Newspaper Page Text
THE "SUN, "WEDNESDAY, NOVEMBER' 5,' 1919.'
( CUMMINS PLAN
Section 6. of Iowa Senator's
t Bill Coincides With
.Government Ownership Only
' . Leader "Warns. 1
3, Davles Wnrfleld, president of the
Rational Association of Owners of
Jtallroad Securities, tnado yesterday
the following; statement:
A crisis has been reached and tlio
Issues Involved prompts mo to write
on a misconception as to the effect
una purpose of certain fundamental
requisites to railroad legislation, which
re) considered vital if the rail trans
portation system Is to bo saved and
continued under private ownership.
Tlils country has been developed and
Its wealth created largely through the
encouragement given railroad con
struction. This development required
that railroads be built through sparsely
settled territories of light traffic as
weM as through populous commun
ties of dense traffic. Both classes f
territory arc now and will continue to
be entitled to adequate railroad facili
ties. The1 yield or return 'to. those
railroads operating in sparsely settled
territory which constitute the major
ity of the mileage of the country, Is
necessarily less than to roads traversing-
territories of denso traffic The
tatter have been termed the "more fa
vorably situated',' orK "strong" roads;
those traversing sparse territory have
been designated the "less favorably
Ituated" or "weak" roads. ,
Neither the term "strong" nor "weak"
accurately describes the situation, since
the revenue of each railroad Is dependent
Opon the traffic conditions obtaining In
the territory tributary to Its lines, and
from the divisions of freight rates It
sTlfes or receives from traffic from Its
Kates will always have to be Cased
n! the character of the territory in
which the railroads operate. The terms
"tjejik" and "strong" should character
US' the condition of railroad territory.
Hot of the railroads. This l$"air'lfiher
Cn't condition and cannot be relieved by
creating fewer new companies Into which
ftll the railroads would be consolidated.
Tlje difficulty might be lessened per
haps because you will have fewer to deal
with. But If the consolidations should
be) accomplished, the traffic conditions of
thp ' respective territories T.-ould not
Stand still and would from time to time
change as the density of traffic In one
territory would Increase over that In an
other. The rail transportation system is com
pelled of approximately 162 railroads or
ytttems designated class 1, or those
rtlOM gross operating revenue equals or
zpseds one million dollars per annum.
The figures used herewith apply to the
years 1915-16-17. June 30th, known as
the "test period," the average thereof
being the amount now paid as rental
tinder Government control. These roads
bars a total mileage of 231,321, Or 89
pel 'cent of the total mileage of the
country. There are In addition approx
imately 2.000 railroads ODeratlntr nerhaos
EjOOO miles of road, the majority of
wljieh are characterized as ' snort lines."
JKaJorlty of Roads Cannot De
ajfiilntalned Unless Excess Kmrn-
Inss Are ReaTulated.
Of the 162 roads or systems 109 op
rats under conditions coming under the
head of "less favorably situated," or
erroneously termed "weak" roads. These
10 Inroads have a total mileage of 120,
TS5, and serve' double the area of ter
ritory served by the 63 remaining toads.
tVhlitever adversely affects" this great
majority of railroads and ' territory
(Class 1) necessarily affects adversely
the business and agricultural develop
Tou cannot make a railroad rate for
ach railroad. You cannot adjust rates
only to the fair requirements of the S3
railroads ("more favorably situated")
without ruining substantially all of the
209. And If you adjust rates to the fair
requirements of the 109. earnings are
produced to the. S3 roads In excess of
ithat the public; the shippers and the
Interstate Commerce Commission, which
snakes tne rates, win or can stand for.
Consequently during the many years of
regulation the Interstate Commerce
Commission has not had authority to
adjust or equalize these conditions, so
the majority of railroads In latter years
have been without adequate rates and
the public without adequate railroad fa
cilities. This has led to savers' criticism
Of the commission, when as a fact it
Jsraa unable, owing to laclKaf legislative
power, to, correct these conditions. This
was characterized by Senator Cummins,
rtnej insoiuDie prnDiem.
Pommlni Dill. In Section O, Con'
alna Essentials of Security
So a way out was to be found. The
H09 railroads, taking the Investment In
the aggregate, received thereon only
R.9S per cent, during the "test period."
JA.nd while, the amount now paid them
as rental totals only this percentage,
Lnany Of the roads receive a percentage
bn their Individual Investment very much
jess. The problem was to secure to those
it 0j railroads revenue sufficient to enable
them to perform Bcrvlce and produce a
reasonable return upon their Investment,
fairly computed, without at the same
time producing more earnings to the
pity-three roads than thy should prop
Wly? retain. This association suggested
to the Senate and House committees of
Congress, dealing with railroad .legisla
tion, what has been considered a simple
nd effective method to relieve the con
fllilons mentioned and stabilize, rail
road credit and securities. These sug-
Editions have been substantially adopted
n Section 6 of the Cummins bill now
tefore the Senate.
