davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
CANADIAN CAR co.
DIRECTORS EXPLAIN
Serious Difficulties Encountered
in Filling a Russian Order.

Although declining TO make public
renor+ Of the corporations financial
position as compiled by Price, Water
house & CO., Of New York, the direc-
tors OF the Canadian Car and Foundry
Company, which has encountered seri-
GUS difficulties during the last year In
fulfilling contract with the Russian
government for sS3,Oo0,OO0 worth of
shell and shrspncl, issued an explana-
tory statement yesterday, in which
they said:
The directors authorize = statement that
careful analysis Of the results shown by
these reports. coupled with the amended
contracts, made with the Russian govern
ment, convinces them that a substantial
profit will accrue 20 the company from the
undertakings. The numerous difficulties
met with have been generally overcome and
the directors anticipate that the contracts
will b. fully completed by January. 1917.
II is stated by those in close touch
with the company's affairs, according
to Montreal adviccs, that the directors
would have been willing 70 give out tho
report compiled by the accountants II
it we're not for The fact that the com
pany in its settlement with the Russian
government has undertaken TO pay
penalty which will absorb what profits
the company has made on the original
half OF the contract.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
If We Meant Ii.

A conference in Wall Street be-
tween the British governments rep
resentative, on one hand, and repre-
sentatives, on the other hand, Of
American finance and industry,
whatever may come of it, is the first
rational step that has been taken to
assert our theory of neutral rights.
The notorious blacklist, the interior
ence with American mail matter, and
the incidental loss in transit by post
Of trade secrets were submitted for
discussion.
British interference with Ameri-
can trade has been characterized by
the State Department in notes of
protest as "unwarranted," "illegal,"
and unjust" and yet nothing has
been done about 1t. Congress has
placed the power Of reprisal in the
hands Of the President. To exercise
it is very difficult, for political rea-
sons. The primary obstacles are the
figures Of our export trade. In the
month Of August we exported, main
ly TO Europe, $40 million dollars
worth of goods. We imported 1919
million dollars worth. The balance
IN our favor was 81 million dollars.
In the same month our net importa-
tons Of gold amounted 10 % million.
This is a prodigious foreign trade.
1t is the source of our amazing pros
perity.
There is a great political tender
ness for prosperity, especially in the
year of a national campaign. If the
restrictions imposed upon our for
eign trade entaied a loss, then we
should howl in earnest; but so long
as foreign trade is enormously and
increasingly profitable, in spite of
those restrictions, and is so largely
owing TO the purchases Of the same
belligerents whose invasion of our
rights is complained Of, the inclina-
tion is TO leave protest in the region
Of theory and gather profits while
the taking is good. The British gov
eminent evidently thinks it extreme
" unlikely that we shall engage in
any form OF reprisals which may in
jure our foreign trade, and that our
threat TO do so is mainly a Yankee
bluff. The British government is
right. But if we were really in
earnest about the principles we as
sert, and cared more about our rights
in the abstract than our profits in
the concrete, we should be able TO
save both the principles and the
trade.
For lack Of courage 10 test the
strength Of our own position we arc
forming habits Of submission which
are hurtful 10 our self-respect and
will diminish our prestige abroad.
Our commercial behavior beIittles
our political announcements For
the sake Of war prosperity VIC open
our credit unreservedly 10 the coun-
tries whose interference with our
rights has been harshly condemned
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
REIMBURSEMENT PLAN
FOR GENERAL MOTORS
Formation of New Company with
100000 Shares Proposed.

Holders OF more than Go per cent of
the stock Of the General Motors Com
psny, it is reported, have signitied their
approval of a plan for the readjust-
ment Of the affairs Of the corporation
which provides for the formation of a
new company, with 100000 shares of
the par value of 500, of which 100000
shares will be 8 per cent cumulative
non-voting preferred stock. Holders of
the present preferred and common
stock of the General Motors Company
will be given the privilege of exchang-
ing their present shares 70 socks of
the new compsny on the basis outlined
in the following official announcement
issued yesterday;
"A corporation is being formed under
the laws of Delaware, TO be known as
General Motors Corporation. Stock Of
this company will consist of 100000
shares of the par value Of 500 each,
of which 100000 shares will be per
cent cumulative non-voting preferred
stock, redeemable on and after Septem-
Der /, 1918, at the option Of the com
pany, at S1lO share. plus accrued div
idends. The basis OF exchange is as
follows:
ts) For each share of present preferred
stock one and one-third shares of preferred
stock of the Delaware Company.
tb) For each share of present common
stock five shares Of the common stock of
the Delaware Company.
The above plan is To become effective as
OF November 1. 1915. 10 entitlc share
holders OF the General Motors Company OF
record at the close of business October -
10 receive the dividend declared on Sep
tcmber %. payable OH November t. 1916.
Stock 10 be exchanged may be deposited
with the Guaranty Trust Company on and
after October Is. 1915, and not later than
December H., 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
CHEMISTRY IN THE
WAR AFTER WAR
John E. Garden Talks on Need
of Preparedness.

