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The sun. [volume] (New York [N.Y.]) 1833-1916, July 23, 1915, Image 11

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SAGGING TENDENCY
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 9.4.19.4I .. 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.

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