davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
ELEVEN B. R. T. ELECTIONS.
subsidin Choose Directors for
Coming ear,

Eleven of the subsidiary companies Of
the brooklyn Rapid Trausi, system held
annual meetings yesterday at tho Of.
fees OF the system. ~ clinton street.
brooklyn.
The New York Consolidate Railroad
Company, which operates THE elevated
aud subway lines. elected i i Deinpscy,
superintendent Of transportation Of tho
company. to the board of directors ia
succeed job ". Weber. and WsI,cr =,
John benedict WAS elected "A director
To succeed John t.nglis. deceased. Tho
other directors were reelected
The Coucv Island and Rrookiyu Rail-
ROAD elected l.. Van Colt, purchasing
agent Of the H. r. I, system. Ia the
board of directors to succeed John iIlll
Morgan. resigned.
The South brooklyn Railway Conf
pany elected Capt. \. r. "iucr. Walter
81. John Benedict. ! !. dempsey. -. j..
Covill n William Si,bcrt directors to
succeed col !. : Williams. e. u Me
neely, y. +. BRADY and II e. puNal.
who retired. and Johu Euglis. deceased.
The following companies reelected the
directors New York Municipal Rail-
way Corporation. Brooklyn, Queens
County and suburban Railroad. coney
Island and CraveS"nd Railway Com
pauy. Brooklyn Heights Railroad Com
pany. Nassau Electric Railroad Com
pany. Prospect Park and south Brook
Ign Railroad Company. New York and
Coney Island Railroad Company and
Transit Development Company.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
COMMERCE CHAMBER
FOR CITY ECONOMY
Approves Mayor Mitchcl's
Plan for Lower TaN Rate
After Hearing Facts.
LEGISLATURE Is BIN NED

Tho rhamhcr of Commerce ut rs
regular monthly meeting yesterday ap-
proved Of Mayor Mitchcl's programme
for pruning the city budget mu:e than
s25. 10000 through measures now he
fore the Legislature. and a resolution was
passed 10 that effect.
TIE Mayor briefly reviewed the econ
oinies of the Board of Estimate since the
present administration took Office. and
drew TO the attention Of the chamber
tho fact that 81 o0o. oo0 has been cut out
nf annual expenses of about $40, 600. 600
since January. 1914 Tile Mayor said
IN part:
"it ~ of ia" utmost importance.
gentlemen OF tn" chamber. that IT should
he Impressed upon the city's representa-
;iy,~ tina; the responsible" citizens of
Sew York are determined that the city
shall get relief and that they are uf
the opinion that the citS.s r"rr -cuta-
tivcs should stand together for New
York city IN the Legislature this year,
either upon this programme or upon
som" other that means financial ici'et
tn tn taxpayers during the neAt two
or three years.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
HELPS WESTERN PACIFIC PLAN.
:, syndicate. WIN L~Nd 10 sub.cribrrs
TOR pOuds.

announcement was made Yesterday
that provision had been made by the
rcnrE tniaation committee of the Western
TtriH' Railway Company. through tho
syndicate that has uudcrwrittcn the plan,
to iid subscriptions ny holders Of tho
present first mortgage bonds 'o il"
So. 900, 900 FIRST mortgage 3 per cent.
bonds to lie issued 10y tho Now operating
company.
iIuudholdcrs may subscribe to tho ncN
hOud~ at go To- TIA" extent OF ~ per
cent. of their present holdings and VIII
receive Il bonus of 81 per cent. IN new
preferred stock amt ~ per cent. in new
commptS stock. The present earnings
of the company show a substantial
surplus over the interest requirements
of tn. new buud while tho cash to he
raised under tl" plan Is to he devoted
TO purposes which should increase the
earning power ~ the property.
The underwriting syndicate offers To-
lcud to subscribing houdhnlIcrs. or to
nominate other lenders who will do 50.
90 per cent of IN" purchase price OF
their -uhSc'ii,'iurs for ono pear ut q per
cent. Bondhold"rs uf cuurS" viii put
up 80 collateral aIl tho securities re-
rcivcd Iu tine r"urgLul2atiuu.
THIS proposition * expected to IN
duco boudNpld"rs to subscribe who might
Otherwise hesitate to do So. 10 g. said
on authority that nearly So. OO0. o00
bonds uui ot the total outstanding issue
of $50. uuI. uuO have been deposited with
tho Equitable Trust Company, the de.
positdry ~ "a" reorganization committee.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
RECORD GAINS MADE
BY REPUBLIC STEEL
Net Earnings Increased From
81. 33O.612 to 81. t3o.J93
in Past Year.
FUTURE LOOKS BRIGHT

