Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-18
SAYSU.S. BUSINESS
FACES HARD TIMES
Gloomy Picture of Industry in
America After War Painted
by Railroad Man.
ADDRESSES MEETING HERE

a gloomy picture of business America
after the war in Europe is ended was
painted this morning at the opening
session Of the convention of the Society
of Railway Financial officers, at the
Raleigh Hotel. T. H. B. Mcknight, treas
urer of the Pennsylvania railroad lines
west. in his annual report, which he read
to the treasurers and other high financial
officials of almost all the railroads in
the country who were present, pre-
dicted that manufacturing will be
sequent heavy falling off in railroad
freight earnings; that immigration
from Europe will be prevented, with a
consequent increase in the price of
labor. and that because Europe will
want so much money with which to re-
habilitate the belligerent countries
there will be practically none left for
the development of American railroads
EXCEPT cWf.s at nrohibitivs Pro . loan rates.
freight rates down." Mr.. Mcknight
said. "and with wage increases made
by congressional enactment"-in al
fusion to the so-called Adamson eight
hour law" recently passed by Congress
who will feel like trying to develop
the American railroads, the mainstay
Of commerce?"
Consider Railroad Problems.
The financial officers of the railroads
gathered at the Raleigh to take up the
problems that confront them. with
great enthusiasm, singing America"
at the top Of their voices as the opening
incident Of the convention. They de-
parted from previous custom by a reso-
luton of the executive committee in
viting newspaper correspondents to be
present at their deliberations, and 1t
was announced that the presidents of
the Washington banks will be invited
morning. when Frank A. vanderlip.
president Of the National city Bank OF
New York. will address the convention
The convention was welcomed to
Washington by Oliver P. Newman,
ers Of the District Of Columbia, who
told something of the origin Of the
District government. and in response to
request to explain why it is that
smokestacks obscure the view of the
Washington Monument, he explained
why it is that the federal government
must observe the rights of owners of
private property. notwithstanding the
fact that the federal government is
paramount here.
IT understand you are governed like
Russians" Mr.. Mcknight said to Mr..
Newman. in Introducing him: that
you have no vote, no common council,
Newman told the convention that the
people Of the country are the real
owners Of Washington, and pay half
OF Washington's taxes, describing the
city as Your capital" Mr.. Mcknight
promised that the members of the So
ciety would take a more personal in
terest in Washington now that they
know that they help to pay taxes here.
Guests at Reception Tonight.
E. c. Brandenburg. president of the
Washington Board of Trade, addressed
the convention this afternoon, and
shortly thereafter pleasure parties for
sightseeing. etc, were made up. To-
night the members of the convention,
who have brought their families to
Washington, will be guests at re-
the Southern railway. and Mrs. Ansley
at their home. 1921 Connecticut avenue.
During Mr.. Meningitis address he
pointed out that he does not believe
allow immigration after the war. The
men, he said, will be needed to rehabil
itate-to rebuild-Europe.
There will be great dearth of un-
skilled labor here. and we will have to
pay more for it 1t may even turn out
that we shall have to do as Europe is
doing, employ women in the mems
trades. That will mean that the wash
ing and cooking will be put out Of the
house. and that we shall have more
and more community living" Mr.. Nc
knight said. He continued, in part:
Much Money VIII Be Needed.
Great sums Of money will be re-
quired abroad. Great sums will be re-
quired here, too. The United States
government must put out bonds to pay
for preparedness, and they must be abb
sorbed In no other country in the
world except the United States is there
money to lend. When the munition
business is over we will find the Ameri-
can railroads bidding against foreign
have not been able to finance their
business for the past ten years, and
many floating loans must be taken care
of. improvements are badly needed by
the railroads. extensions are badly
needed. Where is the money to come
from?'
Mr.. Mcknight advocated universal
military instruction on the Swiss or
Australian system, and declared that
the people Of the United States are
living in a FOOLS paradise" so far as
possible attack by foreign govern
of his address was the necessity for
increased Industrial, financial and mill
tary preparedness.
FAMOUS AVIATOR WOUNDED.