New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-06
"a WEALTH MARKETS AND COMMERCE n&

Now York" instead OF STERLING ex.
change at London" in tho clearing OF
international accounts, the Federal ne
serve Board has made the following
ruling:
You arc hereby advised that the board
has decided to permit member banks 20 &C
cept drafts drawn upon them by banks or
bankers in the following countries: Porto
slico. Santo Domingo. Costa Rica, feru,
Chile. Brazil. Venezuela, Argentina an
Bolivia. II Is understood that such drafts
are to b drawn for the purpose OF iur,
nishing dollar exchange rs required by ue
usagos and trade in the respective eouh-
tries.
II is understood that this applies 10
a form Of paper known as bankers
bills, distinguished from mercnanuisSS
"acceptances" arising from import ana
export transactions. These all fedeIa'
Reserve banks are free 10 discount.
The purpose of the ruling is TO make ~
easier for South American bankers 70
nav in American dollars than in Eng
fish pounds through the regular chan-
nels Of international exchange. ., ne
board has ruled against accepting oll'9
of a similar nature from Europea"
bankers. on the ground of its being IN 70
necessary 10 do so. Hitherto South
American banker has always made MS
navments to bankers anywhere else IN
the world in sterling exchange on Lon
don.
New Shipbulldlng Directors.-George
J. Baldwin, president OF the racine
Mail Steamship Company; =. A, D
Franklin, president Of the Internatlon-
al Mercantile Marine, and Lawrence H.
Shearman. vice-president OF W. H.
Grace e. Co., were named yesterday as
the executive committee Of the New
York Shipbuilding Corporation, the
shipbuilding enterprise recently en-
tered into by the American lnterna-
tional Corporation and the interests
now represented upon the executive
committee. Mr.. Baldwin, who is also
yice-president Of the American Inter.
national Corporation, is chairman OF
the committee and Of the board OF d.
rectors. The other members OF the
board of directors are as follows:
Joseph P. Grace, Robert +. Herrick,
w. 8. Kies, s. NJ. Knox, Ambrose
Mcneil, William Finlay Morgan, Perley
H. Moves, James II. Perkins, Charles A.
Stone, E. P. Swenson, Henry r. Weir
hane and Joseph A. Bennett. Officers
of the company announce that on Au-
gust 81 there were over Sl3,OOO,OOO
worth Of uncompleted contracts on the
books of the company. New contracts
entered into since that date, together
with the awards for battleship con-
struction announced by the government
last week, amount to about S23,OOO,OOO
additional business.
Take Steps to Relieve Car Shortage.
To make more effective measures
Already taken TO relieve the car short
age existing in many parts OF the
country, the American Railway Asso-
citation met here yesterday, and recon
stituted its car service commission,
clothing it with full power to CO.
operate with the Interstate Commerce
Commission on all questions of car
service The association also decided
TO increase from 40 cents to IS cents
the per diem rate charged one railroad
for the use of another roads cars.
The chairman Of the car service CON-
mission as reconstructed will be Fair
fax Harrison, president of the South
ern Railway.
Missouri Paciflc-Te1as & Pacific Liti-
gation.-Judge julius NJ. Mayer, Of the
Federal District Court, in the consoli-
dated foreclosure suits against the st.
Louis. Iron Mountain & Southern Rail-
way Company and against the Texas
& Pacific Railway Company yesterday
appointed Pearl Wright and John L.
Lancaster ancillary receivers OF the
latter property in this district. Judge
Mayer authorized and ordered Receiver
Bush to institute a suit against the
Texas & Pacific for the enforcement
and collection Of judgment amount
ing to $4,000, with interest at per
cent, from December l, 1916, which he
recovered from the Gould road in prior
litigation.
New Directors Elected.-The board
of directors of the National City Com
pany was increased from seven TO ten
Yesterday. The new members elected
were Percy A. Rockefeller, James A.
Stillman and c. +. Mitchell.