belief in continued prosperity in IN"
steel industry liz expressed by John y
Topping, president Of the Republic Iron
and steel Company. in his statement Y"
stockholders, witch Accompanies ln'
annual report of tn" company. lhc re-
port shows tho largest net earnings III
the ~cornpauy's history. Tn" earilneH
i'm ,hn wear ended December 81, l"I".
were equal to +, per cent. ~ me So
ooo. 600 preferred stock and So per
cent. ON The s27.19l,ooo common stock
S.t earnings were sJ,i3! ,sHN, as com
ulrcd with s2,330.672 In 1914. Total
rrnfits were SI.622. 900, ng',nS s2,i"'-
5.I. Net profits ariouutcN 7" SLIM
7"a. as compared with Sl,Nt',o'i. me
| .urniu.. after interest charges. was
sa5l..>i". ~ compared with Slo2>-
-. This was equal {" li'' per CENT
carried uu tn, $50. 100000 preferred
stock. against All per cent. earned on
a., stock Iu the previous year. IN I'I'
'rc'.rrcd dividends paid a'l"uu'cd Il"
S!lNI.Ion. ts compared WITH $N,',"oV
%. iHIi TNi- lc'' It surplus &" t" year
nf N..s2>.%lH. against $lt&.Il> - l'l'.
.Ndu.l tu tao previous surplus. & ave
tur ,omuiu, , total profit a'I l''-"sui =
YIue ui S>."ai.,li 81 i,."0h'r e.. l"l0.
after deductions fur ~noo,.d Hui"u!ria-
,iuus. a.. compared with SE.il..2""
Tuo untitled or,l'Hs uu ~" CON Trtuvs
4, houks iur finished Irouu - ct 'h' ''o'"
co. iIr N,.l amounted 'u o"l,2In inne
a.. compared with i"'.u TON. a year
ru rIs ',ru orders Mere 1875. iof TONE,
aaI'l.t "".".f tone
That Ih. cash position ~ tn" cOWpau
e much stronger than 81 VAS u year dso
D.. evident from the balance sheet. which
Shows % cash item 81 $3.50 81 on De
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
DAIRY PRODUCTS MARKET.

