davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
''AII Were Treated Alike"

Concedcdly, the railway company
would have been thriftier to sell all it's
new stock at a higher price. But all
were created alike and the treasury re.
ceived par for the stock. which meets
every test of legality. These four men
took up their stock after the holding
companies had been created. Their
stock thus enjoyed rights IN the form
OF securities, instead of market values
IL In figuring the loss" on Alton. the
commission figures no value whatever to
the Glover Leaf promise 10 pay, but
computes solely the value Of the Pile !ged
Alton shares. In view Of the condition
Of the Glover Leaf. IL can well turn out
that these bonds will become OF real
value, In which case, the loss on Alton
Will be far less than the S6,370,0O0 com
puted in this fashion.
Is. The commissions naive statement
that 1.-THE railway company paid A..
a discount on the sale of bonds Of
SN2i.325,' which the commission adds 10
make up the total expenditure" deserves
a searchlight, These are 1 per cent.
bonds of an average maturity of eight
years, D,srogarding accrued interest the
bonds were sold At 90 T., or 3b points
under par, This amounted TO .OO4S75
per cent. per year. or a sale of bonds on
"A 4l375 basis, which was not a prodigaI
transaction in the bond market prevail
Ing In 1909. TIT railway company never
pail this discount Of SS24,325. though
the commission would appear to intimate
so. The .ssion OF Sll3.0OO was paid
on the stock purchases, not on the bond
sale.
lG II Is too bad that the commission
does not specify it's ~"ahundant reasons
to believe in the worthlessness of the
Choctaw, Oklahoma & Gulf The road
has bonds outstanding Of only SIS, 900 n
mile and stock Of less than that amount.
II the stock is not worth over $50 under
these conditions then the valuations in
that territory will certainly show some
queer results,
II, Again the report SAYS, "as an
incident 10 these transactions the rail-
way company In one instance at least
sold bonds 0f the Rock Island Improve
ment Company at less than par and
six months later bought them back a,
more than par, Notwithstanding the
general tendency OF bonds to approx.
innate par AS they approach maturity
Hy saying in on. instance at least
the commission hints at other in.
stances. There We're none Its exam,
iners were on the books fifteen month.
and foand no others, This transaction
~Ss esadidL recorded and WA WHOLLY
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22

the United States is now rapidly hcco,,
ing as resourceful in this regard as ,,ar
many.
zone OF the most interesting and ,.
dustrially important fields open D., ~,
young man in this country is ,a,- ~
applied chemistry. our coal. COX,
gas manufacturers have begun IN ~,
out vast quantities of tar produces 9,S
with this supply OF benzol, toluo'. pbero,
aniline and anthracene an uriIn,,s
number OF discoveries letting large 70,
wards are possible TO skilled ana -,
genlous brains. A conspicuous ,Sa,rn,.
Of this Is DIR. Walter r. Ri',nlr a..
Government chemist. who rec, ~, 6.
covered a new process for prolu,ns
benzol from crude petroleum"
The changes and opportunities IN ~.
manufacture of dyes and pharmtrol,x,
products taspirin. salol. phenacc'w an
pear to be no less notable. Fred p,,r,
manager OF the first National Chem 80,
Exposition, to BE- held in the Grand -
trail Palace beginning Septcmhor 20 40.
nounced yesterday that william ANA.
Jr., had perfected "A new suIuhlr HI
dye which has been improved h- 4,
$. Stanislaus of Philadelphia and a.
proved by a conference Of Eastern -
lists. Chemical laboratories ever, oto-.
II ~as said yesterday. are busy s,4y'
ing to perfect dye processes. N'ro,d,
one aniline dye company which ',rr..,
bought all it's Intermediates" ,,o-
Germany II now using raw coal IA.
products made here and has corns,oA
practically all the market In the Fused
states for black dyestuffs.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
Big STRIDES BY u. S.
IN CHEMICAL TRADE
Manufacturers Tale Advan-
tage Of Lessons Taught
by the War.
PROCESSES FOUND

