New-York tribune., 1911-01-15
Constant Reader Tells what
He Missed in Last
Weeks Papers.

.r,dred BY the newspaper headlines. "
all BUSY Man as he met Constant Reader
,ss, evening. commercial matters seem 20
80 held the centre OF the stage this
week"
.sTr,e" was the reply. "The Carnegie
r-rst Company. IN this city was closed
-. the state Superintendent Of Banks.
c-in II. Cheney. The general cause was
stoadv nressure of Withdrawals, amount
,,y N a gradual run. ever since the COM
-gnv's name. mentioned in connection with
-, -,anipulations Of J. G. Robin in the
N,-tberu Bank brought Il into unenviable
-,o-nlncncc. The immediate cause was in
,bilitv 10 meet an order Of the Banking
1,erartnent 10 take out about S5oO.0O0 OF
,ocu-ities Of so slow a character that the
e,s+s Superiutendent was unwilling that
enc institution should stay open with these
t,l5inrs blocking it's ability To lquidate
81 p Morgan came TO the rescue Of the
s,,ts and trust companies allied with the
c,reed Carnegie concern and provided the
.,er tn meet any possible run on those
,,sti,utions and 10 buy the control Of tho
Madison Trust Company and merge Il with
che Eguitable Trust Company. The banks
o. which Mr. Morgan provided immediate
cssb are the Nineteenth Ward and the
r-veIfth Ward banks. Funds for the Madi-
son Trust Company were supplied by the
Eruitablo Trust Company. The condition
Vb.ch Mr.. Morgan demanded should be full
FLIED before he would step into the breach
rss the resignation Of the five directors
~ the Carnegie Trust Company who were
slsr directors in the two banks and the
- s.vn hn hal
.hs control Of those institutions. They
we're William J. Cummins. chairman Of the
hoard of directors Of the Carnegie Trust
coruanv. Joseph 3. Reichmann. who sue
,.sded 4. c. Dickinson as president Of the
Carnegie Trust Company in January. 1910,
,,E held that Office up 10 three months
ago. Martin J. Condor. who Joined with
W- cunmins in buying 9. G. Dickinson's
STOCK IN the Carnegie Trust Company;
samuel H. Kress and g. Arthur Moore. r..
NEW HEAD or STEEL TRUST.
"a successor 10 William Ellis Corey as
-rss'dart of the United states Steel Cor
rr-arion. Ar an annual salary Of 100000.
va named a. the regular weekly meeting
If the finance committee. James a. Far
yell president If the United States Steel
Products Company. the exporting end of
th. steel Corporation. Is the man, He IS
10. q director in any concern but the Steel
Corror4tiors subsidiary. Of which he has
hen rresident since its organization. The
United states steel Products Company at
-ordz strictly 90 the business Of selling
ereeI abroad Mr. Farrell will assume his
new duties as president on February /.
at a meeting of the directors Of the
Pennsylvania Railroad Company it was de-
,faed ~ present To the stockholders at
their annual meeting i'm March resolu-
ION authorizing an increase Of 100000
.00 ir the capital stock Az present the
authorized capital stock of the company IS
s5100o0.o00.
The commissioners for the United states
ian- Canada VINO have been considering the
fishery regulations At Washington reached
: decision The Canadian and Newfound-
land governments undertake 10 change the
&xisti1- regulations 70 remove the obiec-
-f70s ~ the United states. thus making II
Unnecessary 10 call on the board Of eX-
.re-ts or 10 reaSser7ble the Hague tribunal.
Tho regulations thus 20 be modified are
Understood 10 refy~ 20 the use Of purse
-s.-res. sunday fishing, right Of search and
similar subjects.
secretary MacVeash received offers Of
COMPROMISE aEEregating fully Slo0O.o0O
from New York importers of woollens,
fr-es. millinery. silks. etc. who have been
suspected Of differentiation frauds on the
customs one firm alone is said 20 offer
q compromise of more than 100000.
Henry A. Wise United States Attorney,
said that on his recommendation the Sec
-a,ary Of the Treasury had accepted $780,
eco from the american Sugar Refining
Company and its New York subsidiary in
settlement Of all civil liability Of those
companies for drawback duties unlawfully
collected by them ar the port OF New York
on exported sugars and syTIps.