Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-13

The creation OF an International Clear
ing House. where settlement of money
balances between nations may be made In
times Of financial stress without the loss
and waste caused by the moving of gold
back and forth, was advocated by John
j. Arnold vice president of the First
National Bank, Chicago, at the Invest
ment Bankers Association today.
Pointing to the patriotism of the clti-
zens of foreign nations in tho present
war, Mr.. Arnold declared that the citizens
of the United States should follow their
example and unite, not in the defense of
our nation, but for the development of
our resources, which is the national issue
here at the present time.
The development of world commerce
in the next century, Mr.. Arnold asserted,
will be based on cooperation instead of
competition. as has been the case in the
past. And by precedents already estab-
lished the United States Is best fitted
to lead the world in such cooperative
movement, he contended
Mr.. Arnold said the time was near when
the United States will be the financial
centre of the world
Failure on the part of corporations
to furnish statistics and facts, according
to Charles Day, Of Day ~ zimmerman.
this city, is responsible for faulty laws
not being changed.
Mr.. Day at the afternoon session spoke
on "A Conservative Policy for Public
Service Corporations The policy out
lined by Mr.. Day was based on the ex-
istence of governmental regulation.
AS matter of fact" said Mr.. Day,
there Is little opposition TO the principle
of regulation; Il Is the actual results of
legislative enactments and commission
activities that most frequently occasion
dissatisfaction and open protest. Many
laws governing public service commits
sions are faulty and illogical; many COM
missloners lack the proper qualifications; /;
many decisions have been but illogical
compromises.
while there has been a tendency to
look to the public for a remedy through
the correction of faulty laws and to the
commissioners, through modification OF
their view, we believe the responsibility
rests squarely upon the corporations
themselves. They alone can furnish
those facts and statistics without which
all argument is futile"
Private ownership and management of
public utilities, with general Federal
supervision TO insure Justice to all inter-
ested, was advocated as the only equitable
basis upon which to devise a solution of
the public utility and conservation prob
lens in the United States by A. f. Frame,
speaking before the convention which is
holding sessions in the Bellevue-StTatford.
Mr.. Frame, who is president of the
Waukesha National Bank, of Waukesha,
Wis, presented In detail a plan. which,
II adopted. he declared would solve the
problems equitably.
Six principles were laid down by Mr.
Frame as fundamental to the solution Of
these problems. They follow i'm brief.
First. Public utilities should be under
the control of the United States Corpora
tlon Bureau or the Interstate Commerce
Commission for Interstate enterprises
Second. In any corporation hereafter
organized, the issues of stocks and bonds
allowed by the Commissioners having
jurisdiction should be limited to the
actual values of all moneys or properties
at fair values turned into the corpora
ton Bonds should be limited to not over
20 per cent of total costs
Third. Non-eompetitlve charters should
be granted for not less than 20 years at
rates OF service likely to pay investors
an annual profit of 6 to per cent, ac-
cording to the risk involved.
Fourth, For any permanent improve
ments or engagements of present util-
tiles. or those incorporated at a later
time. additional stocks or bonds should
be allowed TO be issued only on the ap-
proYal OF the Commissioners
Fifth. Present outstanding stocks in
existing corporations not yet fully paid
for should be allowed to remain, with
equitable adjustment to be made by the
Commissioners when the corporation asks
for an increase In stocks
Sixth, Extensions of charters should
be granted every 20 years and rates re-
for service, bssing such rates
upon the ayerage annual profits for the
last @-year period"
The inal business session OF the con
venuon closed with the election OF ofi-
GERS. A regular ticket was nominated by
the board OF governors. and was unani-
meusly elected by a viva Yoce vote
The officers are: President A b.
Leach Of New York vice presidents,
Frank w. Rollins, Of Boston; Allen q.
Hoyt Of New York; John Z. Blunt Jr.
Of Chicago; ,. w. Edmipson, OF San
Francisco. and Charles A..Otis, Of Cleve-
land; secretary Frederick r. stenton
lf Chicag0i treasurer J. Ehern smith, OF
81 Louis
a board Of governors composed Of nine
men was elected, one Of these. George ~
kendriek, "a. being a Philadelphians
Woman Killed BY Auto
WASHINGTON, NOV s Mrs. clara
Davidson. "a years old today was run
aoHn ana killed BY a. automobile truck
~ Pennsylvania avenss