The Brooklyn Daily Eagle from Brooklyn, New York • Page 11

THE BROOKLYN DAILY EAGLE. NEW YORK. SATURDAY. JULY 22. 1911.

11 TRADING ON THE CURB. COTTON MARKET. THE STOCK MARKET WALL STREET NOTES BUI GETS ITS CHARTER SALES OF BONDS. Transacting to-day (In Ings subject to price and interest: Deal' STOCK TRANSACTIONS. High- Low- Clo- Net Sales.

est. ing. Changs 600 Amal tl98 J4 t. C'J's 4 est. C'J's 15 Citi 54 The undertone was somewhat steadier during the session, although the tendency for offerings to increase on the scale up The outside securities market to-dny opened quiet and Irregular.

Nlplsslng Mining was the active feature and again showed weakness. The decline to-day 000 Am Beet 54Vi 700 Am ll'2 1800 Am Can pf 874 6 HUH 7 1 20 11VH 88 87 7s 1188 86'a 'brought the stock down to a new low Reaction Follows Early Rise. Banks Reduce Loans and Cain Cash. 4 Argentine Chinese us rcut. Greenpoint National at Last Under Way To Open Within Fifty Days.

7 K8i 1" 7 AmTATcT4s.l08 in AmTobacco4s. 871, 1 lot 4VGt Nor 1 st. 1 08H 7 Lock Steel os 'is OH 3 LaolUaifdg.is.lOn a nw 1 Lake Shore d4s. 04 i "0 Lakesb.4lMl. UHH 10 2(1 2 Leh 1 lMH 1 hong Isl con fit.

1 10 2 MilSlMlcbdT.llf) fi IsoraccoQTos. O'A SSS 1 1 Kl Central 4s OU44 2 NT Cent. Lake Bbeol tH tiorf West4s. OIH 10 Norf Wct4s.108 2 Nor Pacific 714 Art riorFacl0.ij4s.. OnH 800 118J4 118 4 100 AmlceSec.

24 24 24 100 Am 41'a 41'. a 411a- ai 100 AmLocopflOS 108 108 100 AmMalt pf 438i 43 Bs 3300 AmSmelfi 80S) 79 S01s 3s 200 AmSmel pHOT'a 1078 107Vr- 900 136'a 100 Am Wool 91'a 91V.J 9 Ha 4b50. Atchison. .114 113a4 200 Atcn'n pf. 1038 10338 103Vf- 'a 300 AtCoastL.132'3 132 132 's level for the year, rredous Metal shares gonerall were nearly all slightly lower.

Holllnger developed some weakness and declined nearly a point. Copper shares were quiet any only about steady. Specialties were quiet but firm. Bonds were neglected. The following Is a report of transactions in the principal Issues traded In on the Curb: 11:30 A.M.

STOCK? Sales. Open. High. Low. tjist.

Anier. :0 93 W1 3 3M, Cons. Aril. Sm.1000 1 1 1 1 Doble Mines 100 1 11-16 1 11-11 1 1 11-16 Olroux Min 4' '4 6' in it J5 20 I Ann Arbor 4s 87 7H 2V huh 7, AtchTASF4a. Ost, HO U(l 2100 Bait O.

Holllnger a. lr's 121 l-'J km, mo io9- 4 1 i rjwii i 3 AtTASKadj'4i (IJ 7 5 HUH 04 's 64 Alrhmni.tti 100 pf. 90 90 90 Oreg Sb If 6 BaltiOWVais! Uiu 11 PP14 20 Bkn STTI i 10 Pac'i'elTel5s, 200 BethSfl pi 2B8 02 02bb 3500 Bkn T. 835 82a4 82s4- K2 4175 CanFacinc 2415 245la 7a Inspiration 4'X) Kerr Lake (0 I.a Rose 700 Manhat. Mckinley MAS.

Xlptsstng M. Co.4'KH) Porcupine Cent. .540 Porcupine Hay I'entral iifl D'i 4 3'i 1H 4 Si 60 1H 8'. 4 34 1S 4 'Ni 60 6't 4 S'4 's SI ffi IS 3n "7 "I 2 3 People Ga5.102 1 PereMarq'w is OH1, S1. 7'4 HI 14 30 8 30 8i88 82- 227,8 3g fir.

Siandaril (01 Waulsurer WOO I 1-18 1 1-1 1 1-1" 1 1 500 Cen Leata 30 1300 82T8 100 CGVV new. 2278 5425 200 200 100 Chlno Cop. 2338 100 35'a 100 Con 14li' After many setbacks the efforts of the promoters of the new Greenpoint National Bank have finally been successful. It was announced to-day that the charter for the new Institution had been granted by Controller of the Currency Murray, at Washington, under the seal of the Treasury Department, and the bank, it Is expected, will be ready for business within fifty days. The bank has now on deposit with the Irving Exchange National Bank of Manhattan 165, 000, the sum being more than 50 per rent, of the payments on the 2,000 shares of capital stock.

It has also purchased $50,000 111 government bonds, against which currency will be issued. The bunk will be located at 140-14 Greenpoint avenue, on a plot 40x35. The officers will he: George A. Morrison, president; James A. McCafferty, first vice president; George It.

