c.0n,"uftie war, Is not much less uu "-"";! 000. It may exceed that amount iy some $500,000,000. I TTndmihtedlv It has been me k Philadelphia Recruit Guilty of Beinf "Absent Wifn.Jt Lf.avi" 'I'.A.VCi:. Dec. .11. Hikes thrnugli near-zero weather and three feet of snow are giving tho Ameri can soldiers a real taste ot tho rlgorr of nrmy life. A holiday dullness has settled down over tho camp. The KientPKt activity Is being reported from the hoxpllnls, i.'l.lnli. ...-A 41111m- tin with CfiRAn tt t'rntta Vrcnclt infantry attacked and sue-! bite, thllblalns and pneiimcnla. nus-d ny tno intense com. i uis lnoiiuug in thermometer went down to " degrees above zero. Huge snowdrifts add to ilie difficulties of tniops on tho hike, but tho men nro accepting the hardships cheerfully and ptcd through the snow with fewer Ktr.-.g-glers than durln? the wet weather last month. The chief complaint 1 over the dull- ulty of getting dry wood for t!ij flre ceeded in penetratini; parts of Ger man positions around Monte Tomba, today's official report stated. This Is tho first ofllcliil news that French tioops have r.ctually been In ac tion nn the Italian front, nlthough their FoUlltl i presence In this theatre of war has been Known ror weeks, ttrcrnt dispatcher placed them on front Una positions nnd It has been assumed the poilus took part In i epclllng recent Atistro-licrmaii attacks, This Is tho first time, however, that they have ns'tuned the on"enle. gionieri, nnncbe' Nossnntn mltra cliatrici, setto cannoni rd allro matvriale da Riicrrn. (II aviator! Italian! ed inulcs! si cooprraroito per la vittoria. KO.MA. Si dlcembre. Ii'iiltra seia nrenplanl ncinlcl nttac riimnn nuovaineiito I'adova, lasclandovl cailere oltie entl bonibe the ucclero tre pcisone o tie ferlrono nitre tre. i.on-( ncn, wart slderexoll tlannl furono nrrecau ano . lf wnln.n, chlese. ugll ospedall, al inotiunietui-Mi al prlvatl paluzzl, I.n chlese del Curmlne e ill San Val entino furono In parte dlstrutte dull'ln-1-endln the si svlluppl' 111 segulto alio coppli ilello bonibe. Dlspaccl gluntl dalla fronte ill bat-lni-ll.i uiiiiiinzlunn die durante la glornata ill lerl lion si erlflcarono die le quail inrono if 1... tien tne sev UllUUUUlVUlj i. .. - r curtailment of buying power quite ns V .fttv!if a .m treat nreesutn iu c. i,.t reunited tn this huge depreciation, a decline which tigureu in '"V,' ; ,i ll "'viuenii issues. Kxrndtff t.rdvtr Staff Correat(ititt Interests began to buy. Some ! CASH' MKADK. Admiral. Id Dec. 31. ?tf..0lf'i" J'Ti1 u,lloade(1 '" lnre nuantl- j KUrti,er evidence that soldiers In the ties when, tho extreme low prices were ... ,, . , . . ,, nnchi.it iictnv rorf,,i tt, -t .nn . i Libert v (lulsloii must respect army tils- louses would be recorded before aid Upline was offered todav when Private ' ''" ""uians on Sundays,-the War came, whllo others saw In tlm lrQl-1 .. ... . lltllco niinounced today. llenA proclamatli" Increased prices! a I I:,,KP1, nolian. supply company. I on tho It Ulan front, according to the contlnuanco nf dividends and prospects I 312th field artillery, was sent to n ofllclal statement, the Teutons captured of n resumption of payments by severnl military prison for six months after a US prlsnncin. Tho French penetrated of the railroads which had become non- . . ..., .