The proposal was to group the rail
roads Into three or more rate territories ;
that, the commission shall adjust rates
to yield an Initial percentage return
ef not less than 6 per cent on the ag
fjregatfclnvestment In or aggregate value
of the railroad property of each group
devoted to the publla use, and that any
Individual railroad In each group that
receives earnings In excess of the Initial
return of 6 per cent on tho Investment
tn or value of Its property, such earnings
shall be divided one-half to the railroad
saraing them and the other half to a
"national" ex -"shippers" fund under
governmental supervision and expendi
ture. This fund Is to be Invested In
Cars, other railroad equipment, ter
loliuUs or Joint facilities to be used In
the pubjlc Interest, under lease to any or
Ujf the railroads to relieve conges
tion and be spent also for unification or
sthsr useful purposes. Therefore sny
prerphis beyond a reasonable and fair
return to th railroads is returned to
the shippers and the public through the
use of this fund, the facilities' purchased
therewith not t tin rnnltallied for rata
making. This would Institute a subetnn-
tlal saving to the shippers, who, through
rates to sustain transportation ' as a J
whole would now secure adequate faclll-
tiea. Tney woum tnus divide wun ine
owners the benefits of one-half of all
earnings over a reasonable return on the
Value of property In the aggregate de
voted to their service, while the owners
after this fair return allowed on such
aggregate value would have the other
half as Incentive and as a fund held as a
reserve under certain requirements of
Itntes Adjusted to Value. Not on
Bo-Called "Watered Securities."
The adjustment of rates to yield this
Initial percentage return on the aggre
gate of railroad property of all the car
riers, grouped In each of the said rate
districts, does not mean that each In
dividual carrier will receive as much as
e per cent. Eacn individual carrier re
ceives only what Its relative position and
efficiency In management entitles It to
receive. To Illustrate, the 109 railroads
the majority, twice as many railroads
bb the minority have (as of the test
period) Invested tn railroad property.
devoted to the public use, 18,766,932,310.
In the adjustment of rates for all of the
railroads the average net return to these
109, takon as a whole, would not be as
much as 6 per cent, but would be 4.61
per cent oh the total Investment In them
for handling the same volume of tramo
as the averace of the test period.
Some railroads amongthe 162 systems
would get only 2 per cent on their In
dividual Investment others more, and
so on up until 6 per cent' Is reached.
when the division takes- place, incen
tive vls thus preserved because roads
earning less than 6 per cent wilt strive
to earn up to 6 per cent,' and those
earning over 6 per cent will strive
to make their excess as great as pos
sible, for In so doing their share be
Those not earning UD.to F per cent
would get more than before, all the oth
ers can maintain their dividends of the
past and substantial surpluses. The
percentage return Is not calculated on
outstanding security Issues stocks and
bonds but is computed on the invest
ment In or value of railroad property.
Tha Interstate Commerce Commission,
but on y for the purpose of adjusting
rates to yield the Return, is autnonzea,
ponding actual or permanent valuations,
to take the value or. tne properties ox
tm miinnA wriefi ffrmiTHul In the rate
territories mentioned, based on their
property investment accounts, taking
Into consideration tho circumstances un
der which the investment was- made.
together with the other elements that
should be considered In arriving, at a
fair aggregate grouped value of the va
rious groups of- railroads. So all this
talk about paying 'on so-called "watered
securities" is untrue.
Excess Earnings the Itesult of In
herent Inequality In Traffic
The railroads are now paid a defi
nite rental by the Government underlie
Federal Control Act The average or
the earnings of the three years men
tioned,, the so-called "test period," was
taken as a fair basis upon which to
compete the rental. Those carriers that
will produce excess earnings; alter lur
nlthlng UwjiV proportion of the excess,
which goes Into the "Inatlonal" fund,
would receive more In tho aggregate
under this plan than now paid them
as rental under the Federal Control
Act. The roads which would not con
tribute to the fund would receive 129,-
111,260 more. The latter sum represents
what would accrue from rates made to
enable the 109 railroads to live, pro
ducing to them, as already shown, an
average of but 4.61 per cent, on tne
total Investment In of value . of the
property of all of them as their share
of the resUlt of rates to yield the 6
p'er cent on the aggregate. Under what
process or reasoning tne nny-inree
railroads (the. number will actually be
less) can feel they are entitled to re
ceive and hold on to earnings thus
made up Is difficult to see. These ex
cess earnings result from rates .made
necessary because of the Inherent ln-
eaualltv In traffic conditions in tne ter
rltory traversed by the various rail
The talk about taking earnings from
the strong roads and giving them to
the "weak," or from the "rich" roads
and giving to the "poor," as some term
It, Is pure fiction, and not In accordance
-with the facte. The discussion of
"efficiency" and "inefficiency" in con
nection with these conditions Is equally
fallacious. It has also been said that
it Is "confiscation" to take' excess earn
ings with which to-create a national
fund In tn, Interest of the public and
the shippers, not from money that be
longs to any railroad, dui wnicn re
suits from the proceeds of rates that
essential to the preservation of
the transportation system of thecoun-J of tWa Sectlon 6 ,g u. lt laWosstitu
wir an a whnl.. nnrl reaulred to ore-H.i i m.. .. .. . ,
try. as a whole, and required Co pre
serve what former Senator Root terms
"the great bulk of the roads."
