The Philadelphia Inquirer from Philadelphia, Pennsylvania • Page 26

THE PHILADELPHIA INQUIRER, SUNDAY MORNING, DECEMBER 10, 1911 3 WOOL AND BANKING 3Tte Jfulabclpfna Inquirer Entered at the TostofSce at Philadelphia. as second-class matter. CLUBS AND CLUBMEN persons whom it is designed to benefit. Punch lately hit off the situation in a clever Cartoon. It represented a boat laboring hard in a rough sea, its single sail distended almost to the breaking point by the wind.

On board were four passengers, looking, oh! so sick. On one side were a capitalist and a laborer; on the other were a mistress and a maid. In the bow tude reported to hare been assumed by General LI Yuen Heng and other revolutionary leaders In this connection, suggests that it Is yet too early to despair. General Li is willing to acquiesce in the establishment of a limited monarchy witli Yuan Shi-Kai or some other equally satisfactory Chinese, as the chief exec-, utJve, and stranger things than that have happened. In the meanwhile, Yuan has scored Mr.

Ed-ward D. Toland, a prominent member of the Philadelphia and numer of the boat stood Mr. Lloyd-George. Each of i the four miserable passengers was glaring at him reproachfully, but the Chancellor of the JAMES ELVERPON, EDITOR AND PRESIDENT FKOM 1S89TOJ9U. SUNDAY DECEMBER 10, 1911 PUBLISHED EVERY DAY IN THE YEAR BY THE INQUIRER COMPANY JAMES EEVERSON.

Ji and Publisher CHARLES II. HEUSTIS Editor-in-Chief EDWARD I. BACON Business Manager JOSEPH B. and Treasurer Address all remittances and other business communications to The Philadelphia Inquirer. The Inquirer Building, 1109 Market Street E.IUorial.

Advertising and all ot her DeMrtBenw he reached by Bell 'phone Filbert 33-00. and Keystone. Race 10-40. Exchequer was impervious to their Indignation and quite unresponsive to their appeals. "I brought you out here," he is quoted as saying, "to do you good and I intend to do you good whether you like it or not." And he evidently doesn't care whether the boat goes to the bottom or not, either.

According to all accounts that is a pretty accurate portrayal of the situation. When the bill becomes a law it will apply to all can control money or credit. The education of the public to the ever present menace of panics through continuation of the present system is what is being aimed at by the association of merchants and business men now being organized throughout the country. The greatest menace io monetary reform is the danger of hrving the public; think it is politics. feature of the Aldrich plan is that it permits the Central Reserve Association to -scount paper when fortified by such approved securities, as well secured paper backed up by merchandise like wool, cotton or gram, and staple merchandise of like kind and character.

It discriminates against paper used tor stock speculation, the latter not being considered well secured paper. The Aldrich plan is believed to offer better security to the business community in remote sections than that furnished bv the present lack of svstem, better even than that of the Bank of England, or tin-great commercial hanks of the Continent of Europe. Senator Aldrich has shown an inclination to perfect the plan, and has publicly stated that he disapprove of considering railroad stocks as well secured securities, and he specified that they should oe eliminated and money' be obtained only upon well authenticated securities. The Aldrich plan provides that approved securities shall be accepted by the proposed district associations as securitv for money to be issued by the Central Association at three-fourths of their value. The mere knowledge of the ability of the Central Reserve Association to rediscount such well secured paper would have a tremendous- effect upon maintaining values in times of panic and prevent such slaughtering as in time-i of panic wipe out a large portion of the accumulation of the business men.

There seems to be doubt that the bill eventually will bn passed by Congress. If it should not pass at this session, it will be passed by some other later on when the public understands that its purpose and ei- WasMnirtori Pnrenn. Washington Post BalldinK. Telephone. Main 5144.

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The date when the subscription expires is on the address label of each paper, the change of which to a siiD-equent date becomes a receipt for remittance. other receipt is sent unless requested. The paper is stopped at the expiration of the subscription if renewal is not received. The circulation of The Inquirer is greater than that of any other morning newspaper in the United States excepting two in New York City. SOME TOPICS OF THE WEEK ous other clubs, is in India, at Delhi, to witness the gorgeous spectacle of the coronation Durbar ceremonies.

Mr. William N. Morice, a famous former half-back of the Penn football team, gave a large etag dinner at the Merion Cricket Club last Friday evening to the football squad of the University of Pennsylvania. Among his guests were many former Penn stars of the gridiron and others vitally interested in football at Penn. Mr.

Morice is making an annual affair of this dinner, having given a similar dinner last year. Mr. Davidson Kennedy likewise gives the football team an annual dinner at "The Button." No date has been set yet. Mr. Tristram C.

