davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
PUBLICITY TO CORRECT
FREIGHT CAR SHORTAGE
Delinquent Roads May Be Cited
for Failure to Cooperate

While its reports as or December
indicate some improvement in the
freight situation. the American Rail-
way Association feels that some Of its
members have been delinquent in
doing their share 70 relieve the car
shortage existing in nearly all sections
OF the country. The association has no
authority By which it can force the
railroads 20 comply with its instruc-
tions, and therefore has resorted 70
the unusual proceeding Of threatening
TO bring those carriers that refuse 10
cooperate with the efforts Of the Car
Service Commission. now sitting in
Washington with a representative OF
The Interstate Commerce Commission,
before the bar Of public opinion. An
rouncement Of such intention is made
in notice being sent out 70 all MEM
bers of the association, which states:
In justice 20 those who are cooperating.
and in order TO perform its duties eGui-
tally the Commission on Car Service pro-
poses hereafter 70 make public the names
of the roads which do not comply with its
request for information and for action in
the matters committed 20 the Commission
on Car Service By the members Of the
American Railway Association.
Instructions issued so far By the as
ISOLATION in the main call for the re-
turn Of open top cars 70 the railroads
owning them, for a concerted effort TO
send box cars 20 those territories
where there is an acute shortage, for
the return OF refrigerator ears TO their
owning lines, and for the use OF drss-
tic restrictions called en-
bargoes prevent sending 70 the
Eastern seaboard, New England, Gulf
ports, Detroit, and 70 other congested
points freight which cannot be dis
posed Of Immediately upon its arrival
at destination.
With the thought that some rail-
roads may be holding, loaded with
their own material, many cars which
might, with Special effort, be put at
the service of shippers, the Commits
sion on Car Service has asked every
member Of the association TO make q
special investigation to determine
whether the number OF cars loaded
with company material" has been re-
Guced 10 the minimum.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
SCANDINAVIAN BANK
ABOUT READY TO OPEN
A. V. OstrOm, Of Minneapolis, Is
Picked for President

Interest, connected with the forma-
ton Of Norwcgisn-American bank
ing Institution IN New York. 70 be
known as the Scandinavian Trust
Company, said yesterday they were
awaiting the reply o. A. Y. 0strom,
president Of the Northwestern
National Bank Of Minneapolis. who
has been offered the presidency OF
tn. new bank. before announcing the
details OF organization.
The directorate OF the new trust
company has already been chosen. and
includes q number Of New York men
who are prominently identified with
financial and commercial interests
hero. They are John &. Berwind,
W. r. Coe, John Andersen. Samuel L.
Fuller, Edward Geer, Charles s.
Haxh. and z. o. Hotter.
The trust company will be capital
lied at s2,5oO,OOO. Banking quarters
have already been arranged for at 90
Broadway. As yet application has
not been made 20 the State Banking
Department FOR charter. Action 70
that end will be taken after the first
Of the year, and it is expected that
the new bank will be open for bust
ness in February or March.
While the trust company will en-
gage primarily in international bank
ing between Norway and Sweden and
the United States, it will also Offer
general banking service.
Knut Bachke. representing Andre
sens Bank OF Christisnis, Norway
who laid the groundwork for the or
ganization Of the new institution or
his recent visit 20 the United States
is expected 10 return TO New YORK
from Norway early in the year. 20 be
here when the Scandivanisu Trust
Company opens its doors.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Tucsdoy. December 70, 1910


The Lloyd George speech respond
ing TO Germany's peace overture was
IN effect what Wall Street expected.
Nobody thought Great Britain would
agree 20 a peace parley without some
terms beforehand. nor had any one
believed that she would absolutely
reject the suggestion Of peace. SO
the net result Of the days develop
ments was that people remained IN
The same mind IS before. Those who
had assumed that Germany would
Uo. offer terms which the Allies
could afford 70 consider were Of the
same opinion still, while those pre-
viously persuaded that q proposal
70 discuss peace was the beginning
of the end found nothing in the
British Premier's speech TO change
the direction Of their thoughts. Their
comment was: Never mind what
they say. The belligerents are talk
ing. That way lies peace
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
BRITISH NOTES
SOLD IN JAPAN
ARE UNSECURED
Public Supplies Funds for
$5O,OOO,0O0 Credit Trans
ferred to America