A revolution Of the chemistry Industry
in the United States. brought about by
the curtailment of chemical importations
from Germany and the unprecedented de-
mand for explosives made from chemi-
Gals rather than from minerals, was
predicted yesterday by chemists In New
York. A world war fought with chemi-
calls. IL was said. had shocked American
manufacturers into a realization OF the
Importance OF conserving coal tar prod
ucts and would undoubtedly give a dig
nifty and importanCe TO the profession
Of applied chemistry which 1t has never
had outside Of Germany.
The Du Pont factories alone" yes
terday declared Or. j. Merritt Matthews.
AN expert chemist in the Chemistry
Club Building, ARE probably using ten
times more sulphuric acid than before
the war. and there have already been
single war orders which demand more
picric and other acids than were used
In the entire United States In a year
before the war. 1t Is already clear
that the present forced production or
sulphur, nitric acid, benzol and other
coal tar products has given the coun-
try a tremendous impetus in the produce
tion OF these materials. The end of
the war will certainly leave us wiser
and more Independent of the rest of the
world.
II doubt II the output of the Govern-
nent ammunition plant at Plea
tinny. n. j., in a ear in time
Of peace could produce enough am
munition to last the nation n single day
under present wal conditions. With
the forced production OF these chemicals
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
CHARGE DANCER WITH THEFT.
Instructor aud bartender Held on
Complaint of Host.

benjamin Shrage OF 500 West 18TH
street, dance instructor at the Grand
Central Palace and william Telling Of the
Glare Arms, a bartender, were held
under $1,000 bail by Magistrate Levy
Of the West Side court yesterday for
examination Monday on the charge OF
larceny. benjamin LESSER, Il cigar
dealer who lives at the liretton Han
Hotel. Broadway and E~ighty-siNth
street, claims that the two men robbed
him after he had been their host,
According To the police, on July 10
Lcsslcr went out for a gay evening
during the course ~ which H. picked
up Shragc and Telling. After visiting
many cafes Lessler invited them 10 his
rooms, whore he ordered a meal served.
During the meal he fell asleep and
when he woke up his friends were miss
ing, n so were numerous other things
Of value, including his watch, a diamond
ring, his fountain pen and his shaving
set, worth In all about $3.50, The police
have been looking for the men since,
They were arrested yesterday on re-
turning from Atlantic City.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
TIME FOR DEPOSIT EXTENDED.
Rock IsIRnd Committee Also Offers
Advance on Certificates,

The committee of which Seward Pros
ser is chairman has extended the time
for the deposit OF the twenty-five year
5 per cent, gold debentures OF the Chi
cago, Rock Island and Pacific Railway
Company with the Bankers Trust Com
pany OF New York, depositary, or the
FIRST Trust and Savings Bank of Chi
cago, ~sub-depositary, until October IL
next, after which date deposits will be
accepted only on such terms as the COM
mittee may determine.
The committee also announces that II
has arranged for an advance, at any
time prior to October 10. to any holder
OF a certificate of deposit issued under
the deposit agreement desiring such an
advance, of the amount OF interest pay
able June 10, 1915, OF the debcnture
represented by his certificate OF deposit
This advanc" will constitute a loan Of =
per cent, per annum interest to such
certificate holder,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
ROADS LOSE FIGHT
ON SAMPLE BAGGAGE
Commerce Board Holds That
Their Regulations Are
Unreasonable.

WAsulNGroN Aug. 2l-The manu-
facturers and commercial travellers won
from the railroads in a ruling entered to-
day by the Interstate Com
mission, which holds that the present
regulations of the railroads defining
sample baggage are unreasonable
The commission dismissed the COM
plant so far as il alleged lack of uni
formity In rules ana regulations. The
commission held that the regulation OF
roads az to shipping baggage at the own
er's risk was void in view OF the new
situation created by the Cummins
amendment, which makes the carrier re-
sponsible for the loss regardless OF limi-
tations that may be sought to be inn
posed by contract.
The third complaint Of the manufac-
turcrs and wholesale men was that the
regulations of the railroads as to sam
pie baggage are not proper or fair and
in this complaint they were upheld by
the commission. The regulation put a
limitation on the sale of samples" h
commission on this point says:
In the light Of decisions and consid-
erations and upon the record in this
case We find and conclude that defend
ants present regulations defining sam
ple aggag as that carried 10y CONNER
cial travellers and not for sale or free
distribution are unreasonable and That
a reasonable regulation defining sam
PIE baggage would be as follows:
""Sample baggage consists of baggage
for tn. commercial, as distinguished
from the personal. use OF the passen-
ger, and is restricted to catalogues
models and samples Of goods, wares or
merchandise in trunks or other suit
able containers rendered by the passcn-
ger for checking as baggage to be trans
ported ON a passenger train for use by
him in making sales or other DISPOSE
ton of the goods, wares or merchandise
represented thereby"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
ACCUSED FIRM
Named for Lestrnde Bro..
Butter Manufacturers,

