davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
UNION PACIFIC
PAYS 81 EXTRA
Stockholders and En-
pIoyes Share in Rail
roads Prosperity

Besides voting bonus OF one
months pay to all employees whose
salaries do not exceed $1,000 year,
including members Of the brother
hoods, tho directors OF the Union Pa
cinc Yesterday declared an extra divf-
dend Of per cent on the common
stock Of the company.
This means an extra distribution
among 81 .reholders Of s4,44o,s2o, as
there Is how s292,291,ooo common
ytocN outstanding. Tho resent regu-
lar rate Of per cent calls for slf'-
7O3. 2s0. Dividends on the common
have been paid in the past as follows:
1915, 8 per cent; 1914. per cent;
1907 to 1918, 10 per cent; 1905, 8 per
cent; 1905, "A per cent; 1901 to 1904
per cent; 1900, 3h per cent.
The bonus TO employees will amount
to, approximately. s2,5oO,ooO.
A plan Of insurance for employees
receiving less than $4,000 annually
was authorized by the directors, as
follows:
First-Life insurance TO the amount OF
ono years full wages with minimum OF
$500 and a maximum OF $500, the bene-
fits OF this insurance 20 include those re-
tired and pensioned after January l. 1911
second-Accident insurance covering
total disability resulting from injuries IN
the performance OF the employees occupa-
ton consisting OF half pay during DISABLE
ity with a minimum Of as week and
maximum period Of two years. and with
certain permanent injuries resulting from
such occupational accidents, such ms loss
of leg or arm. the half pay indemnity 70
continue IN any event FOR periods definitely
fixed. the maximum liability for any one
accident to be $4,000.
Third-Sickness insurance covering not
only illness OF at least one weeks duration,
but also injuries resulting from accidents
not occurring In the performance or the
duties Of the employees occupation Consist
Ing OF half pay while the employe Is dis
abled and confined at home with mini
mum OF IS a week and a maximum period
Of ffty-two weeks, and with an additional
Indemnity of half wages for a further pc
Rod Of ffty-two weeks II II appears that
the employe has become permanently dis
sbled FOR life, subject TO a maximum dis
bursement OF $500 on account Of any one
;llpexs or any one accident
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
LOAN OF $50, 100000
TO CHINA HINTED
IN PEKING ADVICES

Picking advices state that the Rus
sian. Japanese, British and French
legations have indicated to the Chinese
Foreign Office and the American Lega-
ton their desire for American coopera-
ton in the loan OF f10,o00,000 $780,
600 OOo).
Officers OF the New York banks, who
were in the Six-Power group that car
ried on negotiations with China for a
loan before the outbreak of the Euro
pean war, when their attention was
called to the Picking dispatch yester-
day. said that they had not been noti-
fed that any new Chinese financing
was under consideration.
II seems to be the opinion OF bankers
here, however, that loan Of the size
mentioned could easily be arranged II
peace is declared In Europe.
Objection was recently raised by
British, French and Japanese ministers
at Picking to tho 100000 Chinese
loan made By the Continental and Com
mercial Trust and Savings Bank OF
Chicago. Complaint was made that the
loan violated previous agreements.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
ARMS STOCKS
FALL In PARIS
Bank of France Suffers
a Loss in Gold of
196,000,000 Francs
BY YVES GUYOT
nv Cabs 70 Tbs Tribune

Paris, Dec. 21.-The Bank OF
France suffered a loss Of gold last
week Of 1876 ,0OO,0 francs, while ad-
vances 10 the state increased $780,
100000. A violent fall in Hotchkiss
shares and a drop In other stocks Of
the arms group caused a certain
amount Of general uncertainty in the
market
Large sales by interested parties,
which have been made In the last few
days, are easily explained If one
saw the end of the war nearly in
sight; on the other hand, The increase
by the Chamber Of Deputies of the
tax on war profits from so to 60 per
cent might also explain the selling
en- the ground of fears of other bur
oens to come. The position Of the
arms group now is purely specula-
tive, and the result has been a gen.
eral fall In prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Dividends