- ,.... ..... -the Monte Tomba positions on this front, the stntemelil iiihh;. I court-martial had found him guilty of probably equivalent to the full dcclll OTIIrn JTOPirq SOAr ., qn leaving camp without leave. Indicated by London Stock Kxchani! O.TIIl.U STOCKS SOAR ALSO Th oll,fri a nahe of ,-,,,,.,,1,,,,. prices during the full three and a hal T), speculative eleinent was quick to ,,ft cam , 0e,nl)(,t. .,,, waB nol years period of the war. I see tho opportunity for big profits nnd, ... ... In tho closing days of the year a rd Hooded the exchange with buying orders. ' apprehended until vcndier r.. A mvrrv frorti the lowest figures (whlclaud at the same time bears hurried to, charge of ile-erllon was lodged against ... raclied about December .0) halcover. with the market last Thursday I him, but the court niodTfli taken place. This was duo to the sotvlnfwhen the auuouncemeut was made one of the railroad problem nnd Is also utf the wildest in the history of the big trlbuted to tho renewal ot peace feelerinarket. Cialns ranging from r. to IS by the Kaler. llut It has probably nbolnts were run up soon after the open basis also In tho form of the wlndowVg and, while there were senno reccs dresslnes of large tlnanclal lnstitutlonscns later as offerings appeared on the 't..-.. ..'.,.- ... n.i,. tno tiesl nosslhlel-'e," tho niemcrablo day ended with Showing In their annual statements. kord-breaklng ndvances for virtually ciulBe(, because of phytical defects. snowing.. ll the railroad shares. Ktttal I'hll.uUlphlins were trans- LI.Ml.NT Willi ..ivn i.rlp gtretigth in tlie rails naturally i fn red from Camp .Meade to the 114th As to tho national banks, the Comp-Jped nearly all other stocks and the telegiaph battalion nnd ordeicd to the troller of the currency mm uuuiiiiiki. his examiners to be lenient with tho banks. They are not to compel these Institutions to maik the quotations of the securities they ate carrying down to those that now aro current and which he regards ns abnormal. Willi this con clusion Wall Street as a whole agrees. The State banking authorities have taken imii.ip action. The Insurance depart. ments of the various States have per- Interviews with representative men mltted In connection with annual state- wjmVe recently returned from abroad ments a system i ties In the hand m. at. nvprnfro I different periods dining tho year. In tfew speaks of the necessity of pie . these circumstance-4 window dressing Is pi fl)r a campaign exte.vliug well not so important a matter as usual at lilmso, nnd other nutliotltle-t. who ' this Beason. Nevertheless, there Is pre- lxk,, f tlielr positions may be re- nt a not unnatural desire to make an- gait ,lR possessing first-hand Informa- mial statements appear as favorable as tlqaie likewise confident that the .. . InT. possiwe. JIANV CAUSES tFOR DHt'LIXKS " The causes for the year's hpectacular decline In prices ain. not dllllcuit to de termine definitely. When we consider that for practical purposes the Treasury has conscripted tho wealth of the coun try for pressure of ,an irresistible char acter It s narti.y iieu . .u"vcM. r tlie market becamo slionger than It l1 been for many mouths. Theie were tllier adianvvs last Friday mid, while Ire was a wavering tendency Satur- prlces stiffened before the close confidence was expiesscd that fur- Impruvement would come during Itltet'patt of the new year. die of the developments at the close year was tho Impression contained him, but the court modified It to the lesser charge of "absfiit without leave." A batch or 1128 selects fiom points In .Maryland, Pennsylvania, and the Dis trict of Columbia w 111 at Ivn on Thursday. Vern T. lilsslnger nnd William II. Hackett, of Philadelphia, anil lieoige V. Iloudetibiish, of Ogontz, were dls. Sixty-ninth Iteglment Aininry In New Yoik city. Included In this batch nie Corporal F. X. Phillips. 3Hlh Infantry ; Private i:imer 1". Iteady. .llCth Infantry; Private 11, jr. Ki embark, .114th lu fantiy: Private Harry S. JIcAudrews. S16th Infantry, and Private Claude 1, Croll, :: i 4 1 1. ammunition tialu. I.OXDOX. Dec. .11. rjeniian troops still clung to a par.t of llrltlsh front trenches In the neigh-! botlmod of I.a Vaciiier!c. south of Jlur-1 itfAflnn Will Tfrtiao eolng. which they gained In a powerful'1 "' lSi.UUU tr III IXUllit: attack yesterday morning, Field Jlar- ctlon with annual state- wjmve recently returned from abroad of quotations for securt- tt t10 war to prove a. protracted ds ot underwriters baseJ ,A 'Pi-.n-.