The sun., 1918-12-11
BANKERS ASK EARLY
RETURN OF ROADS
Altered Private Control to In
sure Credit and Trans
portation Urged.
OUR BOOKKEEPING POOR
". T. Colver Says Defective
System Is Root of Bust
ness Evil.

ATLANTIC CITY, Dec. 10.-Tae early re-
turn OF the railroads of the country to
private control and ownership under
such altered methods OF regulation as
will insure sound railroad credit and an
adequate transportation system was
urged in resolution adopted by the
National Investment Bankers Assocla-
ton In annual convention here to-day.
Embodied in the resolution was a recon-
nendation that a committee Of the asso-
citation be appointed and charged with
the special duty OF giving dillgent atten-
ton TO this phase of the railroad situa-
ton.
Speakers described the present "un-
certain outlook for the railroads as
intolerabe.
George z. Roberts, assistant TO thu
president of the National City Bank of
New York, said the bankers of the coun-
Try must contemplate and prepare for
the investment Of American capital in
foreign nations II the export trade of
the United States Is to expand,
The mode of payment Of the annual
interest account OF this country with the
Allies. approximately $50O.0OO, 900. would
have a determining effect, Mr.. Roberts
declared, on the future of American
foreign trade He recommended tho
creation OF an investment market for
foreign securities. so that the huge in
terest sums may be absorbed in flnanc-
ing foreign industry.
Our new position as a creditor ma
uon VIII compel us to be a free lender
n nfrfn
II We fail to recognize this condition
our export trade will be cut Off nv The
sheer inability Of would-be customers
to find means Of making payments to
US" ~
A resolution TO the effect that State
ana municipal bodies regulating public
utilities must make provision for pay-
ment or all costs Of operation by pro-
Nding fair rates for service was adopted
by the convention following an address
by Q. B. Wilcox, New York.
W. T. Colver. chairman of the Fad
eral Trade Commission. speaking before
the convention OF the American Hard
ware Manufacturers Association, de-
ciared that bad bookkeeping was the
root or all business evil. He stated that
IVoends had been paid out OF capital
oecause detective accounting had err
Many corporations are selling NJ n
Ioss because they don't know the costs
lts terrible situation where dividends
are being paid out of capital and no.
oody around the place knows II because
o. roor bookkeeping" he said.
Inc Federal Trade Commission could
and should help you in working out cost
systems and Is ready to appeal 10 Con-
gress for remedial laws on regulation
mat you show US are inpracticable and
working hardships on business
The American business man Ia ,
good sport Shown where a trade prae-
tce that from his point OF view "a
legitimate and fair is cruelty unfair IN
competitor, he is always willing 10
cease that practice Immediately II 10
pointed out to him"
WIN reference to antitrust laws no
eala: Lots Of YOU like to see how
c'ose you can come to the brm without
gong over Just for the fun OF tho
'ning. In reply to a request for n
clear definition OF the dividing line and
how far manufacturers might GO IN as-
sociations he said:
You must keep a free stream a,
800" that is open to all. You all
Know the purposes and spirit OF the law
hnd II you follow these and are still in
doubt don't see how you are going 70
Iei what things are fair or unfair until
you try them" N'''''