Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
ENOUGH MONEY FOR WAR
NEEDS, GOVERNOR HARDING SAYS

I bearing unbelievable burdens and yet con-
| tnue TO fight in spite Of them, Mr. Brand
| drew the conclusion that though the me-
chanios Of finance is exceedingly important.
| the vital thing both for country itself and
| its allies Is that II should produce and
| have available everything required for war,
both for itself and its allies.
This may seem an elementary fact" said
| he, but lay stress on II. because II Is TO
my mind fundamental and the key to the
action Of a government at war. IL the goods
are not here, or cannot be obtained from
other countries in some way or other, no
method Of financing will avail at all.
THE all-important thing Is that the Gov
ernment should assist in the development
OF the maximum productive capacity Of the
nation, should direct that productive ca
paclty into channels suitable for war, and
should restrict entirely the consumption of
luNuries and. far as possible. of every
thing else required by the ordinary civil
population"
PHILADELPHIAN'S VIEWS
The entrance of State banks and trust
companies into the Federal Reserve system
was advocated by John II. Mason, vice
president OF the Commercial Trust Com
pany, Philadelphia in addressing the trust
company section of the American Bankers
Association this morning
Mr.. Mason said that he regarded the Fed
eral Reserve act primarily as a commercial
banking statute Before the Federal Re-
servo act became a law II was opposed by
the trust companies, said Mr. Mason. and
he regarded this opposition as having borne
substantial fruit since the amendments
which has since been procured undoubtedly
strengthened tho act. Without this oppCsi-
tion 1t was doubtful, he said, il the law
would have reached its present admirable
character.
The finances Of the Government should
pe the hrst thought Of all bankers. said
Mr.. Mason, and only by all working to
gether under the Federal Reserve act could
these finances be strengthened. lie pointed
out that the exemption of the trust COM
panies from the anti-interlocking direc-
torates clause Of the Clayton bill would
doubtless he big factor In bringing many
large trust institutions, especially IN New
York, into the system There Is no question
he said. that each company must decide for
itself whether or not 70 enter the system,
WAKEFIELD on SECURITIES
a campaign of education to inform the
millions OF people who are directly or indi-
rectly owners OF railroad securities as to
the good or bad features OF the situation
surrounding the railroads so that action
might be taken TO protect the public's in
Nestnents, was urged by r. Davies War
field, Of Baltimore, chairman Of the newly
organized Railways Securities Association.
Mr. Warhetd said that the association
proposes no controversy with the railroads
rOr on the other hand. to undertake TO
answer for them. 1t is inaugurating an
educational propaganda to show the $4,000
900 holders Of life insurance policies that
approximately one-fourth OF the policies on
their lives are secured by investment in
the bonds and stocks Of the railroads and
also to show that millions Of other citizens
such as depositors in saving banks. holders
Of stocks in financial and other institutions
which own railroad securities, are indi-
recty interested in the value and stability
Of such securities
RAILROADS MUST PROGRESS
The railroads cannot go back TO former
methods Of competitive operation or to
The methods Of regulation in the past. Mr.
Warfed declared, Advantage of the present
method OF handling cars for reloading and
in the movement Of commodities urgently
required at any given point for any given
purpose, will probably be taken
Mr.. Warfed quoted Food Administrator
Hoover's recent warning that the war is
bringing a drift toward Socialism and said
that il would be the intention of the Rail-
way Securities Association later to ask the
Government to correct existing evils in deal
ing with business enterprises, be II railroad
or industrial 1t was public duty, he said,
tC prevent situation fast drifting to a point
beyond which IT will not be possible to OBJ
tain due consideration for property rights