14 , - THE STJN, TUESDAY, FEBRUARY . 27, 1912.
wri 1 . - - ; ' , "m.
Fire Companies Building
80 Maiden Lane (Near waiiam so 27 Cedar Street
Ready April 1st, 1912
The Centre of the Insurance District
FIRF PROOF Three. enclosed and absolutely non-combustible
r IIIL-rivimr stairways from ground floor to attic. All steel
IN FACT columns encased in solid concrete. Cement
floors. Basement and sub-basement equipped
with automatic sprinklers. The Kind of Fire-Proofing which Suc
ceeds and Protects. Not "fire-proof" in name only,, but based oh
the practical knowledge and experience of fire insurance companies.-
8 Acres of Floor Space. 25 Stories
15,000 Square Feet to the Floor.
Main corridor 50 feet wide. All corridors and halls finished in white
marble with marble floors. Offices supplied with hot and cold water,
filtered drinking water, vacuum cleaningapparatus. Twelve elevators.
Law Library of 40y000 Volumes Free to Tenants.
The Best Constructed, Best Equipped and Best Managed Office Building in New-York
Natural Light From All Sides
Reasonable Rents and Equal Consideration to Tenants Desiring Large or Small Offices
Home Offices of .
Continental Insurance Go. Fidelity-Phenix Fire Ins. Co.
For Plans and Terms apply to
Fire Companies Building Corpn., 46 Cedar Street
COTTON DECLINES ON
COAL STRIKE FEARS
Expectation of Heavy March Deliv
eries Also Contributed to
SPOT DEMAND LESS BRISK
Easier Tone to Interior Markets, With
New England Spinners the Chief
Buyers at Present Level.
Bearish Influences predominated In the
cotton market yesterday, and a pessimis
tic view of the Urltlsh coal strike out
look, the probability of heavy March
deliveries to-day, sluggish spot markets
and liquidation bv some of thu recently
converted bulls brought about a maxi
mum decline of 10 to It points, part of
which was recovered beforo the close.
Liverpool showed considerable steadiness
In the early trading, but later turned
weak and closed at a net loss of three
English points. Spot sales were In fair
volume at a sain of 2 points. The selling
movement, which occurred about noon,
was participated In by Liverpool, New
Orleans, Memphis and local traders.
It was surmised that one prominent local
operator who has .been talking very
bulllshly lately had quietly slipped out
of his long commitments because of tho
unsettled feeling over the prospective
British coal strike.
It Is possible to get any sort of opin
ion regarding the coal strike. Bearish
firms In Liverpool state that the outlook
Is very grave and that conditions at pres
ent point to n actual strike. Others
with less bias Incline to the view that
R strike would be too serious a develop
ment and that all the Industrial and
nfllclal resources of Orent Britain will
lie brought to bear to ward on such a
calamity. The very magnitude of the
disaster affords some guarantee that It
will not be permitted to happen,
Jn addition to the pessimism emanating
1 1 dim coal strike talk the belief that
March deliveries to-day will bo. rather
heavy caused a certain amount of liqui
dation. The certificated stock Is approxi
mately 138,000 bales and In spite of the
fact thnt cotton cannot he brought here
for delivery at present pi Ires without
loss. It Is believed that a great deal of
cotton now hen. will he tcndeicil to shake
out trailing longs and nfford an oppor
tunity for the shifting of hedges.
Another featuie which caine In for
some bearish consideration was tho quite
evident lull In tho spot demand, Farm
era aio not selling, hut on the other
han opmneis nre not tuiylng with the
same fieeiloin that chanictei U.-d their
action earlier In the seuMin. The lt
buyer Just now aie Nmtliern spinners
who hate onteif'd tin. tnuikct at nn ad
vance of about a rent unil a half a
pound after Km ope hux uhtitlni-d the
cheapest mid best cotton out of Hie crop,
Theie Is great Hciurlly of Maple cotton
running 1 to l" Imbes, and prices on
rottou of this clMi-iicler hate advanced
harpl There mo Home localities no.
miclng this cotton that ant entirely sold
out, while other leiitieu have vrri little
ui imei i.xporlH ttcio teit heuvj. ye,
Jetdat lunnini; u 1 1 1 1 1 in excem of
Tk.eoo hairs, Put m Him iipics..its old
biihln"'S tin- iigurin wen, Mot cunslilcinl
if nim,h market wuiunVuiue
Futures clossd euady, with price 2 to
7 points lower.
