Abstract

Editorials

The newspapers have been making something of a furore over the discovery that the deficit of the American Postal Service for the year ending with last June is estimated at $137,000,000, however, U.S. President Herbert C. Hoover kept silence over the issue. The booksellers in the U.S. had complained that the book clubs were stealing their business, which is probably true, and that these vast organizations, buying books by the scores of thousands, had forced the publishers to grant them bigger discounts than were given the lowly bookstores-which is indubitably true. The opinion of Charles A. Russell, solicitor for the Federal Power Commission, instructing Chief Accountant William D. King to eliminate $500,000 from the proposed capital account of the Cumberland Electric Co., an Insull subsidiary, will, if sustained by the courts, represent an important victory for the government in the struggle with the power companies.