9
I
i
II
K.
M
I .
IV" .
! S. ''
. vv
Bigger
Drop
Coming?
Where will the next broad
move take us?
When will we be on a solid
buying basis?
How much more liquida
tion can we expect?
Babsoit's!
Speculative Bulletin just off
the press answers these and
other vital questions on the
unusual combination of cir- i
cumstances existing in the
present market. It is a mat- j
tcr of vital importance. i
With these facts many in- ;
vestors can see what's ahead
nnd govern themselves accord-
Report on Request
A few copies of this Special I
Bulletin are available for dis
tribution to interested in
vestors, gratis
Tear out the memo note; J
nnd hand it to your secretary i
when you dictate the morn- i
ing's mail.
Merely atk for Bulletin 34-CT j
The Babson Statistical Organization ,
WsllMlsy Hills. Mao. I
tarsal Organisation of It Character
m tht World '
TEAR OFF HERE
Write HoKer W. Babson, President
of the Babson's Statistical Orffanl- I
I zation. Wellesley Hills. Man., as
I follows: Please send copies of Spe- I
I olal Speculative Bullet.u No. 34-CT i
and li(KiUlt (iittoip the Most ,
' from Your Money" gratis
I -j - l
- ti 9&?iliri
-"IiAl -'
, NEWBURGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
1410 Chestnut St.
FOREIGN INVESTMENTS
Complete information furnished regard
ing Foreign Government, iuii(clj!al
anil Corporals Issues
WE OFFER rOH SALE AT CCniSENT
KATES IN AMOUNTS TO SUIT
1.000,000 Mark Cltr or Manlcb
4To Bonds
1.000,000 Marks City at Hamburc
Yi?t, Bonds
1 .000.000 Msrks Cltr or Bulla
4 Bonds
jnMBWW'in iraMEniraiMM wum
Tax Froo in Pennsylvania ja
Free Normal Federal Income '5
Taxes g
LOGAN COAL COMPANY 1
7co Cumulative Preferred Stock i
Dividends Payable February, H
May, August and November 3
This company has been In sue- J
ces.fjl operation for the last 18 a
years and owns over 6000 acres ij
of aluaulo coal lands in Cam- H
hrla Co l'n , estimated to con- a
tain nvr 30 000 000 tons of mar- &
ketuble roal q
No bonded debt Ej
The alue of this property H oer '
live times the amount ,of tnli 5
Preferred Stock Issue and earn- El
lrjs for the past three years a
average nine times the prefe-red g
dividend required S '
0 Trice OH nnd dividend per xliitre S
Partlculare on Request E
q r.Htnbtlshed 1815 Eg
I BI0RES1 Si CO.
I 410 Chestnut St. g
I'hllndelptila, Ta. U
BARGAIN DAYS IN BONDS
Railroad Issues at the Lowest in
Fifty Years
.ef Ua Submit Offering
EDWARD V. KANE & CO.
Morris Building
Bonds for Investment
' re u!nr pi.n !f tent
The National City Company
tiur..nii.nt Offlre, 11 m r j(j i ,f(fs
PhlluiMl.liU HVM flieMnut t.
tlnntli- rit U'.'S lloardnnlk
TA T?FTTTT?N'Q
liVA. IVli1 UlVi.No
I. Franklin Howard
Accountant
I'lione: bpruir C!41 835 l.iud Title Hide.
DU PONT CHEMICAL PFD,
Bought, Sold or Quoted
REED A. MORGAN & CO.
WHST KNI IIUHT IiL'ILm.NO
Members of the Phlla Block Hxcli
Stockwell, Wilson & Linviil
.Certified Public Accountants
Uud Title Bldg., Philadelphia
Corporation
Income and
Excess Profits
Tax Matters
Expert preparation
1919 Returns
Expert Review
191719181919
Returns
Consultations
Conveniently arranged
Phone: Filbert 2450
Benjamin Robin
tformerlu telth Bur tnt. Rev.)
Comulting Atountant
219 North American Buildinc
meat Bide. Trixllv BUtg.
Wash.. D, O. .Vim York. X. Y.
Vanadium
Corporation
of America
WE HAVE prepared a
short descrip
tion of this
stock, which we
will be glad to
mail upon re
quest. MOOREjEONARD &IXNCH
' CWMMANrHHULlr
IJ40 Walnut Srnnr
: hiriCwitoKMoni ,),
MtMKRI
MW Yt-t . MIIACCLM t UTtllUKOM
,TOC" OCHiNCf
WRITE FOR YOUR COPY
OF OCR
Investors' Pocket Manual
Giving fall Information ef all listed on
unlisted securities. Sent free upon
request.
Scott & Stump
Investment Securities
Members Consolidated Stock
Exchange of New York
STOCK EXCHANGE BLDG.
nUL.VDFJ.niIA
Bell nnd Keratone Telephones
GEO. A. HUHN & SONS
STOCKS AND BONDS
Members of the Philadelphia. Nsw
York and Chicago Stock Exchanges
New York Cotton Exchange
Commlnlon Orders Executed In
All the Principal Markets
BKLLKVIK COURT BLDQ.
1418 Walnut St.
NEW YORK OFFICE
111 Broadway. New York
LIBERTY BONDS
All Issues
Bought and Sold
$50 ?100 $500 $1000
Graham, Parsons RCo,
435 Chestnut Street
Philadelphia
! financial
! JS3 COMMKUC1AI, Tltl'NT COMl'ANY.
I " PhllnUDlrhla. I'eliruary 10. 101:0
At the Annua' Election hld Fsbruary Id
10'Jii tho followinit shareholders wr elected
dlreco-i to sere for th term of four stars
W W. Laird
I'lement U. Newbo'd
Samuel Ha
William C Sproul
harlemagno rowsr
Sldney F Tyltr
William O Warden
i ooard of directors Is now eompoitd as
II tO"N -
it w niaaie
Thomas DeWitt Culsr
L.. "'"V.1 Patterson
-Sidney y Tyler
I It McAllister
M.:iam C bpro'JI
Arthur E Newbold
Samuel Hea
Horatio O. Uoyd
Hubert K CasaRtt
Charlmaim Tower Morrl L, Clothier
William M. Barrett
John Cadwalader
Howard H. Oraham
1. E Johnson
raanar W. Morrlft
cnariton isrnau jonn m. Vinson
John I Croier
i: w, Clark
'-'lenient 11. Newbold
Harn A rterwind
W w I.alrd
Wll.lam G. Warden,
John J. Ratkob
A r. Huston
At a meetlnc of the board hejM lojiy th
followInK officers were elecWltor the en
eulnr ear
Chairman of thf board Thomas DeWitt Cuyler
itpiwhi jinn t .uneon.
