The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-11-18

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} wish 10 call attention 90 the fact that
many real estate properties heretofore
financed by loans from mortgage com
b rani'ss savings banks and insurance COM
plnies or individuals by this transition to
corpora lions have brought into existence
usw class at securities very largo ia
volume Naturally they sees . mArhet in
our money 'rn'Tes aud this makes q demand
upon commercial banks This demand
added To the requirements Of current bu-i-
ness has subjected the personal wealth Of
the country To severe strain q strain not
Upon Our currency but upon oar mobile
capital. NTH this transition process some
what abates a very strong demand upon
PERSONAL capital must continue to exist.
one cloud hangs over the BUSINESS situa
ton the undetermined construction OF our
corporation laws The most laws bidinz
msnager cannot be quite sure whether he
J.. conforming 10 tho law or not This un-
certainty must continue until suits now
I-nting ia the supreme court are decided.
We may well have confidence that the
c"uTIs IA constituting he antitrust Law,
whatever their ,i'' sion may bs. will poinr
Az oui bv means ~ which ,orporai ion.
,an prosecute their husines- WITHIN the law
and IRE" from HiOlrsjsIIon and interference
u - in"on'-irahi. that great agaregaiions
"l "apIial viii no be- permit e,l to cont ribuIe
- the prosperity 81 thi. country in future
- 'hrv nov do. and a. great axgresstions
oi capital do ~ the other commercial IA
lions
Pres'd.n' Tafr Ls- gwen ~ a good hus.-
hess admins; ration sni no mtn ever hal
re- v-lfaJ. al thr nation more a. hear
"" has an excellent record 10 his cr-di, ior
>uopr-S-'ng tad pracrI"-- IN th-, par, u,
corporations and comp-'lins restitution
haT. ro.ix has b--n don. IN. prose
"ut:on NJ -windling enterprise which sees
their victims through rho mails il WORTHY
OF The highest Commcnist ION. u seem, TO
m" th'. law ought IL mae all people Who
'IrcnlariIe or ADV -riise the things they
would sell r~sponsibie for The substantial
trui hfuiness Of statement. made IN such
CIRCULARS Or advertisements made for the
ruFIo-" ~ ndu''ng people relying upon
such statements 20 invest heir money IN
ne securities offered Il olch' NOT 20 he
Me- c~sary TO prove on err q bIIck~t shop
- = downright -Tindle before the e,'raIn-
az .nfiu.rc" al 'he law csn he invoked
Senator Lodge OF Massachusetts. whose
presence was especially interesting IN
that there IL doubt an to whether
the new Legislature Of the Bay State
~ponded to the toast The Congress Of
the United States The subject WAS
one that covered a good deal OF ground.
As the Senator sad at the start, but he
confined himself principally TO comments
on Uncle sam had business methods
he present method Of appropristing
for river and harbor improvements ~
eItraragant and defective. he said. and
should be changed 20 system by which
4 hoard OF engineers should have the
power TO recommend and spend money
". recommended this rsform to the
'hainber ~ one worthy oi it's attention.
Our systems of accounting and Of do ?
ing business in he various departments
Il the GoV-rnmeE' are TOO cumbro,Is and
clumsy continued the Senator They :
lead ~ waste and njsrminable delays. /
The point has been reached when reck- }
,,s- " asI. must he stopped in ihs in eresrs :
II the Who'll. people We cannot hope 10 !
'nmp+te with our rivals IN trade and CON- /
'nerce unI.-sr We exercise a greater econ 4
lmy not merely IA our resources but in .
p,T ways o. ting Government business :
The senator thought Z Was ridiculous ;
.ha lac Government con''nu 10 sov ,
Expensive public buildings IA little cities .
All "N"r ~" country and has - pey rent
To-. he buildings in which some ~ 40 mos
important depar' mems are lodged ~ /
" sshIngton. He compllmenteGi Post /
Huchcock for making a
'aving 81 Ni $4,000 last year IN his de.
jaTt msni without disturbing he efficiency
= the postal service.
Tie STATE lof News York vas he ,oaat
asOond"d 10 by Gov. White. II was
ugh r;Ine. h- said. that IN" practical
business = State government received
lp-- .ainy and careful attention. he
hTIgr rat BUSINESS questions had been
.gl", 81 A. being az inferior value, per.
apo
III" Governor did MOI believe the
-.oI.l- u IN. sat. wouh permit any
rdua jIon Of the states activities and b"
hought recourse would have TO be mad"
- direct 'ayaT!on Tor sinking fund puT-
4 $50 l. was an r--ue. h. thought that
pulu not longer 10 avoided
-Ns {. he Ga"s" cara. said 5h- GOV.
tnuT. i "tpr-s- grave drIh1 - 20 IA"
gtrDInr | believe rhs work ~ pre-
T-S-Irg IA a Ear from 80 isiaCtOry vay !
arrS 81 ne work haze not Feeu well
one. Tn -Splans' on lies IN the IAI' 81
hal 'h'I" a --TI"u- division 81 r..
pDGsIh,li.y and power The stsJtU-,. )
= I - provide a commander The mex
r-~iDU al th- i.-SIslaitI OuRhG Ia plac.
uih,rIty aud responsibility clearly q
luasi '!as,-r Hepburn Arose aud TUNED
Jws"d Mayor Gsynor IN" grand Dall.
prrE B.-"ams very quIsi
Mayor Gaynor said Mr. Hepburn,
YOU have not only commanded our Z
pprOval a. business men but you have
On our admiration. Oar hearts and
!r prayers have been with you. ".
'JoIce IN your recovery. Our hearts
nd oar hands are with YOU IA the re-ump- Il
on Of your duties. and We pledge Won a
ar unsfinted support IN giving this city a.,
good and efficient administration ,
The Mayor arose. bowed slightly and
,nd..d a sllee, III paper to Secretarv a
rntf. Mr. Hepburn explained that ~" q
80 large room A. the sscretar;
,ad the Address IN. Mayor listened care.
lily and made whispered correction a
lc.. SECRETARY Pratt inadvertently read a
me- Tor us IN one place and the Mayor
IckIy got a correction. The address was h