Company News and Views

important trade, it is also true that her FOREIGN TRADE has during the
last half century made more progress than that of any other European
country, and during the last three or four decades more progress than
even that of the United States
But while it is true that Germany”s internal trade is her most
important trade, it is also true that her FOREIGN TRADE has during the
last half century made more progress than that of any other European
country, and during the last three or four decades more progress than
even that of the United States. Since 1840 it has increased six and
two third times, while that of Great Britain has increased six times,
and France only four and one fifth times. It is now second in the
world, being more than half of that of Great Britain, ahead of that of
the United States,[1] and very considerably ahead of that of France,
while in 1860 it was much less than half of that of Great Britain,
less than that of the United States, and considerably less than that
of France. Germany, however, is not well favoured with respect to
seaports, for in its transmarine trade it is largely dependent on
foreign seaports–namely, ports in Belgium, Holland, France, Italy,
and Austria. Rotterdam in Holland and Antwerp in Belgium are much more
favourably situated with respect to the commerce of its chief mining
and manufacturing regions than any of its own ports. There are only
two German seaports with water of depth sufficient to accommodate the
deep-drawing vessels in which foreign commerce is now mainly carried
on–namely, CUXHAVEN, the outport of Hamburg, sixty-five miles from
Hamburg, and BREMERHAVEN, the outport of Bremen, thirty-five miles
from Bremen, though recent improvements in the navigation of the Elbe
allow vessels of even twenty-six feet draught to ascend the Elbe
wholly to Hamburg. But HAMBURG (625,000), for the reason that for
centuries it was a free port of entry, has built up a very large
foreign trade, being the fifth in the world in this respect, London,
New York, Liverpool, and Rotterdam, alone being ahead of it. Hamburg”s
foreign trade is almost one half greater than the whole foreign trade
of all other German ports put together, while the foreign trade of
Bremen is about one fourth that of Hamburg. BREMEN, like Hamburg, was
for centuries a free port of entry, but in 1888 both Hamburg and
Bremen gave up in great part their free port privileges and entered
the general customs union of the empire. Both cities were extremely
loath to give up their ancient unique commercial privileges, for they
feared an immense loss of trade in doing so, but it was hoped that
what they lost in foreign commerce would be made up to them in
increased commerce with other parts of the empire. One reason for the
great development of Germany”s foreign trade in late years is found in
the facilities that it possesses for rapid transit to and from Italy
by means of tunnels through the Alps.

fairly efficient regulation of interstate railway commerce, but recent
decisions of the United States Supreme Court have so weakened the law
that at present the commission has very little power
During the first five years after the law was passed it secured a
fairly efficient regulation of interstate railway commerce, but recent
decisions of the United States Supreme Court have so weakened the law
that at present the commission has very little power. The commission
can investigate complaints and make reports, it can collect
statistical information, it can and does informally adjust many
differences between shippers and carriers; but, to quote from the last
report of the commission, ‘it has ceased to be a body for the
regulation of interstate carriers.’ Legislation to amend and
strengthen the interstate commerce law is urgently needed.

distance at which it is possible for producer and consumer to deal
with each other
The most common effect of cheapened transportation is to increase the
distance at which it is possible for producer and consumer to deal
with each other. To the producer it offers a wider market and to the
consumer a more varied source of supply. On the whole, cheapened
transportation is more uniformly beneficial to the consumer; its
temporary advantage to the producer very often leads to
overproduction. It has the effect also of bringing about nearly
uniform prices the world over.