Vico nrenldint C r Llneaweaver.
ico presiaent, M. w Htehfest
Secretary ."imu-1 A ''roier
Trsaaurer Mark Willrox
i Assistant crtary and ass stant treas
ure, Henrv C Gibson.
Assistant secretir- ind assistant treas.
urcr J Watts Mr ur Ir
-AMVEI. A CROZER,
Secretary
i K3p at a mi:etino or Tirn iioard or
i -" Directors of the Tnnunah Mlalnr Co.
nf Nfvmclu. h i thin daj It waa ordered
that the sto U trancfer bonks of the com
pany sha'l i-.o'e en Tliurnday, rebrunrj- 28,
I 1ICO, at II ti. m., on account of tha annual
, meeting n' the storkhoidsrs occurrlnj on
nisda frch It) 11)20 and that tho t'sns
I fer books shall r.rer on Wednesday, ilarcr
, IT, 1920 at 10 a m
P lili'KMOnE. Secro'ury
I rhlladelphlj Pn Fehruary 20, 1820.
niriDKNos
Till
MKRICA.N a.a CO.
HH MlirKt-t bt.
( amdrn. N J, '
February "0 iti.i 1
A nuar'e-v dividend it 1 per -nt or,
St per shurc, has ben declared on th
iiipltAl stocK of this company, paiabloi
pany. naiabln
ildern f rer ird
Marrh 1, 10, to tho stockholder
at 12 o clock noon February 21. lpju
will t mailed
J n
TOWNSKND Jd
Treasurer
Hpeelal Notlrrs
I . KLnt'TKIU CO. CONbOL. S. F. Ss
I DL'K 11)33.
1 1'ursunnt to terms of ti.e Mn-tiaso of th
. rtoanoke Hallway A i Rl'tr.c i omn.nv to ths
UUAL, ESTATK TIU HI i OMJ'.V.VT OK
Bonds t not over par ana interest sufflclunt
to abiorh tho sum nf Jmifl 77, noir In tha
Mnklne Fund will b- r.r...d by the Trus!
lee ut to 12 o'clock noon February 28. 1M0i
ROANOKE RAMWAY ft KLRPTIIIC CO
WAI.TBn W PEItKIVS fiecretatr
Annual Meellnsa
l'IIII..Ui:i.l'lll HAPII)
Est1
TRANSIT
unirtNi
General Oirii,o stii and Dauphin fits
Phllnrt i'niila fab IS 1020
NOTICE TO STOCKHOLDERS
Tfce annual mcilrR f the stockholders of
the Philadelphia Hand Transit Company will
be held at the seneral office, of the companv,
Sth and Dauphin ata on Wednesday. Marrh
17, IP20, nt llsSO n. m., for the purpoee of
election nf directors for the ensulntr year,
nnd the transaction of sui h other business us
mnv oma before the meetlnK
Ths record nf etnckholder will b tsken
at th close of business on February an, 1U20.
Transfer book will remain open
FKANH It Er.t.lS Secretary
EST
ANM'AI MEITTINn OF THE FOX.
trlliutore nf the ! nslde House nf In-
olid Women (Mercer Meinorlil Hnusei At
nitc iit M .1 vl'l be held at the l'rnvl
dent 1,1 fa anil Trust ro nulldlnrf. Fourth and
'hesinut ats rhlUdelphU on TiRd.i
February 21, ID"0. n s m
JAVi; n KTUINO
aecreUo
EVENING PlJBLlC '
GREAT GUMP MYSTERY
Readers of the Evening Pub
lic Ledger Strive to Solve
the Problem of .the
Face at the Window
Andy Likes the Widow
To the Editor 0 the Evening PubUo Ledger:
Sir Uncle Dim has a past; not ft
ery bad past, but eomowhere, some
how, a widow has bocomo violently In
terested In him. She has bothered him
considerably, having her weather oye
open for Undo Blm'a monoy. She traced
him to Andy's home, and thinks ho Is
still there, although Unolo Blm has
. "flown tho coop" not oven daring to
I put Andy wise.
, Fearful Andy or some one elso will
betray his whereabouts, Uncle Blm writes
1 Andy a mysterious lottcr Riving him
the real dope and cautioning him not to
go him away. Tho widow manages to
1 meet Andv and tries to learn some
thing of Uncle Dim.
The widow Is not at nil bad looking,
1 and Andy Is not averse to entering tho
adventure, though It Is some Job to keep
Mln ort tho trail. Andy leads the widow
nn Th nlchtlv vLIti nf 1lft WOmiHl In
black disappear as tho widow Is be
coming Interested In Andy, who can pass
the buck to Uncle Dim If It gets too
hot for him. .
Mln's mother arrives to help Mln solve
the queer actions of Andy,
From now on you will ha to get
Andv and Uncle Blm out of the P..
Vhen you get stuck again, I'll navo
another try at helping you out.
M. T. DEAN.
Glenslde. Pa.. February 22
"Veiled Woman In Black"
To tht Editor of the Evening Fubllo Ledger:
Sir Perhaps this clipping from yes
terday's paper will throw some light on
your own mysterious experiences.
Sympathetically yours,
I M. UPSOM, U. S. Navy
(The clipping IncloBed was of a local
robbery In which a "veiled woman in
black" figured Editor).
The Boy Next Door
To the Editor of the Eventng Putlto l.edoer.
Sir I think it Is the big boy who
lives next door, dressed as a womanln
black with Chester as his pal. I have
reason to think so because Chester never
saw the woman and because the dog
howls because Chester Is not at home.
The strango noises could be Chester
creeping back to bed. Tho whistles
might be caused by Chester signaling
his chum all is well and his chum signal
ing back. ALBERT KEY8ER.
Philadelphia, February IS,
Her Mother
To the Editor of the Everting Public Ledger:
Sir Tho woman that looks in the
window at tho Gump homo Is their
mother. FRANK M. WILSON.
