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?a e a. a ar1 e t s an m, ? r c e Finance - Economies WALL STREET OFFICE : Telephon?! Milla Building, 15 Broad St. l??novcr 6514 Stolidity in the face of news that ordinarily would produce wild pry rations is becoming characteristic of the stock market these days, Yes? terday it was almost unmoved by the presentation, in broad outline, of the Administration's taxation pro? gramme, calling; for imposts that will, if Mr. McAdoo's suggestions are adopted, absorb about one-sixth of the nation's income. Prices de? clined a little, and the volume of trading was small, but there was nothing like a general selling move? ment. Nor are there likely to be unusually violent fluctuations as the tax legislation is slowly and painful? ly constructed in Congress. The general trend of prices may be grad? ually downward until the legislation has bees?, completed, and it would be surprising if there were not spas? modic selling in particular groups o? stock as proposals affecting them are unfolded, but on the whole Kost observers believe that the mar? ket will receive developments in the programme with reasonable tran quility. On the other hand, it is quite likely that dealings will remain relatively small in volume, except for oicasional outbursts of activity. i Wall Street men accepted the Mc Adoo statement calmly, and with very few exceptions they approved of it, in a general way. It is recog? nized that heavy taxation is inevi? table and all that financiers and in? dustrial leaders ask is that it be im? posed as equitably as possible. Even the proposal to levy higher taxes on unearned than on earned incomes is approved by some of those whe would be seriously affected thereby. But there is one point in the Secre? tary's letter in this connection with which there is general disagreement Mr. McAdoo, after suggesting s heavier impost on unearned incomes said that Income derived from Liberty bonds would be exempt from this taxation, and the returns between income from Liberty bonds and income from other securities would be readjusted with? out increasing the rate of interest on Liberty bonds. It would not tax the patriotic purchasers of Liberty bonds on their holdings, but it would weigh heavily upon the shirkers who have not bought them. It would make the return from Liberty bonds compare favorably with the return from other securities. It would give the government's bonds an essential and necessary advantage over those of corporate borrowers and would very greatly decrease the relative ad? vantage which state and municipal bonds now enjoy through the total exemption which they carry. It would produce a gradual readjust? ment of the situation in the invest? ment markets instead of an abrupt one, as would bo the case if the In? terest rate on Liberty bonds should be increased. And further: There is a widespread feeling that many people who are able to do so, especially those who are making vast profits out of the war, are not do? ing their part, either in the purchaso of Liberty bonds or in the payment of taxes?that they are investing in corporate stocks and bonds produc? ing high returns instead of in the bonds of their own government, pro? ducing reasonable returns, when the first duty of patriotism and self protection demands that they shall buy government bonds for the pro? tection of tho nation in its hour of peril. There is a natural feeling among the masses of the people that taxation upon incomes and upon war profits should be high enough to bring tho return from corporate in? vestments more nearly on a paritj with the return from government bonds. We do not see how any such thin as Mr. McAdoo has in mind could 1 accomplished through taxation. N matter how heavy the imposts migl be, they would have no tendency ? all to bring corporate bonds closer 1 a parity with government bonds thii they are now; nor would the rea' justment be any the less severe ths it would be were the rate of retui on government bonds increased probably the contrary would be tl I case. The readjustment would, fact, be almost automatic. Ine\ tably prices would decline to a poi where the disparity of which M McAdoo complains would be just ; great as ever. Only by fixing mir tnum prices for all corporate bon could they bo brought on a clos parity with government issues, ai that is too absurd for serious consi ?ration. While yield is importar Liberty bonds are not sold for wh they yield. Much more importa than that is the appeal to patriotis ?an element which is altogeth lacking in corporate issues. Liber bonds cannot be sold by reducing tl field on corporate bonds. If ar ?hange is necessary, it will have ? K1 in the form pi un upward revisit of rates on the government issues, and not downward revision of yields on corporate bonds. Money and Credit There was a somewhat more liberal supply of call money at the Stock Ex? change yesterday, where the ruling rate on mixed collateral loans was r>V?? per cent, compared with 6 on Thurs? day. Banks continued to make larger offerings of fixed date funds and some thirty-day loans on mixed collateral were reported to have been placed at 5% per cent. Ruling rates for money yesterday, compared with a y^ar ago, were as fol? lows: Yesterday. Year ago. Percent. Percent. Call money: On mixed collateral 5'/2 394 On industrial col't'l 6 4'/4 Time money (mixed collateral): Sixty days. 6%@6 4!