i .vfVrtV.?WV? ". W M SfflWREETS "ANTTOTJE BOGIES" I PUT QUIETUS ON PRESENT TRADE esitatfon Is Not Unnatural te lion of Factors Directly Disturbing General Business. Nothing Lost, in Material Iff tTTEHY Uttlo business is passing In fj$ tatlon which is not unnatural In ... one stock exchange member recently Kbogles. There has, of course, been the ' might nssumo an ncuto stage; tho railroad situation has assumed a more and moro unsettled form; manufacturers are having dlfllculty In obtaining ( assurances that their Investments In ment wur contracts will recelvo natIsfactory consideration; labor Is evinc ing a strong determination to stand by current Impossible wage scales; general business not unnaturally Is beginning to display some appreciable degreo of hesitation since It Is difficult to speak with confidence of a futuro demand for manufactured products on tho basts of current costs; still higher taxes are In night and every branch of our national activities must pay Its full share. JPall Street's Up-to-Dale, Vibrant Market Factors g$ This list of Wall street's so-called Indefinitely. Hut so, too, could the factors. Of all the great nations of lqf material sense, more from tho war which wuii sireci agrees upon. vc nave nccumuiaicu a nugo oeui ana our Treasury must yet borrow heavily. But our net borrowings aro com paratively small when considered In lino with our national wealth. Wo m- nve Dccn uorrowing irom our own people in orucr inai our ircasury t( night loan many billions to our allies. We have lost nothing In a prac tical senso as a result or tnc war. Our casualties, In volume, arc breath with thoso of Britain, Franco Our manufacturing capacity has Increased many fold. Our labor has gained In skill and has not been, speaking broadly, cut down by death. Wo without limit have men, material and money to hold the advantages that so freely wo havo received. The question of getting the very best that Is to be obtained out t . these enviable conditions has become tho problem of the day, to which the vpry best brains of the country, repre senting labor lis well as capital, are giving consideration. Tackling After-War Problems in Proper Light As to capital, almost every day presents evidence of a determined and combined effort to secure foreign markets which will permit the manufacturing activities of tho country to contlnuo In peace channels tho s-trnln which has for moro than four years been Identified with war. Export associations are being organized under the Webb law, which (specifically exempts such associations fronfthe provisions of the Sherman act prohibiting combinations in restraint of trade. Thero appears reason to bellcvo that this first step of relief from the Sherman act may be followed by others which will permit greater facili ties through association In dealing with domestic trade. At any rate, the Important point Is that American bankers, shippers end business men generally are tackling the after-war problems In a proper light, and that their main point Is to "get business" at home and abroad and to work out the smaller problems connected with tho carry- B& lng out of this business as separate Vfat the best posslblo lines when tho emergencies present themselves. t ffjjarge Merchant Marine as Result of War 'iM? W a,'o to have a largo merchant marine as a result of the war. .. This Is not something on which discussion may now take place, since liff&it in to bo a fact accomplished. Clrantlng that wo are to have tho ships. sSS everybody will acknowledge that by RSa? ... .... ,T& oneraieu ana not do permuieu to suik will curry American products to foreign markets and bring back foreign materials to our own shores. How this Is to be accomplished must neces sarily bo left to time. All parties connected with these transactions (barring perhaps our own government) will participate In tho profit which will surround them. We aro In for a period of trade activity nnd of worldwide banking activity. In this wo shall not bo alone, since every other civilized country will be doing tho same. It will be necessary to contlnuo In forco the real, practical advantages with which we are starting out on our new Internationalism. It )s no time yet to attempt to adjust completely to pre-war standards. Banking Interests aro not expecting too much In tho form of inter national trade activity. They recognlzo that In just so far as the United States has emerged from the war with advantages will thero bo necessity for keener competition by less favored nations. Biltaln