fr ffflBHSt'HJB -T??reFn W) IWPWWPWHW'fw ,WWt-w'wpww" ; mmmm EVENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, JANUARY 1, 1919 V Jkrtid for Your Copy-FREE tV r f . f-1 Investors rocket raanua k. - . . i P arrnt Statistics, Record and M Hi'jn onJ low Price of Stock frl and Bond of Railroad, Induf trial and Mining Corporation, aho Grain, Cotton, Coffee and Proviiion. United Statet Steel Midvale Steel Bethlehem Steel Pennsylvania Railroad Southern Pacific Missouri Pacific l General Motor erican Telejf'ph&Telephone . Willyt-Overland ' Anaconda Copper Inspiration Copper ' Kennecolt Copper i, Penn Seaboard Steel Keyttone Tire United States Steamship " 2"jXnaes of up to th-. nilmiln 'n fornntfon on stocks mul Ponds nml I ither Kecurltlrii trnileil on nil thu fc -ding nxihnriK" of lh loutitr. ? id for your fitc Copy- 1! J?, R.R. OUTLOOK railroads nnd canals formlnc a conv Hide transportation Hjstem bctxveen tide water nt Phlladelnhla anil tlin head of. rt m w-k s-tw-mm-.,-. the nl nUer nl Pittsburgh, and which AV Vti YJ IIULmVIsW n" I" operation from 1834 to nbout XTIJ IJufT.il ll JjlliJ 1855 Mam of ihop Hi of political man- ' .-iffemcnt rcmltliijr fiom that cxpcrlenco - - - I wero engrafted on tho private trans- irr 11 i' .-,-. j portatlon companies which followed that Wcll-KllOWn OiliriillS Git "" anJ " ,00knm" ..Mrs to eliminate 1 v,1t- them Notwithstanding tho proKiess VlPU nil nunctintto ,lndo nnJ ,no reformi necured, thcte itns un ytlCSllOHS would be In time a recurrence of mnn f.i tj- of the financial losses and clls If we IllC JtlOlir aKtln rcort to Clov eminent ownership mid operation It liny 1)0 paid that I nm ;nincwhat prejudiced, but 1 haxe LA NjS Tfi III.' W'ntni'n i.ircfullv weighed tlic more recent rxpe-i- i iud lj Uh A UlUhU ,,ini. f ot1(,r ..ountrlcs and polltlrallx hi it i NEW YEAR TO SEE DEMOBILIZATION HIGHEST OPTIMISM! ' r AND NATIONAL RECONSTRUCTION ! AT Tr, f Ap,Tm g! WyErSfraMTS ll llJLuLrirllUL l.urope need Roods which they them- selves cannot supple n ,ul"i' i -- of the world nro In the market for com- rwr t ivr l nil i modules which tho Vnltccl Mates can UJIlCial WuslllllKtOll Hunks prepare to manufacture more readll) fhnn run ihn Kurnnnnn nltioll Country btronger lhan Readjiibtinenls to Be Made in Banking. Trading. Indus trial, Mining and Agricultural Activities New Financial Era Opening for the United States New orlf, Jnn 1 A XV lev lew fiom the stotk mutlcct stnmlpolnt of the jcar Just ended must llrnl TtHimiHIt nltli tlin tipMlcni't frtn1lllynl Inti it ihn rpn1irKrn nnd flCtlV ' at Beginning of War PROSPERITY PREDICTED !L I iSLOW TAYLOR & CO. Mflnhf ri t on.otl'l ited Stock hxrhirtce of Ne ttU 430 -Him. m:k m'n.iuNd I'llll.AIII I I'll lephonra. Unlmit rmi. It ice .MOO . Wrect IThiitr Iren ew lork rillnliurcli dir.trr nuniinciion Johntftwi WANTED a w ies tr INVESTMENT BOND SALESMEN OUTSIDE PHILADELPHIA ri(S WELL ACQUAINTED, IN THEIR OWN CITY AND COUNTY Advise Qualifications By Mail b nyy i g'S'l 73BrWS5 Q. ."I INCORPORATCD !tock VExchange Bldg., Phila. Bostbn N.w ork L iarnet Oil Gas . BOUGHT '111 II (110X1-11 ,.1 . ..I J cr nsr, """'yia. Stock Exchange Bldtr. WUimJ Hlllliim -I.. . . I iti cKg 1 'Morton II. Alexander 'i .md KboOefll A foe tS. LIBERTY BONDS now , j$5o, $100, $1000 Od fhr T. SD XM III TOMMEDrD "irgsrjlenderson & Losb Ut N. . J Mill l. Slock Kvihqnin - o JT ; 1 IN N ll. e HillnfH I lmiicf'4 ( it n . i: (ir mk lei l lierrl r.Hn thit tlip rnrtnT tretofore Irnrtlntf unit r the linn ruim lermunloun Tool Anrks hn h mui I nie nil utili. to "liriltil'i Tool MorLH." " (lUtMANTOWN IllOI. MJItkt! lari 1st llll'l Coiwnuhr toif tworl.licnoroi hr (owrmnetit operation of tho rail- rondi l,eBan January 1. 1318. although under President Wilson's proclamation of December 2d. 1017. prUato owner ship ceased nt noon Decemb. r 2S On Janunrj of ihli sear President Wll on appeared before rojigicsi nnd out lined the AdnilnlifMilon railroad bill lUforo the close of Janu ir freicht conBcstlon bec.inu- so eero nnd 10 il o rcirco that Purl Adiiilnlatrntor 1 Uarlleld ordereil 11 lolinlrj-tvldo fle laj Industrlil thut-dowii bislnnlnB1 Janunrj IS, with tcn MQ Mondijs to 1 loilon President Wilson signed tho nil road bill on Starch 21 On Slatcli 17 the first of tho Gowrnment loans to tlio rnilimuli was mule, .Viw lliven pittiiB J43 104,000 for one eir 11 1 t per cent to til0 up maturing notii On prll 1 tho JGOO.000.000 reeohlng fund Iji tamp opcrttie L'p to Peccin bir 1 the tioprniii(nt Ins ad.in.rd to tho lallroids $5ir,fi00 000. of which $0IC 206 000 nine from the revolving fund, and $190 -1 13.000 from the sur plus 1 iruings of ccrtnln rallroids t,ir and nhnte the lioecrnnunli rjtnr antec which was baeil on thn nvtr nue of the limn eirs ended Jtim .,0 1"17 Some of tho $5i:,CTO,000 nil nnced bj the no eminent to the rail roads was on straight loans secured h di posit of coll iti ril buch ns the New Ilirnn trnnitctlon, k niic wis In temporary loins, which hae .Inre been ) ild b icl. SIi was 1 month of Iti tllnp rail way ilPMlnpmcnts rirst came imnouncenient b