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IN COTTON MARKET Prices Lower on Scllhijr, In (IiiitiI by Disappointing Liverpool (.'allies. THE SUN, FRIDAY, JULY 23, 1915. 11 WKATIIKH MOKE SETTLED corn ngnln Bold nt New York nt 73 cents w r:..wh,eh 1,cm nl Induced part of The, market rnlllej rather mully, lovvever. Oai.li market, were tronK and It was evident that tho corn belns of. ,'Juli y,!he co1unlry whs belns readily . Mny In the trado are Baton mtied bfcnuao of tho recent action of crop valuer, an the Impreinlon was gen. eral that n return of normal weather conditions would take sharply from coin luotutiona. Oat Cash oats were Mi-one. There were rumor of export IiusIiiphs In old crop stuff and while these could not he confirmed the presence of an Imi-Jlry was not questioned. Inferred months were not In active demand. Hhorts houRht on the upturns In other rniIiis, nut there was considerable liedtre selllnc nt times to supply this demand ami a conlldent set of benr Is said tu he active. j' 'nove-mcnl of new oats Is still very 1'rovlslohn Tho iec,,t i... Mxmeuh.it disappointing, In spllo of tho 1 were threatened yesterday. Home of the fa, t that spot Hales reached a fairly , '"rK0 speculative holders were iicaln I. tee total, Tho w.-athor wan favorable I '.'"".""if,, ,h? Packers it.m. sup- selth t.r.-llttlmi. ..-.... for -.,.1.1 1.,,." .'.h,e ..lll'e T'"10 ' U'Ole was tered (-hovvers In Toxns and parts of tieiTRla and tlin I'nttillniiH. Tempera lures were around n Nciinuimlilc nseniRe Mid the inailinuiu temperature In Texas nan !3 degrees. Just now tho trade appears to be ! Ueceniber, tnarKltiB lime. nwultltic the iiosslblllty of July"!!., crop scares or somo strlkltiR develop- j jjV'i'nTlIer''' tnent In the International situation. j Oats; Scattered Ihiuldntlon xv.ih about th 1 SoiiirinVwr' " only feature of yesterday's trading, as bmemlwr.. local operators soem to lie sellluR nu a I l'ork. nsult of dlFappolntmcut over tho heavy ?it.n,,r' r.irt,i ..,,.t..u ti, i- i. -....i.iu. October Cotton jesterdny cloed 1 point h'Rher on July nud 4 to 10 points lower en the later positions In a narrow and uninteresting market. Liverpool was !r.otll taking for the professional' short interest. Hog receluts continue r t.,i. volume. CIiIciro prices: . Wheat: July September., crowing nenr for tho movement of the new crop and "Hmt bales" are making their appearance In Texas nnd In parts of the Eastern belt. Savannah received the tlrst bale of tho Georgia crop yester day. Atiout the only evidence of spot de mand Is scattered Inquiry from New Ilngland mills and sonic buying for Hub Ha with view to shipment to Vladl ostok, It Is said that some cotton has been bought for Russian shipment out of the lov.nl stock In the Inst few days, and this appears to be the chief export business now being put throuRh. Tho South Is doing some selling of contracts In the local market for tho account of merchants against the re ceipts of spot cotton which they have to tako In p.iymcut of accounts. Some Southern people aro mid to believe It probable that there will be more busi ness of this sort than usual this season. According to tho liicrfcnn H'ool nnd Cotton lleiiortrr tho cotton goods mar ket Is In a q'Jlot condition. SuJ.es have been somewhat larger than for a week or so. but the transactions have been largely for epot goods or for early deliver)-. Futures e'.oed steady. Openlllgh-lanv Cloa- Ptsjt. mi est. est inc. clots. H.79 LM .T .V)1i8.H H.79U 1.12 ul t VxO X.MlCl.S-1 S.Vttl d.Jl 9.i v.s ! it s.nfu'.io vmh ?.: 9.44 11. 1' 9.3J 18.104.22.168I .. M 9.00 9 6" Sf,l 9.:iTl9 54 J.MII 9.CI 9, 9x1 9.73 9.7Hi9.71 47i Ml lo.w s.s; 9.s; imuvm io.ti7UPi.oi Bid. Spot cotton at New York was quiet, altli 10 points decline. Middling, U.l&e. Southern spot markets were unchanged, with New Orleans S.63o Galveston 8.75c. Savannah S'-jC. Houston S.Ouc, Aususta S.."0c. and Memphis S.tS-c. The New Orleans market closed steady. Prices were: Open- Well- Low. Clot- Prsr. tin.'. e est. Inc. dene. i.e.! S.7 SMi III' S.7HIIS.77 9 03 9.01 etrt yrslfjjnt I.CJtl 9 21 n.f. 9.19 I.SH3 9 3Hi1..12 .37 -J.il 9.31 9.UU9.W .43f;9.44 July August... Oclolier . DeiTmber January.. March.... May July...., fk'tober, Iks- .. . January HTd. The with a LIer:)ool market opened quiet, fair ilcmmd. There was a good business m spot cotton, with middling T. '" -its advance at ."..tOd. Sales, 12,000 baits: receipts, 2,000 bales, all Amer ica i I'ricts at Liverpool c'.ifed quiet. Oix-n lllzh- Luw- Clu- Irer. el. eal Inz i-iow. r, 07 t.: 5,:i r..:i s.ri 1. 13'4 r,.3? s j: r.. iM i.il S.C.i- S.M tllevin A. M. bids to Liverpool weie: March, U.ltic. ; Octoln.-r, K.UIc. ; January, !..'."c. T!:e markt there Is due to open to-day i-j to 1 jiolnt decline. Itccolptu und stocks ueie: !tc I.nt celpu. enr. 794 Jtlly-Aiif., Oct. -Nov.., Jsn.-Keti... Mar.-Afr. in. Oslventon. J,Vw Orleans. Sr.vannah.... t'hirlejlon... Nnrfollt Wilnlntton.. Mobile 173 1,0B I 137 XT. 1M 191 31 Slocks. IMJIKI im.nvi 71, Ml 4J.r,s9 17.W1 30.H41 14.U37 Interior stocks and receipts were t.t car. Stocks. US II9.U4 4jf. 4.3V Houiton . Memphis. Anrut a.. St. Louli. He telpls. . I.07 . lJ '.0 "o.ssr, is.su I.mt ear. S1.7H3 es.70i 13.414 1.414 17.111 9.711 Lnat ear. ,C" 11.414 1J,(K 15, 14! f!slTflnn. I.att year. Kjllmatisl port receipts to-day. l.uoo tn l.fi Jw Orleaiu... Joo to 70i Kvnarta vestepdnv 1 1I R 4 'tal thus far thin teauu, f,-JC5,0SS bales, ACalnst U.iio;i,U7t balca last year. Laat week. Kit 1,417 bales. 