nnd Franco aro in a much worse position from tho standpoint of debt burdens than America. Tho enemy countries ure, of course, still worso off, and the Question of Indemnities and restitutions will make their outlook -lncreu.s-int.y unattractive. Tho neutral countries Spain, Norway, Sweden, Den mark, Holland aro lolling In wealth. Just as wo should have been had we not entered tho war. But these countries do not figure In a largo way in International trado competition, thougli the fact that they have gained m greatly . wealth will mean a corresponding ability to pur chaso luxuries and ecessitlcs which America can supply, i Distribution of Products of American Farms and Factories All this means that thero Is going to be a light for trade aiid a fight to distribute the products of American mines, farms nnd factories. In the caso of the American wheat farmer, tho government Is to guarantee a prieo of about $2.20 per bushel until Juno, 1920, for spring and winter wheat grown in .1919. Tho idea, of courso, was to encourage the farmer to produco enough wheat for our own peoplo and virtually all tho other peoples, on the supposition that the war was to contlnuo a number of years. Tho net result would bo that tho Treasury is to buy, the entire crop of American wheat at about J2.20 and then sell It to millers and to exporters at a much lower figure. In this way the Administration feels that It is keeping faith with tho farmers, oven though tho spring wheat for which this huge price Is to bo obtained has not yet been placed In tho ground and nothing has been done thus far to proceed with planting It. It Is not surprising. therefore, that manufacturers who had stocked up with various kinds of raw materials nt high prices, for the purpose of promptly filling govern ment war contracts, should feel that they, too, havo claims upon the Treasury fully as meritorious as thoso of the farmers. Wall street Is rather skeptical as to tho ability of tho government to protect itself en tirely against the Ingenuity of tho farmer. If, for Instance, the government tako tho wheat at, say, $2.20, and then sell It to a miller or exporter at, say, $1,25 or $1.60, It seems rather a dllllcult matter to. obtain full assuranco that tho miller or tho exporter might not permit some part of the purchase to return to tho farm and bo again sold nt $2.20 to tho government. Certainly, Argentlno wheat Is sufficiently plentiful to prevent It selling abroad nt anything Uko $2.20 per bushel, and American exporters aro not likely to pay a much higher price for tho American product than that at which Argentlno wheat can be obtained. Thero Is no widespread belief, furthermore, that millers In the United States will bo compelled to pay a much hlghor price for wheat purchased from tho government than that at which they could purchase a similar grade of wheat abroad, Tho wheat problem of 1919-20 appears to promise interesting developments, Supervision of Railroads Thfough Transportation Secretary As to tho railroads, tho plan which now seems to be receiving atten tion Is for a government supervision through a Secretary, of Transporta tion In tho Cabinet over railroads operated privately. The Administration Is Insisting on a flvo-year period of operation, which is not being agreed tp in any generous sense In financial or railroad circles. However, the f) Important point Is that all interests havo In mind tho Idea of preventing it at tlio same time arranging a plan public. In tho form of efficient transportation facilities. Bankers opposed a five-year limit on the ground that at tha end of Ij such a protracted period it would private operation. No one appears i ciisturDance among security Holders, Mast week or bo been a substantia) relaxation of the selling movement which KXollowed President Wilson's request !bo enacted to bring the railroad problem to a head. It is safe to assume Uhat no such legislation can pass the Congress which expires officially larcn 4, uut the new congress is ho railroads than the present one. u Heading by the lamp of history, t President Wilson's desire to cause a financial panto by frightening roaq security poiaers. l i--. ,'-. in View of the Accumula Sense, as Result of War Now lorlc, Jnn. 18. Wall street at the moment a hesl- view of tho accumulation of what described as the collection of antique- fear that tho harbor labor trouble raw materials designed for govern antiques or bogles could bo expanded list of up-to-date, vibrant market tho world, none has gained, In a than America. This Is something not to be mentioned In the same or with thoso of any enemy country. Individual ones, to bo adjusted on one means or another they will be .