that is bankruptcy. This will naturally be preceded by a desperate effort on the part of the management to postpone that evil day as long as possible by stopping every improvement and betterment that can be stopped. I believe the commissioners who have such great powers realize their responsibility to the owners of the properties as well as to the users, and I hope earnestly that they will give practical evidence of their realization by permitting some advances in rates.
Should the commissions, federal and state, make a positive declaration that rates may be advanced so as to permit the properties to meet all of their obligations, pay a fair return to stockholders, and leave a balance for improvements, they will do much for the entire country and particularly for New England. Such a declaration will at once inspire confidence and give to existing securities a better standing than they now have, both here and in Europe, and will help to market new securities upon an interest basis more favorable than is now possible, with the uneasiness in the
