The Wall Street Journal from New York, New York • Page 7

't 100 UP1 tionoiv trooa is 1 1 I 1 CC11K hat is a marir of distinction 1 ne nost watcnes his guests with it? tercst as they sip the 18ZU Brandy that came out of the-cob-webbed bottle. There willperhaps be only one man in jthe gathering whose 'eyes will give back to his the answer ing gleam of appreciation. '-i-v And it will be that man, too, as one. connoisseur to another, who will offer his case of Rameses Cigarettes. He has always smoked them.

There is no other cigarette for him. He and hia kind will never change They say'Nobody ever changes from RameacaV That same capacity for appreciation which makes you select the best of everything for your personal use will lead you naturally to Th' Aristocrat of Cigarettes." stephano Inc. Philadelphia BIRMINGHAM 1RON QU JET AT $15 TO Tennessee Metal Reported Under the Alabama Basis, Wof-ing tlie Watr Transportation Advantage Coal Much Stronger Structural Supplie Birmingham The lull in the southern Iron market continues with prices at $15 for spot and $15.50 for aer-ond half where they have been for the paat four months. Some iron for delivery in the first part of 1917 might be obtained at the second half price. Some Tennessee metal oDiainea ai ine aocona nan price, some lennessee meiai wwRara lounurj iirwinc Structural activity in Alabama and adjoining status Is increasrrg and there is a demand for machinery of all kinds.

Peilers report inability to secure promises of delivery under fourteen months on some kinds of machinery. Hooking Valley Dividend Hocking Valley Railway has declared a dividend of ft, payable June 30 to stock of record June 17. Six months ago same dividend was declared, making total of 4 for the fiscal year ending June 30. $800,000 Wm buy 2350 acres of Oil and Gal Property. Net earnings $225,009 pr yew.

Srvtral locations itiU to be drilled. $100,000 cash Balance deferred payments. F. R. POSS Suite B40, 2M Fltta Avesiac, New Yavk aty tuvuiBaos Afro nrrcstEaT rnmma dividend no.

COMMON DIVIDEND NO. Jnr City. N. My Itnl Tfe Board Dtrxtwi hvm thk ittitnt fellswtae dlllnd, mtiM July IrS, III, to Ike ilookboldm ol record Juas ui io wii: On the Pnhmi Stock a dlvldiad of 1M Mr ml, Mine Ik Sttk mmmuIIv dWtdmd iktrton. On Ik Common Slock ditdnd of dend tkerwHi'.

Tb Tnmlrr Booka will aoi tloMd. JOSEPH E. FREEMAN, awreUrf. THfcl NATIONAL 1J0AD OUMVANr The mrular quitrtnrlv dividend of on and thr-qnr-tam pr ont. on th Preferred Hlook of thl t'ompany ha earad.

payable June 16. His. to atocktaoldara of A-onartarlv rllvlrinn nr'. hlaOmipany hna ben parabla Juna SO, JJJJ to Stoeknoldera of record at rloa of Viulna tin 0, auspcBLir- mn btptki. cparimi, nmrntun un ai VaVt a naatlne of th Kcaoutlv Commute of the ftepuh.

lie Iron Conipany, held May ITth. JB1H. the regular f.nr itlvltni of kH. Prafomul Htook. and an mm a.Tioma on inn rrerrro mtocH.

on account of ulrrl oiviaanda. wr ilaolnrd July lat, 1H1. to atooknoldar of record June I7h, Mid. Book remain open. RKJHARO JONBH, "eoraiary.

THK NKtV YORK AIR BRAKE CO. The Board of irty-ioiirtli uuarlerly IHvldend. Dlrertor ha thin day danlarei 'Irertor ha thin day (I en la red a Quarterly dividend of TWO PKR OUNT, tin iint. navi yable Juna 3.1. J1S.

to teokholder of record at the cloae of bualnaaa Jun 3. 11)16 Tna tranter Kmik will not Check for dividend will malltd to atnrkholdera at the addraeaaa 1at furnlahrd to the Tranafer OfAoa. C. A. BTAKBUCK, PrMldant Kew York.

