CTPMMMMHHHHHHiiHHHi t?fi&?m&x'W't4'7 ',i'n;' v'?s!Tsay:y'?1'' ,g?tyy4'tTyy-('- f"- w,7 ;asr' '- "r,,'"vf, "'' " v,'r'7nwr"'" ,w ' -"-?ritty4)rrf- T mm ' I,-" , y EVENING PUBLIC LEDdlEJRA-PHILAPELPHIA, FRIDAY, 'APRIL 29, 1921 '17 fi R. R. CAPITAL IS BILLION IBO HIGH Interest on Stock Issued to Pay nebts Eat3 Up Income, Lnuck Asserts SAFETY MARGIN .REDUCED By the Associated lrc riilcato. April 20. Clmrccs mny that railronth wore "fictitiously or iinnccensril.v overcapitalised" were -j- t,ln'liv V. -Tolf T.nimb. rnimnll. Ine economist for the railroad labor unions. Mr. Tjiiuck wag called ns n witness in me rniiruim wuor uoaru hearing Into tho demands of the roads JIr. Lnuck cited twenty-nine of what ho terms reprcucmniivo rnnronus, li-1. tin onlrl Wlrn (iMtHnliiilt ii tin. necessarily overcapitalized to tlip extent n $1,217,000,000. He paid "the result of finnnntnl tiitefAt,nTAMA.. .. -- .- - ..... u. ,,,,, , g, .mill, pu uir us "nnnclal status and pliyfclrnl condition w ,111: 4iuMiivrumon inniiKiry prior to tilt- ynr Is concerned, together with the . 11.111M 01 me. employes to the nnal Situation Whlcll llnvnlrinmt ...Ul.f I. Kiiuiinarized ns follows! I 1., "-' r'"' increased returns re sulUtiR from the efforts of operating nnd iiv:unuiiiuni oiiiciois ami railway em ployes In general were nbsorbed by tin- nuirmucu aeciiniy issues nnd distrib uted as bonuses to the underwriting syndicates or to the holders of securities. 'Second. Railroad debts as a rule wero not pnld. Old obligations were refunded into new issue nmU fixed charges accumulated and Increased. "Third. Proper reserves for depre ciation of property nnd equipment were not set aside from current earnings. Fourth. As the costs of materials and supplies advanced, the net Income of the railroads declined. "Fifth. As the result of this situa tion the margin of safety of railway net Income ocr fixed charges was so reduced that railroad securities could not be sold and rollway credit was im paired. "Sixth. The final outcome of the financial mismanagement of the rail roads prior to the war enme in 1017. when the entire Industry collapsed be cause of the unusual pressure placed upon it. Operating nnd mechanical nffl- clnls, because ot the absorption of earn- ingi nrming iroin nnanciai mismanage ment, had been forced to defer much needed Improvements on nccount of lack of funds or credit, nnd had been com pelled to permit the physical detrrlorn ;!"D of the equipment nnd properties of the railway companies. As a' conse quence the transportation Industry was unable to withstand the nnusunl strain which our entrancn Into the vnr,,lm posed on It. ' 4 "Seventh. Although the employes were debarred from fair nnrllrlnnHnn in nam. nigs, laoor costs or operation steadily declined up to 1014. Kates of pay to employes were Inadequate, working stnndanls were bad and hours on duty excessive." After government control ended, Mr. Lauck said, the roads returned to what lie termed the pre-war evils. Operating control wns decentralised, the econo mics of unified direction were lost, cap- Hal nh.t npaillt vara withhold and thC roads elected to maintain excessive prices nnd profits for railroad materials ami supplies and to contract for repair work at higher prices than necessary, he said. Snmuel Illgglns, the third of the three new board members recently appointed by President Harding, was present to day. , Lamps of Distinction Electric Lamp and Artistically Hand-Painted Parchment and Silk Shades Newest creations of lending , makers and our own ideas, combining beauty and utility in the highest degree, and which will greatly enhance the charm of any home. Com plete assortment affording tho best opportunity for the se lection of styles and sizes, ap propriate for City, Country and Sea Shoro houses. And a great variety of beautiful Shades. "Wo -will make shades to order to match decorative motifs if desired. Dougherty's Faultless Bedding Hair Mattresses Box Springs Bedsteads 1632 Chestnut Street WKZ ela k)(M OHT LUNCH Anything (rem v ?' Pie rnvl n mo of t . to i well nll1 pUtttr. Mtxtrmtrlr prltrd. too. Mf na Chanted Dnllr 35-37 South 16th Mann & dilks 1102 CHESTNUT STREET 4 Misses', Juniors', Girls' Suits and Coats ' Have endless v)eai plain tailored and nie especially adapted for all outdoor use. MANN & DILKS 1192 CHESTNUT STREET Greatest bargain in Phiia. LOOSE LEAF-LEDGERS iKsiNfk or Uain Hit IK I Less on Arcli Street . Corduroy bind ing, red' back and corner. 