-. W. t-aniont, of .!. I', of prices drawn nt five jjau & (,, for example. In an in- tarf peace enanatlng from Berlin has noiponslblo foundation. Vai ago the technical market In-1 fluj of peace was altogether differ-1 eiiteni what It Is accepted to lio at i tntihe of t!'17. At that time peace' Thousand Dead in Guatemala Quake l'uut iniied from I'ure One beginning Christmas Day and culmi nating Satuiday night In violent shocks which completed the woik of destruction, American naval vessels In Ceniraf American w,jters have been ordeied to the apex shal llalg reported today. As a usiilt of successful counter-attacks, however, the llrltlsh regained the moio Important pill of this section, known its Welsh Hldge, which lies live miles southwest of I'niubral and Just east of the .Marco- liiR-liounellcn road. , Jtany prlhouei'saud machine guns were taken by the Tommies, j At Ypres the llrltlsh commander-Ill-' chief reiiorted the Hiltlsh lllio was ad- vanced it short distance on both sides of the Yptts-Sladen railway. London tegnrds the (lei man assault ' In the Cambral sector merely as one . of a number of highly concentrated I local attacks, which may be expected at tiny time now. possibly In picpara tlon for Iho lolicli-Hilveitlsed Herman I drive. Hy such attacks tlie enemy I "feels out" the line. j In the mist of the Sunday dawn the ; HeiimiiiK attacked In mass formation,' the troops plovlng their way forward I tl, tough deep mounds of snow. Tho at, Mutilt, dellvcieil In two directions against the HrllNh salient on Welsh Ridge, was evidently Intended to wipe out this spur, which extended intli the i.eiman front, lloth sides ot the salient were attacked simultaneously In gieat force, while a weaker thrust was deliveied against ,nl. .,!.., I .11 .lrllfvllrhi cu ty or getting ury wood ror i:ij nro -" "" . ; . ..,,.;.. , ni The autotrucks me having u hard time patt Icolariiiente.lnte.ise Intorno a Jlontc getting thiougli and the maiN ll ten I. '""'"' nteii l.cco II le-.o ili'l ryimii,i'. u... Iiubblicito, lei I. dal JHnlstern dclla, tluerra In llouia: I .lingo Plntera fronte si sono verl flcate solo azlonl dl artlgllerla. Queste furono p.ii'llcolarmento Intense net set toio dl Jlonle Tomba. A Pleve ill VIoIIro gll avl.ltorl Inglesl nbbatternllii It II p.lllotio freliato licllllco. lerl sent neroplanl nemlel ilpeleiono flncurslono soprn I'adova, lasclandovl cadero ventl bonibe esploslve id I" .niiluelR. Tro nersone furono ucclse. rencn officer compreso un bambino e tie nitre fuiono l'oklu.t tl'sm I fetlle, compresa. una donna. Jloltl dannl furono nrrecau ni monu ment I. nl pilvatl palazzl o nil altrl fab brlcatl. compresl due ospedall. II fucco scopi'ln' nellii Chlesa dl San Valentino quandn fu colpltn. La splendlda Chlesa del Carmine fu parzlal meiite bruclatn. ItelMllvnmente "Ha Incurslono nemlel sopra I'adova. vcrlcatasl eueidl' sera, e duranle la quale rliuaero uccii-e tredlcl tory In which mancuveis are being t"ir rle.l out nro ninikcil " ljng lines or ttallcd Ionic? nnd nmhilances. ,,. ,,. -. i I Supply-train mules frequently slide I1L1.LI.N, Dec. .1. ifrom (lie roail lnto ,)in dneiips, nli t,e Ili!tlh tmops have lecovered a tr-' ,iPivr. noted for their ability tf. turn tlon of the Cambral territory captured ,.. .