The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-04-02
BULL ANDBEA
Dine IN AMITY
Secretary Wallace Speaks
At Stock Exchange
Banquet.
PLEADS FOR FARMS
Eliot Wadsworth Urges "Pay
AS We Go" Policy for
This Nation.
PLEADS FOR FARMS

builS ana pears invaded the Will
lard Hotel last night for the annual
banquet Of the Washington Stock Ex-
change.
Finance was the inspiration for
speeches by Secretary of Agriculture
Henry c. Wallace. Assistant Secre-
tary of Treasury Eliot wadsworth.
and Eugene E. Thompson. president
OF the Washington Stock Exchange.
Secretary Wallace pleaded for ade-
quate credit to farmers, explaining
that credit facilities should be pro-
vided which are adapted to the pc
culiar needs of agriculture, making
II possible for the farmer to pro-
duce efficiently and abundantly.
@Pny as We Co. He Urges.
A "pay-as-we-go" policy for the
United States was advocated BY As
sistant Secretary Wadsworth. He ex-
plained that the bonus paid to the
veterans will not liqUidate the eN-
penses Of the war and doubted that
the country is amply rich to carry
its financial burdens by collecting suf-
hcient income each year to meet
the expenses OF that year.
Eugene Thompson traced the his
tory of the public utilities Of Wash
ington back to the days when the
street cars were propelled by a two
horse power motor that received its
energy from oats.
I'VE want the public utilities to
grow and with growth to furnish
the best service" he declared.
Traces Utnities' Growth.
Reviewing the evolution Of the To-
cal corporations. he announced that
while the number OF gas meters in
use in 1911 in the District was S.
O42, in 1921 the number was 1882.
an increase of 23.s5O in ten years.
The output in cubic feet for 1911
was 2,294,946. he said. while in 1921
the total output was 4.413.737. 900
cubic feet. or virtually 100 per cent
increase. During the past ten years
he pointed out. the Washington and
Georgetown Gas companies made net
additions to their capital of 50. 900. 900.
or n yearly average of $500. 900.
Likewise the telephone company
has made great strides forward" ="
Mr.. Thompson continued. Twenty
years ago there were only 1000
telephones in use in Washington.
BY 1912 this number had increased
to $4,000. and during the ten years
from 1912 to 1922 the number has
grown to $4,000. This marked de-
velopment naturally required heavy
outlays of new capital. During the
last ten years the telephone COM
pany has spent no less than S8.55S.-
600 in net additions to it's capital,
or a yearly average of ss55,S67.
Strides I'm Transportation.
'Tn 1863 the horse cars hauled
6.7S2.95O passengers. In 1921 the
electric cars hauled 206.S1O,453 pas
sengers. In 1868 there were Sc cars
in service, while in 1921 there were
sos. each with a seating capacity
of IS. and $50 electric horsepower.
as compared with a seating capac-
ity of 22 and two-mule power. The
horse car cost $3.50 while the mod
ern two-car train Of today costs
$4,000. In 1863 our railways COW
cred 1000 car miles per day, while
in 1921 they covered $4,000 car miles
per day. The cost of a mile of sim
gle track in 1863 was S12.600. The
cost today for the same distance Is
$3.50. 900.
We also have the splendid cleo
tric line connecting Washington
with Baltimore and Annapolis which
provides facilities both for passen-
ger and freight traffic which prove
valuable addition to the service
rendered by the steam roads. 1t is
also interesting to know that the
Potomac Electric Power Company
supplies the electric current which
operates these cars.
''As our city grows so must the
public utilities grow. but they can
not grow unless capital can be OBJ
tanned. Except for the capital that
Is put into worthless promotion and
-by-n!ght" stocks. i know OF no
place where capital is so tfmid to
go as into the hands of publicly
regulated local utilities corpora
tions."
Asks Better Accord.
Mr.. Thompson asked for a better
understanding between the public
and the utilities corporations and
for fair treatment by the press.
Secretary Wallace insisted that
the agriculture products of this
country should be grown in suffi-
cient amount to meet home needs
He said the farmer should receive
a fair return on the money invested
and that losses due to the elements
Co4.!5"sea on Page iro.