A petition in bankruptcy was filed :,
the United States District Court yester.
day against Francis and James Ia.
strade, butter manufacturers and I'M.
p%orters. who were indicted by tho Fed.
eral Grand Jury recently for manuf,c.
turing and selling adulterated but,er
without n license and d~efrauding thu
Government Of thousands OF dollars in
revenue taxes
The firm of Lestrade Bros, at 1913
Duane street, is prominent in the butter
trade. According to the petition. IN.
assets mount only TO about $4,000,
while the liabilities exceed $4,000.
Judge Julius NJ. Mayer appointed
Fred W. STEELE receiver after the bank.
rupts had admitted their Insolvency
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
MAY GET CHESAPEAKE LINES.
RockefrIIer's Western Maryland
Road seeks Them. II Is snid,

BALTIMORE, Aug. gl-lt was reported
I'm financial circles to-day that the
Rockefellers' Western Marylani Rail-
road would probably try to Sct the
Eastern and Western Shore Chesapeake
Railways sioamhoat lines, which under
the decision of the Interstate Commerce
Commission the Pennsylvania Railroad
must give up.
This would assure competition in a
Della ware, Maryland and Nirgin!a tratnc.
which the Pennsylvania by its control
Of both steamboat and rail lines has
mouopoli2ci. The steamboat lines are
profitable and Viii be a great acquiSi-
ton TO the Western Maryland, which Is
rapidly incrcasin- It's property holdings
In Maryland,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
5,OOO,O 900 JEWELRY DISPLAY.
Retailers Convention Opens In
Grand CcntrnI Palace T0-iu orrOw

Jcwclry valued at 81, 900, 900 will he
displayed al the tenth annual conven-
tion Of the American Retail Jewellers
Association In the Grand Central Pal
ace this week.
II is expected mat more than 5000
dealers from all over the United States
'"ill attend he convention, which will
be opened tomorrow A. . 4. NJ. The
display Of jowelry viii be- "A trade exhibit
tIOn for buyers only, During the week
many reports VIII he read and officers
will be elected,
on Wednesday there viii be a boat
trip and clam bake for the delegates.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
Contributions to Omcers.

At 81, 600. 900 the contributions TO
officers would be for the thirte en- fiscal
years ls02-li, inclusive. about one-ffth
or ! per cent. OF total operating en-
penses, or o~ne-severth OF l per cent. Of
total operating revenues. which were
respectively: s736,1ss,9 l6 operating
r venues. S523,74l.O32 operating ex-
penses.
Wages. on the other hand, constitute
a huge part Of the above expenses.
Mr.. Mudgs's statement that the sal
aries Of officers had no appreciable ef-
feet upon operating expenses is there
fore true
Moreover. the commissions 81. OOO.-
600 total will not bear close inspection.
The whole Loree item Is APPARENTLY fig
ured. though s3l.25O of IL was salary
for ten months, and any one who knows
Mr.. Loree will admit that his services
were worth something.
49, As already stated, the stock was
increased July l. 1902, to $4,000, 900 or
by Al additional authorized amount Of
$4,000, 600. Some sS.235.OO0 was sub
scribed for by stockholders at par. The
president was entrusted with $685. to
sell 10 officers at par. He used the fol-
lowing stock. par value sl5O.OOO To
Warren, 5000. 900 Cable. sl5. 900 Parker,
sl50.000 Mather; total, S5l5.O0O thus
sold.
These shares were al paid for at the
rate covered by the resolution. in cash
except Warren's who paid for his by re-
turning his Iowa bonds. Observe that
the privilege was given before the hold-
ing companies were created. The stock
holders and these officers could alike
pay par for the stock and sell out In the
open market at about $40. This is not
an unusual feature OF subscription priv.
leges. The value OF rights depends
on this feature.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
Problem of SaIn ric..

