Newspaper Page Text
Otherwise Credits Cannot Be
Re-estabiished, He Tells
the Senate Committee
Confidence Has Deeiined
"Revenue and Expenditures
Are Beyond Control of the
Investor," He A s s e r t s
New York Tribtnie
WASHINGTON, Jan. 16. ?Unless
Confress devises some legislative
' means to centralize regulative control
of railroad expenditurcs and revenues
jt will bo impossible to reestablish
railroad credits and attract capital to
irtvest, Alfred P. Thom, general coun?
sel of the Association of Bailroad
Execntivs. told the Senate Interstate
Commerce Committee to-day.
Stating his testimony was based on
the assumption the givernment pro?
posed to turn the railroad properties
back to private ownership, Mr. Thom,
who was the only witness at the hear?
ing, devotid the entire morning ses?
sion to a discussion of thc economic
facts undcrlying the lack of coniidence
in railroad securities and the neces?
sity of reestablishing this coniidence
if Congress hoped to achievc any per?
manent solution of the present rail?
Income Has Been Inadequate
"It cannot longer be said that money
is waiting for investment in railroads,"
said Mr. Thom. "Our belief is that
capital now has to be attracted or it
will not come. Unless Congress legis
lates on this basis it will not be meet?
ing the actualities. The flow of capital
into railroad securities has come to a
Mr. Thom then laid before the com?
mittee statistics which be declared
showed that in the period between
1910 and 1916 the aggregate operating
income of thc railroads of the country
each year except. 1913 bad been in?
adequate to meet the interest and
dividend charges which actual ly had
been paid. In response to a question
by Senator Watson regarding how the
roads obtained the money to pay their
interest and dividends Mr. Thom stated
that this had come from investments,
rentals and other sources apart from
Figures Are Analyzed
Analysing the figures presented to
the committee, he drew the following
1. With the exception of 1913 each
year after 1910 and up to 1916 showed
a reduction in operating income or
2.'During each year from 1910 to
1916 there was a large increase in
property investments. Investments
grew while income deeiined.
S In no year after 1910, except 1913,
were earnings sufficient to pay inter?
est and dividends.
4. Aggregate operating income dur?
ing the period 1910 to 1916, despitc a
banner railroad year in 101''., fell short
by $154,663,578 of meeting the aggre?
gate interest and dividend. charges.
5. Interest and dividend charges dur?
ing this period had to come out of
surplus, earnings, investments by the
roads or other sources apart. lrom
6. During this period the bonded
debt of the roads increased three times
as fast a> the stocks. Between 1910
and ;:?:? trt( bonded debt of the roads
lncre . ? .. ,o 10.000, while the
stocl-,7- increased only $733,0 10,.
1. During r.o year between 1910 and
1915 did ihe raiiroads earn as much
88 the 5.35 per cent on their stock
wnien th* Interstate Commerce Com?
mission had officially declared "inade?
quate and not in the pubiic interest"
?8 an investment return.
">? Thc average net operating income
during the period 101 i to 1916 was
omy l.'.'l por cent, considerabiy less
than the 5.35 per cent figure declared
!???oquate by the Interstate Commerce
Seeks rermanent PoHcy
"Unjess you can show a permanency
of policy which will assure an ade
quacy of income to meet railway obli?
gations," said Mr. Thom, "you have
not solved the question of railroad
credits. Pubiic confidence in these se?
curities has deeiined because the in
vcator has had no control over ex?
penses or revenues. The scale of ex?
tension .?* has been made for him, not
Dy him. They have been further
affected by the demands of labor, cur
r?nt prices and the exactions of pubiic
Postponing the discussion of the !a
J?r pnase of railroad expenditurcs and
?e question of current prices to later
watim-my, Mr. Thom then .mphasized
we variety of authorities, Federal and
M*t>, which exerciae control over rail
ro*d outlay. Questioned regarding the
?pecif;c waya in which state and local
WBorities controlled railroads ex
paditures, he pointed out that this
*?rg<.-iv wa- a matter of station con
nnirtion and erossing and grade
cnang-.., but arfded that local police
WJTOlations imposed a substantial
?mount of expensc upon the roads. ,
Revenue ae weil as expenditurcs,"
*?. Thom continued, "are beyo... the
:*n?'ro! of the 'nvestor. This is also
?'*cd by govemmental authority. Jf
<?enue at the moment ia adequate the
,t ntor h?" never any assurance that
j**ul continue adeo,uate to meet out
**T and pay interest and dividends.
Mr Vv^* op-ming ?f to-day's hearing
*^lhom finished the argument he had
7?m?nced Rt adjournment yesterday
?**1R?t the delegation of powers of
?iro*d -rontrol to thc President for
? years, aH proposed in the McAdoo
.^?-y^ar" plan. He declared he be
tSi7? '!' Poi "nl>' OOwiM but unconsti
lmi ' for r:?ngresK to df-legate abso
uwLPOW,;r Uf lh,; Preaident to over- '
tSuL y Ex??ut?v? order at will the
7/,! i 0Ver interstate commerce vest
~ni* would be an abandonment by j
Congress of its constitutional powers'
for five years," said Mr. Thom.
