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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 06, 1906
Page
4
Secretary Shaw reviews the 1906 monetary strain from harvests and credit, cites Treasury actions to relieve the crunch, and flags elastic currency as essential. He discusses bank co operation, potential reforms, and the need for congressional legislation to stabilize the nation's finances.
A. S. Porter former pay clerk at the naval establishment has been sentenced to five years in a penitentiary by a naval court martial at Boston. He is from Norfolk Virginia and married. Porter was trusted as a naval pay clerk under Paymaster Tiffany who resigned after a $10 embezzlement by his clerk. Irregularities occurred while Porter assisted Tiffany aboard the Rhode Island. Navy will consider mitigating the sentence. Porter is under arrest on the Wabash at Boston Navy Yard.
The President sent a message to Congress urging legislation to grant immediate dismissal authority to remove unworthy officers. He cites a naval case of alleged indecent behavior and argues current law delays or blocks dismissal except via court martial. He also seeks repeal of Article BT limiting wartime dismissal reviews by a court martial.
A certificate filed with the Secretary of State in Albany on December 5 confirms the consolidation of the New York & New Jersey Railroad Company and the Hudson & Manhattan Railroad Company with the Hoboken & Manhattan Railroad, creating the Hudson and Manhattan Rail Road Company with capital of 59,900,900. Directors include Anthony N. Brady, A. Converse, Elbert H. Gary, Frederick B. Jennings, W. Kins, William G. McAdoo, John G. Mullo ugh, G. Tracy Rogers and E. F. Young. McAdoo to be president, Jennings vice president, King secretary and treasurer.
Passengers set to sail today for Havre include Mrs J M Bovey and Mr and Mrs Richard P c8 hepa ae J pg tron Count nite tron H Morgan W G Oltand among others. Yesterday travelers arrived aboard the Finland from Antwerp including Mrs Lillian Blaisdell Mr and Mrs M A De Mr and Mrs George Char Vins rignaud Miss Irene F Sanger E G Colla Joharies Kor.
Directors raise the quarterly dividend to 6 percent placing the stock on a 6 percent basis. The move follows higher rates for Lake Shore and Michigan Central and boosts total yearly payout to 5.5 percent. Several executive promotions announced including G J Grammer Ira A Place and Charles F Daly to vice-presidents roles across the system.
The Atchison Topeka Santa Fe Railway directors called a special meeting for January 3 to consider increasing the authorized common stock by 98 million dollars to 250 million. Proceeds would fund more rolling stock lines and a Texas-New Mexico route, with substantial recent earnings gains and no floating debt.
W. W. Finley elected president of the Southern Railway Company at a special meeting, succeeding Samuel Spencer who was killed in Thanksgiving Day accident. Finley, born Pass Christian Miss in 1833, has long served in major railroads and held top posts in the Gould system and Western Passenger Association. His headquarters will likely be in Washington.
A Swartout & Appenzeller circular lists over fifty top short term securities with essential features including rate and maturity dates. The publication notes bond dealers increasingly issue durable circulars detailing marketable securities rather than relying on scattered stock listings.
The Birmingham Advance reports the death of a long lived Galapagos giant tortoise at the Zoological Gardens. Lost inscriptions hint it may have lived in the 17th century with later records placing its capture in the late 18th century. The creature drew crowds for its enormous appetite and long life.
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