The Washington times., 1919-12-05
Boersianer's
Comment
on Business
~ DorRslA~


Conservatives continue to view i
stock markets strength vita nic-
E1vingA They deem the advance -
timely. Their oppoRents--&hss 49,
suine element-see In the su0ta1nu1
vigor an intuitional anticipates of .
nearby settlement of the coal stFlno
which an per cent rate TOR sxulv
Days loans does not discouraea
Foreign exchange was . little ~
ter yesterday. and In this couDost3ou
Mr. Arthur Reynoids. OF the couf5-
Chicago. expounded q scheme fss 80
ing Europe 1T once feasible and upouo-
ventional
Mr.. ReynoIds would have bssAo.
men from every important tnAustFy
form q 7corporation vhieA wouna
nArter and exchange material a.
merchandise internationally. TAro0Gh
such company any Europeaa ceUp-
try could market her wares In IL
United States or eisewhere Rssap-
rocally, the corporation could bay
In the United States and ship to IL
exporting nations the goods they urg-
entity require, but cannot a6ord - -
chase directly owing TO foreign e.
change depreciation
Mr.. Reynolds does not ofsY -
plan ~ foreign exchange amalSogU-
tive. but he believes An exchaage -
goods with Europe through an 1a1sr-
national corporation would b . peD-
ent oeneft to her in the perhaps loeg
interval of a permanent project wh1A
10 to rectify the deep discrepauctoo ~
tween American and European uponeyu.
International bartertng on the -
toned basis. Mr.. REYNOLDS - 49,
vfnced- would also Be highly bsod-
ciai to the United stateA Il fsneS
he remarked. "it win not Be ujGM
longer than q year, when We Uum
ind ourselves landed with . iarIO
overproduction- Our factories A.
very busy and business 10 expo1Afug
rapidly In all direetions. II We -
OF 4 reliable outlet we shall Be 00u-
fronted with an enormous accumosnr
tion--
A plan Of another kind 10 tAss -
Mr.. George w. Anderson, pertaauh
to the ratlwaya Mr.. Andersen naaSp
tains the United States has q eeusel-
tutionaI right to charter q FeAoet1
corporation with power to tssue ~
stock In exchange FOR the stocks -
existing corporations and to take -
eminent domain for national trnne-
portation purposes any property At
therefor. The very simplicity o( tnbo
plan seems to be one-perhaps ebs
controlling-reason why II 10 not ae-
ceptable to the forces that pre0t ~
chaos and contention"
Having this power. II seems to -,
Anderson that uniHcation aad feH-
eralization ffe both absolutely -
sential To continue to strugu9o
under the competitive theory. asA
under the absurd and ccmplicatA1
provisions Of State charters and ~
consistent and Ia nperins state Auu.
70 to invite failure, Mr.. AnAer1ss
thinks 80
The unihcation Of the raiIroaAs o.
der a single FEDERAL charter msa6D
far easier of proper and sstisfsetory
solution the problem Of local go
State control over transportsttop
problems that ought TO be locally co.,
trolled. When the national htghwp3v
are operated under a Federal charter.
the Federal Government may uafaiy
delegate In large measure to state sp-
thorfties the enforcement of reAeSal
rights-euch as commutstion rnte4
around the large cities. the eiimiDattcr
OF grade crossings. and local ou>e-
tions OF train service and safety a.
pliances.
As the agency is Federal asepcy,
the Federal Government may ret95s
001Y
all questions having real natioual Sig
nihcance-such, for instance. a. -
building of expensive stations -
In Mr.. Anderson's opinion. the Iss~
should also reouSe the Federaf direc-
tors TO provide 10 the utmost pvof-
ticable degree for local administrator
A centralized administration Of 4 sip-
gle Federal railroad company, unde.
statute recurring regional ad mimic
tration TO the full extent practicable,
is, Mr.. Anderson believes, far easter
OF management than are com mplicateA
systems such as the Penneylvania.
Since the Government took ecntr~l,
railroad rates have been raised Aboat
70 per cent less increase than hns
obtained in the selling price Of tie
product OF any other great industry:
wages have been increased 90 TO ~
per cent-elso less increase than has
obtained In any other industry.