"Isn't thnt the purpose of the pro?
posal?" asked Senator Kellogg, to
which .Mr. Thom replied, "I don't
I Asked by Senator Pomerene whether
! the railroad executives' programme
; presented to the committee Monday,
i which Mr. Thom has made the basis of
j his testimony, represented the unani
| nious view of the lines, Mr. Thom said
that while a few members of the __
sociation had dissented from one or
two features of the programme, it war
the action of the preponderent major?
ity ot the association.
Of Brazil, Long 111, Dies
RIO DE JANEIRO, Brazil, Jan. 16.?
Dr. Rodnques Alves. President-elect of
Brazil, died to-day. He had been critic"
ally ili for some time past.
Dr. Alves last night received thc last
rites of the Catholic Church.
Under the constitution an election
will be held to choose a new President.
Dr. Francisco de P. Rodrinues Alves
was one of the leading statesmen of
Brazil. Ho served as President of
Brazil from 1902 to 190(5. and was the
only candidate for the Presidency in
1918. He was elected under a pledge
for the cohtinuance of the war policies
of the government of President Braz.
After his retirement from tho Presi
ciency in 1906 Dr. Alves was sent on
various missions by the Brazilian gov?
Dr. Alves was not able to assume of?
fice on November 11, 1018. because of
illness and had not yet taken the oath
when death intcrvened. The Vice-Pres
ident, Delfin Moroira, assumed office on
?November 14, and has been the acting
nead of the government.
Bernt Berger, Engineer,
Dies of Heart Disease
Bernt Berger, a consulting engineer
m brulge and structural work.^with
offlces at 150 Nassau Street, died of
heart disease Wednesday night while
on his way to his home, 364 Clinton
Avenue, Brooklyn. He was fifty-three
Mr. Berger was born in Norway, but
had lived in Brooklyn for thirty years.
He was a past presidert of the' Brook?
lyn Engineers' Club and a member of
the American Society of Civil Engi?
neers. He was a member of the Nor
wegian Engineers' Society and a di?
rector of the Norwegian'Hospital of
Mr. Berger was unmarried. He leaves
a brother, Herman Berger, in this city
a ' two brothers in Norway. Funeral
serviees will be held at the residence
at 3 o'clock Saturday afternoon.
ANSON M. BANG3
Anson Myron Bangs, formerly one of
the foremost cngineering contractors
in the United States, died Wednesday
in the Presbyterian Hospital after a
long illness. He was sixty years old.
Mr. Bangs was born in Fayetteville,
N. Y. He was contractor foi- the Soo
Canal locks. the Delaware River Water
Cap and other imnortant government
works. In 1907, with W. J. Oliver, he
submitted the lowest bid for the con?
struction of the Panama Canal, but was
rejected when President Roosevelt de?
cided to hnve the canal built directly
by the government. lle retired about a
year ago. He leaves a widow and one
daughter. Mrs. Lorenzo Armstrong, of
53 East Fifty-first Street. The funeral,
which will be private, will be held at
JOHN A. QUELL
John Adam Quell, a Brooklyn shoe
manufacturer, died of heart disease
Wednesday at his home. 47S Decatur
Street. Up was sixty-nine years old,
Mr. Quell was born in Germany, but
had lived most of his life in this'coun?
try, and for more than thirty years
was in business at Fulton and Sumpter
Streets, Brooklyn. He was treasurer
of the Fulton Street Board of Trade
and was a member of the Holy Xanie
Society and the St. Vincent de Paul
Society of St. Benedict's Roman Catho?
lic Church. He leaves a wife, two
sons and four daughter:-.. The funeral
will be at lii o'clock Saturday morn?
ing, at St. Benedict's Church, Brook?
lyn. Burial in St. John's Cemetery.