Trices as follows:
Sales 125,000 bales.
Open- High- Low- clos- Ptet.
ing. tit. tit. ing. Close,
March to 04 to OS 6.94 9.98 10. ol
May.... tO.;t 10.34 10.10 10. IS 10.S3
July... . 10.15 10.35 10.21 loss 11135
October, . 10 41 10.4? 10.30 10 38 10 40
Futures In New Orleans were as follows;
Optn- Utah- Love- Clos- i'rtr.
ing. eit. tit. ing. Cloit.
Uarch... . lu 49 10 48 10.31 10.43 10 SI
May.. Ill 50 10. St 10.33 10. 45 10.54
July 10.SS 10. SS 10 43 10. SO 10 CO
October. 10.45 10 15 10.35 10.41 10.48
Spot cotton here was 6 points lower, at
10.35 for middling uplands. New York
certificated stock, 138,712 bales, against
244,792 last year. Southern spot mar
kets unchanged to i-i lower. Galveston,
10 13-16c. ; New Orleans, 10 7-16c. ; Sa
vannah, oytc. ; Norfolk, 10 14c; Hous
ton, 104c. ', Memphis, lO'ic : AuguUn,
10"ic Itecelpts and stocks at leading
points, with comparisons, as follows:
Houston. . .,
Itecetpti. 1911. flnrki.
0,195 5.892 40J.SWJ
10.OS3 3.717 205.588
7.6U 701 220.083
.13,410 S.8.V1 111.K71
. 3.41S 1,175 110.973
5.16 ISO tJt.su
Port receipts, 36,342 bales, agalnft 15,
309 last year. Exports, 78,355 ; total for
the season, 7,0!.5i4, against fi, 214, 736
animated l.ait t.ait
iitctipti to-aa'i. live. 1 tar,
21.000 to 22,500 28.202 S.OH3
. 7,000 to 8.000 7,852 8 038
Liverpool spot cotton was In good de
mand. 2 points higher, at 6, Old. for Amer
ican middling on sales of 10,000 bales.
Futures opened about 2 points up and
closed ?6 to 2'4 points down. 1'rlccs
as follows :
Lou- Clot- Prtt.
til. tno. Clou,
5.61 6.61 5 61
S S3 S S3 6. V
S A3 t.ra 5.6.','
5 57 5 57 S.S7H
: March, 9.9T ;
Liverpool 11 A. M. bids
May. 10.15; July, 10,26;
Leading buyers: Schlll,
berg, Glfford. Leading sellers: Mitchell,
Hubbard, Moyse, Hayden-Rtone, Wilson
Talladega, Ala., wired: "Continued
rains. Still raining. If conditions were
known by the trade prices would advance
a cent In two days."
Liverpool cabled: "Think strike will
be settled by Government Intervention
this or next week,"
Another cable said: "Present Indica
tions point to a national coal strike.
Outlook very grave."
Austin, Tex., wired: "Conditions for
next crop could not tie better so early
In the year nnd the outlook Is very
ISenuregnrd, Miss , wired : "V have
the coldest, wettest winter In years. If
thW doesn't kill the weevil nothing will."
A Liverpool letter of February 15 Bald:
1 "The equanimity with which our market
, irgards the Imminent prospects of a coal
j strike Is duo to the widespread belief
that such a strike has been threatened
! for no long ttiat nil spinners, manufac
turers nnd others concerned havu pro-
vldiil against it by carrying unusually
1 huge ten'i'ves of coal, Many spinners
I are said to lie also carrying extra stocks
I of cotton at the mills lu order to obviate
any transport dlfllcultles that may arise
In the etent of railway services being
stopped oulng lo scarcity of coal."
THE GRAIN MARKETS.
' Wheat Showed a Small Decline nn Further
Liquidation lllg Supplies,
Wheat again dilfted to ,1 lower level
It lias 1 (tit1 dropped 4 cents and to
mailt the tcchnlial hihIIiiii looks far bc.
(it th, 111 it did a tthlin iigii. Hut Ihcin Is
a dribbling out ot wheat from various
sources day by day and yesterday some
decline In corn was not without Its effect.
