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Wealt arkets an d Commerce maBfcfar BOND Have Yow Signed aft The subscription list of the LIBERTY LOAN will be a National Roll of Honor ' WILL YOUR NAME BE ON THIS ROLL o Enter your subscrip? tion at any Bank or Trust Co. by 1V30 o'Clock Today This Space Donated to THE LIBERTY LOAN COMMITTEE by The National City Co. S-peticer Trask (x Co. A. A. Houtman ft Co. Robinson ft ?Co. E. H. Rollins ft Sons Harris, Forbes ft Co. John Muir Ac Co. Toole, Hrnry ft Co. Noble Ac ?Corwin Finance - Economies WALL FTKFJTJT OFFICE! Milla PulldinK, 15 Proud Pt Telephon?: ?Anover C51* Thursday, Jone U, 1917 Because war quickens the imagina? tion and makes for cooperation be? tween interest! which aro naturally opposed in putee, things which fcem ini?ly UN impos ible often are ac? complished with surprising ease as necessity ari-?-.;. S?> it m.iy be with the problem of traffic congestion with which the railroad; have been contending fur months, and which i still far from solution. Already, un? der the direction of the railway war hoard,efficiency in car and locomotiva performance has ?Seen improved. Shippers and railroads aro working together to deliver freight as fa I BO tibia and to load an?! unl"a?l it et peditiooaly. Much ?mate In passen ?ger service ha-, been eliminated t>y talcing off unnecessary trains, thus making room for ?freight ami at the same time proriding the men to han? dle freight trains. But liiere is a limit to what the railroads can do, and after that limit has been reached they may still be overloaded. And so another move is under way to ease the pressure on the transportation system. Many of the nation's water high? ways, over which vast tonnages of freight formerly were moved, have be? come obsolete. They have not been able to survive competition with the rail ada in many ?cases, and in other**, .-.here they could have survived, the mad.'* have throttled them by un-? ir means. Only in a relatively few -.es, under highly favorable conditions, has the volume of inter? nal water-borne traffic bein main? tained at the old level. A vast net? work of waterways has fallen into disuse. Now, as a war measure, it is proposed immediately to utilize them again. To do that a committee, under the Advisory Commission of the N%tional Council of Defence, has been formed, and its efforts are approved and will be supplemented by cooperation of the War Department, the Shipping Board ar.d the Depart? ment of Commerce. The Department of iummcrce has, in fact, issued a statement urging country-wide co? operation in the plan, in which it .-tates that the volume of freight to be moved is so heavy as to insure more than sufficient business for both the railway's and waterways for months to come. Therefore, it says, Watrara ... a barga or a boat, a .?cow, a lichter or a motor '?1 can be made to take the place of a ru.'way car it ou^ht to be dom*. Such arrangement* as are practical sheolal !<. made alor.-? all our *m?at waterway? to develop promptly methods for uMni? tho water as a means of transporta? tion. This is the time to get idle hartres and scows into use, to re pair old bar;-o.% to build new ones, and to take advantage of a patri? otic duty of water transit in every prattle tata way. And as proof of the ease with which these additions to our trans? portation equipment could ho pro? vided, the Chief of Engineers, U. S. A., is quoted as follows: Fortunately, those boat?a aro of i??-?"iparativory ?imple construction r.nd can be built rapidly if . . . boatyards are fully utilized for this puT-posp. In fad, therre barf-?' roiM bo built at innumerable points alipns the streams and laBnehtd witheat accumulation of txptnahrt machinery or plant, as it is prnri'orV'y a question of sup? plying the relatively pimple ma ' ri ils and the labor req-nrorl m nr'iii.! eoaatnution of tho boats. Yornaire capacity can doubtless be ? roi'.'d IT BBcb barga cBBttraetira much more rapid v ti in |.y car MB? stroctiaa. Every agency which could possibly arsist in th<* movement, is asked to do its part. Among other-, th?' de? partmenl says that Cities srrd tnwii? on watara OBCht la thorr own interests to takt steps to encourntT" wat? r transit ard to extemporize, if r.cods bo, moans for brinnnnfr it quick!'