davidaulloa/AmericanStories huggingface dataset:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
eoecieIcATIoNs FOR FURNITURE,
ETC, FOR THE NEW EAS SiOe
SiGE SCHOOL BuiLOlNG-NOTlCG

Notice is hereby given that sealed bids
yiII be received by the undersigned up
to o'clock D. M. April Ii. 1911, for IL
brary, office and classroom furniture,
etc according to specifications In the
nffco of the clerk OF tac board OF edu~
cation and all bids win be publicly
oncned and read at the above time at
the board rooms In the city and county
All Bids must be addressed to the
board OF education Salt Lake City, Utah
md ark ed In the lower LEFT hand corner.
IBID" or such bids may be delivered TO
the board at said time and place OF open
ing.
signed for at least per cent OF the
amount of the bid. must be inClosed with
ca ch bid. and shall be forfeited 20 the
board In case the bid Is accepted and
the bidder does not enter into contract
within five days after such acceptance.
with the surety bond herein required.
The successful bidder must furnish n
surety bond for one-half the amount o.
the contract. satisfactory TO the under
signed.
Bids may cover the whole or any parl
| Of the said furnishings, and are TO be
| ItemiZed as much as possible.
The board OF education reserves and
| has the right TO reject any and all bids.
| to increase or decrease the number OF
| articles in any item at the prices quoted
| in the bid or 10 accept any bid or bids
| IL may deem best. or any part or item o.
| THE BOARD OF EDUCATION OF
SALT LAKE CITY, UTAH.
| By L. P. Judd. Clerk.
| p177l
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
PANHANDLE ACTION
BEARS THE MARKET

Logan & Bryan, members New York
and Boston stock exchanges and Chi
cago Board of Trade, 169 South Main
street furnish the following received over
their private wire yesterday afternoon
From Logan g. Bryan's New York Of
fice-Seutiment was adversely influenced
by the reduction In dividend in Pan
handle issues and quite a little selling
was conducted, In addition, the profes-
slonal element which has been bearishly
inclined worked on the selling side OF the
industrial department. AS consequence
Steel were sharply depressed. Many con-
tend the action on Panhandle will serve
10 strengthen the position of the carriers
IN their petition FOR higher freight rates,
out even SO IL Is not Improbable that ef-
foIs will be made hv those beaishly in
deavor TO force renewal OF aggressive
selling operations for the decline. We be.
ieye that the downturns Will not be OF
great extent OF duration.
From Paine Webber 81 company Boz
ton--Announcement yesterday that no
teTstate Commerce commission on the
freight rate had effect on operators for
the rise and save bears renewed
courage today and market showed more
inclination 10 sag than for several days
past We don't look for reaction to go
is entirely lacking For immediate fu-
ture we favor purcl ases on reasonable
declines for moderate profits.
From the Gallagher curb letter. New
York-WealSness in NiplssinG unsettled
the Cobalt list and declines were noted in
La Rose. Kerr Lake. Mckinley and 9th
crs of this group The oil shares We're In
cined 10 sag off and in fact. the whole
list was soft with exception of a few spe-
cialtes The close was Irregular,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
ACTIVE SEASON FOR
HAMILTON DISTRICT

ed Wilson returned yesterday from
Hamilton where he spent a couple OF
weeks looking after his mining interests
IN that part OF the White Pine district
south OF Hamilton. says the Ely EXPOSE
tor.
Wilson and Ole Johnson own the Char
ter Oak claim and Shamrock and Upton
groups and are driving a tunnel on one
o. the Upton claims with the object OF
Yea ching the Charter Oak ledge At the
Gepth OF 500 TO 600 feet. The tunnel was
driven 80 feet where a ledge OF spar
and quartz was struck and this has been
followed Tor Il distance OF 100 feet on
tie sootWaN 4 crosScut is now being put
through 20 the hanging wall The quartz
carries silver values. but no assays OF
fanples have been made, though MI
Wilson brought over some samples ;or
that purpose.
Hamilton and the greater part OF the
mining district surrounding IL are buried
"a snow that Is new beginning to disap-
pear. 1t Is expected the. coming sum-
mer Will witness great activity In mining
in all parts OF the district as several
new projects are 10 he wording.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
ALTA TUNNEL WEARS
SILVER FORK FAULT
Ore Probable There and
Good Flow of Water Al
most Certainty.
WORK MOVING RAPIDLY
Mountain Being Penetrated at
Rate of Over $50 Feet
a Month.