The statistics too were In some respects
disappointing. That Is to say the de
crease In the visible supply for the week,
which was expected to reach about n mil
lion bushels, turned out to be 863,000
bushels. The receipts rtt the Northwest
were large, especially at Winnipeg. The
visible supply In this country Is 57,573,000
bushels, against 41,472,000 bushels a year
ago. The Southwest has a good cover
ing of snow, Favoroble crop reports came
from Kansas. Tho weather throughout
the winter wheat belt was In the main
favorable. The cash demand at Chicago
was light. For the time being wheat has
no aggrexslte friends, although It Is well
known, or nt any rate very generally sup
posed, that certain large Interests at
Chicago are heavily committed to the
bull side and are bound to seize the
psychological molnent If It occurs to give
prices nn upward Impetus. Yesterday
Liverpool advanced ' to .d., and Buenos
Ay res wns unchanged to 14 c higher. Itus
sla's shipments for the week were 300,000
bushels less than In thepievlous week and
were not much more than a third of what
they were for the same week of last year.
The total world's exports amounted to only
S, 024, 000 bushels, or about 100,000 bushels
less than In the previous week, and 3,
600,000 less than In the same week last
year. The clearances were 155,414 bush
els. Tim tluentened coal strike In F.ng
Innd, which has been having a depressing
effect abroad. Is still a factor worth bear
ing In mind. There was a London rumor
that Prime Minister Asqulth in tho event
of a national strike had determined that
the Government will take over ond work
temporarily nil tho coal mincH In England.
But as already Intimated, there was suffi
cient pressure of liquidation to cnuso a
moderate net decline, though earlier In
tho day a small advance took place on
covering of shorts, the firmness of corn
nt that time ond reports of a good cash
demand at the Northwest, The Minnea
polis stock has Increased In two days
1 25,000 0 bushels. Winnipeg's receipts
amounted to 78 enrs, against 685 a week
ago nnd 162 .Inst year. In tho American
Northwest the arrivals amounted to 417
cats, against 626 last week and 281 last
year. A good many think from the size
of tho receipts thnt the crop has been
Corn was at one time higher but wound
up lower. Had weather was reported in
the belt, but the pressure of liquidation
later , on caused some recession, The
weather and crop prospects in Argentina
nre favorable, At Chicago there was little
cash demand. The world's shipments
amounted only lo .1,100,000 bushels, against
4,223,01X1 In the previous week and 3,747,000
last year, hut neither such statistics,
bad weather at the West nor the fact that
rountry offerings were small carried much
weight. The truth is tho receipts con
tinued Inrge, Chicago's stock gained nearly
noo.ooo bushels for the week. Tills handi
caps the market for the present. The sam
ple market In ('lilcagp Ml Ji to lo. Oats,
like other grain, worn at one time higher,
but onded lower under liquidation, Coun
try offerings nt Chicago were small and the
cash douiund was fair, hut on the other
hand was less active, and standards lost
thnir premium and dropped to the May
price. Home look for a slow market for a
tlmo and then n revival of speculation.
Distant future were under pressure yester
day Wheat on the spot was easy, No, 2 red
quoted at ll.ooj. elevator uiport basis,
It was rumored that ko.Ooo bushels were
sold for export, Com was lower; No. 2
quoted at 70,' if Oats were qulol, stand
ard, 000 and Su 2 tvliltn two, littirrx
went as follow
Cnicioo, Feb. 26. Futures were ai follows:
.Sept. . .
Sept. . 1
Open- High- Lov ClM- Prt.
fsi. si. inc. no.
10SN 10414 1041 105
10V' 10S4t 105ii IWH
102' i 10214 102lj 10214
101H 1001 100U 10H
; tttu so
XV h ol J tna.
Duluth . ,.Uay..l0IH
July.. . ,
Toledo. ..May.. loot.
Kansas City.. May.. 90i,-f
St. Louis.,, .May.. W'i-H
Winnipeg.. .May.. 437,
Kansas City,. May., 694,
Nt. luls. May.. 70t4-T,
Wheat buyers Included Ware .1
seller were Bartlett, Bryant,
W. II. Sterling, Ixgan, Kldaton and fibenrson
Hamill A Co. Corn buyers Included Bart
lett. The selling of oats was led by Bart
lott, .Frazier A Co.
Minneapolis cash demand fair, No. 1 Nor
May price; flour shipment!, ss.soo. Wheat
stocks, 18,533,000 bush,
Winnipeg ooo care nil grain In light
Weather Map Canadian northwest, 18
above to 18 below, generally cloudy: North
west, 8 below to 14 above, cloudy; West,
10 to 33 above, snowing generally; South
west, 18 to 38, cloudy, snowing and raining;
Ohio Valley, 42 to SS, raining.
