Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-12

| numismatics does not pass current,
| hence his woes multiply with the
number of supposedly bad coins he
handles. But his vigilance is whetted
| by the fact that the company holds
him responsible for the integrity Of
all cash turned into its strongboX.
| The pay-as-you-enter car makes his
task the more difficult, for, especially
in the rush hours, 1t is hard for him
to make change, hand out transfers
| and keep his eye on every nickel
dropped into the box. No wonder,
therefore, he pans off his bad money
on a passenger whenever possible.
But, as matter of fact, 1t is prob
ably a stand-off between him and the
passenger because the worn coin
merely continues to travel In a circle
from the passenger to the fare box
and back again.
We Can Grow Enough Beef.
From the Portland 0regonian.
Though we have 400,O0O,O00 acres of
grazing land in the West and South
west, we are disposed to assume, in
discussing our meat supply, that the
range is exhausted beyond redemp-
ton; that we must look to foreign
countries TO make up the deficiencies,
and that these deficiencies will grow
from year to year as our population
increases. In accordance with this
assumption, we have put meat on the
free list, and the arrival of every
cargo from Argentina Is hailed with
joy.
This philosophy of despair is re-
jected by Professor j. ]. Thornber, of
the Arizona experiment station at
Tucson, who offers instead a philos-
ophy of hope and confidence based on
his own experiments. He tells us
that the diminution of our meat sup
ply IS due to unrestricted grazing on
the range. Every stockman, deter
mined to get his share. puts all the
cattle and sheep he can crowd on the
range. The result has been destruc-
ton of the best and most nutritious
grasses, reducing the quality and
quantity of forage from year to year.
The range has no opportunity for re-
seding in periods of rest from grazing
and thousands of cattle die from star
walton.
But.the remedy Is In our own hands,
Professor Thornber maintains, and as
proof he cites an experiment con-
Quoted by himself. He fenced an area
of fifty square miles typical of the
better class of Arizona grazing land.
It had been extremely over grazed,
and when he rode across 1t he had to
carry baled alfalfa for his horse.
There were occasional closely grazed,
half-dead punches OF perennial
grasses. With protection the punches
grew up, increased IN size and ma
tured seed, which dropped, and next
year there were five to twenty-five
seedlings for every old plant. The
young plants in turn dropped seed
and the old grass grew heavier, until
after five years the grass was prac-
tically restored, there being more than
thirty species. The carrying capacity
of this range has been increased over
100 per cent, and stoclsmen have cut
hay from considerable areas, aver
aging 1000 to 1000 pounds an acre.
He says there is no good reason to ex-
clude cattle entirely, provided they
are kept off until the grass has made
its growth and matured and dropped
its seed. People from Australia,
South Africa and other States have
examined this range and pronounced
Il splendid example of restoration
under arid conditions.
Expert Appraises Public Utility Sc
curities.
From Power.
Those who doubt the stability OF
public utility securities will be re-
iieved to learn that the average an
nual amounts of securities In receiv-
ers' hands per 800 of outstanding Sc
curities for the past thirty years has
been as follows: Gas and electric
81 cents; national banks,
81. %; railroads, s1.s4, and Industrial
establishments, $2.07. These figures
include all gas and electric COM
panies and steam railroads in the
United States and all industrial con-
Germs large enough to have been |
in financial reports. Gov
eminent reports, however, for this
period show that water-power de-
increased by nearly 200
per cent, which is even greater than
the combined utilities. Hence, 1t may
be assumed that the net earnings as
stated fairly represent those on
water-power developments. and that
instead of representing risk they
are actually safe and attractive In
vestments.
In spite of an increase In railroad
securities of "a per cent. during the
last decade, the rate of net earnings
has remained fairly constant. aver
aging about 4.25 per cent. The in
crease in Industrial securities was
less than 20 per cent. and the net
earnings averaged 779 per cent, al
though with violent fluctuations. In
striking contrast has been the in
crease In gas and electric securities,
of 10 per cent, with an average net
return of Sh per cent.