Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-27

the responsiveness of our splendid ma
tional financial system. Whatever diff
fcrencrS Of view there may be- as to this
or that specific action Of the Federal Re
serve Board, which operate under this
system. there will be no difference vt
opinion upon tho proposition I have
just stated. Tho adoption of this sys.
tenn in place of the old hard and inIic>-
iblc system that We had prior to DccCm
Der. 1919. would seem almost to have
been an act Of Providence. when wr
think Of wha, would have happened to
us in the way of pnnics and disasters
under the former system.
Transportation Big Problem
There is no ono thing affecting Out
prosperity, indeed affecting our very ca
pacity to live. moro than the transpor-
tatiun problem. All commerce. all in
dustry. all routact of peoples depend
upon transportation. May We not say
on the other side that no element of our
national nCccSsit" seems tu b. in n more
precariOus condition than railroad
transportation! Strange as it may seem,
this Is not so for any fundamental rea-
sou. II is not go because We may not
have sufficient rails, cars. means of To-
Comotion or traffic; all these things are
quite possible il the proper balance be-
tween expense of operation and gross
income can be realized. The govern
mental agencies I" accomplish this
would sccm to hav" adequate power un-
der the law IL they may have proper
co.uporation from those over whom they
have jurisdiction. Let us hope their
wisdom aud their courage will be suff
ciont for tho occasion.
We know. they know. every one
knows. that the railroads must operate
at profit in order that they may have
the credit tn, obtain the many essen
tialS for rehabilitation of the existing
service and its expansion 10 meet the
growing demands Of the country. We
know. they know and every one knows
that rates with the entire approval OF
tho business public were raised in Sep
trmbcr, 1920. werr increased BY per
CcrtagrS estimated upon the volume Of
traffic obtaining at the time to add
81 300 900 600 per year to their rove
nue. We know that this Increase Ill
revenue which would hav" been realized
il III" volume of traffic had kept up.
would have been more than absorbed
by tho deficiency of 5000. 900 900 in
net operating income snid 10 have eN.
isted for the year in the preceding pc-
tObPr and tn" increase Of wages in the
preceding July estimated 10 amount II
5000 .OOO. 900. but found BY experience
ia amount 10 moro than STOO. 900. .OQO-
We know also that since this increase
in rates II is estimated that tn" volume
of traffic Of tho railroads has fallen
of 10 per cont.
Public Most Interested Party
Discussing tho settlement of strike
troubles between employers aud en-
rloye. the speaker said that each side
should bear IN mind that th" public
interest j. paramount 70 either OF those
concerned in the controversy. Such
matters should hc settled in way 70
establish tho confidence of tho public.
Denial was made by MIR. petre"s that
tho Chumhcr Of Commerce was opposed
to uni"niSm. lIc declared that while
tho chamber stood for the principle OF
the open shop. it took no action against
unonism and all Of It's steps were
matter Of public record.
In conclusion Mr.. nrfreCS urged im'
proyrm"nt uf the housing Sltnati"r
| Throughout thc country aS means I"
preserving tho morale nf III" p"opl", aDt
ais told Of III" big increase in H"tiyl'
, ties OF the nationa! orGani2ah"n
Foreign Trade Seriously Crippled
ORGANIZATION of facilities for extend
ing long term credits TO foreign buyer
j. necessary ~ solution Of the pr"sen
situation. said John MclIugh. chairma
Of tho orga UiZati"u committee "t th
Foreign Trade Financing 'orporntion
"Wiihin Il period of tiy" months, h
,nid 'opr export trad" has been cu
nearly in two. Tn" country 5 oN"rS',
trade has fallen 50 far that last we'I
there were 900 steamers and salIin
/ vcsSclS borthod in tho port Of New nrk
~ of which had no charters IN
United S'atos shipping board has nov
moro than 800 steel vessels idle. hg
: crogatirg three and onr.half millio
tons dpadv eight ShD> leaving N"N
York for Europe are going ONT with onI
50 pcr cNnt,Of their cargo capacity en-
plo%"d. .
The convention was urged ny Nario'l
Sponkors to TAX" up the country hous.
inr problem. Pros dcnt Defr""s sal
rhut the country i l.@5u ,OOU dwelling
short uf its pr"-Wnr ratio nnd thA' m
Situnti"n had hrr"urr m">t rrIti"al
Group Meetings Discuss Varied Topic
Convention mrctinC~ "l til" vnri"u
groups represented in IL" assembly Wor
held in tho hntrl auditorium, At III
session N the shippers group gov
ornmcnt subsidy large enough 10 amor
tizo the gr"atcr cost Of ehiphulIding an
Ouorn,inu wa, suggested rs practiCri
method ~ building up foreign trade b
Marcus d" Rrabant. president OF nav
igatton company with headquarters !
Los Angeles.
In au address to III" civic divlsio
group PayNon Smith. commissioner.
jCduration for Massachusetts. criticize
an, standardization policy that wou'
nttcmm tlc c'nration of oil "hildr"n q
similar level
Dr. Van II. Manning, director OF re-
yrarrh for the American Petroleum IN
stititc of New York. asserting that II
oil urohIcm ~ the future will not be Il
I Hudug or market, but n search f'
sources of supply. roId the natural re
DEATHS