THOMAS F. CONNOLLY
Thomas .F. Connolly, a retired. firo
captain, is dead at his home. 251 Kings
hrldge R.r.d. The Bronx, following an
opi ration. Captain Connolly was a. fa?
miliar figure along the East River wa?
ter front years ago as commander of
the fireboat Wfiliam F. Havemeyer,
and laier ':hc boats -ftobcrt A. Van
Wyck and William L. Strong. Since
his retirement Captain Connolly has
been in the employ of the New York
PHILANDER A. STREETER
HOLYOKE, Mass., Jan. 16.?Philan
der A. Strceter, (i*st Union soldier con
i'.nccl in Libby Prison, died here this
morning, aged seventy-eight. He was
captured at the first battle of Bull Run.
He lost sixty-fivc pounds during his
imprisonmt nt. Hig wife and two son3
MRS. MARY E. RANDALL
Mrs. Mary E. Randall, an actress,
wife of George Randall. with whom she
had appeared in vaudeville, died of
pneumonia yesterday at her home, 315
West Forty-sixth Street. She was
forty-four years old. She leaves her
husband nnd one child. Funeral ser?
viees will be held Friday morning at
10:30 o'clock at the Campbell Funeral
Church, Broadway and Sixty-sixth
Street. Burial will be in Boston.
MRS. MARTHA O. BARTON
Mrs. Martha 0. Barton, widow of Ed?
ward H. Barton, a broker. died of apo
plexy yesterday at her home, 2063 Sev?
enth Avenue. She was eighty-two
years old. Mrs. Barton lived in this
city for thirty-one years. She leaves
four sons and four daughters. Funeral
serviees will be held this evening at
8:30 o'clock at the Campbell Funeral
Church, Broadway and Sixty-sixth
Street. Burial will be at Mount Iloor
Cemetery. r '
JONAS M. FARRINGTON
Jonas M. Farrington, for twentv '
years proprietor of Brown's Chon
House, died yesterday at his home .7
Fleetwood Avenue, Mount Vernon '___ i
was aeventy-six year* old. Mr Far
rington retired from active business j
last May. He leaves three brothers and
a sister. u i
|% PER MONTH ON
| ** PLEDGE OF,
THE PROVIDENT LOAN SOCIETY
'J A. M. to 5 l>. M.
S*turd?y?, 9 4. M, to 4 ft M ,
j 'rom thnt Suturday l? JUfte to tirst
|S*.?,_v ln September, both l?.
Ul"**** 9 A. nt. to I l>. M.
Fourlk Avenue, cor. 25t_ Strttt
Etdri-ie St., cor. Rivington St,
E?*t Houiton Sl., cor. Euex Sl.
Sevenik Av., bet. 48tk & 49t_ Su,
Ltxington Av? cor. 124th St
Grand Sl., cor. Clinton St.
E. 72d Sl., b*t. .exington & 3 Avi^
Eivkfk Av., cor. 1271, Sl.
CoortSandt Av., cor. 149th Sl.
Smilb St., cor. Livingtton Sl,
Grahaaj Av., cor. Dcbevoii* St.
Pilkin Av., cor. Rockaway Av.
Men's Glove Section
ONE CLASP GLACE GLOVES in grey.
khaki and tan; soft and pliable.
Formerly 2.50 pr.
Save time by using our Mail Order Serviee?
postal and *phone orders promptly filled.
A merican made under?
garments of Nainsook; dainli
ly trimmed with embroidery,
laccs and net.
1.75 1.95 2.10 2.95
1.10 1.35 1.50 1.95
1.25 1.75 1.95
10% under retail value.
7.50 8.$5 to 12.50
2.95 3.50 3.95
CAMISOLES -plain tailored, Wash
able Satin models.
35 inches wide; in these light
and dark shades:
ln Stock $2.50 yd.
IMPORTED BLACK \
ish; 39 inches wide. ( ?.25
ln Stock $2.50 yd'
BLACK DRESS SATIN \
?glace finish; excellent/ ? _c
weave ; 40 inches wide. ) 3.75
In Stock $4.50 yd)
COLORED GEORGETTE CREPE
?40 inches wide.
In Stock $2.75 yd.
SATIN METEOR--40 inches
wide; in street and evening shades.
Old Rose Bluet
ln Stock $3.75 yd.
Cape shape or large allover fcets
in ihe following shades :
Light Brown Light Auhurn
Dark Brown Dark Auburn
Med. Brown Drab Blonde
Blonde Drab Brown
Value $1.80 doz.
