The Wall Street Journal from New York, New York • Page 1

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Bryaala. "II" Am Teaame tnr iierip Stone. Prosser Doty S3 William St 'Phone Hanover 7733 1 Mew York Alabama Power 5s, 1946 Butte, Anaconda Pacific R. R. 5s, 1944 Defiance Gas Electric 5s, 1942 Georgia Railway Electric 5s, 1932 Northern Ohio Traction light 4s, 1933 Parr Shoals Power 5s, 1952 Kiorro Sr Kan Franmspn Power 5s -JiMi U-aVA i ByMa aa nma m-w i Wheeling Traction 5s, 1931 FREDERIC H.

HATCH CO. II BROADWAY, N. Y. Telephone 340 to S359 Rector Privala Telephono to Philadelphia and Boatoa mawtreal Carraapaaaaatai Maar. WkHa A Ca.

IM Jam St lea Camaaay BTAaarrrra A Paraea can A pf ralial ratreleam rwi-uaa Caaataaama Baaar Katlaaal Bapar lmaertal Oil, Lta. Kartkera Mrearltlra Btaaa iZrraa. Ot. Brit. A Irel'a Beyal Baklas Pawaer pf Blnaja Maaataotarias BOUbHT BOLD QUOTED Prlrat.

wire, to BABTPORD CHICAGO MONTREAL HiiiAnBiraA IPNICS GWYNNE CO. a Uttnbara New Terk Stock Exohanga and n. rouon jucaanaa Telephone 7474 Hanover IS Broad St, N. Y. HARK A WOBLB THEODORE C.

COHWlIf conwm 25 BROAD STREET Crocker-Wheeler Pfd. Curtiss Aeroplane Pfd. Otto Elevator Pfd. Thomas Iron Safety Car Htg. Ltg.

Nlles-Beaent-Pond Bankers Trust Equitable Trust Chaao National Bank Bank of Manhattan Co. Guaranty Trust Co. Great American Insurance Tmapkea Braaa 1111 PENNA. COAL P. FUIiSY co.

Broadway, IC Y. Telephone Broad 2046-74 IDG! 0 ii Lj sfeciiucticle lnterborouoh BttrirSutlook. SFECItt. ARTICLE TO Standard Oil of New Jersey 7 VOL. 88 MORNING EDITION NEW YORK, SATURDAY, APRIL 17, 1920 TWELVE PAGES PRICE FIVE CENTS Central Pctrclcasi Company jBotxght axntf Sold MccOUOID a COADY Jv rr Stmeb Exchange REVIEW AND OUTLOOK SOVIETS AND FEUDALISM One of the most interesting; and logical developments in the news has been the proposal, in the German "Vov sische Zeitung," for a "Soviet" monarchy" in Germany.

This is not only logical but practical Applied socialism in Russia, as it would do if applied elsewhere, has pro duced a dull slavery, administered by a small autocratic military dictatorship. It 'is a condition nearer to the feudalism of the Middle Ages than anything seen since the overburdened peasantry of France consigned monarchy to the scrap heap. Under compulsory military service, with compulsory labor, the conditions of feudal servitude have been reproduced in RuBsia. The industrial classes there made up about two per cent of the population, with the rest of it A these industrial workers were taken for soldiery. It has become necessary for Lenine to compel the peasant, with his small land holding, to give military and industrial service, which in economic effect is the same thing as paying rent to the state.

Doubtless, as under the feudal system, he will later be allowed to compromise for his own service, buying exemption with the products of the soil he cultivates. Few if any of our advocates of a single tax remember that in Britain the crown, the state, is the bnly absolute landholder. All land is held in fee to the crown. In the event of the death of the holder without heirs it reverts to the Crown. Note that the law says ack nowledging thereby that individual ownership is only con ditions Every land holding, in fact, was a fief, under military tenure; the system was exactly what Lenine pro poses to restore today, and what the German Junkers, shrewd enough to see its exact correspondence with the feudalism they understand, would establish in Germany.