1720 North Thirteenth street, Phlla.
She Is After the Booze
To the Editor of tht Evening TuMlc Ledger:
Sir I believe I have solved the
myBtery and revealed tho Identity of
the (woman in black).
She Is an active member of the
W C T. A. , t .
You know It has been rumored about
the town that Andy has considerable
stored, and she has been detailed by
above, mentioned society to Ket the
"goods" on Andy. REGINALD UIGGS.
624 North Harrison street. WIIminB-
ton Del
p. s. Or maybo she is a KO-ernmont
revenue officer. (Never thoUKht qf
that) REGINALD B. BIGGS.
Blames the Neighbors
To the Editor of tht Evening Public Ledger:
Sir In regard to the solution of the
face at the window. In your enjoyable
cartoon. I would suggest that it haa to
do with the previous Inmates of the
apartment. Uncle Dim's sudden depar
ture was hastened no doubt by mother s
advent and mother's skldoo by the ab
nence of Uncle and his roll. No doubt
Uncle Blm has many female taggers on
his trail and his conscience may have
conjured up an old familiar face. On
the other hand the vision may be the
work of Jealoui or mischievous neigh
bors. Hey Mln '
CHARLES VAN DL'SEN.
1202 Arch street.
CRITICIZES MINISTERS
The Rev. C. H. Woolston Says Meth
ods With Children Are at Fault
Criticism of ministers for their nl
lecd failuro to mnlte Sunday school
children understand them was modo
..i.. v. ti... TJnv Dr. Hlnrence II.
Wno'lRton. who ndtlreed a meeting of
the Prohbytcrian .'Mlnisterini Associa
tion in Westminster Hall. Withorspoou
Huilding. , , . .
Doctor Woolston is pastor of the I'.OHt
linptlst Church. Marlborough street nnd
Girard avenue, where the official board
is composed entirelv of men he baptised.
Doctor Woolston npoke of mauy Sun
dav school classes as social rirclcs. Chll-
.iAn tin cirl in I mo niitffrnw tneni.
and then, instead of being token into
the church, drift away.
"Remember that a child is not a man
in short trousers." he said. "Put niddc
vour pulpit laneuage and talk to them
in their own way. Get the kids to
gether; play with them, nnd make notes
of the word-, they ubo among them
selves. Then use these words in talking
ro them Mukp them understand you."
Doctor Woolston told the ministers
forty-five of his "boys" in the EaBt
Baptist Church had become ministers.
He has been at tne cnurcn imriy-iiiree
rears.
Sale of Buildings and
Equipment U. S.
Navy Training
Camp, Detroit,
Michigan.
Sealed bids for the
sale of the buildings of
the U. S. Naval Train
ing Camp, Detroit, Mich
igan, will be publicly
opened at 10:00 a. m. on
March 9, 1920, ac the
Navy Recruiting Office,
Journal Bldg., Detroit,
Michigan. Catalog of
this sale may be obtained
from Lieutenant Com
mander N. B. Farwell
(S. C), U. S. Navy,
Senior Member, Board of
Sale, Naval Training
Station, Great Lakes,
Illinois.
LEDGE - tHlfcXbELl'HIA, SlONDAY,
FEDERAL RESERVE PLANS
RESTORATION OF BUSINESS
Designs Course to Aid Commerce and Industry in Bringing
About Prc-War Equilibrium
Washington. Feb. 23. Determina
tion Of the Federal Henervn Ttnncttn
exert the full power of the reserve bank
ing system in regulating nnd control
ling the credit nltnntlnn n onueen .1..
signed to nld commcrco nnd Industry
in i muring pre-war equuiDrium
was disclosed In the board's annual re
port, made public today. .
Wt'i this ns Its announced peace
time policy, the board was prepared to
test tho ability of the system to check
expansion nnd to Induce healthy liqui
dation." The board explained It was
nwaro of tho implied power to rectify
the condition which confronts the coun
try. This power, necessarily, followed
the authority for, and employment of.
an clastic system of reserve credit nnd
note issue, it was; ndded.
Mllecommcndntlons also were made to
Congress for amendment of the reserve
net which would pormlt reserve banks,
with approval of the Federal Reserve
Board, to establish normal maximum
lines of credit accommodation for mem
ber banks. An nscendinc scale of rates
would be provided In the event money
was borrowed above the maximum line.
This, the board believed, would induce
banks to hold their own lance borrowers
in check nnd thus work to the end thnt
credit expansion on n Inrce scale would
be stopped.
Wnrnlnc Aralnst Rapid Deflation
Wnrnlng wns given thnt the country
must guard against too rapid deflation.
While tho board was in entire sympathy
with measures to overcome this evil, it
pointed out lhat remedies employed to
correct Inflation might create condi
tions worse than inflation itself.
"Deflation merely for tho sake of de
flation nnd a speedy return to 'normal'
deflation merely for the sake of re
storing security values nnd commodity
prices to their pre-war levels without
regard for other consequences would
be an insensate proceeding in tho exist
nig posture of world nffnirs," the report
said.
"It must never be forgotten that pro
ductive industry is profoundly nffectcd
by credit conditions. Modern business
is done on credit. One of its life-giving
principles is credit. The ultimate test
of n credit system must be found in
what it docs to promote nnd increase
the production of goods. True in gen
eral, the truth of this observation de
serves to be particularly emphasized in
the present deranged state of world in
dustry and trade, when production is
the erring need of tho hour every
where. In explanation of its increase in dis
count rates, the board said that this
had been the traditional method of credit
control. Is use, however, presupposes
normal conditions, nnd these. It was
pointed out, do not all exist nt this
time.
While a high reserve bank rate wns
shown to act ns n restraining influence
upon borrowings, it may operate ns
well, to nttract supplies of credit from
other centers. It is this condition,
among others, that was said by the
board to make imperative the use of its
cower in controlling credit nnd starting
deflating.
Forces at Work to Chech Expansion
In setting forces to work to check
expansion, the board declared much de
pended upon co-operation of business
and the community generally.