- .. . in tne mud for lncc or use. Tliev aro trying to da something and all distress among security holders- which they assert will Drotect thn be next to impossible to return to to be desirous of starting any great and, In fact, thero has within tho that somo form of railroad legislation certainly not more antagonistic to we have strong evidence that it is &H,hffltt2: EVENING PUBLIC LEDGEK PHILADELPHIA, SATURDAY, m GOSSIP OF THE STREET BANKERS SAY NEXT ISSUE OF WAR BONDS MUST ATTRACT INVESTORS Financiers Do Not Believe Element of Patriotism Suffi cient to Make Sale Successful, Now That Peace Is Here "Gossip of the Street" TN THE nbsenco of anything moro interesting, tho next Liberty or Victors' loan Is the subject uppermost in the financial circles of this city. Bankers, brokers, laymen, every one holds tho samo opinion as to ono point, nnd that Is that the clement of patriotism must be eliminated as a factor In the next campaign If there Is to bo one. As one banker j expressed It, it was not a lack of ' .. !... 1 . ..-.l.i . . i..vov.,i, uui ii nui imnousm.pius, wnicli exists in wartime, to which the successful appeals havo been made In the past and which docs not exist In peace time. v As to what form the next loan should take, bankers and brokers seem to be unanimous that It must appeal to Investors from a purely selfish, business standpoint to bo n success. They havo no doubt of Its success, after n fashion, anyhow, but for a quick, satisfactory campaign the appeal must be mado mid based on a business standpoint. Ono banker said his idea was for a 4 per cent tax-free loan. This, of course, ho said, would Involve the conversion of tho first Issue of Hi per cent tax-free bonds, which carry that prlvllego of conversion to any government Issue of n higher Interest yield, and would thcrcforo mean tho selling of n -IU per cent Issue. Another banker said his plan would be a 2 or 214 per tent bond which would carry it circulation privilege; that Is, banks buying theso bonds could take them to tho Federal Itescrve Bank and have currency Issued In lieu of the bonds. By loaning out this currency at 5 or 6 per cent, In addition to tho 2 or 214 per cent which they receive on the original bonds. This banker was not nlono In his opinion by any means, nnd It was pointed out how well government 2s and 214s nro holding up In tho market, being quoted nt par or a slight fraction below. Some Favor Short-Term Issue Others suggested n five or ten year 0 per cent bond as being a purely business proposition, but they acknowledged Unit such an issue would in all probability depress further tho Liberty Bonds now outstanding. It was particularly noted that those venturing opinions ns to what they believed should bo the terms of the n-xt loan were of the opinion that tho whole matter had been already decided In Washington and that any speculation on tho subject Is useless or worse. A few were of tho opinion that a larger lax exemption say of $200,000 or $300,000 might help tho lloatlng of an issue of 4 per cent bonds In a 6 per cent money market, but they remarked that such ex emption could only appeal to a very limited number of Investors, and what was wanted was something to nppcul to the millions. Maturing British Bonds Are Being Converted The advice given In tho letter of u prominent London banker to l.ee, Hlgginson & Co.. nnd which appeared in tills column on Tuesday last, telling the holders of tho $150,000,000 fulled Kingdom of Croat Britain and lrtlund 514 per cent notes maturing on Kcbruarj 1 next to exercise tho option of converting them Into twenty-year fiVi per cent bunds of tlreat Britain, also tax free, has been generally followed. This is con firmed by an announcement mado by J. V. Morgan & Co. to the effect mai moro man ?o0,0U0,000 had been so converted, so that the amount of theso notes to be paid off In cash next month would bo considerably less than $100,000,000. Coupled with tills announcement is the important notice that tho British Government has waived the right to require ten days' notice of Intention to convert, so that holders can convert right up to tho date of maturity. In his letter mentioned above the London banker said: "It Is Inconcelvablo that the British tax-free 5V4 per cent twenty year bonds should not bo an excellent investment, and my opinion 13 that they will stand