davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12
MARINE INSURANCE
TO EUROPE DOUBLED

Reports that German commerce
raider was al large in the Atlantic, fol-
lowed By another rumor that German
warship had escaped from the British
patrols IN the North Sea, caused
sharp advance in marine insurance
rates here yesterday.
Shipments TO the United Kingdom,
which have been quoted at 8 per cent,
were advanced TO 10 per cent. Cor
signments TO Mediterranean ports,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

And now what has happened is
clear. The stock market had al
ready borrowed its quota Of Wall
Street credit All at once the in
terror banks begin TO call money
away from New York To keep the
same ratio Of Stock Exchange to
other loans as before, the Wall
Street banks have TO reduce their
loans TO brokers, and they do it by
a rule that works mechanically, ir-
respective Of the rate Of interest.
The Stock Exchange borrowers have
10 take care of themselves. AS the
Wall Street banks call money away
from them they bid up the interest
rate, and money is then attracted
from other sources. When the rate
goes TO 10 or 10 per cent many cor
porations, individuals and out-of-
town banks send money in TO be
loaned on brokers' collateral. That
helps, as a headache powder helps,
but it does not always cure.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

Tight money is like a headache.
II Is not the disease. 1t is only a
symptom. Call money on the Stock
Exchange opened at pa per cent.
That was the rate at which brokers'
loans standing over from Saturday
we're renewed 10y telephone with the
banks. Nobody wished to remem-
Ter the incident of 10 per cent
money the Monday before. Why
should by-gones be recalled? That
was a way banks sometimes took to
discipline the stock market. In the
% eantme. more than $50.000,000 Of
foreign gold had been received, the
surplus reserve Of the Wall Street
banks had increased S32,0OO,OOO,
and the lending facilities of the Fed
eral Reserve Bank had been called
into action. Then suddenly IN the
midst Of this very comfortable feel
ing the ominous symptom returned.
A bulletin came from the floor Of the
stock Exchange, saying; Call
money 10 per cent"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

The above rates express the cost OF
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for Sf75iz; the intrinsic par
itv is t4S65s per pound. Thus, you
saw either that pounds arc at dis
count or that dollars are at pre-
MUM. which is owing to the fact that
in England the demand for dollars
with which to settle accounts in this
country 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, 1916-12-12
Money and Credit

After displaying moderate ease early
in the day, call money at the New York
Stock Exchange advanced sharply in the
afternoon yesterday, touching 10 per
cent shortly before the close. This
compared with an opening of ga per
cent and a close Of Al per cent on
Friday. A week ago an unexpected sd-
vance sent the rate TO Is per cent, the
highest level since 1912.
Most Of yesterdays loans on call
we're made at per cent, the furry
coming after the bulk Of the days loans
had been arranged. The rise took the
Street by surprise, as IL had been be-
lieved in financial circles that the i'm
provement in the cash position Of the
New York Clearing House banks, as re-
vealed in the Saturday bank statement,
which disclosed an increase Of s32, 49,
COO in the surplus, would case up the
situation generally. Despite this gain
in reserves, however, and reduction
Of s39,000,O00 in the loan account, a
number Of banks called loans and later
several important lending institutions
withdrew from the call market. This
produced considerable excitement IN
the afternoon, and stock brokers In
their eagerness 10 obtain funds bid up
rates sharply.
Time money was dull yesterday, but
the tone stiffened toward the close In
sympathy with the rise in call money.
Most Of the day, however, lenders and
borrowers showed little disposition to
do anything. Industrial loans ranged
from Az to Az per cent.
An interesting development in con-
nection with the rise In the call money
rate was the announcement Of the Fed
eral Reserve Bank OF New York ad-
vancing its open market rate on prime
member bank scceptances from pa per
cent to 27s per cent for sixty-day paper
and per cent for ninety-day bills. In
the outside market prime acceptances
have been marked up Il per cent. This
is the fifth time this year the Reserve
Bank has raised It's ratio. II started
out with a rate OF per cent, increas-
ing It TO PA per cent last May. again
in July to 2's per cent and shortly
thereafter TO 211 per cent. The last
previous advance occurred three weeks
ago. when the rate was marked up to
Pa per cent
Ruling rates on money yesterday,
compared with s year ago, were as
follows: -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

One must keep In mind the fact
that the condition Of banks is abnor-
nal. Deposits are freakish. A cor
poration that would normally carry
a deposit of one or two millions al
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12
Christmas Bonuses