John L. Gardin, vice president OF
the National City Bank and head OF
its foreign exchange department
speaking yesterday before the annual
meeting Of the American Chemical
Society at Columbia University. laid
special emphasis on the need of in
dustrial preparedness if the United
States is TO hold its own in the in
ternational trade conflict that is eX-
rccted to come after the cessation OF
European hostlties.
The present struggle at arms. he
said, sooner or later will be followed
by struggle, possibly just as fierce
for the supremacy of commercial IN
tercsts. and in this the chemist will
play no small part. Continuing, he
said:
III. people Of the United States Of Amer
ica never before have realized how de-
pendent they were upon the German chem
i,t. not alone in the matter Of dyes nut
also of other chemicals, and he sudden
collapse OF the commercial relationship be
tween the two countries Is calamity. The
lesson has been taught US. AMI it now re-
mains for the people Of this country TO
profit By it. That they will do 30. there
is not the slightest doubt in my mind
But the great fear Is that the attempt Will
only be a sporadic one. and that, Just a.
soon as the European equilibrium Is re-
established. matters will again run along
th. lines Of least resistance, and before We
know II we will again be the vsssals Of
some European power so far certain in
dustrial products are concerned.
The capital invested in the chemical in
dustry in this country. not alone directly.
but indirectly. Is something enormous, and
unless We enter upon campaign OF pre-
parcdness now We arc likely 10 receive
some very rude shocks when the other
war-that is the economic war OF nations
is launched upon US. Theorizing is all
very well. but IL does not take a very
astute mind 90 determine that IL the food
gates are open for the influx of the worlds
products later on a great deal of this cap
ital will be absolutely wiped out. and it
therefore behooves the banker. the mer-
chant and the professional man 10 put his
best efforts behind the one thought at the
present time, and that Is. 20 create sta
bility in our production that will resist all
attempts Of the outsider 10 overcome
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

The above rates express ;hc cost of
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling for s4.7Jit the intrinsic par
ity is s4.S6ts per pound. Thus. you
say either that pounds are at dis
count or that dollars are AZ premium.
which is owing 10 the fact that in
England the demand for dollars with
which 20 settle accounts in this coun-
try is greater than tho demand In this
country for pounds with which TO
settle accounts In England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
Canadian Loan Subscriptions.

ottawa. Ont, Sept. 26.-The $780,
100000 Canadian loan has been more
than doubly subscribed. il was an
nounced here to-day Subscriptions
are still pouring in from all parts OF
the country. The loan will be followed
by arrangements for further imperial
credits in Canada. and TO this end
Finance Minister White is to meet the
Canadian Bsskers' Association for a
conference.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
BIGGEST YEAR
FOR so. PACIFIC
Both Freight and PaSSen-
ger Revenues Show Sub
Stantial Gains.

Interruption Of steamship service
through the Panama Canal and the e&-
traordinary travel which was stlmu-
lated by the California expositions en-
anled the Southern Pacific system de-
spite no abatement of automobile COM
petition 70 establish new high record
for gross earnings during the year
ended June 80 last. The movement oil
troops to and along the Mexican bor-
der and the general improvement IN
agricultural and commercial conditions
along the company's lines aided IN IN
creasing revenues.
The total revenues during the year
were S152,694,22s, an increase of s22'-
s2S,5j3 over 1915, and surprising the
previous high record of 1913 by Ss,9l9,-
523. Passenger earnings were sAo'-
1886, 900, an increase of s3,474,000. The
surplus available for dividends amount
cd to $29,950,416, equal to 1923 per
cent on s272,677906 capital stock,
against 7.2O per cent earned on the
same share capitalization the year
previous. Last years balance after
fixed charges was the largest in the
Southern Pacifc's history, with the ex-
ception of 1910, when the 10 per cent
shown for the stock included s4,50O,-
900 distribution received on Wells
Fargo stock owned. The 1916 income
account compares with the previous
year as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
st5.0oo,00o $4,000, 900
New Stock for Noteholders.