May IT, 191S. 5 THHtHAN-AJIKRICAIf DUtiAJt 4)0. A Ouarterlv dividend nf Two and Ma-half ner nan. waa deolared thla day on the outetandlnar Common! K.wi irwvw. muij 4, iw wmnwiuia v.

uru tfUHO AS. IVJQ. rhaok for th payment of th dlvldani wilt be mailed. Transfer bofika will not be oloied. New Mar 11)1.

JV AKIN1. Secretary. THS rt.BAW.AMKRlCAir SDOAB CO. A quarterly djvld. iirt of Una aii Ihrae-quartera per eent.

(111) waa declared tlila day on tha outatandlna: Preferred Capital Stock, payable July 1, JU1S, to atook bolder of record June jo, ivio. Oheok for th payment of th dividend will mailed. Transfer books will not ft cloeL New May jt, W. A. AKIN.

8aorUry. stunoKivTUALfim MHorvra company. New Xork. May 1. 11.

A raa-ular quarterly dividend of 1H per cent on th eapltal alock ot Meraenthalar I.lnotypa Cooipanr will be paid on Jun ill). lOlrt. id tlie ateckhnldara of reoord a they ear at the close of bualnaaa oo June 8, 101V The Traaa-lar Books will not be cloead. FRED IC J. VTARBUrVTON, 'Treaaurar.

Co. -The annual meetlna'of tlw alock holder of ahelby Iron will be held al Ihe rBmuav, f.nminrcint Tamt Co. Bulldltur, RXchana-e Place, Jeraey CHy, N. on Wedne day. June 1, 10IO ut 1 'alnok noon for the Uatlon of X.

"orr. aweeataw. "r- mm TRADE mmm march $625,066,423 -i. 'Ji h- 1 1 1- .1. BUSINESS WITH 'ALLIED NATIONS INCREASED 83 AND WIT TEUTONIC COUNTRIES 'X Afore Expert, ITkHMN, AgAnt and Import Compared With WW.

7l-U With mwtew NryY: mits ata -Cparuon by Group -i Statistics of an foreign' trade by ieuntriea. Just issued by the United States Treasury, show total exports to ths Allied aatiaas la March of against $188,883,18. la Wares, 1916, a increase of 18. Import, from thts eauntriet to the United SUtea increase 68. March, 1916, compared with the same month the previous year aa March (ort Imporis 191 1915 1916 1915 United K.8147.808,888 $28,788,878 $81,888,430 4MMrW 83,648,088 U.648,074 A us A 8,088,409 J.871,280 76.988.68S 40,647,376 lO.CZlm tfiWTl Rus in Eur 11,267,182 10,124 19,163 18,89398 23,69027 M1 4,236,087 8,206,750 2,737,792 13,608,127 6,914,848 Total ..8309,304,108 189,968485 884,615,679 $63,394,766 Export trad with the Teutonic nations sank to tho insignificant sum or 8460 in March, as compared with 8283,816 in March, 1915.

Import -wore 11,811,730 ia March, a gainst $9442,460 a year age. Comparisons for tho last two years follow: March Exports 1916 1915 Germany. $288,816 Aus-Hung 8450 Belgium 2,673,624 March Imports- 1918 1915 $1,02541 87.984416 120300 804,127 5394 S54313 8460 82.957440 813U.789 $9442,460 Total foreign trade Imports, plus experts, in March was $1,212,189 against $17,099,900 in Marco, 1915, decrease of 93. Trade with the European neutrals fH off nearly one-half compared with March last year. Ths total trade was $34,974,771.

