The Sun and the New York herald., 1920-09-06
Better Team Work.

had but one master ana lnettlclency was
most pronounced.
Better Team Work.
In addition to their increased wages
the railroad employees are receiving
generous checks for back pay, which
many are using 10 purchase n partner
ship interest In the roads they serve.
President LOOMS, Of the Lehigh Val
ley took farsighted action when he Of
fered his employees the chance TO pur-
chase stock on the lnstalment plan
and thus share in whatever prosperity
the road enjoys.
The American railroad system is Do
veloping admirable team work among
its operating forces, which will do more
than anything else to restore the earn
ing power of the railroads and enable
them svtg give the public the kind Of
service it requires. Adherence to such
a ,policy will unite the 100000 EN-
ployees into one great satisfied family
and develop the kind Of loyalty which
shall make II impossible for the advo-
Gates Of Government ownership TO put
over their pet idea.
This movement must be encouraged,
for private control ia on trial and VIII
be tolerated only so long as the people
arc convinced that 1t produces better
transportation than Government
owned service could achieve. Tho
gradual rehabilitation Of the American
railroad system--and It is being rehablli-
tated--is one of the most encouraging
developments Of the reconstruction
period and accounts for the increased
Willingness OF the public to take on
railroad securities and participate In the
new financing which must be resorted
to next spring, when the task OF under
writing the prosperity Of our second
greatest industry win be supported BY
the American people In no uncertain
way.
Stronger InVeStment Inquiry.
We are entering the season of in
creased Industrial activity and although
the outlook In many Industries Is clouded
the reopening Of woollen mills after an
interval of inaction shows that the ma
ton is getting busy again in practical
way. The country is doing business eau
tiously and for the first time since rush
orders and war profits made the nation
think in terms OF billions rather than
engaged in restoring his rainy day
fuTd."
This changed attitude Is OF great sig
nificance and explains the broader buy
ing of bonds and seasoned preferred
stocks by that important class of thrifty
Americans whose earthly possessions are
tucked away in safe deposit boxes rent
Ing at IS year. These buyers often
display greater shrewdness In their IN
vestment operations than those In re-
celpt Of large incomes.
In order TO get AT the truth Of the
rumor that country banks were buying
more Liberty bones for their custom
crs than they were selling for their nc-
count the Federal Reserve Bank OF New
York asked sixty-eight OF the smaller
member banks in New York and New
Jersey for data covering purchases and
sales during the three months ended
July 81 last, Forty-eight banks re-
ported that they had purchased more
bonds for their customers than they had
sold. total purchases amounting to
So, ,701, 90 and total sales to S2,5s7, 900.
Buying Liberty Bonds.
This probably is typical Of the whole
country and reflects the gradual move
ment OF Government securities from
weak TO strong hands. most OF the sales
being In $50 and 500 bonds. The peo-
pie are not Specializing, but they are
investing quietly in the securities that
will be sure to advance when the bond
market gains the impetus that is ex-
pected with the marketing of the crops
and the passing of the Presidential elec-
tlon.
With the announcement OF the new
French Government loan several other
flotations will he arranged. provided the
investment inquiry continues to broaden
on the scale of the last week or two.
These offerings are being carefully
handled with the idea OF exciting prompt
response from public which has evlnced
It's willingness to invest in good securities
on IN per cent. basis. This is sure 10
be an interesting week in the bond mar
ket. for several Important undertakings
ore nearing completion and the inflow OF
European gold in connection with the
paying off OF the heavy Anglo French
loan on October 10 may lead to easier
money conditions.
There is large unemployed fund in
the hands OF investors which will be re-
invested from week to week as conditions
improve and the business outlook be-
comes more favorable. The country is
virtually assured a bounUtpl harvest,