The sun. [volume], April 01, 1918, Page 6, Image 6

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4 " B 'ul
AND NEW TORK PRESS.
MONDAY, AI'ltlL 1. 1018.
MKMBBIl OP TllE ASSOCIATED PRESS.
Th AMcltd Press Is
titles te the ut for rpubllctln not
news rtMpstchea credited to It er nj
otharwln credited In tU paper and also
tht local news publlehed herein. .i
All right of republication of opocUl
dMpstchet herein to 1 ruerved.
BaUrea t the root OIBco t Now York
second CU Moll Mttr.
aubtcrtptlont by Mali. rorfpeM.
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Vn nH..u otrtol. In tho Borough of Mn-
h.n.n. N.w York. Proldnt. KronK a.
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TBUEPHONE. BEEKMAN 3200.
'taployer and Employee During
t the War.
The essence of the recommendations
made to Secretary Wilson of the
"ibepartmcnt of Labor by the commis
sion of representatives of employers
And employees created, by him In
January to devise a method to pre
vent Industrial violence while the na
Vtlon la aj war Is found In the declara
tion that "There should be no strikes
' or lockouts during the war."
To bring about a situation In which
labor shall lay aside for the duraUon
of hostilities Its most potent weapon,
.ind employers shall give up their ulti
mate means of coercion, the commls
.lon has devised n scheme under which
nil disputes would be submitted to
u National Wur Labor Board, which
y' should take cognlzanco of each quar
rel and seek to adjust it by media
tion and conciliation. This board
would hare power to establish local
boards or committees which could act
promptly In the settlement of dis
putes; and In the event of n deadlock
nn umpire whose decision would be
Hnal would be selected by tho Na
tional Board unanimously or by the
President.
In tho formulation of this plan
five cltlrens appointed as representa
tives of the employers, headed by ex-
. President Taft, and five cltlieus ap
xlnted as representatives of labor,
with Fbank P. Wai.su at their head,
' took part. The programme Is there
for presented to the country with a
strong indorsement from the parties
Immediately concerned, which carries
with It by implication their pledge
to abide by Its terms themselves, and
to ciert their Influence to bring
others to its support. The agree
ment embodies concessions on both
sides, and it Includes a number of
provisions designed to prevent the
exploitation of women who aro called
into Industry to take the place of
asaa wttb the colors.
The effectiveness of such a compact
ris this rests ultimately on the good
faith of the subscribers. Public
opinion may enforce ostensible obedl
enee to its terms, but cannot compel
in cordial acceptance of them
.Statutes may pruviiln penalties for
Eolation of its provisions, but their
infliction will not keep production up,
oh maintain good will between cm'
ployers and employees. There must
be harmony between capitalists and
the workers if tho best results are
to be obtained, and these results now
concern not only the welfare of tho
individuals directly engaged In In
dustry, and the good order of the
community, but the life of the nation.
Consequently, (he concurrence of the
ten commissioners in the fundamental
principle that while the United Stntes
is at wnr there shall lie neither strike
nor lockout Is uf supremo Importance,
nnd Its rat lllrntlon by the body of
employers nnil employees will bo a
contribution of unmeasured potency
to our national strength.
The War Gardens This Tear.
The war jrardens of 1018 should be
more practical and more profitable
than those of 1017. The lessons
learned by amateurs will serve to
prevent the repetition of costly er
rors, and the example set by success
ful cultivators of the soli should
Inspire many householders who Inst
year refused to join tho movement
o tako It up this spring. Inexpert
ence nnd Ignorance wero recponslble
for numerous 111 fated experiments In
1017, but in spite of these home pro
duction of vegetables for summer and
winter use was on tho whole highly
profitable.
The intensive education of the pub
lie in gardening has been In progress
uninterruptedly since tho United
Stales entered tho war. Many cx
trnvngnnt assertions have been made
ns to the possible having of money
lime, rnr pnro nml the. like by In
structors vlioe zeal outran their
Judgment, but the data obtnlned
through actual experiments have cor
rcctcd mou of these mlsappreheiv
Mons. In every neighborhood thero
are gardeners who succeeded nnd
gardeners who follod, and tho ex
change of advice among them will
prevent much wnste of energy thl
jiear. If some who tolled without!,
reward quit and let their land He
fallow, others will take their places.
Lust year tho call to the spade and
the hoe was Issued late In the sea
son, and there was little opportunity
for preparation of the new recruits
to agriculture. This year, though
they' cannot fairly be called vet
erans, they are not entirely without
skill. Many of there have spent the
winter evenings laying out their seed
beds and setting their seedlings,
planning economical arrangements
for which they had neither tlmo nor
Information when they went bnck to
the soil. Moreover, every home gar
dener will hnve hereafter the advan
tage of one extra hour of daylight
through tho planting, growing and
harvesting seasons.
There Is likely to be less ceremony
about tho war gardens of 1018 than
distinguished their predecessors, but
their product should far exceed the
harvests of last summer and fall.
Ifere'i April.
Lent Is over, and the clocks are
ahead.
The headache superinduced by nn
overindulgence In Income tax report
ing is disappearing.