- ...., al imyt nrnvocatlon. extend thtin'elves to the lnigh delight of the passing doughboys. A Jllssourl mule fctuck In a snowdrift with his heels going lllvo piston rods l an affair to be handled gingerly. The Americans are showing steady Improvement, nnd a high who l.aa b"-n in evttii over pialsed highly their roldlejly quail. Pt- NEW cmoNEte:ilLAft BLUE AND GRAY MEN National Army Oflkers Re place Guardsmen In Com mand of Division, Units HUAUQl'AnTHUR 11LUI: AND tlUAY D1VISIOX, CAMP JlcCLi:i.LAX, Ala,, Dec. 31. The four Xotlonal Army colonels de tailed to command the four Infantry leglments of the Blue and llniy division toda" began their first wee't of control. The nallohal guard colonels, It Is ex pected, will leave some lime this week for nn officers' school at Fort Sam Houston, Tex. Tlielr orders have not conn through, however, nor Is It known officially that they are going to the1 Texas training camp. Orders concerning tlielr snpercesslon were made public yes terday, together vvl(h the statement tlin. the change wa& teiiiporary. Colonel John D. Frazer. of the 113th Infantry, gavo way to Colonel .1. n. Woodward, formerly In the Adjutant Heneral's office at Washington; Colonel Thomas I). Landon. of the 114th, who fotnierly commanded the Third Xew Jersey, was succeeded by Colonel Fred H. Syrltzlnger, once a major Ju the Fiftieth Infantry regular army: Colonel Chas, II. Little, ot Maryland, head of tho eplaced by Colonel Frank fonnerly a major In the Twenty-sixth Infantry: Colonel Hans ford L. Thtclliehl took charge of tho Jirtn, in place of Colonel Robert F. Leedy, of Virginia. ' Tlie new- olllcers are all regular army men of long experience, holding their ccmmlssloiiH ns colonels In the National Army. Their work hero ivlll be some what In the natuie of Instructors, 0NRARITAN MEXICANS KILL AMERICAN JIF.IICHDKS, Tex,, Dee. .11. In a fight with men supposed to be Jlexlcan bandits. Cordon Parmlee was killed and Charles Hreenslade, paymaster for the lioiderland Sugar Corporation, slightly wounded. Tlielr nutomobllo was fired on from the bush one nillo outh of Llano Hraiide station, near Jtercedes, Tex. Hreenslade put his car at full speed nnd escaped. Sheriff Raker, of Hidalgo County, and deputies with a citizen's posse me searching for the bandits. Offlcerrf Who Serit'Re Phantom Depot Dut'1 Discipline fii WASHINGTON. . Sharp disciplines In tore'fwr Department otneera who nt to Rarltan, X. J., for work At "Rarltaln Ordnance depot" whlek not vet exist. Secretarr Baker ordered an Investigation of the farA, Tho fact that the ordnance ment did not know the depot iuttf been constructed, and that It wi located at Metuchen not Rai the subject of Bakera inquiry. '- Men of draft age who velunl asked to be Inducted Into service ordered to the Rirltan ordnance Reaching Rarltan -they found, no The Rarltan Jlayor communicated plight to the adjutant general, turn communicated to the War Di ment,, receiving instructions to Issue men meal tickets ana to quarter In pilvatn homes temporarily at u ment expense. Av Preliminary Investigation devel the reply from the ordnance di ment that there was an ordnance :deot; nt Rarltan. Henerat Crazier, chief . tt ordnance, without having had ahytktag, to do directly with the case, thoagM there must bo one there. Subsequently; tha ordnance department aacertalaM' that ground had been broken for a deart at Jletuchen and Secretary of " Vitf1 , Uakcr wants to know why this wa' not ascertained before the draft mw v ' vvrie piled Into Rarltan. " O t' ; WOMAN BURNS TO DEATHS: XORUISTOWX. Pa.. Dec. 31. MrstM Kllen Van Fossen, elghty-slz yeara oH, a one of the oldest residents of Norrlstown, was burned to death at her home at 147. West Penn street, where she lived withrji H, rtuii, . .cu,, ,. ....... ...... . '' In the absence ot her son, she ati' tempted to light a lamp and set retf '. n.r rlntblnir. When smoke wee . eeen ' Issulne from 'the house, neighbors fovKHt her lying In the midst of tlames -wfclett . Q were consuming the house. The Are do partment extinguished the flames. Wages on Railroads Culillllliril from fsre Oue JIcAdoo's in gnnlzat Ion miHt be coni- ::;..,..,,..... ,,,. , i.eisone e sessania ieuie. si ipi-nu.- peieti u.im ..... ov, : ...- ...