Such statements evidence the efforts
of a few operating heads of several
railroads, and are calculated to destroy
the constructive effort now being made
by the Senate Committee, through Sec
tion ( of tho Cummins bill, to save the
railroads to private ownership. It would
be Just as unmoral for the representa
tives of these so-called "strong" or
"rich" roads, as they term them, to
expect to hold on to this money, as
their assertion that lt ' Is unmoral to
take money from one road and give it
to another, wlien they must know that
such Is not done, for It has never been
suggested or even considered by this
asoclatlon, and Is not provided In any
part of the Cummins bill.
Conditions are so serious and the need
of definite constructive legislation so
great that lt Is unfortunate without
fully considering the fatality of the re
sult that there should be any efforts
made to bring about the defeat of Sec
tion 6 of the Cummins bill, which, by the
vote of fourteen members of the Senate
committee for to one against, embodies
the basis for such legislation. Circulars
are being sent to stockholders of some
ot the railroads and to members of Con
gress that are misleading and do not
give the facts In respect to the Inherent
conditions herein mentioned and the ne
cessity of meeting them If the great ma
jority of the railroads are to exist
These circulars state that the provi
sions of section 6 of tho Cummins bill,
containing the essentials to preserve the
transportation system ana hold It under
nrlvate ownership, produce 'connsca-
tlon" of property. If the stockholders of
the respective roads were given all the
facts and the effect on their roads of the
proposed solution of the difficulties
which have for many years surrounded
the railroads, their support Instead ot
their opposition would, It Is believed, be
It Is difficult to understand how any
one can believe that the rallrcads can In
the future go (before the Interstate Com
merce Commission In pubUa hearings
under substantially the procedure of the
past and secure the adjustment of rates
never yet secured through the Inade
quate procedure heretofore pursued,
mad; unless there 1. some regulation of
excess earnings resulting from such ad
justment. v "
IB Per Cent. Itnte Ilenrlna; a Strik
Vfe saw In the 15 per cent, rate case
the spectacle of some railroads which
did not require it making application for
the same Increase of 15 per cent which
was essential to the life ot the others.
It may be that It was thought neceraarv
jbecause of the dlrs necessities of the ma-
jorlty of the railroads that all should
join In asking- for this Increase In order
that the application might have the
weight of unanimity. This situation re-
suited from the Inherent conditions
nerein stated, ana wnicn uio uummings
bill will correct, and It presents a strlk.
Ing Illustration of the Impossible condl-
urn wo Diituuuium m u yiutu
regulation of tho rates of the roads
without regulating excess earnings.
The very fact that these roads maae
application for the Increase was one ot
the most deterrent factors presented be
fore the Interstate Commerce Commis
sion, because they could not make rates
that would give theso particular roads
such Inordinate earnings. The opposing
shippers' counsel at the hearings before
the commission successfully used these
Instances against any Increases. Bo the
majority of roads suffered and the ship
pers 'and public suffered with' them: so
did our allies, for it came at the war
with all the railroads, up to June l
earning but 39 per cent of the amount
now paid them by the Government as
rentalA any one who endeavors to defeat
section 6 of tho Cummins bill assumes a
great responsibility. No railroad la en
titled to receive earnings secured trom
rates it would not beentitled to for Us
legitimate purposes'but without which
rates tho majority of railroads, and
hence the transportation system, would
break down. '
Tho proposals contained in section 6
of the Cummins bill would make auto
matic! to a large extent the adjustment
of railroad rates. The owner of a bond
or share of stock would know what the
railroad that Issued It would Initially be
entitled to receive through rates at .the
hands of the commission:
While public hearings would continue
the railroad executive would then go be
fore the commission. It required .at all,
with the knowledge that the presentation
of the needs of his road could not pro
duce less than Congress has stated Is at
least necessary to maintain transporta
tion. Security holders could look with
confidence upon a return which would
enable them to receive their Income, If
their securities entitled them to receive
any at all; not by a guarante but from
rates that are adjusted to suit the con
ditions found to exist In the respective
railroad territories. an& finally because
of tho efficiency of each road operating
In such territory. It would Insure to
the railroads credit with which to
finance their requirements.
Circulars have also been distributed
which have so distorted the testimony
of Interstate Commerce Commissioner
Clark before the House committee as to
make It appear that he opposes alLregu
latlon of excess earnings because he
stated that such earnings should not be
taken from one road and given to
another. As a matter of fact Mr. Clark
stated substantially wnat we stated, that
a part of the earnings In excess of a
fair and reasonable return and a partici
pation therein by the railroads earning
such excess should be devoted to gen
eral transportation purposes In supply
ing facilities to the shippers, and part
devoted to the employees of all the
In respect to substantially the pro
posals contained In Section 6 of the
Cunmlns Bill, Commissioner Clark In
tact testified before the House commit
tee that they would "avoid endless con
trocrslc9 and put an end to In
terminable,, discussion and argument".
Apart from the unconstitutionality of
taking earnings from one road to give
to another, we have persistently pro
nounced this un-American and unsound.