In the capitalization OF the new COM
psny there will be an issue OF $ll,0o2,-
600 prior lien stock, which will go to
tn. holders Of an equal amount Of
three year notes Of the present COM
pany. Holders of the s4,9o6,9OO hrst
preferred stock will receive, upon pay
ment Of the S27 a share assessment,
sf,346,463 in new preferred stock and
s4,9S6,9O0 in new common.
Holders Of the 81, 1898, 500 second pre-
ferred stock, after meeting the assess
ment. will get s3,23S,245 in new pre-
ferred and S10,794,15O in new common.
To the common stockholders, after pay
ment of the assessment, will be given
s5,4OO.OOO in new preferred and SlI-
100000 in new common.
The cash raised by the plan will be
used TO pay of s6,673,459 in receivers
certificates, s755,O0O in demand notes
and other claims sggregating s2,556,-
949. Holders of unsecured claims are
TO receive in payment $50 Of new pre-
ferred stock and $50 of new common
for each 500 in claims.
The reorganization will be effected
through the agency Of company to be
incorporated, probably under the laws
Of Ohio. It will be vested with title to
all the railroads, franchises, rights and
other property owned by the existing
corporation.
1t was announced yesterday by the
reorganization managers that IN order
10 become parties to the plan securl-
ties must be deposited on or before
n,4chor o.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
The Dollar in Foreign Exchange.

Russian rubles broke rather sharply
yesterday, falling to 1890, compared
with 1920 the day before. Only a
short while ago they sold as high as
34.OO as a result OF speculative buying
Recently the delay in the closing OF
the new Russian loan negotiations has
had an adverse sentimental effect on
ruble exchange. Sterling rates were
unchanged yesterday. The market was
generally dull.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
THE INCREASE IN
EQUIPMENT COSTS

Julius Kruttschnitt, chairman Of the
nual report issued yesterday stated
that the % per cent increase in wages
to the federated organizations of en-
ginemen, iircmen, conductors and
brakemen granted by the passage Of
the eight-hour law will mean an annual
increase of S2,500,000 in operating OK
penses.
Comparative prices paid during tho
year. and in 1913 and 1914, for some
of the principal items of materials and
supplies show increases as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
BRITISH ROW
OVER SUBSIDIES
Founding of Banks and
Monopolies by Govern
ment Holly Attacked.
Be Cabl. 70 T.. Tribune
Bv FRANCIS ". HlRSI.
London, September %

The gradual decline in Stock Ex-
change values under the output OF
war issues continued during Sep
TENDER, but was very slight, accord
ing to the computation of The
Bankers Magazine" Affairs in the
City are still quiet. The strength of
consols is remarkable.
Another prodigy is the great pros
pcrity of our Far Eastern trade with
India. the Straits and China. This
trade not only has doubled in value,
but is much greater in the actual
quantities of goods represented. The
prosperity of Japan of course may
partly explain it, but a great au-
thority with whom ! have discussed
it admits to me that he is puzzled,
especially in view of the unfortunate
political conditions Of China.
The meeting of Parliament natu-
rally increases political interest.
The governments strength will be
determined partly by the military
situation and partly by the attitude
of the Irish members. The vote OF
credit will involve general discus
sion and show the temper of the
House.
The newspapers here express
great satisfaction at the oversub-
scription of the Canadian war loan.
"The Times" explains that we are
spending nearly seventy-fve mill
ions sterling a year for war sup
niles in Canada, thus making posi-
BILE very largely the savings out OF
which these loans can be arranged
in return. Nevertheless, the total
applications appear to reflect the
wonderful Independent rcsourceful-
ness of Canada. They reflect also
considerable banking skill. 1t is
supposed that there was some New
York and New England support.
The new policy of substituting
banks and trading corporations to
engage in foreign trade is being
sharply questioned. Gaspard frer-
rer's refusal 10 sign a report favor
ing the big ten million bank project
is significant. At yesterdays meet
ing of the Anglo-Russian Trust
Crisp suggested again that no new
subsidized corporations were re
ouired. The question is how to re-
move existing drawbacks to Anglo
Russian trade in a way to benefit all
the merchants now interested. crisp
has written a letter TO the Chancel-
lor prospering an alternative policy
of fair play all around. The British
government, he says, might, for eX-
ample. TASK the Russian government
to act reciprocally in banking mat
tiers by allowing British banks to
open branches in Petrograd, because
Russian banks have for years en-
loved the privilege Of opening
branch establishments in London
Monopoly corporations and subsi-
died banks would provide new sal
aried positions for privileged per-
sons and become but new hornets
nest Of vested interest, destroying
equality Of opportunity.
Crisp's letter will do good. In
deed. it is now reported that the
government has abandoned the idea
Of itself establishing an Anglo-Rus-
sian corporation or of comforting any
new trading monopoly. The whole
question will probably be ventilated
in Parliament.
Free traders will meet at Man
chester Friday, with Earl Beau
champ as the principal speaker.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
Money and Credit