.* into re. tablk bodies like cham? ber*? of commerce and boards of trade should also take the matter up actively where eomlitiors mak?> it possible to do so, and gita th? ir support to th? men who endeavor to develop transportation by ?nr-ntcr on a temporary or permanent basis. It is eriroorajrinj? to no?<? the pro? posed formatJon of companies to conduct tr?r'->ort-it'on on ?ho Mis? sissippi P.ivrr. furh organisations ?'?day do a patriotic and most helpful service. They should b. helped forward wherever thoy rnay be started In every reasonable way. And further: ft must bo evident to reflec'inj; men that no?h'nj- whirl! advances the Interests of the country ?s a whola can be permanently hurtful to the rreat tmnsp??rtji?ion systems of th? land. There is no ri ablt basis for antagonism between the railway and the waterway. Kuc'n is the servant of the other and tha success of r?ch Is \n the long run helpful to the o'hor. I? is not ?o tha final and the largest Interest of ?be railway that the, we.'. . . should be n.;;!e,i ,; ;.;..,, ?g , own place in the national economy, and the hlj-hest sucre.?-* of each ?.?.ponds In no small mfi.rjr?' upon the succeps of the other. It is at this time a matter of national duty to develop the interior waterway and to give it that part in the r... ttoa'a economic life to which its ex? tent an?l \r.i.. . . . til ' and this shoulil he .l.,r;.a ;:.- prompt? ly and as th?,: by tamporary means, if need bo, in ordar to gat th? I oving, and then by permanent neani in order to mako the raOTSiarat ? aolld part at our national life. TI ? ? ' i only be- h< Ipfill in the lont* run tri every OBS corn -.:? .1 Bl ' ' tho rountry nr. a whole. The rarprising thing ia that rail road m?'n who for ganerati ma have fought the waterway*! should lu- will? ing to Iiolp the movement along. Bul they are? as is evident from the I . nient of tlio pre- i?j?m1 of one of the frreat .systems, who say.: So lone a* the war last? the rail? roads of the I'nit.ed States will co? operate to th? fullest por 'bio ex? tent with the waterways of the country in order that the needs of the country may bo sen, i. Fancy a railroad man makin*"* a statement like that! I'ofore we en I tered the war it pimply could not I have happened. Now ono may even hope that this enlightened attitude will persist Ion*-* after the. war is a thing of the past. Money and Credit A slightly easier tendency developed in the local money market yesterday. I Leading institutions seemed moro In ; ?'lined to do business. This was at? tributed in part to the indicated suc? cess of the Liberty laoan. Sixty-day loans aj-ainst industrial securities as collateral were quoted at 6 per cent ! bi>". but FIX months' maturities were I .r.'? to 5'aj r?er cent- Iaoans apainst a ?mixturo of railway and industrial se 1 eurities were urrhanj-ed, at I to r>].? per cent, with ;> per cent the a*fS**S**S trading rate. (.'all money at the Stork Kxehe.n;-o ruled at 4*4 per rent, unchanged from | "?Vednesday. Closing rataps on money yesterday, compared with a year BRO, were as fol? lows: Y ? si 'rday. Tear I fO, Tall money.. . . 4! r."0 3% . Time money (mixed collateral ! 60 days. U*mW/t% iVtQW/a 90 days. 6#5"/a% 3'c/'* 3 '4 ', 4 months.... b'aS1 2".t 3' z'u ii to 6 mos... b'tib' 2% Z' ?'<i3"4% Commercial I'ai>or. -Absence of com? petitive buying caused a bardeniag in the commercial paper rate yesta-Hav. the best re?rular m?'ui * quoted at f?\ per cent. Official rates of discount of each of the twelve Federal districts are as fol i lows: i-Days-, Over Over Over 15 or li up SO up ?"0 up IaCS tO SO tO ?''I to M I*-aston . 