Evening journal., 1919-07-05

u Is our belief that despite the DIM
culties Of The war period there is
solid basis for optimism in the public
utility situation. and that at present
prices, with conditions improving. the
opportunity is open for profitable in
veslment In many securities Of estab-
llshed companies. President Wilson. in
his recent message 10 Congress, has
called the attention Of the country "a
the need OF constructive action i'm re-
gard to public utilities. Acting upon
the joint recommendation Of the Secre-
taries OF Commerce and Of Labor the
appointment Of The Federal Electric
Railways Commission was announced
on June >. This commission has been
instructed TO investigate The street
railway situation and make recon-
mendatiOns. The question, therefore
OF restoring public utility credit has
become definitely recognized as one Of
the most important domestic matters
to be solved during the coming period
OF readiuslment.
This credit must be re-eslablished on
a basis that will insure 90 this great
industry, representing an Investment Of
rising twelve billions Of dollars, not
only an adequate return on the capital
already invested but also sufficient
safeguards for the new capital that
must continually be attracted 50 that
utilities may serve i'm the growth Of
the Nation. One must lose faith i'm our
institutions and in the common sense OF
the American people TO believe that
necessary readjuslmenls in rates for
service will not continue until capital
Is again forthcoming for investment.
The service rendered in supplying
light, power, gas and transportation in
our cities and for cur manufactures
is as fundamental 20 The industrial and
economic life Of this country as are our
railroads, our mines, our oil fields, our
agricultural lands and our factories 70
is estimated that the urban population
served by street railways and interur-
bans is upwards Of 100000 and that
they move over 2000O0OOOOO passcn-
gers annually. More than 90 per cent.
of the industrial factory power OF the
country is furnished by light and
power companies and the proportion Of
our total population Of about i01 100000
not touched by either electric light or
gas IS very small indeed. The savings
invested i'm this branch of industry as
reflected in public service securities
held by savings banks and societies, by
trust companies, life insurance com
panies, endowment funds Of educational
Institutions. hospitals and rhurches. as
well as by thousands Of individual in
vestors, both rich and poor. are a con-
siderable part OF all the savings invest
ed In The permanent structures Of The
country, devoted TO The great com
muuity needs.
Yet, this great group Of public service
companies, serving national needs,
all the higher costs of la
Dor, taxes. materials and supplies Oc-
casioned by The war, received prac-
tically no financial aid from govern
mental sources and no assistance in a
comprehensive plan for effective and
speedy relief in the way OF securing
higher rates and fares except as could
be worked out by each individual COM
pany through the slow method OF ap-
plication 20 the State Commissions,
municipal authorities and referendum
vote. This great industry was obliged
10 carry on" and the record achieved
instead Of deserving the more or less
popular comment, What is the matter
with public utility credit?" is more
worthy OF the question. "Why Is 10 in
such comparatively good shape as 10
is?" The fact IS. that public utilities
did "carry on In spite Of the din
culties Of operation they took up the
war burden with no guarantee such as
that which went 10 the farmer for the