Sunday map shows general precipitation
over ent' belt.
Winnipeg forecast; mostly fair, with
local snow flurries,
Liverpool "The weaker American ca
bles and the weakness In Winnipeg Bat
unlay was offset here by the light ship
ments from nussta and the small per
centage of tho world's shipments to the
United Kingdom this week and at the
opening the undertone was steady, with
prices unchanged to 54 higher. Follow
ing the opening the market was dull and
n slight decline took, place, but this was
followed by support In a small way,
owing to the firmness In low grade Mani
toba spot and the firmer Plate offers with
outside buying on rumors of further po
The world's wheat exports were as fol
X.ojI vetk. prtr. utik,
American, bush. .3,000 2.192,000
Argentine., ,,2,408,uoo 1,024,000
ItUMla 980.000 1,280,000
India 752.000 832,000
Dnnublan , , 360.000 1 .280.000
Australian. . , l,70t,000 2.024.000
Other countries.. 52,000 88,000
Total bushels.. 8.021.000 8,720,000 12JO9.0O0
The Chicago Board of Trude will bo
Flour was quiet, with prices steady.
Spring patents, S5.255,60. Winter
straights, $4.30 (MMB. Kansas straights,
$4.K0M4.90. Kecelpta here to-day were
2,534 barrels and the shipments were
Coffee Irregular Within Narrow Limits
Provision Higher and Fairly Active.
Coffee developed no striking features
An a matter of fact It did little more than
mark time. Karly in the) day It was slightly
higher. The end revealed prices a trifle
lower lo a trifle higher. Kuropean cables
wore higher, hut the Brazilian marketa
ttei iluAfel, At Havre thoro was quite a
pronounreil advance which had no effect
here, While there was a holiday in 'irazll,
a special cable from Santos reported a rise
oUortda. IVst prlcati bar uutar Uu wl at
of some liquidation failed to advance ma
terially. Kecelpta at primary points, for
one thing, were large. At Sao Paulo alone
10,000 bags arrived. March notices of
about 2.&00 bags were Issued and are sup
posed to have included some of the dreaded
Itobusta coffee. It Is still a narrow profes
sional market awaiting further develop
ments. It Is said that there are Interests
here that hold large amounts of unde
sirable coffee which may sooner or later
be delivered on contracts.
Coffee on the spot was steady; 14Ko. for
Rio No, 7. Havre closed ,V to 1'At. higher.
Hamburg closed H pfg. higher. Fntures
here closed (steady, with (prices 1 to, 3
lower and sales of so.soo bags. Prices as
uatis. meruit. lotettt. Cloitna.
250 13. M 13.18 13 3S.VI3.S6
13.35 13. ?
13.4S 13. M
November..). . 250
Provisions were sllghtb higher. Lard
Prime Wcsteni, 9.10c; refined -to Continent,
0.25o. Butter Creamery specials, soo.; ex
tras, 29Kc Cheese State, specials, white,
nS'o.; colored, lJ!,'o, Eggs Fresh extras,
S837c; firsts, 35c. Chicago, Feb. 20
"A lighter Western hog movement than
generally expected (the curtailment due
to stormy weather) and 60. advance in that
market causod a moderately higher range
in provisions, the market closing steady.
Moderate purchases of the deferred dellv
llveriea ot lard early were credited to for
eign account and there was a fair demand
for the list from local shorts. Smaller
packers led In the selling. Cash trade
continues very slow. Thlrty-fc-ur thousand
hogs estimated for to-morrow."
Prices were as follows:
Open- High- Lena. Clot-
T.ard! tno. est.
May 9.05 9.07i
May ,.8.6214-53 8.SS
July n.eJM s.Mij
September . 8.72'i 8,76
May 1S.20-25 16.30
July 15.55-60 16.60
September.. 15 85 16.85
Bcoar Quiet. Centrifugal 00 test, 4.80c;
muscovados, 4.S0c; granulated, standard,
Nvai, STOitKs-Splrlta ot turpentine,
50!c; strained rosin, 16.76.
Lire Slock Market.
Mondat. February 26.
Itecelpts of beeves for two daya were 3,248 head,
Including 158 cars for slaughterers and 28 cars tor
the market. Htecm were steady to a shnile lower:
bulls about steady: fat cows unrhaneed: medium
and common, 10416c. lower, with some sales of
thin cows 26c. off. The yards were not cleared.