at a substantial premium." Morgan & Co. stato that only $13,700,000 had been converted up to January 3, but since then $30,000,000 had been turned In. A local banker who was In New York In the early part of the week and who visited the offices of tho conversion agent the Binkcrs' Trust Company said tho rush to convert these notes was greatly. In evidence. The bonds Into which theso notes may bo converted are the only long-term obligations of tho British Government which aro dealt In in the American market. The bonds run for twenty years from the dto of original Issuance, February 1, 1917, and havo no privllego of earlier re demption. The total of tho bonds outstanding Is a Uttlo moro than tho ilguro of about $50,000,000 mentioned above, as some of tho holders of tho one-year notes, which matured on February 1 of last year, exercised their right of conversion, even though ut tho time they could have pre sented their then holdings for payment at par and purchased tho notes which will mature next February at a discount In tho market. Discuss Reason for Liberty 4s Advance ' It was not generally known on Thursday that tho reason for tho advance In price and tho rush to buy the 4 per cent Liberty Bonds was the news that Secretary of the Treasury Glass was to ask Congress to reopen the conversion privilege. The figures published by tho Secretary, showing that more than $1,000,000,000 of tho 4s havo not been converted Into 4Hs, camo In tho nature of a stirprlso to many Investment houses, while others, who claimed to be fully aware -of the situation, said thty were among thoso who brought the matter to tho Secretary's attention. Somo bankers claimed that the six months' period iiermltted for conversion was not sufficient under the circumstances, as many of tho holders of theso bonds were not educated up to tho advantage to them selves nnd were moro concerned In seeing tho prices decline when they had been led to expect the reverse through tho too enthusiastic nnd often badly Informed four-minute speakers during tho several campaigns. Thero was somo discussion yesterday In certain quarters concerning a report that offerings aro soon to be made of new foreign loans for the Allies prior to tho coming fifth Liberty or Victory Loan. The opinion was expressed that In view of the actions of the former capital-Issues commltteo In guarding previous Liberty Loans from Interference by Issues from public utilities and other corporation financing, which In many Instances worked a hardship, It was strange, as reported, that tho Treasury Department Is supposed to bo friendly toward theso proposed Allied loans. It was said that progress In the matter had been so far advanced that the terms had been agreed upon, which were generally ten-year, with G14 per cent. Somo bankers said that unless thero Is a good reason advanced It will look like discrimination against this country's own concerns and favoritism toward tho Allies. It was learned yesterday that arrangements nro being mado for new financing by the Cuba Cane Sugar Corporation, tho report being that It is planned to put out $15,000,000 of ten-year 6 per cont notes. Tho com pany has about $12,000,000 of floating debt, and it is thought ndvlsablo to capitalize this obligation without further delay. There Is to be a meeting of tho directors In the near future, nt which tlmo tho matter will probably come up for active discission, Tho plans calling for financing tho $5,000,000 of Hocking Valley Hall way notes, which maturo on February 1, nro now before John Skelton Williams, of the Federal railroad administration, tho suggestion being to extend tho Issue for another year. Local bankers aro awaiting the deci sion of tho railroad administration authorities In Washington, and In the meantime it Is Impossible to mako any statements as to what finally will bo done In tho matter. rnoTorrjAYH T H A OWNED AND MANAGED DY MEMBERS OF THE UNITED EXHIBITORS ASSOCIATION BELMONT 82D AD0VK MAnKET iiEssiK riAnmscAi.K in "Two-au.N uirrrY" CEDAR Tn CEDAn AVBNUD MAURtCK FOimNKltn'S "HI'OIITINQ MFK" COLISEUM "fuVST, . KNID T1BNNETT In "FUSS AND FKAT1IKHS" VM OMIAI tn. 4 Maplwoo.l Avm. IJLAJINIML. 2,i:i ana g.u i m. (TOniNNE OntFKtTH In "THE ADVENTURE BHOr" CI IDFIA TH MARKET BTS. c.urvcrv-v matineu daily VIVIAN MARTIN In "MIRANDY HMiLrh" FRANKFORD "" r"nM"a Av- ETiirci- ni.ATTON In TIIF "WOMEN'S WEAPI ONB" iririrn'DcnM soti SOTH AND DAUPHIN jrj-l'WWUM BTB. MAT. DAILY MUUP KVAJVR in TUB LOVO NET" . .: . ," , .f . f . A: ,ff,..t,-w.vra patriotism, as patriotism Is always ... ... ... I'HOTOPLATg R Tl IMRO FRONT BT. & UU1A1U) AVE. JUUIUV juml.o Junction on Frank forJ'X" JACK AP.RE In "MYSTIC FAti;.S" I fin IsT MD AND LOCUST STREETS L.JV,U01 Man. 180. 