The Union Bag and Paper Company
announced yesterday a bonus to en-
ployes of 10 per cent Of their annual
wages. payable IN quarterly install
ments beginning December 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12
Other Cities

Pittsburgh Glass Capital increase
Pittsburgh, Dec. 1l.-Oficlal announce
ment was made by the Pittsburgh Plate
Glass Company to-day after meeting
of the directors that stock dividend
Of 10 per cent would be declared at
the February meeting. The dividend
will he maid in the common shares Of
The companv after the capital has been
increased from So 100000 TO S25,0OO,-
oo0 which action will be taken at a
meeting of the stockholders Febru.
arv %.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

Commercial Paper.-There is limit
ed volume Of paper moving at per
cent A small amount of rediscount-
ing was done at the Federal Reserve
Bank yesterday by member banks. The
banks first used the rediscount priv
ilege last week, when approximately
$1,000 900 OF commercial paper was
takcr TO the Reserve Bank.
Cficiale rates Of discount at each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

Boston Coppers.-Boston. Dec. II
CONFER share quotations were set back
i'm most instances by to-day's trading.
The few advances recorded were frac-
tional At the close the market was
easier. Copper Range, rs; Allouez, 49,;
old Dominion, n; osceola, 90.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

Yet there Is plenty Of money. The
banks Of Wall Street have a surplus
reserve of S73,OOO,OOO. They have
LIQUID assets which they could take
over to the Federal Reserve Bank
and convert into currency by asking
for it. It is known that the inrpor-
tations of gold will continue. Gold
is an instrument Of credit. So why
should brokers have TO pay 10 per
cent for call loans? There are sew
eral reasons. A man on the Stock
Exchange is prone to think that the
primary business Of a Wall Street
bank is to lend money on stock mar
ket collateral, and that somewhere
in each Of these big institutions is a
Machiavellian person who exercises
the power of let and hindrance. He
opens his hand and there is plenty Of
money TO buy stocks with; he shuts
il and the stock market is cut off
from its supplies Of money, and peo-
nle who have stocks are upset. He
believes that on occasions one man
with this power communicates with
another, and he with another, and
that a conspiracy results. They
agree TO open or shut their hands
simultaneously, and then you have
ito pay very dear for your money on
the Stock Exchange. The truth IS
that in most Of the Wall Street
banks Stock Exchange loans are Of
secondary Importance. There is
only one, the First National, with
which they are a primary concern.
The others establish a ratio Of Stock
Exchange to all other loans of, say,
10 or IS per cent, and maintain it
automatically with very little refer
ence to the prevailing rate of in
terest. A bank whose ratio Of
Stock Exchange to other loans is 10
per cent would not increase it TO 20
per cent if brokers were bidding %
per cent for money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

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

Railroad Presidents To BE Iuests OF
Westchester County Chamber of Com
merce.-The Westchester County Cham
her of Commerce will hold its annual
banquet in the ballroom at Delmonico, $
on Thursday evening, December II. II
is TO be i'm the nature Of a railroad
evening, the dinner being compliment
airy to the presidents Of the four rail
roads that furnish the county with Its
transportation facilities, namely: How
ard Elliott, president of the New York,
New Haven g. Hartford Railroad Com.
pany; Leverett S. Miller, president OF
Inc New York, Westchester & Boston
Railway Company; A. II. Smith, presi-
dent of the New York Central Lines {;
Frederick W. Whitridge, president of
the Third Avenue Railway Company
These officials will be the speakers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

Merger Of Rubber Companies.-Plan Ian
have been completed whereby the Ajax
Rubber Company will take over the
Racine Rubber Company OF Racine,
Wis. IL is understood that the capita!
Of the Ajax company Will be increased
from S5.O00.000 TO Sl0,000,OOO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12
News Digest
Foreign

Rand Gold Production London, Dec
1.-THE output Of gold at the Rand
for November was 7S3,066 fine ounces,
valued at e3,326,253. In October the
outturn was 792,339 fine ounces, val
ued at e. 365, SAP, and in November last
wear 7S1.Ol3 fine ounces we're turned
out. with value of 1881 1884.
London Markets.-London. Dec -
The money market was well supplied
with funds to-day and discount rates
were quiet. There was a good demand
for short dated treasury bills.
The stock market commenced the
week in a quiet fashion and with a bet
ter undertone. Oil and rubber shares
were in good demand and Canadian
utility shares we're strong features
Otis Steel and City Service were proml-
nent and foreign funds we're steadier,
but shipping stocks were fiat and cop
pers weak on the restriction OF deal
incs in the metal American securities
we're quietly steady and featureless.
Cotton Exchange Holidays Liver
pool. Dec 1.-THE Cotton Exchange
here will be closed December %, 20 20
and 80 and January J..
Paris Bourse.- Paris, Dec. III rad
ing was quiet on the Bourse to-day,
Three per cent rentes, 81 francs ~
confines for cash; exchange on Lon
don. 27 francs 81 Il centimes; per
cent loan, So francs . centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