Comparisons follow Netherl'ds Tout. March Exports 1918 1V15 $10,287,409 828386306 6,719318 4310,440 4314,727 18.888322 3,263,966 March Imports 1918 $4,090395 582321 893326 2330,461 March. 1918 12399,800 81429321 1915 $1362.939 857308 948,080 1372,023 827377368 850.049.484 $736303 $4335350 Trade with neutral nations outside of Europe showed on increase of 69 in exports and of in imports. Details follow: March Exports March Imports 1916 1915 1916 1915 $4322329 $2,747381 $10.452304 $7,628,028 Cuba 12.046346 6,554330 25,884.798 Z53130a Argentina 6301388 4.097,581 9384363 11,731348 3386 JOS 2394382 7,411356 8.721332 Chile 1310S98 714312 337JU 231352 2,054400 1303312 5,792.710 8329,008 Philip. Isl.

1.452.173 988488 1,438,761 t.648.608 $18399,437 $67302.704 $62.430484 Followrnff table classifies total foreign trade by the j. above groups and shows percentage of change. Trade or and that which can go up the Tennessee and Ohio Rivers i tu-t ith k. i. au.

i ham basis, which may be due to the fact that this water-! tne earned iren has an adantape of over $1 per ton in tran-! Af Bli 888 pcrUUon costs to St. Louis, Chicago and far western ftutonlcSV. lu Coal is much stronger with Pricoe better owing to I "eV.traI'-' fZMIi 5 Coke maintains its high level at $430 f. o. b.

ovens for Change Inc. Tee. 93 Dec. 36 Inc. 22 Total ioreirn trade of the United SUtes for March, 1916, was 8686,086,423 of which 8393.91838, or 83 was with the Allied nations.

Our total foreign trade in March 1H5, was 846439336. (M)ITKB DRIFTING INTO A PKRIODICAL LULL? Domett ir Market Strang at i'A for Oetokir Demand for Munition and Shipbuilding Yet to Bt Sup-plitd-C'aMh Metal Wanted Abroad Domestic copper market holds strong, with a good demand reported for last quarter metal at 29 Vk cents lor October, and 29 cents for November and December deliveries. The peak of the tremendous buying movement that began in the latter part of March has evidently been passed, and while it is unlikely that there will be any recession in prices owing to the impregnable position of the larger producers, most tf whom are sold up to Oc tober 1, one of the periodical hills to which the copper market is subject appears Inevitable. Such a luIL how ever, is expected to be of short duration, as tha requirements for munition and shipbuilding ordera that extend into the latter part of 1917 6re yet to be covered. Interest now centers chiefly in the foreign situation, both England and France itiU wanting Immense quanti tie of nearby coppor.

This demand ia being met to some degree by sales of prompt -copper on the part or American manufacturers, who purchased the metal months ago and now find that they are unable to consume it as' fast as had been estimated. This re-sale metal commands 30 cents a pound or better, and the amount offered is too limited to have any effect oa forward prices. Tha difficulty of obtaining shipping apace remains a serious obstacle and high prices abroad are expected to continue, wivn no diminution of the demand. Standard copper, both spot and futures, declined 2 each to 143 and 141, respectivelys but electrolytic remains at 168, Sales were only 25 tons of and no futures. The reaction in standard metal is believed to be due to an analysis of the May 16 foreign statistics, showing a slight increase in the supply of unrefined metal.

