New-York tribune. [volume], July 30, 1917, Page 10, Image 10

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August
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The increasing number of
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AX-111. "Ii
The National City
Company
National City Bank Building
New York
Investment
Bonds
Rhoades & Company
ittmtirrt Xt.J York Stock Kxchaii-t
31 Pine Street New York
Listed
Bonds
Ten High Grade
Rails that -field
">cc or bette."
Ask for List "R."
Liggett & Drexe?
MEMBERS M. V. STOCK EXCHANGE
i- ? .?'in? nt Bond?
CI lir?n.|?\ii< . New \ nrk
...
BOSTON BUM
?? ."-- ' ? ... **'. ..?.
?
I
interestinr;
Reviews
Republic Iron & Steel
Southern Pacific
Rock Itland
Curtitt Aeroplane
?ro contain?*.! In our
? urrent market letter,
Ccp_V on request.
A. A. Housman & Co.
/ N. V antr?
I ff. 1 liaiii?
Members . N 1 I E ?tar Ex.
1 ?' T. It. do. t I ?
I ! Tra.Je
20 Broad Street, New York
RH\*A? HI I
S K_?t *M St. M \*.e?t "13(1 M.
?
United Slates
Bonds
ond other choice
Investment Securities
Harvey Fisk & Sons
62 Cedar St New York
Si
rinclair un
Notes?Warrants Rights
Bought?Sold?Quoted
GEO REITH & CO.
4C WALL ST, V Y. Tkoa. Jo.? 3*0?
STANDARD
_J_ ?___.___ O WE WILl SELL
te nil??**? PL i ??j-?*?t p. L.
? Maflktr? P L. I - IMS *l?T?al Coa?.
0 aW?????-*a P. i ? *?*? V-n-? Tr*_-*t
to a*??? p??" on ??? ?PL
CARLH.PFORZHEIMER&Ca
'Yw*^. ?'?? ? s Y
li.lrr.l?!-? Kl**?. Pfd.
(.???.??ill. K? A I'o?. I?t I''?
?.rcr-fla? K> M t ?*? I'M
*1ll>li?|rr (>?? A He. IT.I.
1 moil ?.*?? A r.\e?. it ?.?.?. 1 ??.?1. A S'fd.
I i.il?*?l ?.IM A tier IS. J.) Pfd.
FREDERIC H. HATCH & CO.
Pi????? llf?.??l *?1??>. SO Hr?.??l ht.. MtM Vork
<fr*l>Sl? ISlSfalsas to Uotti/bauSPtillaUalfitila
Wealth Markets arid Co"im gj^g^
Finance - Economies
WALL STRKET OFTirE: Telephon?:
Milla Build.nie. 15 Broad St Hanover 6614
Mondai), July 80, 1911
While the market for long term
?! .vestment issues suffered from
, r.eglect during the last week?a con?
dition which h."s been existent for
many weeks now?a quickening m
the demand for high yiel.l note se?
curities stood out as a bright spot in
j the situation. Brisk buying of a
number of new short term issues is
reported at the mom?:iit, a develop?
ment that is stimulating consider?
able fresh corporate financing of
this character. A number of rail?
way and industrial corporations
have sold notes recently. Last week
the Canadian government ?ame into
the market for $100,000,000 of two
jrear 5 per cent notes, which a syndi?
cate of bankers is selling on a yield
basis of slightly more than b' per
cent. This is a high rate for a coun?
try of Canada's standing to pay for
funds, but the bankers insist that it
is necessary in order to attract in- i
vtstors, who are generally demand- :
ing greater returns on their invest- i
1 menta. With gilt edged short term j
! issues bringing 6 per cent and bet
' 1er it is not surprising that the bond
market should continue stagnant.
The turnover of listed bonds showed
little change last week. The price
range was irregular, with the ma?
jority of issue.? showing net losses
oi. the trading for this period. For?
eign securities as a rule sold off, the
outstanding Canadian issues declin- I
ing 1 to 2 ] This, of course,
'was due t v (.'anadian flota?
tion.