"There is, however, no need for
drastic or precipitate action." the re
port rontinued. "There need be no ap
prehension ns to our ability to affect
the transition from wnrtime to peace
time conditions, if reasonable safeguards
against the abuse of credit nrc re
spected." "Our economic and iinnncial position
is, nt the bottom, safe and sound. Kx
tremes must be nvoided, the processes of
adjusting the volume of credit to a
normal bnsis should be effected iu nn
orderly manner, nnd its rnpidlty must
be governed entirely by conditions and
circumstances ns they develop. Much
will depend upon the co-operntion of
business. Without such co-operntion
from the genernl community, progress
enn be neither rapid nor substantial "
A plea was made, in this connection,
for complete absorption by investors of
outstanding portions of war securities
issues As these pass into the bonds
of permanent holders nnd the national
debt is reduced by the operation of the
sinking fund, there gradunllv will ronio
a proper balance between the "volume
of credit and the volume of concrete
things," the board explniuod.
(renter Production n Specific
The sfiecific of greater production
was urged again ns one of the method..
b which the "proper balance" might
be rnatrially nided. Rut the bnnid
directed attention to dnngers which lie
in tlin path of great production, utiic"
ymiiiniiiMMiiiiitiiiHiiiiiiiiniiiiiimiiinim.iiiuiin:
IT IS particularly fitting that
February 22 should be declared
a national holiday in honor of the
memory of that great American
GEORGE WASHINGTON, the
first President of the United States.
It was the STRENGTH and
STABILITY of his Character and
the SERVICE he rendered to the
struggling Colonies that made
possible this Great Republic.
u
'I
i
ra
CHARTERED
GIRARD TRUST COMPANY
Broad and Chestnut Streets, Philadelphia
EFFINGHAM R. MORRIS, President
y
V,
fMWIIUIIIIIIIUIIIUIIIIIUM
'YS??
.A..
that production is immediately followed
bv distribution and avoidance of waste
ful consumption, It emphasized that
hoarding must not be practiced, or the
stlmulnnt of production will nvnll
nothing.
"These are the fundamental economic
processes upon which the proper func
tioning of the Federal Reserve banks
must depend,'.' the report said. "Tho
Federal Reserve svstem ran do much
to nssist these processes, but It ennuot
of Itself alone compel them. Efficacious
nctlon nlong these lines involves the
Intelligent nnd enrnest cd-operntion of
business nnd the community generally.
"While the Fcdernl Reserve Roard
will nlways be mindful of the Inter
dependence of credit find industry and
the influence exerted or. prlees by the
general volume of credit, the board,
nevertheless, cannot nssume to bo nu
arbiter of prices. Its primary duty,
as the etiardinn of the nation's ultimnto
banking reserve, is to sec that the banks
under its supervision function cucc
tively nnd properly ns reserve banks."
One Cause of High Frlcra
The crantlne of extensive credits to
foreign trade and the resultant kcon
competition in our own markets with
the foreign buyer wns charged by the
board ns being "one of the potent
causes of high prices.
It wns shown thnt the demand for
commodities from domestic, ns well us
trom xorcign sources, was so xar in
excess of the supply thnt the increased
cost of rcdit can be and is absorbed
in the price, speculation, therefore,
has not been effectively checked by ad
vances in interest rates because of the
onticinntcd nnd usunlly realized
large profits, according to tho nnalysls.
The board took occasion to rcstnte
its opposition to the financing of exports
which require long term credits through
banking operations, as distinguished
from nimenls to the securities market.
Of America's balance of trade for
the calendar year $4,017,745,000
approximately $2,000,000,000 was de
clared to have fallen as credit transac
tions on the commercial banks. Treas
ury advances durinc the yenr amounted
to $1 757,080,000, but this wns not
regnrded ns sufficient to onset the cor
responding measure of expansion neccs
sitated by the carrying' of the credit
balance. All of these credit arrange
ments, it wns nsscrtcd. indirectly re
flected bnck to tho Federal Reserve
banks.
Although none of tho paper tendered
by the foreign buyers wns discountable
nt reserve bnnks because of legal re
strictions, commercial banks, which
have "received it, were believed to have
turned in other obligations for rcdls
counting which otherwise would not
have been sent through that channel.
HELD AS AUTO THIEF
Youth and Friends Alleged to Have
Wrecked Stolen Machine
Joseph McFndden, seventeen )enrs
old. of 2230 Fast Vcnnngo street, was
held in $1000 bail for court nn tho
charge of larceny of an automobile by
Magistrate Rooney in Central Station
this morning. He will bo given n fur
ther hearing Friday.
He wns nrrcsted by Sergeant Pnrkcr
nnd Patrolman Rrodesscr last night.
Parker was standing on the corner of
Huntington and Sepvivu streets ubout
ten o'clock when he saw nn automobile
skid into the curb on Huntington street.
The machine was badly damaged nnd
three men jumped out and started to
run. The Heeiug men separated and
one of them fired two shots at Parker
and Rrodcsser, who had joined in the
chuse.
Parker and Rrodcsser finally caught
McFaddcn nt the corner of Albert street
nnd Trenton nvenue. It was alleged
that he nnd his nssocintes had stolen tho
car from Philip Sloson, of 3525 Frank -ford
avenue.
HOLD-UP WAS JOKE
Ring Taken From Student by Friends
Is Returned
Two men stopped Mlchnel Serodv. n
.lu.l.nf living nt 1S12 Smith Fifth
street, while he wns driving in nn au
tomobile pnst Fifteenth nnd Wharton
streets Inst night and took his diamond
nnsr. valued nt S100.
He reported to the police thnt he
had been held up. nnd search for the
nizhwn.vmen nnd the ling wns started.
This morning one of Serodv's friends
returned the ring. The hold-up wns
a prncticnl joke.
"I knew It all the time," said So
rndy. "Rut I went to tho police to be
on the fcafe side."
-m
18S6
jtemuer oi me. i menu iieserro Hjsleui
Member of I lie. I'etlerul Ileaervr. Hjsltu'i
I'caMft.i
" w etii'vf Hiixr
-l.al StWtkJW
FWF
. t t
MBRtJABY 53, 19
Transportation Lines Play lm-
portant Part in Country's
Industrial Prosperity
SQUARE DEAL NEEDED
Today, Washington's Rlrthday, belnit
observed ns a legal holiday by most nil
the states, the principal stock exchanges,
commodity markets, banks nnd trust
companies are closed. There ,wote no
quotation's except those from the few
European markets.