Colket will give the team a dinner at the Racquet Club next Saturday evening to which many of his class friends have been. invited to meet the players. These enthusiastic alumni stick to the team through thick and thin and take this very pleateant method of bringing old grads and the younger, more active graduates together. Mr. Col-ket's dinner is given to show Captain Mercer and his team appreciation of their wonderful "come-back" finish of a disastrous season.

Milton C. Barger, chairman of the Racquet and Tennie Committee of the Racquet and Tennis Club of New York, ha written to W. H. T. Huhn.

who hold a like position in the Philadelphia Racquet Club, offering dates in January for the annual inter-city home and home matches in racquet doubles, also arrangements are nearly complete for the first intercity court tennis matches between Boton and Philadelphia to be played off in the local courts on the sixteenth of thi month. Messrs. Lawrence Stockton, Hugh D. Scott, Harold Blanchard and Richmond Fearing will probably represent the visitors. Mr.

Henry Disston, of the Racquet Club, has recently returned from a successful hunting trip into the wilds of Alaska, He brought home several fine trophies of the chase. Leland Harrison. who is assistant secretary of our German embassy, has written home that Jay Gould will soon Lave to look to Lis laurels as amateur court tennis champion of the world, because all of the younger players in England have adopted the American railroad service which Gould used so suc- feet is guarantee against recurrence oz wage earners whose income is less than ifSOO a year and among others to two million domestic servants and about one and a half million of mistresses. Each servant will be required to supply herself with an insurance card and It will be the duty of the mistress to stick Insurance stamps to the value of twelve cents on this card every week She is to pay. half the cost herself and to keep the other half out of the girl's wages.

When the girl is out of a situation she is to pay the whole amount herself. The penalty for non-compliance with the law is a fine of $50 and its benefit is that the girl if disabled gets $1.90 a week for ten weeks and after that $1.25 for another ten. To enforce this law in the face of the opposition it will encounter is obviously going to be difficult, but Mr. Lloyd-George is an extremely optimistic person and he is sure it can be done. It will be interesting to watch the outcome.

Anglo-German Relations Is evident from the tone and tenor of the I speech delivered by M. Von Bethmann-1 Hollweg. the German Chancellor, in the Reichstag last week, that the relations between Great Britain and Germany have not been improved as a result of Sir Edward Grey's explanatory statement made in the House of Commons thirteen days ago. In what he said the Chancellor insisted that there was no necessity or justification for Mr. Lloyd-George's minatory speech in the Guildhall last July 21.

He contended that the case had been sufficiently covered by the assurances given to the British Foreign Secretary with regard to Germany's intentions in Morocco on July 1. and again on July 4, and he complained that if Sir Edward Grey, instead of taking his information from unofficial rumors and from newspapers reports, had frankly asked that the policy of Germany be explained, there never would have been any crisis or any tension. Of course, the British diplomatist would reply to this that be had been unable to obtain any satisfactory expla panics which are at any moment under our present wretched monetary system worse by far than those of either Great Britain, France or Germany. The adverse criticisms of the Aldrich plan so far have been intended to discredit the recommendations of the Monetary Commission, but business men, who have not forgotten the cm rem. panic; of 1107.

will not be deceived. That wa- an object lesson for them, showing the dangerous defects which pre vail in oar r.re.-ent banking and. currency uw whicn again in Prince Chun's abdication of the Regency. It was Prince Chun who, shortly after the death of the Dowager Empress, dismissed Yuan Shi-Kai from the Imperial Council and sent him into exile. The latter's position will naturally be strengthened by the elimination of his most influential enemy.

What Yuan wants more than anything else just now, however, is money, and if it is true that the Powers are inclining to sanction a loan, his chances of success will be Improved materially. Gould Out of Wabash A NOTABLE event of the week was the change in management of the Wabash railway system. "For many years this has been a Gould road. Jay Gould got possession of it at about the same time tJaat he did the Missouri-Pacific and he turned both properties over to his son George. About a year ago Interests commonly Identified with the Standard Oil directorate proposed to take over the Missouri-Pacific and put one hundred million into betterment of the property.

Owing to Gould family complications and other considerations, this plan has been in abeyance, but the Wabash reorganization Is to be accomplished. At the election last week four "independent" directors were chosen, indicating that Gould has lost control. It is proposed to rehabilitate this property, which has been in rather bad financial condition for some time and which needs physical replenishment as well. It may be possible that a receivership will be found necessary, but if all parties in Interest agree to a new plan this may be avoided. The new directors represent strong Interests Mr.