These are some of the means that are
being urged against' this section of the
Financial and nualneas Interests
The financial Institutions throughout
the country that have bought and sold
millions of' railroad securities to the
great Investing Institutions and to pri
vate Investors have recognized that their
responsibility does not end when they
have sold those securities. Excepting
only In a few Instances, they have given
splendid support to this constructive
legislation. If they will now feel It
incumbent upon them to see that the
stockholders of those railroads whose
securities they have sold to others and
who are receiving circulars misrepresent
ing the conditions confronting them shall
know the facts, these difficulties will be
Senators and Representatives In
Washington are being sent literature
which has been supplied for that pur
pose to uninformed stockholders In the
Interest of the defeat'of the legislation
which the chairman and the great ma
jority of the members of the Senate
committee that has Just Introduced the
Cummins bill will tell you means Gov
ernment ownership If the constructive
legislation In Section 6 of this bill Is
defeated by the misrepresentations made
ah to Its purposes and Its effects.
Itallroad Hearulatlon and Private
One argument used by the, opponents
tlonal. Those who wish lt so declared
when securing the legal opinions ex
pressed presented as the basis for such
opinions propositions which did not
contain the underlying principles of the
procedure we proposed. The opinion
of our five advisory counsel of this
association "declaring the Drouoeals con
stitutional lias recently been Riven to
the public The lawyers composing the '
advisory counsel are former Senator
Ellhu Itoot; John O. Mllburn, New
York; John S. Miller, Chicago; Forney
Johnston, Birmingham, and Hugh I
Bond, Jr., Baltimore (who U also coun
sel for the Baltimore and .Ohio Itall
road). Another argument is that If' euch
regulation la adopted It might be ex
tended to private buslneas. sAy one who
la at all familiar with railroad regula
tion knows that for over thirty years
the railroads have been regulated In
nearly every department and respect.
Including the regulatloa of earnings
through rates; that they are public ser
vice corporations and operated entirely
for the use of the public from whom
they receive their franchises, and no par
allel whatsoever can be drawn between
the two. It Is well known that both
Houses' of Congress aro preparing
tighter railroad regulation than ever
before, which makes all the more neces
sary deflnlteness as to the position of
the security owners. I have talked
with some of the largest stockholders
of tho railroads that would produce the
greatest amount of excess earnings and
they are In accord with what Is proposed
to stabilize not only railroad securities,
but credit and securities generally.
They are willing to recognize the prac
tical necessities of the situation In re
spect, to excess earnings to secure re
sults which wil benefit all railroads.
Senate Committee Act Irrespec
tive of Political Consequences.
The members of the Senate commit
tee, which has now reported this bill,
have given most exhaustive study to
the questions at Issue. This committee
conducted months of publla hearings at
which appeared every Interest con
cerned, Including those who are now op
posing Section . It goes without uv.
lng they would never have adopted by a
voio ot 14 10 1 me fundamental chtnni
e&sentlal In railroad regulation and such
. 5" ZLT" ? i.V!ura fn1
tho regulation of excess earnings, unless
their Investigation firmly established its
great necessity, It Is not' an easy thne
for these Senators to depart from the
vuaiuiiiD ui uta paci 111 a crisis una in
vito difficulties by Introducing new
methods of railroad regulation whloh
may be thought to be more or less revo
lutionary. Nearly every momber of this
committee, without respect to party poli
tics, no matter what may be the result.
i ,.. -...., ... . '
u aiui enro, vmnoui re-
gard to the consequences to his own per -
sonal Interests, reoofnlied the serious-1
ness of the situation and has me It.
It lis proper to state that we do not
agree, as Senator Cummins knows, to
many of the provisions of the Oummtns
bill, particularly those relating to the en
forced consolidation of all the railroads
Into not less than twenty or more than
thirty-five new systems, and when powor
la given to four Governmental regulatory
agencies, which Includes the Interstate
Commerce Commission, to bring about
such consolidations within seven years.
If at tha expiration thereof such con
solidations have' not been effected volun
tarily, they are to be enforced. During
this period, bargaining for the proper
ties through Governmental agencies un
der forced valuation takes place, with
all the uncertainties incident thereto.
The owners of these propert!es,ln the
absence of legislative protection afford
ed by the fundamental requisites to
whloh we have referred, would be con
fronted during these seven years with
hot only uncertainty as to the return
they are presently to receive" from rates
to be made, but also with uncertainty as
to the value of the principal of their in
vestment dependent as lt will be upon
the basis of such consolidations. Such
are tho conditions, should the com
pulsory consolidating features ot the
Cummins bill obtain, which confront the
owners ot railroad securities. The re
sults to bo obtained from our proposal
for rate adjustment with excess regula
tion (with permissive consolidations .en
couraged along natural lines) should
make unnecessary the enforced contrao
tlon of the present railroad operating
structures Into so limited a number ot
syBtoms, which, after the possible Im
pairment of both security values and
competitive service, may not bring the
results Its advocates hopo for. II was
partly because of these conditions,
which lt was manifest must sooner or
later bo met that faction was taken by
the association I represent In respect to
the two fundamental requisites to con
structive railroad legislation herein
named. Wo hope consolidations will be
made and without a limit on their num
ber. General Indorsement ot Associa
Interstate Commerce Commissioner
Clark, who Is chairman pf the legisla
tive oommittte wf the Interstate Com
merce Coinmtsston and whose experience
In regulatory railroad matters is very
extensive, has, as stated, expressed him
self favorably relative to definite legis
lation In respect to rate adjustment car
rying with It excess earnings regulation.