- j-hf (iwi fu faxoIU ,, plan" a tin magniuco ihlaro di luna. Lo bonibe fuiouo las elate cadere Vlclno gll hotels, I club e le i-hlcse. ity tn lender :l jiossllili? ceeay profitable oiders for war mate- rlaiiilch our manufaturers wero re- Therefore, It wan ' r the stricken assistance. Following Is the brief dispatch which brought the news of (he catastioplie: ueW dde termination of the ex-, ,"'' ' X' ,?i,"SSL tt !'! , ' -,-- - - ....rf. , ,,, ,u... and beyonil description ns a reult of last nigui s sftotl.. Part, of the country much further. It Is a known ract tuai i ..are very cold nnd windy. Tents are Standard Oil nnd other large Interests , .' .'. h"' ''j1'1 at t,,at tlmi- needed badly. Quito a number killed were sellers of Securities as toon, as It was bull aigumuit. by falling walls." becamo evident that our participation In Wvvas not declired by President Another dispatch said: the war was Inevitable. Theso Interests WlMintll April C, nnd the decline In "liuateniala City, capital of the He were aware what war meant from the the al market price levels was, with , public of Uuatemala. has been com. financial standpoint. Others waited and veryv reactions, constant thereafter, pletely destioyed by an earthquake, had to learn by. experience. It. of . .t fijliere was a disposition to argue i Jtany persons Were killed in the disaster, course, has been shrewdness like till- thatj entrance as a war participant some In their homes and others hi the which Is responsible for the fact that nieastlll'fiirther pressure of uctlvi- t-treets. such Interests as these are so tabu, ties ajonie of our Ooveinmejit officials, "The Colon Theatre, which was filled lously wealthy. However, ft may be" not tuition banking Interests, In pub. with people, collapsed. Theie were many said In their favor, that they did not o Inlews tiled to explain that this , casualties among the audience, make any secret of the fact they wero lucre) activity meant coiicspjndlng . "Various hospitals and asylums and selling nor did tliey ghow any Indications expai of prosperity. It soon de- the prisons were badly damaged and of market manipulation carried on for veloptowever. and becani.i plain to ' many patients and prisoners were killed, the purpose of advancing prices on which the nupernclul minds th'-t It was a "Tile lallroad depot, the sugar mills, t0 Mii. dlfferiuestlon When It was our own ' the postotfiie. the American and British rmntitlons for stock exchange se. ' wealttl man power and property that legations, tho fulled States consulate -,i.i. have decllneQ. then, under pres- was wasted quite a different and all the churches In the city have ure of the Oovernmenfs .i.eessory matteaii when the waste material been leveled. Ju i Income taxation (especially I" the) had been such as had been! "Deep tlssuies opened In the middle tlie high surtaxes), the heavy excess purchifioni American mai'uf.ictdc- i of the city. iirrflts tares the cutting down ot profits , ftrs and miners at wonder-; -me Inhabitants In panic, have fled hv the Covernmtnffl plan for fixing '"lly A.ble prices. ' from (i,e capital. The stock of provisions "j:.ce(l an these items as well an others Butl worth while noting that all 1 In the city Is scant, and aid Is required have afforded encouragement for the nle fivvlilch are being raised by j promptly sales of Holdings "i ii.uumo m.. ties The railroads have a separate story of their own. But the outstanding feature op the year's operation cu the 'ew Tork Stock. Exchange has, been the floveroment's pressure In ono form or Xoith of the ildge, In the direction of the Rots Cuulllet, and south of the ridge the Uennans pieiced the llrltlsh liiot lines, but before they could oonsollilate the positions the llrltlsh artillery turned a murderous fire upon them, and Alien this let up tlie counter-attacking began. Jlaiiv steps mtit wait on congrcfginu- al sanction. This legist itioii Is being f... .1 today to cover h fimnces and ititrtcale legal piobleui lo.iltlug feoiii the I'liungn to I loveinineiit control. Tills Iegllatl.ii will