Hawley personally that of a great railway constructor and financier, and others, those of important banking houses. There was a considerable deficit from operation last year which brought the total deficit up to six millions of dollars, which must be provided for. In addition some strenuous measures are necessary to put the property on an earning basis. George Gould's vaulting ambition to reach the seaboard has been foiled again. The history of his companies Is not very different from that of the Baltimore and Ohio, which went Into bankruptcy after an expensive line had been constructed to this city and traffic arrangements made with the Reading to get into New York, Now the company is rehabilitated and prosperous.

Mr. Gould thought to strengthen his position by purchasing from the city of Baltimore control of the Western Maryland, a sinuous line stretching westward to Cumberland. Another link was the construction of terminals in Pittsburgh which with branches should unite the eastern and western systems. The latter was a matter of heavy expense and never achieved success. It seems certain that in a constructive way George Gould has been a failure and his properties are fast slipping from his grasp.

There is no doubt that under conservative management the lines may be made prosperous, but the new alignment of capital indicates that if the new system is pushed to conclusion, it will not be as a disturbing factor In the trunk line traffic. The Gould lines need new blood, extensions and betterments to become prosperous and to give proper accommodations for the public, which it pretends to serve at present. This is the last of the big lines to require restorative treatment. Report of the Comptroller ACCORDING to the figures supplied by the Comptroller of the Treasury we have just closed an active business year. There has been an increase in banking business in every department amounting to nearly six per or a trifle less than the normal increase.

This, however, is much better than might have been supposed considering that many persons have imagined that we were not progressing. Taken in connection with the reports of railway earnings and the estimates of the commercial agencies, it appears that the volume of business has been BY THEODORE JUSTICE THE wool situation seems to be essentially sound if measured by the laws of supply a.nd demand. Mills on an average are carrying smaller stocks than for a decade, and the supplies in the dealers' and growers' hands are likewise believed to be the smallest in a decade. The domestic supply of clean wool, which is less than half of our normal requirements, is being rapidly consumed in the absence of the usual wool imports, and the exhaustion of foreign wool supplies is so imminent that the United States' orders for the first time in two years are Increasing in noticeable volume, and this fact has caused an advance of quite 5 per cent, i such foreign wools as are similar to those of domestic production. The trade, therefore, feeling that the wool situation is safe to some extent, are turning their attention to such monetary reform as have been approved by the American Bankers' Association at its session in New Orleans in November.

All the benefits of the plan are extended not only to oational banks, but also to State banks having a paid-in capital that is not less than that required by the national banks. This includes trust companies who maintain their reserves as required of national banks, all of whom must submit to similar examination and make the requisite reports. This plan will make the reserves of all the banks available for common protection as they now are not. The new plan is practically mutual insurance. It will give to the national banks the power of accepting commercial paper having not more than four months to run when such paper is properly indorsed, when it rises out of commercial transactions with ample merchandise behind it or supported by real estate securitv, and no paper passed on stock speculations would be available.

This Aldrich scheme is designed to relieve the banks of anv obligations to maintain a reserve against deposits maturing more than 30 days in the future. The basis of the S3-steni is what are called quick assets. By its division of the country into districts the Aldrich scheme will extend to the whole country the advantage of clearing house concert of action, each as that which brought the panic of 1907 to a close. It not only legalizes but nationalizes the clearing house concert of action. The Aldrich system, as those claim who are not ignorant of its is not to establish a central bank, that will compete with national or State banks, or trust companies, but is more in the nature of a decentralizing bank and, instead of being autocratic, it is meant to be democratic.

It will not disturb existing relations between country banks or banks in central reserve cities. As there is danger that the present session of Congress will be devoted almost entirely politics, this Aldrich plan may be made a political scapegoat, as all parties and factions will be maneuvering more or for position of 1-ticaJ advantage with a view to the 1912 Pi evidential election. For the first time in many years Congress is in danger of being dominated by the importing as aga-nst the domestic interests, the latter representing the employment of American labor in useful and productive industries, the former in the interest of foreign employment of labor. Whatever this Congress may be called, 'indications are that it will not be so much in the interest of the whole people as in the interest of politicians. The discussions and fights which are promised, it is to be hoped may develop a better understanding of what is needed for the protection of our industries and the promotion of the general welfare.