One OF the principal difficulties in
accomplishing this consolidation lies in
the difference In the salaries paid TO the
Judges. Those OF the Court OF Cen
eral Sessions at present receive salaries
OF $1,000, the County Court Judges in
Kings. Queens and Bronx each $4,000
and In Richmond $500 per annum.
These judiciary articles provide that
the present incumbents shall continue
t. receive these salaries until the eN-
piration OF their respective terms. but
that their SUCCESSORS, whn shall be
elected for periods OF fourteen years,
shall be paid a salary to be fixed by the
Legislature.
After January /. 1917. the jurisdiction
OF the city Court OF New York is ex-
tended throughout the greater city. and
the %pecuniary limit for which It may
entertain actions for the recovery OF
money Is increased TO $1,000.
Provision is made for e~lectlng addi-
tional Judges of the court. two from the
county OF Kings and one from eaCh OF
the counties OF the Bronx and Queens.
The Legislature is empowered TO pro-
vide one additional Judge from Kings
county should II deem proper so TO do.
The judiciary committee did not be-
lieve the amount OF civil business in
Richmond county required provision 10
be made for a Judge OF the City Court in
that Couuty
In the convention to-day. however. the
committee decided upon al amendment,
which was adopted by the convention.
providing for a City Judge in Richmond,
who. until the Legislature shall other
wise provide, shall be the Surrogate of
Richmond county. Then the Legislature
is given permission to establish a Sur
rogatc in Richmond al any time.
Otherwise these two sections affect
ing the New York City Court we're
adopted without substantial change.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
The Net Results.

The net results OF change seem to
be:
II. To ohlige the railroads to render
for practically nothing the actual trans
p~crtatio. service required in effectinE
transfers Of the public funds.
40. To separate the risk Of insurance
In transit from the general insurance
duty and turn this business over 10 new
interests at rates not az yet disclosed.
%. To transfer from the express CON-
panies TO the Post Office Department the
duties involved In the actual handling,
collection. delivery and custody OF thou
sands OF extremely valuable packages
not hitherto carried IN the mails
in this analy sis IL would appear that
the only real and tangible saving = cN-
pense to the Government lies IN the sub
stantial elimination OF payment to the
railroads for the transportation service.
In other respects nothing but n
change in agencies Is effected, which Is
as likely 20 increase a. TO decrease the
costs.
Armed Guards Expected.
1T may well be anticipated that the
railroads will be called upon from time
u time to carry not only the Govern
ment's money hut also TO carry free
armed guards as agents In charge Of
the mails or even 10 furnish special
cars without additional compensation.
For presidents upon these points 1,
may be recalled that when the Urea
sury Department last summer shipped
100000 600 in gold from Philadelphia
to New York as parcel post, the Post
Office Department required -four special
cars for which no additional payment
was made and also the transportation
for the round trip of 100 guards with
out payment of fare.
III by eXactiug such forms Of s2ecia
service and insisting upon the free
transportation Of armed guards. as
postal agents, the Treasury Department
is enabled to Obtain abnormally low
rates Of insurance, the saving will quite
evidently he effected at the expense os
the railroads"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
FINDS FLAWS
IN ATTACK ON
ROCK ISLAND
Defender of Old Control
Says Interstate Commits
sion Lacked Facts.
SNAP JUDGMENT
CHARGED TO BOARD

A student OF railroad problems VINO
was closely connected with the ROCK
Island during the so-called
regime has made some very interesting
in the Wall street Journal
regarding the attacks made upon Judge
Moore and d. q. Reid and other direc-
tors and officials OF the various ROCK
Island companies by the Interstate
Commerce Commission In It's report
which was lately published. Long as
ISOLATION with rhe property has placed
this critic OF the commission in a posi-
ton TO be fully acquainted with the his
tory Of the Rock Island property
He says that there was no authority
for the commissions statement that
none OF those persons who participated
directly in the receivership had any
financial interest in the company. The
directors and stockholders Of the COM
pany, including the Holland interests.
had millions OF stock. As to the as
sertion that there Is no evidence as to
what bonds or equipment obligations
they held, no one has ever Intercepted
them on that subject.
To the Interstate Commerce Commits;
sion's allegation that There are too
many passive directors who acquiesce
IN what is being done without knowledge
and without Investigation the reply
IL made that there are too many COM
this without knowledge and without in
vestigation."
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
Payment with PROPERTY.

