New-York tribune., 1918-06-22
Marine Meeting without Result

Marine Meeting Without Result
Yesterdays meeting Of international
Mercantile directors, like the preced-
ing ones which have been held within
the last two months, was unpro
ductive Of any definite information
relative to the deal by which the COM
pany hopes to dispose of its British
properties and assets to an English
syndicate. The status Of the negotia
tions is unchanged, according to Presi-
dent p A. S. Franklin, who said:
with negotiations of such great
magnitude as those calling for the
sale of the company's British tonnage
considerable time must necessarily be
taken in meeting the various details
that have to be determind. I cannot
tell you when the directors will be
in a position to put the matter up to
the stockholders for ratification. The
situation to-day is exactly the same
board, when I stated that progress
was being made"
May Hold Joint Meeting
The committees Of bankers ap-
pointed in New York, Boston, Phila-
delphia and Chicago to consider plans
for financing the needs Of public
utility companies are expected soon to
hold joint conference. This may be
done through the selection of sub-com-
mittees to take up the preliminary
work. After these groups have put
their ideas into definite shape the
general committees will probably sub
nit their proposals to the War FL
nance Corporation. James N. Wallace,
chairman of the local committee, was
still in Washington yesterday and no
new developments were reported from
this quarter concerning the proposal
for $1O0,00O,000 "buffer" corporation
financing over the entire country.
Maturity of Canadian Issues
Canadian securities maturing in the
United States during the course of
the next three months will aggregate
approximately $35,000,00O, according
to conservative estimate. The effect
of the payment of these obligations
will likely be to send New York funds
to a greater premium than now exists
unless special arrangements are un-
dertaken. The statement made by the
Canadian Finance Minister to the effect
that he had obtained from the capital
issues committee of the United States
permission for the issue of certain
Canadian securities in New York has
the quotation for New York funds at
Montreal. The premium lately has
been around 2 per cent.
New Dominion Financing
Canadian advices yesterday were to
the effect that arrangements have
been concluded between the Dominion
government and the banks whereby the
government requirements will be f.
nanced pending the issuance of an
other permanent loan in the fall.
Funds are to be advanced for the pur-
chase Of meats, cheese and other pro-
visions urgently required by the Brit
ish government, as we'll as for financ-
ing of industrial orders placed through
the Imperial Munitions Board. Some
reports place the amount to be ad-
vanced at $175,O0O,00O For the purchase
of provisions alone.
Record Army Order for Nails
The Quartermaster's Department of
the army has just placed record
order FOR wire nails, according to in
formation gained in steel circles yes
terday. The contract calls for ship
ment to France of 100000 kegs, which
amount is expected to meet the full
requirements Of the American Expedi-
order will require an expenditure of
s1,O5O,0OO. Each keg weighs 100
pounds, so that the total shipment
amounts to $1,000 tons. The ALLEGATION
of the order has been recommended
by the wire committee of the Ameri-
can Iron and Steel Institute.
Pacific Mail Advances
Pacific Mail common advanced in
yesterdays reactionary stock market,
following the announcement that the
directors mad called a meeting for
July to- consider the question Of re-
tiring the $1,700,000 preferred stock.
1t sold up 18s to 307s on active trad
ing. The closing price was 30h, net
gain of i. The common stockholders
are now receiving regular annual divi-
dends Of ST share ($5 par), and
since last December extra dividends
have amounted to $3.50 share.
Women Making Motor Cars
Female labor is invading the auto
mobile manufacturing industry on an
extensive scale. Announcement was
made yesterday that about IL per cent
of the employees now at work in the
Maxwell Motor Company plants in De-
troit are women. Officials of the con-
Germ estimate that if the need should
arise fully SO per cent Of the work
could be done by women. 1t is said
there is little difference between men
and women as to the quantity of pro-
duction. The Maxwell company has
started a school for the proper training
Of women workers.
Fix Price for Italian Exchange
The Italian institute of exchange
formed early in the year for the pur-
rose of controlling exchange operations