In addition to the question of wool tariff reduction, there is likrly to come up for Congressional discussion a genera! scheme of the so-called money trust (it anvone can define this imaginary power) to obtain control of all the money and credit in the country. Th? Aldrich currency and banking plan, introduced in New" Orleans, is intended to prevent this verv control. All talk, including that of the President, about the value of keeping more-tarv reform out of politics has been for the purpose of bringing pressure to bear on Congressmen to vote for monetary reform under the plea that the question is non-partisan and purely a business and not a political matter. Efforts, unior-tunately, have already been made to make it a partisan question like the tariff, although the movement of the Monetary Commission, headed by Senator Aldrich. is simply to avoid the perbs ot the present svstem, which as 7907 proved is like a volcano, upon which business has its seat and which may explode at anv time.

One of the most encouraging facts ot the situation is that even some ot the Democrats look with favor upon the Aid-rich scheme, making it apparent that in the end business men will divorce finance from politics. Senator Burton, of Ohio, has been quoted as ravine that the Aldrich plan must be amended before it will receive the unanimous indorsement of the Monetary Commission. This Senators efiort is to perfect the Aldrich scheme so that it will prevent Wall Street money power control of he whole banking system, as the life and death of all business is influenced through autocratic coatrol ot credit. The Aldrich scheme is to prevent bankers, who make their money by selling credit, from controlling credit, lhe Aldrich proposition is so simple that alter a while every one will understand it and acquiesce, so that no cliques ot banks ccvsiuliy egainst Eustace Miles and oth- First Days of Blanfcenburg 02sE -week has passed of the new municipal administration and, barring the nervousness of numerous under officials and employes in general, who are not quite certain what to expect, the machinery at City Hall has moved smoothly. With the exception of Dr.

Neff, the very efficient head of the Department of Tublic Health, all of the old department chiefs have gone into retirement. While Mayor Blankenburg has made a clean sweep of the civil service commissioners, and has installed a new board under the presidency of Frank M. Riter, the announced policy of the Mayor indicates that as a rule employes will not be disturbed as long as they attend strictly to business and keep themselves free from partisan politics. There will be a great pressure on the administration from every tidewaiter and from every "reformer" who went into the movement in the hope of getting something out of it, and just here we scent some difficulty for Mr. Blankenburg.

Men who wish to turn the administration into a political power and build up a machine are numerous. But the Mayor has declared positively that his is to be a business administration, not a political one. and his Director of Public Safety, Mr. Porter, has informed the policemen that hereafter they are to take their orders directly from Superintendent Taylor and not from ward leaders; that they are to attend to the city's business exclusively and let politics alone, and that there to be no more "assessments" for campaign purposes. As for Director Cooke, of the Department of Public Works, he Is not much of a politician anyway.

He is a student of the comparatively new scheme of "scientific management" and intends, apparently, to get his department down to a purely business basis. As we have heretofore said, the freeing of nation until after Lloyd-George's warning nt- terance. As for the professions of amity and goodwill made by Sir Edward Grey and others upon the occasion referred to the Chancellor regarded them with some intelligible skepticism. His comment was that this was a case in which actions spoke more loudly than words and that if Great Britain really felt as friendly as was said, Germany would be glad of a chance to recognize the proofs of its friendliness in deeds. A wish for the betterment of relations between the two countries had been crs in winning ar.d later defending his championships.

These young Englishmen are letter grounded in the rudiments of the game than most American players, because they learn to play at school. Jay Gould learned to play as a boy in Ins father's private court at l.akewood. Mr. Harrison learned the game at Eton School and Oxford University, England. Smie of the critics in En-land are already talking of legislating the railroad service out.

because they rlaim that it spoils the beauty of the The same thing was done in racquet years ago by raising the service line. The claim at that time was that there wa3 too much, "service" in the game. At a certiin well-known club in Boston a member one day brought in one of the so-called toy baseball game boards. By spinning a wheel a regular game can he played. At this club they played each inning for drinks and the whole game frr the dinners.

If by the time rive innings were played and the grounds became too wet, the game was called off. Every afternoon now there is always a crowd around the baseball board. Out West at the clubs it is the custom to throw dice for the drinks, a very tame method compared with playing toy baseball, but much quicker action. Now that the dues season is on, don't forget to ask for wild nee to be served with your duck. The Boston clubs get this wild rice from Minnesota and serve it with a sauce invented by and named after the Tennis Club.

Very few of even the most fashionable cafes have this rare delicacy on the bills of fare. It has much more nutriment than ordinary rice and has a flavor of the wild that goes deliriously with a wild duck just 'thrown through the kitchen" or in other words cooked very rare. One of the latest fads of the voung ondary feature, even if it is considered of any importance at all. The Waterways Again ONCE a year, at the beginning of Congress, comes to Washington the National Rivers and Harbors Congress. This year the attendance has been large and the enthusiasm great.