formerly quoted at 8 per cent, are 10"
being taken at IS per cent. Rates 10
South Africa and to South America arc
. per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12
Timn fnr Denoaitlng "Cloyer Leaf'

Stock Extended.-Time in which 70 de-
post with the protective committee
representing Toledo, ST. Louis e. West
ern Railroad preferred and common
stock has been further extended until
January 9.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

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

silvcr.-BArs in London. 3sA pence
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-12

New York. 75ia cents, Mexican dollars
5Sas cents
New-York tribune., 1916-07-23

OF assets appearing in the superin
tendents inventory as compared with
the comparatively insignificant balance
remaining, after six years Of liquida-
uon, II became necessary for the court
to ascertain what disposition had been
made OF these assets.
The statements Of account which
have been furnished the court estab-
lish conclusively o fundamental mis-
apprehension by the Superintendent Of
Banks, of the principles which, under
the law as ! construe it. should gov
ern the liquidation OF an insolvent
bank"
Suspended in April, 1910.
The Union Bank suspended payments
April 8. 1910. An investigation fol-
lowed which helped put James c. Crop
sey, now a justice OF tho Supreme
Court, in the office Of District Attorney
Of Kings County and caused tho indict-
ment Of David A. Sullivan and Edward
NJ. Grout. Sullivan was convicted OF
looting the institution and Grout OF
perjury.
Ramihcations Of the investigation
were far-reaching and played an I'M
portant part in installing Thomas Mot,
Osborne as warden Of Sing Sing and
ousting John B. Riley from the Office
Of State Superintendent Of Prisons. /,
was found that Sullivan was the re-
cipient of extraordinary favors in Sing
Sing. The exposure Of conditions there
resulted finally in giving the post OF
warden to Mr.. Osborne. Then came the
struggle between Osborne and Riley
which has resulted in favor Of the
warden.
New-York tribune., 1916-07-23
Britain Faces a New War,
Says Sir Rider Haggard
Germany, Defeated Once Will Fight Again. He Believes
and England Must Keep Her Trained Reserves
Ready in the Colonies.
BY ERNESTTNE EVANS.

Sir Rider Haggard. with a quick
change Of plans, arrived In New York
from Montreal yesterday morning and
left for London on the American liner
St. Louis. Before leaving he gave out
q statement Of his success az ennis
sary Of the Royal Colonial Institute.
For Ave months he has been visiting
tho overseas dominions. asking their
governments TO make the same provi-
sion for British army and navy vet
Grams after the war as for their own
returning troops.
As he told me two days ago, when I
talked with him In Ottawa. he is end
ing a great journey that 10 part Of the
forethought everywhere displayed in
Britain toward meeting after-wsr prob
lens.
Eve in England believe" he said to
me, "that this is not the last war.
There Is another coming, and that will
be between England and Germany.
Have you seen anything in the German
temper to indicate that they will take
this defeat-snd defeat Is certainly be-
fore them-ss final? They hate US.
They will hate Us more when this is
over. We must prepare to meet them.
We must keep our men at home.
Must Hold Men.
I'VE arc not urging men 70 leave
England In order TO populate tho en-
pire. Far from that But they will 90
In hundreds Of Thousands" Sir Rider
won't on intently. We have been fool
ish before. We have let them 70 be-
ysnd tho reaches Of tho empire. In a
single year after the South African
war S00, 1000 men left England, and half
Of them were lost to US in the States
and Argentina.
ut must never happen again. When
the vast unsettling of returning troops
is on us and the clerks are refusing to
give up the open air. and nothing but
the land and skies will satisfy men or
make them normal, we must keep them.
That is why have gone to the ends Of
the earth to ask colonial governments
to provide lands and employment for
the men Of Britain, and with the same
welcome they will give to their own
troops"
He swung his glasses from the long
New-York tribune., 1916-07-23

