davidaulloa/AmericanStories huggingface dataset:
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
VOkIEClAI OFICIERAI
VADOVAUJA Boil
SEVIKAIS.

Soloniki, kovo 18 (suve-
linta). Pranesime apie grei-
ky pergale ties Chersonu pri
duriama, kad bolseviku ar
mia yra dikcisi peorgani-
quota kaip is ginklu puses,
taip If aficieru sastato. Boil
sevikQ armijoje esama daug
ir vokieciQ aficierQ.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
SUMUSE BOLSEVIKUS
SIAURIUOSE.

Londonas, kovo 20. Gau-
to zinia, kad bolsevikai alta
kavo Morjejorska 13O my
liQ j pietus nuo Archangel-
sko, bet buvo atmusti, pa
likoami 81 uzmuStais, daug
suzeistais If 5 nelaisviais /;
taipgi suimta 6 kulkasvai-
dziai. G:,5
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
KAIZERIS ISSIGANDO
ORLAIVIU.

Amerongen, kovo 19ta.
VirS zamko, kuriame buvo-
ia ex-kaizeris Siadien apie
piet skraide sesi orlaiviai.
Ex-kaizeris, kuris buvo lau-
Ike, pamates nelauktus sve-
cius. nusigando. Keno buvo
tie orlaiviai, del migloto orc
negalima buvo pazinti.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
FRANCUZQ PRACAIsO
$4,000.

Faryzius. Lake kares is
Francuzjos armijos pragai-
50 $4,000 vyrV, kuriq Tiki
mas nera zinomas. Tuli il
yra, gal, VCkietijoje kaipc
belaisviai, kit pab6ge is
kariumen6s il slapstosi kur-
nors, kit gi uzmuSti, bet
nebuvo suzinota apie il
mirti.
Francuzijos valdzia pa.
skirs apie 10000 jieskoto-
jQ, kuriQ tikslu bus apziu-
reti kiekviena vietele buvu.
sly musiQ laukuose, be he.
ras kokios-nors zymes apit
nezinom2i pragaiSiusius ka
reivius.
Yra sumanymai, kad zu
vusiQ kareiviQ kapus apso
dinti medziais, lai aug
karzygiQ atminGiai zalioj
giria.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
IRIS PLESIKAI IVEIKE
Is VYRU.

Chicago, Ill. kovo 10. sia-
dien iris juodukai i6je San
ia Fe gelezinkelio stotin, SUI
state ellen Is stoties darbi-
ninku, ma, zinoma, il pa
lengvino visiems jQ kiSenes.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
GEROJQ BALSAVIMO
BILIUS.

Springfield, iii. Valstiios
atstovu butan inesta bilius,
kad rinkimuose butq leista
'balsuoti visiems kareiviams
If jureiviams, nors jie butQ
If neuzsiregistrave reikalau-
jamu laiku. Tokiame atsi-
kline jie turi padaryt; aida
vita. Bilius priimta vien-
balsiai.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
PRIESAS VOKIECIU
UNIJOS PARYZIUJE.

Geneva, kovo 20. Parry
z'un nuvyko buvusis Austri-
jos premieras DR.. Lammasch
jis yra vienas is didziausiu
pliesu unijos vokiskosios
Austrijos, su Vokietija. 10
siai kelionei priduodama di-
dele politine svarba.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
LATVIAI PAEME.
MINTAUJA.

Kopenhagenas, kovo 20
Seredoj oficialiai pranesta
is Latvijos, kad latviu ka-
riumene uzeme svarbq mie-
sta Mintauja. Gi bolsevi-
kai, priduria tas pats pra-
nesimas, traukiasi atgal vi
same fronte.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
MENsEVIKU REVOLIU-
CIJA PRIZES BOLSEVIKUS

Londonas, kovo 20. Atei-
ma ziniu, kad Vokietijoje
gauta bevieline telegrama,
jog Petragrade kilo revo-
lucia mensevikq ir kitu
nebolsevikisku elementu
prizes sovietu valdzia.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
SPARTAKAI IR VEL
SUKILO.

Geneva, kovo 20. Berli-
no laikraseiai pranesa, kad
spartakai vel sukilo Mann
'heime if Karlsruhe. Delei
sio sukilimo tas vietas uz-
eme francuzu ir anglq ka-
riumenes.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
STREIKO RIAUSES
STALIJOJ.