The object of the annual conventions is to promote education concerning the importance of developing waterways and harbors and to impress the lawmakers at the Capitol with the seriousness of the subject. Time was when the Mississippi River advocates dominated these gatherings. Time is when the vigorous movement for taking up In earnest the Atlantic waterways is insistent upon full recognition. In any comprehensive plans for development the Atlantic scheme must have important consideration. And it is the comprehensive plans that are needed.

The days of the old "pork barrel," when in any river and harbor appropriation bill any Congressman from a district through which passed a mud stream could secure an appropriation, has gone for good. Gradually we have been getting down to the basis of appropriations expended where they will be of practical use. The Mississippi has Its claims, but the idea of wasting hundreds of millions on a deep channel is preposterous. A channel of nine feet Is ample for all transportation purposes, for the business of the Mississippi must be done largely in barges. When a sensible view of the Mississippi is taken, there will be less opposition and more money for other projects, and among them the Atlantic waterway proposition, which has an immense business waiting for its completion.

The near approach of the opening of the Panama Canal gave last week's convention an added interest. The country has been given the impression that with the opening will come renewed activity in commerce. Let us hope that these bright anticipations will be realized. Very much will depend upon the attitude of Congress. If the railroad clutch can be kept from the canal, an enlarged traffic between the Atlantic and Pacific coasts undoubtedly will result and freight rates will be cheapened.

If we can rebate to American vessels engaged in foreign trade the tolls paid, and thus discriminate against foreign steamship lines, we may be able to add to our merchant marine, otherwise not. This canal question is going to be one of the most important topics before the present session of Congress. Secretary IV ilson and Cold Storage SECRETARY WILSON in his annual report for the Department of Agriculture devotes considerable space to the cold storage question. He asks one important question which he does not answer, and makes what seems to be a wise suggestion as the result of an investigation into the subject. He wants to know in the first place who gets the difference between the dollar paid by the consumer and the fifty cents or less that the farmer gets for his product.

That question seems easy because there is only one possible answer to it. The difference between the price paid the farmer and the price paid by the consumer Is eaten up by the middlemen. Not one middleman, understand, but a number of middlemen. The means by which food supplies of this kind pass from farmer to consumer has been worked up into a fine system and between the two there are a number of men who must get their rake-off. The cold storage house is frequently one stage in the passage, but it is not reasonable to suppose that It gets all of the difference, because the men who supply It and the men who dispose of its contents either at retail or through another commission basis must come in for their share.

These storage houses are undoubtedly a boon If properly regulated, and that seems to be where the difficulty lies. The Secretary says that produce Is not generally kept as long as supposed, but the fact remains, nevertheless, that eggs and kindred perishable commodities have remained locked up in order to maintain prices until they have become unfit for food. In this way the storage house has undoubtedly increased the cost of living, because it has enabled the promoters to control the market. For meats and fruits the storage house is necessary. For eggs and certain other products, however, they are anything but desirable.

A cold storage egg is a cold storage egg, and no one can get away from that fact. It speaks for itself. These tilings should be allowed to remain only so long as it takes to distribute them, and in connection with this time limit the Secretary makes the suggestion that would go a long way toward solving the vexing problem. He suggests that the storage companies be compelled to send monthly statements to the Federal Government of the stock they have on hand and the disbursements. Results of these reports would be figured out in Washington and made public so that the consumer would always be able to tell whether an attempt were being made to corner any product or products.

He would have this report each month just as he has the crop reports. This is a good suggestion so far as it goes, but more stringent regulations should be made governing the time food can be kept in the storage warehouses. Insurance Bill Jammed Through MR. DAVID LLOYD-GEORGE'S sickness, disability and unemployment insurance bill was jammed through the House of Commons last week by a ruthless and relentless use of the closure guillotine. Hundreds of amendments to it had been offered, but they were all automatically rejected under pressure from the government and a measure which is extraordinarily complicated and comprehensive, and as to whose practical operation there are the widest differences of opinion, was passed virtually without debate.

Having put themselves on record as favoring the principle of the bill, but as questioning the manner of its application, the Opposition members withdrew from the Chamber and the fourteen negative votes were those cast by some dissatisfied Laborites and by the little group of Irish members who follow the lead of Mr. O'Brien. Interest now centres on the action to be taken on the bill by the House of Lords and the predominant opinion seems to be that the Lords will prefer not to obstruct its enactment. They will be tempted to pass it along on the score of political expediency, as the proposed legislation is bitterly resented and vigorously antagonized, not only by the employing 'class, but to a great extent by the very the Aldrich plan is designed tu m-edv. Chief among the defects of the "present system is the rigidity of monetary currency system bsed on (iiivtinmo -bonds and the additional beside of the inability at present t-mobilize reserves so that they may l- available at the time of banking arw currencv emergencies.