Mr. Clark, as already quoted, testified
before the Houso committee that this
wquld "avoid endless controversies and
put an end to Interminable discussion
Dlrecter-General nines, with the ex
perience gained during governmental
control and operation .and prior to that
with the Santa Fe Railroad, has stated
before the Senate committee and else
where: "Any level of rates which will pro
vide enough revenue to sustain tho w ik
roads will give tho strong roads more
than the public Is willing; for them to
h5Ve. . . . This condition' will make
the public always fear or suspect that
it Is being exploited thrpugh the trans
portation service for the benefit of pri
vate capital and will lead to continual
Insistence upon the railroads being op
erated exclusively for the public benefit
through Government ownership and op
eration. ... If any plan ot private
management Is to bo successful lt ought
to provide for the participation of the
Government and perhaps of labor, in the
profits In excess of some comparatively
Our proposal, as already stated, In
cluded a division also wlth-Habor. This
has been abandoned temporarily at least
because representatives of the brother
hoods discouraged' lt
Daniel Wlllard, who was a mem
her of the steering committee of the
Assertion of Railway Executives, and
resigned because he did not agree with
some of his associates on tho committee,
believing a fixed minimum return and
excess regulation, hod the following to
sny before the. Senate Committee on
"While this plan (minimum fixed re
turn and regulation of excess earnings
Securities Association plan) does not
contemplate a positive guaranty of any
fixed amount It would afford a definite
guide or measure and would. In my opin
ion, be a decided Improvement upon the
methods of the past
"I firmly believe that no less a rate of
return than 6 per cent upon no less an
amount than the combined book Invest
ment account of all the railroads taken
as a whole will be sufficient to establish
and sustain the credit ofvthe carriers."
The executives of two of the most
prominent trunk lines of the country had
Indorsed the position taken by Mr. Wll
lard. Alty-ed P. Thorn, their own general!
counsel (Association or Jiauway Execu
tives), asserted before the same com
mittee that the Interstate Commerce
Commission should be required t fix
rates adequate to sustain the average
traffic conditions "not the richest 'nor
poorest but average condition" In the
several traffic territories. And, In re
spect to railroads earning more than
they had the right to retain, and what
they would hot receive were they alone
to be considered, Mr. Thorn In answer to
a question testified:
"That raises a great problem, and we
think that will have to be dealt with by
oome means of having governmental
supervision over what we term the ex
cess earning power of those roads."
Notwithstanding all this and in the
face of the memorial presented to Con
gress signed by Investors and represen
tatives of Institutions representing over
(30,000,000,000 of the total resources 01
the financial Institutions of the country
and approximately SS per cent. -of Uie
funds available for the purchase of rail
road securities who have petitioned Con
gress In respect to this suDlect, conv
paratlvely, few railroad executives are
attempting to defeat the purposes of sec
tion 6 of the Cummins bill and of the
owners of these properties, Including
stockholders as well as bondholders. If
accomplished It would likely bring upon
the country Government ownership and,
ponding this calamity, the destruction of
the Interests they may represent.
S. Dxvikb WARrixu), President
National Association of Owners of
Railroad Securities, Baltimore, Novem
ber 1, 1919. .
ROADS EARN $78,000,000.
Preliminary Figures for Septem
ber leaned by Administration.
Spclal Deipttck to Turn Bun,
WABHlNOTOrf, Nov. 4. Railroads
under Government control had tn Sep
tember operating expenses ot (78,000,000,
according to preliminary figures prepared
bj- the Itallway Administration. In ad
dition out ot Septembers' earnings was
taken (16,000,000 ot back pay tor rail
road ahopment under the wage Increase
order Issued In August, but which pro
vtded back pay to May 1. With that
Item out, the net earnings would have
been 192,000,000, or 119,000,000 moro
than the Governmental rental tor the
As lt was the Government will have a
net profit on Its operation ot tha roads
tor a month ot 13,000,000, aa an offset
on the total previous deficit for the year
to date ot (274,000,000.
Passenger and1 freight business dur
ing the month was heavy. The freight
business was slightly less than that of
n.r,r.mhar. 11S. but ahnwi n mihotnn,
i tlal Increase compared wlh August,
1919. and September, 191T. Passenger
trafflo waa heavier this September than It
was in September, 191).
Australian Parliament Dissolve.
Melbourne, Nov. 4. The Parliament
t.A A lia... II. n rAmmAw..lV i.
u, iiu.iiwii.il iMiuiviiiiiuj .
been dissolved. Elections Tor Its true-
ceBsor will be held on December IS.
AMERICAN EXPRESS TRAVEL DEPARTMENT
Tours at frequent lntcrvab
throughout the winter.
AMERICAN EXPRESS TRAVEL DEPARTMENT
65 BROADWAY, NEW
Phone: Bowling Green
Fauencer and Freight Serrlc.