17 To- THE GRAIN MARKETS. Fractional Wheat rhansps W rather Conditions Rrllllanl, At no stage of es!erda's wheat ses sion was the list really unsettled. The Ir term.tlcnt reactions were quickly re gained. A feeling Is prevalent In the trade that sufficient wheat will be avail, able this season for all purposes, but un t.l there are notewoithy accumulatlors the weight cf tint entltc ciop will not furclb y assert Itself. llujing for cash huuses did much to sutam the market. Virtually all the Important millers uero said to be In nicd of supplies of high quality wheat, id thu competition from exporters con tinued. The business yesterday for Kuropean houses was figured at more than a million bushels, In all positions. I'm ate cables emphasized the unsuita ble harvesting weather In various parts "' Europe, Trance, Spain and Italy suf ffi i,g most. 'iir weather map was again beyond much criticism. There was not an Im P' "jut winter wheat section that had ' ouch moisture to delay harvesting and tt-r-snlr.g. The clear weather In the ?.' r iwcst was viewed as all that could 1 leu mI. .Mom despatches camo tell i'S ' tho commencement of wheat cut ' k I., South iukotu next week and of e i-r sped of a spring wheat yield In e , . of 300,000,000 bushels, as ngalnst t f production of 200,000,000 last ea Surh despatches offset the report r 'iid by Clement, Curtis k Co., In 'I .i ug Hi, it the winter wheat yields h I been lMliiced f, tn 30 per cent, as a reult of the Incessant rains recently nnd that tho Canadian crop had been fl ' aired about 20 per cent, In many h ns by the June frosts. At the me time several authorities In the t ,cle bellcw) that the outturn In Can 'l.4 mlfiht eas'lv exceed 223,000.000 bini'ls. com pa d with 160,000,000 a )e.i ajro, A lough reolpH aro gaining and the Ti .ttier forecast does not suggfst an lm nied -ite chnn?n to unfavorable condl t s there Is not much probability of ' is vltlblo supily being greatly fortified for nnother few weeks. A drop of 10 rmif a bushel was reglitcred In Omaha rsh wheat yesterday, hut there l still much room for readjustment In the cash wheat prices nnd the wheat future mar-W-K The movement so far thl week t'UHls 2,."1".000 bushels, against 1,7-40.-I0f at week and 10,9I,000 last year, .niQullo a little scattered profit f caused a reaction In tho corn IV 'or a time, yesterday. The relllng at, accomplished with claims that 'O' had been pretty wcl, eliminated n! that tho weather was qulto favor 'hie even though a limited Western rea nerdid higher tempcraluies to force the growth of tho l.t crop. A'iseiitlna Open-Ins, , 109 . IOCi , 107U . :u . an , 47i , 37S . 39 . ti . 14.90 . H.K .. 1.27 . 9 9", 10.03 Setuember. October Ribs: September, October.. .. New York wheat prices were Open- lllsh- laiw September "U "' Huh. et. IIP, I (10 mm 79'i :e, Ii4 41 37. 39i, It.?'. 14.93 1.27 9.97 10.02 Low. est. ln, lots 74 7JS C3', i. 3S't it.::, 14.33 S.OO (.t: 9.77 9. S3 Clin TYcr. I tiff, close. III) lo-.l, 1074 79H 7IJ, 374 39 14.;-, II. a-, .12 S.32 9 92 9.r: lll, lllol, l')7S t T iJS 47 4 17. 39'. ti.r, 12.00 .23 1.32 10.07 n.io Clot llir. GOSSIP OF WALL STREET. CitnipnrUiins, According to shrewd market obserers tho strength of Steel common stock was tho most Impressive feature of the day'a market, an It has been throughout tho pres.-iit Industrial boots. All day long Steel held stlubbornly nt 0), which la one point under thn very highest of tho movement, At one thun It sold within 'fi of tho top. Only at the very close lid the price sink under C4. Trading was heavy, 100,000 shares being turned oor. The strength of Sleel has always been pointed out us an Indication of the. confidence of the public as n whole In tho future of value-. As yet It hns not been claimed that the present market In Steel la tho lesult of a mine engineered by pools and prnfi sslonnls. Therefore In face of the martlet In Sfecl the assertion that speculation Is cnullncd to n wild otgy of reckless buying by professional gamblers) falls little Hat. The ills parity between prices and volumes In the war stocks and In the standard rails Is not ncaily so great as bitwecn the war stocks and Steel common. Also those who condemn the "war brides" utterly on account of tin- high prices at which they aro selling fall tn take Into calcula tion the small capitalization of many of thrsi) companies. Again a comparison with Steel common Is striking. Steel, with Its J500.noii.oiHi of common stock, docs not look low at OS beside Itethtehem Steel with only l&u.ooo shares and sell ing at 200. The prices of the war slocks hnvo advanced very rapidly, undoubtedly loo rapidly In many cases. Also ad vances hnvu not been Justified In some cases. Hut nfter all their protlts have I come to them as from tho blue sky, and even Horace S. Wilkinson admitted a net prollt of 33 1-3 per cent, on Crucible's; war order. THE BOSTON MARKET. Boston, July 22. American Zinc and Uutto and Superior were again strong atrf active In the mining shares market. The general copper shares market was quiet and featureless. Industrials were steady on small transactions. Hall roads were neglected, exiept Hoston and Maine, which lost 2 points on the day. iiu summary ; Sale. 4") Ahmerk ,, . . 