davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
URGES PRESSURE ON
NEW YORK RAILWAYS
Committee Advises BOndhold-
ers to Press Fight to
Get Interest.

M committee for the holders OF tho
New York Railways Company adjust
ment mortgage s per cent. Income bonds
told the holders yesterday that in the
opinion of tho committee the litigation,
against the company to force the pay
ment Of the unpaid interest on the
bonds Mould be vigorously pressed.
The committee Is composed OF Frank L.
Hall. Charles p. Rowland and George
Il. Leighton.
Tho circular issued by the COMMITTEES
sayv that IL Ii acting for interests own-
Ing representing more than s6.000,-
600 OF the adjustment mortgage . per
cont bonds n hat II has been ap-
pointed to consider the advIsability of
pressing the litigation against the COM
pany for the unpaid interest on the
bonds an we'll az for the rendering Of a
report on conditions. The committee
holds that It is of the greatest import
ance 70 the bordholders that a judicial
decision be rendered as TO the matter OF
determining the income applicable to
bond Interest which win insure the fu-
ture payment of the full 5 per cent.
The amount of unpaid interest In
volved In the litigation Is upward Of
$1,000 900. or approximately $50 for
each $1,000 bond. II Is contended that
an Investigation of the ~company's gross
earnings since January l, 1912, and Of
the legitimate deductions therefrom will
disclose that the company has realized
an amount of net Income In each year
more thar sufficient 10 pay the 8 per
cent on the bonds. The interest on tho
bonds has been defaulted since the date
OF their issuance.
The holders OF the bonds are asked by
the committee TO contribute 81 for zach
$1,000 bon held for the purpose of de-
fraying the expenses in the suit No
further liability OF obligations TO DO in
CURED in addition 10 this sum.
Tho committee reports hat tn pre-
liminary investigation has shown that
the condition of tho New York Rail-
ways Company should he reassurins to
the bondholderA Tho company Ia said
to be IN a strong financial position, with
largo Dash reserves.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
THE GRAIN MARKET.
wheat IrrcHular-CrOp Advices
Buliish-COrn strong.

The initial and final rallies in the
VE"at LIST yesterday were ascribed TO
Ue ~urilvurable crop reports from Kan
-, Nebraska, parts OF Missouri and
o"!'h'Wd, where several consecutive
u"5o Of excessive rains have resulted
Al Hooded lOwiands, lodging and weak
wing 'i the wheat plant and %apprehen-
soh %! rust following with u possible
t-f6 Change to warme weather.
S'1'H" stern houses sent some buying
U''e's with their complaints and 1t was
we CONSENSUS that the advances would
'a't been greater but for the fresh
sunni IN the Chicago May delivery.
The selling of that option commenced
sooA after the session opened and did
nov sulside appreciably until declines
y about ) cents had been established.
nIH'.I interests again sold consider
~ May against wheat arriving for
ee''Nery on contract. There was also
sp'eI'ttNe liquidation for operators
MO htd been assured some time ago
SAl tAe option would expire AT a high
%ss tor the season, Shorts seemed In
no hurry 70 take in their May commit
"""'S as the actual cas- wheat de-
"'' ''' not appear noteworthy.
- ""'rIopcd, however. nat tine recent
.AP''t business was larger than was
uv.IC.t"l. The sales to Europe late
ucIh' 3Iay were liberal, and these.
."m'.i. It With tho business of yesterday.
ss".h'n close TO a million bushels. For
..an markets were steady. but failed to
SF' mat there was much anxiety
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
BEGINS HEARINGS ON
VALUATION
Division Of Interstate Board
Hears State Commissions
and Operators.
PROPER METHOD SOUGHT

