Evening star., 1922-04-09
RECOVERY IS STILL FEATURED;
FLY PRECAUTIONARY SIGNALS
Some Features of the Situation-Big In
terests Will Watch Genoa Confer
ence-Financial Notes.

In investing as when placed in the
control of publicly regulated local
utility corporations. "
You are probably wondering why
this Is. 1t is true that the public ex-
pect and demand service at the low
est cost, overlooking the important
point that 1t should be at the lowest
cost consistent with good service 1t
Is unfortunate that In demanding
lower costs the public cares not
whether capital gets any return or
not.
1.-THE handwriting is on the wall be-
fore you. Unless capital is permitted
to earn it's living. and that Is ALL that
has been asked. and just what the
law says it must have, we cannot eX-
pect to finance the coming growth
which will be SO necessary within the
years that are ahead of us.
Created by Service Rendered.
Public opinion is largely created
by the service rendered by the utili-
ties and by what Is published in the
press. The press has infiamed the
public mind with editorials and news
articles written by men who are not
familiar with the facts and will not
take the trouble to understand true
conditions. Honest criticism should
be welcomed on every side. but let
criticism be fair and with intent to
do good and not to- wreck or ruin.
oIcdh uO"H commence, anu YOU
break down credit, and the public
pays the bills. The public must stand
for higher rates, because the utility
has to pay more than 1t should for
lew capital.
1T is like the man who has got
for a loan. He gets it and pays the
going rate. But the man that is be
ing criticized and is without credit
standing will not get the loan and
fon may il a as we'll refrain from asking
New Faces in Banking.
Making daily rounds Of local banks
during the last week has disclosed the
fact that local institutions are pre-
welcome awaits intrusion.
The speed and nerve of young
April, the Merchants Bank and Trust
Company teller. has received much
praise, but still for real speed and
caliber there are other things that
count and they are being installed
quite freely now.
Local Securities.
Everything on the local market is
presenting quite a firm front these
days, especially bonds and public
utility shares.
Trading averages moderately large
sales and the expected reactions in
W. J. Wollman ON Taxation.
w. ]. wollman & Co.. talks on tax
alton this week. and the Bache Re
view refers at length to the Genoa
conference, and regrets the absence
of the United States from this con-
ference, which means SO much to
the world-the restoration Of the
machinery of international trade
Mr.. wollman says:
Io1f 70 q
passed since the signing of the armi-
stice, yet the country is still stag
gering under load of taxation. The
burden is so paralyzing that the
sources of revenue have been rapidly
drying up. Collections from income
this year are placed at s3S3.000.00o,
compared with s727,000.000 last year.
and this. with practically no reduc-
tion in the rate.
1.-The menacinG feature of the situ-
alton lies largely in the outlook.
We have reduced our military and
naval establishments to mere shad-
ows of their wartime proportions.
The millions Of young men that were
under arms four years ago have been
absorbed into the occupations of
sands of civilian supernumeraries
also have faded away. But still the
expenditures go on, and the tax
payers are asked to provide the
wherewithal.
I'VE have installed a budget sys-
tenn which. it is claimed. has effected
a direct saving of s32.000,000 and an
indirect saving of 04.000.000. This
is less than Canada'S reduction of
s13S.0 100000. AS matter of fact.
the validity of the economies alleged
has been called into question by
nCcin IYn
alarming as the purely economic
features of governmental eNpendi-
lures and consequent taxation may
be, the problem presents some as
poets pertaining to political ten
denotes that strike at the very foun-
dation of our institutions. In this
respect we have occasion to be con-
cerned over something far more dan
gerous than high tax rate Of
temporary character. The drift is
Enthusiastically toward the establish
ment of bureaucracy that will
fasten on the country for all time a
routine of high expenditure and stffe
all incentive for enterprise through
rising taxation
To Talk Prosperity.
Washington credit men are going
to preach the doctrine of prosperity.
and better business when they
leave here on Tuesday evening. April
20. TOT ROdaOke, Sd., WHERE llSy VIII
attend the tri-state conference of
credit men from Washington. Balti-
more. Richmond. Lynchburg, Roanoke.
Bristol and Norfolk.
Delegates from Baltimore are to join
of the Washington
Association of Credit Men in a spe-
cial car from Washington to Roanoke.
and Chairman Mckee of the local as
sociation predicts attendance from
Washington of between twenty and
thirty members. The Washington
crowd will be in charge of a boosters
committee, consisting of James S. Nc
Kee. A. Eberly's Sons, chairman, and
Messrs. A. F. Harlan, Harlan-Adams
Company; Philip H. Sinclair. Cleve-
land Discount Company; ]. H. -Hoge,
Bradstreets, and George Evans, with
r. P. Andrews Paper Company.