Rapid progress on tho Alta tunnel a
the head OF Silver Fork is reported b!
Charles Peter one OF the original stock
holders In and director OF the Alta
Tunnel * Transportation company Mr.
Peter walked on the hard snow from
Park City 10 Brighton and thence UP th'
Silver Fork to Big Cottonwood withou
mishap. although he passed over grount
where snowslides are regarded as com
mon
Mr. Peter, who will be in Salt Lake fol
about two weeks before making n tHI
10 the Pacific coast cities. said OF th'
work al the tunnel:
Tic four men ut the tunnel have
done remarkable work in the last ten
days. making n distance of 90 feet:
The breast OF the adlt is now 800
feet from the portal and still In the
hard blue lime \ stratum OF white
lme was penetrated a few days ago,
Indicating that new formation WIZ
from the silver Fork fault In which
ore is PROBABLE and good flow of
water almost a certainty.
The electrical power machinery, inc
compressor and the power drills are
proving highly efficient In a lmost
any kind oI ground tho crew at the
feet month. II the rock gets, softer
they may do still better. AS the
tunnel survey is only about a mile
YOU will see that the project is not
such formida ble undertakl Ing as the
mining men of Alta who have been
talking about 4 deep drainage and
transportation company for the last
thirty years have considered il
Our tunnel will cut the Prince OF
Wales. Davenport, Theresa. City
Rocks and many other famous fis-
sures and drain the wettest part OF the
district 600 feet below Its deepest
workings
The snow has behaved very decently
this year No slides OF any conse-
quence have occurred In the vicinity
Of the tunnel and there has not been
g. single slide In Big Cottonwood
canyon. I walked down To the city
and found no snow IN the road after
mile and q half below the Max
field mine. Up the fork broke
through the snow once and had TO do
some lively climbing TO get out but
that was my only adventure.
II there arc no more snoWstor!ns
the teams should be able to 20 TO
Brighton and the Alta tunnel IN
thirty days.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Kickapoo Worm Killer Expels worms

The cause Of your child's ills-The
foul, fetid, offensive breath-The start.
ing up with terror and grinding of
teeth while asleep-The sallow complex.
ion-The dark circles under the eyes
Are all indica ations of worms Kickapoo
Worm Killer is what your child needs
it expels the worms, the cause of the
child S unhealthy condition. For the
removal of seat, stomach and pin
worms. Kickapoo Worm Killer gives
sure relief. It's laxative effect adds
tone to the general system Supplied
as candy Observation-Disclosures like
it. Safe and sure relief. Guaranteed
Buy box today. Price 25c All Drug.
gists or by mail. Kickapoo Indian Med.
Co. Philadelphia or st. Louis.
(Advortlscmeut)
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Gel Well In Main

~" e'usu-ao anti. NJ
se.ve iheuLsuds-sur h1h
r., Zoo Foo Lua a'i Jssi
surely help you. no msm ~
piseIablo And diseoar " ~
may be. rnausand. ~ ~
,S. nov .,, fssto'sd 10 hssI,a 80 49,.
The merl" OF this sinv,.0 0ala
ueatmenI Ia
feo Zoo hun, c n y
r1re polos are a ol,-.,pn u
teh They Ro 60 nars~ y v
"ou a rnild eaa uss ~
lou may hayo tried CO. ~
Medicines, or many o,e.a ~
sda may have iaIisd-e,s, esa
eoetois mlsh! baye ~ ~ ~
Jour case vas iaeuiab.s - N
change Of climate o. " ~
ilion vas ypur oov -, ~.
ssSs SAID tney could cur.
20 30. Hino cut Of Ier ~ \
ana hsso oeeu cured - In,
tAhny oi5or mems 10 ,,-.,nm nm 4
IhousS=ds tuiisrlng frs fa ~
Bronchial. eonsIlpa,loa' os11
sfecsy. kidney. liver .,.aH12
eteslty. blood and .sls S,
H. men and mauJ oths.
0een restored u resl,. on>z
'oitoDots dnIgS CT lss t.,s
lg1 Chinese Herb Tre.tu.sua ua 4
Houn: Daily. o 10
Fbone Was. $50 ~
Consultation i,cs At Il. y.
y. chinese hsFb lcsdmia
no.nes- lGs iis So. Mhln l.ss y.
EAn's Shoe store). s,it ii, y
tAdvsr,ist-s,,i
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Spring Blood and system Cleanser.

