Evening journal., 1921-09-02
Sees RETURN
OF PROSPERITY

(Continued from First Page)
Reed. cashier OF Milford Trust Com
pany. Milford.
Secretary and treasurer - Halde-
man c. Stout. vice-president of tho
Industrial Trust Company. Whining
ton.
Chairman of Executive Commit
tee-Richard Reese. Of wilmington.
ice-president of the Equitable Trust
Company.
In his address Mr.. Jones said in
part:
Il believe in my optimism. which
is justified by reports that the coun-
try has passed through this period
of acute Industrial depression. and,
in fact, from this day on we are fac
ing a wonderful and, I hope, an un-
precedented condition of prosperity"
He also advised banking institu-
lions as to the part they must play
in Fastening prosperity and cooper
ating with industries and helping the
small as well as the large borrower.
He urged the banking institutions OF
iilIr COUNTY, 10 ArClrA lNUuNAI1 al
once by encouraging struggling but
solvent individuals and corporations
in each of their communities He
especially advised practical help, say
ing;
"You can assist this approaching
period of prosperity by not demand
ing payment of loans already made
and by the granting OF timely and
necessary credits"
RAILROAD Conditions in the United
States was the subject OF Mr.. Lees
address.
Three specific charges were laid
against the American Federation Of
Labor by him. These wde restric-
tion Of output, the closed shop and
the sympathetic strike He said that
itis no secret that the Pennsylvania
Railroad always refused to hove any
official relations with organizations
embraced in the American Fedora
ito nof Labor in the past.
"Our objection 10 the Federation. g"
he continued. has been due simply
to the fact that it stands for the
three coercive practices to which i
have alluded and WHICH we hold to
be unjustifable. The fight which
we on the Pennsylvania Railroad
are carrying on today Is largely a
fight against domination and vir-
tual management OF our employe
relationships by the American Fed
GRAFTON. II is not a fight against
labor unionism. but only against
labor union autocracy.
I'VE want TO establish a truly dem
ocratic system Of empioye represen-
tation on the Pennsylvania railroad.
one In which the power and author
ity OF the representatives sent 20
negotiate with us proceeds from the
bottom up and is not imposed from
the top down"
In his review OF the controversy
Mr. Lee said the company had been
given legal advice that the Railroad
Labor Board exceeded its authority
in ordering a new election for ths
shop crafts He said the board wa.
created as a mediating body. bu
that il had "gone far beyond tina
scope and assumed very largely IN,
role OF an administrative and mana
gerial body with respect 10 the labo
affairs OF the railroads"
The labor board has nothing bu
public opinion with which 10 baci
up its decision. Ar. Lee said. an,
added that the Pennsylvania Rail
road is quite willing 20 meet tn
board on this ground. and leave &
10 the public to decide which view
Is right.
I'VE do not think we can success
fully settle the employment Ques
tions OF the Pennsylvania Raiiroa'
with strangers" he continued. wv
do believe that we can adjust ther
with our own employees. II we ar
permitted 10 go ahead. free fror
gratuitous and unwarranted inter
ference. We are perfectly wiliin
10 leave II to the public opinio
whether our view OF that Of the labc
board is right
"Our labor policies and purpos,
are an open book. We have nou
Ing 20 conceal. We welcome II
quiry and scrutiny. We think v
are engaged in a work Of constru
ton promising important results
the whole country. and we glad
submit TO public Judgment the si
cerity and soundness OF our piar
In turn. we ask public support
the effort TO secure for these pla
a fair trial"
At the session OF the associate
yesterday afternoon. william
HUT, deputy governor OF the Fe
eral Reserve Bank. OF Philadeiph
gave a lengthy address on the
serve system. He said In part:
1T is interesting to make a col
parison OF the Federal Resei
system and the Bank of England a
> its relation to the English Jo
Stock banks. The Bank Of Engla
is a private corporation which m