Eureka Pipe Line.-Regular quarterly div
idend OF So a share. payable February l to
stockholders of record January Is.
Cambria Stecl.-Quarterly dividend Of l y
per cent and an extra dividend OF III per
cent, both payable December 20 TO stock OF
record December %. The quarterly dividend
10 an increase from per cent TO per cent
per annum.
Union Paeifc.--Extra dividend OF per
cent the common stock. payable January
10 10 stock of record January j.
seaboard National Bank.-Regular quar-
terly dividend OF 3 per cent and an extra
dividend of 10 per cent. both payable Jan
uary 20 stock OF record December 26.
Temple Coal.-Reguar quarterly dividend
Of per cent on the preferred stock. payable
January 10 10 stock of record December 80.
New York Mutual Gas Light-A divi-
dend OF per cent, payable January 10 10
stock OF record December 26.
Northwestern Power.-Dividend Of $3.50 a
share on its preferred stock, payable Janu-
airy TO stock Of record December 20.
Lawyers Mortgage Quarterly dividend OF
3 per cent payable December 30 10 stock OF
record December 81.
Commercial Trust C. Of New Jer~.--
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

REGULAR quarterly dividend OF ~ q
and an extra dividend OF per 80 n
payable January 2 TO stock Oh i"~
cember %. L..
Otis Regular ouAHSw n
dend Of $3.50 on the preferred ana q
the common stocks. payable 'ahH
stock Of record December 20.
Isle RoyaIe Copper.-ouarrery a''
81 share and 81 extra
Tecumseh Cotton Mils.-ReSulG s'tr.
ly dividend OF III per cent, ana -hsy y
OF 81 per cent, both payable peee"'~'
TO stock Of record December - a.
Osborne Mills-Quarterly dividend !" "a
per cent, and an extra OF per De-
payable January 10 stock OF
ccmber 10. -.
welsbach Co.-Regular semi-annsJ .sak.
dend OF 3iz per cent on preiss.' D..
payable December 80 20 stock OF
cember %. ,
Massachusetts, G..-Reguls- .,oi.
dividend OF sl.25 share on eomn'A Nc.
payable February 1 10 stoekh0lde" "
ord January 10. -.
Columbia Trust.-Quartsrly divicsne -
per cent. payable January "
record December y. -,
Liberty National Bank.-usuh ~
dividend of ia per cent and an e,T i.,ar
dend Of 10 per cent, both pAysoe
TO stock Of record December o.
Fulton Trust Company Of No es,s
Usual semi-annual dividend OF - bo,s
and an extra dividend OF : per 90 DE-
payable January 10 stock o.
cember p. v.A.
National Bank Of Commerce o. nsr est
Regular quarterly dividend OF - I'd
and an extra dividend OF per s.d D.
payable January , 70 stock OF
cember p. -, ssrt
Merchants National Bank ensss Jas
annual dividend Of 4 per cent. r. "A
uary 20 stock Of record DeesmD -
Chalmers Motor Corporstion.-p.,s IS y
76 cents a share, payable 1Anu""
stock OF record January ). ,,xx~l
New England Msnufseturns.,y 10 .
of 5liz per cent, payarss
stock OF record December IL .&sS
American shipbuilding. --Resu srsisss
dividend of IA per crnt on ..oei Of rsfsss
stock. payable January 10 !" WV
December 80. -, M
Greenwich Bank.-Regular euv 1 -
dend OF 3 per cent PAYABLE Hct psys>e
an extra dividend Of PEI
December %.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
A. v. OSTROM TO HEAD
SCANDINAVIAN BANK

Minneapolis, Dee. 21,-Alex V. Os-
from, vice president Of the Northwest
ern National Bank, to-day announced
his acceptance Of the presidency Of a
new s2,500,O00 trust company being
organized in New York. The new COM
pany will be closely identified with the
export trade and the financing OF the
business Of Sweden, Norway and Den
mark in the United States, Mr.. Ostrom
said. It's stockholders will be prin-
cinally men identified with the ship
ming interests Of New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
STOCK EXCHANGE SEATS
TAKE DROP IN PRICE

A reflex OF the weeks big declines
in stock market values WAS seen yes
terday In reduction In the price Of
Stock Exchange seats.
Two memberships were sold for
s74, 900 each, or $1,000 under the rec
ord price for the year established last
week. The buyers were James Car
stairs and Paul Adler.
Robert c. Hanks, who WAS formerly
messenger on the floor OF the ex-
change, has been elected 10 member
ship. Others elected to membership
are Joseph s. Buntine. Myron /. Borg
and John X. HodgeA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