/2@4% Ninety days. 5%@6 4'/2@4% Four months. 5%@6 4'/2@4% Five to six months 6%@6 4'/2@4% Commercial Paper.?Prime four to six months paper is being discounted in fair volume at 6 per cent. Bank Acceptances.?There was a broad demand for bank acceptances yesterday at tho following rates: Thirty Sixty Ninety Spot do- days. days. days. livery: Per cent. Per cent. Percent. Eligible member banks_4'4@4 4A@4A 4A@4/8 Eligible non-mem - berbanks.4A@4'/8 4%@4'A 4rt@4A Ineligible bankbills.5!/4@434 5!4@4?4 6^@494 For delivery within thirty days: Percent. Eligible member banks. 4Yz Eligible non-member banks.45a Ineligible bank bills. 6 Discount Rates.?The following table gives the current rates of the twelv? Federal Reserve banKs on commercial paper on all periods up to ninety days: ,-Maturity-, SCO" o o of"- S* f? - ? ?i P. ?, ?. a ' . w ? ; -J5 ^ ? 0 ci S ' n h -v * ? ex . et. ? oS? . ? .m ? a r- a ? P ? a . ; .-m i . ? . ? Boston. 4 4% 4% New York. 4 4% 4% Philadelphia.... 4 4% 4% Cleveland. 4\\ 4% 4% Richmond. 4^ 4% 4% Atlanta. 4 4% 4% Chicago. 4 494 5 I St. Louis. 4 4% 4%' Minneapolis.... 4 4% B Kansas City.... 4 4% 4%: Dallas. 4 4% 5 San Francisco.. 4 4% 494 ' Hank Clearings.?Th.; day's bank clear- 1 inga at New York and othcV cities were: Exchanges. Balances. New York.$594,027,834 $69,165,375 Boston . 51,328,638 12,463,915 Chicago . 73,553,872 3,886,952 Silver?Bar silver in London was | 48%d, unchanged; New York, 99V2c, un- j changed; Mexican dollars, 77c, un-j changed. Sub-Treasury.?The banks lost to the Sub-Treasury yesterday $157,000. Bank Clearings.?Bank exchanges at the principal cities in the country this week aggregated $5,736,289,282, accord? ing to R. G. Dun & Co., an increase of 5 per cent, compared with the corre- j sponding period of 1917. London Money Market. ?LONDON, June 7.?Money was firm at 2% per cent. Discount rates were: Short bills, 8V6 per cent; three months' bills, 3 9-1G per cent. Gold premium at Lis? bon was at 130. The Dollar in Foreign Exchange Quiet prevailed in the foreign ex? change market yesterday. Italian rates were steady at the socalled "peg" level of 9.11 for checks. Swiss ex? change was fractionally higher. An increased demand for Spanish pesetas sent the rate forward. Closing rates yesterday, compared with a week ago, follow: (Quoted dollars to the pound.) Week Yesterday, ago. Sterling, demand.$4.75% $4.75rV Sterling, sixty days.... 4.73 4.72 Sterling, cables.4.76A 4.70A Sterling, ninety days.. 4.7114 4.70 (Quoted units to the dollar.) Francs, checks....5.71% 5.71'/2 Francs, cables. 5.70?/8 5.70 Lire, checks_. 9.11 9.11 Lire, cables. 9.09 9.09 Swiss, checks. 3.97 4.06 Swiss, cables... 3.92 4.01 (Quoted cents to the unit.) Guilders, checks_... .50'/2 .49'/4 Guilders, cables.51 -49% Rubles, cables .13.25 13.25 Stockholm, kr., checks,.34.00 33.80 Copenhagen, kr., ch'ks..31.00 30.85 Pesetas, checks.28.40 28.20 Below is given ths current exchange value of foreign money in dollars and cents, together with the intrinsic gold parity, as calculated by the United States Mint: : Current exchange Intrinsic value. value. Pounds, sterling.$4.75% $4.86% Francs . 0.17.4 0.19.3, Guilders. 0.49.75 0.40.2 Rubles .0.13.25 0.51.2 Lire, checks. 0.11.25 0.19.3 Crowns (Denmark)... 0.30.90 0.26.8, Crowns (Sweden). 0.34.00 026.8 The above rates express the cost of foreign money in terms of the Ameri? can dollar. You buy an English j-ound ; sterling at, say, $4.75%. The intrinsic parity is $4.SG% per pound. Thus you Bay either that pounds are at a dis? count or that dollars are at a premium, vhich is owing to the fact that in Eng? land the demand for dollars with which to settle accounts in this country is greater than the demand in this coun? try for pounds with which to settle ac? counts in England. Banks Meeting Tax Payments Without Strain Local Institutions Lend Nearly $20,000,000 on Time During Week That New York City banks have so strengthened their cash position in re? cent weeks that the heavy demands of the Federal tax paying period are be? ing met with comparative ease was in? dicated yesterday, when it became known that some of tho largest insti? tutions in the financial district have loaned out money on time secured by Stock Exchange collateral on tho heav? iest scale sinco last fall. It was estimated in /money market circles that this week between $15, 000,000 and $20,000,000 has been loaned ? by the banks for fixed periods on I stock market securities, most of it for I periods running from thirty to ninety j day:-.. Rates on .such loans have ranged ! from 5% to G per cent. Tho more lib ! oral offerings by the banks, it was as : serted, has absorbed a considerable , part of the demand for accommodation of this