Money on call at the New York
Stock Exchange ruled again unchanged
at pa per cent, with low Of 2ia per
cent.
Time funds on brokers' Stock Ex-
change collateral show no quotable
change. Dulness prevails, with the tone
easy, despite the extraordinary activity
in the security markets. The inquiry Is
light.
Ruling rates on money yesterday
compared with year ago were as fol-
lows;
A rnar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

ANDREW ScCORNACk ~
REGrLAR AUCTION SALE
SToCKs AND BONDS, a,
r., ADRINN IT, miller
oFtrGrI. No b5 WiLLIAHs
WEDNESDAY. SEPT. q, DIV
a. 80 O'Clock, at ~,
EXCHANGE SALrsRogg,~
Nos - AND Is Wisely sIES'
r.r Account % Eyscuior
$1,000 Riding and D1fns w 10
N'g. ) b. C. Income :, p-,kr
81 600 Riding I'D p-N.s ~ ,s,,
,loo Co. A..'c..- C'u5 o. BoesT7 "
% sis Jiica Trust & Deposit % w.
s. shs METROPOLITAN BAN. 49,,
20 shs Hamilton Irl. Co.. c-,or
Fnr Account ~ Whom Dr. n9
50 -. Washiag0I HERALD 60 -
81 500 Dcufscher Ncre.l De-, VIZ
500 D.utschc- ysre'7 "a Ms lhenn' -
i.lu Shs. Gardner t-isn0 a. 49,
3 S0S shs Gardner trl.Hcr CO. eol-
100 Sis Hyfrn-tarHrr Has 90 r..
q shs R-0okIvn Manor Aulsfnen,, -. -
$50 Bond and Mortgage male y g.. a, %
Co. Iac. tl MooiHHfl III. az
D-f 1915. due O-L J.. ~ y
Interest for building - N ~
street. azs f,rt sru'f fu.n "
haven J. S'lc - M, ~ -, ~
$50 Bord ard Nc-gar- uads hr 49, d,
a. IN Wu..IEsysr Para ~. - ~.
lois dYe or 1915 al 80.
on building and l0f s ~ 40. Z
feet south Fulton Ave,
H. fSNfn1 Feet
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Young Man WANTED Prominent ss-s !
members New lorf ~,cA ~ - 800 = -
oId. must write a goci iIu. 80 y. 80. -
reference. .aiary % star, - - h a. :
ti0nA opportunity fo- i1ln. ~ rs =
business Address. banh's
New York Diiy
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

An increase OF slS,547,13 in freight
revenues last year included the follow
ing gains: Mineral products, s5,0S2,s12,
resulting from the unusual demand for
copper created by the European war;
agricultural products, s2,319,641; forest
products, s2,S29,S74; manufactured
products, s5,801 ,O75, chiefly received
from shipments of automobiles, iron
and steel articles and SUGAR.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
PLAN TO REORGANIZE
WHEELING 3 LAKE ERIE
Assessment of S27 a Share and
Lower Capitalization Proposed.

A plan OF reorganization for the
Wheeling g. Lake Erie Railroad Com
pany, which has been in receiyership
since June s, 1908, has been prepared
by Kuhn, Loeb & Co. and Blair & Co.
1t is proposed TO raise, through the
payment of S27 share by the stock
holders. $685., 708 in new money. The
total capitalization will be cut from
s74,811.956 to s72,370,S5S. Fixed
charges will be reduced by s976,435
The present capitalization OF the
road compares with the proposed recap
italization as follows:
Present Recspital-
capital. iZation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Below Is given the current exchange
value Of foreign money in dollars and
cents. together with the intrinsic gold
parity az calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

u Is announced that the Russian gov
eminent has placed with British makers
orders sggrcga,ing 100000 yards Of
army cloth, 20 be delivered in the early
spring.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

500 900. an advance Of si'OcV -,
price of the last previous ss. g,
compares with a high Of $7''VuU = !,
and a low of $4,000 In 1914 -.
est price on record Was S9s0~' -
lished in 1906.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
Mali Censorship Committee.