Director (.eiural SIcdo(i tint fo far JH 000000 nl n uly 1ml been mhanicd to the rail roads because of unearned RUnr nnteid Intenst, rent lis and dividends On the 0th citn the runmmtnditlon thit rillua wages be Increased b an amount which would add $300 000,000 to tho nnnuil pi rolls Kxietly four lls later tlio rallroid ndmlnlstritlon rei.nmmendeil 11 J3 pt cmt Intreisu In freight rites, and an Increase In pis- I i-chrim" fares ratiRlnR from Sn per cent to 300 pir lent On Slav -0 the presl dint of th." MrRlnln 11iIIm was de posed for dlfolir-dkmo In nrrinK out improvement and bitterment nrdi rs Tint same div It was annoumed tint I Director Oeiuial SIcAdoo hid author-, Ized lmprovenunt cxpendltuns aRRre RitlnR $937 000 000 The net d i a blanket order was lsued deposlnc nil I of the rillroid pnsldents, some of them rermlnlns ns presidents of the rorporatlons to look after the interests of the shareholder! anil some of them boeominR 1'cderil manaRers On the .'7th of Slii thn Inireibc In pismper and frelRht rites wero authorized to become effective Juno 10 and 23, re spect Ivelv eioiioinlcalli and toclill) the eMierienco ltes of t)l0 C0Untrj of tho world III a kupremo effort to end the Rrcit var . .- -.. .,.uk in."". - ntunco, nil nvemii This altuatlon rcspectlnc the fore Rn demand prcstnts the hlRhly IntercillnB pioblem of trade balances In tho lew of ofllclals here, that subject will hae to be given serlout stud. It Is pointed out tint the time may come fooi wl"n American "dollar acceptances' will be outstanding" to the extent of more than export and Import control until uomo time nftcr the wnr. This, however, will depend on the nctlon of tho Peace Con. ference, where questions of International trade ai well ns of International politics will ho settled. There Is already, how ever, a feeling that control of some soit would rIvc the Government n weapon It could use to advantage, nnd that Ameri can ludtistrry would be tho beneficiary. The subject of Increased powers of production, as developed during the wnr, Involves that of Industrial co. operation. Without doubt there w.111 be, nt some time In the future, a com plete revision of tho present anti-trust Invvs Ofllclnls of tho Government charged with enforcement of the pres ent laws respecting co-oucrntlon In In- However. . I think the people now largelv recognlro tint Government ottncrshlp nnd operation would bo one of tlin greatest political evils nnd eto nomli cilamltles tint could bo plaeed upon the country, nnel that wine other broul policy must be adopted under Coiiurlol t, mm cu Yorhl.icntnePolt tic n-hliiKlori, Jnn I Although the rs of transportation, food, clothing, nil necessities nnd lut uries tvere brought directly under I'cderal control. Two million men woie sent overseas, nnel had the enemy, not collapsed, another two million would, nctordinir to lhe Gnvernnipnl'M tirucrnni. linvt followed bv SfSrch men taken Unl fiom h.lllhlllir. trodlnr- Indiisfilit tnlnlnr. nml rirrrlcnUlirnl nctlv ltleS. 1 thit Tho hecurltlPM market faithful te tradition, hive forecast ns the ent ,1f, ; t,e hlgiiest ontiinlsni .A.n.t A I. .! 4.. ll. . .. (111 1t .. II.. ikMIIuhi nnf 1 t InilB ' M.000.000.000. i:nerti In the Goveni- ,,iB.r... ... themselves nmong those mint servlie bellovo that forelpi nations uno no(j (iat the wnr hns demon, cannot hone to supply n suillcletil .tP.lt,i .i, ndv.intnee. not only to In. country faces n multlluele of questions of ntnount of goods to pay foi what Amcr- ,,ugtrj. but to the public, of n rewrlt reieljiistmtnt still unsolved tho nlmosl '?a wl." have to suppl). nnd lhf bom of tncg) g,atuteg ndcr Government sanction, the trust laws have been disregarded ilurlnc the last icar nnd n hnlf. The i ie.ui h inuiiiiuue oi quesneins or : ... . " .--,.-. . :. , i,i uusii-j- 'Uiistmtnt still unsolved tho nlmosl '" wl hnve to mippl. nnd lhe bod ,, of versnl view of ollklnl WnshlnRton Is Jl,at ,hcse jarM balances must te pa W t tho future holds for American busl ln ,,ltr.n""f1r "f Permanent loielgn "aj s nothing to rause other than n feel- ' rcJlt'' t0 tn'"" country. ,Al whlih tho rallroids may not otiU inM ptoRressed thn e(Tocts of theo i ondltlons, ns well us tho mllltnrv operations Xo Government policy respecting tern result has been nchlevement of great hut develi.n nnd pronerlv servo llii publii It is to the public interest that st ignition or Indlffucncc be avoided nml the rountrj tianpoitntlon fnclll Ihs lp developed, therefoie some form of reasimblo tompetltlcn In servlie and M.u-emnble Itnnnclnl reward must tilst to stlinulito ptrsonal nnd corporate Initiative and entirpilsp Ati thing that eliminates such Inltlatlvo nnd enterprise of our cltl7cnsIs foreign to our nctlv Hies tomperami nt "and Institutions, b which this tcuntrv has progressed bevond nil others Thoo results have been nehleved not under Government owner ship, but under n much bcltei tvpe of Tim cant tmnnt it i. i it. -.........-.. norary credits to forelun Governnienls . ........ ..-.- nA .. - . - .... . --....m.... ....t-...j . . ... . I'liiiiiiiiiirn. 