kind from Slock Exchange houses which heretofore have had to finance their market operations ! through the medium of call loans. Have Held Back for Months The fact that the banks have again ! become active in the time loan market ; was looked upon yesterday as a reflec j tion of confidence on the part of the ! leading financial authorities in Wall j Street that the burden of the taxpay ! ing period between now and June 15, i the last day on which the Federal taxes ; can be paid in, will be carried without 1 imposing undue strain upon banking ! resources. Since the latter part of 1917 the banks have carefully refrained from increasing their commitments in time loans secured by the deposit of Stock Exchange collateral for the rea? son that it was considered unsafe in view of the impending demand for j funds by the government. Apparently now the bankers arc of the opinion that they will be able to meet the tax payments and tho government with? drawals without difficulty and are find? ing it possible to lend assistance to Stock Exchange houses which aro in need of time loans. Tax Money Redcposited The Treasury Department, the Fed? eral Reserve authorities and the banks aro all cooperating in every way pos? sible, in order to distribute the burden of the taxpaying period. It has so been arranged that taxes paid in are being almost immediately distributed among the banks in the form of gov? ernment deposits, against which the banks are not required to carry re? serve. Tho transfer of deposits from private to government account through the taxpaying process naturally re? duces the legal reserve requirements of the various banks and thereby ex? pands by just so much the lending ca? pacity of the banks. i The opinion was expressed yesterday that, while there will probably be no ease in money rates to speak of for some weeks, the danger of any squeezes such as have been experienced in other times is small, so well are the plans for meeting the burden working out. Fires Here Aid Kaiser Fifteen Hundred Fires Daily De? lay Manufactures LITTLE ROCK, Arlo, June 7.?"The number of fires that are traceable to the Kaiser's agents has been overes? timated," said Wilbur E. Mallalieu, general manager of the National Board of Fire Writers, in an address here to-day before tho annual convention of tho National Editorial Association. "But," he added, "the number of fires that are working directly and effect? ively for the Kaiser can easily bo stated. It averages 1,500 a day. "I want to tell you that the destruc? tion of a Hun bombing 'nlane, which would kill our boys directly, is of hardly more importance than the pre? vention of factory fires which would kill them indirectly through depriving ', them of the means of defence." Mr. i Mallalieu urged a greater use of pre- ! ventive measures. Significant Relations Money and Prices: Stock of money gold in the country. Loans of all national banks. Bills discounted and bought by Fed? eral Reserve Bankst. Federal Reserve notes In circulation. Total gold reserve. Average price of fifty stocks. Average price of twenty-five bonds.. Food cost of living (Annalist index number) . General commodity price level (Dun's index number) . Production : Unfilled U. S. Steel orders, tons_ Pig Iron (daily average), tons. Wheat crop, bushels. Corn crop, bushels.'.. Oats crop, bushels. Cotton crop, bales. Now. $3,042,703219 March 4. ?PIS. $9,139,225,000 Last week. $1,201,520,000 1,578,621.00? 1,895,023,000 A year aso. $3,083,904,808 ' Nearest iwrirxl previous year. $3,712,862,000 A yoar ago. $154,954,000 454,402,000 ?977,380,000 The day before. A year ajo 75.52 85.28 Last week. 282,777 May 1 226,665 April 30. 8,741,882 May. 75.91 85.38 The week before. 234,493 April 1. 230,313 March 31. 9,056,404 April. 90.90 92.09 A year aso 283,455 A year ago. 2?S.435 April 30. 1917. 12,183,033 A year ago.' 111,175 109,607 110,238 1917 yic M estimated. The 191? crem. 6?C.823.0CO 3,159,494,000 1,587,286,000 10,949,000 636.318.000 2,566.927,000 1,251,337.000 11,449.930 Distribution : Gross railroad earnings. .-'-Increase or decrease from year before?-. 11! ruiulv .-149 roads-, Third w.tk Month of Jan 1 to of May April. April 30. + 14.3% ?16.0% -r8.8% Bank clearings . + '-4% General : ApriL Active cotton spindles. 33,746,893 Commercial failures (Dun's): May. Number . 88? Liabilities . $13,134,672 Building permits (Bradstreet's) : April, i9is. (139 cities) . 45,520.004 -0.5% March. 33,789,656 April. 905 $14,271,849 + 4.1% A year ago. 33,268,615 A year ago. 1.296 $11,771,891 April. 1917. $76,287,287 *Gold held by Reserve agents against circulation included in general fund, beginning Jur?e 2S, 1917. For purposes of comparison it is included in the 1917 figures. Market Barometers Stock Exchange Transa?tions Stocks Rail. Other All roads. stocks. stock3. Yesterday ... 40,100 354,500 394.GC0 Day before.. 95.200 439,400 534,600 Week ago_ 92,400 466,200 558.6CO Year ago- 71,500 898,900 970,400 January 1 to date: 1918- 8,494,700 56,341,700 64,836,400 1917- 9.796,300 78,317,600 88,113,900 1916_11.C96.900 64,433,200 76,330,100 Bonds Day Year Yesterday. before. before. U. S. gov.