This statute also relates to other matters. One clause says that an
executor or administrator cannot be required to pay anything at all
out of his own pocket on any promise that he has made unless it be in
writing. Every one knows about the duties of an executor or
administrator. An executor is one who settles the estate of a person
who has died leaving a will directing what shall be done with his
wealth. An administrator is a person who settles the estate of a
deceased person leaving no will. He is appointed by the law, which
fully states his duties. Let us suppose that an executor is employed
to settle an estate, and that he employs a carpenter to make some
repairs on a house belonging to the estate. The contract is fairly
enough made between the carpenter and the executor. Let us also
suppose that he has no lien on the house for the work that he has
done, or that he has lost his lien by reason of not having filed it in
time, as the law requires. Afterward he goes to the executor and
demands payment for the repairs that he has made. Let us suppose that
the estate is insolvent and cannot pay all of its debts in full. At
the time of making this contract neither party supposed this would
happen. But, unhappily, debts have come to light so large and numerous
that there is not property enough to pay all the creditors everything
that is due them. The executor says to the carpenter: ‘There is not
property enough to pay all of the creditors and you, unfortunately,
must fare like all of the rest, and you cannot be paid a larger
percentage on your share than the others.’ To the carpenter this would
be unwelcome news, and he would doubtless say to the executor: ‘I made
this contract with you expecting that you would pay me, and if the
property of the estate is not sufficient you ought to pay me this. I
am a poor man and cannot afford to lose any of my hard-earned money.’
The executor might say to him: ‘I am as poor as you and I cannot
afford to pay you out of my own pocket, and in law you cannot compel
me to do this.’ And, in truth, the carpenter could not do this unless
the executor had made a contract in writing, agreeing in any event to
pay whether there was money enough belonging to the estate or not.

for necessaries, and he is required to pay for them for the reason
that as he needs them for his comfort and health he ought to pay for
them
The courts, in fact, regard a minor as hardly able to contract even
for necessaries, and he is required to pay for them for the reason
that as he needs them for his comfort and health he ought to pay for
them. In other words, his duty or obligation to pay rests rather on
the ground of an implied contract (which has been already explained)
than of an express one. The force of this reasoning we shall
immediately see.

railway consolidation
The Pennsylvania system affords a good concrete illustration of
railway consolidation. That corporation, with its 9000 miles of road,
was built up by the union of over 200 railroad companies, and it now
comprises within its organisation 177 corporations–most, though not
all, of which are subsidiary railroad companies. This one railway
system does one seventh of the entire freight business performed by
all the railroads of the United States and handles one eighth of all
the passenger traffic.

EMBARQ Helps Customers Meet Challenges of Severe Weather
EMBARQ Helps Customers Meet Challenges of Severe Weather

of North America north of the United States–except Alaska and
Newfoundland and the coast of Labrador
The dominion of Canada comprises all that portion of the continent
of North America north of the United States–except Alaska and
Newfoundland and the coast of Labrador. (Newfoundland and the Labrador
coast is a colony in direct relationship to Great Britain.) Canada is
entirely self-governing and self-maintaining, and its connection with
Great Britain is almost wholly a matter of loyalty and affection. It
consists (1) of seven Provinces: Ontario, Quebec, Nova Scotia, New
Brunswick, Prince Edward Island, Manitoba, and British Columbia,
which, in their self-governing powers and their relation to the
general government, correspond very closely to our States; (2) of
four Territories–Assiniboia, Alberta, Saskatchewan, and Athabasca,
which correspond somewhat to our Territories; (3) of four other
Territories–Ungava, Franklin, Mackenzie, and Yukon, which are
administered by the general government; and (4) the District of
Keewatin, which is under the jurisdiction of the lieutenant-governor
of Manitoba. The capital of the whole dominion is Ottawa. Each
province has its own capital.

the future
To make a profitable investment in stocks the buyer must anticipate
the future. A mill that may be working day and night this year may be
obliged to shut down entirely next year. A business which is open to
public competition must take its chances on its future success. The
greater the earnings, the more certain the competition. Many
corporations owning monopolies by virtue of patent rights have made
large fortunes, but there is always the possibility of new discovery.
Electricity has succeeded gas; the telephone is competing with the
telegraph; the trolley is cutting into the profits of railways. A good
thing in stocks to-day does not necessarily mean a good thing next
year. Railroad stocks are of such varied character that it is
impossible here to make more than general statements. Many of our
railroad stocks bring prices far above par and pay liberal interest on
investments. Some of them are so profitable that they are really not
on the market and cannot easily be bought. Others represent roads
loaded down with mortgages and other obligations so heavy as to make
the stock really a liability rather than a resource to its owner. The
stock quotations represent in a general way the comparative value of
these securities. Of recent stock electric-railway stock is the most
popular and in many instances the most profitable. The introduction of
electric power has reduced the working expense one half and in most
instances has doubled the traffic without any reduction in fares. The
buyer should make sure that the road is in a busy community able to
sustain it, that its franchise will protect it from dangerous
competition, and that the securities have been legally issued.