Below is the OCR text representation for this newspapers page.

EDITED BY THOS. E. WATSON A Vol. 11. 'Better Watch Out! The Cat Tlay Jump. ALL ALLDL-° MUST WJg rgH f~~wr/ / wt/ /. /] / wgfggF yLy T Y AT A WBofeOlnF t&W' ißiWx / / '/ / i 7///W~ W ’ ; B LAzZj--'- n //nmA/i - YEYL m/MF a zAzEE-EAA<L'-': mJ / ; < . jtSMyr. =i j y\ /‘^ —37~Z’" ■'■ Hr ,!!!■/ ■■ .rn-T Vr v-? , , __ DRAWN BY GORDON NYE. (The New York American.) President Roosevelt’s Memorial day utterance on his railroad policy was supposed to be designed to reassure Wall street. Just why Wall street should need any reassuring is not apparent to the uninspired intelligence, but certainly if it can be reassured in this way no one need worry about its state, for It The Amazing, Economics of Memorial Day. Atlanta, Ga., Thursday June 6, 1907. can be reassured by anything. The president has been good enough at times to reprove the thoughtless for “loose talk” about grave economic matters. It is pain ful, therefore, to find this renowned teacher speaking thus of the overcap italization of railroads, which is the gravest of all economic matters con fronting this nation: “The census reports of the commer- cial value of the railroads of the coun try, together with the reports made to the Interstate Commerce Commis sion by the railroads on their cost of construction, tend to show that, as a whole, the railroad property of the country is worth as much as the se curities representing it, and that, in the consensus of opinion of Investors, the total value of stock and bonds is greater than their total face value, notwithstanding the ‘water’ that has been injected in particular places." The total capitalization of the rail roads of the United States is $14,000,- 000,000. The total cost of construct ing and equipping these roads, and therefore the total legitimate invest ment in them, was less than $6,000,- 000,000. Will some one please kindly ex (Continued on Page 13.) No. 20.