1U1 Alatlta 10 Allotifi .. 1-1 Anmt Copper fail Am Zlne .... 20 Arlt Cum 20j) llonana , .. 4179 Duite .V Sup., Open. Hlth- Low. cio- on. tu. rut. In;. , to US 70U ti Calumei x it'.Vi a) Centennial ii, 810 Chlno Jsv! 3) Copper nunc . nu l' Djly Went jt? 10 Kant Ilutte 1J M Krankliu JI Uranb ... .si 231 Oreene Caiiauea 11 JO lledley .ju ISO Indiana . . .. ;4 II tilan! Creek.. 4 20 lIc Hoyale js w KewcruaM tw Kerr Lake 4S lllo Lake IS', 1C0 Mmi Con n. M Mlchlran 20 New Are 11 W New Mna s 210 Nlpliln ti, 1J0 Norlli llutle 3J North Lake j to Old Uom 314 45 Omola j: 28 Pond Creek n Zi Duincy i W Kay Con 2:; 13 santa Ke 20 Shall $ij 45 Shaltuck 13" South Lake to St. Mary. 39) Sup 4 Uo 70 Superior Cop... 10 Tamarack , US Trinity 2!'j Tuolumne . . 2-0 1: t, ::nelter .. 25 tt S Sm-ltcM pi SIS Vtah Apex .- flah Cuii. . 170 ft ah Copper .. .'l Victoria 2', Wolverine .. 310 Wyandotte . . . 34S S3', 74 tVi ? ,4.1 i'l'l Ml H4 S tt,', 2T US 94 Ul. 4U, 61, 49 2S 2S 4S ll, 1: llH s s; SJ'4 1: H S5 22'i 24 m 2'4 95 334 tn, ' MS 7lj .40 70', 4 s: IT 9 i 40', 2S'i S', H .'9 2S l', f.S 11. .i1" s 9u 3ti; S3-. tC'i J'l .40 IIS t4 M 14 4I. SS'j 2T II'. 9 SI 4', :st, si, 19 :s 2. 4'. 1S 12 It" & 1 9-ies9.i 30a 3t, SV, 4 m, 5 22 24 S : .34 tit, ss -2'. t is-i 3 : i5-it, : 15.U 31 . 4 ,.V 414 ic-. 4 1-1 HI. .4 17 3S 4, .St 42 li. II'. t7 -4 )', ItAILltOAUS. ? Poston Kler. 73 7o Roiton 1 Lnnel) 139 157 boston It -Maine. .'1 4 float 011 It Prov.. 7 15 1'itchburr pt.. . . (4 10 Man Elec 5 50 Mat Klee lif... "1 210 N Y N It 4 H. 51 MISCELUNEOUS. 1 Am Asr Chem . vl. 14 Am Air Chem pt 93', P Am Pneu Serv pt 174 41 Am Siuar. ..169 44 Am Sut.ir pt.... ill', 495 Am TAT. LIS .') Am Woolen Pt... sl, 6f,J A O JL IV 1 pf . . 24 91 Gen Electric IM .0 Ca Ity St Klec pt 4t Mik. f!a. . . ' 54 Mat, Gat pt .... ' 10 McElwalu pf. . .. 994 91 N E Tel 1J2 29 KpciT Puttoidiole 1C 1) Recce Folding- ... 44 0 Swift 111!, Its United Fruit 135 26 Unl Mioe Mach. w4 17 lful Shoe Mach pf '-" S70 ti S Steel H4 W3 Weitern Union. . C9, DONDS, 130,10 Am T St T 4... S7H 200) O BicQ Joint It 93', 1-0 .J M7 65 5 31 (t 5 934 K4 1101. lilt. Ll. 172 M 91 99', 13 J IS 44 1144 133 51 '." (4, 9, 3! 4 .44 41 44 I IS', 4 i4 vji, .0 7.1 13) -0 217 61 33 SI4 3 II 4,4 4 13'. Ct, 24 .4 .M 734 130 21 227 5 31 5T4 Sl). 934 K4 10-1 914 114 C'9 1134 US', 1214 l.'IS l 26 170 H t94 9'4 21)4 l:o l 4 13-. 991, 131', 111', 16 44 113', 134', M', J9 et Si', 93, IS 14 114 114 504 20 HI 5', :. 95-, THE BOSTON CURB MARKET. Hoston, July 22. The closing curl) bid and asked quotations in, I. Alrarado 60 Day State rias 10 Blnrtiani 094 Besole i5 Huiie St London 2S Pinion Ely 2., Chief C01110II1I ited 93 Oontolldaled Copper 14 Crown Itetcrve 50 Calavert t'. CuiiKollclalrd Arizona .... Cnrtr. Champlun Copper Calumet Corbin Davit Daly Ea.-le St liiiifbell Klrtt National Copper ... (loirtflrld Consolidated ... Houghton Iron Illottom La noe McKlnley Dnrranh Mlnet of America Mtjestlo Mexican Met alt Nevada Dfiujl.it New Pallie New Cornelia Ohio Copier Oneto Hiker llenemau Itaven Copper Routhwett Miami gtewurt Mlnin; Utah Metals , United Verde Exteuiion . Ventura Yukon 4Jold 4l .06 .01 1 7-16 14 70 .45 .20 .11 34 .20 I H 11 1 14 ,v. 64 li4 24 Hoston A iked. ,w .13 .094 . '.h 1 54 .CO I't ,M .61 I't .05 14 1. 24 14 75 SS .23 .65 SS 74 .51 IS 4 12 14 1 15 16 I 6 THE PITTSBURG MARKET. PlTTSnumi, July 22. Crucible Steel common, Ohio Kurl Oil, Union Switch and Signal and Westlnghoiise Klcctrlc were the local slocks 10 lecord losses, the declines, however, not exceeding a point, Other sharrs wern quiet and steady. The summary: STOCKS Olira. Kith. Sales, inr. en S-i Am Hewer Pipe.. P"4 14 41 Am Win O M pf W o 51 Columbia O E 114 lt't 40 Crucible Steel, ,. 4t'i 47'J 50 Crtielble Steel pf 914 H 15 EIk Co Nat Oat 115 II', 21) llarhltnii Walker. I" H W La Hells Iron.. 351J 354 12 Mfra T.t tt III.. 43 4 4MJ 210 Ohio Fuel Supply 41 41 to Pitta Drew pt.,.. I3H 14 10 Prnpln N O P ! 31 to,) Puro Oil 114 "4 40H0 Han Toy Ho l"o 2) U11 SwlPh i Sli 101 101 20 Wcftlnsh4e A II.1S24 1'2'4 1S5 Wfftlmh'ae Elec, 65 5,1 TIONDS. I.DU0 C D P Tel tt.. wit n m Hx dlrldend. 1,0. Cl,'i4- fl. Int. 114 l4 794 794 lt't 114 46', 4'i, 914 n4 11a 111) 41 35 41:4 4i 35 464 404 404 It 31 31 114 lilt le le loot; 1004 11.", 13." 51 51 Mnrket ctloll. The consensus of opinion was that the market acted extremely well under the clrcumstinces. The upturn has been ver violent In tho Industrial group, especially on Wednesday. Heavy prollt taking was naturally Invited. The ap proach of the time for the despatch of the President's note to llerm.uiy Inten sified this profit taking movement and was calculated to Induce buyers to hold off. Also the trading element which takej a day .to d.iy position has become accustomed to sliinnl the sending of each note to (icrmany by presure upon stocks. With all these Influences brought to bear upon It the rcHstnnce of prices must hae been a revelation to these who have suspected a hollow shell which needed only a tap to crush It In. Logi cally the market ought to have gone lower. That Is udmltted even by the bulls. Hut there Is plenty of time to make up for this dls ppolnttnent. with the President's note to hand. , l'rofc,loiinl mill Public. Those who imagine that the gnat speculation III the Industrials has been made by the Wall Street professional and semi-professional element