Tho Germans have slowed up, the
allied command Is unified, the three
Allies on Uic western front are as
right as a trivet, and America has a
hundred thousand ma in tho reserve
army upon which civilization fixes
Its eyes and Its hope.
The ship programme is on the wave;
even If many ships aren't.
The coal question, though far from
negligible, Is temporarily painless. '
Meatless days Tiro called off for a
month, n fact In which there Is com
fort of mind as welt as of body. Indi
cating as It docs that full supplies for
tho lighters arc assured.
Tho weather looks good for early
ploughing ; all's right with the winter
wheat.
Everybody who has spent a wise
winter has a stocking full of silver
for the third Liberty Loan.
A War Saving Stamp costs only a
cent more than it cost last week.
There hnve been better Aprils, but,
after n winter of discomfort nnd dis
appointment, this April looks good,
Vlso, It Is the only April we shall
have this year.
Mnko yourself your own Foch, nnd
order yourself out of the slough of
despond If you are In it.
By the calendar, America has been
in the war a year ; by the spirit, she
is Just entering it now.
By the calendar, 1019 rs three
months old ; by the spirit, the year Is
Just beginning.
Whatever your Job is, go to it !
The German Menace to South Amer
ican Independence.
No man Is better equipped to warn
the republics of South and Central
America ugalnst the menucn to their
well being and Independence con
tained In the Trusslan effort for
world dominion than is Viscount
Bsycr, whose sympathetic study of
conditions in tho Latin nations to
the south of us has extended over
ninny years and whose ripe Judgment
commands the respect of nil lovers
of liberty. If In his book "South
America : Observations and Impres
sions," published In 1012, he did not
undertake for them the task lie per
formed with such notable success
for us In "The American Common
wealth," published twenty-four yenrs
before, he did give to the world a
comprehensive survey of their sltua
tion and of some of their problems
that has since been of the greatest
valuo to students of the politics of
tho Western Hemisphere.
Lord Bryck's Interest in these coun
tries Is not that of n statesman sud
denly aroused to nn understanding
of the nsslstance they might possibly
render in a struggle of vital import
to his own people. It Is that of a
philosophic observer who for years
has used the best efforts of on acute
and highly Informed mind to encour
age the struggle for freedom wher
over men havo dedicated their lives
to It. It Is therefore no mere poll
tidan who speaks when he says :
'This kt Is unlike any other tho
world has seen, not only In the vastneu
of It ocale but In tho tremendous Issues
lnvo!cd
'It Is a war of principle ; a war iraied
for liberty against military tyranny; a
war to pave mankind from belnj? en
slaved by ono ambitious and afrRresflvo
Power whose military chiefs havo pro'
claimed that they mean to dominate
Europe first and then the Western
Hemisphere. That Is what brought the
United Btates to fight beside the Allies
In Europe,
"Her war alms aro ours, to vindicate
the public right which Germany out
raged when she Invaded Belgium; to
reestablish the faith of treaties which
Germany has shown she wilt vlolato
whenever her advantage requires It; to
secure Immunity for non-combatants,
whom the German Government has ma
sacred by thousands on sea and land,
and to deliver freedom from the greatest
porll that ever has threatened It.
"A German victory would banish re
publlcantsm from the world, for the Oer
man Government rules by force, fear
and cruelty.
"The men of South America, where
freedom took a new birth a century
ago, fellow countrymen of San Martin,
Hot.ivAit, O'tlioaiNs end of many an
other Argentine, Chilean and Uruguayan
patriot whose memory is honored to
day, will eurely give their sympathy o
tlio.e who In Kuropo are lighting the
battles of democracy and humanity.'
South America has been for a long
time the scene of German intrigue
and propaganda, directed, first, to the
detachment of the nations composing
it from their natural allegiance to
the Latin countries of Europe and
their political good understanding
with the nations from which the In
spiration of their Institutions Is de
rived, and secondly, to the establish
ment of a Teutonic preponderance
which, enforced by commercial de
pendency, would lu the end produce
an absolute Teutonic hegemony. To
attain this result erery Insidious
method conceivable has been exerted,
and South America has been the
stage on which Berlin has played
one of Its most Involved and Intri
cate dramas of trickery and reckless
ambition.
The results attained have not been
commensurate with tho energy ex
pended. The inevitable Prussian self
exposure came In time to undeceive
every public man of South America
who had been blinded as to the mo
tives animating the too ardent suitors
for their favor. How many of these
there were Is n question that cannot
be answered. It was characteristic
of German diplomacy to underrate
the ability and misjudge the Intel
lectual powers of tho South Ameri
cans, whom they treated with nn ill
disguised contempt apparent to nu
merous disinterested observers nnd
undoubtedly fully understood by the
astute and informed leaders of re
publican affairs In South America.
Tho latest Incidents of 'Teutonic
duplicity in Germany's dealings with
the South American republics have
been so openly hostile and so overtly
contemptuous that there can be few
men who fall to comprehend Berlin's
real attitude and unchanging purpose.