From the time of William the Conqueror and the "Domesday Book" (1086) to the termination of the Wars of the Roses and the dynastic wars with France, nearly five hundred years later, ownership of land involved a military service so onerous that only oppression of the peasant made it workable. The constant demand for men and supplies was ruinous. The great trading cities built on those ruins, because the urban plot of land necessary to do business was so small that the military service it involved was negligible. It could always be commuted, in dealing with kings chronically hard pressed for money. It will be seen that the Soviet idea, like the socialist Idea, with the crude it so far from embodying ny novelty, to say nothing of any ex tension of democracy, is merely a return to a discarded system of slavery.

It was capital, as represented by the free ities, that was always the friend of liberty, en lightenment and p.gress. What the agitator cannot for give is that capital stands for freedom today as it has stood for freedom throughout the ages. Freedom is the last thing the Bolshevist wants. He does not even under stand the meaning of the word. Workmen will think twice about striking when the public realises how little mystery there is in their trades and just how much intelligence is seeded to learn most of them.

WHO BROKE THE STRIKE? In the midst of general satisfaction over the assured outcome of a legally and morally indefensible attempt to starve the hundred million into submission to a handful of desperados it would be well for all of us to consider just what has happened. Who broke the strike? Was it the managers and their subordinate officers? Was it ths volunteer firemen who stoked a comparatively few trains? Every train that has moved this week has been guided and controlled by an experienced engineer, a member of the Brotherhood of Locomotive Engineers. With a dosen exceptions, each has been in charge of a regular conductor, who has had the help ot the usual ticket-collectors and trainmen, all good union men. The epithet "Scab," ordinarily so potent to drive the unionist off any sort of a job with which one non-union man is in any way associated. has in this instance had no effect upon several hundred thousand railroad workers.

They have done their utmost to keep the vital channels of trade and communication open. The simple truth of the matter is that the railroad strike is being beaten, not by the companies, but by the brotherhoods. Support from management and public opin I i i v- vi.j 41 ion nas, db sure, uuijreu iuom yvwcixuujr, put mc achievement is none the Nor does it detract "rora the credit due the brotherhoods that they were acting in their own real interest Here, at last was an exercise of that' enlightened self-interest to which the unions have so long, and often so fruitlessly, been urged by their wisest and most sincere friends. If the majority of the brotherhood members have chosen the better course it follows that their position in the public estimation and before the new Labor Board wjl be immensely stronger than if they had lost their self control and betrayed their elected leaders. It la hardly necessary to say that a few communists could never have accomplished what they did at Chicago, Pittsburgh or Jersey City if switchmen and yard employes had not for months been impressed with a sense of grievance.

Hence it would -be a mistake to suppose that the subsidence of an essentially I. W. W. outbreak means the disposal of the immediate railroad wage problem. Had the brotherhood men lost their heads, the new Labor Board of the Esch-Cummins act might have found itself -functionlcss and the country reduced again to the evil political makeshifts of the past As it is, the country now baa the opportunity to give the new flan thorough test and, it Way develop a real solutlon'cf the 'labor Railroad Labor Board Washington The railway labor board has elected as temporary chairman Henry Hunt and G.

W. W. Hanger as temporary secretary. At its meeting board considered the matter of wages that had been taken np by the Railroad Administration and the bi-partisan labor board. It adjourned until today.

STRIKE HITS DETROIT ALTO WORKS Nearly Every Factory Closed and the Few Running Ex- pec( to Stop Any Time anajamamnm Detroit Automobile production in Detroit and Michi gan is practically at a standstill as a result of the switchmen's-strike. Nearly every factory has been forced to shut down and officials of those plants which are still run-ing admit it is only a question of hours when they too will be forced to suspend operations entirely. Among the latter are the Packard, Dodge and Ford plants which are running on a "25 to 40 schedule." Inability to secure sufficient material is the immediate reason that will eventually close these three factories, as they maintain their own power plants. Regardless of when the strike is settled the fact 're mains that the automobile industry will receive a serious setback in production. It will be practically impossible for the plants to resume operations on a normal basis for two or three weeks after the strike is settled.