$4,661.000 $3,890,000 - Railroads 399,000 393,000 $691,000 Others.. 1,081.000 1,813,000 1,305,000 All bonds 6,141,000 6,096,000 1,996,000 .January 1 to date: 1918. 1917. U. S. gov'nts.. $408,811,000 $261,000 Railroads . 76,525,000 153,792,000 Others . 162,652,000 318,080,000 All bonds. 643,307,000 473,862,000 Stock and Bond Averages Stocks Yes tor- Day A year day. before, ago. 20 Railroads . 69.45 C9.71 8?.80 30 Industrials . 79.57 ?0.01 9G.96 50 Stocks . 75.52 75.91 90.90 Bonds 10 Railroads . 79.28 79.95 87.80 10 Industrials . 91.61 91.62 94.72 5 Utilities . 84.56 84.65 95.42 25 Bonds . 85.28 85.38 92.09 Outlook for Crops Unusually Bright Shortage of Labor Constitutes Farmers' Only Real Complaint Observers of the state of trade in the United States agree that the dom? inant factors are unusually favorable crop prospects and the rapid succes? sion with which fundamental changes are being made to put the country more completely on a war basis. "Government domination of a myriad of lines of industry and trade and al? most unanimously favorable crop re? ports arc the two groat outstanding features of the situation," tbe weekly review of Bradstrcet's says. "Govern? ment commandeering of the iron and steel, wool and heavy leather outputs are accomplished facts, and further ex? tension of its control of manufactured textiles arid of food supplies and prices seems inevitable. "Great basic changes are therefore proceeding under the new and fast moving monopolization of human ac? tivities, directly or indirectly, in the war. Man power is being taken up steadily and rapidly by the second draft, and the attraction of female labor into lines formerly monopolized by men is growing apace. The results are the increasing difficulty attending the obtaining of supplies of goods or raw materials for civilian use, while at the same time largely increased earning capacity of women puts added strain upon supplies of goods suitable for the latter." In diagnosing these conditions, ! "Dun's Review" says: "Seldom has the nation's agriculture outlook matched the present brilliant promise, and the question of success or failure of the crops this year is obviously one of vital importance. The almost ideal ! crop weather, continuing unbroken ? week after week, has made real the j prospect, not only of earlier harvests ! than usual, but also of yields ap- ' proaching the maximum, if not exceed ing it, and labor shortage constitutes I about the only element of serious : complaint in the great farming regions, i "The distinction between essential ', and non-essential industrial outputs, ; while not yet fully determined, is now ? more clearly defined, and some of the works not heretofore engaged on gov ernment requirements have hastened to enter the field to forestall possible iiLuitdowns. Through this process, or i from the requisitioning >of earnestly needed raw materials and finished products, the limits on strictly civilian business are being drawn closer, and in the comparatively few cases where reserve stocks are available in first and second hands there is extreme caution in accepting orders from com? mercial channels, because of impend? ing calls for supplies from govern? mental sources." Puget Sound Notes On Sale Next Week ?$12,000,000 Offering Is Most Important Flotation Since the Liberty Loan Plans are nearing completion, it was learned yesterday, for a public offering ! of $12,000,000 three-year 7 per cent ; mortgage notes of the Fuget Sound ; Traction, Light & Power Company by a syndicate, consisting of Harris, i Forbes & Co., Lee, Higginson & Co. and Estabrook & Co., of Boston. The notes, it is expected, will be formally i placed on sale early next week. ' The purpose of tho issue, which ha3 ! the approval of the Capital Issues Committee, it is understood, is to ro ! fund certain outstanding obligations | maturing during the next twelve ; ! months, the largest of which is an is sue of $8,057.000 6 per cent five-year! mortgage gold bonds, due February 1, 1919. The forthcoming offering is the j most important since, tho flotation of ! the third Liberty loan. I The Puget Sound Traction, Light & j Power Company, through ownership oi ! control of subsidiary properties, does substantially all the electric street and interurban railway and the greater part of the commercial electric lighting and power business in the Puget Sound district, including the cities of Seattle, i Tacoma, Bellingham and Everett, Wash, j I Of the $34.921,600 outstanding stock,; ? $20,128,000 is common and $14,703,600 is I ; preferred. News Digest Foreign London Board Cheerful.?LONDON, I June 7.?On the Stock Exchange the | sentiment was cheerful. Home funds I were quieter and steady and foreign j ers were firm. The feature among the I latter was a spurt of three points in I Port of Para bonds, due to an impend? ing payment of interest. Oils, particu ; larly the smaller priced ones, were strong and active. Miscellaneous min? ing shares had good places in the trad-, I