Tho menace of German victory can
not be misread In any republic. Lord
Bbyck has put it clearly In few
words; he has not overdrawn the pic
ture, and his warning will rcenforce
the teachings of those South Ameri
can stntesmen who hnve guided their
countries away from the German
danger and kept them true to their
principles of, Independence.
estrictlBg Package Mall to the
Expeditionary Forte.
The following brief order Issued by
the Postmaster-General stops wholly
for the present and restricts greatly
In the future the sending of parcel
post packages to members of the ex
peditionary force and "Individuals
connected" with that force:
On and after April 1, 191 S. parcels
for members and Individuals connected
with the American Expeditionary Force
In Europe shall not be accepted for
mailing or despatched unless they con
tain such articles only as are being sent
at the written request of the addressee.
approved by his regimental or higher
commander or an executive officer of the
organisation with which he is connected."
This order is amplified by ono Is
sued by nn assistant of the Tost-
master-General directing postal em
ployees to requlro senders to slcn n
declaration that "this parcel contains
only articles sent at the approved re
quest of addressee, which is enclosed."
It is evident, then, that no parcel
post mull for those over there can
be accepted until members of the
expeditionary force and "Individuals
connected" therewith have been ac
quainted with the order, have written
their requests, had them approved,
and further until their requests have
reached their correspondents in this
ountry, because the written and ap
proved reque-ts must be enclosed lu
packages with the articles sent.
This is a broad executive order. It
mny be contended that it Is an as
sumption of power for which there Is
no uuthorlty. It will doubtless hurt
the feelings of many ; it may do some
real Injury, but If there is a war
necessity for the use of cargo space
now taken up by packages sent to
the boys over there, those who will be
deprived of the pleasure of giving
will enduro that and greater and less
privations, calmly If not cheerfully.
A Sad Home Coming for Mr. Sudan.
The cup of bitterness of Mr. C.
Emil Sudan of Madison, S. D., must
be Just about full. Mr. Sudan is a
Non-Partisan Leaguer of pronounced
activity. He is nn exhorter and an
organizer in the cause of Non-Parti-
san Leaguery, and the line dividing
the activities of some Nou-Partlsun
Leaguers from pro-German nntl-
merieanlsm Is so vague nnd shadowy
that it never yet has been clearly
detlued.
In company with five or six fellow
lengucrs of proved lung capacity.
tried voenl cords anil demonstrated
endurance lu the discussion of public
affairs, Mr. Sudan was holding nn
anti-war, antl-evcrythlng except tho
Kaiser revival meeting In Gregory, S.
D., which seems to have been at
tended by 300 or 400 citizens who
were aggressively and profoundly
nntl-cverjthlng except tho United
States of America In this war trou
ble. They were so vigorously antl-Non-Pnrtlsan
Leaguers and their kind
of talk thnt, as supplementary to
pounding Mr. Sudan nnd his nssocl
ates black ana blue, they were
making rapid but tery thorough
preparations to bang them to con
venlent telogrnph poles when the
Gregory Home Guard rescued the
orators of unrest.
And on top of this Mr. Sudan
seems to have been metaphorically
stabbed in tho back right from under
his own roof and by the hand of his
own son. While tho father was
abroad sowing the seed of antl
Americanism, that Intelligent child
was singing "The Star Spangled Ban
tier" nnd snlutlng the American ling I
It was In a letter from Mrs. Sudan,
found on Mr. Sudan's; person, that
tho unhappy father learned of this
new disaster. Mothcrllke slio tried
to condone the Infant's conduct.
"Sonnle," she wrote, meaning the
pro-American child, "Is learning to
sing The Star Spangled Banner' and
to salute the flag. I know you don't
approve It, Eurt, but he learns so
the ' W-iibiilf W
many things he really needs In life
that one has to overlook these
things." ; ,
Overlook them, Indeed! "We"-sympathize
with -you, Mrs. Sudan, but
they cannot be overlooked. Tho plain
fact Is that tho child Is affected to
tho coro with American loyalty. And,
oh, how sharper than a serpent's
tooth it Is for a Bolshevik father to
have a patriots child I And If he
dodges lurking lynching parties on
the way. It is to such a home and snch
a child that C. Kuil Sudan of Madi
son, 5. D after his excursion In the
Interests of another civilization, must
return with his bruised nnd bntlered
person !
There are now more than 1,600,000
men In the army, against 214,607 on
April 1, 117. We have made a be
ginning; let the creation of an ade
quate military establishment continue.
Railroad policing ordered Govern
ment takes measures to prevent' thefts
from cars. Netcepaper headline.
The railroads have long sought to
catch and punish freight car thieves,
but the lenity of some Judges in cases
wherein a corporation appeared as
complainant ngalnst a "poor man"
brought many of their prosecutions to
nothing. The Government may havo
better fortune; If it does it should
eventually tackle the problem of tres- j
passers on railroad properties. Ifi
inese coum ne suppresses a long mep
toward conserving human life would
be taken.
These men soldiers returning from
abroad will not come back caring to
see women In khaki or doing military
duty. Dr. LfTtun II. Guuck.