: WASHINGTON, May 37.-A public pom
ference between representative Of the
railroads and the members Of the a.
vision Of valuation Of the Interstate
Commerce Commission with q view TO
reaching an understanding a. to what
method shall be applied In valuins rail-
Dad property in the united States was
begun here to-day. The division Of
valuation. Of which former Commits
sioner Charles A. Prouty IL the director.
Is proceeding under the authority Of an
act OF Congress and already has made a
survey of q number OF railroad prop
critics throughout tho country.
The proceeding was inaugurated by
the division to get information from the
railways and from state commissions
that have been engaged In valuation
work. AZ a general proposition State
commissions a based sue assess
ments upon present conditions without
regard to expenditures Of railways in
the past. Railway managers a sug-
gested hat In valuing transportation
property consideration should be given
to every Transaction In the history of a
given line. taking into consideration
cumulative costs and commercial value
at the time OF appraisal.
The railways were represented to-day
by George 5. Patterson OF the Pennsyl-
vnnla system and by Thomas w. Hume.
general secretary OF the conference of
railway presidents. Mr.. Hume vas &C
companied by Pierce Butler OF ST. Paul,
hts personal legal adviser. Public ser
vice and railway commissions were rep
resented by Commissioners Maltbie of
New York. Mcleod Of Massachusetts.
johnson OF Pennsylvania, Atkinson of
Missouri. Ray Of Virginia and Jacobson
Of Minnesota.
These commissioners were present prf-
marily to persuade the division TO adopt
n method of valuation that would con-
form In the main to. State valuations,
thus avoiding conflicts between State
and Federal authority that might lead
to confusion.
The division also wants TO determine
upon what basis the value of Q great
terminal such as the Pennsylvania pas
sengcr station In New York should be
reached.
A typical question in controversy Is
rs To whether in determining value con-
stderation shall be given TO the expense
OF wreCking buildings incident TO con-
struct!on and great expenses sometimes
incurred in hauling construction ma
terials long distances. Al these costs
should he counted In determining value
the railways contend. This In the main
is disputed by the State commissions,
notably those IN the West.
The hearing will continue tomorrow.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
THE COFFEE MARKET.
Futures Steady-Active Months
to { Points orr At Close,

The coffee futures market was about
steady yesterday, with active months
3 to 4 points of at the close on sales
OF only 10000 bags. Trading was very
dull and there was no inclination 10
operate extensively on either side OF
the market.
Further easiness In the Brazilian cost
and freight market has been an
unsettling factor OF late. There has
been rather free selling for forward
shipment at lower prices. The cables
Yesterday were irregular, Rio showing
hrmness. while the Santos spot market
was weak. Stocks at primary points
showed good decreases. Port receipts
were larger. The rate OF Rio exchange
on London was lowered to l2 5-32.
Brazilian markets were widely irreg-
ular. Rio Is were advanced rs rels to
1926, while Santos Is eased of $50 reis
to $3.50. Rio n Santos receipts
totalled 1900 bags. Sac Paulo had
5000 and Jundishy 1000. The rate
of Rio exchange on London was lowered
to ~ 5-32d.
prt.Aa vara
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
SILENT ABOUT PACIFIC MAIL.
Directors Refuse Ia outline Policy
Report soon.

The directors OF the Pacific Mail Com
pany At their meeting yesterday decided
not 10 make n statement regarding the
position of the company on tho
question of permanent cessation Of
the transpaclhc service and possible dis
solution OF the company. As these mat
ters are being treated In the annual
report OF the company. which will soon
appear. the directors decided not 20 20
on record until then. The annual report.
II Is thought, viii definitely outline tho
company's position. The report may be
ready within "A week or ten days. though
II may be delayed further.
The Pacific Mail Company has already
cancelled sailinEs OF It's steamers on the
t~ranspacifc route after November .
next. The reason is that on November 1
the new shipping laws governing the
employment OF seamen go into effect.
The cost OF these changes, +, has been
estimated by the company. will be about
$3.50, 900 n year. The company believes
that this would take away profit in the
operation OF the ships.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
REORGANIZATION OF
FRISCO THOUGHT NEAR
Practically All interests Con-
cerned Have Approved
Plan.

The reorganization paan for tho ST.
Louis and San Francisco Railroad has
been approved by practically all OF the
interests concerned. Dariy steps toward
carrying out tho plan are expected
Though interests IN the property viii
not commit themselves regarding the
size OF the assessment to be made on the
stock It is said that this may be SIS.
In looking after the interests Of the
two maAn bond issues and the stock
trust certificates Of the Kansas City,
Fort Scott and Memphis a new mort
gage and q 4 per cont bono and All
adjustment income cumulative 6 per
cent. bond are provided. The refund
ing 4 per ceIt bond holders and the
holders OF the preferred stock of the
Kansas City, Fort Scott and Memphis
are to b. treated alike, according to
reports Of what tho reorganization
plan Is to b Each will receive new
4 per mi bonds and adjustment in
come bonds. Tho proportion. It 10 re-
ported. Is rs per cent. OF tho 4 per
cent. bonds and the balance In In
come bonds.
On this basis there will be exchanged
on reorganization for the present re-
funding bonds and the Kansas City.
Fort Scott and Memphis guaranteed
preferred stock n total OF s2l. 305. 500
OF tho new adjustment income bonds
s63,9l4.500 new 4 per cent. bonds.
II Is believed that 4 per cent. bonds
possibly new stock may be COM
bined in the reorganization in fulnl-
ment OF the claims of tho general lien
8 per cent bond holders.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
GIRL STRIKERS PULL HAIR.
Invade DressmnkinE shop I,
broadway Near IO2d -.