Include. CoiiKicdloual aiitbolizatlon to com pensate tlie inllioails annually on a basis of the net opei.illng Income of the last tlnee ears Appioprlatlons for new wsteliousct anil other needed Improvements. Authorization lor steps tlm (iovern iiient must take to unify tlm systems further than JloAdon has 5et gone, or to lcg.illzo some Htep. lio may take in tlie emeiRency. Laws to protect the traveling nnd Fhliplng public from buses now borne bv the lol'inads themselves. It Is the belief of constitutional law yers that Havel and shippers today have no lecmnse for damage auffeied In lallroad accidents or delay. The Cov ernuient, having leased the lallroadc ihev sav. Is liable for such damaces. but under the laws of the country the How JJJ2 CHESTNUT STREET 812 JlcAdoo will devote himself entirely to the j-allroad problem until Februaiy. 1 Ily that time he expects to have hl- organization completed, labor questions settled, the congestion at the terminal" relieved and will take up tho work of launching the next Liberty Loan. I'mind Dead in Gas-Killed Room , LAXCASTHIt. P.I.. Dec. 31 Oeorge I Hess, or Hum Tiee. Chester County, was found dead In a loom filled with gas In tl o Impel 111 Hotel, on Wen King slieet.I jeslerday morning by Jlary Hess, a do-1 inestlc. Deputy Coroner D. It. Frank ll. Ilaitmau found death vvos due to ac cidental asphyxiation by ni. URRYfor ERAS DEVELOPING .PRINTING "THE BETTER KINO" FRANK J.CURRYf THE CATU.RA &PECIAU5T BWi. f wcr- 2L iQ fcgReJeK553MMS53S5MS2!SSil li s M il .J.1 I'l tl ! ,i,.e which lias been the tource of ,iHotinn of actual holdings of securi ties " n'..- j...n,r.l movement has been ll ... . ..aiuiM oTipni hv short r !-uir,r nn the nart of professional opera- ii - " a .. , !,, I'M. tors. But towara me jso i - . the exchange authorities took this par-, llcular matter up in a thoroughly effect .... .,., r Thev ordeied members of . the exchange to file with the Clearing IIouso committee the names of custom-1 efs for whom they were borrowing or ,ui. tnei.-s. In other ways, too. they provided for the complete record of the transactions and names of customers hy all brokers. From this they could .K.oi e.itt data of market manipulations. whether for enemy account or merely as. regular professional Stock Kxchar-ge trading , The Secretary of the Treasury made the direct charge that enemy selling was responsible for depreciation In quotations for Government bonds. There Is no doubt that the Stock Kxchange commit tee made a thorough Investigation of the transactions Ir. such bopds by Its mem bers In ilcw of the Secretary's charge. 'No official announcement of the result WaB, however, published. COST OF CAPITAL A FACTOR The cutting-down of Industrial profits, j the enormously Increased expenditures of , 'the. railroads and -the decline In their IU net revenues, In aduition to tne anon.- ' edge that so long as the war lasts must e. iiim ti nerioaio cans .uy uie .itn,ui "ft! ,'on the capital market, left no doubt of' if" f ne highly' Important technical consldera- -tlon, namely, tnai tno rental ruien iu. capital were bound to advance. At first the-Treasury sold war bonds on, a 34 -" per cent basis. These securities had a special value because of their exemption ' ' t mm nil forms of Income and other taxa- .ikn OYceut estate Imports, etc.). Their j ft Value in this respect Indeed Was not ap- . .....ia4,v at tne lime inev were isoucu, for the extent of the forthcoming Income I ' surtaxes was not then known. Despite ' $ Jhla; the Secretary of the Treasury and , ? W.advlsers found It necessary to oner .v." umni T.lbertv Loan on a 4 per cer.i i ui.u attn unless uie uresci.L uiauuum w , i' ocl'bon4a as .the Oovernment already. s it'' issued Js'overcome t appears reason-1 ',' . sunk: o. H&t"ta2"fJ. fW'P .," "SPT.W' t.i a. !.",' .."."-'. -brisk s .