'iiiiiiii..Liui. u. i.u. .... i no intin weie curled on on u --ciiIp never bereuo npproacneei. iiiimhb ocen to i-nj, Is In large measure n reflection "as Deen outlined: ct the belief Is ven .ncrell,e in Cltlclency with a con. relieved of the flusslin piessllie and thus ennbted to bring Its largo eastern of the vlous expressed b the great semi- Reneral that, during the transition per- ,,,,., stimulus of production, nimv to the vvrsttrn fiont. Prussian nutociacy tlncw iMrthlliT Into a single ""flal bo1) f business men. who for the 'oil. the Lulled btntcs may luxe to ac , ,,, ,he old rcgmc t0 rcturn7 Some throw- u staked evervtlilng on Its 'spring dr.xe." which It ptocln.mec, was MSjBTS.'St tt?,?, Ii'iig S'SCSS ill ,t o'ntnl, WSJT to bo tho '(.live of xiitorv ' 1 a jear remunorntlon The'e men. (he same manner ns wns ndopted In ,.'.., , the samo xlcvxs In prl- ... '".'"""".ff """' '" l-"-K numbers to their llnnnclng the Allies duilng the war. Such fe ''prRntl0n. No ono ni let hai IrCrntaitY ntalCCS All: LOWS All """ fnterpriscs, nrc taking with them nn nrrnngement necessarily would be .','. nrr,Er.im nf lezlslatlon. but Uaxlne; staked nil It lost all Thus the new e.ar Is to bn the history or demobilisation of Intel national teaeljuhtintnt nnd teconstmctlon Already It Is being evidenced thut the problems of peace nrc quite ns dllllcult ns those of xv. ir Our national mobllizitlon of men nnd nil other rescnitces, It Is true, wns nrbltrarj Uut the Government asked no favors, It paid well for evcrj- thlng It reejulred Pikes of ugiliiiltur.il procluits xvtie fixed and K'luinntepd ownership I o, public ownership or our at highly Icmuntl.itlvp levels In order that profit might bo added to pntrlotl'm future promises unpiecedentcd huslnc-s Congress durln !i i.r , i ? . ln. ?"i,l of tl,e lawr temporary only, nnd n permanent trans- ",'" ECner-il consensus of opinion Is dnses rf Industtv. Their contacts hnxo fcr of credits. It is pointed out, might be J Zltu imlnts in the present laws been both national and International, nnd accomplished through tho sale direct to ' ' 'cVcnred "up nnd thit new leg- their opinion Is that the Pnlted States American Investor of forelen Govern. "'"V l,..l,P..CJ.C.?T .. ".u ,....: , rr,. duSnvf,:Z;:L!i;?,,,"r,nI'!l: Hntbon,l?. ,durl., .lock- nnd bond, ""h "fu Vher In' the dircVlon of ci- It was when the count rV tool" un nrms "mat,cv ,s;,uc,,, f "l , . operation than It dares to go now-, iv. . ,, , ' , P , c1 b' the debtor Goxcrnmcnt but ' Wn olilciils consider legislation to lor the nred e.tliin lint tho Inmroi i..,...i c. .i.. ..! i. i '!"". . . .... ... - i Autcibii C-UU1111.1.-0 il re a te nnll-trUSl KIW S lis Liciiuiiia trinsportntlon s stems b the indlxlduil elti2cns and their financial. Insurance baxings nnd other Institutions .riiie persons point out thit It Is to tho hellish Interest, of rallroid sp curltx holders to favor Government ownership, becaue il might guarantee in nssuied leturn to lliem upon theit 'ci tnltles, but. It would undoubtcdlx In aeioiniianled bv xcrv much gri.iter trnnsportntlcjii ioms iirul taxation. ci tint the net result to them would be much less, I feel Hint under n svs tern of Individual ownership and vig orous lultiitlxe, entirprKi, and man agement subject to latlonal nnd re sponsible governmental regul itlon We must, theiefore, view tho en lir. enttvtlnti fre.m Hip citizen's stand the I point of whnt Is best for the countix .us a xv hole Including Eccuril owners W.igo cirners hhlppers and true ling publii, and when a solution Is found itioninund It lo Congrei-s and mike everv effort to get prompt act I in to m ikt It effective E. P. RIPLEY President AtchUon, Toptkik unil unta Ip HullwHy I beg to Rive the following is nn pres ent Impressions, without attempting to commit an rallroid company and with out attempting to give m conclusions as final and mature judgment PIrst I think the majorltx of the peo pie nip toda opposed to elovermnent onneiKhlp for man) reasons, chief among xvhlrl probably Is the impofsl bllltx under our foim of Gox eminent, of keeping politics out of the manage ment Second If the railroads nro restored to prlxato ovvnershlii, the future Gov ernment supervision should bo Fimplv superxIMon and regul itlon, xxlthout mcd dllng with the m in igcment If Govern- to secuto maximum pioduction The same though perhaps to a less formal extent, was tho cu-e with copper and other of thu earth's mlnoiul pioducts. Tlio railroads xvere taken ocr, their wage scales were uilsed and financial farllitlcs extended so as to provide the tiansportiitlon nivessaix for a wul basis. Our factoiles vvcie nm niglit nnd dn.v unil tinhi.utfof wages were pld Tlio (lovernment In lis atixlet) tn rush forword Its militaix nnd naxal pro grams built camp", and In the ptocess of construction pild wages xxhlch xxero so enormous as to become linMttlln.; In nil branches of Inbor, 1'ood stuff xvns purchased for atmv puipot's on n seale to ptpptip for it possible lonff wni Other supplies vveie eontructed for nn hlmllar bioad lines ."iTi'"" !" Ul.c