B~CTTEE-No ohauge Was made IN prices
ios'.rihy, ..'Honfh .o,n! business was
wa~ man and readily taken Below irsts
ne maf""i wns unsatisfactory and slow,
arrufnu t'ton Fin" hold butter IN fair
ur'tiNi. tnd"rgrudeS somewhat neg.
t,ir ite"G'a.,d quiet ladies' Guie,
extras, - score. 81 ala, higher %srpriul,
81 3-igr., nrs's, - 2u'g.. tr'ouIs g-Fi
;ol.c NnSn.i"i lar'', a-'r n a3'ac, pr'oa
20 choice, .'T3ll. 'l".I .>trat -tr
hight scoring, -''s rdn &c. = -o.i-Nr.
."'puis -'': sat" .t"- 'u'A.
mye5,, :" 3d., good 20 .pT'mr ,''-'
2ic, bower graH"s. goa -.r Imitation
rre4mert, 4s''s = &c. .,ii,, ear -
2oiy'.; packing sto.', Jun" maxi I'M.
cola. current make. nu". 200, 80. =.
i'G; !.Ner sr9i"-. Tn'',.
dnie' forns Am"ri ~ MN ON rc'ounr -
scarcity. .E>por'ots No." light buyer '"~
STATE whgI" mi!k he'i sp". al. l>nl'',
HveraGs fancy lSc, ,'%uir"nt maxi. -
.ia's, l7A".; stat" skins hold s~p"yirl.
lt',r current mako, specials. 49,. n ltA, .
~. Wisconsin tvIut. '.u So. double
d"l n NniSt yours, \m.l,ca l.'s
n" West kept tho market nrn. although
local buying. j. not raItiou.arly. tD.I'".
SomG on, of tow ira!ine ah,9rhLns
whi,Cs show good mogsmeg. rr,.c+:
fr.'s. aiu"-r. first. "gie "Ol,,.. .,,-
.".. ADDS. l'4 zoo; heuu'rN whites. No 20
f'.r.g, toat:,. browns. 3a"3sc, mi>rI
LIVE neutrality-suspicious. wsro =.
'abishod Yesterday show ur an .J,au.o
over tho" "f 'ast Nc.k onng 20 Z 'om
porlrv shortage. Foo'a pnr'l u'lr'" i.ru
chickens mp>t'y cnarsr "uI ,Irn ,ro ucC
lected. ud BOOSTERS auI turkc', nm
changed -pi.ks and gee" higher pri.c
lfn VNz 2 a. - IHAHaHH-, a ~
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
UNIQUE EXHIBITS
IN TEXTILE SHOW
Product Of the Loom in Past
and Present Is Shown
in Newark.
SOME WORK PRICELESS

Ncv"r was u moro complete showing
vi the textile art, from the bottom to the
top. than that IN tho exhibit which be-
gan Yesterday at the public library at
Newark, y. j., and will end March Is.
If there ~ anything not shown In the
weaving. spinning. bead making, en-
hroid"riug or stitching line. from we'd
ding wells To- funeral scarfs. from
samplers and historically priceless bed
spreads to the most exquisite products
of the silk factoriof OF to-day, II would
he hard tu name It.
Tho Exhibit has three scc.ions--the
historical, which has been supplied bv
| the most patient search through the Old
homes Of New Jersey and 10y the 60
operation ~ distorted and patriotic so
s%icti's. the commercial, where mak.ys Of
every degree ar" represented. from hand
loom operators from the outskirts Of
New Jersey to the hug" manufacturers
/ of Paterson and tu. work Of pupils .u
the public schools amt In Institutions
!or TIA" blind and Cor detectives.
Quit" H~ Interesting - the cover" lets
and iabl"rlu'ns woven hN colonial b, li.s
COR their W"dl.Ig outfits are old World
fabrics ard various treasures which
com" FROM ;h' lru"s nf Immigrants
D;dyly d""ss'd dril~. -urs"1Is aprons and
embroidered head dresses from bohemia,
France and HOLLAND are shown inside
glass cases, protected FROM handling tud
: from the dust, for The nW "us. lhc ."u~-
tudiau~ IT tn" exhibit ~t,. Na,uH these
reminders OF their uuucs trruSs tn"
ocean very dearly. and II required q
great deal ~ PERSUASION TO secure them.
,rp interesting ,NiIhif - ftl,I,,. lpiH
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
DROP IN DECEMBER
FOODSTUFF EXPORTS
S23.OOO. 900 Below Ei"urr,
for Last Month Of loIl-
Beef shipments | p.