Mali Censorship Comn''o .,t
committee to be appointed by 4 - =
Hepburn to assist IN deylsins .,
for modification Of the bf''" -
censorship and to advise IN 'l' 81
Of American firms being piAes' n,
lands blacklist will be MADE W "a
officials Of banking institu'l0'. .
acting large business ~ iV',,,,sl
change. Mr.. Hepburn stA'eo |, ~
that the members vii eonsO ~
time 10 time with Sir RiehA'u 8,
ford. trade adviser to the BTU"
bassy at Washington. ~
A subcommittee, eonsis'ns ~
resentatives OF London brSn'n' ~ ,
New York banks, also VIZ
=, ..,ursl
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
Operating Expenses Increase.

An increase of s22,S2S,55 or 1853
per cent, in railway operating revenues
was earned with decrease Of lilo
per cent in the average revenue per ton
mile of revenue freight, decrease Of
4.79 per cent in the average revenue
per passenger mile and an increase Of
s9,6S9,Sl5, or 1923 per cent, in operat-
ing expenses. OF the latter increase
$5,06l ,444 was allocsted to maintenance
and S4,62S,37l to transportation and
other expenses. Improvements in OPP
Grating efficiency were shown in the
average car and train loads, in loco
motive fuel consumption and in the
movement of freight cars.
On June 80 the principal advances TO
the Southern Pacific Railroad Company
Of Mexico amounted to $40, $50. The
cost Of property destroyed ss a result
Of the revolutionary disturbances in
Mexico was estimated at 5000, 552 pesos,
equivalent TO s2,510,276.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
New York

Worried by Anthracite Shortage
The scarcity Of anthracite at the local
loading ports, says "The Coal Trade
Journal" rejecting as it does the
feverishness of demand in other mar
kets, is causing a good deal of worry
among the city dealers. Lacking stor-
age facilities for more than few days
supply. they cannot make suitable pro-
vision for meeting the rush that always
comes with the first cold weather, and
they apprehend serious trouble at that
time. So far they have been able TO
secure enough tonnage to keep fairly
well abreast of orders, but it is becom-
ing harder to do so in the case of sizes
and grades most in demand locally.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Gold TO China.-Gold coin to the
amount of $4,000 was withdrawn from
the Sub-Treasury yesterday for ship
ment to China.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27
On an Errand to Russia rofe

On an Errand to Russia Professor
Henry c. Emery, former chairman of
the United States Tariff Board and for
nine years professor of political econ
omy at Yale, sailed September % on
the st. Paul for Petrogrsd, where he is
TO represent the Guaranty Trust Com
pany. of New York, in some special
work preliminary TO an extension of
that institutions interests in Russia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Universal Joints.-It was announced
yesterday that s1,5OO,OoO 8 per cent
cumulative first preferred stock Of the
Spicer Manufacturing Company has
been purchased by q group of invest
ment bankers, headed by Merrill, Lynch
g. Co.. Of New York, and Csssatt & Co.,
Of Philadelphia. This issue, which will
be offered at 100 and accrued diU-
dends, is convertible at any time, share
for share, into common stock. The
company is the largest manufacturer OF
universal joints in the United States.
c. A. Dana, president of the Spicer COM
pany, states that additional plant fscili-
ties have already been provided and
machinery is being installe- whereby
the production for 1917 will be brought
to approximately 100000 universal
joints.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Stock Increase Proposed.-Directors
of the National Surety Company At a
special meeting held yesterday made
the recommendation to stockholders
that the capital stock of the company
be increased from 100000 to $4,000
600, by giving to stockholders the right
10 subscribe to onethrd of their pres
cnt holdings at $3.50 per share.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-27

Commercial Paper.-Extremely dull
trading is reported in the commercial
Taper market. Offerings are as light az
usual and institutions are not particu-
Iarly interested. Rates are 81 to 3@4
rer cent for prime regular msturlties.
Official rates Of discount at each OF
the twelve Federal districts arc as
follows: