Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-07-08
FINANCIAL-LOCAL AND OTHERWISE.

securities on the list, with Washington
Gas stock also attracting some atten-
tion. The typesetters. notwithstand-
ing tho fact that the corporations as
represented by officials are worried by
tho excess profits tax. do not make re-
ports sufficiently satisfactory to induce
any demand for the stocks.
securities can only be accomplished by
tempting the probable buyer with con-
cessions in prices.
Consult Your Banker.
Some time during the next ten days
consult your banker about your in
tangible tax schedule. He will then
oe m possession OF legal opinion and
viii be able to give you the desired
Information.
A Keen Disappointment.
The refusal of the interstate COM
nerce commission to permit a general
increase in freight rates was a keen
disappointment to railroad men gen
orally and to investment bankers, who,
for the first time. were accorded the
right to present their views to the
commission.
Much attention has been directed to
tho separate opinion of Commissioner
Harlan, in which he said the folIowinp
|
This month-to-month and purely sta
t1stical view of the matter seems to
me to be wholly inadequate Nor do /
regard that course as altogether safe.
we are facing a much larger problem.
ana It must be approached in a much
broader way If we are to reach a sound
solution. Tho wisdom of deferrtnR full
relief Is not apparent to me- What the
country a. whole needs, as all par
tictpating IN the hearings seemed to
In
tracks. more cars. more locomotives
This enlargement Of our facilities is
not required merely to meet the exig-
encfes growing out Of the war, but to
Keep our transportation facilities up
TO the measures Of the country's grow
Ing volume of business. A foundation
should be laid without delay for a def
mite plan for the development and
building up Of our transportation
system.
"A rough estimate of a billion dol
iafs mas been suggested as the yearly
expenditure necessary to enable them
to open up new territory and to en-
large and extend their present facili-
ties. In order to meet the rapidly grow
ing volume OF the general commerce of
the country"
He continues: mo such investment
however. has been or is being made In
our railroads. On the contrary, an ex-
hibit Of records shows that beginning
increased
year by year. until 1910, while from the
latter date 1t has steadily diminished.
In other words, our population and
commerce have largely expanded. but
there has been no expansion, relatively
speaking, In our transportation ia
Henry C1ews' Views.
I'VE are now nndtnsAthat in ordinary
times the quickest and surest means OF
increasing the supply is to advance the
price to those who want commodities
more than money. When prices rise to
extremes they soon correct themselves.
provided there be no artificial preven-
ton. But. il there is such prevention
such as monopoly. corners. excessive
speculation. etc. then the government
is justified in Intervening. II today
the government were to arbitrarily re-
duce the price of steel or copper or
wheat. or cotton. it would probably do
more harm than good through forcing
the shutdown Of high cost producers,
gravating instead of relieving a bad
situation.
ITO arbitrarily cut down the prices of
the low cost producers would limit
profits. 1t IN true; but 1t would also de-
crease supplies and intensity rather
than mitigate the crisis. When people
want commodities more than money it
is best to let them take their choice,
leaving the final adjustment to time.
There may be a few cases, very few,
where the government should step in
to alleviate a crisis, particularly in
food corners. but as = rule artificial
cures only make matters worse by vio-
latlon OF natural laws. which in the
end work out their own solution more
surely and more satisfactorily than can
be done by any government. 1t is to
be hoped the administration will go
slowly in the matter Of price fixing.
become too great. as a war measure
they can easily be Offset by taxation"