The daily commonwealth. (Greenwood, Leflore Co., Miss.) 1916-1919, 1917-05-28
WALL STREET AND THE LIBERTY LOAN.
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- - -r 1900
WALL STREET AND THE LIBERTY LOAN.
- n "a
The banks of the country are doing their BIT
in floating the Liberty Loan, but Wall Street is
holding back-or has held back until quite recent
ly.
Wall Street is blaming Secretary McAdoo for
not consulting with it and following its advice
There may be grounds for this complaint, and Wall
street is privileged to act like a peeved child about
it.
But the main point of contention between
Wall street and the government over the Liberty
Loan, it seems, is that Wall street cannot get
enthusiastic about the loan SO long as it must pay
such "exorbitant' war taxes as is demanded in
the revenue bill.
Here is what the Wsn Street Journal says:
washington must make Up its mind about a few
things. Principal among which is the extent to
which incomes are to be taxed and if this tax is
to be made retroactive. One of the shrewdest
bankers in Wall street says he would normally
take 5000, 900 of such a loan, but that he has
not subscribed and advises his clients not to SUBJ
scribe until they know whether, after deduction
of taxes, they are to have any money left which to
pay for the bonds. 1T is preposterous,' he says,
to expect the wealthy men to subscribe until they
know to what extent they are to be taxed, and
particularly whether taxes are to be retroactive.
We cannot make up our minds until Washington
does"
In other words, Wall street won't subscribe to
the loan until Washington eases up with the in
come taxes.
Patriotic? Sure! This is Wall streets idea
of patriotism!
IA "a IA IA "a "a IA
THE COAL SHORTAGE.
There is plenty of coal in the mines. There
are plenty of miners to get it out. There are
plenty of consumers willing to pay a fair price
for the product.
The reason for the coal shortage and the high
prices, therefore, lies between the mouth of the
mines and the consumers.
It's either the railroads, the jobbers, or the
retail dealers.
The latter say they can't get the coal in suf-
icient quantities even when ordered far in ad-
vance. The jobbers say they can't get it, either.
The railroads say they haven't sufficient cars
to haul it from the mines to the distributing
points. This may be the true reason for the short
age.
Investigations are being held all over the coun-
try, and at all the complaint seems to be universal
that there are not enough coal cars for the SER
vices required.
On the other hand, at some of the hearings,
it has been shown that coal cars have been allowed
to accumulate on sidings, that dilatory methods
were in vogue at the mines, and that some of the
railroads, in face of the tremendous demand for
labor in handling the coal situation, deliberately
laid off hands that could be used in operating the
coal trains.
The evidence against the railroads in the coal
situation is more damaging than against any other
single factor. If the railroads have broken down,
it is. time we knew it. Spectacular claims re-
garding what they are doing for the country, how
they are "mobiized" for war service, and all the
other nice things they say about themselves, won't
hold water in tn eface Of the evidence at the coal
hearings.