would be surprised to hear some of those gentli men talk during the past week. A l.irg number of them are dntlnclly bear.sh and the real reason probably Is that thev 110 longer have any stocks. The mur-.ct has left them behind, and to sit around und watch things go up the way tho have been Is the most exasperating llilint that can happen to 11 speculator. P-elng out of the war stocks, or even short of them, tho average professional speculator Is extremely bearish. One of these (, terday talked gloomily of the cnormivts losses which are going to lie susta.ncl when the market collapses. A Irlend asked him whether he was not extremely bullish a short tiino since and whether he had not made a great deal of inone' for himself and his customers, lie i.d mltted this, but explained that he and his people had got out with good protlts !,,i ihereforu weren't Interested nnv longer. They were waiting for the rail roads to Join In the general speculation before they got In again. Iliird I. oil. Vnrni, The number "f hard luik slorlei mw hclnir heard after the great advance In prices giuus daily. Whin the tills i of stocks npp.irtlitly few men fall to recall being on tile verge oi inlying this or that stock many points lower The grcatot of all tin se neglected op. nortunltles seems to be that of the man who was offered a call on Klcctrlc Ib'.it last year and lefuwl It becaue ne didn't know uiivthlng about the stock. The call was an exceptional one, belnu offered by nn Individual who had 000 shares and didn't mind selling a call on a hundred to see the btock go up. It was good for a week, and the price was $.'15. At the expiration of the e.tll Clictrlc Ib'.it wn at 37. Theoretically, because those things don't happen. If the stock had been kept until now the prollt on tho whole tr insactlon would amount to about $23,000. Trading; In Itet hleliein. The rise In Itethtehem sleen has been so ih.irly ptrpcndlcular that to the un- Initiated all that the speculator had to do was to buy the strck, sit s. till and tnaku a fortune. Hindsight is cuy. As a matter of fact experienced rpcculntors came to grief on Ilethlehem even when they took the right position, When Hethlehe'.n Hood around 50 tin re were two spceulitors In a large commission who were Isith of one mind about tho Immediate future of the Mock. The first was an old time speculator who used the chart system. He began to buy the slock around .10 and 53 and bought It steadily all the way up to 70 Here his chatt told him to sell short. He sold shoit consistently until the stock touched 130, At that point his winnings of son o 130.000 were oleaned out. The -econd speculator was a man of Imagination. He began buying the stock also around 50, announcing that he was working for 200. lie accumulated odd lots steadily on n ten point scale all the way up to 150. lly this time, how- ever, his succes emboldened him to tak ing on other war stocks, such as West Inghouse, n.ilrtivln Locomotlvo and American Locomotlc, using his paper prnrtti on Itethlehom us margin, The Liihltunla disaster wiped him out In a few hours, both profits and original stake. When Hethlehem struck 200 this week these two speculators lived their looses over ngaln. Tlir .eT Alllicondll. Anaconda new slock told yesterday for tho llrst time and Amalg.in-'ited ills appeared from the boaid. The first sale wis at 70, The market was a relatively small one. FINANCIAL NOTES. H. O. Pmllh, manager of the, nuilltliiK drnartmeht of the ilntiranty Trust Com. nany, has been m nle an officer of the compan), Willi the title nt auditor llrr!. I'orhet .t t'o, have been an implied Otcal annus 'n this iltv of the Mi:,in nf I.mi tlann Hereafter the arlii rlpil and latere! of tho Htate', lnnidt 111 lie piyaine ,11 mr inie , in,,- u inner- The Lniiltlina Port Ciiminlntloii bond will also lie payaiii" mere .1. Krank lliivell,s seemid of the alnha helical Kcrle, nt dtteiittlnnt on Ini ettinetit links covers Hroiiklyn Itvnld Transit. It riuni-trs with l!lu-irstl"n. ,hnutng the rteopnient or seventeen years. Path pamnt of 14 per cent quarterly nn Hie shares at the Camhria Hied I'otti- naliy lias been re,uuieif. The dividend Is n.ivahle August 14 t" t(o' of record liny 31, Th" tail three uuirierly p.iuieii, wire paid In scrip, bearing Interest at Hie rate of S per lent por annum ami inatu'. lug two c.ir from date nf Issue. Th" New York ."Muck l',ihiinse hut admitted to lint Auaconil 1 Copper Mining Company stock, 2,331,230 share, nf Hie par Milne nf 50 each, III Hen of 4,1)02 500 shares of the par value of $25 each The Eastman Kodak ('iiinpuny has de clared an extra dividend of 5 in r cent, on the commoa amok, payable September 1, Ki holders of record Augutt 7 The directors of the Keystone Watch Pase Company have passed the iimban nimt dividend of 14 per tent. THE PHILADELPHIA MARKET. I'ltii.APEt.pitiA, July 22. lialdwln Lo. comotlvo was tho outstanding feature of the local slock market, selling from t" Hild on heavy trading. Cam brla Steel und Cramp were other firm speelnltles. Little change, was quoted elsewhere. Jlonds wtre very dull. Tho summary : ri,,. ifih. f aw. n,. Sles. Ins. e,t. est. inf. 6 Alliance lm Co. 17 17 17 17 . Am Cat 101 101 101 101 5i05 Ii.ildslu Loco.... 7.1H 76'i 7.P4 714 2.11 II till u I ti I.ncn if. 10:4 101 IO34 103 20 Cambria Iron,.,, 414 414 414 414 .'