200 sheets and Index com plete, BttxllH. REGULAR PRICE, (13.00 W Aro Phlla4elphl t4(injurtri $8-50 BLANK BOOKS 1c to $30 each COMMERCIAL STATIONERY FILING DEVICES TuSt " Immediate Delivery HARRY B. LEVIS STATIONER 702 Arch St. OWLI BROAD STREET AT SUSQUEHANNA AVENUE I Silver Coffee Sets The most conservative and plain designs in three-piece sets in stan dard makes and some extremely fancy patterns. Priced $26.00 and $30.00. Open Monday, Friday and Saturday Evening fffif.E'ijy il fil jMWV Th "Oliver" blacic natln. t suede inlaid, blaclc- suede, satin In laid 12.50. VThltB "Kld-Kloth" with Tan or Ulack Cnlf trimmings J 12.00. The "Oeoraetle" tan calf J 12.00. The ' D'Orsette," rav buck, JJ0.00. Tan calf and black satin, IIS. 00. White Kid Kloth, S16 60. The Paris" (Garald make), icray, buck and tan calf, JtS.o6. Black (Attn and patent, $16,50. While Kid Kloth. 115.00. The "Uonschamps" (Oarslde make) black satin, crey stitched, brown satin Ivory stitched, 118.00. The Walkln Oxford black and brown tyd and tan calf 19 00. QX l'h "Fan TunB"- -seven styles, satins and plain leathers. 112 B0: vtedes and combina tions, H, white kld kloth. $11.00. New Assortments of the beautiful "CARLTON" f the most popular strap pump of the season have just arrived! Both this heal and tho Petite Louie And by securing the benefits of a lower market, by both the factory and ourselves marking a little closer than we should we are able to offer a complete series of these beau tiful pumps at the remarkably low price of $9.75. SEVEN STYLES Black satin, brown satin, gun metal calf, tan hv rir calf, gray suede, tan forepart with fawn suede JStl . J) back and straps, and patent forepart with " J gray suede back and straps. The "Newport" - tn and black calf, and black satin, S12 00. Silk Stockings all Shoe Shades, $2.00 AVTIMsf frhj yor Hrr,ou JkfSI 9 1230 MARKET 1308 CHESTNUT (Shoti and Stocking! for All A Family) The "Saddle" Spoils Oxford patent or tan on white buck, and all white buck, and white buck on kld-kloth, IK. The Saddle -Vamp" Oxford tan calf, (11 00. The ' Wins" SporM Oxford fle colors on kld-kloth or buck. Ill SO and $15 00. ML The Chelsea" aen styles in satins, conir blnatlons and suedes, $M.00. fh nrojjiiotle'' -Ian ralf, $12.00. White buck, $13.00. Vh "f.onuacre" black nnd brown satin, and brown suede, $9.78. The "Kiltie" tan blade calf, $14.00. and The Sports Tump patent and tan calf on white buck and white kld-kloth with whit buck trlmmlnr. $12- SI'IUDAY, AI'niI 2D, 1021. Hlnre Opens Dully nt 0 A. M. CIor. nt Rt3n I', M. M NELLENBURGN f ENTIRE BLOCK-MdRKETriXro&W STREETS II M IN THE ECONOMY BASEMENT Nowhere Else Can You Match These Men's and Young Men's SPRING SUITS c i i m i mmt- t JL I J They're 100 Value for Style and Service You know wo save tho middleman's profit that other merchants must ask that's why our prices arc so much lower. at Our Men's & Young Men's Suits With Extra Trousers Have Been Reduced Nov? to $22.50 And of course you know what an extra pair of trousers means to the life of a suit. Otlier Suits for Men and Young Men. Special at $18.50, $21.50 and $23.50 "" R HWWVWWVWWVIH r Wf 1 MB Men's and Young Men's $5 Fancy Trousers 4JO QC a,Pair Z.OO Men's and Young Men's $6.50 Fancy JO CC Trousers at, Pair vtlf $13.50 and $15.00 Raincoats at. . $9.00 $18.50 Raincoats JIO Q cl L SneETenBURGS Economy Basement Extraordinary Sale of Spring Suits for Women and Misses The Vogue for Mid-Season Hats of Taffeta & Horsehair Finds Its Most Charming Expression fere in This Group of Loveliest $15 Hats at $10.00 Perfectly ch arming hats and thero's no end to their practicality for they look equal ly well when worn with a tai lored street or afternoon, or restaurant costume, In Gracefully Drooping Mushroom and San Toy Shapes Hats of finest horsehair braid, faced with taffeta in solid colors and stunning: color combinations. All fashionable shades. Trimmed with dashing bows of gros-grnin ribbon. Some Particularly Good-Looking AU-Taffcla Hats Included at This Same Popular Price One Model Pictured SMELLENBURGS Millinery Salons, 2nd Floor Amazing Values in Our Phenomenal Sale of Fur Choker Scarfs SC?o1S4ratthUP$19.50 One- and two- skin (icarfs, in silver k i t fox, pearl kit fox, cross fox, K o 1 i n'sky fitch, Ko linsky, Lib erty fltch, skunk, brown and taupe wolf squirrel. Scarfs Worth Up fc 1 O Cf to $37.50, at . . v A W One- nnd two-skin scarfs in Kolinsky squir rel, ringtail opossum, natural squirrel, Kolin sky fitch, natural raccoon. Australian opos sum, Jap mink, rose blue kit and Russian fitch. Smartest Dressy and Sports Models at $15 Phenomenal values! Suits in the season's best styles, well tai lored, beautifully finished. Serges, Tweeds, Homespuns and Our Own Famous Hetherwevcs A suit for every suit need for every occasion for every typo of wearer. Unrivaled in style-appeal and quality merit at this amazing ly low price. Good line of the sea son's best colors. Two Shown Women's Suits on Sale Women's Department Misses' Suits, Sizes 14, 16 and 18 Years on Sale Ulisses' Department 715.00 SNELLENBURjGS Second Floor m 1 (S Wmr yrTrrrwyf fill SIP ATI 1 MTU.' I.U 515.00 A Specially Purchased Lot of Women's New $15.00 Sport Skirts W ? -' & tf$s" Rich Brown Fox Scarfs $32.50, $39.75, $47.50 and $57.50 Lined and double fox scarfs, all made from selected skins. SNELLENBURCS Second Floor Boys' $1.50 Shirts to Sell QEJC Each L .lust the shirts boys like, well made, of sturdy materials, in good, clean-cut patterns. Excellent' tailoring and careful finish through out, in neckband style, with soft turn-back cuffs. A good time to get the regular summer supply at a saving. bNELLEHBURGS First Floor Go on Sale at $10.00 Of fine quality worsteds, wool vclour, and Prunella cloth, smartly plaited in double and single box plait effects. Plaids and stripes, in tan, green, brown, Cppen, navy, and black-and-white. SneTleTTbU-JS Second Floor Our Studio Offers One Photographic Enlargement Free With Each Dozen Photographs Ordered An exceptional offer, which is of particular interest to graduates. We will mako ono care fully finished enlargement from your favorite negative given away absolutely free with each dozen pictures ordered. bNELLENBURGS Sixth Floor, I lth St. Sido Good-Looking Silver Plated Mesh Bags In the Popular "Dome" Style Frame Special $495 Very fino silver-plated mesh bags, with beautifully etched frames, chain handles, pendant or tassel trimming. Style pictured. Particularly Attractive for Graduation Gifts! Silver-Plated Vanity Cases, Special at $1.00 Attractive little accessories, fitted with mirror, powder and rouge cases nnd coin holders. In fancy embossed patterns. Pictured. A Marvelous Assortment of JTA- to M Novelty Bead Necklaces at 0) 1 Colors to match every bloubc or gown the smartly correct touch to the Spring cos tume. In solid colors nnd striking color combi nations, including red. amber, crystal, ame thyst and sapphire. Mostly tassel trimmed; some pendants. SNELlENBJF-jS First Floor Special Demonstration and Sale of the Famous !lETL: Chocolates Makers of the Delicious Peter's and Cailler's Confection 80c Plain or With Whole Roasted ZQ Almonds, Special at, lb OsC '2-lh. Cakes fg7 Chocolate 29c lk&fr Chocolate 39C -lb. Cakes Come in and Try a Saunplc Just Inside the Subway Entrance. It's So Good, a Taste Will Mean a Purchase bNELLENBURGS Economy Basement Jl The Century Bicycle For Men and Boys Sells Regularly at $55.00 JJut We've Marked Ours at Onlv $45.00 Just a Special Lot and They're Wonders! Women's $9 Imported & Domestic Sweaters Popular Tuxedo and Blouse (Ji if Styles at ,7 Sweaters for sports, street or dres3 wear an extraordinary assortment of newest models, in wanted colors and striking color combina tions. Fine imported and domestic grades exceptional at half price! bNELLENBURGS Second Floor Tennis Rackets Very Special! A wonderful lot of high-grade rackets which we're selling for much less than usual because we "picked up" a specinl lot of (irst-clabs frames at a big price concession and had them strung to our special order. All models in the lot and look at these savings: $4.00 Rackets at $2.00 $5.00 Rackets at $3.00 $8.00 to $10.00 Rackets, $6.50 $6.50 to $7.50 Rackets, $5.00 Complete with coaster-brake, mud guards, non-skid tires, rubber grips and roller chain. Guaranteed for ono year. $4.00 Bicycle Tires, $3.00 Pennsylvania Rubber Company tires, with good heavy non-bkid tread; size '28x1 Vu inches. Complete Line of Crawford & Macgregor Golf Clubs, $4.00 to $7.50 A. J. Reach Golf Baps, $2.50 to $30.00 Golf Knickers, $8.00 to $10.00 bNELLENBURGS Third Floor 1" K u .' 1 1 .:; N. SNELLENBURG & CO. !.. 1 ,.,;u ,r . -L,fa.ltlllj; -. f tlv. i ,-r,, .t. .. ,MfaflJ :N. SNELLEN 15 URG & CO.;
Significant historical Pennsylvania newspapers