Perhaps; but the chances are that
returning soldiers will be overjoyed to
see American women again, regardless
of the color of their clothing or the
nature of their occupation. Let the
women follow their natural bent nnd
the soldierH will bo satisfied.
Mayor Laviolt.lr Issued a statement
to-day In which he expressed a great re
gret at the property damage. He said
that the forewarnlngs of the mob had
not appealed to him as being of such
serious nature, and admitted that a force
of twenty to thirty policemen was Inade
quate to handle the situation. Report
o rae Quebec riot.
An old story; practically every city
and county executlvo has to have one
good sized riot before he will tako
rioters seriously.
There nre 100,000 Smiths in the
army, of whom 1,500 are Williams,
against 1.000 Johns. Thus the statis
ticians destroy our most cherished be
liefs. Who would have behoved that
the Bills were more numerous than
the Jacks In the tribe of Smith?
The man who overslept because he
forgot to set his clock an hour ahead
on Saturday night missed an hour of
tho finest Raster day thnt naturo
could provide.
CONSUMPTION TAXES.
A .Scheme to Encourage and Itenard
the Thrifty.
To the Eeiroa or Tub Sun S(r.- We
hear much about the desirability of
economy during the war, and many of us
feel that the present income tax Is
cumbersome, difficult to understand and
apply, and that lu collection requires
the services of an army of men who
could be released for other useful work
If some simpler method of ral.lng taxes
could bo devised.
Is It not possibla to promote rconnmy
nnd at tho same time levy the nfeesxao
taxes so as to make their collection less
burdennome nnd moro satisfactory to
every one concerned':
Pew 11 question the desirability of
economy. The less we consume the
more there will be for the Government,
and although we hear economy urged on
the ground that we should save the
money to buy liberty bonds. It Is the
practice of economy that is the main
thing whether we buy Liberty bonds or
not, for If we save we can buy any kind
of security, and the man frorr. whom
wo buy It can then havo some money
with which to buy Liberty bonds. It Is
generally recognized that If wo econ
omise, the Liberty bonds nnd the credit
of the Government will be taken care of
automatically.
Would it not be possible to raise nil
revenues necessary by means of con
sumption taxes placed progressively on
things that are not really necessary and
or. luxuries? For Instance, let every
one who buys a suit of clothes or a
dress for more than a certain price, or
whose dinner check Is more than 11. 50,
or who pays more than 1800 for an
automobile, or who pays more than a
certain amount for rent or Its equivalent.
pay a progressive tax on the excess ; and
make these taxes heavy.
Our present Income tax tends in dis
courage a man In attempts to make
more, but ilocs not rtlscour.iuo him In
spending, wheieas the rrversa should
be the case. It is the popular opinion
that the well to do should bear most
of the burden of taxation. Under this
arrangement they would do so, and
moreover no one would have to pay a
tax unless he wanted to, for every one
can get along without luxuries If
need be. I
Buppose A and B have Incomes of
110,000 each. A spends 18,000 of his, B
spends all of his. Tinder our present
system they would be taxed the Rams, but
under the system advocated B would pay
nearly all, and would this not be right?
Is not ho who saves the good citizen,
and he who spends the one who Is lack
ing, and should the good citizen not be
encouraged and the other penalized?
No doubt such a tax would be cheer
fully paid, for all would soon recognise
the justice of It, and could It not be
collected much easier than the present
Income tax, with less likelihood of
evasion and the consequent upset of the
community, and enable us largely to
dispense with the army of men whose
business It Is to pry Into other people's
business? C. T. C.
Kaw York, March 30.
A Neradaa Explains the Difference.
Film Iti Thtmattfn Timet.
A great dell la btlng said nowdv
bout "mon! being clo." Tills msy be
true, but tit tnltor of flit Timet not
found It tn b true, Trfdous little of It
gets close enough lo in to be nltliln our
resell.
The Dlgaltj or Office,
free 14 rloMat GaiMl.
No Government oSJclsl
IlM the lmpretlve dlinltjr
Of a fourth class poatmisUr
Sorting out
The mall oidir catalogues
For hts clientele.
IN BEHALF OF ALCOHOL.
A Fair Word for the Menaced Traffic
la Idqnors.
To Tiin Koitor or Tlta Sun Sir: An
swering the request of Henry W. Mer
rill for one argument In favor of the
liquor traffics I wis lo sty :
Whiskey and beer are .used for the
purpose of bringing quickly assimilable
food to Immediate availability.
Whiskey Is not a food, as was long
ago proved by Atwater, But 'the alcohol
It contain is a powerfut solvent, ami
nets within the 'body exsctly as the di
gestive ferments act, rendering available
insterlal of the fatty clsss Immediately
nsslmllable. The alcohol also acta is a
protection against very common poisons,
"ich as the poisons accompanying the
states known as malarial, and It also has
n wonderfully beneficial effect In condi
tions such ss thpse known as colds,
abortlssf them If taken early enough
after exposure to the conditions which
produce colda, acting first to equalize the
circulation, and second against germs In
the air pa"S. through which the al
cohol is largely excreted. It lias many
other highly beneficial effects.