NEW YORK to LIVERPOOL
Orduni '. ..Nov. Dec. 6
CsrmanU Nov. 12. Dec. 17
1 NEW YORK to PLYMOUTH.
CHERBOURG and SOUTHAMPTON
MiureUnis Nov. 22. Dec 16
NEW YORK to PLYMOUTH.
HAVRE end SOUTHAMPTON
Royal George Nov. I O.Dec 8
NEW YORK to PLYMOUTH.
CHERBOURG end LONDON
Ctronia Nov. 10. Dec 15
NEW YORK to PLYMOUTH
HAVRE and LONDON
Stxonit Nov. 8, Dec 10
NEW YORK to PIRAEUS
Pannonis - Nov. 22
NEW YORK L'DERRY GLASGOW
Columbia Nov. 8. .Dec 6
Zl-Sl STATE STREET. NEW YORK
Direct eerrlce on f art twin-crew
eteamera Item New York to
HAVANA ) WEEKLY
MEXICO !" sailings
To Progrw, Verm Croa aad Tanplco.
Retular Saillota to Naaaau, Bakamaa.
tlbraava tnJ full Infnmatian an reooeil.
New York mmi Cb Mall S. 8. Co.
Feat of Vail Street. Me York I
Haverford Nov. 20 Jan. 8
N. T. CHERBOURG SOUTHAMPTON
Upland a Noon, Not. gjDsC 13
Adriatic Nir. 28
NEW YORK LIVERPOOL
iCeklt Nor. lNsr.22Dec27
hVN YORK AZORES GIBRALTAR-
Canoplc i Not.
Cretlc 3 l', M., Not. 13
Ofio, B Draadvray . Now York
Ideal Winter Vacation lleiort
Service) tobe reaumed In Deo., 1010, by
FURNESS BERMUDA LINE
Faat, twio-ecrew, palatial steamers
S.S. "FORT HAMILTON"
Balls from New York Deo. 0-17V37
11,000 Tons Displacement
S. S. "FORT VICTORIA"
14.000 Tons Dlaplacement
No p&saports required for Bermuda,
schedule of sailing, cabin plans and
rata sent on application.
FURNESS I ERMUDA LINE
Furoeas Ilouao. White HaJ, New York.
SCANDINAVIAN AMERICAN UKI
Denmark. Norway, Hweden.
yaaaenger Office, Hroadwar. N. T,
CANADIAN PACIFIC RAILWAY.
r. It. Perry. Qn.Art..l'aa.Dpt HUBway.
Uontrtal or Quabte to Europe. Can. Pa
sine Ocean Bervlree. Ltd.. Hit Droadwar.
PI. V. dkreeftw OOTUEMIUkUJ. rllVCDBM.
ffKDUaU AM tU CAN IAN St. 4 Mala, tV
HUDSON BIVEB NIOHT LINES
Prom Pier It, N, R., trot Canal SC. dally
salting P. If.; West lS3d SU. (HO P. U.
Due Albanr 4 o'clock following moral.
A CRUISE TO
JAMAICA, PANAMA, PERU, CHILE, ARGENTINE, URUGUA
Sailing from New York JANUARY 7
Returning to New York MARCH 8
Beautiful New Cruising Steamer By special arrangement with the Pacific Steam
Navigation Company the S. S. EBRO will be used for this cruise. The EBRO is a
Bplendid new twin-screw steamship" built especially for cruising in the tropics, and
luxuriously equipped with every modern convenience, including beds instead of
berths, electric fans, outside light and ventilation for every room,l passenger ele
vator, two veranda cafes, both shower and tub baths, large promenade decks, many
single rooms, no more than two people in any room.
The Great Cities of South AmericaWe shall visit Buenos Aires, Montevideo
La Plata, the Andes by rail, Santiago, Valparaiso, Antofagasta, Arica, Lima,
Panama, Kingston, as well as brief calls at other ports.
Cruise Price, including Shore Trips, $1625 to $1745,
Write for Detailed Announcement , '
THE WEST INDIES
Three special cruises to the WEST INDIES by the luxurious steamers of th't
Great White Fleet, sailing " "V
i JANUARY 10 S. S. Pastores
JANUARY 31 S. S.-Calamarci
FEBRUARY 21 , S. S. Tolva
TRAVEL THE AMERICAN WAY .
TO FLORIDA TO EUROPE
With extension to Cuba. Battlefronts tours sailing
Five attractive tours. November 22, Jan. 3, Feb. 7.
IMPORTANT: Book now for Europe in Spring of 1920
TVrffe for Illustrated Booklets.
"TUB FUnLIO BE PLEASED."
BOSTON Y'T $4.40
PROVIDENCE DIRECT BOAT $2.97
All OuUlde Staterooms, (1.08 to SJ.M.
cAbove Trices Include War Tax
Boat Uavea Pier 39. North River Oatlr
'and Sunday at 5 la M.
l'hone Spring M81.
IVorrontrr, $4.13; Protidtncr direct, 82.10 I
OUTSIDE STATEROOMS 81.08 ft 81.18 1
Dally, Including Sunday. 6:00 p. M. I
Prom Plr 19, E. R. Phon 3700 Heekman I
1GHT (SEEING VACHf
'Touriit" Around NewYerU
Lr.Battery Pier Dillr.lO :S0,2 :30. TeLBroad B7.