3 180. r.M. BiSUtoU DOl'ULAH KAIltllANKS In "ARIZONA" NJIVOM MO ANU MARKET 8TH and 0 coxmnv sprprii. "REAUTY AND HOOTY" PARK" KU Av'- i" Dauphin St. r-rvrv Mat. s:in. i:v. :s to it. MAIIEL NORMANO In i "A PERFECT 811" R1VDI I 52D AND 8AN80.M ST8. I1VUL1 Matlnea Dally CONSTANCE TALMADOE In "HAUCK FOR ,THE OOOSE" CTRAND OERMANTOWN AVE, O i IArNL AT VENANGO DOROTHY OlfiH In "THK HOPE CHEST" WEST ALLEGHENY 31?, KL WILLIAM DESMOND ,BA",n,nf jy..';UBLLrS END" ' - 4 ,!... .'.!.. - ! Aj.l. ''- .-". .,'-! wt--.,-',-:--mj.wj: '-i-i NO SOVEREIGNTY LOSS BY LEAGUE Taft Scouts Idea of U. S. Suffering Through Its Membership FAVORS WILSON VIEW I Monroe Doctrine Would Be Extended to Entire World, He Snvs Muklilnslnii, Jan. 18. The suggestion that by uitcrlng the League of Nations the United States would be sharing Its Ffivei-elgntV with other nations vvnq characterized by William Howard Tnft nsa "bugaboo which ought not tontlract tho support of serious men" In an nd- imn Proposed to ( ongress by tlio Asso dress l.cforc tho National Ocogrnplilcal cln,lm of Ballroad BxeciitUes. Society. 1 This point was emphasized before the ,.,,.. , , . . ., , , . ,. 1 PetiHte Interstate Commerce Committee Is , "" L". R,VC.lCiK' ,.". "' i, ." I "" .!' Alfred V. Thorn, counsel for the I ..w.,... . . . V """"-""" "'executives, who said he wished to cor gowTnment to do what they please nsroct , , nprcwi0!1 t1mt ,,, a go eminent. It Is the freedom of I action of governments. V i .1 in :.. it is the liberty or nations. It Is quite niiHlogmisto the nnerty of the lnd v dual. What Is the desirable, liberty of tho Individual? We restriction as will enable every other man In the samo community to enjoy equal liberty. It Is the Impairment of the Mnerelcniy of one Individual for the I benefit of all the others, so that all may .enjoy equal sovereignty. So It Is of go,ernments and nations nnd peoples They are members of the family of imtlriiiH. t.,iprnn.ini,i w i. ti,. ,i- liv wlil.-l, rniverelmitv I., timliert il.i they may live together in pence In the world. "We do not propose to limit the fiee dnm of nctlon of n nation In the League to Enforce Peace by nnythlng more tbnn I be rules of International law or of de cency nnd moral conduct nnd good form. r...-.- -. Jut to Clrent nnl Siimll "The unterelirnlv nt Mr. nnllnn u-lll ticscritie. It ns liberty of the Individual , ivn ,,,. , " ,, ,,, ,.,. .,,, , .rmehr'nLtY'fUedr,tloYon V'foVUTlur L3 if .rimllualnmh ? ,&," S !"" t. Our proposlt.on Is simply he Mahlllned by enabling tho great and Mr Tlmiu said tho fiei. tlow- of In small nations equally to enjnv the bene-1 vestment capital Into railroad develop tits of International law without main-"V0"1 ,""1 1,0''n checked slnco 1010 by lalnlng armed forces to recurc their ' ' '" declining tendency of net earnings, rights and prevent murder and rohheiy '"!'", r,Kl'' Slate and national regulation and drive oft tho footpads among na- tlons. "Il lu fft nr.it...! Ilin Enifrnltfnk' nt ll.A smaller nations nnd to relieve the great, nations from the bunion of their self-1 reviewing the earnings of tho car- being a swindler. protection that tho league of nations Is I J'.1''1"8 fr."m ''" to 191H. before tlio Hart whs confronted with nn Indict to bo formed." I'nlted .States entered tho war, Mr. Thorn ' meat rharglng tln. obtaining of money To meet tho criticism recently nd- I,llocil, by reference to tho icports of I under false pretend before Judge Inger vimceil by Senator Knov that the i'nlted'110 Interstate commerce commission, soil In the County Court. Mn.vs Landing. Slates might be drawn into the war l,"'l! I yesterday mm nlng He entered n plea of against Its' will bv n majority vote of '!cr' 'ar ut ono aflcr l'Jln up to guilty and was hcnunccd to serve three u convention of heterogeneous nations. la"' snowed much lower oteratlng In-I months. Mr. Taft proposes that lo an executive I c0'.'"' '" iJl(l- I Hart barely bad begun his turn when council, composed of nations willing to u id ji.,,i., ,i., .. . i...... - ... ccutlve council should out control the ik in iii'jiiKin iiiiii n iii.iii'i uy hi iii r.