l nltcd Mate s. the two does not authorise credit adxnnces to for r.i I., iti nntltrust tho transition period. tlle mosl m.,ortant that Congress could Mr -....., .: ,1. ,., . ; uori mil uuiiiorize crceiii auxnnces id xor- .,1s, ns uffectiliK inuusiry, mere art- noblllzi; , Kl" T ih1BC V'T' I" "" Ooxernments, olllclals bellexe, the " ",!,"" nn iters that hey bellexo is ll onstrntel ,ht "n nlll, ""nT lu,ne ot B"d- ""d abrond b' he emand he attention of the legislate be1n,uh;r,!nirtnro1!;;0pil?odstao" ?;..f.!;ie? "Ui b., Z1W,V I'M b?.mnchdof The tloxomment. nurlng the Industrial eo-oneratlo n. .Second stocks mml temporary Dank ng crceuts can no ,nr there inxc been depleted tn such nn extent mai there already Is nn enormous de mand for materials, despite an nppaient holding hack on the part of some put eh.isers, who look foi i eduction In prices The Two Menientn of Hope Tliero arp numerous other factors nier" a1"1" numerous other factors but It Is exldently official belief that the wmc fashion. Common SrilSO deeded lO Prevent Ln favorable Development!, ,!ir?..tu? f'W"d T"1, '" the judgment of Government Is bound to ndopt .. liberal called 'kp" .... ".isrington, as the contro ling influences attitude Mre.idv there Is nn Ailmlnls. on xvhlch the n Ilenco the closing eai- leaxes a Mtuatlon admltte.ll Miserable, a sltua- tod since thev are permanent factors. JV,",.0" miMonVonmnhlch "d In tht tlon xxhlch will require the greatest prudence, forbearunce and the utmost amount of common sense- to trexent unfavorable developments. As rapldlv as possible Washington Is throning off rcatrninti obv lously on the piin clplc that the "wnj to icsume Is to resume" Iron and steel restrictions luxe been abandoned tit spite the plea eif some of tho foiemost representatlxes of that greit lndustr for u more gr idual readjustment from wnr conditions to those of peace hlmllar action followed In the Installers of coppnt and le id Contracts for munitions and all classes of xvar matetlal, no longer needed have been summarll) nneeled Manufacturers face texeie losses xxhlch will eat Into prexlous profits Knormuus accumulations of food xxlll be axallable for redistribution Washington piomlscs tint these xxlll not ho tliroxxn on the market. Xexertheless, thc lonstltute a. Huppl xxhlch ex cry merchant interested In foodstuffs knows exists, and thus It ma be expected to militate against a greatlx pi ott acted continuant e of nbnormallj high food ptices 7'it'o Large War Loans Floated in 19111 Tvxo large war loans- making foui In nil haxe been istued In 1S18 Tho final Installment of the second loan of the jear Is due on January 30, 1919 Tho Treasurx Department announces that n new long-term issuo must bo offered in the spring, amounting to betxxeen $",000,000,000 nnd $fi,000,000 000. A feature of Interest, It may bo explained In passing, xxlll attach to the elite of the new loan that Is to &a, whether it xxlll precede or folloxx the formal declaration of peace. In the former ex cut, the Hist Liberty Loan the SVs per cents xxlll be conxertlble Into tho new bonds, not otherxxise. The fclgniflcante of this fea ture lies In tho fact tint It Is conceded tint tho terms of next spring's Issue more or less, olllclals xvho haxe studied the questions Involved hold the belief lint the resultant conditions will ex tend over a long peiiod of time Theie Is r-ouie feeling that readjustments In prices and in other in Uters m ij ciuse disturb Hires .11 first. Tint It lu nlcn U. 1,1 tint ns tho mud Incrj of business gets ,rac,or than tho present measure eon have been built Up in tno opened oi until foreign securities can United Stntcs a great man) Industries bo marketed nmong the American peo- which have gained a strong foothold pie. l.urope Ins no gold to spare bv reason of the fact that foreign coin- ,. , petition hid ceased to exist The chetu- Uar Contend, j(,al ln(,uslrv ,, a notable example No. Closeh eonnecled with ibis subject Is hr u iiierp .inx feeling that thes that of the adjustment of war contracts I Industries should not be safeguarded In .. .... . I .., Until a O'l It is exldently official belief that the wmc rnsnion. .ianj ui i'"-" - Or PIXOIII umuniiiw, itional welfare might de- ent of a future war. vxould protect the manufacturer xvho In I good faith wont abend on Government contracts without waiting for the signing of contracts It Is understood that the Wnr Department will send up a bill pro xldlng cxen better trcxtment for the con- Mintit .lhslimps rpvtKinslhllll V . It Mlimlln prob.thlx be given a certain amount ot must bo made p.u tlciilatly nttr.ictivo If it is to be successfully distributed .-...--.. . . i !' "" X- ,-- 1fcWS...i.. i. I'or the month of Juno, oulnt-C lirBel iutlinrli. n.-irtlpnlirlv in thn illrprtlnn Thlt !t !i Imllpvul In lln.inrl.il Irrlni imv hpif ho m rnmnlMifwl liv nlntlitnr it . ...i. .f !...! .. ,. ltinrAllln1l .. ..... s "rsiv to tne paxmeni oi hick w.iki- mv ""' of restraining union, which its otnonrs under the w ibp rvvard. the railroads re-1 ... () cons(i,r detrlniental to tbe public pc rtP't an opi riling iicni'i . -"1 '"' interest The old policy of authorlt) ihmi c noun u uiii a Moiuu- mi '"nil ii Itlir.tit enntiQllilUle niilt lift toflnleili. ... .. . .