FALL RIVER LINE
to Boaton. Sirs. Lv. Pier 11, N. It., 5:00 P. M,
HELP WANTED FEMALE.
LOOK TO THE FUTURE
X wonderful future
stretches before this great
city of New York. More
and more commerce will
center here, more and .
larger ships will enter our
harbors; more and swifter
trains will rush in and out
of our stations; more busi
ness, involving bigger af
fairs than ever before, will
be transacted in our build
ings. By its very nature, the tele
phone business must in
crease as the city develops.
As industry grows and ex
pands, its demands for tele
phone service grow larger
and more exacting. It is
the duty and privilege of
the Telephone Company to
anticipate and meet these
There are wonderful oppor
tunities right now in tele
phone operating. Girls and
young women are needed to
handle the present enor
mous telephone traffic.
These young women will
rise to higher positions with
greater responsibility and
higher salary as the in
creasing demand for tele
phone service creates new
opportunities in the tele
phone business. The
junior operator of today is
the supervisor, assistant
Chief Operator and Chief
Operator of tomorrow.
Girls 1 6 to 33 are wanted
)for. Telephone Operating.
Young women, ax to 35, for
Night Telephone Operating.
(Main Employment Office)
X158 B'way, cor. 37th Sr.,
8 A. M. to 6 P. M.
433 E. Trernont Av. xa M.
to 9 P. M.
81 Willoughby St, 9 A. M.
to 5 P. M,-
1336 B'way, g A. M. to 3
NEW YORK TELE
118 WEST 39TH STREET, NEW YORK
Phone: Greeley 4561 or 734.
,HELF WANTED FKSIALE.
HAVE YOU HAD SOME
HIGH SCHOOL EDUCA
TION OR BUSINESS EX
PERIENCE? IP YOU WISH A PERMA
NENT POSITION WHERE
Tho worE is ngrecablo
The working conditions are
You will have carefully se
lected and congenial asso
ciates The office hours are from
9 to 5 (Half days on Satur
days) Rest; Rooms aro provided
Good meals are served at
Sickness disability benefits
Vacations with full pay ara
The salary to start is $13.00
Salary increases are given
at frequent intervals.
TEAR OUT THIS ADVER
TISEMENT, WRITE YOUR
NAME AND ADDRESS ON
THE LINES BELOW AND
MAIL IT TO BOX J 216
HELP WANTED MALE.
Auto School Larreet and beat acboel In tha
WEST SIDE U. 6. Send for booklet and mm
Y. M. C. A. to school. Telephone Colombia
M W. ITth St. 7tM. Special claaaea for ladleT
LEARN TO BE A CHAUFFEUR Pleaa.
ar.t, profitable work; day and evenlna
claaaea. Send for tree booklet and Due
WEST SIDE Y. M. C. A., lit Weat STth St.
SALESMEN I want sales manaier and
ealeamen to aell eecurltlea on a corumltslon
bails; a new dlacovery and a new Mlat
effects everyone: your future and mine In
thla new Induatry are limited only to our
ability to do thlnta; do the nrat thine- and
see me; let's set together, work together
and make money toiether In thla moit
wonderful Held: I want men in' the Eattern
civics, .ut... . muni . ng or write mm
L.V. Martin. lt70 Ilroadway. Room iei?
SALESMAN. BECURITY Financial k..."
ensaged In flnancine motor car aalea de.
aires to engage active, Induatrlous man of
eood standing to present Ita preferred
atock, with common etocK bonua, to In.
veatora; Investment amply secured and
efforda high prodt opportunity; moat at.
tractive, salable security; liberal commls.
alon. JO per cent, baala onlr. but "leade"
turnlihed. 110 Weat 40th St., Suite oi
8ALK3MEN wanted; factory rebuilt tlrea
are In great demand: attractive proposition
submitted upon application; estimated com"
mlaalone about 1100 weekly to atarti terri
tory asalgned men who can produce; onlr
huetlera need apply. EASTMAN RUBBER
WORKS. Inc.. tit Weat 40th St. New York.
SITUATIONS WANTED MALM.
"VnOINEER AND EXECUTIVE, ten "years
conaultlng and engineering experience with
leading engneera tn responsible charge of
administrative aiid engineering1 work cov
ering design, operation, organization, de.
velonment. management and finani.i .
tera. Accustomed working out difficult
.ih.hi.i b.,u pusning lulneTa
through to nnlsh. Responsible position
with public utility or manufacturer, e m
lioi 80. lilt Broadway. '
REAL ESTATE, middle-aged man. eov.
eral yean1 experience, wishes position, col.
lector, &e.; references. M.. lit Mornlnr.
SALESMAN, experienced, wants to sell
anything; commission. LANG. j:j Dnfrt.M
Bt . Brooklyn. ""a
LOST Southern Paclflo Company Stork
Certificate No. FI170J for 6 shares In the
name "Lyman J. Spalding." Notice Is
hereby given to snow cause why a dupll
cate aHould not be Issued. LYMAN J
BPALDWO. M. D., 101 W. 111th Bt New
DIAUOI4U3 Bought, so la. (or cash only
mm we'wwi, pawtiets, are m
' Tours sailing January;
February, March, April.