Persons passing 26S6 Broadway, near
lO2d street. yesterday Witnessed A hair
pulling match when six girl strikers In
vaded the ~dressmaking establishment
OF Mr.. n Mrs. Edward Madison on the
FIRST floor. The strikers attacked sew
cral girls who were hired TO supplant
them.
Annie Latowske, az Seventh street
was badly scratched and ran to a drug
store TO he treated. The girls fought
their way to the street and there was
a lively struggle until the arrival of A
patrolman, who put an end 10 the hos
~tilitles.
The trouble started because the six
girl strikers Were promised a raise of 81
a week when the firm moved uptown re-
Gently. The girls said their employers
gave It 10 them for n time and then
decided TO return TO the former wage
scale. The girls went on strike Wcdncs-
day. \ policeman will be kept in front
of the place until the trouble blows
over.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
APPLAUDS MARINE DISCUSSION.
Head of ship Lengue Hopes for
steps to upbuiId Service.

T. II, W Ross, president of the Ma
tI%hal Marine league, formed to aid
in the recstablishment OF an American
merchant marine. said yesterday that
discussion at h Pan-Amer!can fnan-
cial conference of the need for a mer-
chant marine was a most encouraging
sign of awakening public interest, hut
that II was 10 be hoped that there
would be something moro than discus
sion.
on the basis OF the foreign trade OF
this country for the nine months ended
March ii last, Mr. Ross estimates that
American ships earned only al Der
cent. against SEQ per cent. earned in
freight charges by foreign ships, or
sS9,65l.0lS, against seiISi6.Iei
1T must not be overlooked that these
amounts merely cover freight cost and
do not include the enormous costs OF
insurance on argoc and ships and of
wages, stores and repairs. which ara
now spent in foreign countries" he
sad, Actual relief to the United states
VIII come only as a result of action by
Congress-"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
IN CELL AGAIN, 4STH ARREST.
Old Offender Held This Time on
DRUG CHARGE

Two prisohers with peculiar police
histories were arraigned within a few
minute of each other In Yorkville court
yesterday.
James Smith. 81 East Sixty-ltth
street. after having been arrested forty
seven times since July, 1902. on pick
pocket charges, was brought in for
having narcotics In his possession. lie
begged Magistrate Breen 10 commit him
to a hospital, but the Magistrate said
he was unable to do that and held him
In $500 bail for Special Sessions. Two
convictions from Smiths forty-seven ar
rests resulted in terms of one year and
MINI months respectively. md there were
many other lesser ones.
John Haywood. who was sentenced TO
ten months in the penitentiary In July,
1912, for selling an option on Central
Park for I20 to n farmer from Oak
dale, l.. l.. also was brought into court,
this time charged with engaging Arthur
v Hawley. q guest At the Hotel Nc
Alpin from Richmond. Va. in a DIN
matching game In front of Mn Corne-
liusl Nanderbilt's residence at ! West
FIfty-seventh street and defrauding him
OF $40. Haywood was held In $500 bail
for examination to-day.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
EXPECT 100000
GOLD FROM CANADA
Belief That Largo Shipment
Will Reach City Within
Next Few Days.
EXCHANGE IS STRONGER

The belief Wa saprssssd yesterday in
financial circles that enc Of the largest
gold shipments ever made to this city
from Ottawa would arrive here within
tho next Few days. Il ~ reported that
the shipment. may total a. much as
$780, 900. ooo.
Just who = 10 import the gold the
persons who are responsible for the in
formation refuse 10 state but II is
believed that II will be brought In by
or more Of the large private bank
ing institutions.
Lazard Freres announced yesterday
that they had received $4,000 900 In gold
from France. This was brought here
on the liner Chicago from Bordeaux.
II increases the total gold imported
from France by these bankers to s1l,-
100000 within the past month and in
creases the total gold received from all
countries since January. 10 sec. les, 900.
II was reported rome time ago that
s12.ooo,o 900 in gold would be brought
to this country from France. Recent
events have been such as to fully Justify
this prediction. It Is not unlikely that
with tho present low rate OF exchange
on Paris the amount will b considerably
increased. The now $4,000. 900 In gold
was deposited in the sub-Treasury
yesterday.
Thus far Canada has contributed
more tina any other country to the
gold import movement. The gold was
sent here from the Bank OF England
depositayy In Ottawa All Of the gold
sent hero from Canada 10 American
gold. which went there last fall when
exchange was so strongly against this
country. The gold imports by coun-
tries to date are as follows: Canada.
s40.490,0 900 France. s1l. 500. 900 China,
$4,000. 900; England. 3l,l00. 900 South
America. ~sl.0o0.ooo. and Denmark.
$4,000 These figures do not include
several millions recently imported by
]. p. Morgan & Co. which was not
deposited in the Sub-Treasury.
The foreign exchange market yester-
day. owing 10 the many rumors OF heavy
gold imports, displayed an especially
strong one and considerable gains were
at the close on Wednesday. Demand
sterling closed at AIS 9-l6. with cables
at 40. This compares with 47SS
for demand and ATS 1915 for cables
on the day previous.
Francs were also very strong. closing
at Sal for Paris checks and 5.40es for
cables. against SAM for checks and
5.41 for cables on Wednesday.
Marks continued their rise. selling AZ
SO 3-i6 for sight drafts and SIS 5-l6 for
cables. The previous close was SO and
sSis respectively.
Italian lire displayed considerable re-
siliency, advancing to SIS from an
Of $50. On Wednesday lire
closed at 5.S4.
Austrian kronsn WA unchanged al
1850.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
EFFORT TO QUASI
CIRCUIT CASE FAILS
Court Admits Bank Report in
Evidence Over Objection
Of Lawyer.
ANOTHER POINT FOR JURY