Bergano, Italia, kovo 20
Streikieriai uzeme automo.
billy fabrika, bet buvo ka-
reiviu prasalinti. Vienok
po konferencijai pradeta
dirbti, su islyga, kad butp
istirti streikieriV reikalavi-
mai.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
DOVANA w NULEKI-
MA AUSTRALIJON

Melbourne, kovo 70. Ar
stralijos valdzia paskir5
$5O,OOO.OO uz pirma orlai-
viu nulekima is Australijos
j Anglia. Dovana bus duo
dana tik Australijos pile
.ciui.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
BELGIJA PRIPAZINO
LENKIJA.

BRUSSELS, kovo 20. Belgi-
JOS valdzia pripazino Len
kija, kaipo neprigulminga
valstyDe.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
SULYGINIMAS NUOSTO.
LIU KAREJE.

San Francisco, Cal. kovo
10. Kares sekretorius Ra--
ker pranese, kad Europos
'kare vien tik pinigais leSa-
vo 1877 miliardus doliariu,
kas virsina visa siaurines
Amerikos turta net II mill
ardQ doliariu.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
UZMUSE ZMOGU
VIETOJ ZVIERIES.

Pittsburgh, Kan. Tulas
farmieris uzgirdes ka tai
snypsciancio siene pablo
jo zvieries, bet uzmuSe EMO
gu, kuris, national, prise
des pasilseti uzmigo.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
DEGTlNES NEBUS
STOKA,

Washington, D. c. Atei-
nant visuotinai bIaivybei
tapo su5tabdyta darymas
degtines il {. net name,
kad gall atsitikti degtin5s
badas, bet istikro yra XII
taip. Dabar pradeda ais
k9ti, jog degtin6s liks sau-
STEMS laikams apie 10000
600 galionQ.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
MINISTERIJOS KRIZIS
VOKIETIJOJE.

Stockholmas, kovo 2Ota.
Ateina ziniu, kad ivyko mi
nisterijos krizis Vokietijoje.
But klncleriS Scheidsmann
>apleidzia savo vieta.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
BOLSEVIKAI NORI
PAINT VIENNA.

Berlinas, kovo 20. SuNi-
nota, kad bolsevikai plia-
nuoja uzpulti Vokietija bel
Vengrija. JQ tikslu yra pa
init Vienna.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
GAZO VIRSININKAS
:. NUSIZUDE GAZU.

New York, kovo 19. Ka-
pitonas K. E. Taylor, virsi-
ninkas gazo stabo, prie Su-
vienytu Valstiju chemiskos
divizJos, nusizude gazu.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
SVEICARIJA PRIPAzINO
SLOVENO- O-SERBIJA.

Berne, kovo 10 (suvelin-
ta) Sveicarijos federale ia
.ryba pripazino kaipo nauja
valstybe Serbo-Kroato- -Slo-
venu sajunga.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
SPARTAKAI PLIANUOJA
NAUJA STRETXA.

Bern, kovo 20. IS Berlino
pranesama, kad spartakai
vel pradejo agitacija uz
streika, kuri plianuoja ant
26 kovo.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
LENKAI PAEME PINSKA,
Kopenhagenas. kovo 20,

NoPenhagenas, KOVO ~.
IS Varsavos pranesama, kad
bolseviku spekos, spaudziant
'lenku pulkams, Wis traukia-
81 atgal ir jau apleido mie-
sta Pinska.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
NEBAUS SAVINTNKU
AUKSINES zVAIGzDES

Lincoln, Neb. TuIa mt
5eris buvo apskQsta uz izei
dina SuvienytQ ValstijQ vt
Iiavos. Jos sunus zuvo ks
res lauke il j neSioia aux
SING zyaigzde. Bet prok(
roras atsisak6 kaltinti L
lzeidima v6liavos "savinii
kls auksin6s zvaigzd6s7.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
ORAS.

Chicagoje ir apielink6i
siadien If rytoj giedr
siurpus Siauriu vejas.
Sauletekis, 5:52; sauI
ledis, 6;02.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
60 SERCA MIEGO LICA.

Albany, N. Y. koyo 10.
Albany serga j so ypatg
miego liga; du jQ jau mir6.
Lietuva. [volume] (Chicago, Ill.) 1892-1920, 1919-03-21
Muskegon, Mich. kovo 10.