ing. _ Paris Bourse Quiet.?PARIS, June 7. i ?Trading was very quiet on the i Bourse to-day. Three per cent rentes : brought 60 francs for cash. Exchange ; on London was quoted r.t 27 francs IG centimes. Five per cent loan told at 88 francs. New York Cortelyou Heads New Gas Associa? tion.?Announcement that the Ameri ! can Gas Institute and the National j > Commercial Gas Association have been ?amalgamated, with George B. Cortel | you, president of the Consolidated Gas I Company of New York, as president, j ! was mado here yesterday. The new ? organization will be known as the ' American Gas Association. Mr. Cortelyou, addressing the new j association in convention here, raid it ' would endeavor "to keep step with ! | other legions of American business in j ' support of the government and of our fighting men across the sea." Production of Bituminous Coal In? creases.?During the week ended May ! 25 the production of bituminous coal reached a new high level, with a total output of 11,811,000 short tons, ap? proximately 100,000 tons more than was produced in the preceding week, according to the current issue of "The Coal Age." Anthracite shipments j amounted to 40,752 cars, a slight fall? ing off. Bank Increases Capital.?At a special ! meeting of stockholders of the York ville Bank yesterday it was voted to increase the capital stock from $100, 000 to $200,000 in order to secure mem? bership in the Federal Reservo system. Stock Exchange Seats Higher.?The membership of Robert W. Locke has j been transferred to Matthew J. Hoey for $55,000, an increase of $2,000 over the last previous sale. Other Cities Hampden Railroad-Boston & Maine Suit.?SPRINGFIELD, Mass., June 7.? After testimony by Attorney Henry W. Ely, who told of conversations with Charles S. Mellen, the president of tho Boston & Maine Railroad, concerning the construction of the Hampden Rail? road, the plaintiff to-day rested its case in the $4,000,000 suit of the Hampden Railroad Corporation against the Boston & Maine corporation to in force lease or compel payment of con? struction account. Attorney Ely testi? fied that the late Ralph D. Gellett, president of the Hampden Railroad Corporation and of the Woronoeo Con? struction Company, which built the road, participated in these conversa? tions. The witness said that Mr. Mel ' len ordered work on the Hampden road to begin toward Athol Junction, cut? ting off entirely the proposed branch to Chicopee Falls. In the opening statement for the Boston & Maine Railroad William II. McClintock, attorney for the Boston & Maine, said that the promoters did not build tho road along the route j agreed upon from Bondsville to Chico? pee Falls, where a connecting line was to be built to Holyokc, and that ? the route selected and the cost of construction were unreasonably expen? sive. The trial will be resumed Mon? day. Receiver Appointed for Long Branch Steamboats.?TRENTON, N. J., June 7. ?On application of Thomas G. Patten, j of New York, main stockholder .n the i New York & Long Branch Steamboat ' Company, operator of steambo its from I Long Branch to New York, the Federal ! Court to-day named Edward R. Slocum, ; jr., of Long Branch, temporary re- j ceiver. Patten claims that the com- j pany had been operating three boats. Two were removed from service, and ! later the United Stats3 government | took over the remaining one at $60 a day. Wool Clip Movement Eastward.? BOSTON, June 7.?"The Commercial Bulletin" will say to-morrow: "Slowly and with som.> uncertainty the wool clip of the country is moving eastward to the consuming centres, es? pecially wherever the clip is subject to purchase, since the terms upon which it can be purchased under the govern? ment plan have not been clearly un? derstood by many of the country deal? ers, who have on that account hesi? tated about putting their money into the staple upon an uncertain basis. Consignments from the territory sec? tions are being accepted steadily. The government machinery for handling the wool in the centres of distribution is being augmented more or less stead? ily, as necessity require,." Acceptances to Displace Drafts in Cotton Financing New Flan Will Be Recom? mended at Meeting To? day; Harding Approves A radical departure in the method of financing cotton from the grower to; tho consuming mill is about to be un- , dertnken by bankers and leading inter- ; ests in the trade. Formal recommen? dation that the present method of pay? ing for cotton by Eight draft be abandoned, and the use of ninety-day acceptances substituted instead, will be made this morning when a special committee appointed to study tho sit? uation meet? at the ?otel Biltmore to make public its report. No doubt is entertained that the recommenda- ! tions will be approved. W. P. G. Harding, governor of the Ferlerai Reserve Board, will be present at to-day's meeting. It is believed that he will indorse the plan, inasmuch as he spoke favorably of it at tho recent conference on cotton buying, held under the auspices of the National Association of Cotton Manufacturers. Relations