Money has worked into an easy
pr sit ion again. Banks last week
' were liberal with their offerings of
day-to-day funds, so much so that
j the rate fell to 21-?> per cent and
lower for call loans at the Stock
Exchange. Owing to the fact that
most of the leading institutions are
proceeding cautiously in the matter
? of putting funds out on time, rates
on loans of this character, while
easier, were not lowered correspond?
ingly. Commercial paper ruled
around 5 per cent and a shade
. Few bankers look for any
additional strain on the money mar?
ket ai a resal? O? the current in?
stalment of the Liberty Loan, as so
large a portion of the subscriptions
have already been paid in. depriv?
ing the instalment periods of their
active importance. Large estimates
of the government's war expendi?
tures have induced a certain amdjunt
of caution among bankers, but*" in
eeneral the feeling seems ?j be siat
the money market, having wea*Ut<N*ed
successfully the Lily 1 period, can?
not be relied opon henceforth to
tr-ke care of the huge governmental
and other periodical demanda with?
out undue disturbance.
The point is being made in im?
portant Wall Street banking circles
That the government, through the
Treasury Department, should un?
dertake a closer control of the local
money market. Such a move, it is
argued, would be advantageous to
the government, the banks and com?
mercial borrowers, for the reason
that it would keep meney rates on a
more even keel. If handled properly
there would be less frequent occur?
rence of the periodical tightening of
followed by pro?
nounced ease. The way to do this,
the hankers point out, is to take a
leaf out of the British book. The
English authorities have been very
successful since the early months of
the war in keeping money rates
steady. They have done this largely
b) saus of Treasury bills. These
have . d over the counter,
running for comparatively short
periodSt arid have proven an at
tractivg investment for the banks.
l?y regulating the sale of these bills
the British Treasury has found
them a convenient means of con?
trolling the London money market,
the medium that could be
be found in the certificates of
indeb ? O? which Secretary
McAdoo has Issued l?verai hundred
mulions of dollars' worth. Bankers
who advocate closer governmental
control of the New York money
market insist that were the Trea.
Department to keep np ? iteadj
few of the certificates this, would af
fofd a good mean:, of keeping money
inte? stable. As matters now stand,
funds accumulate here and cause
gr?.at ease. Then suddenly the gov?
ernment makes heavy withdrawals.
Immediately money rates harden.
This happened a fortnight ago,
when call loans went to 1? ja-r cent
or. the Stock Kxchange. With a
Mcady flow of Treasury certi:
being issued, whi!?* others v.a ,..
, ?t-eadily cominji due, the hanks
would be assured of an eseellent
t-hort term invi i;ich at the
time would keep the gov< ru?
inent in funds without Mrloosly dis-,
turbing money rates every little !
while, as is now th?- sage.
I The BM Of the check as a means
of settling accounts and making re
mittance is steadily growing. The
iconomic saving is enormous, for,
through the workings of the coun
tiy's clearing houses, it means a
great reduction in the amount of
currency that has to be transferred.
Some interesting figures on Clearing
HoOM operations have been pre?
pared by the American Bankers' As?
sociation. It says that the number
and volume of out-of-town checks
?.re constantly increasing. The vol
liflM has reached the mark of $30,
000,000,000 annually, and the Dum?
ber now being handled is at the rate
cf over 7L'.',000,000 a year. There
i re eleven well organized country
clearing houses in the United
States. In the three months ended
June 80 these institutions handled
?*?,""?! 1 ,''80 out-of-town checks, aggre
grting i?844,72.'i,95*;. At the New
York Clearing House 2,150,519
checks were handled during the
quarter, aggregating 1*488,587,274.
The cost of handling averaged
"?COO'-l per check and $0.0*^5 per
f'3,000. The American Bankers' As?
sociation believes that, as a result of
the service rendered and great sav?
ings effected, some plan should be
uorked out whereby additional
country clearing houses would be
organized and united in a national
ai -?ociation, affording an agency
through which checks on every town
in America might be handled to ad?
vantage.