Cia vienoje seimynoje SER
ga miego hga net iris ypa-
tos.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
u hat Bethlehem
Did During the IA

According to its own estimates
the Bethlehem Steel Corporation
produced during the period of the
war 60 per cent of the finished guns
made in this country, 65 per cent of
the gun forgings, and 40 per cent OF
the complete ammunition.
By the close of 1918 the ship
building plants delivered an aggre-
gate of 625, 900 lightweight tons to
the Emergency Fleet Corporation,
which represented % per cent of the
output of the country during the pc
Rod the United States was bellip-
erent. Moreover, the corporation
last year delivered to the navy. be
sides sixteen submarines, twenty-six
torpedo boat destroyers, or more
than one-half the deliveries of the
shipbuilding plants in the country
according to the company figures.
and planned to deliver early this
year thirty-siX additional destroyers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Japans American Trade
Outgrows Knick erbockers
Npponc Banker
ce IN Relating Passing of Foreign Trade
te"r stage-iand of Rising on Domestic Comm

bought about $150,000,000 worth
Of bonds of various types, all issued
IN the United States. In addition to
that, private corporations and in
dividuals Of our country put in
about 100000 also in bonds is
sued in the United States
While the Japanese merchants
have been pushing themselves ahead
in the field of Americana panese
trade, how about the American
frms?' | asked. Have they held
their own against the Japanese
competition?
well, yes, they have-to a GER
tain extent, that is to say. The
American houses engaged in the
importing and exporting business
between here and the Orient have
been making progress right along.
But not quite as rapidly and extern
slvely as the Japanese. The reasons
for this are Slmple.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
By Adachi kinnosukc

n APAN'S American trade is get
d ting out Of its knickerbockers
rather rapidly. At any rate
K. lchinomiya, resident manager of
the Yokohama Specie Bank told me
so yesterday, as we sat in one cor
ner Of few acres Of marble and
mahogany in the Equitable Build
ing, which houses its New York
branch. And the one poetic and
profitable thing to do with knicker-
oockers, he added, is to outgrow
them. That, at least, is the idea of
Japanese business interests here.
Before the war, in 1914, there
were some thirty leading japanese
firms located here engaged in Amer
ican-Japanese trade of various
types Mr.. Ichinomiya said TO
day we have thirty more houses
than we had then. Before the war
the aggregate capital of the Jap
anese companies of this type was
about S5O,O00,000 gold. To-day the
sum stands at about $1SO,OO0,OOO.
In other words, while their number
increased about 100 per cent, their
increased 26O per
cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13

rates according to this principle Of
the additional costs imposed by each
particular ltcr OF class Of traffic
spells inevitable insolvency. Herein
lies, IN truth, not merely the justi-
icatlon, but the necessity for the
Varous devices for limiting cornpe-
ttlon in rates between roads. Rates
met will pay when considered
separately bring receivershps when
applied generally. A boarding house
tccper, for example, must fail in
business if she charged all of her
ooarders the rate at which she could
afford to take on one extra boarder.
Her choice is between secret rates
and no cutting at all. And at the
best there IS danger that her neigh
Dor Will be experimenting with this
secret cutting.
1t IS, therefore. bad business to
attempt to conform rates to specific
costs, or to make all lines of traffic
contribute equally to the general
costs
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13

Service relieved the situation by
finding Jobs for 5000 who had been
laid off. Virtually all of that group
were sent to jobs outside of the
Bethlehem district. The railroads
and shipyards We're large employers
of these men. At. present it is es-
tlmated that 5000 men are unem-
ployed in the city of Bethlehem and
5000 in the Bethlehem district.
A local banker, who is in touch
with the foreign element, estimates
that as many as $500 laborers want
to return to Europe, and are anxious
that the bars on emigration be lift
ed. An impelling motive that moves
these men, the banker said, was curl
oslty to find out what had happened
to the Old country during the war
and what had become of their rela-
tives and friends.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Passenger Traffic
Must Make Good

Nor would it be obviously wise,
even were it actually possible, to de-
termine the relative charges or bur
dens Of passenger and freight rates
through any separate ALLEGATION of
special or general costs. The most
that can be said - and this not
securely - is that the passenger
traffic must make good whatever ex-
ira costs it imposes. The holdings
of the courts are especially regret
table here
The better view goes, indeed, still
further. The cost principle requires
that the traffic Of utility company
shall be remunerative as an aggre-
gate, but not as Of necessity; that
no part of it be neutral with respect
to gain, or that no part of it impose
loss. 1t is essential to recall that
private companies are merely pri-
vate mandatories Of public SER
vice. Whatever policy, then, the pub
lie should rightly follow under pub
he ownership, that policy the public,
in its supervisory function, should
impose on the private owners. The
norms are not those of competitive
production or of relative costs, but
Of collective activity to the ends of
public welfare. 1t is not even essen
tlal that the enterprise pay as an
aggregate, if only it be expcdient to
supplement its revenues from other
public resources. AS the schools or
the postal service may wisely i'm
pose a deficit, so conceivably might
the railroads or the water service
or the tram companies
1t may likewise be as much of
mistake TO allow the carload shipper
less than the 100-pound rate as it
would he to fix the trainload rate
lower than the carload. Where the
trend Of business is overstrong
toward the elimination Of weak or
small petitors--th difficulties of
getting a start or Of growing already
nearly prohibitive - public policy
may well oppose the tendency rather
than accelerate it, Probably wisely,
as a question Of business policy. and
certainly wisely as a question Of
public serviceablity, the life insur-
ancc companies make as low 4 rate
for the small as for the large policy
holders. The larger costs attending
longer distances receive no express
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13