Any chance shat She perjury case
asainst ex.City Comptroller howard M.
Grout would collapse a. . result Of the
objection raised on "Wednesday by
Stephen c. Baldwin. oounsel 6or the de-
fenca WA eliminated y~esterdAy when
County Judge lewis Of Brooklyn an
nounced that he would admit ths alleged
false bank report In evidence over Mr..
Baldwin's objection even though VII
lard O Penton. the bank clerk and
notary who had taken Mr.. CIRCUITS ac-
acknowledgement, could not remainder
whether he had sworn him.
Judge Lewis held this the document
Itself showed substantially that Mr..
Grout had sworn to Il. but he left IL for
the Jury 10 decide Besides passing on
the question of guiity knowledEe which
the prosecution contends circuit had
when ne signed the statement. the Jurors
will now have to determine whether an
oath was administered without which
there could have been no perjury.
The question of admitting the state
iheHt MIS- no SOONER peer decided uan
Mr.. Baldwin arose with another objeo-
ton. He held that this statement Of
March 25. 1910. which is the one In
evidence. is moi the one on which the
indictment 10 based. A minor disorep-
anc IN the language Of tho indictment
and the statement were cited As proof.
The objection was overruled.
Dummy concerns connected with the
bank had bean accommodated with loans
by h thsn Superintendent Of Banks.
O. II Cheney, according to the testimony
OF Percy q. EEbert. for twelve years
general bookkeeper In the Union Bank.
This was brought out by Mr.. Baldwin
on cross-examination and wns regarded
as n point for the defence In showing
that the Banking Superintendent had
~countenanced the very thing for which
MI. circuit u blamed. Mr.. Egbert testi-
fled that Supt. Cheney had loaned
S4.25o.75 to the Shetland Company elgh,
days after the bank closed.
Nathaniel d. Reich, now a lawyer,
formerly connected with the Cor
porate Realty Company. was on the
stand when court adjourned. He traced
the history OF t.. dummy concern. which
was organized In 1904.
The trial will continue to-day.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
NEW RESERVE RULE
OPENS WIDE FIELD
Bankers See Big Stride in De-
veloping international
Business.
OBSTACLE IS REMOVED

Bankers here Who are ieeniy inter
ested in the International development Of
the Federal ResSrvS system said yes
terday that one Of the most Important
rulings the Reserve Board had made
was that announced By Paul warburg
to the Pan-American Financial Confer
enoe This wa that member ban@ in
the reserve system could soospt not
only those bills based on imports and
exports Of the United States bun on
the imports and exports Of m forcdgn
country with another foreign country.
The field Of acceptance business. said
bankers, Is thus broadened immeasur-
ably. The bankers were enthusiastic
about the ruling a the construc-
ton Of the act that has been followed
w to this time by New York bankers
engaged In the acceptance business has
excluded h business Of foreign coun-
tries with one another.
One OF the great obstacles 10 the sue
cessful development of the acceptance
business and In urn the growth Of a
great discount market in this country,
started by the Federal reserve act. 10 the
restriction placed by the act On tho ma
ture OF the acceptances permitted. II has
been steadily urged that domestic trade
should bc Included as permissible for ac-
ceptance business by the acT.
h ruling announced by Mr.. Warburg,
It was said yesterday. will stimulate the
growth Of the acceptance business IN the
country In very marked measure. Banks
are preparing to take advantage Of the
new field opened. Its great advantage
is that II will enable banks with branches
established In foreign countries and
those that win establish branches to
enter very Intimately into the business
OF the countries In which the branches
are located With all other nations. The
new field thus opened Is said to be
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
MONEY AND EXCHANGE.
The New York FEEDER