,.r,.. r.n ,
,..,..,, - I, No.,
,.I .L,,. ..nu,,r, H.
.,,,, 49,, .t..,., .,.. lr,.t. .,o.
l ,.. ,,.u,.t. |
,,.i,. ,,,,.n .,,I our
,.,,,.i =. en-, a., "a,
".,,n t,", 10, ,.,
'u nIinq "a, HaH ," fla. ','
a,Iu n,.",,. .
800,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04

- N, next item. II the ,itN Is given
tn" home ruiz jurisdiction over the eN-
peuditurrs oi the county offices and II.
with that. the Leg stature viii maxi" GER
tau minor consultations which II has
~ rs oNu power To- make, y" can save
e., o"u.""n lu tnt' field next ycai. uI a
total az tv" AVID a halt points Iu the TAX
rate.
crime text item i- this. Out,uI, of Tn,
oI'y, iHo stat" bears the cost ut normal
~'irul>. uI vocational aud Industrial
l'at'".g or AT least of "a very large mart
ut - Within IN" city the city alou.
bears the cost of that branch of public
education. As a matter OF ordinary JUS
tice | have raised the question whether
the stat" should not c%putriSut. at least
81, Nuu. ouo-aud that . a small propor
ton IN view nf vhtI is expended by the
stat" elsewhere toward the cost of vo-
cat,onal and industrial education IA this
city and toward the maintenance OF
choolS here which correspond with tn.
normal schools IN the other parts of the
state.
Il also suggested a. the next item
hat since the State bears the expense.
at the PUhll, service Commission or the
second District, 1t ought to bear the
regulatory expense incurred by the Pub
lac service Commission Of the FIRST Dis
'rlri. that what H. just for tho rest OF
the state. ought to he Just for the city -
MaN"r NIt'h"l explained tn" other
provisions %. Wis programme and told
"hN h" thogght tn" city should get the
81. o0O. uhU tHS levied on transfers OF
storks in tn" city. why it should get o.
per cent. or approximately $500, 900 OF
III" automobile tax collected from city
vehicles aud Why the State Should con-
tlnl" to divide tn" new excise tax.
In closing, the Mayor said:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
Hir Increased Dcman ID.

-
Among tine genera 'aNStN gwen l"r
inc hlth price 81 E"H"'r'' are "lH' VIC
.i'ltASch '"'''"l' '''' W ~"H''t", u NV
.il''' 't"''S' WV, ''',''.5 a"'e ~.
""'s "dN' ','"."''' "0 u.s." &c "' ~
nv y, Wv" So 80,
u u w., ,.ni !. nnn
.'-,. IN IA, ,,., ,ho rr.yiors ,.ar
.,t l,-, ,,,, ,.. .x,,,,y Con, / .on uun
h.r,.Is .,,,,,, ,h,, -, tu,i
nh. sa.rr,,ry .u,g,s,. also as a, con.
,r,nu,nry ,.,ls, az IN, d.rl.tton n, vaso-
L.. s,o,ss m, increase demand at
nom. and abroad. He cites the fact
tp,t vIl.. r,ri.rs bnJ - huu ouo har-
rcIs in ,tor?g. "a wear ago inquiry to-
day indicates there j. very little now
stored In this country.
Secretary Lame also draws attention
t. the d",l ca~cd production Of crude ul
wh'ch contains a luiI" percentage ~
GtSol"uc lu the Gushing pool of Okla
homi, Th" daily production declined
from """.""" barrels m April last to less
thdh I""'""' barrels III January. tie
adhs.
Nhi' 'N''' y " market shortage or
'"NH'hL tNHd'' "hIch - directly re-
"i''''N'hl' Tor som" 81 The independent
r,I'''S PAVING ii premium 81 IRON 20 TO
." Genus - h'fl'I above the quoted
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
STILL THINK LOAN
MORGAN'S MISSION
Wall street Will Not Accept
DrnialS Of Plan for New
French Financing.
HOMBERG SAYS "NO"