Common to food steen. koM at 15.4S,$7.10 per 100
lbs.: oxen at ll,:sv5; hulls at U.SOtA: cows at
2i 16.25. Dressed beef In fair demand at 8W
12c. per lb. for common to extra native aides.
London cables quoted lit e cattle higher nt London
at 1441S1SIJC. Per lb., dressed wchiht. sinking the
offal: at Liverpool at 12iilo dressed weight. In
addition to the offal, No exports from tins port
Kecelpta ot calves for two days were 1.826 head,
Including 8t for butchers and 081 for the market
Veals were quite active and 50e, higher: some (.ales
of medium stork 75c. higher: barnyard and fed
calves strong and all the stock ttantrd. Common
to choice veals sold at S8 111.50 per 100 lbs.; culls
I6a 67 40: barnyard and Jed calves at Ma- rora
mon Westerns at IS. Dressed ralvrs firm at 13j)
17r. for city dressed veals aJul.UKltc. for country
Kecelpta of sheep and lambs for two days were
1,171 head, Including; 3ti ran for slaughterers
and II for the market, maklnc. with the stale
stock. 16 cars on sale. Sheep were arm with no
Prl me offered: lambs steady;lthe pens were cleared
(million to fair sheep told, at U.SOvttl per 100
lbs.; culls at M; common to choice lambs at 66 75m
7.6; urarllngs at 61 50s5.i Dreiwed mutton
steady at lnisc. per lb.: dressed lambs arm at
I0l2c.: country dressed 'hothouse lambs Herni
al (4n68 per rarraaa, 1
llrceltus of hog lor two days were IJ.870 head.
Inrluriluf cars, lor theMnarket. I'rtrps were
stranr and Itghtltn medium weight hoka melons'
at 6e.ffc.6A90 per 10U Jbs.: heavy ho,. 68.sM67;
p ?.tC-'' ".J0, Country drted hogs steady
at aviate. Psr lb.
BETTER TONE IN COPPER.
Refinery Stock Will Dwindle to About
60,000,000 Pounds This Month.
A decidedly better tone prevailed In the
copper market yesterday, with a strong
14Hc, level prevailing. In the afternoon
the Miami Coppor Company, one of tho few
independent producers marketing Its own
product, made a sale calling for May de
livery, at 14Kc cash. This was the best
electrolytic price of the day so far as could
be ascertained. Lake copper In email
quantities Bold at H.'Jo.
Yesterday morning the net cash f, ol b.
New York price was generally advanced
6 points to 14! So. a pound, but on a thirty
dny basis this was equivalent to a strong
14!4c and In some instances a little better,
according to destinations of consignments.
American consumers bought freely for
April and continued to inquire for May.
It was also pointed out In the trade that
ome March copper remained unsold. .
A possible coal strike in England stood
forth as an unfavorable factor, for with
labor trouble in Great Britain It was re
garded that trade In general .would be de
pressed. Private cables, however, indicate
that Europe was not deterred from making
new commitments, as foreign buyers were
In the market with large demands.
Kxports of copper reported last night
as the weekend shipments amounted to
1,001 tons, bringing Februnry exports to
date up to 20,831 tons,
Stocks of surplus copper at refineries
will have dwindled at the end of the month
to near the 50,000,000 pound mark, with the
result that March 1 available copperatipplies
In the United States will have established
a new low water mark since the present
Copper Producers Association came Into
existence. A reduction in stocks of more
than 10,000,000 pounds Is ei pec tod to be
shown In the next statement of the refiners.
Last month's 23,000,000 pouni'is falling off
was a complete surprise to members of the
association. February's may be equally
Production for the month will be lower,
but the per diem ylold of the refineries
will be greater undoubtedly than earlier
months, owing to Influx of new coppor.