N. Y. State Banks
Pay Nearly Fourth
Of Liberty Loan
i
Trust Companies Were the
Largest Subscribers, Tak?
ing $319,301,250
Albany, July 99.?State bank? In N'c-w i
York and their patrons subscribed for
nearly ore-quarter of the $2,ooo,o0!\ *>0 j
Liberty Loan recently floated by the j
l.'nited States government, according .
to a report made public to-dny by the :
State Banking Department, their total '
sulscriptioi i baring been $467,697,'.21.
This amount*! ??aid the report, Was
within IIM.OOO.OOO of the total amount
''.'(! by the ^ovprnment from the
so-called New York District, whie' in- ;
eluded nil of New York State and
parts of Xe'.v Jersey and Connecticut. '.
The total amount allotted to this dis- I
trict was $530,000,000, while the total i
rabscribad was ftpproximatol** $1,200,
OOOjOOO.
Trust companies, the report shev?,
?vero toe largest Fubscribers, their ,
total being $319,301,250, while the
banks of deposit and discount were
next, ?\ith $104,768,210. Savings bunk?
subscribed for $23,260,$40 und ob- I
; -ions for $12.K0.': IBS
additional. Private bankers under the
supervision of the d?-partm??it ?ub
i for $1,289,710 for themselves
and customers, and savings and loan '
associations took $1,471,900 worth of
the Liberty bonds.
Withdrawals from savings banks
from June 28 to July 12, as reported to ;
Georgs I. Skinner, Superintendent of j
Banks, the report said, amounted to
i".'".'.."_17,088.09, while total deposits dur?
ing that period were $15.704,710, and it
is estimated that $8,288,382 of the with
drawali ?rtint for the purchase of Lib
?r'y bonds.
The 210 state banks of deposit and
discount under the supervision of the
Banking Department increased
their resources from February 28 to
June 20 thin year from $8?'2.623.281 to J
" >.'<?. a gain of $35,962,415. Dur- i
i:if* the nun- period the ?.? posits of I
these institutions increused $31,.';53,3i*2,
the total on Sana M hem?/ $786,977.416.
On June 20 private hanker** under ?
the sup'-rvision of the department had '
total resources of ?ir>.oi9,322 and total i
deposits of $9,798,021.
!Paying a Dollar a Week for War
Subscriptions Made Under Partial Payment Plan Played
Important Part in Success of Liberty Loan?
How System Could Be Improved
An investigation |twt completed b]
John Muir shows that subscription1
under the partial payment plan playoi
an important part in the success of th<
$2,000,000,1)00 Liberty Loan. Reports re
ceived from nerrly a thousand lar*??
corporations and tirrr.s .?how that mor?
than 500,000 employes bought the bondi
on the instalment plan, 47 per cent o]
them subscribing through their em
ployer?.
Commenting on the result of his in?
vestigation, Mr. Muir said: "Consider?
ing the fact that many corporations re?
ported that the Liberty Loan campaign
was ?o hurried and their opportunity
to understand the situation and in?
terest employes limited by time, there
is little doubt that, with the proper in?
tensive campaign prepared for the next
loan, a showing of 100 per eint bettet
can be made. Thousands of large em?
ployers of labor throughout the country
did not make any effort to interest
employes in the Liberty Lean because
of the shortness of the campaign. With
proper direction the next loan can
cover the whole field of, labor through?
out the country, and the returns would
indicate that it will tie possible to raise
a very large part of the three billion
dollars, which it is supposed will be re?
quired, on the partial payment plan.
"Work of floating the loans of the
future could be greatly aided in so far
as partial payment participation is con?
cerned by working out in advance a
programme which would distribute
semi-official forms designed to meet
the various needs and by drawing up
a time table of partial payment cam?
paign activities to be followed through?
out the country. For instance, one day
could be set aside for advance notice
that the company or firm would offer
a partial payment plan, another day
for competent speakers to discuss tin
advantages of government bonds, lead?
ing up to a climax whan subscriptions
would be taken. All of this should be
prepared in advance. Many large cor?
porations reported to me that they did
not put forward any partial payment
plan in connection with the Liberty
Loan. Tluy all would if properly can?
vassed and equipped with proper liter?
ature and forms.
