The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-03-16

new methods of control cannot be in
augurated offhand; for they are mat
ters of experience, wisdom and time.
Public Fears Combinations.
One of the greatest sources Of pub
lie fear, howyer is the tendency Of
railroads toward combination, al
though the public could in many cases
be betetr served by the uniiication of
some Of our great systems. Traffic
of all kinds can be more promptly and
more cheaply handled by single sys-
TENS than by those cut up into in
Vulnerable short sections, lacking in
smooth working relations. Our roads
should be allowed to combine when
such a step can be proved to be in
and combinations were held subject
| tC the approval of some such body as
| the interstate commerce commission,
rubic interests would then be safe
| guarded and much of the jealousy and
| Hostility towards the railroads which
now exists would disappear 1t would
not be very difficult to establish regu-
lations that would give the railroads
and the public the advantages of con-
solidation. yet prevent the abuses Of
stock watering and speculation that
too often scandalize such transac-
tions.
Abundance of Capital.
The bids of over $S1 100000 for the
s. 100000 New York State 4 per cent
loan at 10GMt0o We're highly sugges-
tive. They showed that there Is an
abundance of capital seeking invest
ment where security and credit are
unquestioned, Contrast this with bids
of s250,0O000o for the S5O,000,010
New York City ~ per cent at about
104. The state loan was subscribed
for sixteen times over and the city
loan only about five times over; while
the per cent state issue brought a
much better price than the city Az
per cent bond. Some allowance
must, Of course. be made for the diff
ference in size of the two loans, and
the fact that the financial conditions
We're somewhat better for the state is
1'ht. nut bIllH tIbtH i''t ihlta t&llittlh
the difference in the two issue. New
York city has been eXtravagant, not
only in its increase Of running ex-
lenses, which have been out of all
proportion to its growth in population
but in its outIays on various public
improvements, They have been car
ried on at a stupendoqs scale. and
often at n much greater cost than If
done by private capital, Many Of
these improvements have been Inn
peratiye, particularly those relating
to transportation. yet they could have
been better accomplished by private
capital properly regulated, and then
the city's credit would not have been
threatened as it now is, New York
is not the only city which has in
iured its credit in this manner Con
sentative and well governed cities in
England and Germany have also had
the same experience. Municipal
ownership ideas are proving extreme
~ costly for the tax payer; and it is
already plain that we had better re-
turn to private enterprises in the
furnishing of public utilities. Proper
regulation will easily proven; repeti
ton of past abuses and there would
be less water in such investments
than in some of the costly public
works where insufficieney multiply
cost.
Ciews Welcomes Investigation.
am quite of the opinion that the
proposed examination of the Stock
Exchange will be welcomed by that
body The Exchange itself has moth
| ing to feaT, for there is no business or.
ganization in the country where
| higher standards of honesty prevail.
Commissioner Knox Smith, am sure,
will be given every opportunity for in
vestigation, and the results will no
doubt do much towards removing the
lunreasoning prejudice against the
! Exchange, and prove the Legitimacy
and necessity of its operations. |.
/ for one. am prepared to open the
| books of my firm to his inspection.
Every transaction will be proved
Legitimate. My customers are always
promptly advised of purchases or
sales for their account, and the names
of the brokers with whom the pur-
chase or sale on the floor of the Elk
change are made nre always stated
on the notices. This has been the
practice of my firm since is Inaugural
| ton. Commissioner Smith will find
that the Exchange is constantly seek
ing to eliminate abuses. and that all
complaints of wrongdoing within its
| Jurisdiction are severely punished.
For the real abuses IN Wall street Mr..
] Smith had better search outside the
precincts of the Stock Exchange;
though If he can aid inr aising the
standards of that institution he should
receive the hearty cooperation of
every member. I shall certainly vel
come the investigation.
HENRY CLEWS.