.1 Cambria Steel.,,, S14 62 SI4 SI4 l"0 The, A Ohio 39', Jl'i 3'l4 39', 295 Crucible Steel ..47 47 47 47 P") El"c stor battery 5.1 S1 SJ'i f.2'i 20i den Asphalt. 30'1 JilV SOU 304 200 tlen Asphalt pf , 7 t!7 7 r.7 I5 Ins Co of N A., 2I4 214 214 214 50 Keystone Tel.. ..134 134 114 IJ4 175 Lake Super Corp 4', , 4 14 f, l.eh Navlitatlon., 73H 71 73 734 r, UhUh Valley ... 714 714 714 714 3V, lah Vol Transit, 14 14 tt 14 70 1, V Transit pf,. 294 294 r.i! 294 IS Mlliehlll 53 65 65 S5 10 North Penu. . I", l"5 1.1 M 421 Pennt)lvanla ., 634 MS M4 M'i 4 Penu Salt Mft , 74 V7', 74 110 Penu Steel pf.,, 70 71 70 71 76 Phlla Co So .li 31 39 60 Phlla Co cum pf 404 4114 4014 404 27 Phlla Elee :, j, -34 :3' t Phlla It T. . , M, 4 S4 t 220 Phlla It T elf" . 4 k4 4 4 191 llesd.lis 7,1 1316 73 13 IS 73 4 734 10 Southern Ity . 14 14 14 14 63 Tonnpah Iletmnnt 3 U-l 34 3 13-1 3'4 l.WTnnopah Mlhlmr 54 6'i 5', 64 f. U11I11.1 Traillon . 32 32 31 32 '1 United tlat Imp 3i 34 14 'as (M) IT S Steel . nt, f.4'1, Kl SI4 t! S Sleel pf IIP, 1114 1114 Ill's 2", Warwick Ir A S 4 4 4 "1 55 Westni'laiid Coal. i'O m m (A 700 Wm Cramp C, S74 M"4 I'M York Ilj a r, : York Ity pf 2Mj 2!.', M4 I10NDS. l"0il la-h Nav Con 14" 94 94 94 94 271X1O Penn en 44a ctf 974 974 974 974 IC(i Phlla Co cons It V04 w, o4 lfo SiMiiisb Am t. 1014 1014 10P, 1014 150i1 W elsbach cpl tr 5 92 92 S.' THE BALTIMORE MARKET. nAt.TtMor.it, July 22. Trading was light In thin market. Consolidated Power was i lower nnd United Hallway Incomes lost '. The summary: Open- Hlth- Low.flo. Salet inr. est. est In. ?i Cons Power. . 107', 1071, 1"74 1974 Ksirmont H.i t-if 45 1.', 4i 45 15 Merch Mech Hank 24', S'4 24 24 f Northern Cell . (34 vit, tjt, t3, 2,i Waylnd O A 5 Mi -4 - 1 24 tlONPS IP") C Halt .-t -'f. W LtM too, i)t; 1004 p' Cons Coil tr.;, 100', 1014 l'tn, lf) Marjland EI,k- 91 si 91 94 b.i f 1 II A E '.t e ' ') 0 -l f H A I. In 4. 'H ,V1 5a, M'4 poo V H tc K lily St ! 1 l M U It St P. tilj 5s r v'S !', i4 S04 THE CHICAGO MARKET. Clttc.Min. Jul) 22. Chicago Pneuma tic Tool advaimd J po.tits, with the trad ing active. Swift coutluiud lo te- tlcct stead) absorption Other Issues un changed to a fraction lower, with Stewart-Warner under moderate pressure. Chicago Hallways .'s were rather heavy. H.ilance of list dull The summary: Oprn- lllzh Lot - Clot UK est. et 111. Sales s7 Chle Pneu Tool . 65' "0 Clue lts -erics 1 TI', l4 . 9S .1114 . ', .11,4 119 71", 79', 13..4 135', 1474 t4 9 147 113. 1134 lit 11 Com Edison S Diamond Match IJ oars-Iloebiuk . 410 Mew art Warner P'S itt A Co X Union Carbide 22S Union Carbide rts 1 13-H 14 BONDS. 10,i) ChieBto Tel 6,...1'V4 l'4 bM't Muinieaco uy is ... in", 914 10- x Com Edison r.s .lix, 1(J4 11- M Met Cold It . . 724 724 lOoO Swift is fJ !; 57 74 1354 :i 147 ItJ'i lt, ll4 4 4. l'4 914 944 1"04 10)4 f.'4 t"l ;:4 DAILY FINANCIAL CALENDAR. pid ptd Ptd pfd EX DIVIDEND. Company and Term. Atlanta Ureal Southern Hall road, seml-anuual Drill. J li.. quarterly Drown Shu, quatteriy I'outa'ldate'l Cnal, qtlartirrly . lluutii till of Texas, semi annual Indian Pipe I.lrie, uuarterlv . . Nashli., t'haltaiUMiaa and t, l.ouU. semi-annual Nip Hay lum Pacin, -iat quarterly let pfd Pa, Itn Cuatt quarterly 2d pfd i-ainiL rower ana i.icnt. quar tcri Portland lias and Cuke, quar terly Pructer A Hanihle, quarterly.. Procter A tiainble. extra West IVuns) ivanla Itallw-ays, quarterly DIVIDENDS PAVAHI.E. lluantatiamo SuKar, siotk . liuanlaaamu Suxir, Initial.... Stk. Ami, 3 1'. 1. i 14'. fi I. uO t.' l's $45,000,000 GOVERNMENT of the DOMINION OF CAN ADA 5ct GOLD NOTES $25,000,000 due August 1, 1916 $20,000,000 due August 1, 1917 Interest payable February 1 and August I Both principal and interest payable cither at the Agency of the Bank of Montreal, in New York City, in United States gold coin, or, at the option of the holder, at the Bank of Montreal, in Montreal. The obligation represented by the Notcx and all payment in disehargc thereof arc to be exempt from all present and future taxes imposed by the (invrrnment of the Dominion of Canada. The above notes are to be convertible, at the option of the holder, at any time prior to three months before maturity, respectively, into tivcnty-yenr five per cent, bonds of the Dominion of Canada, par for par, the twenty-year bonds to mature August 1, 1935, to be free from any right of prior redemption, to be payable, principal and interest, in New York City, in United States gold coin, or, at the option of the holder, in Montreal, and to be similarly free, from taxes imposed by the Dominion of Canada, including any Canadian income tax. We arc advisal that the Government of the Dominion of Canada will not borroie further sums in the United State during the current calendar year. The details of the issue arc tu be jiasscd upon by our counsel, Francis Lyndc Stetson, Esq., New York, and .. F. Ordc, A". C, Ottawa. We offer the above notes for subscription at the following prices: The one year notes at 100 and interest. The two year notes at 99j and interest. SUBSCRIPTION BOOKS WILL HE OPENED AT 10 O'CLOCK A. M., SATURDAY, JULY 24, 1915, A'ND WILL BE CLOSED AT 12 O'CLOCK NOON, OR EARLIER, THE SAME DAY. THE RIGHT IS RESERVED TO REJECT ANY AND ALL APPLICATIONS, AND ALSO, IN ANY CASE, TO A WARD A SMALLER AMOUNT THAN APPLIED FOR. THE AMOUNT DUE ON ALLOTMENTS WILL BE PA YABLE A T THE OFFICE OF J. P. MORGAN & CO., IN NEW YORK FUNDS, AND THE DATE OF PAYMENT, WILL BE GIVEN IN THE NOTICE OF ALLOTMENT. TEMPORARY NOTES WILL BE DELIVERED PENDING THE ENGRAVING OF THE DEFINITIVE NOTES. J. P. MORGAN & CO. BROWN BROTHERS & CO. BANK OF MONTREAL FIRST NATIONAL BANK NATIONAL CITY BANK Nciu York, July 23, 1915. rid !.', pfd rnm com IK'. Pfd 141 10i IC.OO RAILROAD EARNINGS. Alabama Great Southern: 13IS. Ohanr.es. Seiond week July 143.237 Dec. 19t Prom July 1 lt!,03il Dec. 3.1M Cincinnati, Ni Orleans and Texas, Paclllc: Seiond week July lies.KO Hoc. IKU3, i-'rum July I.... 33s, 914 Dec. 2,S1I I (ieurvla Southern and Florida: Second tek July IS.4!i3 Dec. 13,131 I From July 1.. .. 