relation TO the discharge Of his duties
as an Assistant District Attorney Of
Kings County, the payments were H.
legal"
Justice Benedict summarizes the
banks condition as follows:
The ONCE expenses amounted to
SlS2,s67.bl. exclusive Of legal expenses.
None OF this expense has received the
approval or sanction Of the court, either
in advance Of the payment or subse-
quently.
Nine Lawyers Got $so,22s.
"The legal fees and disbursements
distributed among nine attorneys
amounted 20 s90,22S.7s. With one ex-
ception-thst Of Strauss & Anderson,
amounting to sS,545.s4-ncne Of these
payments have been submitted 20 or
approved by the court.
"In addition, Louis Goldstein still has
an unsettled claim Of $ls,500.
at may be true that services Of the
value represented by these figures
have been rendered by the attorneys
who have been employed from time 70
time by the Superintendent Of Banks,
but from q eursory examination Of the
work they performed l find that much
Of il represented services which were
unproductive Of results and much Of it
was incidental 70 the delays of admin
istrstion accruing out Of the retention
/ OF the real estate belonging to the
/ Union Bank and its subsidiary corpora
I tions.
/ "A total sum Of s2,o13,426.54 has
been expended in connection with the
real estate owned. Received from real
estate during that time was the sum
Of Si,s73 ,276.66. The difference be-
tween receipts and expenditures Is
/ thu, seen 10 be s640,14e.ss. Whether
any substantial part Of this deficit can
be recovered upon the sale Of the real
! estate still owned is matter TO which
4 have given as great attention as was
possible in the time available. have
obtained spprsissls and am free to
say that the equity therein of the
Union Bank is, in my judgment OF
doubtful value.
Puzzled by Richards Action.
"It is wholly beyond my eomprehen-
sion how Mr.. Richards and his prede-
cessors in Office could justify the hold
ing Of the real estate of the Union
Bark"
The court orders the superintendent
70 sell either by public auction or pri-
vste contract before the end Of Sep
tember, 1915, all the unsold real prop
erty Of the Union Bank, including all
the property belonging to, but carried
in the name cf its subsidiary corpora
tions.
Immediate foreclosure proceedings Of
any mortgage now in default as to
principal, interest or taxes is ordered,
and all securities still held as assets Of
the bank must be sold.
Three state superintendents Of banks
who have handled the affairs Of the
Union Bank were scored for not making
an accounting to the court or to the
creditors of the administration, and for
not having paid a dividend to the gen
eral creditors of the bank.
Hits Laws Vicious System.
Gross and glaring injustice suffered
by these creditors during the last six
years must be laid at the door Of
vicious system established under the
apparent sanction Of law, said Justice
Benedict He added:
ain view of the very large amount
New-York tribune., 1916-07-23
MAN HELD AS DECoY

Led Victim to Assailant Waiting With
Razor, Is Charge.
Charles Pagano was arrested BY De-
tectives Hayden and Stetter yesterday
as the man who led Frank Nappi to
Tenth Street and Third Avenue, where
Rocco Puciello. known as "Zump," was
waiting for him with a razor. Pngano
lump was held in $4,000 bail on 4
similar charge in Essex Market police
court. It is alleged that he slashed
Nappi because Nappi had betrayed the
secrets Of a gang Of Black Handlers to
which lump belonged.
New-York tribune., 1916-07-23
Saws Woman Threatened Life.

Mrs. Charles Reubenstein. twenty
years old, was arrested yesterday
morning in the apartment OF Samuel
Silverman, 2l6 Grand Street, Jersey
City, where, il is charged. she forced
an entrance and threatened Silyerman'
life. In her handbag, according 20 the
police, was found bottle OF sulphuric
acid and q drinking glass. SilvermAn
admitted tha. he had known Mrs. Reu-
bernstein for several years
New-York tribune., 1916-07-23
Court Lays Delay in Pay
ment to Union Deposi-
tors to State Officials.
DECISION CRITICISES
GOLDSTEIN'S ACTION
,cs,;ee Orders Institutions Hold.
ings Sold Before Sep
tember 80.