3' fj- 4 4 4 .Vew York. 3 4 4 4 Philadelphia . Vf* 4 4 4 Cleveland . 3' a 4 4'"? i,\/z r.ichmon?! . 4 4 4 4 Atlanta . 4 4 4 4l/2 i . ?' \ 4 4 4i 2 St Louis. 31 \ 4 4 4 "?' . . eapolis .4 4 K MB City. 4 t)/t V/2 4'j I Dalla-- . 3'2 4 ?l j San Francisco. 3' "> 4 41 . - Rank I'learinc?. The ria-'? clearings ! at Nsw "fort si do! r eil Exeh lancet New Vori: ... .$624^30,922 $46.2 H-iltimore . 3.1P9.593 1..' i ton. 42,684407 11,092,049 I . ?30.516,532 10.. Baa?Traaaa**jr, N ?. York banka lo-t to Sub-Trensui j | Silver^-Bars in Laondon, S9 1-10 pence; NVw York, 77 eci I Mexican dol?an. 6ST4 rent?. Hank of Kngland.- Laadoa, .Tune 1'. ire weekly statement of the Hank of Knp-lan.l show.i | Owing . changea: Total reserve.1-,- ?157.000 dation .I?e, 137.0?90 Bullion . [ne. 269 Other leearities.. >. :?5,Qty) Other d.'poMts .Inc. 6,0 Public dapasits .Inc 1.785.000 :y,*es reaeira.i,- .?79.000 l?overnm.T'.t .-..(-.unties.. Dee. 39,000 The propor'r.n of th* hank's reserve to 1 ?iibi 1 -ty this wssb is 19 1 rer cent; last w-ek it. was 10.41 p.-r ccnl Rat ? of discount, f. per cent. Ilank of France. !* - The weekly Btatsiaaal i I'rar e? rWB 1 folloi j francs: <;>. i m h.-.nd.|a( 3,:rr.':.r/o Surer in hai ,1 .In.- 'ir'..'"oo i Note? in circulation. 1,890.000 j Treasury deposit-.|>,r. 4O,Q0?.0OO ; (?ereral deposits.Inc. 53..'-7 1.000 Bills discounted.Inc 9.V.-O.0CO Advances .In,- O.oai.OOO The Dollar in Forcifi-n Kxchan?** Russian rubles der! re | fron litt rrr.t* to || ye,?. r I.,.- ,,...,; .', ",| ", H!4? The rest <?f lha market was steady, with the r\- ;. .'"rench r.r.d Itolias rat.-., which eased sfl ?lilfhtly. Demand check? an I'.*, quoted at fi."TYt, compared with the day before. ClSSbaSJ i?'?-? yesterday, Sa*B**S>r*d With a week BafS, are greet la ti I ' . Kau , muil | ill la ?., HI1..II ?nd I Austrian sachante, so that dally quo- ! 1 laticms for either marks or kronen ars M entrer aa-aileble. Week1 Yest-rrrlay. aga .'().,eteti ft-n?rs to the ponrul.) Bg, aamsm?.$4.75 rV ?W.75% .-. ? ty days.... 4.72 4.71% -i*, cablas.4.764 4.76-V \ ? -, BfaMty dsys... 4./0 4.69% '(.'?n.tral unit? to the dollar.) Fr-ancs, d"-iand. 6.75% 5.72% Francs, cables. 5.74% 5.71% Lire, checks. 7.08 7.05% Lira, cables. 7.07 7.04% Swiss, checks. 5.00 5.05 Bwiaa, cables. 4.98% 5.03% (Quoted rrnt? to th? unit.) ra, el ecki. 41 -v 41%' Guilders, cables. 41% 41% Ruble?, c.lil.s. 23.10 25.10 ? r , rh'ks... 30.00 30.00 ki , rh'ks. 28.80 28.60 I . ? . _ 23.30 22.70 BelOW ia gAtn the current exchange value of foriijrn money in dollars and i i-?. . . . Hither erith the intrinsic gold ? parity, M calculated by tho United I Mint: Can rent excluirv" ?Btril ' aloe. v aloe Pound?, aterliag.$4.75-V $4.86% . 0.17 4 0.19.3 . 0.11 :". 0.40 2 . 023 10 0.51 2 I ?re, ehecks. 0.14.1 0.19 3 Denmark)_ 023 80 0.26.8 I Croaras . .?'??.odriu. 0.30.00 0.26.8 The above rates express the cost of ? foreign money in terms of the Ameri I can dollar. Von buy an English pound I sterling: at, say, %AVIas\. The intrinsic parity is $4 it% per pound. Thus, you say either that pounds aro st a dis? count or that dollars are at a pre? mium, 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 tt settle accounts in England. -. Manufacturers Use Record Amount of Cotton During May -m, .lune 14.-American cot ? ton manufacturers used more raw1 ! cotton in May than in any pre? vious month in the history of the .ry. Census Bureau statis? tics of monthly cotton consumption i issued to-day disclosed that 116,171 running bales of lint and ?*.9,.T,9 bales . of listara were used during May, mak j ing a total of 997,599 bales. The pre . vinus record month was ?March, ISIS, when 111,741 bales of lint cotton wore manufacture!. Approximately lAjtJbbbJbet pounds of lint and linter cotton were used for r manufacturing purposes, the report in I1 ?lica'cs. I .arge army and navy orders for textiles and guncotton, officials said to-day wero partly responsible for the increased consumption. Cotton consumed during Mav j amounted to 11(471 running bales, and ' for the ton months ending May ".1 It was 5,684,570 baJ?-, UM CtBtBt Bureau BBBOUBCtd. 1 hut compares 'with 575,666 balta in May a year ago, 'and 5,537,489 f'?r the corresponding i. un haad May II, In consum? ing tstabli hmeata, was 1,199,981 . comparad with 1,976,015 a year It storage and at com ,1,9 179 lillies, compared with a j ? ar ago. Cotton ".ve during Mav numbai ',190, compared with 32,209, II '? B > BBI ago. Imperta amounted to 12,379 bales, and with 92,602 a fear ago. Ex 122 bales, com . with 610,922 hale? a year ago, and for ten moBtbs .",221,703 bales, compared " :*h I: ,111,4.11. I. n'.irs not ;nc!u?!o?l in the foregoing Wtrtl ?'onsumed, ^:,:(.",^ bales, com i' I trltll 1 ?'? '?la year ago, and for ten months ? 19,201 bales, compared ?with 751,781 a year ago; on hand in eOBStsming establishments, 121,172 bales, eompared with Hf>,??r?2 a year ago, ami in publie storage and at com , press?,gf l ,;? -, bales, compared with ?nr ?cn Export figures in clu.le 78,062 bales of Hatera for Mav, I ?j w.'li 17,619 a year ago, ami .-.? mont?t, 194,820 bales, eom pared with 189,989 a jreat ago. U. S. Treasury Finances biagtOB, J'ino 11 COflrdltiOfl of Bittd States Treasury at close to-' ?lay showed: Net balance m general : $357.821,390; total receipts, $9,-' 518.915; total payments, $4,822,578. I rai -ear is ?20.035,- , 3S1, agali . .. di ' eit af $-10.086.633 last ! -ive of Panama Canal amil ' "ns. I i , _^_ One-Day Loans To Minimize Money Strain Federal Reserve Bank Takes Steps to Facilitate Government Financing With a view to minimi-int* the i-train upon the re.ourrrs of the m?'*nber banks of this dintrn-t incidental to the heavy war bortowing operations of the 1'nited State?, the Federal R? Bank of New York is prepared to maki? one-day collateral loans to any of the affiliated institutions in cn**?? of an emergency. Tho Federal Rasar*/! Bank, II announced, has BStablished '-penal re? discount rates for periods of o? . to be fixed by officers of the batik from time to time, at not less than I per cent nor more than t per cent for a?i made to member h.Tik-= in eonn? flrith transsctiona arising oui o fiscal operations of the government. Such advanees will be made for one day only, upon the promissory notes of member hanks seeured by paper eligible for rediscount or United States govern - ment obligations. Of late there has been a substantial increase in the rcdiscountmg opera? tions of local banks at the Federal Re servo Rank. Rediscounts last week as indicated in the weekly statement of the Federal Reserve Rank of New York rose approximately $?'.0,000,000. The rates of discount of the Reserve Bank, effective until further notice, are as follows: For notes, drafts and bills of ex? change, including promissory notes se cured by eligible paper or bonds, notes or certificates of indebtedness of the United States, baring a maturity at time of discount of not more than fif? teen days, I per cent. For note?, draft! and bills of ex? change, having a maturity at time of diseoUBt of more than fifteen day? Bad not more than ninety days, 4 per cent Por agricultural paper baring a ma? turity at time of discount of more than ninety days and not more than ill ! months, .'. per Stat. Specul rates: h or notes, drafts anil billa of exchange issued or drawn for the purpose of buying or carrying bonds, note? or certificates of indebted? ness of the United Staten, and B4 'cured thereby, having a maturity at time of int of not more than ninety days, .'?'? per <*ent. For trade acceptances having a ma? turity at tina of discount of not more than ninety days, .'* '-a per cent. For ore-day promissory notes of member hanks required in Connection witb transactions involving the fiscal operations of the government, ?? by ? ligibla paper or bonds, notes or cer tificates of indebtedness ?.f the United States, 2 per cent to 4 per cent Relevant Facts Continental Can. The directors of the company have voted to issue 20,000 shares of new common stock, to which common stockholders will be allowed to subscribe to the extent of tf per cent of their prSSSBt holding- st par. The official announcement said: "In order to provide for additional working capital to take core of tho growing business of the Continental ? as Company ii w^ decided al a spa? Cial meeting of the board of director? to-day to offer to the common stock ho den of record at the clos.- of .J i no tt 20,000 shares of common stock which wa- Btttbei isd at the time of the organization of the common, but has Btrer been Issued. Fach holder of stock will be entitled to sul-ncribe to 2.-. per cent of its holding at par. The entire 10.000 shares have been under? written hy interests Identified with the corporation, their compensation being 2 per cent." The company now has $-.000,000 of common outstanding, and the new issue will bring the total to $10,000,00 that is authorised. There . \i ? of 7 per cent cumulative preferred outstanding. Brttrs Dividend? Directors of the Phelps-Dodge Corporation have de clared at extra di\idend of $*j share and the quarterly dividend of 12.50 a share, payable .lune 28 to stock of record June 26. The Central Aguirre Sugar Company in ??Mitton to declaring 'he regular quarterly dividend of $2.50 a share on tin- common stock las declared an ex? tia ?i sbursement of $7 60 a ? payable July 2 to stoch of n .lune 2f, The New Niqnero Sugar Company de i an extra dividend of 1? pel Significan^_Relations Money and Prices: Stork al mono- gold in Ihe country.. $3,088.7l 1,272 $2 33 f.'?? ??834 ?.> l? .ans of all nati.in.il hanks. $8.751,000,000 $7,606.000 OCO Total reaenre (L e. ca.sh in national Baal taaltfl an.?l ?n deposit ?aith * l.ii.nl Iti-irip biinls). 1.525,000,000 1.205.000000 Ratio ?if this total reserve In gross depoeil liabilities of national hanks. 11.7"n 10.8". I a?t Ml A r?ar ano Discount? of Federal Reserve banks . $233.291.000 $78.313,000 llieir liability for notes, net. 32,476,000 7.593.000 'lheir gold rosi-rae against deposits and circulation. 592% 70.8", TWerl?? Th? ii? he'ira. A)?eir atorase price of 15 railroad stocks.. 111.47 112.10 122.49 Average prire of 12 industrial storks. 1C0.30 '00.59 9! T3 K???-l raal ??I Ining (Annalist Index ?...?".< r-- ami tatmt Ay.'.A number) . 276.532 !56 Ifvt *3? Production: . ".. . rnfilled I. B. Steel orders, tons. 11.886.591 12.183.08.3 9.937,793 Ma A: . ?. .. ,. I'ig Iron (daily average), tons. 110.238 111.165 a 107.053 \rliir cotton spindles. 33.259.895 33.233,072 32,113.441 ne U I ? ' **_._* tatt ? ? Wheat crop, bushels. 639.886.000 1.012,000,000 t um crop, bush.-ls. 2.593.241.000 3.055.0O0.0OO ( olton crop, bales (etc. Unter?). 11,356.944 11,068,173 Distribution: ?Saw 1 Ar- A-.,-,g" Ne? shorlagi? of freight esr?. 115.449 H 1,797 N.t 'iirplii* of fr ighl or* . - 33.361 , [r, ..,., . .1, ..,,. f. ", ,," Frnni. - Mw ' . ]_ ? ," ?' M" M Atril l 1.1 r. a . . 1., , ?t ('ross railroad earnings. - 16.3' " 132*, 97% ,. |.,, ..,,? ,. ', A," r. T, ?u, .,4. Lao* WM> TIM W?aB twfor? V?ar te la?? Rank ?lenrlngs . -21.0% 272% -232% Apr.I A vear ?g'i ii.ii'i'i .'liiliirei? . 1.296 1.069 1. t82 ??- ?? ? ..i. ? ? on both the common and preferred ' stock, payable June 29 to stock of rec j ord June 25. Gulf States steel. Earnings of this ? rompan;.* for Hay SStsblisMSl a new record mark, Bel operatiag Income ting to $402-526. From January 1 to Ms I net si ints : to 11,665,709, compared arith $823,040 in the corre iponding five month: ef last year. New York Railwa*?**. April ir.com? tatsmant shows a reduction of $102, .l gross opeiatr.ig revenues ! amounting to $1J ' * Net revenue ; after operating axpeneea was $339,804, a loss of $98,943. cut'pared with April, 1916, and net MMSBM after interest c' arges OS und-r'.;. ir.g and first real .; bonds, rentals, totalled $12,740, a dwwass ..f - - ;:,'. There wi !?? 