Unchanged Mr. Harding then said that he was very much impressed with the proposal, and asserted that the changes would not involve the slightest disturbance of the relations between the local cot? ton buyer and the plantel*. "The farmer gets cash as usual." he added. "Tho Southern bank is given | an opportunity of extending a long credit. In other words its goods which j have been against goods in posse can j become credits against goods in esse. ' The crop when raised is a reality and credits against these acceptances arc credits against one of the most readily j marketable staples in the world. "Under the acceptance arrangement i credit is not limited to the resources of a single bank or mill. The banks of New York, Boston or other large cities will undoubtedly give acceptance cred? its to cotton mills. So there will be no delay owing to lack of financial ar? rangements by the mills. So far as the cotton buyer himself is concerned he | will save at. his local bank and on his i warehouse and insurance charges, and, j considering everything, the balance, I think, will go on the credit side of his account. "I think, in the interest of the cotton broker, in the interest of the Southern banker, in the interest of the country! at large and in the interest of the ! Federal Reserve System, it is well to introduce this new plan if it can pos? sibly be done." Will Require $130,000,000 That the question of changing the present method of paying for cotton ? is an important one is found in the ! fact that the New England mills con? sume about 2,(500,000 bales of cotton annually. At tho present value of 30 I cents for cotton the banks would have ! to carry acceptances in the neighbor-? hood of $130,000,000 if running for ninety days. The committee which has had the plan under consideration consists of nine members, representing the spin? ners, the shippers and the bankers in? terested. The shippers are represented by Randall N. Durfee and Charles B. i Luther, of Fall River, Mass., and j Charles T. Plunkett, Adams, Mass.! For the shippers there are Joseph ? Newburger, of Memphis, Tenn.; B. L. Anderson, Fort Worth, Tex., and Charles L. Tarber, Dallas, Tex. Acting; for the bankers are Hon. Theodore E. | Burton, president of the Merchants j National Bank; John E. Bouden, of I New Orleans, and E. L. Rice, of Mem? phis, Tenn. ~-?] Relevant Comment | New Haven to Sell Notes. According to Boston advices the New Haven Railroad has arranged for an issue of $4,000,000 of equipment trust certificates to pay for rolling | stock purchased some timo ago. No details as to how the certificates are I to be sold or the rate of interest and i maturity have been given out. It is ' stated, however, that tho rato will j probably be around 6 per ?cent. Jewel Tea Advances. On a turnover of 300 shares Jewel Tea preferred advanced 3?8 points to 92 in yesterday's market. With the common stock, tlm is one of the most inactive issues listed on the Stock Exchange. When the company was launched in 1916 both enjoyed an ac? tive market, the common selling as high as ?G. It has since declined to 30V4, the last sale being at 32"4. In 191(5 the preferred touched 113. Motors Move Against Market. Motor stocks were strong yesterday when the rest of the market was mov? ing in the opposite direction. General Motors and Studeb.iker stood out in the decline like pillars of strength. The former closed 3% points up at 125'/6, while Studebaker gained 2:v8 points net on the day. The popular explanation for tho rising strength of these shares was that insiders had on foot? a movement to "run in the shorts." It has been said for some time that the short interest in these ! issues was of large proportions, par? ticularly Studebaker, which has long been a target for the bears. Elections Leroy A. Manchester, attorney for ' the Youngstown Sheet and Tube Com? pany, has been elected secretary of that concern. ?George H. Prince, chairman of the board of directors of the Merchants National Bank of St. Paul, and Harry T. Ramsdell, president of the Manu? facturer.; and Traders' National Bank of Buffalo, have been elected directors of the American Foreign Banking Cor? poration of New York. Frank Trumbull has been elected I president of the Chesapeake & Ohio Railway Company, succeeding George W. Stevens, who was appointed Fed? eral manager of the road. Mr. Trum bull retains his office as chairman of the bord. M?? ???