Bethlehem Steel's Plan
"Perhaps the best illustration of
what can be done in the way of rais?
ing money for the go'ernm'-nt nmong
average corporations for future loans
- i j eiting th? report of '.".hat was ac
corapliehed among employes of the
hen Steel Company in the case
of tiic Liberty Loan.
"According to the figures received
from the company 65,96] out of ? to?
tal of 69,874 employes .subscribed to
Liberty loan bondl on the part?a! pay?
ment plan. The average was better
that 91 per cent. The total amount
subscribed for was $5,777.*".'. a.
"While this showing was doubtless
due to rome extent to the thorough in
orgnnization of the Bethlehem
company, V resulted directly from the
circulars, bulletins and educations!
work which was done by company rep?
r?sent?t i V?'S.
"With the Intensive method project?^'
into all other big and small corpora?
tions and a programme worked out in
advance, there is no reason to doubt
that a ?Otnewbat similar result will ?e
approximated all over the country.
"If the partial payment programme
had been carried on with only aver- ,
age intensity by the Bethlehem Steel '
Company, the large number of foreign- '
era employed would have made it prob?
able that only 25 per cent of employes
would have subscribed.
"Circulars printed in the various
foreign languages and speeches made in
foreign languages accomplished this re?
markable result. Can it be doubted
that in the case* at many offices and
plants where a majority of employes
are Ameiican that almost 100 per cent
is possible with sufficient enthusiastic
work ?
Position of Saving? Banks
"I have been in communication with
hundreds of corporation and banking
heads on the subject of the rate of in-1
terest. There is great diversity
opinion among them and many a
cates ot a higher rate of interest,
the consensus of opinion among
small savlagl bank people seems V
that a rate of interest allowed on i
ernment bcr.ds high'T or as high
the average late of interest allowet
.?avings bank deposits would resul
great disturbance in the lavestfl
markets and result also in that
t'urbance m general financial conditi
which we are all anxious to avoid.
"Among larg* employers of labor
over the country there is a pr?nom
anee of opinion that while emplo
were enthusiastic there was a geni
inclination to purchase on the par
payment plan the smallest denomi
tion which was available.
"Thus, if a $25 bond had been av
able, instead of a $50 bond, there wo
have been hundreds of thousands
people who would have elected to ]
50 cents per week out of their wee
pay envelope.? instead of a dollar.
"The scale of wagSS which previ
In this country and the wide mar
for intensiv?? investment cultiv?t
which is made clear by the retui
from the partial payment canvas- B
ducted seem to prove conclusively tl
what is needed in the United Stute:;
not a lowering of the standard of p
ticipation to a point where any one c
do something without sacrificing M
thing, but a raising of the spirit of t
people so that they will make the sue
tices which nearly all can make in t
saving of $1 weekly."
Labor Subscribes Willingly
In addition to opening the way
such su^K'^tions from heads of cc
porationt as they cared to put forwai
the investigation resulted in speci
to more than a dozen que
U?)M. Among the subjects troat?*d W
the attitude of labor townr.1 the prop
sition of subscribing part of wag
and salaries for bonds to be kept in tl
custody of employers during the pari?
|.u? forward. It was thought by ? nur
ber of students or" labor conditions th
the unions and the union spirit mig
oppose the reposing of funds in tl
care of the employer.
"If there was any such spirit befo:
the war, it is apparent from the r<
turns that it was entirely lost to vie
in the general desire on the part <
Americans to further the cause of t'r
Statas," said Mr. Muir. "Amon
the thousand-odd corporations wit
which I was in touch there was in
one of any importance which
any feelinjr of distrust on th" par? i
employs such as had be?n anticip?t.?
in some ?'uarters. I think this const
tutes a splendid tribute to the abilit
of labor an?l capital in this country t
get together in a spirit of public sei
vice."
Some of the individual viewpoint
reported by the heads of the big indus
trial and manufacturing plant-, srs o
??vneral Interest, an?l the stiii^'t-stmn
which havo been put forward are nov
receiving the consideration of Been
tary MeAdoo in Washington.