A marked falling off in stocks and supplies afloat of elec trolytic copper accounts for the net decline of over 2,000 tons reported. TORREXS LAND TITLE LAW FAVORABLY AMENDED Ray Hour Dtfinu h'w Workability of Torron Law Giving Indtftatibl Title Simple Vested by th Stat V' To th Editor Th Wall Street Journal: Dear Sir: Owners and mortgagees of real property in Mew York City and State are to be congratulated that after years of presistent effort and in the face of strenu ous opposition from bitterly hostile interests, the Legislature haa at last given us a comprehensive and workable Lnnd Title Registration Law, which haa Just been aimed by the Governor and takes effect Immediately. Under tho provisions of this law, tbere has been duly organised and incorporated the vTorrent Title Insorancj Company, which will act as "Corporate Official Examiner of Titles," and will employ its capital in making mortgage loans on Torrens certificates, issued by the State and guaranteed by a State "Assurance Fund." The new Torrens Law, also eliminates tha technical objections which have been heretofore raised, so that every property owner can now secure an absolutely indefeasible title in fee simple, vested tha after all clouds have been removed and all defects curetL -Glum Rat hawm'. in i y'-: The Packers, fiettlemeait, (fttcajra-General Counsel Vrioa ot Armeut' 4k Ce4 peaking as special eounsal of Chicago packers in tho settlement with the British Government of their claims for confiscated says: "Out of deference to tha American and British Gevernmentsr it has been decided, contrary to our original intentions, not to give out any details, or to make any further jrtaUmant about tha set-: tlMMMlt. Bmemy GENERAL I How the Settled Bill Parr considoraUy 1 So many Motorist naa carelessly itatea that.

'all Tir Tubes are) iust Rubber." He determined to show some) folks the iiftrtmoe. In a way they would never forget. There were four Cars at the door, and their Owners or Drivers at his elbow. To these he said, 'Boys, how strong do yoq think this Goodrich Brown Tube actually is "Do you believe it is strong: enough to tow Mr. Oden's five passenger Car, with four people in it, from here for 20 blocks I "You don'ieh! "Well now here's a bit of a Bet I want to make with! any, or all, of you.

"I will bet you a Dinner that this little old regular Goodrich Tube (34x4) will not only tow Mr. Oden's Car, but will tow aU three of your Cars, fully pessen-frered, through the streets, for the full ll blocks (more than a mile and a half) starting and stopping as many times as the crowa makes it necessary. "I will, if you Gentlemen are qp all four of your Cars, right here ana now, take three regular Goodrich Tubes hip-hazard out of their boxes, tie one tube between each two Cars, (which means hauling three Cars on the first Tube) and tote You -a 11 that way to The "Are you willing to bet a Dinner that any one of the three Tubes will 'go broke' on the way, or show a flaw which would leak Air. or prevent its being used for its original Tire purpose afterwards "You are, eh? "Well, the Bet's on "Come along, and you be the HE Dinner was a very Cheerful Affair. As Oden said afterwards (when nutting no his share of the Bet) "you could have bet me a Million on that, Parr, and I'd have taken you up, even if I had to borrow the Million.

"I dont see how the blamed Tubes ever did hold otrt, especially going up Saco St under such a strain. "With eight people in the last three Cars, -and a total load of over 8,800 pounds 1 sure thought to hear something snap before second block. "Whaddye put into that brown Goodrich Rubber, to make it hang together like that Texas Tube test i ajaaaBawaaBBBi happened I I ASPHALT TO BENEFIT AFTER WAR Snrop ExpteUd (e Do Great Deal of Paving, and Noy Ocean Freight Are HigkPrident Predict Wag Readjuttmtmt on Advent of feae President Arthur W. Bewail, of the General Asphalt made some interesting rebiarka at the annual meeting of the stockholders supplementing what be had said in the annual report. In part, he said: The asphaK industry is essentially one that will suffer through war and profit ty peace.

At the termination of the war, Europe must do an immense amount of paving, so far as it is able financially to undertake it. Meanwhile, ocean transport to all foreign countries is extravagantly high, which ia hurtful to trade in asphalt, a low-priced commodity. It will continue high for two or three years possibly, though there will be some recession. That will continue to give us profits oa ships that we sub-charter. "Many of the municipalities, especially the larger ones, are now operating their own repair plants.

A number of these repair plants, the most notable example being that of the City of Detroit, Michigan, are large users of the Company's natural asphalt. Our paving products are aold at uniform price, while competing oil asphalts are sold at different prices from letting to letting. The disad vantage at which this places us is now counterbalanced by the fact that while all other asphalt producers are raising prices, ours remain the same. "wnue aspnaii ior paving vnu prooaoiy always form the larrer nart of the tonnage moved, new aooli-! A Co. Frits said that what puzsled him most was the brown Rubber Tubes "not being all ttrttehtdovt of shape after such a tug, even if they did hang together at tne finish.