- Wickham, Whit ;.ker, Wall and Cap?es have resigned as vice-presidents tu take up the dutie3 of assistants to the Federal manager. F. H. Davis and C. E. Graham were elected vice-presidents to fill two of the vacancies. Executor Trustee Chartered 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 k 22 William Street Branch Office, 475 Fifth Avenue ? At Forty-first Street New York London Paris Foreign Exchange Administrator . Guardian Member Federal Eeserve Bank and New York Clearing Hoii3e Canadian Car and Foundry Inquiry UrgedbyCommittee Charge Directors With Au? thorizing Commissions Secretly An investigation of the affairs of the Canadian Car and Foundry Company is demanded in a circular to the stock? holders from a special committee rep? resenting Montreal and New York in? terests. The committee, which made public it3 letter yesterday, invites proxies to be voted at the annual meet? ing on July 15. Among other things the committee ; says "it appears from the records that commissions running into millions have been directly or indirectly au? thorized by the board without details being disclosed." The commissions on the company's $83,000,000 contract with Russia, obtained in 1915, it was charged, apparently exceeded the whole net profits on that transaction. Call Dividends a Sop It was also charged that since the publication of the company's last an? nual report a commission or bonus of $50,000 was authorized to be paid to the president as a consideration for his indorsement of a subsidiary company's note amounting to 5400,000. In this connection the committee's letter stated that the recent declaration of a 8J56 per cent dividend on the pre? ferred stock was intended a3 a sop to win back the favor of the stockholders and balk the investigation which the proxy committee deems essential. The full statement bearing on the Russian contract says: "In 1915 the company obtained from the Russian government shell con? tracts aggregating $83,000,000, and at a time when the management expected apparently to make a profit of ap? proximately $15,000,000 the president obtained from the board the adoption of a resolution transferring to him personally half of all net profits of the company from such contracts, over and above $5,000,000. Consider the re? sult of such an unusual bargain be? tween the company and its chief offi? cer. If the management's estimates had been even approximately realized the company would have mado $10,000, 000 profit and the chief executive $5, 000,000. True, the company made no such profit, and neither did the presi? dent, but a very bad principle, indeed, was involved and consecrated." "The stockholders of the Canadian Car and Foundry Company, Ltd.," the committee's circular added, "have ex- ? perienced a most profitable investment | for the past few years: the suspension: of dividends, the tremendous shrink- \ age in share values and an undercur- i rent of rumors of which 'bad manage^! tnent' has been the mildest expression. ; "Last year the shareholders repre-? senting over two million of both pre ferred and common stocks endeavored i to ascertain the reasons for this most ? unfortunate condition of affairs, more j especially in view of the huge profits ! which the management predicted would fiow from the war contracts of the company. At the instance of the above | stockholders A. Hicks Lawrence was elected a director at the last annual ! meeting, his nomination being accept- ' ed by the management with full knowl- ! edge on their part of the generally widespread demand from stockholders to ascertain the reason for this great depreciation in the value of their hold? ings. It was expected that every facil? ity would bo offered the shareholders' representatives in his endeavor to carry out th?3 investigation, and it was indeed a matter of surprise nnd re- 1 gret for the undersigned to learn that he has instead been persistently ham- [ pered and blocked by tho management, j "The records of the company reveal j that Mr. Lawrence has insisted that it | is not only within the province but in fact the foremost duty of a director to ? ascertain all facts relative to corporate , transactions, not only of the parent I company but of its four subsidiaries. I This elementary principle, it appears, j has been ignored by heads of depart- i ments, who, with the support of the j active management, have not only re- i fused his repeated specific demands for information in regard to the transac? tions negotiated and carried out by the management, but have openly denied the right of a director to obtain such ? information. It is incomprehensible to j this committee and other large stock- ! holders who are in support of this ? movement that the directors of the ap- j parent standing of the present board | should openly support their officers in ' their refusal to furnish information as und when required by a member of the bo#rd. Ask Stockholders to Meet "That a satisfactory investigation could not be carried out under such conditions is Belf-cvident. However and notwithstanding it all. the com? mittee are now in possession of cer? tain facts of which they feel the share? holders should be apprised in order that they may advisedly pass Judgment on the board and its policy at the an? nual meeting of the company, which is called for July 15 next." The members of the nroxy commit? tee are Louis G. Beaubien and Michael Connolly. Montreal; Willard H. Jones, Harry Hillard and William A. Shak ?*? ?f/^w York City- ?"