The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-06
CANADIAN CAR co.
GETS $1,6OO,OOO
Russian Government Comes to
Rescue Of Concern Engaged
on War Contracts.
STOCK REGAINS LOSSES

The Russian Government yesterday
came 20 the rescue Of the Canadian Car
and Foundry Company. which was In
need Of further working capital to com
plete certain war contracts which II has
under way for that country, with a
draft for S1.500.000. The draft was
drawn on the Bank OF Montreal and In
par, Of $4,000. 900 which Russia has
agreed to advance TO the company to
enable 1t TO complete its war contracts.
Yesterdays check for $1,000, 900
makes si,jO0.00O which the Car has
recently advanced TO the company. Sem
ator Nathaniel Curry. president OF the
company. said he had received word
from Russia that she stood ready to
grant sufficient and opportune' finan-
cial assistance to an unlimited amount
whenever IL was necessary.
II was learned that II the advances
Of the Russian Government to the Cana
dian car and Foundry Company are not
sufficient or do not expedite the nlling
Of war contracts officials of the
and banking interests In this city are
considering the formation Of n new COM
pany TO handle these war orders. In
case that plan Is not put through the
contracts might be allotted to some one
Of the subsidiary companies Of the Cana
hldAl M eNN AVAiihl "iIu y Non-
tracts with different specifications
drawn UP In either case the profits
would accrue to the Canadian Car and
Foundry Company. but the banks maxi
ing advances to the company would
then be in a position to know on Just
what collateral and against what war
orders they were advancing funds.
II was admitted by officials Of the
company yesterday that there had been
zA..lI. Ma lA1ax. d, afll.x- 81 I.--l.-
contracts for 5000. 900 shrapnel and ex-
ploslve shells and that instead of de-
liveries being completed by March /.
1916. the period would be extended up TO
september |. 1915. An extension OF six
months.
From interests closely connected with
the company 1t was Learned Ia the
reasons for this delay we're lack OF
proper specifications regarding the size.
csl.bre. etc. OF the shells ordered and the
failure OF a Russian inspection commits
sion. capable of speaking the English
language, 10 arrive here until several
weeks after the time which IL was sched-
uled to come to this country. These facts
brought TO light further examples Of Rus
san army lneflciency and the slack man
ner in which the Russian General Stan
kept tabs on it, war supplies
Previous 20 the outbreak of the war
Russia bought nearly all her shells In
Germany, making only a few at hom
Abou. eight years age she sent plans and
specifications to Germany calling for
quantities OF such shells. The German
experts on going over the drawing DIS
covered thai the shells called for in the
drawings would not at the Russian
cannon and altered the Russian plans 40
that the shells manufactured in Ger
many would NJ the guns. Nothing OF
this was ever communicated TO the Rus
san General STAN or War Department.
The same was true OF the contracts for
shells let 10 the few factories In Russia.
When the war broke out and the
Canadian car and Foundry Company oh
tanned It's trst big war order from Rus
sa. amounting to ss3. 600, 900. hat cpun-
Try sent over the old plans. which were
faulty but which the Russians were un-
aware ~. together with sample shells
made IN Germany. The Canadian Car
and Foundry experts found that the
shells ami the plans for the shells did not
agree and II was necessary 10 draft new
plans In order to make shells which
would A. the Russian guns.
The common and preferred stocks ~
the company rega!rcd much NJ Their
Tuesday losses in yesterdays market,
The preferred. which closed on Tuesday
at 30, opened at 80. selling up to l0l and
closing 1t 9s. The common. which closed
on Tuesday at 81. opened a, 72. sold w
To s0 and closed at IS.