The K I. du l'ont de Nemours Com
pai.y. of Wilmington, D?l., ?lid not ge
.?'y a start on partial paymon
activity as the Bethlehem Steel Cor
poration, but made a good showing
considering the large number of for
eign laborers who are in the empioj
of this company. Mr. P. S. du Pont,
president of the company, is stronglv
of the opinion that bonds of extremeiy
small denomination should be avoided
in future '.mn?. In commenting on
the participation of tho employes of
bis company, he estimates that a 100
per cent better showing can be antici?
pated in the case of the next flotation,
provided a proper campaign is worked
out in advance, with plenty of time to
put it in:o effect.
Many Foreign Workers Buy Bonds
Out of a total of 14,000 employas of
the Crucible Steel Company of Amer?
ica, ?"i.4?i5 subscribed for Liberty Loan
on S basis of weekly or monthly
payments. "The majority of these stib
BCribsrs were foreigners,'* was the
statement made by the president of
Course of the Bond Market
rh.B graph ?hows the high and low points for 1914 and 1915 in the average pru:e of ten
very high class bonds, nine railroads and one municipal, and the fluctuations from January, 19 I ?,
to date.
! the company, in forwarding thi
; mation.
See Chance for Improvem
That room for improvement
'
: in connection with the flota'
the next instalment of the war
the viewpoint of Mr. Clare;
Loves, treasurer of the Dime
Bank of Williamsburg, New
City. He says:
"In my opinion and the opii
many others who have been
interested in the Liberty Loan, t
tern will have to be largely im
or else small subscribers ?rill
manently discouraged. We hs
many employes, but we hav
1?),000 depositors, many of w-h
can Interest. We did interest b
? *:r ara! live hundred. In ftddi
! this we are in a factory
tha> wor'.c of the campaigners fro
York was very loosely accomp
? s only ? samll percentage of
! : and referred to this
tution ever reached here. Th<
paigners in many instances woi
people to sign a subscrij tion
just as though they were subsc
? but got no deposit from them
the result that a number neve
teri.-..';ized, and R good part o
work was therofere, wasted."
Th" Edison Electric Compai
Brooklyn reports that 601 out of
a employes purchased Liberty Bon
The General Cigar Company ?
j York City, employing approxin
12,000 people, of whom 1,258 pure
I bonds on the partial payment
1 stated: "We feel that we should
obtained better results if we hail
?al our campaign among our em'
at an eaiiier t!a*> . As it wai
employes subscribed through
? agencies in a numb,*r of towns ?
( our brandies are located.
Iniforni System Advocated
K. L. Rochefeiler, president o
Homestead Bans, Broohlyn, whiel
active in promoting the partial
r ment idea in the section of the
! which it serves, made some intere
suggestions in a recent letter.
"I think it would be well if a
form system were adopted, to be
lowed by all ba:iks throughout
United States, so that all bonds
on the instalment plan would be
the same way. under the same c<
?ions, and the conditions shoulc
? rabie paymeats to run ? rea
able time. I also believ? that ?
bank, whether lar:? or sr.'a'.l, s!a
receive a government deposit in
i portion to the amour.*
scribed to that bank. There is no
'.-r way to keep the financial condi
! in a settled way, and that is, the m<
should be distributed throughout
whole country, particularly in the c
mur.ity in which the subscrip
I ."
Tra-tion Employes Bo Well
Out of n total of 11,000 employe:
the [aterborougfa Rapid Transit C
puny 7,T69 subscribed for Liberty L
The New York Railways C
pany, a subsidiary, also m
showing, t?nt of a total of fi.HOO i
ploys mor?1 than 8,500 subscribed
Liberty Loan Ponds on the basis of
Initial deposit and similar reft
weekly pi jrments.
In Philadelphia the percentage
corded by some of the traction et
panies eras also remarkably good. (
of a total of 8,600 employes of I
Philadelphia Electric Company 2.:
subscribed to Liberty Loan bonds
the partial payment plan.