92.770 Dec. 1.454, Mobile nnd Ohio: Seiiuul week July 1201,561 Dec. IK.Stll From July 1 390,379 Dei. ,3.211 j loiciio, m i.nui, anu uesiern: Seiond week July I9S.349 Dec 13,191 Prom July I !,,. 7 Dec 9.113 HALTI.MOltH AND OHIO The H.iltlmore and Ohio lUllroiJ Coin, pany reports for June; 1916 Chanites Oper revenue.... H C02.956 Inc. 1702,354 Taill op rxps . u. 4io. 40 1 Dei. 1.01O90 Net np. revenue . 3.202.5S2 Inc. 1,71s, 944 'wclte months' Oper retenue 91,416.797 Dec 7.34.2I3 Total op ept. 63,S25,Si) Dec to, I77.M1 Net op. reienue I.aaO.Isa Inc. 3,12'.'.S DAIRY PRODUCTS MARKET. nt'TTKII .- I.lsrht supplies of tine i renin erle, hate resulted In firm market Liner Kradci are easier nn Micmint nf free supply, but trading Is fair. Lack nf sturaae room prevents null h speculation. Prn(ess quiet. Ladles birely steady PacklllK stock eas Prlres: Creamery, extras, 92 score. 2l4c.; hither scoring, 274i2,'jc, ilrsts, l tn 9t scire, 2141 2',c; Slate, dairy, tutu, tltiest. 2tic . frond t'l prime, 241,25,c, common in fair, 2 1 fi 3 ' , c : ren.niiK I, extras, 24c, hrets, 22 4 'u 2S,tC. , luwer trades, 214 22c j Imliatlun creamery. Ilratt. 22f'i 23c , Utiles, current make, arsis, 211 2l',c , seconds, 2Uflj-04c , Inaer grade, 1!"U 194c : packlnc stotk, current make, Nn 1. 20'204c; No. 2, 194c. lower grades 17 li 19 1 I'll HI!MH Unless at ciincestlnns lni)els were hard to interest, hut even then irad Iiie was llsht. Exporters are holdlnc off, as VIcniitn and Canada offer more In diiceinenta than State makes Hot weather deficts more common Skims slow. Prices Slate, whole milk, frrsh, twins, white and colored, specials, U44rl4a,e, average, fancy, lid 144c daisies, speculs, 15', c ; onni; Americas. H'u lt;t,c , State, skims, frrsh. specials. 12c , skims, fretn, chnlce, 104(114ci fair to good, ft 5i 10c. EtJttS. AtcraRe lines weak and unset tled Current receipts show imur quality and hot weather defects. Such are in ac riimiilatlnn and easy. Pine ecus scarcer and firmer. 1'aney nearby new la LI steady Prices! Fresh k ithered, extras, 2 1 i :.'(.. extras, llrst. 21 4 ''I 22 4c. , firsts. P.i4f21e , sctiiiids, 174I9i'j Nn. I dirties ln Ki'jc , hennery, whites, tine tn fani. 2S4I 29c ; hennery, lirnwns, 24V2iii , mlied colnrs. !S4f23c. 1,1 VII POPLTItV Fowls and roosters In het'er demand than iintlclpalril Hinders tinner, llerelpls )esterday 21 cars with 7 mi track Prices- Express fowls, 154 15i,c , rrelnht fowls, 154o., hrullers, I'M 19c ; ducks, I, hue Island sprlntr, 1 a . Western, 14c; nld, li,e, Jersey, sprlnif, 1711 1 7 j l- . old, Uini'jC. guineas. 30c, plxenns, 25c; rnnsters, He; turkejs, HW 12c; lEi'i'si , Weett-ril. '2 DIlliSSED Pnui.THV- Fresh killed fowls scarce nnd llrni fur 4 Hi. sUes Small nf Iriesular talue Old musters tit in Tur kes wtak, Nearby spring dink In ac cumulation Squabs dragnet! Prn.ea fnii'l large roasting chickens llrni. Fnwls slow Hrnlleis fnlieil to site Prices: I'tesh Fowls. 12 tn box, Western, 10 lbs and titer, 174c. Weturn. scalded, latgc, 10c; hrullers, 23i2c; nltl ruusiers, 12f 124c. Squalis, prlnu, while, 10 lbs In dozen, i:!60. V Hi.., 1.1, k His, 12 50 Tur. ki. fresh hens and tome, Die Frozen Turkeys, dry picked, selected, 21c . West, ern, 20c. Texas, 17ifll74e. Hrullers, milk frit, U tu 21 ihs.. 22 i 23c , inrii fed. 18 tn 21 lbs, Sic. Chickens, 13 to box, ml?s fed, 13 in 47 lbs., 21c . 40 II" and over. 2111 ::c.; corn fed, 43 to 47 Its 19c . 4K lbs, anil over, ZOc, Fowls, 12 tn bn. rid lb s and over tn doten, lie,: lo to 35 lht 15c, Old rootiers, 12lM2'c, TRADE EXPERTS GOING ABROAD Chairman lint leu t'lilln nl Willie House About lh- Project, Wasiiinoton. July 22. Joseph K. La vles, chairman of the Federal Trade Commission, called at the White House. State Department and on the Attorney C.cncr.il to-day to arranpe for an In xestlcatloii by the commission Into the forelKii trado situation. The commission is plannlnc to send ten or a Joien special aKents, experts on foielen trade, to Kurope, to report on the cartel system, under which forcicn exporters combine to protect themselves acalnst competition. Iteprtsentatlotis have been made to iic-tfi.ient lix' n committee of the Na tional Chamber of Commerce that there should be a modification ol tne uiui-iruai laws to permit domestic manufacturers for the frelKht trado to combine lo pro tect their Interests. "The function of the Trade Commls slnn Is lo Inquire Into the facts," said Chairman D.ivles, after his call on tho PresHent. "and we will make no recommendations." The Chicago. Rock Island & Pacific Railway Co. First and Refunding Mortgage 4r( Gold Bonds Due 1934 Aniiouncempiit is hereby nuule that tho untiersiRiiPd Protective Committee bus been created anil