All other considerations of tho finan
cial situation for the time nro being laid
nslde or givpn n secondary place bv
.reason of the overwhelming Interest
manifested in the necessary steps to be,
taken by the government for the turn
ing the transportation industry property
back to their owners.
Unless surface signs nro misleading
this is going to be n hlHtory-mnklng
year In the nnnals of railroads. Many
interesting developments can bo looked
for during the next nine months as to
the question of management, financing,
operations nnd unification of director
ship. During the two years of government
control many itrnovntloDH, were intro
duced nnd tried out. which the trans
portations previous to 1017 were cither
not in position to experiment In, or
where restrnined by tho limitations of
the existing anti-trust laws. A great
many of the restrictions imposed upon
railroad mnnngement were thrown to
the four winds during the two yenrs'
ndmlnistrntion under the reglona'l nnd
Wnshington directorship.
Thus tho interesting question arises
whether or not the federalizing of these
"don'ts" by tho government control do
not make many provisions of tho nntl
trust nnd Hepburn rate laws obsolete.
If a legalization of certnln practices
were countenanced under government
control, nnd tound bencficinl in the pro
motion of better services nnd results In
economic operation, why shall they not
be continued under privnto ownership.
As n matter of fact many of these
"don'ts are npparcntly plainly legal
ized in reading between the lines of
many provisions in the conference bill
now before Congress.
A Critical Period
No matter from what angle the sit
uation is viewed, it is generally recog
nized that the railroads of the United
States have reached a critical point in
their development. The future of this
important link in tho country's indus
trial and general prosperity depends
very largely upon the character of the
legislation governing tho operations of
these systems.
As the Railway Age remarked in its
Inst issue : "Just before and nftcr gov
ernment operation was ndoptcd it wns
charged nil over the country thnt the
railways under private management had
'broken down.' If thnt charge could be
fairly made then, the charge' may be
as truly made now thnt under govern
ment operation they hnvc 'broken
down.' As n mntter of fact, under both
private and government onerntlon the
mnnngements have shown great ability
nnd energy in dealing vilh difficult and
almost impossible conditions,
"The Eovernmcnt. however, in not
handing the railways back under trans-
portntion conditions nny better than
thev were when It took the roads over,
and the inability of the railroads to
handle the entire commerce of the
country unquestionably is much greater
than it wns when government operation
was nuopieu. Tne present trnnsporta
tion conditions nrc not due to the fact
that the railways are not handling more
traffic than ever before at this time of
year, just as they were not in 1017, but
to the fnct that there is more traffic
to handle than there ever was and thnt
the facilities for moving it nre more
inadequate than they ever, were."
The anemic condition of the country's
transportation industry is not becnuse
of the lack of legislation, but entirely
becnuse of n serious overdose of legisla
tion. There hate been altogether too
many laws enacted both in the vnrlnim
states and at Washington, tho result of
which wns n decided stunting of the
trnnsportntion industrj
Confidence .Shaken
Until around 1014 the ruilroads were
able to provide adequate transporta
tion facilities, increasing with the
growth of the country, because inves
tors were willing to purchase their se
curities. When Congress nnd the vnrl
ous state legislatures began to hnrnss
them by hostile legislation, to the
point of interfering with their manage,
ment nnd bumpering their usefulness
'
1732 1709
EVENTFUL YEAR
FOR RAILROADS
wQK J5JgfV "Jtf
THIS Company, an Insti
tution of STRENGTH
STABILITY and SERVICE,
offers to Individuals, Mer
chants, Manufacturers and
Corporations its Banking and
Trust facilities and invites
their business.
a
&
llic confidence of Investors In American
railroad securities, not only In thin
country, but Jn Kuropo wns greatly
weakened. .
Jn other lines of Industry wheu
credit is endangered by diminish n
pronto, relief may be found by reducing
operating expenses or Increasing prices j
but tho railroads could do neither, for
their rates were under government con
trol, and they were obliged to maintain
for the public a service at the minimum
of its efficiency. . ,
, It has been very conclusively proven
that the growth uud prosperity of the
United States nre (lireetly dependent
Upon the railroads. The railroad com
pnnics are the principal customers of
the steel trade (ouo of the most Im
portant of our manufacturing indus
tries). The cessation of railroad pur
chases in the pnst nlways caused wide
spread depression on this trade, and
fllso in the equipment and allied Indus
tries. This point was strikingly exempli
fied In the great Industrial boom for
the five years ending June SO, 1007,
which up to tho nbnormnl war activities
of the past Ave years was regarded as
the period of the greatest Industrial ac
tivity iAthe history of the nation. Ex
amination of the statistics covering this
important era in the country's Indus
trial prosperity seem to justify tho
opinion that If the Influence of the rail
road companies did not predominate
therein, It, at least, set in motion the
means that produced that activity.
Started Uto Prosperity
This conclusion would seem to be
negatively proved by tho fact that tho
industrial depression began immediately
upon the suspension by the railroad
companies of their construction work
nnd tho completion or withdrawal nt
their orders for equipment late in 1007.
For tho Ave years ended June 30,
1007, the railroads expended In con
struction and equipment, which was
charged to capital accounts, nearly
.52,500,000,000 over nnd above their
ordinury operating expenditures, and
over nnd above their extraordinary
operating expenditures' thnt nttended the
enormous operations of those years.
In the same period the gross earnings
Increased $881,042,003. This increase
was equal to mora than 35 per cent ot
tho expenditures for equipment hnd con
struction in the five years named. Ex
emplifying the extraordinary character
of these expenditures, it nepds only ,to be
stated that tho expenditures for con
struction and equipment during those
five years were greater than the ex
penditures on the same nrcoupt during
the previous ten years. In that period
these expenditures totaled only $1,572,
031,233, and that the increase in the
props earnings during the five-year
period was nearly twice as great as the
Incrensc in the ten-year period.
This side of the railroad situation
could be gone into nt greater lengths,
but it is simply cited as an nrgument
of the need ot giving the transportation
Industry n "square deal," when the
roods, nfter March 1, will be allowed to
stand on their own legs again after
being in the braces of government con
trol the last two years.
A Narrow Margin
The position of the roods from a pri
vate ownership viewpoint is exemplified
in the operations of year 1010, just
prior to passing of the transportation
industry under government control. In
that year for the first time in ten years
(100!) barely excepted), the operating
ratio of tho railways of the 'United
States was within the margin of safety
the margin that insures adequate
service for the present nnd adequate
facilities for the future.