"Look you," said he, "when we released the load, after the Raul, they instantly snapped back into just three-quarters of an inch longer than they were at the start! "And that of an inch, they took up again in less than two hours rest" LACKAWANNA WANTS ACCOUNTING Suit Over th Monty Expended for th Morri Eitex, Load in lilt Trenton The Delaware, Lackawanna A Western Railroad brought auit to the Court of Chancery for an accounting of moneys expended for the Morris A Easex Railroad, leased bv the Lackawanna in 1888. The suit avers TOBACCO COMMON ELL. Parr remarked. as he smoothed out a wrinkle in his well-filled vest "that'll ston the Anrument about Tire Tubes being 'just won't it 'If the Brown Stuff that toted all you Heavyweights, and your Cars, for 21 Blocks without a Sign of Heavy Duty afterwards, isn't something MORE than 'Just like other Tubes, -then you'd better buy the 'Just Rubber kind hereafter. "I'm going to ask all of you to sign your names to this Texas Tire Tube Test 'just to show that you have taken part in a regular Exploit which is mighty well worth recording." So indeed they did, and here is the affidavit AFFIDAVIT This certifies that we, the imderaigned, took part ia and witneaaed, the Taxaa robe teat referied to in the advertisement entitled Hew the Texas Tube Teat Happened I that the test was made on date of Nov.

11. at Waco. Texas, the distance entered being twenty-one blocks and that toe result was as described. Signed W. M.

OPEN J. M. NASH A-FKJTZ W. A. PAKE Subscribed and swore to before me by W.

M. Ode. LM. Nash, B. A.

Fmi and W. A. Parr, this the 3rd day ei sy. A. D.

1916. at Waco. Texas. Signed- J. G.

WEEN. Notary Public, McLcoaon Count)-, Texas. Now what, think Yo of these GOODRICH Tire Tubes that could bir up under such a gruelling test Reflect that they coat you no more than the "ordinary" Tubes you so carelessly acceptl INNER-TUBES I I atk RISES TO 208 banco com Denies as pointed out recently bv Dow. Jones tnr aanhaU ana aanhaltie eomnennda ere Mmatant. I aallins tm- rih "Texas -Test" IRES Xete York City Branch 17 SI Broadway 1 Vr-- BRANI)KS' CONFIRMATION PKOMISKS TO DRAG ALONG Return to Senate Without a Report Mean Eight Demo-erat Will Innitt on Reading All the Testimony Friend Impairing Chance Washington If advocates cf Louis D.

Brandeis insist thst the Morris Essex refused payment of 88.880,000,0008 returning the nomination to the Senate without any bonds as required by the lease. It is also set up that since i report, thus throwing all the ropponnibility upon individual July, 1814. 8885,682 hss been spent on the Morris A Essex there are at taut eight Democrats who will for improvements and payment has not been made. insist that they be given time to read every line of the The Farmers Loan A Trust Co. ia a co-defendant with lertimony uken Mort the Sub-committee.

If the Judi-the Morris A Essex, the allegation being that 1 eiary Committee takes a vow, and an adverse report is pany has refused eerthVate of some 88,000.000 Morris thM. to th. minaniy Essex bonds under a mortgage of i 900. I 7. (k.

LORILLARO reports are made from the Judkiary Committee, thene members will' feel that they must make their own decision, and to de that they will insirt that ample time be allowed for the reading of all the testimony and the digestion of It. Thus, in trying to save Brandeis, his Advenes of IS Point in Tn Day Selling Out of Wee friends are likely to impair his chsnces of confirmation Some Time and Recently yt on a ltnr Bai, With an Extra 5 Lorlllard Tobacco, common, sold at 208. This Is an advance ef 8 points from the last sale a ll-point advance the last ten days. The reoord high for the stock is S16Ve made on October 18, 1812. Lorillard ia the latest tobacco stock to reflect ths improved position of the to by refusing to permit the issue to be clearly defined in the eoeaauttee.