-. ..-.I. .. 1. ..fc.......,.v....-.....rf ...uv... ... 1117 or JUS Uiis.iliii' J or ine -i. iiiuinu- , j .,,,. ended lun. 30. PUS. the " nconi'. r I Tnn, Th(. ,.,,, ,, flnan,,., ron. the railroads amount.. I to onlx$lil..-I lIltIon ()f , lalroltN ,f r(.Mnro,, to ,000 romp in d w It i $140 050000 for " 1)nW(lp n.ulershlp before Jamurj. I'l.M. pnrrc..iimii.i. i" ' "" " - " " vMU be nnxthlng which the Government liovernniint guintnn-'' t n'i "i "-i Income of $S0 000.000 a mi nth In round I flgur. s or $180 000 nun for tne nur ear with attractive tnx-iAemptlon prlx lieges. The second, third and fourth Liberty Loans no longer possess any )rlx lieges of conxersion, but the llrst loan Is 1 Its terms conxertlble into bonds bcurln-; an higher rate xxhlch ma be Issued 'during the xxar ' undei way, even prltes and labor tondl tions will btcail) themselves Iho demand for goods will be great WnshlnRton believes, and It will tome not only from the American purch iser but from abroad as well While indus try duiing tho list cir dellx creel Its output In Increasingly large amounts lo tho Goxcrnmcnt, ordinal y stocks of mer chandise dwindled until todnv the man who buxH Is hard put to It for goods This demand, which his had no outlet, can In tho b.llcf of oflltlils, be counted on to keep prices up for a long time lo tome It Is probable th it If enough buxers bold off In sulllclent numbers xvalting for n drop in prices, then prices will fall to n greater or less extent. Hut, on tho other hind, there will be suth u rush to huv In case prins go to a sub stantial!) lower levtl that tbp off. ct would be to causp recoverv immediately, and thit there thex would remain As to Government 'price restrictions." those, ixccpt n xer) few, have to do with ni ixinium prices mil) This view Is strengthtned b) the nt tltudo m my I irge corporations are as suming toward their labor. Olllclals look for high xvages to continue, except Ptrh ips for unskilled labor, and e-xen this clin of labor, they bellexe, will con tinue to get more thin in prexlous timet of pea. e It xvlll bp some time before tho , mux any n ixv are demobilized The hop or imiiilKi.itliin, It It txei assumes templates Itesponslble Gox eminent of ficers nrc determined thnt there shall he TO SELL BREAD BY WEIGHT Bill to Fix Sizes of Loaxes to Be Inlro. a iliicccl at Harri'burg llurrlsburg, Jan 1. A hill ptovld tnr. for the silp of bread bv xxeight In Pcnnsjlxnnla Is helng prepared at tho no such situation ns , arose after the CM, llol knd"w HI bo ntrodu.cd enrly In xar Some Civil War contracts nexer ep,JSm"nB e8slon of the Legislature haxe been adjusted. " f i nrlou, clRhlSi The Goxcrnmcnt has abolished prior lty and other restrictions as contracts hnxo been cancelled, and xvlthln a short lime no domestic restrictions will remain lu force. Thero Is some doubt as to what export and Import controls nro to be t'on tlnued. Some ofllclals btllexe It would be desirable to continue some measure of which shall bo net xx eights tweivn hours nfter baking" 'inesc weignia would be ihrec-quarters of a pound, one pound, one and n half pounds, two, three, four, five and six pounds Where bread Is sold wrapped or In a package of an) kind the exact net weight is to be printed on the wrapper Annual XIeetlnes K 1'1-S.N XlUn I. 1111. I.SSLB. r;. AM I! (.OVII".-l " hllaili'lphH D.cenb.rll 101S .,jal l.kcllnn for tilnn Irustfrs to ' Iran will to lieM m thp homo -. comran in the I'cnn Mutual flHll-,th n1 xx'alnut sis Phlladel ".in Slonilui, Janmirv fi, laitt. be pliour of.IO n m nml 1 rn f - ZJYU HIP.IMII.I.VU Berretnrv ml Timanr 1 nu, tain either the men or 1 eep them up to st inda Ing llkelv to nff. ct the l nrsinut Mrnt XXrel ns. ladelphlH. lyteeme . 4hal Xleptlnir of thi Sh -: for th election of I 'K the? .-nsulnir jeir will RiUt-IS NATION I. IIMi i iiriiii r.irrl tt eol or nroad irpmimr .j mis i Miareholilera l 1'lrecrors to III llM ll-ia at tviB nouao uii juruii, tj iniinr) 14, eon the bourn of u o clock noon n ck p m " T XVM ITXT.DT rnshl.r TlCt; MIKTIIMtN NATION , ItVNK , -,io ,Phll-iielnhi l 17 mis ' .lOial ni'-Unt;, for Hi I r-n in nf e(i ini-i ruTiH n r in, onfulni; -hi m in) jiinsinK Ji iu n itfiry 14th. 1D11I. i.tun n ii c . o cloe k n m j II 13 si in m hn ,i 'll!!r , e riiiuxiiKi nn I 11 2 -N TIIINM, II NKI ra PhllarT.tphlfl T)errnbr II lnls ' -,lirtual K'f-etlon for Iilr cors will b i Panklnt; Houao on TnHilir, Inn 'rhOlO tietwe'.n thi hours f 1 ' noon rov .on June in me .inveriiiiifiu iiict-ii ,i lel.nelt of $321000 000 lulv xv is tbp first month to rellect the .'3 per cent increati' In freight rati s which berime- effecllxp January 23 On lanu iry 30 there wns in Increase of 1'. ner cent lulhnruiel on nil 11 ins continent il frelgl t r iti s On Slinh l"j there xvas nn Incrpise of 15 per cent In rrelght rates fur tbe cistern railroads. xx nun n innit- i" i-r -n" "i -.. -..ni.