STANDARD OIL CO. OF N.J. GROSS $900,000,000 IN 1919 pnBnmnannBmannaW BIG GAIN IN BUSINESS CAUSE FOR COMPANY ADDITIONAL FUNDS FROM THE STOCKHOLDERS Being Spent on Sew Tank Stcanars Develop ment of South American Oil Fields Another Big ProjecVHigh Crude Price Stfetsitatet ljarger Cash Balance Big iSwn Advanced European Customers Large cash requirements of the Standard Oil Co. New Jersey result from the groat increase ia the com pany's grMB'boiinesa, which last "year- is -estimated to have been $900,000,000. Its working capital at the dose of 1919 was $384,349,404, equivalent to 43 of the gross turnover.

Ratio of working capital to gross bunlnesa of other prominent oil companies runs as high as There are numerous elements entering into the needs of the company for additional funds, notably the short age of tank steamers, acquisition of oil properties in this country, South America, and Europe. The exten-aion of credit to European buyers is also a large item, but it has strengthened the company's trade position abroad. The great premium attaching to the American dollar has also given it a great advantage over its competitors in foreign markets. The company is spending about $45,000,000 for seven teen new tank steamers With 225,000 dead-freight tonnage. These will increase its fleet by nearly 60, bringing the total to 95,000 deadweight tone.

TheM tankers are made necessary by prevailing shortage of tank steamers which precludes, in many cases, the use of tankers in transporting petroleum products to distant markets and as a result those markets have, in recent years, been starved. The development of oil properties in South America, from which oil in commercial yield is expected in about a year, necessitates provision for tank steamer capacity to bring that oil to the company a refineries in the United States. Standard Oil of N. even though it produced 000,000 barrels of oil in 1919, is essentially a refining and marketing organisation. Its refining capacity greatly exceeds this production, necessitating the purchase of large quantities of crude oil in competition with other refiners.

High crude oil prices, naturally! require larger sujns of money to make these purchases. Labor, material! and manufacturing costs generally add to the requirement of funds. About (30,000,000 has been invested, in a little more than a year, in the Humble Oil Refining Co. Much ox the letter's production in Texas is being brought by tank steamer to the New Jersey company refineries on the Atlantic seaboard, prior to the completion of the Humble company's own refinery. Large sums of money have been expended in additions to refining capacity while a new 10,000 barrel plant ii being erected at Charleston, South Carolina- This plant will take care of the needs of the southern Atlantic states.

problem aa it affects the railroads an opportunity created by the defeat of the strikers by their own repudiated unions. -BY THE WAY Scarcity of school teachers makes no difference to the office boy: he is learning, at his employer's expense, what they failed to teach him, in the same old way. a De Valera and Carrania would approve an issue of bonds for the new Republic of Sonora flrated in this eoun try or would they? a Administration sedatives for strike fever are like "near they are neither intoxicating nor anything else. 1. Does labor trust immunity extend to depriving New York babies of mil)c? "TT7t'striie mi its 'weakest principle." is 'bankers say more gold WILL BE SHIPPED HERE RECEIPT OF 150,000,000.

THUS FAR FROM GREAT BRITAIN ONLY SMALL PART OF WHAT IS COMING im'fio Jforment Xot Connected With Argentine Export According Ut International Banker Subntanlial Block of Analo-French Bonds Have Been Bought for Both Governments Britain Hat Balances Htre More gold will be shipped here from England in con nection with the maturity of the Anglo-French Loan next Fall. This information was obtained last night from a prominent international banker in close touch with British Treasury operations. He said that the gold already received from abroad on the recent movement waa but a small part of what will probably arrive here. It has been pointed out in these columns that the movement from Europe to this center will probably total $100,000,000 and $150,000,000, and it is estimated that these, figures will be reached, if not exceeded, before September. While there was a total of $500,000,000 Anglo-French i bonds sold in this market, it does not necessarily follow that this amount is outstanding, at the present time.

It said that many of these bonds Tiavbeen purchased for the account of the British and French governments. Further, it is not believed that England will shlgold for the total of her share of the obligation as she already has quite substantial balances in this country. Bankers decline to state the size of these balances. Britain also solds a large amount of American securities. No official word has been received as to what action France will take in meeting her share of the loan.