According to careful compilation the
net operating income of the railways in
1010, which was a year of phenomenal
traffic, with all expenditures rigidly
scrutinized nnd severely curtailed,
amounted to barely G per cent on a net
capitalization of $07,400 tier mile. On
gross capitalization it would be less than
C per cent, with no deductions for sink
ing' funds, improvements nnd better
ments and other reserve appropriations,
without which the railroads cannot be
efficiently maintained to meet the traffic
demands of the nation.
Grip Rate Further Decreases
During the last forty-eight hours
there have been reported 123 new cases
of grip and forty pneumonlu tn the city,
according to the Department of Health.
IN MRJIDKIAM
WKIsnrtOD. In loving- memory of my be
loved husband nnd our dear father, HECUIUB
WEISflUOD. JR., who departed this life
Feb. IM. 1P1D. ,
The blow was hard the shock severe.
To part with one wa loed so dear;
Mnv his soul rest In peace
Sadly missed by
HMZADCTH. SKL.MA AND ADALBERT.
Beat!)
BARTON' Feb. 20. ALICE M. wife of
Wllllsm Barton lined 33 Funeral services
Tues . 2 p. m . IS!i Heno st. Int. pri
vate. DATKR. Feb. 21. JOHN, husband of
Annie lister, need 81 Relatives and friends
Invited to services. Wid , 10 a m , 143S N.
Watts st. Friends ms call Tues , 7 tu v
p. in.
UICaENWAI.D Feb 2J at rc'l H. 311
st . ANTOINB UtKOENWALD. Due notice
v.111 be nlven.
BOUOHER. Of pneumonia, Feb. 21,
CEL1NDA 8TONK. vildow of Joslali K.
Bouirher. Funoral services Wed . 10:30 a
m 1828 N. Btoad ot Int private. Rlegels
vllle, Pa,
1IRANNON. Feb. 21 ANNA, widow of
Jumps' Urannon 1'uruTal Wed., 1 p. m ,
2210 Cantrell st. Int. Mt .Murlnh Ceni.
Krltnds may call Tues. eve.
IIRBLbFORU. Feb 2u, ANNIE I, (nea
Rlttenhouse). wife of Charles H. Drelsford,
Relatives and frlendH Invited to services
Mon.. b p. m.. 2414 N lirond st. Int. prl-
URIGCJS. Feb. 21 JAMES C. husband of
lato Hannah V lliUns aged 1'.. Funeral
Thurs.. 11 a. m Hlstr-ln-law' residence.
Mrs. E. L Reel 112.1 heitenham rd , I.awn
dale Int Wm IVnn cem.
IIROWN Of pneumonia, I'eb 20, ALICE
M. BROWN (nee Reld). wlfo f James P.
Brown. Services Ti.ee 1 30 p. m.. 4414 N.
18th st. Int. Hillside Tern
BURKART. Fib 20. HARRY L. BURK
ART. Relatives and friends, all organiza
tions of which he was a member. Invited to
funeral services. Tues . 2 p. m . .1s47 Wash
ington ave. Int. private Friends may call
Mon eve.
HVER8. At Poltstown, Feb 22. IIUI.
ZINQA C. BTER8 Funeral Pottstown.
Wed.. 2 p. m
CADWALADL'R On Feb. 22 Miss
SARAH U. CADWALADER. Funer.il ir".
Icon at Christ thurch 2d st above Marltet.
on Tues.. ths 24th Inat . at 10:45 in. Int
private.
CALLAHAN Feb 21 LUCIBN DRAI.E
husband of Esther Kegel Calljlian helal
lives and friends Industry Loditw. o 181
F .ind A M , and Philadelphia Tcnsl'story!
Invited to services, Tues, 2 p m . ,115 Ar
butus ave.. Qermantnwti Int. private
CAMPIE Feb 21, MARY, wife of John
Cample (neo Muscnny) Funeral Wed 7 '30
a m.. son's residence, H32 Morris Bt. Ill'ali
msss St. Mary Magdalen de Paxil' Church
0 a m. Int. Holy Cross Cem. -'""
st. High mass of renulem Hi fAn.n,.:
Church 10 a, in. Int Holv Senulchro (Vm
CLEMMER Feb. 21, ELllX L. wfo of
Joel II. Clemmer. aged . lleli Ivei nd
friends Invited to luneral service" Wed
2 p. m.. 000 09th ave Oak Lane int
private, '
CLITT Feb 21. at Woodbury V I
AARON, CLIFT. aged 0.1 Relatives d
friends Invited to funernl. 234 a "r"d st
Wodbury. N. J Tue,.. lri:3ti n, in Int. W,
nonnh Cem. Omit flowers
, CONARI). Second Month 22d SARAH II
(nee Nfeei, wife of II Fassett Ciinurd. Fit
"n" Kourtn-da' 2 P- "' Plymoutli Meet
COOKER Of pneumonia, WILLIAM n
of William and Mary Cook", (iVei Troy)' Vu-
CroVs 0?,rT l P' '" ' W Dal tl ?nt "
,nC0KC' F,b- "- JOSEPH II COPE aged
73 IrfrHl m-rile. Tues 3 n m.lliii!
COIttJA Feb. '. T.ITf'V irrnnw .......
of William P. Cotm iied iiM aXXSZ
Tues.. Ill u m :l4ll
olden. Pa Int Perkasle. Pa
iu uve. uien-
GeT'd :L'SW.?l?r of
tlvea and friends, Sodality' of Church of th.