- ri..n cnure ps trx s bu-iness As an offset to these i ,ma, "0Ur,,M ine ruses In rates tliero were wage In creases and tin- lugUr tout of fuel ci.iiipment and supplies Here are changes in gross and net earnings for 1'JIS, reported n fir. by months I may see fit to make It assuming th it tho Goxernment is In complete control up to tl at time 'I ner. nis P. en a deterioration In phv sic il condition during the last xear, owing to unaxoidahle con dltlous It his not been possible to ob Financial Advances Still Heine Made lo Allies rininclal adxunies still are being inu.Io to our Allies, notwlthfttuntlinc ',s ,fl,rm ' 1'ioportloiis. will M in slowly that hostilities have en.lt... There s,.,, a dlspcsition in T.eisu.y .irtles ,o l&Vt ' u T So'rn'nl continue theso advuncts, even after peace finally has been dcol.up.l II does times building operations and the Indus. not appear possible to ariixe nt mix satlsfxhiK estimate- of tho Wall ttieet lrlt'' ""' l,u',l1'' building nuteriils t xievv of the advisability of keeping up such a libera, poll.-), so conflicting are Vtus Wim."' ililn'Vhc i,i"wi" in.iaiu nt- muni .tiiuiu-ut in inor or continutnj? th L'nltcd Mates l.ttt ! (tept for Ooorn .1 , t I ....i.i..iiih nil; IUIV i mi.v i-iitvi U i iviri. ivi MIM1-I4I' ,i "n i ,i '' hased on the belief that bv giantlng lltiantial farllitlcs to foreign countries mcnt aPeou-'- and with tho coming of r.i 1 nere is notli- . .. . r -..,. .. m i ....... snrini; u ureat nmoiint nf Imltillnir Is flnnntlil eon "' "" '""" "' u""lB "l "'" '" i'iuk uio xvnx ior m-iuiidr nn amount of looked for . dltlon under Goxi rnmtnt operation, e. foreign business xvhlch otheivvlso would not bo calculated to come our xx i eett that mrnr. of lln- i.iilro ids max- furnished bx tlin monex- xvhl. h they ho T'lin tn-mt. rt nut n ni r inilllc n .in till... f -. a. ... Goxernment with1.,.. .....' ..... ., .,.. ' ..,,'"., "-. ...., ,ui..e.i mai cuuld not get from a,a,,,u"1 """" " -"I'ont in i)ii.xln-'war supplies in i America. Our I orelRii Trade In the 1 ulure Xobo.lv kuous xx hit tho foreign de mand for goods will be. but Washing- ISM I national! Wr lm did I la WtJl l VIMIIII W' Upon the threshold of the New Year, with its promise of a just and lasting peace throughout the world, we tender, with feelings of gratitude, to thi3 community, our customers and friends our best wishes for the New Year, with me hope that it will be one of health, happiness and prosperity. EIGHTH .NATIONAL BANK Second Street and Girard Avenue PHILADELPHIA, PA. tin.. -rpli'nil n Tile. AukUit Jub Jum 4 Ma) pn Man 1- i ir; eino 11 71 noo H7 mi 113 I Sis (jSJ 31 733 01 '. TO 131 lit 10 317 I bruare -- .4 y-'l i'i Januir II 00' 170 2s 0 .10 2 .17 1 .11 in i in Pi i 4 NVt $10 .17 000 1 110 .100 I 21 312 on.i -1- 31 1.0 111 271 20; 1S1 14 111 021 I "In -.'0 I 7H 170 .V 47" K7 015 130 371 110 LO 1 31 M 14 11 I I l Tho ttrms haxe been carried out m the letter, except in one Instance, in xxhlih Lord Heading xv.is succivsful in having a substantial sum tuns' ftrred to South America for Lngllsh account, .similar terms of expenditures In America would undoubtedly nttnih to peace ciedits A total of SIIOO OOOOOli is mentioned as the amount of these credits. Obvlousl). thev xx'ould mean that 1ii-p I.uropi in orders for products associated with rctemstructlciti vxotil.l in this wa come to Americ.i at prolltable, ptices whleh in the absence of bulking facilities would not find their was here-. This wri.1,1 r, ,r,.u ... tin presence of lmieauirncv and tho pi m agrto. afford a. large amount of cmpbnment for Ameilpin ri ,- l.r"rnolt bv'sU1"r.or ;,ilcr . J -" - ""douhtodl, would be needed In this vxay it wouM la, Z Pourth The beneflis In opemtlng e. n. nomlei which luxe ntcrued iliiriuir the lai-t )enr beciusn of Governmt t owner ship hive been thosp whlih uV due lo the totil dWreginl bv th- Goxernment of laws which were previouslj on Its on statute h oks and thoi-e of the viri ons stales The- disadvantages nrc those which nlwivs present themselves hi inv operation controlled bx the Goxtrnm.nt ramel) cops- cpie V? A orium- mei e.ieie. .u w igo re lujiiswneiu at homo and soften the change In wago s( lies In tlitir roure downward from the- abnoimallx high levels"tb n re I Villi .I'i I-N I K Till st (l). .u -l. linn 1 Ulllllllil I we -hllii1lnhl D. J.rh nee J ele-rtlon for tlfr.it. m .m i f R lrllf hou.e on t4rlneilu. " . Wttttf-l the houm if 1 iWsU 2pm r' r iJ- IT , i 1 i t ?"""""'' -' TOOISf ' lted (his Iiiinmvenirnl to -j"i ,,alLr.olaanu Arcl- iri..t mcftJ 'qphln. Dcpfmb-r 11. IDls . -',haxe this day dcrl-.rl -. r baca lute lleler .. . kiu ui per cent eii ... it I tlic January la jam to to-l 11 "0!h.ii,tr?Dt Ji?.9.,.1'0"...0? Dulnm r mui:- d -.i'-l."1 " -Mil oe mailed : .-.in " """"" rreaiurr fc ll .ftflln.il' i i . ,nl ojix'e.i. .r ...... . -r.-7. . : . f -tri.-s...-... .iaiiu.,11, li.XAK .., 1-Jlll.A II 1 I IMA nier- Uee?mt,nr lrt lfiin ' Cleetlan fur Ul-Pftnra ... ,1.1. held at th Hanlelns llous ou Kv clou fi ii j i"is ".-.'," I..a.,;-Vl"i. 