Thus far, approximately $50,000,000 gold has been shipped here by England which waa sent in connection with the Anglo-French maturity. Notwithstanding that many link this movement up with the shipments to Argentine, bankers handling the matter say that there is no connection between the two movements. The shipments from England consigned to J. P. Mor gan ft Co.

were as follows: $9,300,000 on March. 29; $9,300,000 on April $9,300,000 on April $9,300,000 on April 8, and $10,500,000 on April 9. It is believed that when the further shipments of the yellow metal get under, way, it will bo sharply reflected in sterling exchange. STEEL MERGER RTJ3IORS UNFOUNDED An official of the Lackawanna Steel Co. denies the report thu a merger of that company with the Youngstown Sheet A Tube and the Inland Steel companies, has been arrange! Although there hii been eoetiderabl-i discujfion look ing to nicrgers of various independent steel companies, in cluding those already ramed, during the past year or so and, in fact efforts have more than once been made to negotiate a big amalgamation of steel independents, interests bcrt informed on tho situation now express doubt whether a consolidation aatisfaetory to all concerned could be put through under existing conditions.

Pullman Gets Southern Pacific Order Chicago Pullman Co. has received order from Southern Pacific Co. for 58 steel passenger cars, Including 28 60-foot coaches for 1920 delivery. 701 Svwioan4h Strut DENVER, COLORADO Specialist in WESTERN MUWCIPAU CORPORATION BONDS AND NOTES LOCAL SECURITIES B0UOT. SOLD AND QUOTED Farrell Coal Pfd.

Gulf Oil Corporation Glide, Winmill Co. Members New York Stock Exchange 20 Broad Street N. Y. Telephone Sector S8II branch orricsa Eaat ttk T. CUa Cava, bl Tel.

OUa cov aai-SSl Tak Sir YaaatrtUl Great Western Sugar Yielding: 11 Great Wettera StocUxJcW have received eariy $40,000,000 ia dividend CinuUr on Request CALVIN CULLOCK VZS ES COLORADO Judicious advertising insures success. Texas Pacific Coal Oil Circular en request. William J. Hoey Uembert Kte York Stock Exchange, THIRTY NINE BROADWAY NEW YORK Telephono Whitehall I5J SUGAR STOCKS Central Agulrrc Central Sugar Corporation Fajardo Guantananio Matanzas-American National Refining Santa Cecilia Savannah Refining J. U.

KIRK fi CO. 10 Wall St ISfSiS New EORGE W. GOETHALS CO, INC CONSULTING ENGINEERS WALL STREET NEWYORX GEORGE W. GOETiALS ROBERT E. GRAHAM M.

VEOS CHARLES JAMIESOtj GEORGE H. HOUSTON QtoKSSa. ly, JOHN JAY, JR. United States Government Bonds (all laouoa) Federal Land Bank Farm Loan AV2S and 5s BoughtSold Quoted Inquiries Solicited CHAS. E.QUINCEYCO.

Members New York Stock Exchange SO Broadway New York Phone Rector 1990-3 American Cyanamid Com. Pfd. Carbon Steel All Issues) East Coast Fisheries Com. Pfd. East Coast Fisher Prod Com Pf International Motors "Rights" Tavlor Wharton Ir St Com Pf Wire Wheel Common Prefer'd KIELY HORTON 40 WALL IT N.

T. Pkaaa Mm tat Babcock Wilcox Bush Terminal Preferred Northern Securities Company Nat. Rys. of Mexico P. L.

48, 1931 Geo S. Crap Co. ts BROAD IT. Braaa lSSO-l-ax WANTED Great Atlantic and Pacific Tea Company Ntes FINCH TARQELL M.mb.ra N.w Terk Stock Bxehanc. 120 BROAU WAY.

T.l.afcaa. Raetat aOO Unlisted Securities GEO. A. HUHN SONS lltmb.r. Waw T.rk Itaek Bseaaa.

Ill Broadway, N. Y. Rector 6319 Ml WaUat SU rkila4alakla. Pa. CENTRAL BUOAH INTERNATIONA I 7b.

TEXAS PACiriO COAL OIL ifemiera New York Stock ExcJvmgt UJSra.