Wall street still believed Yesterday
that J. T.. Morgan had gone abroad for
the purpose Of negotiating n French loan
Of between 500. 100000 and 5000
600. 900. although dcnials were issued by
members ~ the Morgan firm and 10y Oc-
tavc Homberg. regent ~ the Bank OF
France and one of the members 81 the
Anglo-trench loan commission. While
Mr.. Morgan's associates said that his
trip abroad was purely Of a social ma
turc and tina he had been expecting 10
go abroad for several months officials
OF banks and members OF private bank
ing firms were quite ready to talk about
u French loan which. they said the
| Morgan firm had under consideration
Several bankers said that they had been
called &" the offices of J. y. Morgan &
60. to confer on "A French loan.
The bankers who said on WEDNESDAYS
that Nj. Mursau's trip abroad Wa IN
connection with - new loan maintained
Yesterday mat they were correct ~ their
statements and tht' important french
financing would probably h" announced
l'If S'h'il D.. WI sh'A o.
with frr',r u. ,ucicrS tH' Fr"u'h Coz
eminent officials w-r" ~atis'r tory.
Bankers pointed uu that franc "N-
change was getting to Il level which r"-
uuir,d immediate attention II "nnlui,r-
ciat relations between IN" United states
and Franc" are to hc continued a" AT
present. Francs closed last might AZ
! = "oa, for checks and 30 for cables.
AGAINST 59UN, for checks and h.N"7s for
cables ur "Wednesday. Thes" prices COM
par" with a NiGh uf ~ reached not
long ago iu frames aud "a low eff SOL
about the time when the Nuglo-Flrurl
loan wts under negotiation
Octave Homhcrg issued She f"l"wire
/ Statement; "Mr. Morgau's d"lariur"
for Europe having been connected VITA
an alleged negotiation 60" a rev Fr"u,h
2 Government loan. certain details "N"iI
having been gwen. prttN" hHuh"rs,
financial agent u' %" French 'N"rr-
! mont says .u 'h.t RESPECT Tn" Fr'r''
I tin.,' .VI'H' yu' g. tn nl's' 20. 'ln
In uegu'.sr .ur with i = Morgan \ 80
! or any other hJuk ur group uf banker
/ for 'riu or credit ~ the NEED state
IN, d,~r,.v'uro of i. = Morgan for EU-
ron. therefore obviously has 1900 v"'-
! meet .,'i whatever with negotiate.
I sine" uo', exists 'Fur'h"ruurr. 'h'
F~t'.n ,;,l,rlm,st hts large suns Nr
dol, tr- t' ''- Il spu~.1 90 nT'S'r' 'n'
3 - -. >,u go u" disposed ~. ar" -
different o'd~~t- ard ar 'un- ''rth =
~ .N,r-- ~ the worry important htItn,.
still tu tn, crci' Of the ti,url ',oN"".
m,Nf resulting from 'I" proceed of 'N'
! Anglo. French 'oAIl'
Nr llomherg added that 'h' ~is.'.i
| comm ~-|nr w. u"' thi" FOO -I.IHI .-
fur's g.. rapid n~ i -n'd "w's e..
~" TACT 'htf mary N'u"'.''n W.,Hl'h''
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
THoM's TASKS L1GHTENED.
S"uthcr" Halfway RcndJu.ts I'm
Ucuartmcut

FairfaN Harrison. president Of The
southern Hallway %tumpauS, issued the
following statement Yesterday
I'm order that Alfred T.. Thorn may.
IN the general railroad interests, accept
the position Of counsel of tho railway
executive advisory committee, he has ~
his W request been temporarily rc-
liovcd OF certain duties of his office for
this company. effective February |. 1915.
The organic ,tiuu Of the law department
T. accordingly rcadiustcd and the duties
or general counsel are distributed ~
follows:
"fraucis l.vnde Ste'son. general couu-
sci AZ New York, with general advisory
and active duties as assigned by Tho
board of directors or the president.
alfred T.. Thorn, general counsel at
Washington. u. e.. with general advis-
DRY and active duties as assigned by the
president.
Alexander T. Humphrey, general
counsel at Louisville. KY. In charge of
the law department OF the Western dis
trict.
~" T. Jcffries, general counsel.
washington, u G., In charge Of the lJN
department of the Northern. Eastern,
Middle and southern districts"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
BIG INLAND STEEL PROFITS.
Net IN 1913 Is sI.II0. IOt--Totn
surplus s1.7tO.7OI.