The New York Federal Reserve Bank
rates were 4 per cent. for thirty 10
ninety days and 3 per cent. for longer
bills.
open market discounts. prime accept
ances. maturing up to ninety days. 2la
az, per cent.
Commercial paper rates We're 3i5 I
per cent. FOR sixty and ninety day bills
and FOR our TO six months best names /:
81. per cent. for others.
Time money continued In good supply,
with little inquiry. Rates were 81, q 3
per cent. for sixty and ninety days and
SM3l4 per cent. for four months. 81. u
So per cent for five months and IS. "a
per cent. for over the yea
Call non on the floor OF the Stock
Exchange yesterday ruled at Ia per
cent high. . low. ia.
Domestic exchange on New York ST
Louis, Sc. premium San Francisco. i5c.
premium Minneapolis. 3bc. premium /:
Chicago &c. premium; Cincinnati, par
Montreal, s5.93a. premium.
call money on London was lLIlL
per cent short bills, 2as per cent.
three months bills, 2 1916 per cent.
Sterling exchange was firmer. Final
quotations were Demand. rs 9-l6
cables. 20.
The weekly statement Of the Bank OF
England shows the following changes
Total reserve. f47.2i0.o 900: increase.
CLOSE, 900 circulation. f32,9t7.OOO; de-
crease. fl ,055 600 bullion. EGl.73I.OO0
increase, $1,000 other securities, fl39.-
900 900 decrease, f6,si3.0 600 other de-
posts. fs7. 742.0 o decrease. f6.sS?, 900;
public deposits, fl32,OSS,000 increase.
ii ,706.00o; Government securities, tjl.-
0i3,00O. unchanged.
The proportion of the banks reserve
to liabilities Is now ESQ per cent,
against 1850 per cent. last week.
Bar silver in London. 23iad. in New
York. iahsc.
New York Clearing House statement:
s272, iS3,e27 balances. sl6.-
Sub-Treasury credit balance,
S2i3,s72.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
PriCeS were :
THE SUGAR MARKET.
Refiners Take $4,000 Hays Of Raw
~ Ruling Quotations.

Refners again entered the raw sugar
market yesterday for about $4,000 bags
OF spot and July Cubas at ruling quo
tations. The Arbuckle refinery took be-
tween $4,000 and $4,000 bags of spot
at 4.S9 cents, and 20, 900 bags OF July
Cubas went to the Howell and Federal
interests at 4 cents. cost and freight,
equal to a duty paid basis OF
SOC cents. There were reports OF re-
newed interests on the part of Europe
at Cuba, where bids of $50 to 3,S5
cents (. o. b. Cuba were entered.
The refined sugar market was quiet
yesterday, with quotations unchanged
at 6 cents for standard graduated.
There was a fair demand for with
drawals N old contracts.
The sugar futures market at the COT
fee Exchange was quiet and steady.
Total sales were 400 tons.
Prices we're:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
SCANLON 10 BE RESENTENCED.
10 Five Years Imposed, bat
Error IL Discovered.

Harry Scanlon. who was sentenced to
not less than three years nor more than
five in Sing Sing prison for %assaulting
Mrs. Clara Ebert IN Curly Joe Cassidy's
clubhouse in Long Island City December
IS. 1918. VIII be vailed back to court
and resentenced by Justice Scudder this
morning BECAUSE the clerk omitted yes
terdsy TO ask him the preliminary ques-
tons before sentence was passed.
Scanlon had been taken to the Queens
Jail when this omission was called to
Justice Scudder's attention. He i'm
mediately ordered Scanlon recalled.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
ORDERS "a FREIGHT ENGINES,
Chesapeake snd Ohio MAKES Pvr-
ohass Of Sy2O,oOO,

Rich MoND. Va, May 27.-AnDounoe-
ment was made by the Chesapeake and
Ohio Railroad To-day that II had closed
a contract with the American Iocomo-
live Company for twenty-four Mallet
freight locomotives at q cos Of $4,000
each. or q total Of 100000. Deliveries
are to be made within the nsu sixty or
ninety days.
Because the Richmond plant Of the
American Locomotive Company Ia pre-
pairing to make shrapnel and high ca
plosive shells the work will be done
at schenectady. N. r.
Thu compilation NJ ma ordar will
sfve the C~ha<pcake and Ohio $40
locomotives. The company recently
closed a CONTRACT for TOO undersiung
steal freight cars at . cost of $500, 900.