The boast of the West that II could
rot be shaken out Of its stocks has
been rudely broken. II carried its
speculation for the rise right up to
the election and then sat down on
It's stocks. 1t interpreted the result
Cf the election favqrably and bought
great many more stocks, laughing
at Wall Street for selling them. 1t
was rich and amused. Wall Street
for once would have to learn values
from the West. Prices were not
going TO be made any more at the
whim Of predatory Stock Exchange
spectators, assisted by the banks.
The West would make prices for a
while. Then came the money furry,
and the West growled. II knew all
about that trick. II would not work.
II had Federal Reserve banks Of its
own. The East was obsolete. The
fulcrum of American finance had
been moved. Chicago, for instance,
was lending money to China. Then
came the peace scare, and things
began TO look little more serious
but still the West was sure. II
would return. its stocks TO Wall
Street when, if and as it pleased,
come peace, war or what not. And
it was very rich. Wall Street houses
that were carrying stocks on margin
for Western correspondents asked
for more margins, up 70 so per cent,
and the West responded either by
putting up The money or saying:
"Send us the stocks. Wen carry
them ourselves" There was then a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Other Cities

Sale of Gould Roads Ordered.-St
Louis, Dec. 21.-The sale at foreclosure
of the Missouri Pacific and of the s.
Louis, Iron Mountain & Southern raiS
roads was ordered by Judge Hook, in
the United States District Court, here
to-day.
The sale is expected to take place
In February and to come before Judge
Hook for confirmation in March.
Judge Hook also fixed a minimum
price for the Kansas & Colorado Pa
cific, a part Of the Missouri lines in
Kansas, at S9,s00,000. The roads will
be sold to satisfy bonds of s3l, 100000
held by the Guaranty Trust Company,
of New York, against the Missouri Pa
cfic; bonds Of S29,000,000 held by the
Union Trust Company, of New York,
against the Iron Mountain, and bonds
OF S20,000,000 held by the Equitable
Trust Company. of New York, against
the Kansas & Colorado Pacific.
Coke Prices Advanced.-Pittsburgh,
Dec. 2i.-Coke prices made a general
advance during the week, while both
production and shipments showed a
marked decrease. The week opened
with spot coke quoted at SO and 1925,
later selling at $3.50 and 1919. Predic-
tions are being made freely that the
market will reach $40 before the end
of the week. Shipments during the
week amounted to $4,000 tons, the
low point Of the year, and decrease
OF $1,000 tons from last week. Produc-
ton fell off proportionately, the loss
in weekly production being $4,000 tons.
The total production was S375,O00 tons.
Boston Coppers.-Boston, Dec. 2l.-
Mining shares on the local exchange
broke to-day in heavy liquidations TO
an extent unequalled IN recent years.
Coppers and zines both went down. The
decline was almost precipitate, broken
only by brief and inconsequential raj
lies. Prices at the close were the
lowest of the day. Copper Range, 90.
off 6; Allouez, 90, off 6; Old Dominion,
SO, of 3; Osceola, So, off 4.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
U. S. Treasury Finances

Washington, Dec. 2l.-The condition
Of the United States Treasury to-day:
Net balance in general fund, s118,541,-
342; total receipts, s2,2o6, 264; total
payments, s2.099 ,0e9.
The deficit this fiscal year Is S115.-
303,423. against a deficit Of S51, 58t ,825
last year. exclusive OF Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
News Digest
Foreign

London Markets.-London. Dec. I'll
Money and exchange rates were firm
to-day. Petrograd exchange easier.
Money loaned at AZ per cent; dis
count rates, short and three-month
bills, 51A@55s per cent; gold premiums
at Lisbon, 1900.
Paris Bourse-Paris, Dec. 21.-Trad.
ing was quiet on the Bourse to-day.
Three per cent rentes, 60 francs 35
centimes for cash; exchange on Lon.
don, 81 francs 8112 confines; 8 per cent
loan, IS francs 20 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
The Dollar in Foreign Exchange

The feature of the foreign exchange
market yesterday was the rise in the
value of German marks, which were
quoted at 1914 cents for four, COM
pared with a close Of TN the day
before. Vienna kronen went to 1922,
against 1913 on Wednesday. Russian
rubles were also higher. Tho rest of
the market was steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
New York

New York Reserve Bank Dividend
The Federal Reserve Bank, of New
York, declared dividend at the rate
of per cent annually. The distribu-
ton, directors announced, will cover
the accumulated dividend from No
vember 2, 1914, 70 March 81, 1915, in
elusive, payable December 80, 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