The report Of the Inland S'eal com,
pary yesterday was for IN, rdlerdt,
year of 1873 The previous rcpor, u'
the company was for tho fiscal yea
ended Jun" 80, 1913, which included ia,
first SIX months ~ 1916. Net earnings il
1915 amounted 10 sAAIi,l39 tn. to't
income was si.i93.0.r.
Net profits OF the company In the cal.
cudar ycar wor" Sii69 lnI, and tho slr.
plus was S3,lh1,52s The prcviouS SIR,
plus amounted to S3.sJ3.l13 Tile to't
surplus at the end 81 tn" calendar yeai
was $3.50, 10l. Cash on hand amounted
to $l.Sil,91S
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
Points ~ direct TaN.

To tax. ,his thing up specifically
~" hay" th~ year IN our budget an item
Of il@,hfj,n 600 az account of IN" city .
shar" of the direct state taN. THAT
represents H. points IN the tax rate
for 1915. T. has been stated by the
Governor ami 10y the state Comptroller
that. In their o%''iuinn, a direct tax will
not be- necessary this year. | think
that that opinion j. quite sound. I hav,
not IN" siightc~, doubt that IL the Lexis
ltturc vii refrain from making ap-
preparations for local state purposes out
of general state funds the stat"
budget ran be- held down to a figure that
viii max" u dtr,r' state tax unnecessary
IN lHlh that j.. u tan which. OF course.
would be levied ~ iHl7.
There j. no need for me ,u .cvjew
Ia YOU tho specific appropriations OF 'Sat
character thai We're made by the Leg --
aturc IN 1913. Perhaps one instance
VII b" enough Undcr the STATE aid
law the Legislator" appropriated money
:or IN, Improvement II lit'le dir; by
ways ia ~" rural districts. and the city
~ New Works proportion was -. $780,
n"u Now - SecW~ to mo essentially
unfair tlrtt New York ri;y should cou-
tr'hut" :" per cent OF the cost % mn
proving ,h'~" It'll" dirt hvwa>- II
seems q" u" t'tt that IS pu'.,y 4 .ocu,
improvement tri ough; to %. citr Il
ou' through local appropriation o. local
assessment. just ~ slulIt~ Wtrh IS
done h"r" d" 'V" rty through l1,u ap-
p~rorcjH'lou aud "cal ussc.,meut. II
tn" rul" f. t4.r f"i rs il is fu!r for
other u'r'iuir, nf Tn. state And what
"" ash is that N" state aid avs uo ,c-
p"a'rd.
"Auo,. or Installer is tn" a~pp'"p-ia-
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04

! 4 ". S%cllEnian & 90. arnouara,
Yesterday that the common stock 7,.
longing 10 tn" cuba cam" sugar Cor.
r,ratluu -Nudirt'" that hdi Hut be
Wit drawn from sdi" had I'll! boon d..
posed ui. The strength aud activity a.
tn stock was tho feature of tho cw-
~ = ket N"~'"ulty. More than lis0hI
share changed hands at rapidly rising
quotations TN" stock closed last ur
IT 54t.. an adrauc" OF ~ points oyer
Wednesdays close.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
CHATHAM & PHENIX ASSETS.
Bank Reports T"tnI Resources ~
: TI..nn.NnS.II.