'ous ou idly Mllivnoiiry Mill, llfllr. between l 4 Pnnrs A ra. .. icles a 'ays ir ii) In. WSI. V CO.N'nAD. Caihl.r ichToc beEATER HALTI MORE' .STovI)that ve a re tho ons "Tome Part of Cil) kesandt er ''opuldlion 7"O,000 "? fi0V h,xV'SS- Jiln- ' - Tll cx mes all,''lvl 'atrr I'ah.more begin-, ineorre rrt,t're ",unu ""Ix. emcorre' ritcvnuo Arundel countx-i rltory annexed, and 0 mlxaln hetween 75,000 and ;ie pot gut no clo s population ie-.a an' e The taxable basis of Kdi.miff moUhy IU1..81-J5S to te . (tes anc '"" .or Hi a 'mhool houses . ijully .ti" EOuO school ehll tAJziz ,'are Jla-ed on "' W-fl-fltaarfsVhat part of Anne )W I r - nnnestd Is valuable whepca-Wtfrty unci extensive maiiu Crun'fonls' U"'"' "") other .... imrj'" -"-' -- "" ,jr vue.vrr new) tn '."-ft,' I'nr the ten months of the jenr ended with September tho net iiuome of the rallrritdr. amounted to $i!0s,K7O00 Tint recluce.I tb iioxcrnment deficit to Slij Onn Quo Bi..l on the Juno figure? it wns estimated rhnrtlv nfter the turn nf lh- half xear thnt the Government deficit for 1113 xiould amount to Jen ooo.n.io !lh the idei of se. urlng flm-hand Infornintlon regarding the railway out hok fir 10PJ the following iiu.stlons h.ivi been submitted l railway presi dents Pirst 'Wh if are the proipectH for and ng ilnst Government ownership" second hat Miould be tho n ituro of future Government supervision if thn i ulr. adi are restored to prixate owner ship How em thn old s)siem of "re Mralnt xviwthout development be ellm mated" Third Mint xx ill be tho ph)lcnl and llnnniiil eonclitlon nf the- railroads If return. 1 tn prixate ownership oil or before January 1, 1021" Pourtli What benefits in operating economies and whit .ll-mlvantageii have been dex eloped under Goxernmem operition of the last )ear" I I fib Do xou approxo or a return to old competitive conditions or of the c-tibl.f-hn.pnt of a legional s)stem" sixth Would a itglonal s)stem Im prove or Impair tho mrxlct offered to shippers and trnxei.-rs? Vexenth Would it bo possible xxlthout r. glonnl s)sieni for a group of road i opeeratlng in tho samo territory to make Joint use of terminals and equipment' Uhe answers which haxo been retclxed to the foregoing fiucstions are as follows samui:l rev Prmlilent l'rnnsjlinnlu Kullroud loin pniiv novx are cuirent A. feature of Intel est in the gineral inxeslment xltiMtlnn on h llin r.ifil. nrwl 111 t.l... . ,1. .1.1. .1 .1. . ... .11. ...... ... .... ...n, .. UIVI.l... .. cvlenn in thn inorilo of the forcoi I rifth The rtuc-Jtlon Irnpllns tint th rr Is no altprnntlo botueen tbo old torn IpttltKo conditions or tli. rstiblMimnit TI . i c. . -v r i r 'of a rKioml Pstein This N nut trr- United bttttPS t()W (t Lrvdttor iSatWU tain to bo true I lertafnlv do not up I nrni n ill t ft 11 rn tn tlin j-xlil .inmiuilili a 1 (ivi v v -,- i iit .i'iiij-i iuii i; . g, - . ., IsVHtem nnd i leKi.uial s)Mtm mix or 1H ,l r0"lM r -p wr. tho I nlted Mates lies l-ecomo m-.v tint bn desirahlp Sixth There- Is no rei-on nppirentl) whv a region ll lltnl telinuld liber Im proxp or impilr tho sirxlcn uffere.l to tmxclers, nor would It affect all jieoph allKe fci-xenlh It eertalnlv would ho possible for nn) hrnup of ro ul operating In the s inn- territory to in ike Joint use- of many of tl eir facilities n thex weru not prohibited from i-n doing by law. is the fact that, O. . 1 I V"t -l Ia r i.e-cmiu ii.iui.i, unci ...mi now on may oe expected to become un Incrp isingh tho repurchase 1.) American Inxestors ot &omo 13 000,000 009 of stocks ind bonds formcily held abroad, which means that interest pa mints lnl d'lvi brnv) lmjcr of foielgn Mturltles On- direct result of xxar finance has been lends novx go to American Inicstois Against this item our bankers md our Goxernment haxe loaned abroad muhp $11 000 000.000 It i. figured that miK $1,000 000 U00 of formci indphtedncis is still held ahioad making ., net li, ! in .mi iaivi ut pivvu.. vvu.uov, or, it wo compare xxltli the prc-wnr tl.n i.nl l.lnii. n t. Ill l.n CI 1 AnA AAt aaa . . ,.L.- in. i-iiiii.u iii uv eiu.uiFvucinuuii ,i ti per cent inttiest oie Count) hold toevi ev cot ,,, ill eat &" do In a 17 i. 8ometlcoJc yw other i little a th . A ll ia MAJli . nnHrJT .' E. G. Ill CKLV.XI) l-rrshlrnt New cirk. New Ilium nml llnrtford Itiiilrciciil ( ompcm) In or.llnarx Uruimstatices 1 should bp glul to glvo nn personal opinmn In the nnswus to lh,- series of eiui stion t th 14 time however the personal .million of ono rxecutlvo may proper!) Ik- withheld pending the t untune. I pinion .f nil of the executive- 'Ibis opinion Is likely to he express's! in lh- i ear future a a remit of the tun t Ings of tho Association of Ilailvvi) Kx- cutives held and txreaflir to bt hi Id The President of the Pnlted Mates hus charged Congress with the io. sponslblllty of determining the future treatment of tho Atnerlcin railroads The pretent.atlon to Congress of n eurefull) thought-out plan xxlll help but the- Ft-atter. .1 e xiiresalorcs nf in dividual exicutlxes would be apt ii hinder Indeed, ihere are ns man) plans as th. r- ore minds thinking ubout the railroads' future l.aelj