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that the earnings should fall on an average below one million a year seems quite inconceivable. The natural growth of the country through which it passes is certain to keep its earnings up. Just at present they are exceeding those under the receivership, and the management of the road anticipates that the earnings for the current year will in all probability establish a new high mark.
The foregoing takes into consideration simply the earnings of the road as it stands at the present time. In addition, there should be considered the earnings which may be expected from the new money as it is put in, that is, from the new equipment and the new feeders, and, more important, from the additional business which the feeders are certain to bring to the main line.
Another element in connection with the new company, which, it seems to me, should not be omitted from consideration, is the character of its operating and managing organization. Naturally, I know it well. It is thoroughly loyal and efficient, and has the decided advantage of familiarity with the property and its problems. The receivers made very few changes in the personnel which they found. Those that were made were solely for the benefit of the service and, I may say, had that effect. They appointed as their general manager Mr. Charles M. Levey, who had been in charge of the operating department from the beginning. Whatever success in the receivers' administration is due to good administration is very largely due to him. He is the president of the new company, a deserved recog. nition of the ability he has shown.
The final element of which I wish to speak is the physical condition of the road. Any impression to the contrary notwithstanding, it is excellent. As might be expected of a property in difficulties, where each of the various interests naturally desires first-hand independent information, and all want to know what the matter is, the road has been experted until the operating officials have well-nigh expired. Expert after expert has gone over it and reported. All, however, have commended its physical condition. Many of them have freely expressed their surprise at what they found in this respect.
To sum up the present condition of the new company and its prospects: It begins upon a sound financial basis,
: with money for its needs and development, and with fixed charges which its earnings should easily meet. It begins with an independence of any outside interest which might be tempted to use it for its own advantage. It begins with a good railroad, one in good condition, well located, and well suited in all respects to serve the public, and as to grade and snow difficulties, with decided advantages over its competitor. It begins with a competent and loyal organization, familiar with its duties and the difficulties to be overcome. It would seem as if there were every prospect of its proving to be an efficient instrument of service to the public, on the one hand, and a source of profit to its owners on the other.
EMILY CHAMBERLAIN COOK PRIZE POEM, 1916
THOMAS GORDON LUKE
In the gray dawn, out to the harvest field
This poem was awarded the Emily Chamberlain Cook Prize for 1916 by a committee consisting of Professor Edward Bliss Reed, Professor Cornelius Beach Bradley, and Mr. Robert Frost.
II. INDIAN SUMMER Weary with toil, I stroll beside a stream Beneath the birches' gold and white, and pass By winding eddies, and a pool's green glass, Where startled trout dart swift, with flashing gleam Of silver. Here on holidays I dream, Until the sunset burns the meadow-grass And the far-spreading forest is a mass Of shadows. In the rising moon's white beam Homeward I ride, and watch the mountain height Grow brighter, while the breezes sing a psalm And silver-floods surround the elm-tree grove; And, in the darker hours of the night, Through fields where gently flows the river, calm As the peace of snows when skies are still above.
III. SEASON'S END
The harvesters have scattered, and the days
IV. STORM WIND
V. THE WIZARD
Old Winter is a wizard. First he turns