The Aldrich system should inspire confidence among, business men, lor when they need money to carry on heir vocations, thev may be able to find it pi the national reserve association, proviu-ed their credit is good and their demands are not excessive. I. nder our present svstem in times oi alarm eouti-dence disappears, money goes into hiding, credit is impaired, and merchants are' often unable to realize -upon what Ls known as valuable quick assets. The Aldrich system aims to perfect th present faulty batking and currency svstem, and make the recurrence ot monev panic impossible. To bring about this desirable end a commission was appointed bv Congress now widely known as the National Monetary Commission.

The work of this commission is brought forward in the recommendations of what is calld the Aldrich plan, which represents vast and almost world-wide bank-in' co-operation. It it the result of the reflection of the ablest students or. athoritv on money and banking condi-Vnns. The fact that the name ot Sena-or ldnch is now used -vhen the work of the Monetary Commission spoken is whollv due to Setator Aldrich ekices as chairman of that commission. There is an effort thus to handicap this excellent monetary retorm measure.

A a matter of fact, this matter has absorbed Mr. Aldrich's attention and anw for the past three years, but the plan is not Mr. Aldrich's plan aay more than is the plan of any other member ot the Monetary Commission, or ot any bankinz firm." Yet, for political purposes, efforts will be made to create this opinion and thus to handicap r. The most famous men the world on the subiect of foreign exchange, have given the" benefit of their knowledge to this Monetary Commission. A gentleman whose wide knowledge ot banking as conducted in the leading foreign banks, states that in his opinion this plan excels that of anv banking system the wcrld Various features and recommendations have been brought to the attention of the commission by a host ot individuals competent to inform the commission on any special feature of the subject There is one feature of the Aid-rich plan which must appeal to every n'an who in times of stress has occasion to borrow considerable sums ot money on real estate securitv.

Today the national bank are prohibited from lending ou security of that kind. Keal estate is the safest 'security in the world when it is taken at 50 per cent, of the assessed taxable value. Another feature of merit which this Aldrich plan provides that the Monetary Commission wilt recommend that the national banks bo permitted to establish safe deposit depart-mcnts that such deposits must lie segregated from the ordinary deposits in national banks; but on those deposits 50 per cent, can be loaned upon real estatw security. expressed repeatedly on both sides during a the administration from partisan politics is a gallants of Paris is to have a picture of our best girl painted on your left thumb nail. The "Mush Club" of this is thinking of adopting this requirement as a by -Jaw of the club.

Weh JJoujliertv tells a vara oi a New Yorker who was dining a party in a French cafe. Iu ordering the dinner he told the head waiter to get up the best meal possible and to tell the chef and Lis assistants to put forth their best efforts. "Tell them to remember that we are from New York," he said. "Yes. sair." replied the bowing and obsequious head waiter, "1 will warn them, sair, zat your partie are ze 2s ew lorkairs.

A clubman went out to see "Mike Murphy, the famous trainer, in his house on Chestnut street the other day. Mike is a bit under the weather after the strenuous football season. In his sitting room are several big pictures of famous Yale football teams and a number of Penn's most celebrated track athletes Also a photo of "Mike" himself in his BUT ONE FOUNDER OF PEACE SOCIETY IS LIVING TODAY younger davs when he was the cham BY-LAW REVISION NOW CONFRONTING EDUCATION BOARD Continued From First Page pion professional sprinter. "Mike" does not hear very well and told a story of his experience in Keno when he was out there writing up the big prize fight series of years, but in hLs experience and observation, the Chancellor Intimated, there was nothing more substantial hack of these expressions than the kind of sentiment by which after dinner speeches are customarily inspired. He had said something about a clean slate which been taken up in England, but he had been misunderstood.

The slate was not quite so clean as his English friends seemed to suppose. It had been written on with a hard pencil, which had left permanent scratches which it would need more than a sponge to erase. These and other similar observations from the same source upon the same subject leave no room for doubt as to the predominant German feeling, and it is significant that upon finishing his statement the Chancellor was generally applauded, and that the close of the debate was marked by decided manifestations against the English attitude. There is a report that the recent professions of friendship may presently be put to the test in connection with the railroad from Bagdad to the Gulf of Persia, in which Germany is interested. It may be hoped, but it is hardly to be expected, that the result of this test will be satisfactory.

