Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-10

public. Such contingency in America
he remarked. would be unthlnkable, II
not impossible.
A new idea was expressed Yesterday
oy well-known investment banker, and
tnat was that the railroads be handed
Duck 10 the original owners as quickly
as possible. Then, he said, according
10 every precedent the original owners
VIII howl for the Government to take
them of their hands again, which the
Government will proceed to do at a fair
valuation. This banker believes the
roads VIII sooner or later revert to
Government control on wide and ex-
tending scale. and eventually to Gov
erh'heht ownership by slow degrees.
The task of releasing the nation from
its war tension and returning Il to n
basis where II will meet the require
ments OF ordinary affairs. and the part
which the United States will take in
the reconstruction and redevelopment of
the European countries, are leading top
ics which thoughtful tinanclers are
turning over in their minds these DAYS.
frederick w. Gehle, of the Mechan-
les and Metals National Bank, of New
York. In dealing with the latter SUBJ
1ect in an address delivered before the
hSoONidllOH VI 1PTIl1lpQ PUBIC AC-
countants at the Yale Club said:
Great Britain and the continenta al
countries will not for n long time be
ahle to supply their own wants. either
industrially or financially, and the part
to be PLAYED by the United States in
the reconstruction period will, therefore.
be dominating one. Our new financial
position is already established Since
the outbreak Of the war in 1914 the
United States has shipped abroad s22.-
000O00.000 worth OF food and manufac-
tured materials, and has imported only
one-half as much. We have taken pay
ment for nine-tenths of the balance In
! securities and notes. Is this not sig
the future? England at the pinnacle of
| its financial fame never extended credit
as we have done.
y Our extraordinary showing of power
in face OF the political and economic
convulsion OF the iast four years has
given the United States a new Industrial
and financial prestige. and our strategic
, position, economically and commercially
will be stronger with each month that
passes. The war. l believe. has been
the making of the American nation.
Events and developments since 1t began
have been tremendous. and there is
promise Of so much more. We have
ceased to think within the limits of
sections of even our own continent; we
have come to regard the world as the
scope for our planning and the field for
our enterprises. Our vision and oppor-
tunity has widened enormously"
Some Of the most prominent bondmer
in this city are optimistic regard.
ing the outlook and predict that
with the turn of the year there will
be substantial improvement in the bond
market.
In their weekly bulletin to investment
dealers, Henry L. Doherty & Co. say
that in the bonds listed on the New
York Stock xchange there has been an
average advance in the last month of
80 points in highest-grade rniIs, ap-
proximately points in second-grade
rails, 2% points in public utilities and
IS points in industrials. Compared W tn
a year ago. average prices OF high-grade
rails are approximately points higher
second grade rails &C points, public
utility bonds 10 points and Industrial
bonds 2h points, In the last month the
avorore price Of 40 representative bonds