South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-12-30

you 20 regulate your own activities
too, wouldn't IL?
That is precisely what YOU will
find below-leaders in various lines
tell in tEeir own words just what
they think the most important prob
lems are ahead Of business men,
and they indicate steps they feel
viii have 10 be taken TO meet them.
And II their statements are over
whelmingly optimistic. as you will
find them 70 be. isn't that fact Of
itself an inspiration we all should
have in mind as we enter 1882
HON. w. =. G. HARDING
Governor OF the Federal Reserve
Board of the United States.
The paramount business of the
United States at this time is the
winning Of the war. and the activi-
ties Of the American people are di-
rected 10 this end The production,
manufacture and transportation Of
lhcse articles which are necessary
for the maintenance Of the popula-
ton Of a nation engaged in war and
for the support Of its armies in the
field must be stimulated in every
possible way.
The government is the largest
purchaser Of supplies. the chief
customer Of business, and its finan-
cial requirements will be very
heavy. II will demand and be
cheerfuuy accorded the right Of
way in the money markets Of the
country. and the money markets,
from the standpoint OF government
issues. will include not only great
cities which have long been recog-
nized as financial centers, but every
town and hamlet throughout the
country as we'll The people are
fast learning habits of thrift, of in
dustry. and Of economy. over TO-
600, 900 Of them are holders of gov
eminent obligations in which they
have invested their savings and for
which many have themselves gone
into debt. thus pledging their fu-
tu1e earnings and economies for the
support of the government
They learned in 1917 that vast
sums can be raised and expended
by the government, without any
financial or business disturbances,
because Of improved methods of
mobilization and distribution Of
funds and credits made possible by
our new banking system. and they
will continue, with courage and de-
termination during the year 1918 to
respond when the government calls
upon them.
They will subscribe, borrow,
save, and pay. until the objects for
which the nation went to war shall
have been achieved and a satisfac-
tory and lasting peace concluded.
r.. GOODWIN RHETT
President the Chamber OF Com
mcrcc Of the United States.
Industry at present is in a state
Of fux and finance is feeling the eff
feet of it. Confidence is in a state
of suspension. Large profits, even
abnormal profits, do not carry with
them the ordinary conclusions be-
cause Of the extreme uncertainty as
to how long such profits will con-
tinue and how much of these prof
its Will be absorbed in taxes.
Probably in the course of a short
time investors will be able to reach
more definite conclusions on these
questions and values will become
more stable than they are now.
The most disquietng features are
the constant interruptions TO pro-
duction through strikes and the
menace to transportation through
inadequate revenues. In this crisis
all should work increasingly with
whole heartedness and leave all diff
ferences to some agency to settle
With the gradual elimination Of
German propaganda a fuller realiz-
alton of this is coming TO all. and
II is hoped a solution Of the first
problem is beginning to appear.
The railways are our arteries of
trade. These arteries are gradual
~ being atrOphied. Something
must be done 10 enable them to
bring their roadbeds. their equip
ment and their service up 20 the
extraordinary demands now being
made upon them. and these de
mands are not likely 10 decrease. II
is not possible to secure capital for
this purpose at any reasonable cost.
If at all, in many cases. Possibly
solution will be found along the
line suggested by Mr. Vanderiip.
namely. by the governments ad-
vancing money to the railways just
as il is advancing it to the allies;
although many think the most SEN
sible way would be by an advance
Of rates. at least temporarily sufi-
cient 10 enable them 10 make the
service safe and adequate.
A similar question is facing all
public service industries. Their
revenues are fixed by public agen-
cies with few changes since the war
began and their expenses have been
gradually increasing TO a point
where they are becoming unable TO
keep their services up TO standard.
Moreover. their plants are rapidly
deteriorating and unless some
measures can be taken to enable
them 10 put a stop 20 all this.
complete breakdown will inevitably
result.
Warning is being given that in
dustries must adjust themselves to
the national business OF making
war While some OF this has al
ready been done. great deal more