war, only between $4,000 and
$4,000 worked in the yards of the
units now constituting the Bethle-
hem Shipbuilding Corporation.
The steel plants are much further
away from war basis. At the peak
of activity, which was attained last
July, $4,000 workers were engaged
in the steel and ordnance plants of
the company, including those ac-
CURED and constructed since the
war began. In 1914 the average
number employed was $4,000. At
present not more than $4,000 are at
work in the steel plants. At Bethle
hem the number has been cut from
$4,000 to 10000, and reductions are
still being made. At Steelton the
forces have been curtailed from
5000 to approximately $500, and
the changes in the other plants have
been analogous.
In laying off labor, which the can
cellations of government war orders
necessltated, the corporation, its Of
flcers say, tried to alleviate hardship
as much as possible. In order to
spread the work, overtime was elimi-
mated to large extent by the re-
ductlon of twelve-hour shifts to ten
and eight hours and ten-hour shifts
to eight. The workers who had been
employed last were the first to 20.
as the corporation desired to retain
its old employees. Women workers
were engaged chiefly in the making
of munitions, and therefore they
were among the first dismissed
Every attempt was made, it is said.
to hold men with dependents as long
as possible.
The United States Employment
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Endless Shifting
OF Machinery

In swinging over to peace work
the Bethlehem corporation, in com
mon with other employers, is con-
fronted with the wage question. 1t
is the view of those connected with
the corporation that the normal
steel business will not permit the
payment of such high wages as were
used during the war to attract worx-
ers from many sources, and that, on
the other hand, it would not be fair
to reduce wages unless the cost of
living falls. 1t is felt that the gov
eminent should use every effort to
bring down the cost of the necessi-
ties of life, and to see that the cost
of transportation, which is such an
important factor in the keeping up
Of prices, is reduced.
The transition to peace, more
over, requires seemingly endless
shifting of machinery The war
plants were built to produce war
material. The emergency was too
great, the corporation officers felt,
to do anything but construct well
engineered plants to turn out guns.
The question of ultimate use of the
new plants after the war had to be
subordlnated. The result is that,
although the building, the power
facilities and other service units are
adaptable to peace needs, the i'm
mediate tool equipment may not suit
under strictly competitive condi-
tons. The supreme problem that is
now being tackled is the finding of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13

products that can be economically
produced in the new units.
1t is difficult to estimate the OK
tent to which the productive capac-
ity of the Bethlehem Steel Corpora
ton was increased as result of th,
war. Acquisition OF new plants and
the increasing of the number and
lengths of shifts were important
factors. The ordnance departments
were greatly expanded
The equipment of the shipyards
was not increased more than 35 per
cent above pre-war capacity. as it
was largely the increasing man
power that made it possible to get
out the augmented ship tonnage.
Except by acquisition and the
building of the Sparrow's Point
plant, the steel plants did not grow
tremendously Structural mills and
merchant mills were added at Beth
lehem and additions were made at
other plants.
In 1914 the entire corporation as
now constituted. employed $4,000
men, and at the peak of activity in
1918, 5000. Although the pres
ent number is not much in excess Of
100000, 1t is much larger than the
prp-war Sto ~ o-J
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Social Side OF
Utility COrp0ratiOns

1t IS, however, no part Of the
present purpose to pass upon these
problems Of detail within the gen
eral principle Of charge, but only to
make clear the nature of the gen
eral principle. All competitive tests
of rates by appeals to specific costs
or to relative costs are of dubious
worth or entirely out of place in
collective enterprises - even were
these specific or relative costs sus-
ceptible of determination. The
forms Of charge for public services
are sociological rather than eco
nomic, collective rather than Compel
tive, questions Of general welfare
rather than of private justice They
are problems in the vague realm of
social eXpediency rather than of the
more or less specific and definite
categories of cost of production,
market prices and competitive bust
ness policy.
That the rules and policies of
ordinary private business must be
inappropriate to public utility en-
terprises ought to be clear from this
one fact alone-that these enter
prises are not competitive enter
prlses, are not essentially private
enterprises at all. They are under
takings that are public in their ma
ture but that are-for very practi-
cal reasons Of the public welfare
intrusted to private investment and
private administration. In it only,
therefore, in the aspect of private
investment and of. the treatment to
be allowed to it in order to have it,
that questions of private interest
of private rights, of competitive JUS
tice and of adequate return get any
place in the discussion.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Utility Omncrs
as Trustees