- right to call for military execution of nny particular compromise actio,, might bo limited to rises lu which there is a niamlimis decision of tho executive loiincll. This could no be hnd except through i the consent of tho various gov- erninenlH r.i.resente.1 'Why should wo favor InternnllonKl Jurtlce and then refuse to furnish the machinery by which that Justice can bo diclnred and enforced?" asktd Mr. Taft. Far from endangering the Monroe Doctrine. Mr. Taft deflated that the League of Nations Is a mero extension of this doctrine to the entire world. "Instead of imperilling It, It would ticngthen .ho Monroe Doctrine, He - .Ulse In case of Its violation the obll- MtioiRi of tho Icaguo would rnpilro all ho great powers lo unite lu the main- enance of It." lie said. Mr. Taft upheld tho contention of I'lcsideut WII...H that the estni - iisi - nunt of a league of nations not only is vital to the future of the world, but also to' the rriallou of the new repuo lies promised 111 the l'risldtnt's four teen points, -TO CLOSK SUHTHKASUR1KS Hoii.-c Apain l'jfjcs Measure Rejected by Senate Lit Year Washington, Jan. IS. The House adopted a provision of tho legisla tive appropriation bill directing the Sec retary of the Treasury to abolish on July 1 next the suhtrensurles at I'hlln delpliln, Daltlniore, llostnn, Chicago, Cincinnati, New (Jileiins. New York, St. Louis "nd San Francisco. Similar action by tho House a yenr ag.) was killed by the Senate. House supporters of the plan during the debate today asserted the sutitrcasurleH were "useless relics" that cost the govern ment $5,000,000 a year. Opponents, how ever, contended that the Institutions per formed a useful servico to business. rnrTni'LAV PHOTO PIAYS ORTAiMrn Tfe.THHOUCH ?34A, ROOKIMR r Corporation- AIL U- 12th, Morris fc rnssyunk Ave.. Alnambra nnt nam ;. i-.vbs.uhs&u. rilASK MelNTYItK In TOO KAT TO IillT' A DH1 1 r 50 AND TIIOMPCOX FTP ArULLU m vTiNi:n daily NOIIMA TVI.M.WHlH In "HKIl ONLY WAT" ADPAIilA CHKHTNLT llelnw 1TII ARL.AU1A m v m. oii is p.m. PAULINE FUnDKnlfK In "OUT OK TIIIJ .SHADOW m i itrniDn muiad ktiieet and BLULtSIKU srsorrilANNA AVE. " MAPOK ICnNNRDY In "A VKltrr.rT LADY- BROADWAY ""MZ c!?T"i!h&vy.AVF3 CHESTNUT HILL K5,ar,n; CK1DDITCQ MAIN ST. MANAYUNK LlVlrr.fc.O3 MATINDB DAILY T1KRT LYTKI.L In "IIUNTIN" THII HIOH BrOTS" FAIRMOUNT s0,lS A.BJgftRi?AiAiS AI1I V THBATnil I"Wt Market St, WILLIAM Bids" riT in itiDDi.n Wawne" nfc 1 POlrlDl. MVriNRE DAILY ALICK TtnADY In . "IIKll nKTTBIl HALP"' GREAT NORTHERN ' WoV.5.ta NOHMA TAI.MAriOH In "TUB KOnUIDDKN CITY" 1K1DCDIAI OOTII WALNUT BTP IMrE.r'rtL Mst. i-in Kvgs.7&0. t'jMtJlK McINTYniJ In ''rST fat to naiiT" 1 C ArMTR ' LANCABTEH AVE, L,CtUCl MATIVEB DAILY DORtJTiir UAi.Tnsj tn "QUJCKSAND8" 4 assume the le.vponsiblllty of policing the ,, ,, V'1 i""i'l"J nneuu:.i. to ramp Kendrlek. arrived In Mays Lancl leaguo (necessarllv the great Powers. , , '"" Investnieiil was expanding. n,g with two aides and Informed Judge charter members of tb- league), should , "'"' f"'""" were MirlnMng. , iKcm,n that Hart was a deserter. The bo Intruxted the enforcement of the ., '! '"" "" ?,ar betvvcen 1910 and , county authorities did not stand upon .i., ..t , ..r in..!.... ,r D'lb were earnings suillclcnt to nuv in- .,.. ...,.i .. in.i,. n i,.,..- ..r. .,- JANUARY 18, 1919 SEEK STATUTORY R.R.RATE RULES Interests Do Not Desire In vestment Guarantee, Thorn Asserts ADVOCATE JUST KETURN Cuylcr Plan for Control Is Favored McAdoo's Pro posal Assailed Washington, Jan. IS Interests con trolling American railroad properties do not expect the rov eminent to guarantee a return on their Investment If the roads ,B" nncK t0 I'nviiie operation unuer ine i '"iironn managements were iiemniuuiiK i nnt onl. )ll0 rptnrll of lMr llncs lliu a railroad managements were demanding "What wo propose," mid Mr. Thorn. 'does not amount to a guarantee, anil I ..; f"l'7a, ""'"," ui..ii imuu -,- J f,, of ' "' " ",,i " '" ,rov'' ,,e that rates , '. ' n" '" , ,Ml reasonable, but nde- '";' ?111 n ( ' " ,'". I c"l!" l,'ln, .r,,llm ". "nestment nnw , " ct "' v "I11!11' ,r, J ", ' T '1. ""," ,at' ,U'""-Mr- T, '"" '?laiod, the' rallionds could continue. Congress should establish a statutory " "'"tlato rates as heretofore subject to luMew liy the Interstate Comineice Commission. Although he admitted thero was much to tho principle contended for by Kouriiineut inllruud olllelals that the power to Inltlute tales bu placed pi'imancntly lu tin, bunds of govern mental body, ho declined to faxor It. Tho delay which inevitably follows unuer hucii a silieme, ho urgued, would "Itiro t III! II Illllllfy Its Other features. m .""'" revenues and expenses nnd the , l.iek of any assurance to the Investlni; . I Public that new fllnila Invi.Mlnil It, il... h"slcss would cum fair return. I every ear tlier was a .argo in - m m'.