plan wdl have to mil.o cicilllcrs and submit to modifications leforo nn iigimneiit I- lieaelied Out of irnnv recent and pio- luiigecl confetcntet wltli the rcpres.nli tiws of the Ameriein railroads It is '.ppirent tint tho rallroids cannot eoni. bark and succeed xvithout mclilbations I of the existing stitutes. What thosp mod I itn atloiis shall In- will ilepuul up m tin As the xvlolP question of future tail- "'i1-"''' "f tho itiilrouls, the i jngi.s, road polay Is now having serious eon "' l""Id. nnel tho Pm-ldint I- i slderatlon b railroad executives, anil tamcstl) to be heped ihn all will up thev will consult wllh the most cxper..J proa, h the solution of this in' mi ntou enced men and minds on this Important" problem with n deslio ahoio all 'hlng question and as it must liavo due and o furnish tho people of this eountix tl , prompt consideration b) Congrers, I feelb.st tram-poitatlon facllliles in the mom 1 mupt at present refrain from making practicable xxa) reply to )our eiuestlonnalre, except as to ejuestlon So 1, 'What are the propttt condition 13,000 000,000 means JoD0.000.000 in Interest cliatges flowing into the- pocket-, of American inxestors All this. f course, suggests the continued he.iv i,nestment ? Americans in foreign enterprises and establishes a mxv financial era for tho United States from antitrust livvs (Pederal nnd .slate) and from Intpt Statn l.glslation Ht femng to the Int.rstatu t'ommercc act, tho uo ina.li- of tho s)Mcni, howevei ni i) Justly he ill iraitirUid a.s re- stralnt without development The curse oilier costs 1, iv o been made' The move ment of freight h is been no fast, r. often slow. i. snxe. the prie.r"!t" kinds Pas. senger, h,x. had less and poorer suxlei at higher prices rifth Jlost sblniieis nn.I n ..,... , -,-..-. nhti n of Washington is tho principle ' Pnn t nftcr tho service they have e xpeil.i skin nnv skunks foi Congress ' io eretlnn reposed bv e" ungress In a board s rarel) ued expanslvelx and constructive. Iv (The Pederal l!cserx Hoird and me er Iwo xvir lmarcls are iiolewnrthv xceptlnns ) I'inrless nnd br.nd-nilnd. .1 eommlKlnners nre the flrt deslderitum Tho next Is a svstfin nf control of tales ind perhaps nf wagrs, tint will be rcdenl exeluslvelv Third Dei 1 irible If no xx Iso leglsla tlun oi progr mi bo acl'iptecl flood eon- dxihlv If a preipor course bo steered Pourth bnlllton of pel .Hems rout ing empties over I. - riwded lilies, etc, have resulted In bittei ear suppl) Te r. mlnals to si me extent hnxo been more economic il'v emploxed Hut no sax Ings coinini in-ui.atp with hlghtr xvages and wish a return to old eomn. ihu. ,-,..,.11 tlons F does the Nation il ( hnnihi-i of Commerce Th.r.fnre I do. be Ilex Ing lint tht pe-ople- serxed thould hixc tin tnot to say In the matter "Thp regional s)Mem seems to be .1 eompleto nop se nuitui lu th ease of rallroids in nnd of Itself It holds out no hope of better methods of an) kind Sixth It depends on what rnrm or regional eoiituu Is adopted in t,u f,u as nnv legional method would letult In six. ling splinilid lompiLt sj.sttms llln tPhlon or Penus)Hanla It should Im piir freight and pa-.stnBer terxlce l-Vxenlh l.ntirel) It Is wholly a matter of sane agreement, like the pas se nger terminals at St Louis or Kansas Us Bridgclon Hov J Jan. 1 - 1 Unites years old, son of Llls- for nnd ngainst tlovernment ovvne rslilp a fanner, was struck ' On that I can speak nu n mlzen, and rldgi-ton )eterda) b) one who was boin under ihe shadow of f Wllllan 1 Mevers a extensive vstcm of ('ov eminent own lie po), wiiue iiuixing er-nin inci ujic.a ion wnno irorn an ecu lions, ran uu. eurt'tii) noun uuu iiruiuicii siariupuiiii oas un automobi;o nfttr his absoluto failure J refrr to the fctate- he otiP aJ thrown owned nnd operntej line of public 1 works in j'ennsjimrii'i oruioseu or WtiMtirrjt -i;,afii.& j t ROBERTS WALKER l-rrslilrnt (IiIiheo nn.I Altmi Coin, panr I i-st Pianklv I laxu n j unfi.lt nt tfudgmeii of un own second The old n" en it teem, to me cannot justi) bo liar ictenzcd, per se and In tmo, as restrain without de xelopment The rctr.uJt came arijvi c beg to announce that our business, which because of the War was hunpended in August, 1918, will be resumed on January 2, 1915). Mr. Chas. S. Cheston this day becomes a partner in our firm. HARRISON & CO. BANKERS LAFAYETTE BUILDING PHILADELPHIA January 1st, 1919. uf uir.t jtui, ii uiinuuiHrtU ytiuriiuy. 'illl. LlvJA.J.'U. U.1 AL" Ii t "I'l-i-ti'iiiiiiiiiil'llllllllllll'.uMllllliJ h 137 Years of Banking 3 , HI m With the knowledge and ill JSsjp satisfaction of a year well l Mil n spent we look forward with 1 1 il B lonhdence p , g I in the financial strength of S3 lb our Country, and pride in J J Hi the patriotism of its people. ilil 1 Mulh Np"A7- Rii.Qinp.Qs InT'irl " ll1i i ill THE BANK OF r-ORTH AMERICA 1 1 - il 1 I (National Bank) HBl 1 Ml 3o7 Chestnut Street Sr Philadelphia 1 lh l Jan. 1st, 1919 S H 1 1 liim (71 ta?g'&S2WW r ' rr I '.J' "" """'' .... "1'l.U SAY 80" " i ' JI ,'J-J f - ' v mjM
Significant historical Pennsylvania newspapers