JlOHfry. invited to funeral, Tues 8 Jo a in
in" nrha't."1 HoUmB "'h " ""
COYLE. Feb. 21, CATHERINE ,,.,
r. ....--.:: .r..r. ..-.'-. ."- ru i,, iieia
piV I'h" 5 v.-','. .'u', ul niei Dough
l.hJ.' . ..v'1 ' So emn reaulsm masi
St Charles's Church 10 n. m, Int. hi. Ann
Cent
a. in. Int. St. Ann's
ntAlQ.-Keb. 20, AIlTllUIl V hu.bnnrt
InWUil to iiervleos, Tues., a n ni lS n
MJjJ tyjnt er'vte. Frltndi may" vkw r-
ter of John J. and Elisabeth 1 i"uii?i"?L' heral, fd. 0 n m.;
V'- WWWJiTltU'X. fi.Vy.
l'sii s C 3fl
' III ' 3fl
CUNNJNTmn, . l
S'nlnfnMN
iel?isJv;,h :; '
Church, frit ft-, J'ipH ms St sV" . -lnvltVd.
nt' lloly Cross Ce?n, an ?.?' I
DAvrn -.. ... -!
ws:mss
DAVIS Feb. 23. Anntr xxr
seph C. Davis, aged oa nW'' " of
r.eral will be given. ' D"" "ot'ee l
UAWurvsr a.
fc-
,R.AY? Of pneumom.
n;DJ&.--2Sf
of James de Mott i'uneTai vmEi .'
ISif. "lfi n-rWro,ttrV."1CnFC?ir1r "ft 'XJ
Joachim'. Church 10 a"mk'orA, JI' 8 "
Remains may be viewed Tue", i",': "vtJ
In VirKSWfi M''Jol?,.n.1dVe0m.:?'p ffi
toSi1" "'!?' ''"bella Uona'fd.?n?W
Bu.ld.nS. iWbheMM' ?i.,er7a
DORSEY, Feb. uniiV.i.'PU.Mhralt.
BK. Relatives and frl.ni". ..!" DOR.
which ho was a
sss. "fc.. HoeUM.
Wed... 8:30 a. m'tKin'VtS ? funern'
reyulem mass St. MiTlachyJ c hJiev.8?1'"
mVii.n.. Holy Bepu,chrCohyc"l;.hurA'utl'f.
DOUQIIERTr. K.h -n n.,...
DOUGHERTY. Relatlv-eV igna ,frl?,!i,D0E
P oyea Thoa. Henry A Son's Cotton A, a
Mted to funeral. Tus. . .n . "i1"1' In
Bradtlock st Hl'gh mn.'s Church' of71;!, M
sumption 10 a. m. Int. St Dcnl."i fti. A-
Knd'frler'LsC1".
u'nVr...0,W8.'dEHToni;r ?&" -
.gETrTVRtUeVafr,
fea oNn Tla. In "
OTT7 aged 7B.' fofmlfly of 844 N ,'
J-'UUt. A As-" CO, if I, M. IXJITIO 4 ...
AV,ri!,,?aJ' W ,8n" A7crr'arS,'l0thhP,t,sM
...i-.W8;-r.lrcb. J- of pneumonia Vitii
Funeral aervlcea Wed.. 11 . m r"n..
f:'"".1';.?"".?,1 ,l.5?m" ' Ellis snd dTu,"
t'unerfti norvlcei Tu
James liush, seed r
;.. 10:30 a. m f'ojv'
'" Mt. I'eac.cv
Wnrnork mt. Int. Drl
HiiMivn, en. .ni, DrlVHlfi. All lln A '
SEPH i".. husband of Nell f &?,
?n?r.a' fe"-' 30 .P. m.. 11124 Cha3.'i
J0.
St., Brnnchtown. Int. private
ost
FARRELL. Feb. 22, MARV n,
daughter of Elliabeth and late James N,'
Itreet nq nl Riven, "flo" oilv,'
FERRIS, Feb. 20. MATTHEW A m.
ms. iieiatiyes ana rrlends, Palestine iX.
No. 470 1". and A. M Invlttrt to fuT?,.'!'
Tues.. 2 p. m., ill Ridge ave.. i-.Y,.lh
Schuylkill. Services Church of St.' James ivf
Less. Int. orlvate. Jam" "
FEUERSTEIN. Feb. "l.XfAtiv . ,w...
daughter of Charles and Marv j v uVJitlii"
aged 22. Relatives and friends li J":
funeral. Thurs.. 7:30 a m resident If
parents, aaui w. urxney st, So emn reoui.m
mass St. Bonlfsclus'a Church n m !?
parents. 2210 N. Orlneyst. Solemn reoil.m
mass Bi. uonirncius's Church u a m int
Holy Redeemer Cem. "'
FINLEY. Feb. 20. MICHAHL, ,u,b1Ild
of late Catherine Flnley (nee Illlej) r"..
tlvea and friends, Dlv. 7tl. A. O. II Oup
Lady of M"ercy T. A. 11. Society. Invited is
funeral. Wed.. 8:30 a. m.. 238tl N sjoea!
ham St. Solemn high mass of requiem Our
Lady of Mercy Church 10 n. m, Int Ifolr
Cross.
,.,EP!'WIi'L Vb- -l- CHARLKB S. FOL
WELL. Funeral services Wed . a 30 p m
residence of son-in-law. 207 Westmont st
Haddontleld. N. J. Int. private
FREDERICK. Feb. 21. W.M A . hu.btns
of Elliabeth M. Frederick, axed 70 r",.
tlves and friends. Meridian Sun Lodge. No
158. P. and A. M.. of Philadelphia. Invlt.i
to funeral services. Tues.. II a m 300 K
Park nve. Haddonfleld. N. J Int orlvslf
QARBEh. Feb. 22. JAY F . husband, f
Bertha Irvln Oarber. Services Wed . 1 p. m
1433 Mount Vernou st. Int. prlvat-
OEFERT. Feb. 21. CAROLINA, nldaw of
Carl August aerert. Relatives and friends
Invited to funeral services." Tues ,2pm,
200.1 Newcomb st. Friends may call Mor .
8 to 10 n m.
GOODWIN, Feb. 20, EMMA, wife of Wil
Ham Goodwin (nee I.anz). Funeral itrvlcts
Wed.. 0 a. m.. 1211 Fishers ave.. Lonn. n
mains may be viewed Tues, eve. r'utthtr
services and Int. Wed.. 11 a, in.. Gdita
Lutheran Church. Trappe, Pa.
HAAS. Feb. It). ANNA M. H. HAAS,
wiaov at Jacob Haas, aged HI ears, Fu
neral services Tues., 2:30 p. m.. 0:0 N. Sir
tain st. Int. private, Lafayette Cem.
HAOAN. Feb. 21. Capt. WILLIAM D.