GLACE GLOVES?one clasp; pique s-anw ;
while with heavy black stitchmg?a'.so all
white, lan and black.
Formerly 2.25 pr.
OtucAwetwe at 40tft je^tet
Fully 20% under
Dainty undergarmenls with hand
scalloped edges and unusually at
1.95 ?o 3.50
3.50 "nd 3.95
1.95 ??"! 2.50
NOTE ? When the
present assortment is
sold prices will be much
higher for the new
3.25 ?nd 3.95
To Close Out
ODD GEORGETTE CREPE,
LACES. FANCY SILKS. ORGANDIES.
and V0ILES?embroidered, hand
drawn and lace trimmed models.
Formerly $10.75 to $40.00
To Close at 945 to 34,59
ODD GEORGETTE CREPES in
dainty embroidered jabot models.
Formerly $5.00 to $5.50
To Close at 3.95
Also a comprehensive
assortment of Blanket
and Corduroy Robes,
specially priced for the
LINEN WEFT TABLE CLOTHs!
with napkins to match.
CLOTHS 63x68 in.
CLOTHS ' 68 x 86 in.
NAPKINS 22 x 22 in.'
PURE LINEN TABLE CLOTHS,
with napkins to match.
CLOTHS 70 x 70 in.
CLOTHS 70 x 78 in.
NAPKINS 22 x 22 in.'
PURE LINEN SHEETS.72 x 108 in.
Pr 12.15 ?o 21.50
PURE LINEN PILLOW CASES
3.15 4.50 5.85
doz. 450 to 10.50
do*. 3.25 to 5.25
?A *? 4
For Clear art ce
The colorings are most attractivr
and the designs suitable for shp
covers, cushions, draperies, etc,
3 I inches wide.
Formerly ,75 to $1.25
An Unusual Value
Only a few pairs left lo be
closed out at this rcmark
ably low price.
faced; various color combinations.
71/} feet long.
Thc lincst weaves America
and Scotland produce. Here
is endless variety.
Colors that wash and
qualities that wear.
Yard .45 to 1,35
Silk and Cotton
Crepe de Chine
of a superior quality?in a
variety of desirable colors;
36 inches wide.
Very Special, yd. ^5
??} No Approvals Extraordinary Offerings in the
JANUARY SALE OF MEN'S SHIRTS
IMPORTED MADRAS-Novelty woven checks.
JMP0RTED MADRAS?Neatest candy stripes.
IMPORTED MADRAS-Neat fancy and novelty stripes.
PLAIN CHAMBRAY?Blue, lavender and tan.
MERCERIZED SHIRTINGS-Season's newest ,ideas.
SATIN STRIPED MADRAS-Exceptionally fine grade.
Samples sent on request
Sales Final P^** 1
STIFF CUFF SHIRTS?Clearance of a!l grades in white or colors?plain"'
and pleated fronts, including pique pleated tuxedo shirts.
Values $2.50 to $3 50 \
SOFT CUFF SHIRTS?Exceptionally fine grades of excellent quality per-j
calc, in the most desirable patter.ns.
Value $2.00 \
ARNOLD'S DOUBLE WEIGHT BROADCLOIH SILK SHIRTS-BaJance ofl
our stocks without reserve -plenty of 14, 14'-., 15 and fair assortments from
15% to 18.
WONDERFUL SILK SHIRT VALUES can be found ,among this clearance ofl
all grades that we cannot duphcatc and therefore wish to discontinue.
Values $6.50 to $8.50 i "ch
Continuing the Final Clearance of
For Women and Misses
WOMEN'S SUITS of Tweed, Wool Velour and Silvertone?plain and fur ~) 35.50
trimmed models. f t
Formerly $39.50 to $75.00 J 67.50
WOMEN'S DRESSES?remaining stock of the season's fashionable models,
comprising Velvcteens, Serges, Satins and Jerseys.
Formerly up to $45.00 I
WOMEN'S COATS?entire remaining stock, consisting of plain and fur ")
trimmed models in various fabrics. '?
Formerly $37.50 to $165.00 J
MISSES' SUITS^-correctly tailored or beautifully fur trimmed; lined and "\
inlerlined. . '
Formerly $32.50 to $135.00 \
MISSES' DRESSES?including Velvcteens, Serges, Georgcttes, Satin and ^
Nets; in a diversity of charming styles. '
Formerly $37.50 j
MISSES' COATS -plain and fur trimmed models for final clearance. )
Formerly $29.50 to $105.00 (
Now in Progress
The Clearance of
- LEATHO AUTO COATS?warmly lined with nutna; a trim
model for motor wear.