PsflMf "0 Travel
UUUIV 0 Service
COVERS TtlE WORLD
THOS. COOK' SON
WS B'way. B61 Fifth At,
Supreme Court, County of New York, Tha
Equitable Trust Company ot New York,
aa Trustee, Ac, Plaintiff, against The
New Theatre and others. Defendants.
County Clerk's No. 14.011 ot 11.
In pursuance of a Judgment of tore,
closure' and sale, duly made and entered
In the above-entltled action and bearing
data the 20th day ot Auguat, 1119, I, the
undersigned, the referee in aald Judgment
named, will aell at public auction, at the
Exchange Salesroom, No. 14-10 Veasy
Street, In the Borough of Manhattan, City
Jf Jew York, on the 7th day of October,
11S, at 11 o'clock noon on that day, by
Henry Brady, Auctioneer, the premises and
property directed by said Judgment to as
sold, and therein described as follows:
All that certain tract, piece or parcel
Of land, eltuated tn fn rin-n.i-il. n r-
hattan. City and Cnuntv rtf mtv v.,t
at' of New York, bounded and described
Beglnnlnr at the corner formed by the
Intersection of the northerly aide of iilxty
second Street with the westerly side of
Central Park West: runnlrig thence west
erly, along the northerly aide of Slxty
second Street two) hundred and twenty-
.?t(i,6) thence northerly, parallel
with Central Park West one hundred (101)
:"J?V, C8) inchea to the centre line ef
the block: thence easterly along the cen
tro line of the block, parallel with Sixty,
aecond Street, twenty. rive (J6) feet; theocs
northerly, again parallel with the westerly
'.A'i Central Park West, one hundrsd
(100)reet five (6) Inchea to the southerly
side of Sixty-third Street; thence easterly
along said southerly side of Slxty-thlrd
Street, two hundred (S00) feet to the west
trlr.a? of Central Park West, and thence
southerly along the westerly aide of Cen
tral Park Weat, two hundred (200) feet
ten (10) Inches to the point or place ef
Tegether with the buildings, fixtures
and Improvements thereon, conatructed or
? con,trncted or In procesa of con
struction: and also all costumee. rcenery
and stage equipment, of every kind end
nature whatsoever, now owned by the
Mortgagor, or hereafter acquired by means
ot the bonds Issued hereunder or their
proceeds: and alao all permanent additions
which may hereafter be made to the said
vl?p.'Jty or appurtenances: and also
all the estate, right, title, interest, prop
erty, poateaslon. claim and demand what
fSVu' ?s ln Uw In equity, et
the Mortgagor of, In or to the same end
every part and parcel thereof with the
Dated, New York. August 11. 1010.
PH't'IP J. SINNOTT. Referee.
MtlRTtAY. PRENTICE & HOWLAND,
Attorneys for Plaintiff.
17 Wall street. New York City.
The following is a diagram of the prem
ises to be sold; It has no street number:
nhT?.?. ,rlln amount of the lien
charge, to satisfy which the above- le-?-r'bPr.pt)r
J be Is one mi !-
ion e!ht hundred and thirty-one thousand
one hundred and flfty.slx and twem -n?P,:1,un,lr"1,h"
dollars (tl, 111,150.15 .
SL.W' .""a ,0,lher wlth the coeM
amounting to One hundred elghty-sevsn
dollara. fifteen cents (tl.7.15). with in-
-irth,,.hfr,m Autu,.t together
with the expenses of the sale. The anpraxl-ra,Ve-,a.m0Unt.
of taxes, assessments
and water ra.tea, or other llene, which are
to be allowed to the purchaser out of the
purchase money, or paid by the Referee
Is one hundred and twenty-six dollars and
forty cents (1125.40) and Interest
Said premlaes and property are to
sold as an entirety nnd In one let or narce
7,. Premises are to be sold subject o
building restrictions and regulations .on
. l,ne4.VL.r.'..0,,,0I' or ordinance adnpi
July 25th. im, by Board of Estimate and
Apportionment of the City of New Sork
and amendments thereto, alao subject to
any state of faots which an aocurate sur
vey would ahow
Dated, New York, August 21. 1010.
PHILIP J. SINNOTT. Referee
The sale In the above entitled action Is
hereby adjourned to Tuesday. October tltb
lilt, at the same time and place.
Dated. New York. October 7th. Ills.
PHILIP J. SINNOTT, Referee
The sale In the above entitled action 's
hereby further adjourned to Tuesday, No
vember 11th. 1111, at tho same time and
The approximate amount of the tux"
assessments and water ratea nr other Hers
which are to be allowed to the purchase
out of the purchase money or paid by th'
Referee la til.7IO.S0 and Interest. In II
of the amount attted In the foregolnr
Dated, New York, October 1. nil
PHILIP J SIVNOTT. Referee
French merchant wishes to represent
American Firms. Special lines. Sura"
(white and Cuba), Coffee, Cocoa, and all
American food products. Write.
Auguatln ENUUIX File
S. riaee Delille 1. tSBTTS-SSaxee.
n 5 S