-i titni iiiwiii'iiti .. -...I -it. .i.i-.. t t n .,. . . . .. .. .... I .'' "",'...,.,.'."". ,."".. . ".' , SKii ?!, a . creaso ' K J ?, ?o'h. 'Wul" ,,., ,,. ,.ii. ...n ... ...... capUal froI . 0 f nm , ,ir from ,Dl0 ,. , , ; ,.ari.ers earn'on tlulr invesfment as I much ns r.M per cert, a llguio which ' , u, ..mum....... .....i.,..,..., i.,.,i -.i.i .. .. ' icsJ mu u8 nec0Sl.lly , tho I)m)llc interest, I . riNAM'IW, Aiimttll MfethiCM Hf Mi;TinwTl.i.N NATIONAL ll. I 'U.WXJV. 1..I0. At th hiiimiiI election for Dln-einrn ' '"'' b''"'!'- hpli " th" '" mat . Hi- Ml"' I '.RS .'.Vn'S' ?eV:r "-cXUli lu Mne f WMIam J Rurr John T seott. Jr. ' J"''";1- '"J"'"1"' , V'!1"",".' ";. K? , i:ijs;'!;rv,,i,1;tli",l,rr a,!, yxz rfr At ,i ni.'.'llue of th.i Dlrerlorti. hIH thin day Mr William J. llarr wan re-elected I'renlilent, J.ilill J inicclllrr. Vice Predi ct M . John T. S.-olt. Jr. Ciilner. and Ell i;et,is Wftlter. AvltHlit Cashier .11 ,1 IN T .cfvrr. Jr hir. Annunt Klertlnnn vj;.r-l M.VTII NATIONAL llNK ji phllailelnhln, Januurv IT. loin. At the Annual Elecllon. heli on the lllh inut . . the fiillowintx-niinie.l NtneKhnldcra viere elerled Directors of this Hank for the clisu ine enr John 1". Wilann John C VVIN'Hl Henry Shetallne William f Jlay .Inmea ' Suttnn 1larrlnn c Ilea J. Frank Adams Norman C Ives D.inlrl ll.ilrd William Ullvermnn At mreiing ef the Hinders hi Id this date, the follow ln Oltlcera were unani mously re.rlei ted: .1 P Wilson. President lllinlel llalrrl. Vlce-1'res James r Sutton, "d Vloe-Pres. William Salter C'nshler John Klekev. Jr.. SolMtnr. WH.I.UM HAl.TKR Insider IHlhteml A MK.r.TlNti or Tin: iiiixkii nr hi. reelora of I.I r llltDTHKIO I Oltl'OK A TION" was heM .l.muarv l"ih. in 111. when a seml-nnnu.il dividend of .V,5- nnd an extrs dividend ef 1uia whs deeiared to nil stork holders of record on .lenunrv I'Tih, lIMii ivivnble en February SOth, J01II. Cheeks will bo milled VIIOTOl'LAVS we do not piiwM't nr w-iitit n miiirimtpp. .The following theatres obtain their pictures through tho STANLEY Booking Corporation, which is a guaranteo of early showing of tho finest productions. Ask for the theatre in your locality obtaining pictures through tho Stanley .Booking Corporation. I IRP'RTV HIOAH A COLI'MIIIA A 11DHI 1 I MAT1NKR DAILY MAY ALLISON In "IIIIII INSI'IHATION" 333 MARKET TK '"f OROnOC WALSH In "I'LL FAY HO" MODEL 4H 'V,1 ST 0"l"itra, lViviiL Continuous 1 to U KM51Y WnilMIN li, "HIH IIONDFI) .WIFE" OVERBROG'k . " U3D ft luvnn. FOHD AVH. U. B,. OOVnitNMKNT rioTmpq x "UNDKIl FOUIl FLACIK" 3 PAI APP ,SU MAllKRT STHCET EVELYN NESI1IT In "HElt MISTAKE"" DDlMPrce t018 sumnrr ot... 1 1111VL-JS ;, A j, 11,15 p., roni.VNE oniFi-iTii in "THE AUVENTUItH HHOT". REGENT 1 MAItKET BT IWoiv 17TH 11 M to 11 I M JIAN MAItTIN In ' ,U "JANE OOEB A.WOOINa" RIAI TO OEKMANTOWN AVE. MAPOE KENNEDY n STi -a renFECT lad y" DT IDV MARKET ST. nrr.nw m, . to A. M to lliis i si WALLACE HEID In ' "TOO MANY MILLIONS" QAVnY 1 MARKET RTREET MWm TANI FY MAKKKT AnoVR 18TII "EYE FOIl AN EYE' VICTORIA WST.JV.Jv'rH TOW wnsr i. , Tou nv i "TR EAT 'KM nouau" ,. . ... -Ak.AJJl l PADEREWSKI IS PREMIER Polish cLndcrs Agree on Distribu tion of Offices Worsnir. Jan. 18. Padcrcwskl has reached an agreement with General I'll sudskl, who wilt bo Foreign Minister under M, Taderewskl ns Premier, which will permit I'llsudskt to retain much of his power. The new ministry will be constituted primarily of nonpotitlcnl experts. The new cabinet Is subject to .tho approval of Herman rolnnrl. It will continue In oinco until elections nro held within tho next fortnight. I'diio, Jmi. IS. A statement given out at the headquarters of tho Polish nn tionnl rotnmlttee here says tho terms of the eonipromlso between M. Paderewskl and General Pllsiidskl Include a definite agreement upon delegates to the Peace Conference. Sr. Dniowskl, president of tho polish national committee ami former Polish lender In tlio Husslnn Duma, has been decided upon as delegate by both sides, It was announced. SOLDIER SWINDLER TAKEN AS DESERTER c 1 f i ot Sentenced on v rami Charge, He Ts Turned Over to Army on Requisition Atlantic il.r, Jan. 1. -A rapid-fire sequence of events convinced Charles Hart, of Waltham. Mas, enlisted man and alleged swindler, whose parents are said to move in high society In the Massachusetts town, that neither wealth nor social station count for might with Jersey Justice and War Department