During the winter months impurities
accumulate, your blood becomes impure
and thick, your kidneys, liver and
bowels fail tc work. causing so-called
"Spring Fever" You feel tired, weak
aud lazy Electric Bitters-the spring
tonic and system cleaDser--is what you
and be wells to healthy action. expel
blood impurities and restore your
health, STRENGTH and ambition. Electric
Bitters makes you feel like new start
q four weeks treatment-it Will put
you in fine shape for your spring work
Guaranteed. All Druggists. SOC and
$l.00. II. e. Bucklen 4 Co. Philadel.
phin or ST. Louis, advertisements
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Copper Claims Sold,

James II. Winer OF Morse Hill. No,
last week purcha sed from Thomas Sain,
the Carria. the g. o. ID. and the Lucky
Thought groups OF mining clnims-sn
all sixteen claims. lying in the granite
area OF the district. says the Contact MI
was $500 II is the intention OF Mr..
Wlnor to take out ore on these claims as
soon as the necessary arrangements ca n
be made for working them. Some OF the
claims purchased by him are on very
strong and highly mineral!Zed dlkes which
are char cteristlo OF the granodiorits zone
Of this district and IL is proposed 10 shin
the richer ores that are exposed on the
months.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
STAR MINE FORCE
WILL BE INCREASED

!. ~ Borchert came IN from Cherry
Creek Yesterday on Il business trip. says
the Ely E%positor. Mr.. Borchert says
Cherry Creek Is looking good. About 10
men are working al the Star mine and
the new gas engine At the mill Is now
IN commission. AS soon as the nl Is
working 1t Is likely that the force or
men wlIl oe Increased 10 80.
James WiIloughby, who has been Su-
perintendng mining operations for the
hamilton Power Mining & Transporta-
t.o.l company near Hamilton is in town
Work has been suspended temporarily as
ere shipments are delayed by the weather
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
PARK CITY STOCKS
STILL CHIEF TRADERS

There was some trading yesterday In
Silver King Coalition and Silver King Con-
solida ted, The former selling 200 shares In
two lots lat s2,9Th and So. and the latter
disposing OF like amount. also in two
blocks. at si70 and $40 iron Blossom
sold 400 shares at Sl.22A. Ohio Copper, 100
at 32 cents; Bingham Amalgamated. 500
at So cents; Opohongo. 1000 at Il cents
Wilbert. 500 at cents; King William
5000 at q cents. and Utah Consolidated,
s57 at cent.
The days transactions footed up sales
OF 71eT shares for s1I21 92.
Closing quotations were as follows:
UNLISTED STOCKS.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26

FORENOON SALES,
Iron Blossom, 400 at s1.22i
Silver King Consolidated, 100 at $40,
Utah Consolidated. 467 at &c.
Wilbert, 500 at 7c.
Shares sold, l467.
Selling value. s69617.
OPEN BOARD.
Bingham Amalsa ma ted 500 at 59c.
Silver King Coalition, 100 at SO.
Shares sold. 600.
Selling value. s328.75.
AFTERNOON SALES,
Opohongo, 1000 at 4tc
Shares sold. 1000.
Selling value. 500.
OPEN BOARD.
King William. 5000 at PC
Ohio Copper. 100 at 32c
Silver King Coalition, 100 at $2.37s.
Shares sold, 3100
Selling value. S607.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
DIVIDEND DECLARED
BY u. S. SMELLING

Logan & Bryan, members Of the New
York and Boston stock exchanges and
Chicago Board of Trade. received the fol-
lowing over their private wire yesterday:
the regular quarterly dividend OF u per
cent 10 cents share, on common. and
S1a cents on preferred. payable April Is,
TO stockholders of record March 81.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26

Abundant health is assured when
there is good blood in the veins.
Hood Is SaTsapsriila is the medicine to
make good blood. Begin taking it now.
II is Just what the system needs at this
time and will do you great good.
Sharpeus the appetite. steadies the
nerves. Advertisement. }
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Output at Tonopah.

The Tonopah- Belmont company sent TO
the mill 1904 tons. the Tonopah Mining
$500 tons, the Tonopah Extension 1898
-Tonopah 1852 tons. the MacNa mara
332 tons. the Jim Butler 700 tons. the
Merger 200 tons, the North Star go tons,
and the Midway 80 tons, making the to-
tai production for the week Il. .2tS tons,
tho estimated value being S274,6l0. This
valuation is based on the gross milling
value OF the ore.-Tonopah Miner.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Salt Lake & Alta Time Card

Effective February II. 1914. the Salt
Lake &c Alta Railroad will carry pas
sengers from Midvalc and Sandy.
Utah. 10 Wasatch, Utah.
Train WIN leave Mldvale $40 a. m:
Sandy, $40 "A. IN, arriving Wasatch
l0:lD a IN. Returning, leave Wasatch
p. m, arriving Sandy $50 D. M,
Midvale . so D. m,
Fare. nifty cents each way to and
from either Sandy or NidvaIe.
Fare TO Davenport and return twen-
ty-hve cents each way Davenport
is an intermediate station midway be-
tween andy and Wasatch.
No Sunday trains until further no
tice.
J. G. JACOBS. President.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Strike at Jarbidge.