Chlno output, although small,, will be felt,
Granby resumed production in December,
and somo of this copper may have been
treated at tho Nichols refinery before Feb
ruary ends. Miami' contribution has
assumed substantial figures, and the same
may be said, of Hay Consolidated. Tntnl
deliveries of at least 140,000,000 pounds have
The lmportnnt.advlces of nenrv Tt. Mr.
ton A Co, of London came to hand, saying In
"When the publication of the American
producers' figures gave nn eloquent account
01 ne activity reigning at present in the
copper consuming industries nnd nhowmt
such a tremendous reduction In the Hurplus
biu.i'kb uurncu as 10 unng uown these re
serves to the lowest level known, it wns
scarcely anticipated that the European
statistics to bo compiled soon afterward
would reveal very much alteration. Yet
in spite of record shipments from the other
side of tho Atlantic the vlslhlo supply n
Europe has during the past fortnight shrunk
again quite considerably,
"The rate at which the visible supplies
have beon druwn upon during tho past
few months must be regarded an absolutely
unprecedented and ought to be lookott upon
as tv matter of serious consideration on the
purt of those Interested In the copper trndo
for there are plenty of Indications which'
make for a continuance of large require
ments everywhere In Europe for some time
to come, and evidence Is not wanting to show
that there are many manufacturers who
have yet to cover their needs for the Imme-
untie nuiiro ,
"ThU will probably result In further en
croachment upon the stocks carried In
pukUo wturh(yu, and ws must hop that
the Increased production which we expeot
from the States will soon come to the relief
of what may otherwise develop Into a pre
carious situation. Whether this eipecta'
tlon will be fulfilled In the near future It
Is impossible to forecast at this moment "
Prices of standard copper closed as
Spot 1 ,
mi. A lied.
KM 43 65
Copper, futures,. ,
Hglron, C. W....
Si 3 A
Denver and Rio Grande:
, . , . 1913. ctmifii,
Third week February... 1388.200 Inc. 664.669
From July ; 1..... .... ... 15.S03.90O Deo. 124.600
IouUvtlle anrl ?CMhv1ll
Third week February... 61.123.950
From July 1...... 68,091,744
Third week February... 62,127,000
From Julv 1 . 7a rui nw
lluffalo. llocheater and lltiMfrr
Third week February... Sloa.Tot Ino,
From July 1 i ... 6.271.414 Ino.
International and Great .Northern:
Third vk February... 6204.000 Inc.
From iiy 1 7.083,895 Inc.
Missouri, Kansaa and Texaa.-
Thlrd week February... SS03,S2S lao.
From July 1 19.398.52s Dec.
Minneapolis, St. Paul and Sault Ste. Marie;
Third week February.
rriuii iuiy 1.,...,,,.,
Third week February,
From July 1.,,
Third week February,
From July I
61.216,001 Deo, 66,636
40,782,054 Ino. l,liSJ6
The Atchison, Topeka'andTSaata Fe .Hallway
vuiup&uy reports ror January:
oross earnings 68.333.281
Operating expenses 6,166.918
Taxes .-. , 1
Operating Income 61.821,782 Dee. 4167.105
From July 1:
Gross earnings 668.270,046 Dee, 6934.5:8
OperaUng expense :,3lou8 ino. 1,105.434
,.620,731.010 Ded 52.OM.960
,. 2,460.372 Ino. 479,911
Operating Income 616,202,576 Dce.t:.5liU71
SOOTH Raw RAILWAY.
The Southern Railway Company reports f6r
January: ii:.' chance'-
Operating revenues II.K2.376 Dee, S29.4S3
Operating expenses 6.638,621 Inc. UM:i
Net operating revenue 11,213.655
Outside operations 731
Total net revenue,.
From Julv i
Operating revenues. .,..637. 100.813
Operating expenses,,.. , 15,016.477
Outside operations 4J,wi7
61,018,167 Deo, S1M,'
Total net revenue,.
,.112,220,043 inc. jaw'uo
.. 1,4.3.571 Inc. UOI
Operating Income 6tO,Nl3,72 Inc. tlM.lM
The Canadian Northern Hallway Company re
ports for January; 11112. ciuiiei.
Operating expense's'.',','!! um!400 'inc! 20.S")
Net earnings "1223,700 Inc. I12!.u
From July 1 to January 31:
f2mm i,nlnn a,. .1 nl SIHl
Operatlog expenses.,,.,, "...tvi.oui inc. :.U',,I
Net earnings 63,166,600 inc. 6376.1C0
BurrAiX), nocBUTitn anh riTTsm'tin.
The lluffalo. Jtoeheater and Pittsburg Hallway
Company reports for January:
Operating revenue 6746.J53 Ino. IM.JM
Operating exp, 4a taxes., S37J71 Inc. o.Hi
Net operating rev,,
.irom juiy l:
630S.6M Deo 64J66
fitrlaat-a lln .avahma 4ta aayW .u
Operating exp. 4s taieiu s! 90378 Ino.' MS."
rTtteparausg rvr.M I1.706J64 Deo. IWJ"
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