COATS?plain or trim?
med with skunk collar
and cuffs; exquisitely
COATEE ?smarf belted
MOLE COAT -a fash
ionable box model.
Sale of Muffs
NUTRIA MUFFS7 $24.00 17.00
RACCOON MUFFS. 24.00 19.50
HUDSON SEAL MUFFS, 26.00 21.00
SKUNK MUFFS, 47.00 38.00
MOLE MUFFS, 42.50 35.00
ALL WOOL SERGE -
40 and 42 inches wide;
Navy. Midnight Blue,
Cadet, Sand, Taupe,
Brown, Green and Black.
Reg. $2.25 yd.
ALL WOOL VELOUR
for suils. dresses and
coatsi, 54 inches wide;
soft, rich finish in Beaver, j
Taupe, Brown, Green. -
Plum. Wine, Navy. and j
Reg. $5.50 yd.}
ALL WOOL SERGE '
54 inches Wde ; a fine l
twiil for high class suits
and dresses, in wanted f
shades; also Navy and'
Reg. $3.50 yd.
ALL WOOL YARN-an excellent
grade. In natural, scoured, grey and
Regularly $1.40 Hank
FINE LUSTR0US SILK HOSIERY
with reinforced cotton tops and
soles, in the following shades:
Mole Dark Grey
Tetc de Negre
PURE THREAD SILK\
back; cotton soles and
tops; in Black and While
SILK HOSIERY ? fullv
fashioned; in Black./
Wliile, Brown, Tan, Navy>
and Grey. Lisle soles andl
topa, Clearance, pr./
"^ r-?-?^i r
present market value
3.6 x 6.0:
40.00 ^ 65.00
BELOOCHISTANS- average size,
2.6 x 4.6.
Arnold's "Clydesdale" j
qualities at the lowest j ?""
quotations of the day's l ^
i?Plain hemrned. G?
Size Rcg'ly Sale
72 X 99 $2.2') 1 95 ea.
72 x 108 2.50 2*15 ?
81 x 99 2.50 2 15 ???
81 x 108 2.75 2*35 ???
90 x 99 2.75 2.*35 ??
PILLOW CASES-Plam hemrned.
Size Rcg'ly Sale
42 x 38;: .55 ,4g ea.
.60 ?3 ea.
.65 .58 ea.
Value $3.50 2.95
KNITTED WOOL SLIP ON
SPENCERS in all the leading shades;
a new model lhat is most practical.
Value $3.00 2.45
WINTER WEIGHT MERINO COM
BINATION SUITS for women; low
neck and sleeveless; Dutch neck and
% sleeves, or high neck and long
sleces. Moslly large sizes.
22^00 to 40.00
IRANS & D0ZARS?average size,
4.6 x 6.6. '
85.00 to 135.00
BULUK PERS1AN CARPETS
average size, 9 x 12.
260.00 ^ 310.00
DAGHESTANS & SH1RVANS?
average size, 4.8 x 5.6.
40.00 to 85.00
SAROUKS?average size, 4.0 x 6.0.
165.00 to 250.00
CHINESE CARPETS?average size,
215.00 ^ 513.00
INDIA AND TURKISH CARPETS?
average size, 9x12.
225.00 to 285.00
KERMANS AND SAROUKS-aver
age size, 9 x 12.
495.00 to 595.00
High grade Bigelow
Size 27 x 54 inches.
Regularly $9.00 to $10.00
Sale Price JQQ to g.00
Size 36 x 63 inches.
Regularly $10.00 to $14.25
Sale Price QQQ to 10.75
Size 4.6 x 7.6.
Regularly $28.00 to $32.50
Sale Price 2^.00 *? 27.50
Size 6.0 x 9.0.
Regularly $47.50 to $55.00
Sale Price 40.00 to 4750
Size 6.9 x 10.6.
Regularly $52.50 to $75.00
Sale Price 45.00 to 62.50
Regularly $85.00 to$ 100.00
Sale Price 72.Q0 to 87.5Q
Size 11.3 x 13.6.
Sale Price 100.00 *? 139.50
Hemstitched Sheets and
Pillow Cases at propor
of the best reversible
qualities, in Hgured
Oriental and geo
18 x 36
3 x 6 ?
7.6 x 10.6
9 x 12
*? 3M 2.75
in oval and round shapes?unuiue
Sizes range from 26 x 36 inches
to 60 x 101 inches.
Values $6.50 to $50.00
5.50 to 43.00