tn" chatham and rhcriN National
Bank report that ~ Tn" close Of husi-
moss IIccc 'nhrr II. 1919. It's total re-
sources amounted Ia S7i,25o,0 5sI7.
Loans and discounts w"ro $40. 3s,H7i4G.
tinted Stat"~ bonds iparl si.N39.OO
other stocks and bonds si.u66. tfoT 70.
cash and exchanges Sl7,24sil2g2 and
biukIug huus" $1,000.
Tho statement shows liabilities, CON
sistlng Of capital. s3.5O". 900 surplus
and undivided profits. $2,Oia. 1876. Il
circulation. sl.77i,797 30, and deposits,
$50, n1o. % I 20.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04

judge Elhcrt IT, Gary, chairman Of
the board Of TN" United States S'c,l
''orpoi alton. When asked yratcrIa, u
reports that his conptn! had r.us.l
orders with 'hc French Government
amounting to $500 400 were tIuc.
said that he knew nothing about sl,l,
an order,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
Uow Consume suffers.

"Thc net result uf this clearly indi-
Gated business policy IL that the con-
sumcr of gisolcn" pays u price which IN
the case ~ the companies controlling
the large stock. nj crude oil. IL not
necessarily determined by the price paid
to the oil producer.
"Thc smaller rciu.rs. on the contrary.
less favored with transportation ana
storage facilitio, ana ready capital. may
be 80 dependent for crude upon the cur
rent market thHt their cost of gaSolene
production is directly IN relation t. the
current price of crude. II. indeed. thcy
do not have to pay 3 premium whenever
q shortage H. threatened. TINS adNdn-
tagc Of large proiitS to the stronger
companies Is perhaps inherent ~ the
comp.tit'vc system and must be rec
ogu'Zad in any dhdIN sis ul costs anu
prices"
Commenting ON the financial int1u-
enc.s" that have affected the price of
gasolcue IN" report says:
9TH. recent rapid increase in the price
of ,rud, oil aud pasoloue has been ac-
compaui.d 10y rapid Increases III the
market quotations of oil company shares
The market values OF the capital stock al
thirty eight corporations. OF which
thirty-tiVc ~" iu the standard ON group
and three are typical large independent
companies. have increased remarkably
IN the last SIN months. stocks "i other
oil companies show ssSiWllar rise. but
the quotations are not at hand.
Thu. thirty-.ighi companies selected
are believed to represent all phases of
the oil Industry. These rapid increases
might be ascrib"i 30 the general condi-
ton OF prosperity aud the general up
ward trend ui TIA. stock market but for
n. tact that iu'iug m" last quarter ot
1915 N" oll company stocks did not ris.
At all with the market
The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-04
LANE FIXES BLAME
FOR GASOLINE PRICE
Biz Companies. Secretary Re-
ports. Produce Unwarrantcd
Shortage in Oil.
BOOSTS STOCK VALUES

WhsuuNGroS. Feb. 3.--1n a report
sent 10 the senate today In response TO
the MrCunbcr resolution Secretary Lane
puts the blame for the high price OF
gasolcnc on the big refining and trans
porting companies.
Figures were submitted TO show the in
crease in the production of gasolene and
also the increase in the exports and IN
tho amount consumed In tho United
States. but the Secretary Of the In
terror - UNIV Hing to concedc that these
conditions al,n" are sufficient to send The
price of gasolonc w 10 the height 1t has
attained.
Tho obvious fact is that the refining
AMI transporting companies that are
strongest ia business foresight and imam
clai backing take adv antas" both or the
railing and rising markets in crude OIL
TO strengthen AN already strong position
BY purchasing both u stock Of crude OH
and additional producing properties
says tn" report.
Under these conditions a market
shortage Of crude oil nay H. developer
which Il not wholly warranted by facts
OF actual production. yet 1t no less surely
leads to higher prices IN both cruz" ana
refined pfodu,tS. This furnishes the on
pnrtuuity to the well supplied r~ciiiers TO
sell at the highest pric" gasolenc when
II derived from crude oil purchased al
q lower market.