The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-30
Liberty Bonds.
Foreign Bonds.
his Government securities to bu
lnNE.Rrada or worthless stocks.

his Government securities to buy
low-grade or worthless stocks.
The need of uniform laws for the
State regulation of public utilities,
also the recommendation that the
association urge, wherever lacking,
that the State commissions be
vested with authority over the val
uation, rates, services and cap1tan-
cation of privately owned plants,
and that there be required and pub
iished full financial reports OF OPP
Grafton, are stressed in the report
Of the committee On public service
securities, presented today to the
association by Henry r. Hayes, OF
Stone, Webster & Co., Inc, New
York, chairman Of the committee.
Many Securities Sold.
The report points out that the
public utility business during the
past year has continued its great
expansion. To provide funds shere-
for, and for refuding purposes during
the past two and one-half years, 1t
has required in addition to the in
vestment in property of large sums
of undistributed earnings, the sale
Of upwards of $4,000, 000, 900 of bonds,
notes and stocks. In this connection
the report says:
Investment bankers have per-
formed a very valuable service to
the public in their successful eff.
forts to secure large and small ac'
cumulations of savings TO provide
the funds required. AS should be
more fully recognized by the tax
payer and the nontaxpayer this
task of raising funds has been
made difficult to the industry and
investment bankers, chiefly because
of the general systems of taxation
throughout the country. The high
taxes prevalent in late years have,
as we know, forced individuals pos
sessing large incomes into the sale
of taxable and the purchase of non.
taxable securities -
Electric Railways Back.
Electric railways have come
back" James w. Welsh, of New
York, secretary of the American
Electric Railway Association, today
declared before the association.
at has not been long since the
mere mention of electric railways
in the presence of a banker pro-
duced a decided chill in the atmos-
phere," Welsh said yet while
apparently everything that could
happen to dampen the enthusiasm
of the investor in electric railways
already has happened, the cars
still are running.
Fixed fares, special taxes AMI
imposts, paving charges, labor de-
mands, strikes, rising costs, and in
many cases, unrestricted COMPETE
ton have had their sway, but the
cars keep running.
In 1922, for every inhabitan. of
the United States, there were III
car rides sold. in 1917, there were
only 1OS per inhabitant, and only
100 in 1912.
These figures just issued by the
Government are very significant.
They definitely put aside the fear
that taking the country as a whole,
competition from the motor vehicle.
either in the form of the common
carrier, the bus. the jitney, or the
private automobile, is at the expense
Of the electric railways"
Fort Meyer Visited.
Following the business session
this morning most of the delegates
were taken by auto TO Fort Myer,
where an exhibition Of cavalry and
artillery drill was given. On the
return trip the bankers were taken
to Arlington Cemetery, stopping at
the tomb Of the Unknown Soldier.
At 1 o'clock the golf tournament
WAS started at the Congressional
Country Club with a large number
of entries.
Tonight there will be stag
banquet at the New Willard, while
a ladies theater party will be held
at one of the playhouses.