within the next two weeks banking
fund. 70 tho amount Of SOC, GOO. 900 held
hero in the name % japanese CONNER
cial interests will be transferred 20
the use Of the British Treasury. This
will be the hnsl transaction in the loan
agreement recently entered into be-
tween Japan and Great Britain.
Oficial details O, the operation
whereby Jspsn is 10 turn over $4,000
600 in American credits to the use OF
the Brltish are given FOR the first time
In The London Statist" as follows;
Through the governor Of the Bank
Of England and Nr. Kengo Mori. the
Financial Commissioner OF the Japan
csc government in London, an arrange
ment has been made for public issue
in Japan Of the British government
E1chequer bonds 20 the amount OF
100 900 900 yen. The object in view OF
the Treasury In issuing the present
loan in the Japanese currency IS 70
get dollars by means o. renting the
proceeds 70 America. availing itself OF
the present state Of exchange between
Japan and America. The japanese
government as recently as July last
provided the British Treasury with
dollars amounting 20 S5O,OOO'OO0
secured on Treasury bills. But in the
case Of the present transaction 1t !,
the japanese public that is providing
the fund. A syndicate Of eighteen
japanese banks. headed by the Yoke
hama Specie Bank, has been formed
under the auspice. Of the Japanese
government. which offered its services
20 act as an Intermediary between the
British government and the Japanese
syndicate. The result is that only one
exchange of views between the gov
ernor OF the Bank OF England and the
Financial Commissioner OF the Japan
csc government in London has suficed
20 COncluQe the WNO4c siIa4is ei4iri' -
The Japanese syndicate asked for no
collateral for the loan, and they are
undertaking the issue simply for the
actual costs. As neither the syndicate
nor the public is in position 20 pay in
dollars. the Japanese government, in
cooperation with the Bank OF Japan
and the Yokohama Specie Bank, has
undertaken 10 remit the whole pro-
ceeds of the loan for the British gov
eminent 20 America. so that the Brit
ish Treasury will be enabled TO &C
complish the only aim it has By the
issue.
THE British government yen ex-
cheGuer bonds which are of three
years currency. will be on the basis o.
per cent per snnum. and will be
issued at par. The first instalment OF
payment By subscribers on December
IS will be 100000 yen, and the bal
ance, 100000 yen, on January 10,
1917. The services of the loan will be
effected at the Offices OF the Yokohama
Specie Bank in Japan, without deduc-
ton for any British taxes, present or
future"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Prosperity in Norway

The prevailing prosperity in Norway
and the abundance OF money are re-
fected in the large increase in bust
ness reported by the private banks,
writes Consul General Dennison from
Christianis. The Haugesund Privat-
bank. for example, AZ q recent meeting
resolved 10 increase its capital from
$500 600 20 1880. 900. In the first nine
months of the present year the banf
had a turnover of $4,000. 600 and q
profit OF s2l4,000, as compared with
s72, 400 ard ss,l64, respectively, for the
whole OF 1918.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
WESTERN MARYLAND
EQUIPMENT NOTES SOLD

The Western Maryland Railway Com
pany has sold an issue OF s6,400, 600
equipment trust certificates. The new
money will be used in part payment for
new equipment 20 cost $500, 900. as
follows: Five thousand steel hopper
cars Of SO tons capacity each, 25 all
steel passenger service ears and 10
Mallet locomotives.
The notes will bear per cent in
terest, and will mature in semi-snnual
instruments over the next twenty years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

In the behavior Of the stock mar
he. there is evidence that the spec
ire Of peace has come TO stay. It
would be possible 10 relate the alter
nations Of rise and fall in Stock
Exchange prices 10 variable and
contradictory interpretations, first
Of what the British Premier said
and then Of what he left unsaid, and
il is probable that q good deal Of the
superficial phenomena could be &C
counted for in that way. but the fact
is that the deeper currents of fnan-
cial thought have been altered. Wall
Street is beginning to think in terms
of Liquidation. The West is still
thinking i'm terms Of exploitation.
The West is rich. obstinate and re
eliminating. Al the end Of every
private wire reaching away from
New York are people who for many
weeks have been crowding the in
land brokers' Office to buy stocks
from Wall Street. They have the
stocks; they have pyramided their
profits in the purchase Of more
stocks. Now they are denouncing,
not the bulls who sold them the
stocks, but the bears who appear TO
be trying TO wreck their ecstasy.
This is strange. i always happens.
The bull is never blamed for putting
things TOO high. The bear Is damned
as one who puts them down. Where
in the stock market at the present
tine is weak, it is not so because
besrish spectators are selling it,
but because extravagant bulls eX-
plotted values TOO far.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
New York

