Albuquerque morning journal., 1908-07-03

out that certain classes OF bonds,
which appear safe in prosperous
times, when earnings run high. may
not be able to stand the hard trials
of more unfortunate times" on
the other hand, no severer test of the
strength OF public service corporation
bonds than that to which they have
been subjected need be demanded.
Following an estimate that, at the
average rate of population increase
for the last century, 80 per cent each
decade, the population of the United
States win be doubled before 1916,
and that this increase is distinctly
efban, the conclusions are stated thus
THE nature OF the business of these
companies Is such as TO make their
earnings largely independent of fluc-
tuations in general business and in
dustrial conditions. From the stand
point of the conservative investor
looking for an Investment Of unques-
toned safety, this is one of the strong
est features Of the bonds of the quasi
public corporations. We know of ne
other corporations which have stood
SO well the test of stability and en-
durance." The comparisons of earn-
ings of electric railways. electric light
ing and gas companies included in the
treatise are comprehensive and of in
terest particularly TO investors.
The 12,OS9 graduates of Chicago
schools have just stepped across the
threshold of life" bearing half an acre
of diplomas, duly engraved and en-
crossed on vellum bond. Graduates
of the normal school REQUIRED 166 Of
- Ii, En
and those of grammar schools took
the rest. Preparations of the diplo-
mas required a night as well as a day
force Of clerks of the school board.
The girl graduates of one school won
distinction by the record of making
their own white graduation dresses.
the most expensive one having cost
$I92, and the least expensive one
but $3.50 Chicago viii have twenty
school teachers among the bevy which
goes to Europe each summer to see
what schools are like abroad. Each
one of the twenty was assigned to
study special subject. This is in
accordance with the idea first pro-
posed in England by Alfred Moseley,
who was instrumental in the annual
inspection Of schools in the United
states by British teachers.
Rivalry among the grain ports at
the head of the lakes and on the sea-
board for the growing crop of 1908
never was so keen as now. because OF
the comparatively light traffic in other
lines. New York's situation, evidence
ed by the laying up of five big
freighters of trans Atlantic lfpe be-
cause Montreal on the north and New
Orleans on the south have taken
away so much of its grain shipping
has alarmed Boston as well and ef-
| forts are being made to overcome
the Canadian ports advantage, which
I Is regarded as ominOus. Various com
plants have been lodged with the in
ter-state commerce commission by
western cities, including Milwaukee
concerning Chicago rates and others
/ MilWaukee's chamber of commerce Is
seeking to overcome Chicagois natura
advantage of location at the heat
lof the Great Lakes and complains
therefore of discrimination" in fa'
vor of Chicago In each case thu
grain exchange has taken up th'
fight for lower rates, a rivalry which
/ the farmers can watch with comDla
/ cence as the reductions Will ultim
ately benefit them. In Chicago thu
1 board of trade has for years been
/ powerful factor In the adjustment o.
/ rates in addition to its regular func
! tion of furnishing a market in which
/ the grain producers are brought II
1 touch with the buying demand of th'
civilized world and made to benefi
by the consequent stability in prices
The importance of such exchanges il