Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-30
GOSSIP OF THE STREET |
RAILROADS CHIEF
TOPIC IN MARKET
Association of Executives Ready
With Scheme for Gov.
ernment Control

Committees. which begin on January 2.
prominent banker remarked Saturday
that he understood the Association OF
Railroad Executives is ready with p
plan which combines Government con-
troll. private ownership and community
of interest When asked what tho latter
statement stood for. he said he be-
lieved that it was proposed 10 have the
public share In railroad profits above
certain guarantee.
He also said he understood that the
executives are in favor of the regional
plan, which has worked so well with the
Federal Reserve Bank system This
plan has been frequently recommended !
III this column through interviews OF
well-known fnanciers
The idea. continued this banker, as he
understood it, was to have central |
corporation with a Federal charter and |
Federal representatives on its board. !
This board would direct the, operation,
etc, of the railroads as the Federal Re +,
serve Board controls the Federal Re-
serve banks Some peore, lie remarked
confound the idea OF zones with regions +
but they are Two %.de!H different ideas (
The regional idea is intended 10 act as a +
buffer and prevent friction with the |
Legisla lures of the several States |
through which the various railroad sys- |
TENS of any particular region operate,
while zones would imply certain defined |
belts or distances from given centers.
There are a number of other important |
matters which, it Is said. will be recon-
mended by the executives committee,
which will be the creation of the Office
of permanent director general. They |
will. It Is believed. insist on a complete |
reorganization, Of the present Interstate |
Commission, the abolition OF State rail
road commissions, the Federal super !
vision Of capital issues of railroads, abo
lition of anti-pooling law, etc. Alto ,
gether. he said the full report of the !
executives committee when presented !
will inspire confidence in the public as
TO the future OF this much-talkcd-of .
problem.
Apropos the railroad situation, a dis
patch from Chicago SAYS that Senator
7. Hamilton Lewis. who has just ar
rived there from Washington to confer
with merchants and other shippers, pre-
diets that the railroads will remain
under Government control for several
years. but that the roads have 1t in
their own hands to determine how long
that control will last. II depends, he
said on the conduct OF railroad man
ayers toward the public.
is always a fertile field for discussion
in the financial district, especially when
the stock (preferred) suffers sharp
decline, as was the case on Saturday.
The investing public generally Is some
what mixed upon this subject. as there
have been so many contrary statements. .
On account OF war regulations, about
S65, 100000 OF earnings of the ships is
being held by the British. Getting
tired Of q1Iph a situation ha American
interests accepted an offer to sell out
10 a British syndicate the British ton
mage for about S135,000,00
Then our Government through the 4
board, stepped in and prevented
the sale. saying It would take the ships
over at the price. which up to the pres
cnt 1t has not done AS matter of
Mercantile Marine has for sale and that
the shipping board can buy Is the stock
Of the companies actually owning the ,
ships And in the final analysis 1t Is ,
questioned whether or not the British
Government would object to the transfer 81,
of such large tonnage.
New York traction bonds were weak
on Saturday, Notwithstanding that re-
ports were current thare would be
measures taken for the relief OF the
entire traction situation. There was
considerable skepticism as TO the out
come OF the various street railway
but those best informed in
sisted that there would be no receiver
ship for anJ Of the companies except
possibly friendly one for the New York
Railway Company. 1t was suggested
by some that IL might be desirable to
bring about friendly receivership for
the purpose OF readjusting the capitali-
zation OF this organization. but it was
impossible to obtain any definite facts
In this connection.
Foreign Government issues were
strong, with substantial turnover for the
half session. Prices, however, were not
changed from those obtain |
Ing at the close of business yesterday.
Railroad and industrial issues were
quiet, with only moderate price fuc-
tuations being recorded. q
The opinion obtained in bond mar
ket circles that by the middle Of Jan
uary there will have developed sub
stantial bond market.
There was a report that the Brook ,
lyn Rapid Transit Company is en-
deavoring to obtain $20,000,000 Iapi- 8
tale reimbursement. which II claims for
expenditures made out OF earnings since
1909. According to the report, II this /
can be accomplished, the company Will ,
Do relieved from immediate WORRY, and
II the fare situation Is worked out along
lines, the outlook for the
company should be more favorable. )
BonbrIght & Co, Inc, are offering
at 9713 and interest. yielding 6Ss per
cent. new issue OF S215,000 Harrisburg {
Light and Power Company fve-year 6
ser cent notes, due December l. 1923.
The notes are free of the Pennsylvania