"
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
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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 ,
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Your
T-frAJ
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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
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Philadelphia
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Locust 4670
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