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Investment Suggestions Unusual resources and fa? cilities, close affiliation with the world's investment mar? ket?! and wide diversification of offerings arc among the attributes of this national organization. The increasing number of investment problems due to current conditions make it essential for investors to enlist the services of a well rounded and thoroughly ef* ficent investment organiza? tion. Let us help you with your individual problem. - 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.