Severely oritieising the mismanage-
-,n. Of the affairs of the defunct Union
Sank since the state took charge, six
v,srs sgo. Justice Benedict, OF the Su.
usne Court, authorized yesterday the
pyment Of S per cent dividend TO its
jspositors, the immediate sale Of its
pcurities and ordered the disposal OF
Is real estate holdings by Septem-
kr;O
The court spared no one who has been
,scislly associated with the banks az
hrs since liquidation began. Justice
sr.iict particularly singled out As
rssrt District Attorney Louis Gold
SER, who as an Assemblyman from
sreoklyn ehsmpioned the cause Of the
ipositors and was chiefly instrumental
Il starting an inquiry into the manage
r,n, Of the banks affairs prior to the
,,ilur. OF him he said:
Il, sppesrs from the account. that
Lclt OVtNSNCsh ICScHcO monthly pay
n,rs beginning October /, 1911. In
4. Van Tuyl sdministrsti and con.
tnuing down TO April I. 1918, In the
present administration.
Court Scores Goldstein.
These payments were. for the nrst
rar, $500 6 month, and thereafter $500
month, and, as shown BY the sc-
nsnts, reached the total Of s21 .45o a..
fees, besides s5.03s49 as disburse-
nsnts- The record is silent as 70
whether while drawing 8 salary from
d. Superintendent Of Banks, Mr.. Gold
stein was also drawing salary as an
Assistant District Attorney for the
County Of Kings. The assumption. in
70, absence Of any other proof, is that
be did.
II, and in so far as the services
which ne performed for the salary paid
By the Superintendent Of Banks had
New-York tribune., 1916-07-23
HE COT 2 BLACK EYES
IN A MERRY CAN RUSH
His Playful Neighbor Draws a
Sis Fine.

why, judge, wouldn't hit that
young man; we're the best Of friends,
and we even rush tho can together"
George Williams, Of l81 Avenue F,
Bayonne, thus addressed Recorder
William J. Cain yesterday when he Was
'arraigned on a charge Of having at
tackled Stanley Moloek, = neighbor.
Molock's eyes were blackensd and
there were bruises on his face.
Il guess you rushed the can SO much
you got overheated," said the recorder,
turning to Williams. all fine you SIS"
New-York tribune., 1916-07-23

Suffering from q mysterious illnss$
Howspowske consulted Mrs. KomminieS
who agreed TO cure him for 5000, 40
cording to his testimony yesterday. 10
paid, whereupon Mrs. Komminiek vent
into q trance, returning an hour Later
10 earth. with the announcement thar
she could not expect the cure for less
than $500.
When Howspowske refused the anal
fee. ne swears, Mrs. Komminiek threat.
sned to turn him into a pillar Of saiS
He sought safety in the courts.
New-York tribune., 1916-07-23
DR.. MAXWELL RECOVERING
School Head Underwent Operation for
Throat Trouble.

Dr.. William II. Maxwell. City Super
intendent Of Schools, was recovering
from an operation on his throat at his
home, in Flushing, his wife said yes
terdsy. Tho operation was performed
July Is.
1--WE are confident that Or. Maxwell
will recover" said Mrs. Maxwell. "Phy-
sicians had urged the operation for
some time. We are making prepara-
tions 10 leave early next week for Han
over, y. H.. where We will pass the
summer"
New-York tribune., 1916-07-23

know and admire, reviews the course
of the war from July. 1915. to July. 1916. He
traces the drives and battles that were important
in having permanent effect on the present sit
uation. He follows with his graphic pen Hin
denburg into Russia, the English to Capol
and Kut-el-Amara the battles around Verdun
and all the other big events which stand out so
prominently in the past twelve months.
New-York tribune., 1916-07-23
Headache Medicine Fatal.

Dorothy Ksnsteiner, seventeen years
cid, of 9 West Thirty-hrst Street, Bay
onne, died at her homo yesterday OF an
overdose Of seetanilid. She was seized
with severe headaches and took the
medicine for relief. She was found
cced in bed.
New-York tribune., 1916-07-23

Roy Sanborn, Of 17s West Eighty-sev-
enth Street Manhattan, a carpenter,
fell to the concrete pavement twelve
feet below. He died Of conclusion Of
the brain in Bayonne Hospital.
New-York tribune., 1916-07-23
SAYS SEER THREATENED
TO TURN HIN INTO SALT
Afflicted Man Takes Row Over
Fee Into Court.

Mrs. Emily Komminiek, Of Ozone
Park, Queens, was held in $1,000 bond
By Magistrate Miller, yesterday. be.
cause she had threatened Julian How
spowske.
New-York tribune., 1916-07-23
Lightning Hits Bayonne Homes.

Lightning struck two houses In Bay
onne yesterday in the storm, which
blocked trolley trafic and flooded two
streets. The roof Of the house at u
West Forty-hfth Street was torn OF.
and another house at s3 Newman Ave-
nue. was struck. No one was hurt