organized in respect of the above described bonds, under a Protective Agreement on tilt with the Guaranty Trust Company of New York, the Depositary therein named. While existing conditions, in the opinion of the Committee, ilo not make it necessary to call for a deposit of the bonds at this time, holders thereof are reciues-ted to promptly for ward their names and addresses anil the amount of their hold ings to the Secretary. New York, .luly L'0. Ill lo. K. C. Grnnbery, Secretary Tit! William Street New York Chnrlea A. Peabody, Chairman Allen B. Forbes William A. Day Alexander J. Hemphill Albert W. Harris Prot)cc;'-iJ Committee ! Chicago, BurlingtonScQuincy Railroad Company ; Denver Extension Four Per Cent. Bonds Due February 1, 1922. ; NOTICIl IS IIHItKIIV HIVK.S- THAT In , pursuance of the Trim Agreement datel Deiemher I. lfsl. by md between the Chi cibo, Hurllr.ciun Qulm y ll.iliro.id Com pany and The New Hnsland Truit C'nin I pany. the frdlnuliiK Denier lltten.lnn I'mir I'er 4'cnl. Hon, I. due l ehruiir.t I, 1 11 1 . nf tulil Itiillruiid 4iiipiin . 1-nueil under taM trut acreeiuent. hiiti' been drauii fur pa)- meut, Iz ; I tine hundred mid elthleen (IIR) bunds fur Sl.lKKl each, uumbers 1C10 ;'CI 3TTt f ,-,,111111, mill .llortKfiRr by fist Con cern, RivERitfAP. N. V July The Low; Island (las Corporation, f.0 Chinch street, Munliattan. which operates UkM Inc plants at Sac Harlmr and Soutli nmptuu, tills niornltiK tiled a Ki.niHl.flOd morlKJl!'' upon Its projicrty. taken by Hie Hrooklyn Trust Company The cor por.itlun Is t buy In eNlstinc coin p.inlis, enlarBi' nnd extend Its own piup crtbH ami tboso purchased, DIVIDEND DECLARATIONS. Callfornl i uuarterly . . . Mill", tenil- Hack, teml- Ompany and Term, Kiale and Illuebell Minim Saulhf rn lMIun, Curd la annual Ilottun annual Thorndlke ;ompany, tenil-annual raclrtc Mills, teml-an-nual National Carbon, uuar terly Hate -Manufartiirlnr, tenil-annual Katttnan Kodak, tra Klnxs County Klertrle Mailt and l'nurr, ipiarterly Taibir.Whartim I r n n and Meel, quar terly Ilordena Ciindentid Milk. tenil-Hinnual Pepperell Manufactiir Pik, tenil-annual .... United ruvter and Transportation, tenil-annual Illlnnlt Traction terly ..' Calabria Ktl Kederil Suear, leriy ... Juinbn Hxttntloa llIK uuar- quar- Mill- Stk. Ami r'ahle. 10c. Au II com It SO Aur IC jej, Aur : tt Auk i je, AUB : , . I'.. Aui ! pfd 1, ", Aua 14 - IH Auk 2 com Se Sept 1 : Sept 1 pfd 1 , r eom t(, Aaif 14 J'e Aus !1 II .14 July JO SI Ails IS i'.'t Ana- 14 Pfd I'j'i. Aur 1 7',c. Sept 1 RECEIVER'S SALE By Order of the Court of Chancery of the State of New Jersey GEORGE l WRIGHT, Receiver of the Paterson, Passaic and Suburban Telephone Company Will hell at Public Sale at the shirllt'a Dtllce, In the City of I'aleptun, New Jere. on Friday. .Inly an. IP IS at J P M All the aNot. prnpirt) and cITivtt, Including Hie franchlv-K of aald Companv, hlh cetierally ihiivN'h of line, of telephone telephone cxchanne, ttchlioard, telephonei, clictrical appliance, rUht- of way, cafincntfc croxslu lonccincnts, coiuraett accoiintt rccihalile and all other property real and pcrinn.il, uli.itcw-r and wiereMiecr Im-atetl, l-'urther detail- an to the dc-crlptinn, Ac of die abme uicnlloned property tua be ohtalucil upon applicnt Ion tu the undcrMifiii d lieccHcr of the Coinpaii The ale, when inidi', will he suhji-t-t to conflrniation hi the Court of chaiuvry. oi aio win ic inane anonu in inc tune ta uie sue Oilier condlllont TllltMAs f. MrCIIAN, Solleltnr and nf Counsel ,ih ltecelver, I'.itersun, New Jerse) liKOHlii: I', KIlillT, lie, eler of he IMtersun, I'atsale an I K'l'urbin TclepliKiia Cimpan I'l-ersiin, New Jerse) I ! I'KNNsl l,.M. l it. (itt.tlt MKHI i ' nut -i:m-. ritr-T t'i:i(i'ii'it'i i: I M:uii;i "it" in i: tim. I'urtuant to terms cf nirieetueitt d .d 1 September I, 11S7. and sup'imeliia) mr.e i ini'iil dated Kehruar I, l.i"'. i ii- un I, r-Islk-tnd lnltPK tflideri of ,ihn, , ,-r'lllc re for sale mill deliver ,i ,if Auti-i ! I , at u prke lint e,ee,llnK ,tr atul tlil-r, -,t In the extent of linn, one, the sum ihiw pa able tn diikhik- fund Seated t'ndert addressed lr llirard Trust i rmipan), Trustee, l'enn , nn i i-nnipnny Hiiariuteed per lent Ttust I'erllll, .te, Srrles "II" will ! ecu Ited until I'l III., ,IUh ,11. IHI.f. lilltAttl) TIM ST I'OMPANV Trust..' (IKOItllK 11 (-TI AItT ail. Treasurer. 1'hll.olilphla. i'a . July IS. 191S. II 145 it,; t :.i2 :3 :?o 3ti 423 324 Hi 401 M 140 ?S1 MS.' 101S lo:,..i 1IS3 K3.I i:!: 1411 141!) 1441 I4in Mill 1 5 1, 2 15: iss; niTi :sn 3 1 .' i ion ::t:i 3so 1,10 .10' I iv: .tin ir:: :043. 3-'3S 3914 I :il? 3J.-,-, 4149 :SI)S 34S .'310 31.-.; 4.1 .'111 3,',U 4311 till :U')i 4113 r. 3131 i :C10 3Tt'l i :i3J 3TiS i ;is:i f,:io 6si e;n csoi .',.1J0 ;'43 64T ,,.iij tr.4 tit.M 3t:s "0.13 :,ici cit: ;o mi,; fi: i iisi 5ISS (,4M (4!3 CI.VJ ;jvl tiM; ;i:j 1JI il.l 'HI i j cii; ;;h !,'.:. til "TO mis t.i;oo not Ij l Pit PUBIJC UTILITIES. Tor the jear ended June 30. lull, the Maachuf tin (las and lllectrlc I'niupanv his made public. Its repurt. which shua thai both the sat and electric llRhtlnx and puwer companies luade cnud i(alns ner the preiedmK iitcal year Axgregated Br. earnliiE "f ll.1,n.