reg. illations. Hart, it Is alleged, disappeared from Camp Kendrlek, Lake hurst, N. .1 ; two weeks ago. Shortly thereafter he ap peared In I'leasantvlll,. In nn automo bile, which be hnd iiinuagid to keep near lilm since be was ca'lnl to service nnd proceeded to cut a dash. He boused bis car in tne nest gn rage in town, it is said. ingttm and nsk lYtsldent Wilson and-t made the acqunlntamc or some of the .members of Congress for Federal Inter "best people, found himself Invited to entlon. private bonus and speedily became " I ' - social favorite. Hart's troubles started when be ran over lo Atlantic City anil was arrested ns a deserter. They multiplied when a rieiisantvlllo garage keeper, with Jl" ' worth of eheekK. K:iirl to be -ivurthleMs I swore out a warrant charging him with I Lleuetnant See ley, personnel nflleer from I Icnco for mvIihUUik hnd horn iirouomirrd Hart was on bis way back to Camp Ken- i drl I - " iviriiiunj, uiiu tt iiiiiii nn iiwiii itiiii t"i;ii- J ViV ' JN''VW'lJeViSHV'VjVseV0 QATVIPI P.S OF SOLD IN SOUTH AMERICA 1" .showing somo of tli" articles for which a market is open there, s sticii as spices, candy, shoes, biscuits, canned fruit, textiles, wear ing apparel, ecclesiastical articles, etc., aro kindly loaned to us by the 1'nitod States (iovernment Hureau of Foreign and Domestic Commerce. See them at the South American Export Trade Promotion Exhibit under the Direction of the Public Ledger Ledger Central Real Est. Trust BIdg. Chestnut at Broad OTHER EXHIBITORS Corn Exchange National Dank Guaranty Trut Co. Phila. Commercial Museum ""'inn'fi,J' Ba"k W. H. Kobinson & Co. Atlantic Refining Co. I Downtown Book Shop OPEN WEEKDAYS 10 TO 6 FREE v WW5 Own Your Home If you are undecided about where you would like a home, look over the Real Estate Ads in the LEDGER MORNING AND EVENING. In our columns you will find prop erties in all sections of the city and suburbs offered for sale and rent. There is such a variety offered that you are sure to find something to both your taste and your pocketbook. Look Today W ,.".V;- ,JnoiY Js sis -r rvrt.f akkkhf.s. .J . . flj' "!f VOTES BIG STRIKE ' ' ,'.'. ! T0FREEM00NE Rational Lahor Congress Fixes July 4 as Date for Demonstration PLANS $1,000,000 FUND. Demands Russia and Germany Be Permitted to Work Out Their Own Destinies 1 idrnito, Jan. 18. A general strike of organised labor designed to paralyse every Industry In tho country beginning J next 4 tb of July was decided oni by tho National Labor Congress as n.. ' means of obtaining n. new trial frti-'n ! Thomas J. Mooney and Warren Bllllne"' I It Federal Intervention nnd every other,. IIH.-.III3 nuunicu to procure tno acsirea relief fall. The comentlon authorized tho ralslnrrr of a fund of $1,000,000 "to carry on a, campaign of education" to liberato the labor leaders nnd to promoto the proV? posed general strike. It Is decided to-": finance tho movement by levying an asm scF-smcnt of fifty cents on each member of organized labor in the country. The convention, which concluded Itsot four-day session last night nnd nd- Jourmd.ndoptcd a resolution embodylnff. n declaration of national policies nffoctA'' lng labor, which demands that thopeopIi of Ittissla and Germany be permitted tl$t Work out their own destiny, that AmcrRv can troops bo withdrawn from Itussla.' " that all political nnd Industrial prisoner recelvo tho snme consideration as prlsonfci'd ers of war, and proclaiming "the dawnr of a new day for truo democracy, lij" which tho rights of labor shall bo fully, leeognlzed." The convention adopted th program recommended by tho International Work ers' Defense League to secure llberatlo'n"" . of Mooney nnd Hillings, which was pro-f seated to tho delegates In the final reports of the committee on resolutions. It provided that a commltteo of five labor representatives be named to go to Wash- Mt. Washington Street Railway Company First Mortgage 5s Allegheny, Bellevue and Perryville Railway Company First Mortgnge 5s We have today received uulflc.lent funjlx to pav tho coupons due October I, 1318. of tlm above men tioned bonds, nnd we ale prepared la. .'..uli k.il.l full ,. ... .. li.H.n in. a. ... .... .'..a.. v-'U'u..o ..., JIl.TCll-i , tatlon at this oMice. aceonipaiiicd bylj ill. 'iiiiii. t.'.v ,'ii.f ifln.il.iu 'Xj Brown Brothers & Co. Fourth and Chestnut Streets Philadelphia r - OTVUVfOniXIPrG f ertirSVsi'r'VrnV' '. r-JS oV ..iyTV 'r . s - .Ji 5i.-'k- f 1W e- t r -?, avi" kff i VI IIS it f " A S,tf eSJ m tV 1 ft
Significant historical Pennsylvania newspapers