HAGAN. aged 78 Relatives and friends la
vlted to funeral Wed.. 8 a. m.. 10 N Sits
St.. Camden. Solemn requiem mass 91, Jo
seph's Church. 0 u. m. Int. Old Cathedril
'ha.MBI.T. Feb. 21, ALBERT J. son of
Mary and late Joseph Humbly, itrlntlmi
and friends. Washington Camp. No. 483. V
O. S. of A.. Invited to funeral services SIH
N. FaUthorp st. Tues . 3 p. m Int Green
wood Cem. Friends may call Mon 7 to 9
"'IIAFPERSETT. Feb. 22. at PresbylerUi
Home. R8th and Greenway ave. FRANCES
HAPPERSETT. aged 72. Servlcos Wed
FfARMS. Feb. 21. LOUISA HARMS Tu
neral services Tuts.. 2 p. tn.. residence ot
son-in-law, Joseph H. Pote. 831 IS. Cornwall
Bt. Int. private. Northwood Cem.
HEATH. Feb. 21. LAURA ASHTO.N
widow of John N. Heath. Relatives snd
friends Invited to funeral. Tues 2d. m.
parlors of W H. Strlngfleld. 3001 Smqut-
HENN. Suddenly, Feb. 20, ROSE A ."lit
of Leonnrd H. Henn. Funi ral Wed 7 30 a,
m . 2043 E. Cnmbrla st. Solemn high man
Our Lady Help of Christians ( hurch 0 s.
m' Int. Holv Sepulchre Cem
HENRY. Of pneumonln. Feb 22 MIAN
CIS T . son of Thomaa und Rom Henry iu
Ilrnwn). aged ft Funeral private. d I
p. m. residence of parents. .1I2J Mtmpn
St. Int Holy Redeemer Cem
HENRY. Feb 21. FREDA HE.N U. ne
Ilerold). widow of John Henry, age J. Iteli
tlvea and. frlendH Invited to funeral sen ce.
Tues .IP m . funeral parlors August
KuiirlK 200.1 W Tloca st Int prl' ate
Greenmnunt Cem Omit fl-"v'".. . h ,,
HOLCOMR. Feb. 20 0pnGL 11 . hJ
band of late Anna K. Holcomb (res
Bride). Funvrnl Wed.. 2:8; P. m -0" s'
17th st Friends may ca 1 Tues eve
HOI LAND.Feb 22. ALIDA. widow ot
Ellis Inland, aged 71 Funeral Thuri J
n. m . son-in-law's residence, ."."phiii'
Meehnn. 71H7 Walker st . Holmesbure PHU
Int private.
HORTON Feb. 22. ANNA HAYES J
of John O. Horton, Relatives and 'fn';1,,',:
vlted to funeral services 1 ed -P m -"
N Kith .t. Int nrlvatf ... ..
HURFF. Feb. 21. JOHN M U !.
I-Mncral nlce. M7 Berkley st CanidY;,
N. J.. Wed , 2 p. in Friends may ci i
Tues. 'eve . ,
JOHNSTON. Feb 21. JAMES 'U'i
of Uto Jano Johnston. Funera Tues J
a m.. 2240 Pemberton st 1.hIol"?So,,
miss at St Charlit Church Int llolyv-roni
CCJONE8.-At Conshohocken. l''.,.,.6'"
Month 21st. "20 JOSEPH CJONbHsJJ
711 ears Services at ,"'na"Thf2jJt,i
Houte. Plymouth Metlmt Pa l"',-",
24th at 2 P. m. Jrnds mav ca" ' -i
! sth rvve Cinshohockin on imruu-'-
'rrANNER8TElNT- Feb 22 OIlCtJOM.
husband o":ilalth .Knnnernte in sea JJ.
Relatives and friends Invited to funeral erv
Ices. Tues., 2 p
liar Nebo cem
Ssi&y?ii?s
.1larreV-andCTate"-j;H..es ni$ &
R-lntlves nnd.frlends. H. ''.'"s
parents' resLlfncj.
,nr city N-.J-
Church 10 a m. "
H'..?IS'?.rmA n.nl. Feb . !
K t;aauc,n. ".S""i"t Kessler. V
EMMA.
Wlie oi """iVan a sad st I"1'
Ices Tues..
p. m ,
private.
t-t.K.v ll-n T-eh. J'J.
WILLIAM I. . M:
ban, ol Laura v ;"". ',,,, jce Uca -frCnd.
invited to funeral r-rvlc My i,
Ur,BPUU.. -. ,;-,,
i.i.iiir. - ..
Tue ' n" to in n, nj , ,ftl. daughter o(
KROUSE.Feb. 22, ( L'J'- $. ,V
late John L. II. and B"'1"1, 5:30 RHI"
n.ral services Wed,, - P-..."' '
aervirc, ;.-,- ....
. n.i. Ini nrlVatQ. ftui I "'
71 Relatives and frl T"J'.r0 $ '"invited l
'r'l--ffi
ftSdrSKvft.J,"K.A.BS'-Avt- M..
.VY-Feb t n'y.,8 I.KVY ..d-
ICC. PAt-lora .., v.,l 0 luniit V'. r
Hon.. 7:30 in fit. U"' Friends ml..p ."'.
fct
m., 1 1 i i
nn t-. . nn in a widow ft
RliliLllt. -1'i'n i-.."i""l,":i. ard
Matthew Keller. acii no 'T.m rest
friends Invited to funeral. Wed d m r
done- of son-in-law. Inhn Jlauff Jl ii rpi
tied nve int orivHie, ?'. 'ivv.. .hand
all nocieties. in '" " i,K e Cheltvn A
m mother's residence 'l..,., "hurch
s.,nn, "arH'l' WTv K kn
,rKna'..'
3.1 iteintivi-i nini "".";: -,,;i vounx
1 Society. K of C, Counc I. , N" ' "i ,' fu.
, Men'H CntllO C Jjeil. o"-
Sun. av. '''Iney. I"1 P" urnRT. bueW5
sirXVrPnd.-layTJ.-ldo.
vUENOTLKR.- Fob. 20. l.MMA , s
of Henry Huenstlcr. Rcl ', ' rmu pariort
oTnlnVt. rG.rPman.on .
aged .11. Services, Tu;s..u a ' Si)p
t
-,' t,
J"
lA
(&A ivU.
rfiitodi
iia.' i A"- ,