According to the Elko Free Press. word
has come TO Elko from Jarbidge that an
ore body was cut on the Success in the
No 4 tunnel, at depth OF several hun
dred feet, and all Jarbidge is celebrating
the event.
The Success group OF claims was re-
Gently taken over by eastern capitalists.
who announced that they were going TO
spend several hundred thousands OF dol
lars in developing the property, and
placed c. ]. Nelson in charge,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
OPOHOVGO ASSAYS
SHOW GOOD VALUES
New Ore Body Showing Up
Well; Promises to Be
Large.

Secretary III. T. Hatfield OF the opohon-
go says the new ore body recently en-
countcred between the 500 and 200 levels
is opening up ia a most satisfactory way,
While It's size Is yet undetermined there
is ore on all sides OF the development
work and there are indica tons that the
discovery is 81 most Important one.
Mr.. Hatfield has had four assays from
different and representa- tive portions OF
the new ore body which show values as
follows:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Mill to Run ALI Summer.

Special to The Tribune.
SALMON. Idaho. March 25-That the
mill at the Goldstone mine on Pratt creek
Will be able 10 run all summer Is report =
ed by E Dunston, who has charge OF that
property. This mine is owned by &.
Giles OF Great Falls, Mont.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26

The lcssees who made the discovery,
Steel and Johnson. are working but one
shit and consequently the work Of devel-
opment and extraction is not proceeding
very rapidly. but they have sent out. or
are about to send out, a car OF good ore.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Ore and Bullion.

Mccormick 6: Co, bankers. announced
the receipt Yesterday OF ore valued al
100000. and bullion shipped out valued
at sl30,000 total movement for the day
Of S1a0, 600.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Boston Mining Stocks.

Logan G. Bryan, members OF all leading
exchanges. 169 South Main street. furnish
the following. received over their private
wire yesterday afternoon:
BOSTON COPPER RANCE
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Metal Market.

Metal prices posted in yesterdays Salt
Lake market were as follows. Silver, 5Sc;
lead, s4; copper. S1412t,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
Gre Shipments.

| The Utah Ore SampIing company re-
| leased yesterday five carloads Of ere from
| Utah mines and two from Nevada,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26

Nevadas In San Francisco.
Logan & Bryan. l69 South Main street
members New York and Boston stock ey-
changes and Chicago board OF trade, sup
ply the following, received over their pri-
yate wires yesterday:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-26
DAY-BRISTOL COMPANY
PUBLISHES STATEMENT

Complying with the laws OF Nevada the
Day Bristol Consolidated Mining company.
publishes the following statement for the
year ended December 81. 1913:
Location of property-Brlstol and Jack
"a bbit Mining districts. Lincoln county,
No,- Io
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-02

recommendation for trust legislation
will be moderate--New York, Chicago
and St Louis passes dividend on COM
mon stock-Steel trade improves.
January 15th--Renewed sharp ad-
vance in face of heavy realizing
Foreign exchange declines Ia cent
New York Central succeeds in extend
ing $3o.000,00o short-term notes due
March 1st-President Huerta has ex-
tended the bank holiday in Mexico un-
til March 31st. and has placed tax
of per cent on all money invested in
mortgages,
January 1sth--Further advance In
prices. with general reaction later
Prussia announces loan for 800. 600, 600
South African labor strike broken.
January 17th--Fractional fluctua-
tons in prices. trading less active.
January 19th--Prices GO higher;
worldwide decline In money rates
Stock trading quiet. but with steady
undertone OF Observation-Disclosures of
Delaware and Hudson go on strike.
whole system tied up--Two stock ex-
change seats sell at $4,000 each, an
advance OF $1,000.
January 2o-Price movement uncer-
tain on Presidents address, closing
STRONGHOLD amounting to 100000
exported to Paris--~Delaware and Hud-
son gives in to employees: strike ended
President Wilson addresses congress
on trust legislation.
January 21st--Further general ad-
vance in prices, with very active trad
ing-Money easier at all important
centers-Optimism grows In steel trade
New York States s5I,00o.e00 bond
issue FIVE times over subscribed.
January 22nd--Prices advance again.
with most active trading in over seven
months-Six large European banks re-
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-02
Old Dominion Trust Co.
Capital $l,ooo,ooo Surplu. 81, 100000