Commercial Paper@The small VOL
ume Of commercial paper moving is
being placed at per cent Institu-
tions are asking for higher rates, but
with little success, as brokers are In
sisting on per cent and 30 far have
been able to secure this rate FOR the
small supply Of paper they have on
hand.
Official rates Of discount at each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Thursdap, December 81, 1916

Sense Of values appears TO have
been altogether lost. AS the rise
bewildered the imagination, so the
decline brings TO view contrasts and
DISCREPANCIES Of weird and eXtraor-
binary character. Fancy the anomaly
of a corporation having in its treas
urv cash assets as great as the ag-
gregate market value Of its common
stock, and the price Of that stock
falling points between sales because
SPECTATORS are obliged TO sell IT.!
There are several instances OF this,
literally meant, United States Steel
common sells at 1908, though only a
few weeks ago its earnings for the
current fiscal year were estimated at
500 a share. There was no telling
now high stocks could go. 1t does
not follow that there Is no telling
how low they may go. Value mas
teen AIDED TO them which cannot be
taken away. Profits IN many cases
have been realized sufficient TO guar
antee dividends for decade to come,
though the very bottom should fall
out of business. Additions TO plants
have been made and paid for and
debts have been liquidated with war
profts. Intrinsic values have been
incredibly increased in the last eigh-
teen months. They may decrease
again, but it is inconceivable that
they should return TO where they
were before the war. Many stocks
are already cheap.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

The above rates express The cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling FOR s4.75Ib; the intrinsic par
ity Is s4s6H per pound. Thus, you
say either that pounds are az a dis
count or that dollars are at pre-
MUM, which Is owing 10 the fact that
in England the demand for dollars
with which to eettle 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, 1916-12-22
Money and Credit

Money on call at the New York Stock
Exchange ruled at ~ per cent yester-
day, compared with the day before.
In the afternoon the rate moved up to
per cent and the market closed at
that level
Time funds on brokers' Stock Ell
change collateral continued steady,
with no important change In rates
The bulk Of the demand was for the
shorter maturities.
Ruling rates on money yesterday,
compared with a year ago, wers as
follow:
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

Il is absurd to say that the bull
market was wrecked by bearish
Spectators. Their part is common
" overestimated. In this case it has
been relatively unimportant- The
beginning Of the end was the pub
LEGATION Of Germany's proposal to
discuss peace. All the rest has been
cumulative. The speculative struct-
ure reared upon war profits tottered,
caught its balance, lost it again and
then fell headlong. 1t has been IN
one aspect a very simple perform
ance. After the first shock 1t was
foregone that the game was up.
Whether peace eventuated or not,
the exploitation of stocks on the alb
normal gains of war was at an end.
Wall Street had already passed the
burden Of risk to the outside public.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

A frequency Of such days would
cause many brokers to shut up shop,
not for any financial reason, but
because it is not good TO look upon
people in the moment Of thwarted
avarice. Narrowing incidents are
unavoidable. Hidden traits come
out. Telephone voices become faces
which a broker would much rather
not see, and faces he thought he
could count on either disappear or
undergo strange transformations.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

One does not recall so much specu-
lative disaster with so little talk Of
financial trouble in Wall Street. Or
dinarily. such a day would be filled
with rumors of impending failures.
But for once the loss has fallen out
side of Wall Street Banks began
many weeks ago to protect them
selves. They would lend less and
less on war stocks, until at last
brokers were obliged TO call upon
their clients for margins which at
other times would have seemed pro-
hibitive- But they were forthcom-
ing. The outcome is that bankers
and brokers have suffered very little,
II at al, while the public has borne
terrific loss. People have been
very well able TO pay for their expe-
rience. That Is one Of the remark
able facts of the case. The moral is
that the more money they have the
moro they can lose.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Locomotive Orders Placed.