"Were it not for the present shi
lag of labor among certain elassea
our employes the percentage WO?
have undoubtedly been higher," si
an official of the company. "There w
practically no disinclination showa
participate on the partial payme
because of labor union or oth
prejudice against such a method
saving."
Austrian Banks Strong
Deposits, Reserves and Profi
Neve.- Higher
Amsterdam. July 18 tcorrospon
ence).?The banks cf Austria-Ilunga
are in a very -trong position, acc>ir
iri" ta*, the Vierv n corre?p,.n.k-nt of tl
Amsterdam "Handelsblad." "Neva
before," h? writes, "were 'he deposit
reserves or profits of the banks of tl
Dual Monarchy higher than at pre
ent." The writer asserts that the al?
mands for capital ai't'-r th? i-?r, ?rhic
are expected to be enormous, will fin
a Hungary banks in
.
Then has also been a process of con
and accumulation of re
by i idsstrial, comm?-*
agricultural organis?t! ?na With
few < las, *iie coi ; esponden. ? i
ta, the Austro-Hungariaa busines
world is everywhere merited by rein
sent. All Baal rial : ?
ill's correspondent, have pi
from the capital utilized in numero?:.
? :
This, h* adda, is shown by the m.
' en a ?d '. ? .'.-ruis paid by Aus
?nan and Huajtariaa baaaa tor 1016
bank invest In enterprise!
which in other COUBtries nra> not nor
maily i * | lotted by ? ational banks
? un'' rtahiags include tl
velopment 'f shipping eompanies,conn?
,',,r..?.
??ii by the
- is declared by the caarre.pondent
t.> reflect h e-reased profit? in these
various industrial or commercial en?
terprises.
a ?
Experts Say World
Crops Are Promising
Rome, July II corre.-v.imler.c. r*|
The Aaseeistsd Pi ,.s month's
bulletin iaauod by the International In?
stitute of Agriculture of Borne .-an?
nounces a careful and detailed study
of coming crop conditions ir. the prin?
cipal agricultural states of tha world,
ar.ai, ni eons? -.uenea of these studies a*
generally favorable situation.
In Prsace, Oraat Britain and Italy,
fB'-s th?- report, meteorological condi
tirns have beer, eXtreMly favorihla
?luring the last month. uTif? la North?
ern Europe, noUblv in Luxemburg and
Holland, the erepi are retarded.
Even in ?Switzerland, continues the
report, the outlook is for a crop of
I E?e0Ut0r Chartered 1822 H
The Farmers' Loan and Trust Company
Nos. 16,18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
New York
LONDON PASIS
Foreign Exchange
Administrator Guardian
'.'nan the average size, unless .he
excellent results in the spring bring
up the total to normal. Russia, In
spite of ?at,, frosts Mid col.i. fs
favorable situation on the whole, end
may hope for results equal at least to
last year.
The report then deals with the Tint?
ed States, and finds that prospectiva
- due to lad weather havs been
overcome, so that the crop total may be
sxpected to be about l-*i per cent bet?
I .an last year, even though still
18 per cent behind the average.
Of Canada the report says that the
next crop may be counted upo"
per cent better than last year and 16
cent better than the average lor
the last live yei.rs. In India, conclude >
the report, the situation i.-. exC
the production being It per cent better
than last year and I per cent above
the average.
Solving Storage
Problem as Aid
To the Railroads
! Co-operation Between Gov?
ernment and Business In?
terests Being Developed
Washington, July 30. A bulletin is?
sued by the Chamber of Commerce of
th? United States, cooperating with the
Council of National Defence, calls at
. t.ntion to the seriousness of the stor?
age situation in connection with the
government's war activities. A special
committee ap>ointed by the Council of
National Defence has been endeavoring
j to solve some of the problems with
which producers an 1 manufacturers are
' confronted, as well as the government.
The principal demands of the situa
? tion, it is held, are: First, to develop
? storage facilities at points of produc
j t'on, to avoid congestion in manufact?
ure; second, to develop such facilities
i
' for finished goods near ths point of
consumption or shipment abroad, in
oider to minimize the need for rail?
road cars, and, third, in general to
create conditions under which railroad
cers will not be u;ed for storage pur?
poses.