Quits Maxwell Motors. Eugene
Never. IT,. Of the Stock Exchange nrm
OF that name, who has been prom
nen.ly identified with the Maxwell
Motor Company, has resigned as a
member Of the board OF directors and
the executive committee.
Il WAS rumored in financial circles
Yesterday that other important changes
in the compsny's management are I'M
minent. Maxwell Motor common mas
been one Of the enignas OF Wall street.
II pays 10 per cent, but IS selllng way
out OF line wleh other dividend payers
Al 59ii, yesterdays closing price, tne
yield wa. about II per cent.
Bankers Trust Promotions.-Direc-
tors OF the Bankers Trust Company al
a meeting Yesterday made several pro-
motions in the Official staff. II. +. VIII
son. jr., who has been assistant secre-
tary. was elected a vlce-president. =
new position Of cashier was created
and George ". Benton, formerly treas
urer. was appointed 70 I'll this once
z. II. Giles, formerly assistant treas
urer. becomes treasurer; K. Gregory
Page. Sd, assistant trust oficer, was
appointed assistant secretary, ana A;
Clinton Livingston. Of the persona!
trust department, was appointed as
sistsnt trust officer.
Nav Acquire Kentucky Oil Fields
Announcement is made that the RoyaI
Dutch Shell Company il negotiating 70
take over the entire output OF the oil!
fields in Irvine, Ky. Negotiations are
said 20 be under way for buying the
product Of the Barnett Oil and Gas
COMPANY. This is the first attempt or
the Dutch concern TO enter the Eastern
Gil fields Of the United States.
To Reduce Directorate.-At the an
nual meeting Of stockholders OF the
Cuba Cane Sugar Company, scheduled
for January s. proposition vii! De
submitted to reduce the number OF d.
rectors from twenty-four 70 twenty.
New General Motors Listing.-The
governing committee OF the Stock IN
change yesterday approved the. listing
OF temporary certificates for the pre-
ferred and common stock OF the Cen
eral Motors Corporation pending the
exchange OF the shares for shares OF
the General Motors Company. as pro-
vided in the reorganization plan re-
Gently adopted
Stock Exchange Nominstions.-The
following have been named for the
nominating committee Of 1917: James
c. Auchincoss. Joost & Co.; William j.
Berg. OF Herrick, Berg e. Co.; Hamil-
ton F. Benjamin, OF Benjamin. Fergu.
son & McMurtry; Charles ". Fair and
Lucius Wilmerding. Of Gray & Wilmer
ding Company. The annual election
will be held on January 8.
Equipment Orders.-Orders for 5000
ffty-ton gondola cars are reported 70
have been placed By J. P. Morgan &
Co. for the Russian Imperial Railways
with the American Car and Foundr'
Company and the Standard Steel Car
Company. These contracts replace IN
part the one negotiated BY Newman
Erb with the Bettendorf Company
which was cancelled.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
U. S. Treasury Finances

Washington, Dec. l9.-The condition
Of the United States Treasury at the
close Of business to-day was:
Net balance in general fund. S11s,.
453, 1855; total ordinary receipts to-day
s3.4o2, 7o3; total ordinary payments to.
day. S3,478,659.
The deficit this fiscal year IL STA.
637,662, against q deficit Of $5t, 406, $50
last year, exclusive Of Panama Cana
and public deb. transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
The Dollar in Foreign Exchange

The foreign exchanges we're dull yes
,eIday pending the publication Of Lloyd
Georges address before the House OF
Commons. Subsequently brisk mar
ket developed in marks, and although
there was practically no change in the
rate a considerable amount OF business
was done. Austrian kronen declined
again. The rest Of the market was
steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