Beer contains a little alcohol, quite
enough to get tho beneficial effect for
beer drinkers, nnd It contains easily
nsslmllable food of the kind especially
required by beer drinkers.
Neither whiskey nor beer drinkers like
kinds of food which abstainers from
these drinks prefer. They are small con-
sumcrs, for example, of sugar.
Both claasee are frequently physlctlty
subnormal, and the strenuous conditions
of life Impose burdens upon them which
they cannot bear without whiskey or
beer. More than 85 per cent, of the users
of these beverages do not get drunk. Will
iam Healy, one of the foremost authori
ties of the day, says In hie book "The
Individual Delinquent," page 23, para
graph 26 : "Many of the great army of
topers are such because of their feeble
mindedness, and it Is that, and not the
Ingestion of alcohol, which must be fun
damentally reckoned with."
The liquor traffic as at present con
ducted results In the availability of whis
key and of beer of thi lilghnt quality.
Before this traffic . t developod home
distilled whiskey of the moonshine va
riety and beer brewed In the home In
an Inefficient manner were used. Just
as they will be again used If the prohi
bitionists prevail, to the great detriment
of humanity.
It la not true that delinquency and
crime nre attributable to alcohol, as any
one who has a passing acquaintance with
the nubject knows. And the alcoholic
Inebriate is not nearly eo common nor
half so destructive to human advance
ment as the food Inebrtato who can be
seen wherever human beings congregate.
Mr. Merrill's quotations concerning
Maine, and especially Portland, will ap
pear as very funny to those of us who
have observed actual conditions In that
r en Ion, where, aa In all other prohibi
tion districts, persons are produced
whose drinking habits are objectionable
to society. Sugar was a prohibitory
article last year, and so we consumed
four pounds per capita more than we
ever did before, just as haa always) been
done nnd always will be done under
sucli circumstances.
Itussla Is giving us a fine example of
things which wlft become known ns Bol
slicvili. in which n sadly misinformed
number pirpose tn outrage others. Pro
hibition Is of t'.nt type.
In the long run prohibition will not
ork In America. Tus Sir.v proposed
that I give tui my beer so It could have
more potatoes. 1 don't eat potatoes and
I do drink beer, and I propose to keep
on drinking It, and I have Just as much
right to It as Tin Sen man has to his
potatoes, and have no fear about the
assertion of that right or the establish
ment of it. T. C. Steahns.
Jerjkt C:tt, N. J., March 30.
VAIN REGRETS.
Why
Spend Time Wceplnp
(Mer
Spilled Milk!
To the Editor or The Skx Sir- I'
we had begun to prepare three yeirt
ago, with ships and men nnd ordnance,
with aircraft and supplies, we would be
ready now to furnish the punch neces
sary to finish the Hun. Instead:
While the red glare of the advancing
flames lighted the skies, advocates of
preparedness were denounced on the
very highest authority as "hysterical."
The nation was fed to gluttonous pro
portions on pacifist pap.
National leaders not only did not seek
to line tlin country up for preparedness)
for defence, but actually sought coun
trywide support for the programme of
Inertia.
To such an extent was this paatflst
propaganda spread through the country
that In November, 1914, within a few
months of the nation's entrance Into the
war, tho country actually voted Into
office a party that made a boast ef its
pacifism and peace the main plank In
Its platform.
How can w marvel, then, If the peo
ple nre not yet thoroughly awakened to
their peril? The paHflst dope, persis
tently administered thro ,tli three years,
lias not yet liocn whu' . shaken off.
Hut they tell us that, however the
leaders may have stood for peace before
March 21, they havo been all for war
Fince then. The measure of their success
in this line Is open to argument. Those
who opposed preparedness becauso the
war waa 3,000 miles away, now oppose
universal training for some other equally
but not more cogent reason. They have
learned nothing,
All other things being equal, would
you select a dove to accomplish the mis
sion of an eagle?
I know a man who, ngalnst the urg-
lni?s of his friends, put lighted candles
on a gaudily decorated Christmas tree.
"I'll look out for that." he said.
When tho Inevitable happened, he of
course fought llko a tlKer to ntono for
his folly and put out the flame. Hut
they overwhelmed him and both he and
his wife lost their lives. Hie house
burned down also.
"But we aro preparing now,"
Oh, yes. limping along. But It Is con
ceded that the German drive has been
timed to achieve Its purpose before the
weight of America's power can be
thrown Into the scale.'
If, because that power cannot be np.
plied now, the Hun breaks through, upon
whom will history fix tho responsibility?
ltBTnOBI'ECT.
Nr.w York, March 30.
THE METRIC SYSTEM.
Advantages In Divisibility That
Twelve Has Over Ten.
To tub KniTor. or Tub Bun Sir: The
more the arguments for and against the
metric system are studied the less danger
there seems to be that the fears of prac
tical men will be realized. It should
b noted that U advocates of the nutria
EFFECT OF THE GOVERNMENT LOAN ON
THE FINANCIAL SITUATION.
Unusual Provisions Which Insure Instant Success of Bond Offering - Unique
Features Which Startled Investment Community How List of Gov-
ernment Bond Holders Has Been Expanded Within a Year.