?t. Hill & Betta, of 120 Broadway, ?re counoeL '(.H.1KTEKE1) IgCK.1? ?? Union Trust Co, of New York 80 Brose?way Fifth A? * SSth Bt Fifth At J ?it? It Allow* Interest on DrpoiH*. | ids :s Ex?cuter, Guardian, Trjst??, ?te. ANDREW .T. McCORMACK, Auctioneer REGULA R Al ' I LE, STOCKS AND f?)NI)S. By AllltrW II. Ml I.I.KR ft PON, OPFIl IE. 55 WI1 rAll ST., WEDNESDAY, .ICN'K 12, 1918, at 12:30 o'cli ck, at tl EXCHANGE SALESROOM. NOS. 14 and 16 VESEY STREET. For Account of Executors. $1,500 Brooklyn City R. R. Is- Mtgr. 9% Ronds. 3941. 11,000 Brooklyn City A- ?wrown R. B. Consld. 1st Mtg. 5% Bond, 123*. IS ans. Brooklyn Union Gas Co. 4 shs. Globe & Rutgers Fsre Insnr ance Co. 6 shs. Empire & Bay State Telegraph Co. 1 sh. Hutchlns Securities Co. prefd. 4 shs. Consolidated Gas Co, ?75 sha. Brooklyn City R. R. Co. For Account of Guardini?. 2? sha. C. ''-. Gunthi i .-- Si ns 1st prefd. 2 shs. C. G. Gunther'a S na common. For Account of Administratrix. $5,600 Middlesex Banking Co. 1st ?ttg. g% Bonds, $210 paM on acct. ?100 E?uardorian Corpn., Lid., 1st Deb. 6% Bond, r, shs. Intertype Corpn. common. For Account of whom It May Concern, 150 shs. Firs: National Bank, Milwau? kee, together with all rights of h ilder In shares of First Savings & Trust Co.. Milwaukee. 115 shs. The Del Norte Co., Eau Claire, IV is. 80 shs. Nlles-Bement-Pond Co. prefd. 70 shs. Pratt & Whitney Co. prefd. 300 shs. American Cual Co. of Alle? gheny County. $3,000 Toledo, Peor?a. & Western R. R. 1st Mtg.- ?*?? Bonds, BUT. Ctf. of De poslt. $1,000 Chicago, Rock Is'and & Pacifie Rwy. Geni. Mtg. 4ri Regstd. Bond. $5,000 Passalc Steel Co 1st Mtg. 5% Bonds, 1S25. Ctf. of D'-poslt. 80 shs. Throngs Neck Realty Co. DIVIDEND NOTICES ?nit?STl?ght and railways company Chicago Davrnport Grand Raptfj j Preferred Stock Dividend No. 31 Common Stock Dividend No. 14 The Board of Directors have declared a dividend of on>) and one-half <\u.r-c) per cent, on the First Preferred Stock, and a dividend of one (?>?i) por c< nt. on the Com? mon ^tock. payable out of the surplus earn? ings, on July 1, 1918, to stockholders of record at the close of business, noon, June I 15. 1918. First Preferred nnl Common Stock trans ! fer books will reopen f^r transfer cf stocs certificates at tho opening of business June 17, 1918. L. H. HEINKE, Secretary. .Tune 4. 1918. KELLY-SPRIB?FIELD WI CO. A quarterly dividend of cr.e dollar and fifty con;.! ($1.50) per Bhare on the Six I' r Ceal j Preferred Stock of this Company has been declared, payable July 1, 1918, to siockhold ? ers of record at tho close of business Jun? ! 15, ms. F. A. SB AMAN. Secretary. New York, June 4, 191S. Copper Output Larger All of the so-called porphyry copper producing companies with the excep? tion of Chino turned out a larger ton? nage of refined metal in May. Utah's total was 1S.20O.0C0 pounds fer the month, compare,1 with 10,690,000 in April. Nevada Consolidated increased its output by 100,000 pounds, while Ray's production increased from 7,C50, 000 to 8,120,000. Chino produced 5,937,340, against 6,290,513 pounds in April and 7,833,046 in March. Dividends Extras Youngstown Sheet and Tnbe Com? pany.?An extra dividend of 3 per cent on the common stock has been declared in addition to the regular quarterly dividend of 1*? per cent on the pre? ferred stock. Increases Canadian Converters Company.?The quarterly dividend of 1 per cent ha? teen increased to 1% per cent, putting the stock on a 5 per cent basis. Regular Declarations Barrett Company.?Quarterly dividend of 1% P?r cent on the common, "stock, payable July 1 to stockholders of record June 18; ?!? the regular quarterly divider! of 14 percent ou the preferred stock, payable July 15 t? stockholder-! of record July. 1. Library Bureau Company.?Quarterly divi? dends of 1 per cent on the common and ? per cent on the preferred stock, both payable July 1 to stockholders of record June 2(K Franklin Trust Company.--Quarti-r;y divi? dend of 3 per cent, payable June 3D to ?tock holdors of record June 29. Columbia Graphophone Manufactwiaf Company.?Quarterly dividend of, 1* J** cent on the common steck, payable July A. to stockholders of record June 12. Cuba Cane Sue*t Corporation.--Quarterly dividend of 1% per cent, payable July 1 *? stockholders of record June ?5. Duiuth-Pupertor Traction Company.?Quar? terly dividends of $1 a sb.-ire on the com? mon and preferred stocks, both payabl? July 1 to stockholders of record June 15. Little Schnylkll! Navigation. Railroad * Coal Company.- ? ?e:vi-?nnuaj dividend ot SH per cent, payable July 15 to stockholder? ?? record June 17. Manat? Surar Company.?Quarterly iM* dend of \\ per cent on the preferred etocJL payable July 1 to stockholders of reeo*? June 15. Pettibone-Mullikrn Comnanv. ? Quarterly dividends of ]"< per cent on the first and second preferred stocks, both payable July * to stockholders of record June 20. Twin City Rapid Transit Company.--M terly dividend of $1.75 a share on the P?* ferred stock, payable July 2 to ?tockboios? of record June 15. Stut* Motor Car Company of America. *?* -Quarterly dividend of $1.25 a share, P?f able July 1 to stockholders of record June?* ., California Petrol? um C^apany.?Quartett; dividend of 1*. per C0nt on the jwei??"* ?4^Ua?r*a?* * te ssookboiiV? ???*