The above rates express the cost OF
foreign money in terms OF the Ameri.
can dollar. You buy an English pound
sterling FOR s4.75d; the intrinsic par
ity is .4.se's per pound. Thus, you
say either that pounds are az dis
count or that dollars are at a pre-
MUM. which is owing to the fact tha,
in England the demand for dollars
with which TO settle accounts In this
coYntry is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Money and Credit

Call money az the New York Stock
Exchange was slightly easier yester-
day. with most OF the loans placed on
2 basis Of AZ per cent The high was
"a per cent and the low I. This
compared with a ruling rate Of 4is
per cent the day before.
Bankers described .he market for
time funds on brokers' Stock Exchange
collateral as having a firm undertone
There was practically no change in
rates yesterday.
Ruling rates on money yesterday,
compared with a year ago, were as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

In the December 2 issue Of The
Statist [Londonl appears calm
discussion Of the attitude of the
Federal Reserve Board toward Brit
ish and French Treasury bills. There
is first an explanation of why the
thing was proposed at all. The credit
power of the Allies in resources Of
gold and modified securities is
great, but it takes time to make
them effective, and it was thought
desirable TO increase cash balances
in New York by the sale of Treasury
bills. The Stdtist continues:
All the same, we cannot help think
ing that the idea was not altogether
tactful. nor perhaps even entirely
sound Having regard TO the great
size Of our floating Indebtedness
here. New York might well be ex-
cused for being apprehensive as 20
whether such an issue might assume
too large dimensions. and in addi-
tion prove troublesome by the very
fact of uncertainty with regard 10
the amount issued Moreover, from
our own standpoint there were many
objections 20 the idea, the cosmopoli-
tan character Of New York for one
thing, making il undesirable that
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Other Cities

Boston Coppers.-Boston, Dec. 10,
The market for copper shares closed
G. low levels to-day, after a noon rally
had scored appreciable gains. The drop
carried many issues 70 the lowest
prices in recent trading. Copper
Range, IS; Allouez, 65%; Old Domin-
ion. IS; Osceola, 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Boston Curb Operator Arrested

Boston Curb Operator Arrested.-
Boston. Dec. l9.-Frank A. Palmer,
treasurer Of the Golden Star Mining
Company. with properties at Boise.
Idaho. was arrested By Federal on
GERS here to-day, charged with using
the mails in a scheme 70 defraud. The
arrest followed an investigation OF
trading in the stock OF the Golden
Star company on the local curb. The
stock. first placed on the curb in Sep.
TENDER az 81 a share, rose 20 sl.6e. and
fell 70 FIVE cents q share last week.
All of the officers of the company re,
side in this vicinity. Palmer pleaded
not guilty, and was held for a hearing
later.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
WEALTH MARKETS AND COMMERCE

market. Prime regular maturitie' are
quoted unchanged al 70 Al, per cent.
Official rates Of discount at each OF
the twelve Federal districts are {" fol'
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

Below is given the current exchange
value OF foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

The intimate association between
the stock market and business is
what so often gives Stock Exchange
liquidation an ominous aspect. The
directors Of great industrial COR
porations are the first to see the
signs Of change, and very often the
first to act upon those signs in the
stock market. If it be rumored that
insiders here and there have been
selling the securities of their own
companies on the cancellation Of war
orders, it cannot be disproved. It
IS unfortunately not intrinsically
improbable. But no one will know
for sure until long afterward, when
it il too late for the transient holder
Of the same securities to act except
a. a loss. There is nothing TO dis
tinguish such inside liquidation from
the selling Of professional specu-
lators. The effect in one case may
be Of long duration. The effect in
the other viii be temporary and
self-righting. The casual patron Of
all this mad excitement is obliged TO
guess from an outside point Of view,
or from in front of a brokers' quota
ton board, whether a headlong fall
in the price Of a copper stock in
which he has CHANGED TO become in
terested reflects the opinion Of in
siders that copper metal will fall or
an adventure on the part Of group
of bearish traders seeking to shake
out the timorous and light-waisted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Distribution Of Prohts.-A number