Railroads Overburdened
Every economy, the bulletin say?,
r. ust be practised in the use of trans?
portation facilities, and the government
must see to it that in connection with
its purchases no avoidable demands
ere made upo'i the railroads, overbur?
dened as they are by a load beyond
their utmost caoacitv. If. for instance,
U ?? government were to ship to one
varehouse and later ship the samo
goods to another, or send them back
sad forth from warehouses to points of
consumption or foreign shipment, rail?
road equipment woui?i be used snneces
ii rily.
Unless a?le??uate preparations are
mads to store materials or goods on the
arrival of railroad ?"*rs these cars
themselves must of necessity be used
for storage purposes. Ocean trans?
portation at best is irregular, and to?
day the conditions are uncertain, to say
the least. Often in the last two years
shipments for b'ranee and England have
so accumulated at New York end other
ports that many hundreds of cars for
nonths have not only blocked terminal
facilities, but sidetracks a,! the way
tc Buffalo and Pittsburgh, Ths work
of the Storage Committee is directed
toward avoiding this condition on t*"-?.
i : ormoUS shipment?, to be made by our
got arnment.
There are five branches of the army
which are actively interested in he
it? ian-.. problem the Ordnance De?
partment, tl 1 Cor] luding
Aviation I, th?' M.-.!va! < - ?
gineering i'orps and the Quarteissas?
rrt ?'?-partment - and tile ."-^'cret.iry of
War has appointed a board composed
? * a representative of each or the
above departments an?l two members of
the Storage 4 ommittca of the Council
< ?. National Defence. This is known a*.
ths Depot Boarti, and - n co?
ordinating the work of the five depart?
ments in meeting the storage problem.
I.\|?*rt Haling Essential
Baling or c?>mpri's.-?r.g products for
shipment is said to be developing grant
possib.titles for saving transnortafron
space. Already socks and blanketa are
ii??:r.g bul"?l, and satisfactorj progress
is being maile toward baling Bttifi
. and even prunes. Hales are cov?
er? ?i with B waterproof material, which
is iater used for sand bags at the front.
'vantage of baling is that use can
: Hateara in shipping mer
char. ;
The storage c?inimi*.tee has been <!<?
veloping the use of motor trucks for
short hauls in order to release freight
cms for the longer oin*?:. Railroad
cars have frequently h??en used in cities
to transport goods only a few blocks, it
Is said. In Europe to-day motor truck
are used in many places for all haulage \
ander forty miles. Now that our" de- :
mead upon the railroads is so great, we
are told r.o time is to be lo-t ,r. making
?? of the opportunities presented by.
the motor truck? for short haul
Furthermore, th storage .ommittee:
has Oiled upon large shippers and
warehousemen in all parts of the eoun- ,
try for men of experience in handling I
transportation and warehouse problem?. I
Many n.en who a few weeks ago were
drawing salaries of ten, fifteen and
twenty thousand dolla s a year in im?
portant commercial prsitiois, it is said,
are now working for .he g vernm?nt at
the modest pay of men m charge of
government warehcus.-s which handle
the freight for our armies. Many such
men are already in France.
Col lege Men Study Storage
Other efforts of the storage commit?
tee have resulted in special course?
training men for work in handling
stores. Such couraea are now being
Marlin?rms
STOCK & HOTES
Kicly & Horion
30 Broad St., N. Y. Pbon* Broa-i fg|]
\0l SofeFiVs?MortJ?it.ii-e/IfT/,
R /0 Serial Bonds II A
150 BROATWa-or? Phot? Coj*--a*jro t?Ss
--i?sa?3
High Grade investment
Securities
KnauiliNddj?? &Ku?)iw
luitable Building, New York
Bonds for investment
Karris, Forbes & Co
Una Str??t. Corner William
NEW YORN
===2-====^2===Z=-=^=2=2-2T2:--2-^-1
At?hiii'. I ai.??t I,In?