If it should prove so, the British attitude will have greatly changed. Chinese Situation Still Chaotic IN China the situation remains chaotic, but some little progress toward a settlement has been made and the indications for the early restoration of peace and order on some basis or another are encouraging. Yet It cannot be said that the continued development of a line of cleavage between the southern and the northern provinces of the empire is a reassuring symptom. Since the capture of Nankin a week ago this cleavage has more than ever been definitely and distinctly marked. Down at Shanghai Mr.

Wu Ting-fang, former Minister to the United States, continues at intervals to reiterate the opinion that so far as South China is concerned the only solution of the present problem is to be found in the institution of a Federal republic, in which it is understood that Mr. Wu-expects to become Minister for Foreign Affairs. That expectation might account for much If Mr. Wu were alone in the opinion which he expresses. Such, however, is not the case.

The assemblies in the provinces of Kwang-Tung, Kiang-Su, Kiang-Si, Fukien and Hupeh have adopted resolutions rejecting any settlement which does not include the deposition of the Manchu monarchy and declaring in favor of a republic, and there are many who expect the outcome of the existing complications to be the disruption of the empire through the acceptance of a constitutional monarchy by the northern provinces and the erection of a republic by the provinces within and below the Yangtse Valley. In vjew of China's large foreign indebtedness this would be a regrettable occurrence. It would certainly cause much friction which it is desirable to avoid and might render it necessary for the foreign powers to intervene. It must, therefore, be hoped that some other way out of the present difficulties may be found and tEe reasonable, conciliatory atti year before last. very simple thing.

It can be done by the enforcement of an order. But the development of the city is not so easy. It is in working out the Comprehensive Plans the building of subways and the expansion of the pert and the finishing of the Parkway and the pushing of other permanent improvements that the ability of the administration will be tested, and that test will come very shortly. Meanwhile the Mayor has given the city an impressive and progressive inaugural address replete with bright promises and hopes for the future. Congress Begins Its Session ALREADY President Taft has given gross plenty of material to build with if the Democratic end of it wishes to do anything in the way of construction.

On Tuesday he sent in a message which discussed the trust question exclusively. On Thursday he forwarded his annual summary of our foreign relations. Regarding the trusts, the President finds that under the interpretation of the Supreme Court the Sherman law is sufficient for handling them. But he believes that there should be some supplemental legislation. He would define more clearly just what combinations may not do and he would create a commission with powers similar to those of the Interstate Commerce Commission for dealing with them.

Also, he would provide for voluntary Federal incorporation. Towards such a commission public thought is evidently drifting. The discussion of the tariff by the President is about due. and for that the Democratic Ways and Means Committee of the House is anxiously and restlessly waiting. Tariff io Be the Issue CRITICISM of the President's message concerning the trusts by the Champ Clark-Underwood contingent is based to some extent upon what is termed a scheme of Taft to divert attention from the tariff and make corporation control the chic-r" issue.

This attitude shows their restlessness. Last session they brought tariff smashing to the fore, and they are impatient to get at work again along the same old lines. But they will not have to wait long. The report of the Tariff Board is about ready. The President is fully informed as to the findings, and his message is expected to call for a reduction of both the woolen and cotton schedules.

Then there will no doubt be a drawing of the lines, for anything that the President might recommend could not be acceptable to the controlling spirits of the Ways and Means Committee. The President believes In the protective principle. Chairman Underwood wants a tariff for revenue only. The distinction is Important, because the fight for the Presidency next fall Is coming largely upon it If the Democratic leadership can have its way. The country will be asked to decide whether it prefers a tariff which will keep the mills open or whether it will take chances under an unscientific tariff in which the protective principle will be a sec "Yes, a lot of people come to me with their troubles said the great trainer," perhaps I am sympathetic and perhaps I Continued From First Pago seem sympathetic because I am so deaf very satisfactory.

It is quite likely that the net profits have not been as great as in some former years, but it is not probable that this country will soon again see any such a decade as that from 1S9S to 1907, when business expanded enormously and profits were very much larger than before or since. Doubtless there is no better way of gauging the business of the country than studying the reports of banks. It is true that the national banks only include 7277 of the 2S.551 banks in the country, but they are generally the largest and, from a trade point of view, most important of all banking institutions. Taking into consideration State banks which report and estimating some which make no reports at all that are officially available, the Comptroller finds that all these banks have a capital of slightly more than two billion dollars, a surplus somewhat larger than this amount, while deposits reach the extraordinary figure of almost seventeen billions, a total banking power of more than twenty-one billions and this shows an increase of very handsome proportions. We may conclude, therefore, that the country's business is on an excellent basis.