duce their official discount rates
Most active bond trading since octo-
Der, 1911-Receivers of Frisco system
begin action to sue ten former direc-
tors to recover 100000.
January 23rd--Prices decline then
advance sharply, under the leadership
OF Baltimore and Ohio, and Southern
Pacifc-Trading continues active in
both stocks and bonds-Protests made
by business men of California against
segregation Of Southern and Central
Pacific.
January 2<th--Heayy pront-taking
sales cause irregular stock market
movement.
January 2sth-Further advance In
prices. trading only moderate--Stcck
exchange seat sells at $4,000. an ad-
vance Of IS. 900. Gold exports to Paris.
81. 600. 600.
January 2Tth--Prices irregular. de-
clining after initial rise-Another So
900 600 gold sent to Paris--Interstats
commerce commission issues ruling
against railroads on making special al
lowances to industrial plants regarded
as rebates.
January 2sth-Prices end lower after
day of irregularity-Rock Island issues
weak.
January 2ath--Prices decline further.
despite favorable European news
Rumely issues especially weak-Banks
Of England and France reduce their
official discount rates--Pressed Steel
Car company declares annual dividend
OF per cent on common Stoek- tn0
first in ten years.
January 3oth-Further sharp advance
in prices. heavy buying-Bank OF Bel
GUM reduces official discount rate.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-02
WORLDWIDE EASING
Of MONEY IS CAUSE

The opening month OF 1914 was de-
cidedly cheerful on the important imam
cial markets. Prices on the New York
stock exchange rose five to ten points
on decided broadening of activity;
at London and on the Continental mar
kets, there were many largeNadvances
in security prices.
A worldwide easing of money rates
was chiefly responsible for the better
ment In stocks. Bank rates at Lon
don, Paris Berlin and other important
European money centers fell. At New
York there was an accumulation OF re-
serve money at the rate Of $4,000 600 a
day. A message from President Wilson
to congress. recommending important
trust legislation. but being at the same
time conciliatory to business, acted as
a stimulus to the market.
January 2nd--Prices rise slightly,
then recede--Call money at 10 per cent
y r. Morgan announces withdrawal
OF Arm MEMBERS from boards of many
corporations.
January 3rd-Prices decline. then
rally, trading fairly active.
January 5th--Advance In stock
market prices. with good buying
Hearings begun at New York by gov
eminent officers on location of regional
reserve banks.
January sth--Union Pacific execu-
tive committee announces plan to d.
vest road of it's Baltimore and Ohio
holdings, turning them over to share
holders---New Haven plans to sell its
Boston and Maine stock-Stock mar
ket prices improve.
January 7th--IrreGular fluctuations
In stocks-Rumors that other COM
panies will follow Union Pacific plan
In Brazil.
January sth-Bank of England
lowers minimum discount rate from 5
to 4 liz per cent, following strong
statement
January eth-Suprcme Court of
Massachusetts annuls order of public
service commission permitting New
Haven railroad to issue ssT.552. 900 in
twenty-year per cent convertible
bonds-American Sugar negotiations
with government fer dissolution agree
ment broken off.
January 10th--Bank statement re-
fleets large inflow of cash at New York.
money being released from trade
New Haven shares fall sharply, then
recover.
January 12th-s.ocks advance at
opening. but close with some declines
movement irregular-Paris gets $780,
900 gold from LONDONDERRY Haven
railroad officials agree to government 8
demands for dissolution.
January 13th--Priees steady. but ir-
regular: trading very broad--Gold ex-
ported to Paris-Mexican government
defaults interest payment on national
debt-Presdent Wilson dominates
John Shelton Williams to be controller
of currency--General strike proclaimed
in South Africa.
January 14th-Sharp advance In
prices, with more active trading--Un-
DERIVING reason given as report from
Washington that President Wilson's
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-02
A DIAGNOSIS From Abroad.

Basic conditions in trade finance.
and industry" the London Times de-
clares in its annual review of the
American situation. ARE considered
sound There is no overproduction of
Importance In any line, and stocks of
merchandise as a rule are low. Banks
generally throughout the country are
In good condition, and with the ex-
ception of real estate. there Is little
overexpansion In any direction. Such
considerations as these warrant con-
servative optimism for the future"
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-02
Underlying Influences.

The public for many months past"
so states a review of the situation.
published In Europe by the Credit
Lyonnais. has adopted an attitude of
reserve. but it Is evident that capital
which has not found its employment
upon the market for public securi
ties must have accumulated under one
form or another. and that II consti-
tutes at the present moment n dis
possible reserve. difficult to estimate,
but certainly very important"