;-???? . .' - ?"rac
. '...it
l ' a. 1IJ
Moody'a Inveatura Senric?
'.-, Vi-?.?n *?lrrel. N-ir Tari
n
?*,
Moden Trust Cotapsny Semes
Metropolitan Trust Co.
of the City of New \orV
:eorge C V? Tuyi. * . ? I I
I 6 I? V.a. II. 6T1
DIVWI-.N') NOTICES
$16,500,000
Repubuc of Cuba
I'.iiir owe Ob? Hall P?e tmm
?a,,1.1 It.anil-? I'll?* I a 111
; .
f tha ab???
I at aw
oltJca on ?a :
SPEYER & CO,
New Ya.rk. .1
Tli?. <let.li.nd A l'iir.l.nr.li l'ailr?>?*l U
. K,
CI*" ? . a. Hi'
D1VIDKND NO l'l '
tcrly dividan?* ..f , ? '.'?"?*??'
?
t this ''or
*
and ' ''H'* '?
?. ? *?? ?
.?, of tus.ra?- aa%m
leth, m:.
.T !.. KI.- '-?, Trta*ur?r.
REAPING ?OMI'WY
i.-n-Ti.l ?H?i'f, Ka?aifiiis Terminal
'.?. )*1.
T a- B .?r.1 r.? I. -.- a-, | . :m- a.-?* f*-?l ?
r..- at.nihi?? a f-aan ??> c* '**'?
ili/i) on ir.? ? . - - < If* j
i? paJl on Aafurt I i ?. ftwttaiaa S
N I - 1 f. UM ?? - ' F?a J.I I a*- Ill'
i ? ?eka ?111 b? -, tato aa"
:. i .... Uad ai tan ? Mi
MY \ a A.a: a**t?-r?iarT
I l.V\N( I.VI. MEETiNfM
IJiiern? (nun... Ma?ii?n.-r? I orporatl?t
7 tt.tt tM
ar.nuBi ? ?'? ,.;
* ?
psnj. t>*
?.. Exehan?? . ? : -'-larha't?-*.
City of Stat lark, on
'? ' ?-'
tbt ****'
n ta sort*
m?.?r'.rii:. ai ?-'?''
... a? mar
etinl
\.. -Ftary
riven -?t the universities of _Hsr??w?
i. " .a. \V.?C0.1?1?.
Dartmouth, ? iweattri.
Georgia. Washington. I ? ? -l3-* *
Illinois. Nearly one thousand men n?*
attending* or
*' ''".
ment service for tl '?"?* **'
T h a* ?
?ver be II ?v(tr*
whelming, for bu*- - C0U1?2
is on ? | . r before h. pr? **(^*y
according to the National ?'i'-imber ?**>*
le'.in. On th? one ban
quipment is restricted b| **'
terial and labor cond:'
Other hand i ot only i?
1 ment being riven to o.ir allies, I '*?? ""
output of many of our car si '1 '?'?'"om0*
live plants is i;.*.?-n to ti.? ni, HffS
their r??? oars. There?
fore, with little opportunity "f ****curiBg
new equipment and having to re i y UP**
what thej bare, aaiag this te tas uV
most unt'l it wears out. th? railro*-?
are eallod i.? ressingly fj**^
efforts as our business ever)where ex*
paada,
The u'm-*st which the rsilroadi si?
able to do is not ca*,ual U the need? oi
the government and of the great boil
res? being dune ?..?-day. In fact, I* *?
?-aid, facilitii*. of tranaportation ere
Ikely to be tha limiting tactor on eta*
oral busir.es? unless !here is clot? **
op?ration between business rrrn ??*
the railroads
Nothing Lea? Than a Car
It is suggested that steps *l-oul,jJ?
taken to eliminate less than car l**-??
shipment by combining such shipm*?"?
for many manufacturera in * '?? ,12'
and by establishing centres for d**}P'
uting by truck shipments recti**J ,
car lots and for receiving goods ? 1
similar manner for outbound mov',."!?j
m car lots. Also that an effort ?no?.
bf made to bring about the loading ??
railroad cars to full car capacity.