The opponents of Brsndeis are quite willing to have the whole issue decided by the Senate, realiaing that this will force each individual member to decide upon the merits of the ease as bis own conscience dictates, without relying upon any report from the Judiciary Committee. A majority of the Judiciary Committee is now said to. be strongly opposed to the confirmation of Brandeis. The' date for a vote has been set for next week, but the advocates of Brandeis are urging that no report at all be made. Senators Cummins and Works probably will lead HIMWII.

MVU.M.V 1 VM I Al. ly being developed. Bales of sucn products are largely Ibacco shares for some time. The stock wss recently opposition in me execuiive sessions or ine on tha increase, una nunroer ox miscellaneous proauetaion a regular 12 basis and an extra dividend of 67 and compounds regularly marketed ia now 66. Ia addition, 1 declared at the last meeting of directors.

In other words I1- mm nA th Pen sesson of Congress, there are many more to meet individual requirements. the regular rate is the same as that of Liggett A Myers' Thr' onsldernble speculation as to whether President "During the past twelve months labor has obtained repeated increases of wages. The exigencies of the manufacturers of munltione have had most to do with these wage changes which, in tho case of this company, have sow grown 83. After, if not prior to the end ef the A. 1 war.

there win be a readjustment own ox "rw ana manner of living. Meanwhile, it is. the intention of this company to make no more permanent investments than tre absolutely neoessary," Subway, Construction Contracts The Public Service awarded the contracts for the construction of Section 4 of Route 8, which is that rort of the Williamsburg Line extending under North seventh Street and Metropolitan Avenue, Brooklyn, from Bedford Avenue to. Manhattan Avenue, to the Mason A Hanger Co. Ine the lowest of eleven bidders, at The Commission alao opened bids for another section of the same route, No.

which exUnds under Fourteenth Street, Manhattan, from Sixth Avenue te Irving Place. According to the unofficial ti lowest of nine bids received was that of Booth A FUna, 822785. tho next lowest being that of Patrick lfciGovera A Co. 82, and the extra dividend was If greater than was paid on Liggett A Myers common. At the same time tho last sale of Liggett A Myers was 40 points above today's high for Lorillard.

AUTOS ANP INCOME TAX Heavy Car Aboorptiem Compared With VSfiOO Income of UW or Ur Commenting upon the future of the steel trade, the Iron Age refers to the automobile industry aa follows: At the same time ia jll to eonsider that the lest income tax report showed a total ef only 275,000 incomes in the United States of 84,000 a year or more; against which is to be set the fact that at the beginning ef the year there were about 2,200,000 automobiles licensed in the United States, with the season's make. Up to the end ol next July, estimated at 1,20,000 4o 1.400,000. Bow the country can absorb automobiles at such a rate is difficult to under stand, but the builders may be assumed to knew some thing about their business. Washington The net debt of the United States oa May 1 waa decrease for April ef 462.819. 1 waa fU0T008; decrease for Apri i-y Wilson would violate precedents by giving Brandeis a recess appointment It is not believed that he will do so.

FALL RIVER LINE TO 0O8TON S4.00 'ult" New Lomm ilnUt Uaei at I v. Pier 40, N. ft, tu Hooaion St, wk daa only V. at, llar Tv ol-. r.

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116 At. at :15 P. fa PHI IAD EL I A aaaajMaaawaaafaaaVsavajBajaa Your watch is your time fable on the NEW JEROEY CENTRAL TiaNTA-aijinaaM Ann aoirrHWEsr coltjh aia, aavaaaAM, acHsoMviMjs. rtoaioa and cvaa For ralta anil Information, artdrraa W. T.

Conklyn. 40. gfi tA SroaS war, SEABOABD ADt IJNE BY fv.