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Experts in this Country and Abroad cessions in rate differentials to divert cargo from the North or South Atlantic ports to the Gulf. A meeting was held in Atlantic City last month with the various interests in attendance but it failed to reach any agree- ment suitable to Gulf interests. An agreement on the grain rates, however, has been effected and it is expected this commodity will be moved with less fric- tion. The maintenance of the fixed 5-cent differential on flour rates appears to have had a salutary effect. American ship operators furthermore point out with some degree of satisfaction that flour shippers are specifying their goods be exported in American bot- toms and this is assisting materially. The Argentine freight market has continued firm for several weeks and a satisfactory advance in freight rates was recorded. As high as 59s 9d was paid for steamers on charter terms for up-river. <A fair volume of business was effected for July and August loadings, but for these positions the rates were under the June. August tonnage has been obtained at 42s 6d. Prospects have been good but the demand has been chiefly for ready.tonnage. Berth rates have been fair and in several instances parcels of erain have been fixed at higher rates than those cur- rent for steamers on open charter. The United States market has remained steady, rates for linseed being practically unaltered at $8 gold from Buenos Aires. The inward cargoes, without doubt, have been seriously affected by the Tariff | pending tariff legislation in congress. It has not only been the proposed Affects duties but the valuation provisions Shipping of this legislation which have caused importers the greatést worry and un- certainty. Some early settlement of this matter would give a quieting effect to the freight market. It is considered far more important than the domestic rail rates, although a reduction in the latter would probably give a spurt to exports and thereby make outward cargoes for the merchant Coal business has been slow but advancing marine. : upon a basis of greater perma- nence. Grain Sells German Ships F THE 1,425,000 tons of ex- from North At- lantic ports will German ships turned over to begin to move Great Britain by the reparations within the next commission, all but 250,000 tons few months but the business has been negligible up to now. The cotton business has been slow and_ disappoint- ing. There has been a_ notable lack of plans by have been sold for a total of ap- proximately $60,000,000. This av- erages around $35 to $40 per dead- weight ton. Ten of the vessels were resold to German purchasers. British buyers are offered the ships first and then the market is open to all bidders. The White Star line bought the ex-BISMARCK, now the Majestic, for £1,000,000 and American -- lines the Co.umsus for more than £500,- announced dur- 000, The Cunard line paid £850,000 | jing the past for the BERENGARIA, ex-IMPERATOR. | month. This con- About 200,000 tons remains to be dition. arises assigned by the reparations com- from the _fact mission, according to reports. that the new shipping board, Se AWAIT POLICIES Lack of Plans by American Lines Due To Change In Shipping Board Administration -- Harriman Active bringing into play new shipping policies, must first be given an opportunity to find itself and to define its intentions thoroughly before private initiative can take a step forward. In that the United American lines, the Harriman interests, have shown the first activity would indicate that this line feels confident of the outlook, and especially so as the Harriman in- terests have been marking time for many months. One of the first things the Harriman interests did was to permit the American-Hawaiian line, one of its sub- sidiaries, to absorb the Coastwise Transportation Co. another subsidiary. This gives the American-Hawaiian a fleet of 28 vessels. _ It was also reported the United American is depend- ing upon the shipping board to allocate 'its sufficient vessels to reestablish the lines of the Hamburg- American, with which Harriman has a joint operat- ing agreement. When this operating agreement was first made between the German and American com- pany a movement was put on foot to obtain the ex- enemy passenger vessels owned by the shipping board. -Under the previous administration in Washington this 'service between North and South America. effort was frustrated. Recently, however, one of the directors of the German company has been in New York conferring with Mr. Harriman. It was after the departure of this German director and after Chair- man Lasker and the new shipping board came into office that it was reported the shipping board was to be asked to allocate ships to these runs. It was thought their efforts would immediately be 'crowned with success for, when the fleet of the United States Mail line was seized by the shipping board, the board announced the vessels would be allocated to the United American for operation. That plan was halted only by .the injunction..obtained, by the U. 5, Mai Plans for the South American serv- ices, operated by the Munson lines Finest Ship apparently are unchanged. The AMERICAN LEGION, a magnificent new for South passenger vessel constructed by the America shipping board, was delivered to the Munson lines and she _ sailed fer Buenos Aires last month. This is the swiftest and most luxurious vessel ever put in There have been, however, some change in the plans for the new shipping board passenger ships which will operate 'out of New Orleans instead of New York. The new 415 'ipping board is reputed to have made a survey a trade routes and determined for the re- mainder of the new passenger ships it _looks as though the Pacific offers, the best opportunity. The Clyde line intends to extend its services to the West coast of South America. Beginning this month the line will have two regular express freight lines