The Birmingham age-herald., 1920-10-03

,ine4can railroads, in addition to sew erai industrial coi pJra.iVns.
 A recognized authority In the eco- homie world, Mir. Kahn combines the broad qualities of statesmanship with his keenness as a financler. tor dis tlnguished service during the~war-ad- visory work In which he conferred with the leading diplomats and statesmen both of Europe and America-Mr. Kahn vas made chevalier of the Legion of Honor, & distinction rarely conferred on civilians during war times.
 In his exposition of existing railroad abuses, Mir. kahn does not hesitate to attack in vigorous, straight from the shoulder fashion the fundamental eco- homie influences which have been fac tors in creating these conditions. He traces the history of railroads from the time of the modern era of railroad regulation and rate control by commits sions during President Roosevelts sec ond administration, with the enactment of the Hepburn bill through the intro- duction of the Taft railroad bill on down to the present time.
 Speaking of the Stock Exchange, Mir Kahn says: At times, mo doubt there have been shortcomings in the admin istration of the Stock Exchange just as there have been in every other in- stitution administered by human brains and hands. But the New York Stock Exchange has ever aimed to advance it's standard ~I am familiar with the stock exchanges of London, Berlin and Paris, and I have no hesitation in say ing that on the whole, the New York Stock Exchange is the most efficient and best conducted organization of it's kind in the world. There Is no other stock exchange in existence in which the public has that control over the . execution of orders which Is sven to it by the practice of having every sim gle transaction recorded when made and publicly announced on the ticket and on the dsily transaction sheet. While the stock exchange is in theory a private institution. MT. Kahn expla'ns that it fulfills a public function of gr ., national importance, That function IS | to afford free and fair broad and genuine market for securities and par | ticularty for stocks and bonds of cor 1 porations. Without such trading and distributing center. wide and active and enterprising, corporate activity could not exist
 Short selling," tn practice of which has a legitimate place in rue ss-~euie of things economic. "It acts as a check on undue optimism; it tenus to counter act the danger of an upward runaway market; it is a valuable element in pre- venting extremes oF advance and decline l Further giving his opinion concerning capital and labor" Mir. Kahn observes ! in no uncertain terms:
 l "I think the formula should be that 1 first, labor is entitled to living wage; after that capital is entitled to living ware: what is left over belongs to both i capital and labor. in such propor..ons as fairness and equity and reason shall determine in all cases"
 l An interesting angle on the intimate connection between capital ad labor is the statement that there are so many different kinds of labor; there are so many different kinds of capital. Not in- l frequently the laborer and capitalist overlap and merge into one. You have l skilled labor and unskilled labor; you have the small emplover the large 'u- dvidual employer the corporate employ CT, the farmer. the inventor the pros pector etc. And then circumstances and conditions vary greatly, of course, in dif- ferent parts of the country and in diff
 ferent industries"
 ls Tt is impossible to measure by tEe
 same yardstick everywhere, but the
 principle of fairness can be stated; the ! desire can be stated to do everything possible to bring about good feeling and
 good understanding between labor and
 capital, and willingly and freely to co operate so that labor shall receive its fair share in the fruits of industry, moi only by wage return, but of an ade-
 quate return also in those less tang blt
 things which make for contentment anc happiness"
 MT Kahn then outlines what he be lieves are the essential points on capita
 and labor to be followed by right-think' ing men.
 MT. Kahns book on "Our Economic and Other Problems" is a valuable con | tribution to iiterature-practical, ac curate and informing.
 TIME TELLING THROUGH THE i AGES"
 By Henry c. Brearley. Doubleday
 Page & Co.,. Publishers, Garden City | New York.
 Dr Frank Crane, who is one of the most widely read and popular writers of the day. has written very interest ing Appreciation" of "rime Telling - IT77r r1l kllH