20,575,771 passen earried during the month, or 2f] -i .ear ago. Aaasrkaa Sugar Kefininr*.- The corn pa,,^ closed a fraction . | . .. rafter selling as 1 low as 120 ?m th.- news of the fire at , the Rrooklyn plant Karl D. Rabst, . pn [?dent, ?a.,I: "The loss to prop? erty ,s enverad by insurance. Until our engineers complete their survey ne shall be aaabla to state how much interference them will he with our ?n Rrooklyn. Th?* fire par destroyed one block Of the MVSn ? '. blocks covered hv the plant. ? Ko? ever, ars Bri operatiag five other .. .. m. lading the refinery si tri? to meet By coincidence rv resumed operations on . Monday of this ?reek. ?"There will be plenty of sugar, for, I in' tpite of unparalleled difficulties, i sugar supplies are ample." National Conduit and Cable. -The stock of this company, which was tradsd in on the Stork Exchange yes terdsy for the first time, changed hands to the extent of 2?*.,000 shares, sold up to N and closed at rtS'i. This compared with a closing price of 37 the day before on the curb. Air Reduction-Union Carbide. Walter Rirge, president of the Air Re? duction Company, confirmed yesterday reports that negotiations are under way for a merger with the Union Car hide Company. Reflexes of War An increase in proti* i of over 100 p^r cent is the outstamiing feature of tha I report of Upton I Limited?, tho English ! tea concern, for the year end-.'d March 31. The total was C58-530, as corn fared with ?121.3 10 in ltlf-ll and ?80,797 in 1914-15. Even a* compared i with the two years preceding the war tho expansion in profits is about 60 per cent. A dividend of 7 ??? per rent was paid, absorbing ?03.7.-0. This is the Sr * distribution to be made since 1915 '14, for which year tho shareholders receive?! f> per cent. The reserves are ? credited with ?100,000, as compared with ?30,000 last year, and ?10,000 is I appropriated for the purpoie of in j BUguratiag a staff pension fund, and the balance carried forward is 666,905, |a* agninst ?H2,125. This marked tss 1 provoment in the company's position li attributed to a considerable increase in trade an?l to further progress having bael made in reorganising the bu<i arhieh has resulted ia greater fa? I eilitii i for trading and economy in working. N'o reference is made to any liability for excess profits du'y. but of I the reserva sppropriations ?2f>.ooo is I piBCed to war eOBtiagSBCiss reserve. I The profit has hern Btruel after allow | ?ng ?44,067 for <i?'preci.ition. A report from the American Consul ; sl Bargen. Norway, states that the ea : penses of Norwe?gian bakeries for flour. and faei ure now averaging . mes what they were he SUtbnah of the war. Under Dg circumstances the price of bread may be expected to reach 10 or ! 12 cents a pound. A sack of rye flour costs to-day about $1?. which before the war cost' : ? M; v. heat flour costs $20 00 to $21.4." per sark as compared with J!? 3."> to $5.90 before the war. 'The N'orwegia.i "sark" of flour weighs 100 kilos, or 16 pounds.' Coal, which the-larg-j lest bakeries use for fuel for baking, wai *'. per ton, bul is now $63. The' wages of bakers before the wai wars about $8 per week of llxty-three hours low are about $12 per week of flfty-seven hours The retail price 0f rve bread in' Bergen on December 16, 1914, was IJ r later i I and on December 15, 101?-, the pr ice wai 6 eents Ii now is ng Bround 7.9 eents. Wheal bread ?* about 8.87 eents a pound. Th? Brasilias Government has of ? decided upon -'ate rontrol of all "hipp . - order to re-u late aro! to energize the exportation^!' ?'"".? ; ' ' ' Entente c? latrie ' nil i States Kew - . be erect? '.he <? . . . stofage and protu t on of cr [ni nded for cx ' ' ?in. ? Freight Congestion in Russia rho American Consul at Dairen follows ra warding shipping eonditioni in Ru K,.r Mctaeew and BSher r;nr? ihlpmiats are lona.- delayed al aeveral places ate! VII d '. ; . . . I . . I. dally, and tram Dairm '. .?-??' ' ' there ?.