The commission conveys the impress
kon that stock can not be paid unless
laid for in cash. Every business man
bnows that stock can be fully paid
Eith property, Both the Iowa stock
end the New Jersey stock were issued,
lawfully. "fuil paid by the acquisition
81 property. that is, the stock OF the
NLvay or operating company,
y He commissions report says
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22

justice of the peace. but boards of SUI
pervisors are permitted to fix their COM
pensation in criminal matters, IL being
commended that the present fee system
is open to many abuses.
Sections 20 and 81, dealing with the
Court OF General Sessions and City
Court of New York city. were adopted
as desired by the Committee on Ju-
dietary.
The County Courts.
These sections nave been approved
by the Association of the Bar of the
City OF New York and they empower
tho Legislature to abolish the County
Courts in New York city, n extend
over the whole city the jurisdiction of
the Court OF General Sessions so far as
regards criminal jurisdiction. and the
jurisdiction OF the City Court so far as
regards civil jurisdiction.
1t is expected that this would relieve
the Supreme Court of n great number
OF small cases and make homogeneous
courts OF civil and criminal jurisdic-
ton respectively, which would better
meet the requirements OF the business
OF New York city han the existing
separate courts.
Section 90 provides that after Jan
uary /. 1917, the jurisdiction OF the
Court of General Sessions is extended
throughout the greater city. The
County Courts of Kings, Queens, Rich
mond and Bronx are abolished, and
their jurisdiction transferred TO the
Court OF General Sessions. tho Judges
of such County Courts becoming Judges
OF the Court of General Sessions, the
successors OF the Judges 80 transferred
to be elected by the electors of the
counties in which they respectively re-
side.
owing to the rapid growth OF popu-
lation in Bronx county the Legislature
is empowered to provide one additional
Judge from that county II 1t shall deem
IL proper so 10 do.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
ROADS ACCUSE u.s..
OF A NEW INJUSTICE
Ralph Peters Attacks Recent
Order on Mailing Public
Moneys.
FREE SERVICE, HE SAYS

WASHINGTON. Aug. 21.-The railroads
of the country nave complained of the
recent Treasury Department order. eff
fective August IS. directing that all pub
lie moneys and securities transported be-
tween the Treasury and sub-treasuries
and the banks shall hereafter be carried
by registered mail instead of by express.
A statement issued by Ralph Peters.
chairman of the committee on railway
mail pay representing the railroads,
says:
""The express companies have hitherto
earned about $500, 900 yearly by the per-
Torrance Of this service. Approximate
ly so per cent. of this sum or $3.50. 600
annually was paid by them to the rail-
road companies for the facilities OF
transportation.
Both the railroads and express COM
but the railroads. unlike the express COM
panies will be deprived Of these revenues.
panies, will by no means be relieved OF
the service, since II is obvious that
whether the public moneys n secur-
tiles are sent by express or by mail the
facilities OF the railroads must be used
In either case.
Question of Compensation.
For carrying the public moneys and
securities az mail the railroads will re-
ceive no compensation whatever until the
Government again weighs the mails TO
ascertain the tonnage being carried.
This is done only once In four years.
Even then the rates the railroads Will
receive for transporting the funds Will
be so utterly inadequate, by comparison
with tho unusual valu OF such snip
ments and the fair worth of the service
~ the Government, as 10 amount prec-
tically 10 nothing.
THE rates paid abe railroads for
carrying the malls are based upon the
service Of transporting such things as
letters. printed matter and small mer-
chandise. These make up the great hulk
Of the mails and with few exceptions
are of relatively small intrinsic value.
Rates commensurate with service OF
this character cannot, by any recognized
economic principles, be held common
surate with the service Of carrying enor-
nous sums In money In negotiable Sc
curities. the shipments of which by the
Government probably exceed s2,0o0,0oo'-
600 annually.