DlstriDutiOn or Pronts.-A number
OF industrial and banking CORPORA
lions declared extra dividends yester-
day. The N!pissing Mines Company
declared an extra 5 per cent, in sddi-
ton 20 the regular quarterly dis
bursement Of per cent Penman..
Limited. a Canadian corporation en-
gagged in the manufacture OF wool
lens and cottons, declared an extra
1 per cent. besides the usual quar-
terly payment Of per cent. The En-
pire Trust Company declared an ex-
,ra Of 81 IS share. Directors Of the
Nr-.onal "anS Of Cuba voted per
cent, in addition 10 the regular semi
annual disbursement OF { per cent
The American Surety Company de-
c,ared a. extrs dividend Of per
cent. in addition 20 the regular quar-
terly payment Of IA per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

dollars, u''s Genus.
Gold from Canada-G0ld TO the
amount OF s65Oo,00O arrived at the
Philadelphia Mint yesterday from Can
ada for the account Of J. p. Morgan &
Co. This brings the total receipts for
the month up TO ss5,OOO,OoO, and Tor the
wear 70 date s5ss 100000 OF which
sos. 800 900 came from British sources.
l. j. expected tina. about s25,o00,oo0 in
all will be shipped here from Canada
this week.
Banking Opinion.-The Mechanics
and Metals National Bank. in a review
Of the financial snd business outlook,
issued yesterday. said OF the money
market:
4 welcome development in the financial
situation az this time would be a sub
stantisl and more or less permanent
hardening in money rates. for then the
bankers OF the country would be placed
in position better % discriminate in
extending loans and checking credit in
Aation, thereby minimizing the dangers Of
that oyere1psnsion against which numer-
Gus warnings have been given, with slight
evaT
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Industrial
Preferred Stocks

The attractive income yield
and margin Of safety over
dividends Of 81 issues arc
shown in a special circular.
The record of this class Of
stocks during tariff revisions
and business depressions to-
gether with possible effects
Of conditions after the war
are treated.
Circular h-l6 cent en- request
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

Commercial Psper.-stagnant condl-
tions prevail in tho commercial paper
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Relevant
Information
Republic Iron and Steel.-Director

Republic Iron and Steel.-Directors
Of the Republic Iron and Steel Com
pany declared an initial dividend Of
liz per cent on the s27.1e1.000 com
mon stock Yesterday. This IS the
first disbursement on the junior issue
since organization. The cOmpany's
statement for the first hslt OF the
current year showed earnings on the
common a. an annual rate OF 1898
per cent. compared with 81 per cent
the preceding year. The s25,oO0,0OO
per cent cumulative preferred be
gan paying the full rate early this
year. Last year only -. per cent
was paid on the preferred and 81
per cent in 1915. The last Of the ac-
crued dividends on this class Of stock
were paid of last month by the dec
laration o. an extra disbursement Of
per cent. 4 similar extra dividend
was paid II the previous quarter. Y
was stated in October that % per
cent OF the company's output con-
sists OF steel billets and bars. prices
OF which have risen 100 per cent in
the last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

Crucible Steel.-The directors yes
terday declared an extra dividend Of
. per cent on the preferred on &C
count Of back dividends. This leaves
14,i per cent still to be paid. Crucible
resumed payment Of regular divi-
bends on the senior stock issue a
year ago. In the meantime there
have been several payments or &C
count OF back dividends. No divi-
dends have ever been paid on the
S25,0o0,ooo o. common stock. In the
fiscal year ended August 81 last the
company earned 1859 per cent on the
common. against 5.39 per cent in 1915.
and nothing in 1914. Over a period
Of ten years Crucibe has shown an
nusl average earnings OF 7.54 per
cent on the common. after allowing
for the full : per cent preferred divi-
bends. A large part OF the COM
pany's profits has been derived from
var contracts.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20
Corporation Returns

Grand Trunk RAILWAY Of Canada
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

Sub-Treasury-New York banks lost
to the Sub-Treasury sl,1TL000.
Silver-Bars in London, Sc lS-ls
pence: New York. 76'. cents; Mexican
dollars, bei. cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

Bank Erchanso~The days clear
irg, at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

yesterday. learag
Call money. "a. 2 .,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

To Reduce Directorate.-At the an
nual meeting Of stockholders OF the
Cuba Cane Sugar Company, scheduled
for January s. proposition will De
submitted to reduce the number OF d.
rectors from twenty-four 70 twenty.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

day paper.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-20

'SupluA