American Locomotive Company has
closed orders for 100 consolidation en-
gines for the French State Railways
and fifty for the Paris-Orleans Rail-
road. The value Of the orders is APP
proximately 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

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, 1916-12-22
WAR ISSUES ACTIVE
IN LONDON MARKET
Sharp Rise In Bonds Takes
Place on Investment Buying

London. Dec 2l-The feature Of the
stock market to-day was q smart rise
Of y per cent in the war loan after a
large business, estimated in some quar-
ters at around 100000. 1t requires
a large order at the present time to
move the price more than y. The rea-
son for the rise or the buying orders
WIS not ascertainsble, but It was at
tributed in part to the investment Of
year-end funds and in part to the same
reason which caused the decline in war
stocks in America.
French, Italian and Russian bonds
also were marked up. and from the
movement OF the securities IL would
appear that information not available
to the general public Is possessed in
some quarters.
Steel stocks were active In the Amer
lean section. United States Steel fuctu-
ated between 115 and 117ls, closing
at about 116.
Montreal, Dec 21-The Stock Ex-
change session to-day was ono OF the
widest that has occurred since the be-
ginning Of the war. The leading steel
stocks at noon were on an average o.
20 points below their recent high level,
while the average drop from Wednes-
day night was about 10 points. Domin-
ion was the least affected, showing
loss Of only 81 points. Steel of Can
ada fell si5, Scotia Il and Quebec Rail
way 10 points. During the morning
1851 shares Of Dominion, 1896 OF
Steel of Canada, 1,740 Of Scotia and
A,456 of Quebec Railway changed hands.
The total mornings trading established
a new high record, 1898 shares OF
listed stock having been dealt in.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Relevant
Information

Southern Pacifc.-By insisting on
heavier loading and more rapid unload
ing Of freight cars, the Southern Pacific
Company has succeeded in reducing
somewhat the car shortage along Its
lines. In October, according TO a re-
port Of the assistant superintendent
Of transportation, the company saved
the use Of 1878 cars by the one ex-
pedient Of asking for the heavier load
ing of cars. In other words, TO move
the Same quantity of the eighteen
varieties Of the merchandise carried
in October would have required near
ly 1000 more cars II laden with the
lighter loads Of the year before. Bar
ley was carried with heavier load OF
3.4 tons per car; beets, 4 tons; cement
nearly tons; corn and oats, 6.5 tons;
general merchandise, IL tons.
Gulf States Steel.-Among the weak
est of the industrial group on the cur
rent stock market decline have been the
Gulf States Steel Issues. Their fall has
been almost as rapid as their rise.
Yesterday the common stock, which
in November sold at 1893, touched 100,
where It showed a loss on the day Of
SO points. The first preferred, whose
high record is lib, sold at 107. The
second preferred dropped 80 points to
1884. This issue sold at 100 last
month 1t was stated last month that
the undivided profits of this company
on October 81 were s3,841 900. Allow
ing the full per cent on the FIRST
preferred, this amount is equivalent to
S41 share on the 10000 shares Of
second preferred and common Earn
ings IN the frst eleven months Of the
current year were at an annual rate
Of 1870 per cent on the common,
ngninst 1917 per cent IN 1918.
Atlantic Refining Company.-Dow,
Jones & Co. were authority for the
statement yesterday that an increase In
the capital stock OF this company from
$4,000, 900 to 100000 resulting In a
300 per cent stock dividend to stock
holders. will probably be put into ef-
feet early in the new year. Atlantic
Refining earned l07.64 per cent on the
$4,000 900 stock in 1918, against 1881
per cent In 1914 and 74.6S per cent in
1918. The surplus at the close Of bust
ness last wear amounted to $50 BAT 1856.
The stock has sold as high as S92 this
year.
Distribution Of Profits.-Several
corporations besides the Union Pacific
Railroad voted larger dividends to
stockholders yesterday. The Cambria
Steel Company declared an extra divi-
dend Of " per cent, In addition TO a
regular quarterly disbursement Of IA
per cent, the latter an increase OF
u per cent. The stock is now on a
per cent basis. Directors of the
/ Youngstown Sheet and Tube Company
have decided TO recommend 70 the
stockholders that, at the annual meet
ing in February, the authorized
amount OF common stock be increased
from s2O,0O0.0OO to s40,d00,000. II
this action is taken It is the intention
Of the directors 10 then declare a
stock dividend Of 100 per cent 70 hold
ers Of common stock. The New Eng
land Manufacturing Company has de-
clared a dividend of 51h per cent.
-------- . ----------
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

Bank OF England.-The Bank OF Eng.
land reported decrease for the week
in gold coin and bullion holdings of
f75sI24. Proportion Of reserve TO LA
bilities is now 20.65 per cent, against
ALTO last week. Other changes re-
ported for the present week are as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22

Bank EIohanges.-The days clear.
ings at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-22
Cotton Exchange Seat Sold.-w.

Johnson has purchased a seat on the
Cotton Exchange for sl7,500. an ad-
vance of 500 over the last sale.