By
Tho Investment outlook lias been
clarified by the announcement of the
Third Liberty Loan, which has been
In some respects the most extraor
dinary financial operation of the Ku
ropean war period. The probability
Is that the loan will break all records
in war finance; that at least 12,000,000
Individuals and corporations will sub
scribe for It, and that the bonds will
find lodgment with thousands of
wealthy people who worry about the
difficulties that their heirs may ex
perience in providing the Inheritance
tax. This loan announcement was full
of surprises, since no ono looked for a
U per cent, interest rate and ncarcely
any one supposed that a non-convertible
bond would be Issued.
A Unique Loan.
The American people will subscribe
for tills 13,000,000,000 Issuo with eager
ness, although this does not mean that
a loan of that size can be quickly
placed without Intelligent effort by the
army of workers who Joined In mar
keting the war loan of last fall. This
is the most ingenious loan that the
Government ever put out, and has
given new strength to the market at
a time when bond experts were fear
ing that the forthcoming Government
offering would have a depressing effect
upon all classes of seasoned securities.
But the influence has been just the
other way, since the loan Is only half
aa large aa many people had been led
to expect. This means that Instead
of absorbing all the surplus funds the
Government haa found It possible to
cut down Its demands In a way which
Insures accommodation for private
borrowers who can show that they
have a right to borrow In n war
market.
Effect on Money Market.
But the greatest relief will be felt In
the money market, whero the task of
financing a five or six billion dollar
loan at a time when the banks were
helping their customers provide for
the largest tax payments in the his
tory of this counry threatened real
disturbance. Inasmuch as the Treas
ury through advance sales of short
term certificates of Indebtedness has
already provided the public with the
means of purchasing the new bonds
tho stialn upon the money market
will not be very serious. This Is a fact
of real importance, for the problem
of the investment markets is largely a
problem of the money market, which
in war times is naturally the centre of
acute strain. With the Government
loan thus provided for in n money
market sense, the investment com
munity can think of other things,
since there is not yie slightest doubt
thnt the forthcoming Issue will bo bid
for readily by a public that Is Kind
enough to purchase a United States
ivcrnmcnt bond on n -4 i per cent.
isl..
ither Helpful Factors.
All this means that the markets have
been relieved of a burden which has
been of immense Influence in restrict
ing investment operations. Another
helpful factor has been the Govern
ment's announcement that 4'.i per
cent, could be regarded s the high
level Interest basis for w.ir loans of
this character. Inasmuch as it would
be much more disturbing for the gen
eral bond market to adjust prices to the
conditions created by a 4'.i per cent,
bid by the Government for a 16,000,
000,000 loan than It would be to com
pete with a M per cent, bid for a 3,
000,000,000 loon, the Investment out
look to-day Is moro reassuring than it
was a week ago. This Is obvious, since
supply and demand are controlling
factors lu bonds, just as they nro in
other markets, anil It Is a great relief
to know that tho Vcdcral Goverrmcnt
Is closing the fiscal year JuU about
$7,000,000,000 better than the Treasury
estimated in December lat.
The German Drive.
The grent German drive will have
nn impelling effect in making people
subrcrlho for these bonds, nnd becauso
of tho greater number of American
boys In service to-day this loan will
appeal to many more potential pur
chasers than were reached at cither of
the previous offerings. Provision for
a 5 per cent, sinking fund, to continue
during the period of tho war nnd for
one year thereafter, will stnhlllzo the
market for nil other bond issues thus
sytlem do not claim thnt It Is perfect, system, they have met nn.i serious ills
In this connection It snould be borne mission by other writers who, nhllo
In mind that even it complete decimal adopting tho metric system, neverthele
uniformity were attalnablo throughout believe that It has grave disadvantages,
the world the actual units of weights and that It Is possible to devise some
snd measures used In different countries thing better. A writer In the Kfffuburnh
could not be maintained constant, owing Review, for Instance, regrets that the
lo the unavoidable fluctuations of na- philosophers of France, when engaged
tlonal customs. As a matter of fact In making so radical a change In the
thero are a great many different units measures nnd standards of the nation,
In use. did not ndopt a reform In the popular
An examination of the historical ob-. arithmetic. Ha agrees with a great
Jections to the metric system will have, many who urgo tho claims of the duo
the Practical result of showing that ui.iii- decimal system. 'The property of the
Wind Is still seeking the Ideal. Herbert
Spencer was the most outspoken crltlo
of the decimal notation. He pointed
out that it could not bo applied to the
circle, men naturally employed tho
duodecimal notation In their small dally
transactions; the day Is divided Into
twenty-four hours, and tho meter Is not
one ten-millionth of the distance from
the pole to the equator. Although these
and similar objections hav been passed
over by most authorities as a poor setoff
against the advantages of th metric
WILLIAM JUSTUS BOIES,
far put out by this Government during i
the Kuropeari war period. The prob
abilities nro that the Government will
collect for income and excess profit
taxes nearly 1100,000,000 more than the
12,200,000,000 Which tho exports figured
on getting at the lime that the revenue
bill was drawn up. This Government
is financing through taxation n much
larger proportion of its war expendi
tures than any other belligerent Gov
ernment has set out to do.
Firmness of Security Prices.
Tho stock market has received the
war news of the 'western front with
surprising composure, reflecting nn
undertone that was Indicative of quiet
strength based upon evident belief in
the ultlmnte triumph of the Allies. A
markot weakened by the excesses of a
huge speculation could never have
given such a good account of itself
during ono of tho most trains weeks
of the Kuropcan wur. Had this test
como boforo the liquidation of last
summer nnd fall forced prices down
to a level at which most of the un
certainties wero discounted, the story
of the past week in Wall Street might
have been very different. No market
in which tho publio was heavily en
gaged could havo retained its equa
nimity at a time of such excitement.
But the fact that many securities re
acted sharply after temporary de
clines, In some cases Hcorlng good
gains with the entire list holding well,
showed that tho market was In an
unusually ttrong position.
Government Aid to Railroads.
Action by tho Government in fur
nishing the $43,000,000 required by tho
New Haven directors to meet the ma
turing note Insuo shows how adequate
are the relief measures furnished
under the new railroad law. With the
Government fund available it will be
possible to take care of maturing ob
ligations as they fall due and thus
savo tho market from tho dis
turbance incident to the failure of nn
Important system to pay off Its obliga
tions a.i they mature. This assistance
Is of the highest Importance nt a lime
when the Government borrowings nre
hc.iv1 and new capital Issues are re
stricted to such demands as arc called
for by tho needs of tho war.
A Precedent Established.
In making this loan to tho New
Haven the Government stipulated
that it should bo permitted to sell the
collateral behind the notes should It
consider It wise to do so. As a
straight out business proposition,
therefore, tlm Government hns re
served to itself the protection re
quired by private lenders, making the
loan at 0 per cent, for one year with
tho privilege of one renewal. Hinec
this is tho first operation put through
under the new railroad law It estab
lishes uii Interesting precedent, which
will be followed In many cases, as
there will bo numerous similar maturi
ties for the Government to provide for
in the future. These demands ns well
as the pressing needs of tho industrial
companies prompted Secretary Mc-
Adoo in urging the conference com
mlttoo at Washington to give to the
War Finance Corporation measure the , ,;an the programme of first aid I ell '
financial strength represented by the 1 rr crippled corporations. Tho in.ii
Senate bill. If the assistance provided cations are. however, that the reW
by this measure Is to cover urgent will be provided In some form v-lt'ir
needs it is important that ine directors
of tho corporation should have the
power to furnlMi quick relief to hard
pressed concerns. TliPfe demands
must bo very large, since the cost of
doing business is greater than ever,
with tho necessity of "speeding up"
on all Government work as another
factor In enlarging tho expense ratio.
Increasing Wages.
Tho 15 per cent. Increase in wages
announced by the steel producers last
week will afTect eevernl hundred thou
and men. The,' Initiative, as usual,
wns taken by the United States Steel
Corporation, with the other producers
following suit In the effort to retain
their workers under conditions wheh
will Insure reasonably heavy produc
tion. This oction .by the steel com
panies was Inevitable under the cir
cumstances nnd brings tho wages paid
to this class of labor to a level fully
80 per cent, abovo that represented by
tho nvcrago wage schedules of four
years ago.
Other Increases.
Similar readjustments may be looked
for In other industries, since thl3 is
the season when largo employers
usually come to terms with their men.
so ns tn prevent the Interruption of
work tluriiii: a busy season. These
negotiations usually are attended with
dllllcuUy, but the indications are that
the new schedules will not can so tho
annoyance this year that they often
do during periods of very active busi
ness. The whole country Is moving
rapidly toward a higher wage basis
which means that it is becoming im
possible to do business on the old
terms. The steel makors would llko to
put innny thousand additional workers
on their payrolls wero the men to be
had, hut this extra help is not avail
ablo anywhere, so that It Is necessary
to offer unusual Inducements to enable
the country's Industries to maintain
anything like maximum production.
These wage increases will probably
continue at Intervals so long as the
1 numbrr twelve which recommends It
istmngly fir the purpose of trade is
dhlslbllity Into so ninny more al.quet
parts than ten, or any other number that
is not much greater tlmn ltelf Twelve
Is divisible by two, three, four nnd six,
and this circumstance fits It so well for
the purpose of arithmetical computation
that it has been resorted to in all times
as the moat convenient number Into
nhlch any unit cither of weight or
measure could be divided."
Hooks have been written on this theme.
Kuropean war lasts, since th. with
drawal of educated man power frnm
various industries has created .i .n.
atlon where unusual Inducements ate
necessary to keep oper.iilvos at woik.
Later Readjustment.
It Is easy to see, however, that Uie
readjustment of wages to a i,n',r
basis will be one of the most dlflicult
problems to solve after the war end.
The readjustment may not come Im
mediately, but the chances are that It
will have to be reckoned with within
a year or two after the work ot rr.
storing peaco is seriously taken up.
A Bolutlon may not be worked out nn
tho same lines nt nil places, since Ihs
same conditions do not obtain through
out tho industrial world. Hut any one
familiar with the extent of the was.
advances in the United Stales muit
realize that conditions In the inter
market are about as abnormal aa any
employers have encountered bcfoic.
Should the various classes of railway
labor obtain the increases that they
are asking, another $300,000,000 or
$00,000,000 a year will be added to tin
payrolls of that industry alone, l'or
tho time being, however, these In
creases aro necessary and havo been
to a large extent forced upon the
country by the stead? rise In llvins
costs. With the resumption of hu.l
ness along more normal lines condi
tions will b different, so that a read
justment downward will be nereis iv
unless other developments In the labor
market should precipitate unlookcd for
complications.
Fixing Steel Prices.
It is evident that the excision ts
continue the present scale of prices of
iron and steel products for the next
quarter, except in the case of basic pi;
Iron and heavy melting steel scrap,
which are to be reduced tl in April,
wilt make it possible for most manu
facturers to earn a fair profit on th
business. The War Industries Board
is known to favor lower prices, and
had it not been for the unusual con
ditions confronting the manufacture!
during the flr.it flsht weeks of ii
ycur, the probability Is thnt Imporwi '
concessions would have been Insl.-ttfi
upon at this tlmt-. Tiic-o negotiations
have emphasl-ed the desire of the Gov
ernment authorities to settle tho func
tion in a manner which shall sliov.
duo regard for tho demands of the
smaller manufacturers who have been
hit hardest by the increasing costs c!
production. Strong pressure was.
brought to bear by some producers In
the effort to obtain bfttcr term, but
tho schedules announced represented
the fairest solution possible under tti
circumstances. All price li.tns rr
comes difficult work nt a time i.f in
rrenslrt? production cotf, v.!i"n lab"
is hard to net-and need exists for
speeding up tTie Industrial machlii'
The Indications arc, lion ever, th?'
wherever this sort of regulation is at
tempted, the Government authorlUc
will go the limit in protecting both thi
producer and the consumer.
New Security Issues.
No legislative proposal growing out
of the war readjustment has iv.er
moro dlflicult to cet throuch Coscrt
the next fortnight. SIkiuM It be r?r-
essary to abandon this legislation, r
lief must b" forthcoming In some "t'l"
quatter. There would probably be
greater danger in HbtTallzlr.s the pro
visions of the Federal Uescne a '
than there would be In providing t'-.e
relief through the enactment of a Ff
clal law tor this purpose. It is ap
parent, however, that this assistant
in whatever form It be provided must
be forthcoming before Ions. l"uV'
$500,000,000 in maturing note and bo-d
issues will have to be paid off or te
funded during tho next frv iiio:iv'
How these operations can be unrff
taken in i market that i heavily re
stricted the etninrdlunry dem' l
of war tin. Mis: It not clear, unless'
needs be oovurrd by special lesislatio i
Intended lo provide t'ie rcqulr.te re'ie
Industrial Activity.
Tho disclosures of the annual tepe''
of the United States Steel Corporate
throw now light upon tht activities
an extraordinary industrial year A
lownnce of $233,500,000 for ecees
profits taxes naturally brouE'nt nl
a reduction In earnings, notwlthsta"
Ing tho fact that tho year's bunii'"
was the largest In tho corporal on
history- But the fact that It was ji
slble to s-how earnings uniountniR tn
quartfr of n billion dollars aa.;i
for dividends, after such unprr"'
dented deduction fur taes, v,is !-
of ,hc Uct "lt ,,1P rxhb ' 11 ,r" '
of the most reniarknble in i'-" 1 1
of American corporations. Tie
poratlnn did the largf-t crops .
ness in Its history, with an in
over the preceding year of J43i Ouo.u"
its balance sheet showing current a
sets of no less than $800,000,000. T'
showing Is altogether remarkabl'.anJ
when compared with tho flnane.a
strength represented by the coipo
tlon In the days when its fomm"1
stock wns selling around $S a shs-e
the changes that have taken place n
suggestive of tho extraordinary '
opmrnt of Ametlcan industrv
I the past two decades of Us hlstoi
It must bo admitted that i e
naturally Into tho habit of v- '
number twelve, even when t'ie ii."
system in compulsory Twc'.
divided by eight glvei two-t!vrdi '
divided by nine, three-quarters. '
divided hy ten. five-sltb l'".l'i'
men will go on the principle th.it -division
Is an Instinct of wlf-pri--''
tlon. Hence the opponents of the n r'r
system need not be unduly drp -"'
The tendency seems to be t!'
form duodecimal Fjsleni "( 't 1
measures, with decimal nritnmr.-
so do much belter in tho shop and
itsthnn an absolutely uniform r.et
1 tern. Dun l.it a-gumen' - r
Spencer may be noted lie In
upon the convenience iuIr.iv f 1 '
This Is a matter whim has
oelved much attention at the lia 1i
experts. Vulgar tractions '-an if
expressed In a much simpler form ,
the metric system. For example " 1
Inches may be exactly exprrj'ed
ninety-seven millimeters, 1
Nsw York, March 10.
u
&
L ' H
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