-il 1.15 for IPlt were irpurted by sevint) bis toiu paniis, as compared with tl4,u91.UI2 fur Hie preceillriK ysar. Net prnntt of the v ent cnmpalilea were 3,M),ll Hi, as aaalnst S,;T. 7 1 7. and after pameut nf dividends and other charrss aralnst surplus there was a total deficit nf t'Oll.l.'V.l. as loin pared with a deficit nf 0,31 fur the pr i. nil n K year (if the tntal companies Included In the report live did not earn evpenes, as ciun pared with teven the year previous ami (hers wers fourteen companies whlui did not earn lUfflclent to pay dividends, at compared with iw-e In I -n :i. 1'ild divi dend ,iBKreaailiii; f,17n'iA.I wn .iif-hm se,l by llft-f,nir coiiipniiies un a crane pav iilrut of li nl prr i enl ,,n theli s'o.k. n , mutiared wilh lot il d, Iden.ls of I.I .,.!!. I ', I .for ill pre-, .Hub ear an averaue ru of 1 'i il pr , eiii ,,n Ibeli hi i, ks The a, 4 il -i 1 surplus of 111, scvenii uo i t'l mi pa ii i ch June ri ' . r.iii, a, is t;. i,i4, mi 'in Is nn per "ill "f their iapli.il Th' propertv of the iii comp.iuleH was aa- , sessed at I'.) UllJ.lii'l and ill) pal l II ..1, it;i In taxis hn compiTne., reiioed i rates on gas and the averaKe rate fr gas , Pi the State w,i 4', eents a thousand i li l,i. ) feel, the same us In the preceding j The Hast ett I.ouls and Suburban I'oiu niny Is now repnrtltiB Rains In net earn I Ings not by reison nf Increased srost. but , beiausc of redu. thins in nperatlhi: iimii, I'or aia mere wa-i a ue, re.is,. oi 33,i."i, or ltd per cent In Brnss, but with n i ductloii of 3ii,ll, or .'3.3 per lent, In op eratlnK espetises nei carutnRs for the month In, leased Is.iiRv. or II p r cent However, there w is ut the same i lute an lutreate nt ID, '.'03, or 11 I per cent.. In nurd chart's over May, 1914, to that th IIIVIIIKNHS AMI INTKKKhT. I The Baltimore & Ohio Railroad Co. , , (U-KICH ill' Tilt: SIICIIHTAHV 11 1 tlmnre, Md .luly s r.n:,. The Hoar I nt IMre. tors this day de, lared fr on the net earning- of the Company for the six miitllhs ended June 30. 191.',. m divi dend nf Two U) Per Cent nil the Preferred M,, k of the Conipinx. payable September 1. IMS Iii Hie stm khoblers nf re. ord ut i the i lose nf btislnets on July 21 Hil5 Th, Hoard al-o dc',arel from the surplus earnings uf the Company a dividend of Tan and n ne - In 1 r c ; i, i per Cent on the foinuion Slink ,,f the Company p liable September 1. I 1 :.. to the stockholders of ret ord.it tile , lose nf bushiest on July The transfer luniks will not close. C. W. Woul.FOttn, Secretary. And twent) -seven ("!) bonds for $100 eat li, nuniher 03 03TS 0547 0!3 OSTS clKi 0)135 Oil 0?.', 041(1 0601 OV35 fi !U I 01311 OIKS 0U01 02s4 0162 0B10 OsT, 1 CI10J OUIH 01733 OHIX 03C1 0340 0C2I The bonds bearing the above numbers will be purchised a, par by the payment of th principal sum thereof, on presenta tion and dellvtri of the sun- to the undsr slgnsd trustee a' Its omce 131 Devonshire; Street, after the llrst ilav nf Aurii-I. 101.1, from which dale Interest nn -aid bonds will rease In conformity vv h 'he , rnu nf thn trust agreement TheNew England Trust Company TltfXI KK. Hy JAM US II H'oil'HIt l-r.sidm. Hntton, Mass July :o, 1J15. Ilorden's C'ondeiisrd Milk (niniianr. CslMMllN STOCK niVimiNll NO 40, A semi-annual dividend nf 4'e has been did, iicd ,,n the Common Stnrk nf this i .uipinv. inj.ilile AiiKiist 14th, ISIS, to -in, kh'.i.lcrs of reiord July 31st, 1915. II., ka .Ins.- .1 il I x 3lsl int.i. at 12 M and open Viigiist lilih, 1!U:.. iii 10 A M Check, ' mulled. K fl SIIOV1: Tteasurer. surplus for the mouih wat but : 19. as , ,,inpare. with : 9 033. a deire.se of 2. per , en I'nr the twe.ve uionlhs ended May 31 Rross earilloRS were es liy JJS.'.IS'J. or S 2 per . ent . than for 'he preceding (ear. hut (here was a reduction of I24H.43.'. or 14.1 per cent . u operating costs, so that net ampins wer nil but Il,3il5 With an In crease of I I3S 3sn, or 22 per cent In fixed barges surplus for the ear was !-'. .-(.'. as compared with 1407 909 a de, re.ise of H2 pi r eenl As preferred dividends for Hie twelve months were 1 3 0 0. on n , thart wa a ilelklt of 131,731, at compared with a lurplut over dividend, of 174,518 for th TI) TUP. HOI.IIKK- HI' 4 i:il 1 1 III ma iir ii:i'4isir iii;i'iur:vi 1st, ihk m. I'l.it i i:n r i i i: i; n ('4ll,l,.l'i;i( l, ,,II Mil i I-' Till. Kansas City Railway and Light Company in i: i;i'i i:Miti:it i, 1012, NoTICK Is herebv given that the Com. nilttee under the Agreenieni dated August tfi, 1912 P.r the d, , . I the ., ove inn tinned Notes has, puisum' I, he terms of Article Kmirih -fsill greement, ex-ends 1 the perlr.,1 In sill r' i, l'."irth specltlei as tho period within uhl, h the liepoaltnra of svld Notes under sail Agreement will ha entitled 1 1th er lo rciehe new securities or cash pursuant to a sate or a plan for the reorganuitien or readjustment of the. Companv or to the return ..f the deposited notes or the proceeds there . f t .r a further period nf one .ve.ir from August u. 191.1, and that tuih further period of one je.tr from August 15, fir tux ien tie,i as th period within wbl. h nn h Depositors of sal I Notes wi.l ho entitled either to receive, new securities or ash pursuant to a tal, or a plin for the remg.uitMd.jn or read justment of the cntniMnj .r to the return nf the deposited Notes or th. procreJa thereof. Dated, July :1, ln .14111 V II, DIAMS mi i;i. i.. n i, i, Kit. .IK III I Mi: .1, H.W.WKIt, lAMKt .1. sTIIMItllW. twelva months ended Max 31, 1911. whan preferred dividend, were higher by 33 JSI.