During a good portion of the year there was some depression in the iron and steel trade, but In recent weeks this has improved7 wonderfully. It Is the general opinion that in all branches of industry business has been conducted on a close margin, so that accumulated stocks are not large and that any sudden demand means an increased output at the mills at once. The banks are not carrying loans on warehouse stocks as largely as formerly for the reason that the goods are not on hand. Had the crops been larger we should have had a much greater activity by this time. As a fact, the value of farm products is very large and the farmer, at increased prices, has been a heavy customer.

On the whole, the situation is one which may be regarded with complacency. doctoring the sick, clothing the naked: t-u- Peace Union and tn that half the time 1 do not hear what they are, talking about. Some of those women out there came to me with their JLliC um viw Pennsylvania Peace Society have made the headouarters, 1301 Arch street a svrt of Walhalla of the leaders the peace and arbitration movement the statues and pictures, is a great body of literature. Society's Ammunition fWlWinsr are some of the speci ommend to the respective committees on these schools "any change in the cur-rieulum" that in his opinion will improva the instruction. The actual preparation of the courses at these schools is not vested, as demanded by the code, with the superintendent, it was explained The committee on the boys' schools, however.

has recognized tho rights of the superintendent. By-laws Differ Widely From CodH All told, it is stated, scores of instanced similar in many respects to the one above have been found in which tho bv-laws do not conform to the school code either in spirit or in actuality, and strong pressure has been brought to bear upon the board to change its regulations, drafted at a star chamber session. A large number of organizations have passed resolutions urging the board to change mens of their ''ammunition:" "One big cannon bdbi lw eluding deterioration of weapon, three and two-thirds years of a workmgman r- liinl vears of a te- wages; nve male school teacher's salary; as much as a workingman's house as much as a col lege education at s-i- per KattlA fleet around ine cruise ui 4- to T-'a ca la rv OI 1 1 domestic troubles. After they would get through telling them to one I would say, "Madame you have come to the right person. Your secrets are safe.

I have not heard a word you said." Then he showed a letter from some man in Detroit to whom he had advanced a couple of hundred dollars many years ago when the man was in dire trouble. In the letter was a check for the money. "I never expected to get this. In fact I had forgotten about it," said "Mike." And yet he claims that he is only sympathetic because he is deaf. Perhaps this phase of his nature helps toward his great success as a handler of men.

Mart Hopkins, of the Racquet Club, has just returned from a very successful hunting trip in Virginia. He bagged over two hundred quail and got thirty woodcock and a brace of wild turkeys. Clarke Thomson, a son of the late Frank Thomson, president of the Pennsylvania Railroad, has just left for the same place in Virginia to shoot. Mr. Hopkins is planning to get the shooting rights over 10,000 acres at this place.

He has some very fine photos taken on his trip. First he would shoot with his camera and then his gun. A clubman who went shopping for hats with his wife the other day anad now comes forward with the pertinent suggestion that the stores have a special lounging room for men who are foolish enough to shop with their wives. If such a scheme is adopted it might be well to have a glass partition separating this room from the main atore. A.

JIN RICKKI. its rule, so as to conform to the school code, and it is stated members of tho conservative faction are now willing to make concessions in this direction. Pro the wona cwi, 000 ministers; or this em would have afforded $50 each to 200,000 families; opSd have built 500 schoolhouses. ostine 20,000 each. osting gressive members of the board predict the complete overthrow of the committee rule system at an early date.

"rrobaDiy hocHnmne Of authen- ed wars tsuitc history; or ashman, ah peo Will Establish Camp for Girls ple who have meu Special to The Inquirer. last 600 years; more Sled during the nineteenth century; HAKlilSBUKG, Dec. i. Th? Har T-Jckur-r. l'ar-lr Pnmmission has decided tu Henry Berg says that the latest fashion In girls i3'the "small, dark variety." However, we guess the other kind will continue to be popular at the same old stands.

No dictator of fashions can Influence Cupid. these were aoieoouicu. 1 i Furone for last thir- 4 lauui -m- u. establish a camp tor giria liawood l'ark. north of the city, lhe camp will ty-seven years has cost at least the entire wealth of the enrtoOOOOO OOO- tl-m be maintained throughout the favorabla season of next summer, and an effort United ctai.

United States spends per cent, of will be made to induce as many cirln as possible to take advantage of the op tional revenue leiuiuoivc na No, we don't think lightning rods protect, else would every trust magnate in the country go around with one sticking up from each corner. portunity for an outing. The camp wiH cei pts) for wars past aim u5po.nYc, 1 i. oil mucn as is epem iui lliuvu aa be in charge or a matron ana ponce protection will be provided. purposes, public and private..