-. Vva.f.iTj. R jn wiuin i MiMaW rS?m IITOSITF. H nsTOHK'K iiiary VICTOR Records ON SALE TODAY it Recordings by Phila. Orchestra . I successful recording of a complete Symphony Orchestra is the jt achievement of tho Victor Talking Machine Company, ve exceptionally well to illustrate the rich Hone quality obtained by this organization of 94 master musicians. Every music lover will want these two records. lungarian Dance, No. 5 Philadelphia Orchestra c.,,, Hungarian Dance, No. 6 b4753 Philadelphia Orchestra 17 South Ninth St. 64752 JHu GEORGE W. JACOBY MEN'S FURNISHER 620 Chestnut Street takes this opportunity to express thanks to his many loyal customers who gave such en thusiastic response to his recent "need-lhe-money sale" Launched December 11th The appreciation of the good values, voiced again and again during the progress of ' this notable sale, will serve as incentive to maintain that standard of value-giving throughout the year 1918. .To our friends old and new a ! JNPPP Jto m iifgyRTTSifffsrifs Baltimore & Ohio Railroad ANNOUNCEMENT On Tuesday. Jan. 1st. New Year's Day, passenger train serv ice between Philadelphia, Balti more, WashinRton. Frederick and llaRerstown will be operated the same as on Sunday. All week-day trains will be an nulled on that day. W. B. CALLOWAY Passenger Traffic Manager, The Fire That Destroyed Our Garage and Receiving Station and 10 of our fleet of 32 five-ton White trucks at 31st and Master Streets, Saturday, will not 'affect our daily Motor Truck Express Service RUNNING BETWEEN Philadelphia-NewYork Our schedules will be maintained trucks leaving for New York at 8 P. M. daily. Temporary arrangements have been made for receiving and delivery station at ' .-.n 4 Wanamaker's Garage 5?! 24th Street Between Locust and Walnut rucV 5704 The proposed extension of our daily express service to Baltimore and Washington on January 5th will be inaugurated as scheduled. Beam Fletcher Corp, 31st and Master Streets VUI VUlkC TII.I UC WpGilCU 1TIU1 ICICpilUIIC riCITlbC rfCUl I J m m VH V T mwzhmad& k. llfl 111 ) ,1 1 I Till- lift "fl ...--. i In ..tl f.5WiT. i A TOAST to the New Year fare well to the old. Champanalc the sparkling, non-alcoholic beverage with all the zest and tang and tingle of ex-tra-dsy champagne. For receptions, dinners, banquets par excellence. Quarts Pints Splits FlnUy Acker Co. Mltchttl, Fletcher Ce. Show.ll. Fnrer A Co. E. BrxKord CIrk C. Thoi. C. Fluke Ce. Hmiy Rohntr Co.' J. J. Fletcher, Garmanlowa Chii.YJcully, Oermcntowa OlAer Leading Grocers and Druggists THE CHARLES E. HIRES CO. 204 3. 24)h St- Phlljdelphla i HP5HBP9rXHHni7VPIEVD0ilD I io in. Hi hi 1 1 ia vti k i i T j i j r n S1.00 WTTWItrTWskkmW II uoin. L-t-WIlW-kliiSI:UTirMjrlkii--t-e-iL-K .BVP' HIIHeH j t lpnf itPcjo tijjPi livQBHH mtmw New Year's Eve H9 $$& vs, llV Supper de Luxe HB QVl m' from H Vj7 H Reservations per cover H B TWO DANCE FLOORS H11 H. " TWO ORCHESTRAS lHH f including the famous 9B dance HIH HL snusic in Philadelphia flBlH , . . Bl-l-l-l-l-l-l-l-l-B-l-l-lB-l-l-l-l-k. . Ammmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmtm m - - - ;iiiiiiHHBHIBIkakt.iiiilH:-' ... tfkmLm&:. 'JkJljA' 1.. ,-. ..zr Your T-frAJ 1 AVV. zm am K! Let Resolutions Include Saving That. Helps Our Nation Q AVING'means more this year. It means helping your country while you are sav ing for yourself in a convenient way. Turn your spare quarters into Thrift Stamps. Then, exchange these for War Savings Stamps that pay you good interest, t's easy to save this way and helps us toAvinthe war. , Buy stamps everywhere. The National War Savings Committee 1431 Walnut Street u WS.S. WARSAVTKGSSTAJ4PS , ISSUED BY THE UNITED STATES GOVERNMENT - rr ; tt tt t " -c ;'""& Philadelphia I Thonrs Locust 4670 ltace S180 VJ ' & n x -V. fh r? : i $ ' ' ' A 'r : -A ThisSace r, rtmki ' ', .-'r' . . srici j i-vt -:'.' wmmmM 'irmMmHimmmwmm-u-iWim itr (hmmimm
Significant historical Pennsylvania newspapers