But suppose that the rights of wav
or the terminals, or other items Of
equipment or plant have become
more valuable $780, could now find
market purchasers at an advance
above the original cost, or could be
replaced only on terms Of increased
cost. No new investors rights at
tach. All risks Of loss being ST tho
public charge, all speculative gains
or investors incrcments are like
wise eliminated The private owners
are guaranteed and regulated inycx-
tors---esscntialiy creditors, preferred
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
By II. !. Davenport
Professor Of Economics at Cornell.


University
4 S WAGES and prices have
~ been rising, the operating
expenses of the public utility
companies have moved more and
more closely up to the total receipts
from operation. Little or nothing
now remains over for return on in
yestment.
The earlier rates are obviously
now too low. Only, what would be
high enough? The objective is to
induce private investors to under
take what is essentially a public
Junction, this being regarded as the
eSpedlent substitute for direct pub
Ac investment. These investors
must, therefore, be assured of fair
returns - and this all the more
clearly that they are not to be
allowed more than these fair re-
surhs' These guaranteed rates Of
in'erest-that are both maximum
and minimum rates-need not be
To-, 100 high, since they are certain.
Win freedom from risks there need
20 no chance Of any exceptional
gains Public utilities should be-
come the most conservative of in
'es'ments, the returns certain and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Postponing 4ctirify
Until Public Is Ready

But precisely what, after all, does
the principle imply in the exclu-
slvely forwardlooking application
Of it? 1t implies, first, the post
poned supply of every sort of pub
lie service till such time as the
public, recognizing the need, is ready
to authorize provision for it and is
willing, in terms of adequate rates
OF service, to promise indemnity for
1t. To this limit does its response
blllty extend; by this limit is its re-
sponsibility bounded. The further
danger that, under no possible rates,
could the venture be made to paw
the investors must themselves as
sumo. The principle implies mo-
nopoly and regulated charges. But it
involves also the negation of all
franchise values-the limitation of
rates to the charge implicit in fair
returns to investors, the terms at
-'4e va VIC pIbllC acceptance OF
all attendant risks.
Almost inevitably the early rates
VIII be losing rates for period, else
during the time Of development and
Of limited traffic the rates must be
so high as to prohibit the desirable
extension of the traffic under falling
unit costs Of service. These operat-
ing deficits must be regarded as in
cluded in that permanent invest
ment on which later earnings are
to be permitted. All reasonable or
ganlzation costs are within the same
class, together with all risks OF
onsoiescencc, or all accruals of obso-
lesccnce, and all costs Of replace
ment and Of extension. The rates
must IN the long run be paving
rates, sufficient 20 cover whatever
new level Of costs may have to be
met.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
fubHc Interest
demands Fair Rates

faiF rates present themselves.
'Aeleiore, not merely as rates ethi-
'@'iy good, but at the same time as
,ses that are essential in the pub
nc interest. That the public shall
pay 1or what it gets is the sole con-
rl'lon on which it can hope to get.
mus the risks must be with it, else
'As low rates cannot be. The pri-
rate enterprise comes to stand az
4'efe agent or trustee in the carry
''s oIt Of delegated public func-
ion.
Inc fundamental principle is.
''en' one Of adequate returns to the
inyestor.
EITHER more or less than this is
D'ander or injustice, or both. Essen
'@'iy tne same would be the ulti-
,-@N meaning and working of pub
- ownership. Therefore, precisely
~.s should be also the essential
p''Fy N this Intermediate and com
r.p'nise plan between public and
Nsate enterprise, in which the
pseess'ty Of q monopoly is recoy-
s'Osn' On this original basis there
s'''d obviously have been no pur-
s nc n franchise huntings, no pro-
!, s"N'''e fortunes in franchise values,
motive for hurry into premature
: 7..@''ationh, no speculative bearing
H.. '"'s'fnediate losses in prospect Of
a.. ovsreharge. High gains in
e' Of the high risks assumed
- 80" nave had no place or plea. A
ana conservative investment in