-e pev. ? swatting wup? d arrant? ' IA li.-, bin, Mandatai m, as ? '. arrangements a-,, t,, .. Harbin : ?.-. can eel tooda thraach to Rwaiaa eittaa ?ooradirally if the poota are h?-r,- ready tan) -liipm.-nt Pairen is Hie best i quiring tran?-,h;i'r ?.. ".***-" . I BO 'I if in umanca Is low, at?rate ?n private t? .!.??. r.s i? .heap, and 1 -, th -? ? - atflj Ho pare? ! : oat paekasn . ' ' R - '. . '.. hean aeeepted stace Urn? *"'. Bad ti ? - ' arte Is indefinite Statistical Reference Bock Ready for Distribution The Pi; edition of "The Manual of . . . - * has fust bren issued. T in comprehensive form the ss? . ' ?! facts relating to the orr?ani 7.a?ion. finances and position of lead railroad, industrial and public Utility companies. Corporation Returns (Mr ?i?. X Wmttau I ni* ian.-. Railroad Report for the \ai?r r-r-?ded It will? i II, i'?]?, ? on i'fir?'' . ? 1911 1915 : T-afT.r? revenue $191914 $173 806 Nrt II one t'2.2*', Srwoil -00.000 300 000 ' 2?'9 ttOAM Kin l.rtnAr SoLthfrn ISM mi $-*.?>..?"?3 $43.320 Net ?ftar ??...? 16 U6 8.639 .?uri'Uiri after rh?rfe?. . 287 ?7,270 .Urli, it Subway Contracts Losing Venture For U. S. ReaUy Loss of Nearly $3,000,000 Indicated in Company's Annual Report That the United States Realty and Improvement Company an?! its rabeid? lary, flcorgi? A. Fuller . ?o.. have su' fered an estimated lo-s of Bt?M.0M on subway contracts in this city, ewing chiefly to higher costs for lab.?r ami SOppliOB, ia admitted in the ?cport of operations for the year endr?! April 30, issued yesterday. This amount has been charged against surplus. The company's gross income, for the fOOJ aggregated ftfiSSJamS, compared erith $2,i*on,M8 in 1918 an.l ?rS04JW9 in 1918. The balance available for diti dtBds amounted to WMIS, which was equal ?o ejJ-?j n tbOTO on the on' .ig capital stock, compared with l8 72 a share carnell ifl r.?lfi The company's contracts with the city cover the construction of three sections of the new subway line.. II is expected that one ot tbeM ?JOB tracts will be completed on .,r about December 1. 1917; another on or about December IB, m7, and the third M or about May 1. ?l8. The P-rren airr of pavments retained by the I it* of New York as security for the fulfil? ment of the three contracts now ag? gregates $852,000, and is partly repre? sented bv the New York, >ty corpo rate stock shown on the balance sheet. Fuller Contract? Profitable? Large, and profitable contracts se cured bv the George A. Fuller Com panv and increased income from other productive investments will, the report intimates, offset the loss on New York City contracts. During the year the George A Fuller Company entered into f'.ftv-four new contrp.?'t-. agirretra' ?Of $'?4 799,715, and executed work to the amount of 116,624,236. There was 824,386,276 of unfinished basins - Bfl tie'hooks of the subsidiary concern as of April, 1917. an increase, of $? 17'?. 479 over the same date of the piev ous year. Real Fstate Holdings Revalued The report says that a rotaleatloB of certain of the real estate holdings of the company in New York City has been made, owing to the depreciation ifl value from the hook value. As in former vears, the companvV interest ni the Forty-third Street Realty COBB? ! panv, which owns the New York ' Hippodrome, and in the Hotel Oper? ' ntmg Association, which owns the Ho : te! BretlaB, i" included under the he,ni 1 of investments. The value of the com? pany's interests therein N*praBOBted by equities in the properties has beci written down substantially, And the total difference between revaluation made and the book value amounts to $9,556,097. News Digest Foreign Shipping Slocks in London Active. London. June 11 The stock market was generally quiet to-day. with BaOtt I interest confine?! to the miscellaneous ??et ?on.-. Blcl aod oil shares wi*re active and iir.ii ami there was a go?.d demand for shipping stocks. In? dustrials vire weil supported. Gilt ?lice laearitios showed a tender.? .iroop owing to lack of support. Ru. were neglected on the liepreeia tion of the ruble. American is?u< - were marked a fraction higher on ?mall business. Paris ?Bonrse.