Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 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 viii be doubled before 194h,
and that this increase Is distinctly
urban, the conclusions are stated thus
THE nature of the business Of these
companies is such as to make their
earnings largely independent of fluc-
t%uations 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 no
other corporations which have stood
SO wen 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
torest particularly to investors.
The 12,0S9 graduates Of Chicago
schools have just stepped across the
threshold of life bearing half an acre
of diplomas. duly engraved n en-
crossed on vellum bond. Graduates
of the normal school REQUIRED 166 Of
them; those of the high schools l,lbo,
and those of grammar schools took
the rest. Preparations of the diplo-
mas required . nieht as well as q daN
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 haVlng cost
Sl.92, and the least expensive one
hut $1.50. Chicago will have twenty
school teachers among the bevy which
Eoes TO Europe each summer 10 see
what schools are like abroad. Each
one of the twenty was assigned TO
study a 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 l9oo
never was so keen as now. because OF
the comparatively light traffic in other
lines. New York's situation, evidenc-
ed by the laying up" Of five big
freIghters OF a transatlantic line be-
cause Montreal on the north ana 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
is regarded as ominous. various com
plants have been lodged with the IN
ter-state commission by
western cities, including Milwaukee,
concerning Chicago rates n others.
Milwaukee's chamber of commerce IS
seeking to overcome Chicago's natural
Advantage of location at the head
Of the Great Lakes and complains
therefore of discrimination" in Ia
vor of Chicago. In each case the
grain exchange has taken up the
fight for lower rates. a rivalry which
the rme can watch with eompla-
cence as the reductions Will ulttm-
ately benefit them. In Chicago the
board Of trade has for years been a
powerful factor in the adjustment of
rates in addition TO its regular func-
ton of furnishing a market in whicf
the grain producers are brought in
touch with the buying demand of the
civilized world and made to benefit
bv the consequent stability IN prices.
The Importance of such exchanges in