-Paris,afane 14.- Trad? ing was quiet on the bourse to-day. Three per cent rents 6L franca for cash. Kxchange on London 27 francs 1? centimes. Five per cent loan PB francs 10 centimes. Elections Robert Barbour and Mose? B. Raven, it was announced yesterday, have been .lected directors of the I'nited Shoe -,ery CorporatiOB. Mr. Raven has ;;!.?? been elected a viee-prc-ident. Dividends American Agricultural Theirira!. Reir;;.s qoarterly dividend of 1 4 r"'r ?*ent on the p-e ferrsd and I 'a rer rent on the common Itoelu, 1. th I i)il.!f July li to s?.ork ef ree. c?r<! June --. Cuantanamn Sugar. Retrula' quarterly dividend of II -". paya?tls July '- to stoch ?f .lune 81, I'ndcraiood Typewriter. Repula- ?V.. dividend? of 1', per r<" ' "'' .*. preferred and I ?j per rent <m the commun ttaeks, pay? ah'e Oi-'.nlier 1 to ?'."'k of record Septem l"r ... lawyer? Title ft Trust. Re-rular quarterly divitland ?>i I '? ptt toot, payable July 'J. I'nited fias Improvement. RcnuUr quar? terly dividen?! of J per eer.t. payalile July M t.. itoekhoMotl "f reconl June 86. Philadelphia. Wilmington * Haltimore R. R. Semi-annual divnlend Ol I rer ree?. ; a\ able June .'10 to stock of record J?B S : ' Royal Hakinr Powder. Regular quarterly ,;;.. dend of l: a par etat on the preferred ?t.i?k. ar?l a ?lu iilen?! oi " mat ttui on the c< mmon itoek, both payable June '.:?, t. . . of reeori ?'? t IE Traine Oil i ?.as. Recular quar'erly divi? dend of | B share, payable Ji.ly .11 to stock of reeord J?HM Marnhart Bros, ft Spindler. Rcs-'ilir q i?' 'erly dividend of 1 , per cent on l>oth the f.r-1 and ??'. i-ml [ r.'ter-re?! IsMBa, pa; aMe ', ? I to stock of record July -7. Kan?as City Southern. Regular quarterly di idend ot l per rent ??n the preferred it k, payable July lt> to stock <?f tnoiii Jur e Marrett Co.- Hat decl-ircd the regular quar? te.-!, di-. Merni of 1 \ per OSBt M U?th the preferred .?ml commun ??ocV.? I he eommon dividend i? rayahle J ?ly '?. to st. . H ..f n.-.i-l JVM 20, al?'! the preferred .!'.!> it, ta ' - i ?! .lune | i. American Hrnke Shoe ft Foundry. dividend ot 7 per eenl on the pre.' rred I . '. ?huh l per ? ent i? payable la eaaa. per eenl in Liberty Boaadi and ! . ? toward the gai Cn All ure ?>a>al?U> June 3U lo SttCB |'I i?''' rd Jur.e .-. I'niled Shoe Machinery I'orp. K.xtra ?!m dend if li? per cent in ?lock and 4 t er ,-eit in I iherty Ronds r also regular ?piarterly dni ?lends of M cei.ls a -.hare on ti-> OBBMBMaB and I7U renta on the preferred ataick. pay-, able July 5 to st,? k of re. eril Jure '. I ( ha?? National Park, yiiarterly divider? ? of ? per cent, pa>ahle July L' lo slock of rec? ord J ma tt, (.nrfield Safe Deposit. Regular BBBBVSM? nual dividend of rV per . ? . bit June '.'7 to stock of record June 1J National Rlscuit. Regular quarterly divi? dend of 1 'a 1er cent cn the SBBBflBBB ale.?. p?>ali'e July It to ?Uv-k of record June SB, Southern I'lilitle?. Regular quai ter!? i'iii ?!en I of $1 7!? a ?hare on the preferred stock, pajablt July '.' la stock of reconl Juna? It. ?A Damn ft OS, H'Vilar quarterly dividen.I per ceirt on the preferred ?tr?ck, pay lock of record June .'.. Ohio Stat/ Telephone. Kearulnr uurirterly dividend of 11.71 a ?har? on the preferred atocia, i ?yahl? July 10 to iUvk ef record June 20. of IV pe able July BUYA LIBERTY BOND Have You Signed ? Tiie subscription list of the LIBERTY LOAN will be a National Roll ol Honor WILL YOUR NAME BE ON THIS ROLL Enter your ?..lh-.trrip tion At any Bank or Trust Co. by IVE o'clock Today i ! This Spacp Donated to THE LIBERTY LOAN COMMITTEE l.inn-r- I.o.m ?-** Ini't Co. Lr.inUin 1 ru?t Co. Morf",*n f? Fin! if Hoyt ft McV.iili.im S. VC. Stn?- CK Co. C. C. Kerr ft Co. Joseph i\ Uirner Metropolit n Tr\i?t Co. Carl H Pfor7hpimrr ?V Co. Frederic li H.*tch ft Co.