Howe, second vice president; Walter Wilmurt, cashier, and Julius Slegelman, counsel. The capital of the new bank Is $200,000, the surplus Sioo.noi), and there will be an additional fund of $10,000. The promoters have experienced a great deal of trouble In forming the new Institution. Mr. Wilmurt.

formerly cashier of the Seventeenth Ward Bank, au.l 0 WVt 15 Bedinmim4st 1 KloGAWosI 4. in stl. 3 StLASoWlit. H2H 2 2H JO SoahAirl.adJos 81 Active Miscellaneous, 1288 12834.. 20U 200 -1 2338 23'8- 35'a 35'3 J4 During the latter part of to-day's short stock market session prices reacted, and closed around the lowest of the day.

The upward movement at the close yesterday was resumed this morning, but profit-taking of traders subsequently canceled practically all the early gains, t'nion Pacific led both the advance and the decline. The bank statement was favorable, showing an average excess cash reserve of $196,859,450, an Increase of $7,711,750. Features of the average statement were a contraction of $13,734,000 in loans and an Increase in cash of $5,694,000. The actual statement showed a reserve increase of $7,798,450. The reduction of loans was $15,247,000 and cash gain $7,643,00.

The market opened briskly anil moderately strong, with Union Pacific the feature, as it was at tlia strong close yesterday. The stock advanced to new high ground for the year, selling up to In the first few minutes. Steel was strong above So and American Smelting moved up half a point. The buying of this stock was accounted for, in somewhat belated fashion, by the failure of the Federal Grand Jury yesterday to And any basis for action against the corporation. The active railroad stocks generally participated in the rise, but the tractions were decidedly irregular.

B. R. r-Testerday- Rid. Asked. 2 Bontn nit- 102 14tia4 100 Dei 172's 172'8- 88 .28 893 AmSteelFdy6.

03 AmRylStrawP .25 Am. Tobacoo. 800 Am.Wrlt.Papei 2 has not been dissipated. At the start gains of two to eleven points were general, with the following fluctuations rather erratic, but pressure was naturally lessened following a week of demoralization. Snorts were fair buyers early, prompted to some extent by further rains in the Mississippi delta.

Advices were again numerous that this wet weather was Increasing the number of boll-weevil, and the deficiency or sunshine was retarding development, and also that shedding was noticeable. The official forecast was for probable showers In the West, and as Memphis and New Orleans were on the buying side, presumably covering shorts, sellers were not so aggressive. It was evident, however, that to nwaken bullish enthusiasm on the complaints from limited sections of the belt, was difficult. New cotton Is arriving in larger volume at the Southern ports, and while, of course, a gradual increase In the movement is expected, there are some who believe that unlfss col ton conditions show Impairment, the enrly movement may not be absorbed as freely a3 was the case last year. Although spot Interests are expected to buy moderately as prices recede, they were among the best sellers to-dny.

Foreigners conllnue to buy locally, in the nature of straddles, and in the meantime local traders are all talking rallies, and, Judging by their Indisposition to work in harmony for one, it would seem that their desire was to put out fresh short lines, if a good opportunity was afforded Fall River reported Increase In curtailment for the week, several additional mills having gone on short time; idle looms in mills In operation agalu contributed most largely, rionie further Increase is looked for before new cotton begins to move freely, as mills are not yet receiving any benefit in the cost of actual cotton from the big drop In cotton prices. The total curtailment for the week is placed at 200,000 pieces. The market for print cloths at that center continued very dull throughout the week; irregularity In prices has been almost the only feature; a few very small sales were made at reductions of Vc; bids Hre in the market on some styles VhC higher than sales were made at In the New York market for the same grades. The total sales for the week are estimated at 45,000 pieces, all odds and nearly all spots. The receipts or cotton at the principal Al-annc and Gulf ports, aa reported early to-day, DOH tiri, l5 80 2 10 32 PtVti Pac.

Mr 4s 53 Soulliem Itr4s Term A St 4s." ma. lift J)0 2 8 479 478 24 3078-59 200 Distil Sec. 3(l'a 1300 Erie 37'8 700 Erie 1st pt 59 800 Goldueld.M 534 30'4 3lirs 087,8 04 l.lt1-, 5 1 TolAOCentlst. ion 47a 47s 18 1 Trl CitT os lls 15 8ri 7 Cen Gft eon os 1004 5 on her 'is Hu 10 lntNwKn4s, IIHlJ Crn Pacific l. 7 1 1 hcsA 41a .101 '4 CbesOoT4.

95? H5H of Chi Bur 4 4. 1)7 071. 1 ChlAKnst 10 Chi t'4. WS ,5 Chi A 80' 10 ChliNWm4s. HH 3 8i OX' 10 CliIKI APac4i.

7f. -O T.IH Chi I A frtir. i'JO Hlllsj 11 ISDH ChHIAPgen4s. 0(1 7 Cboodk AH fla.lOSfa 10 Col 77 6 CornProdoalKiU 004 10 lieii Uudcv4a. I'l'i, 1 OH 0 Del AUeq4Hs.ll)lt 1 Krle4n HO 20 Krle conv A 8184 lo Krle cuuv 80U 15 80 6 Flor East 4 is K7t 1 Gen OOHt 6 lnfb Met 4 7111.

10 7114, 6 7Hs, 10 Do, registered. 7fli Seller 10. tSeller 20. 411 Uu Pacc 'a B5 1 Id 81 110H 137 'a 00 124 125 0200 Gt Nor pf. 138 200 GtXorOre.

00 300 Harvester 124 200 Harvest pU2j OH 110 18 '-i 1 1 Bay State Gas. Braden Copper Brit. Col. Cop'r ButteCoalltton Butte N. Chi.

Colonial Sliver Cobalt Central Con. Ariz. Smelt Ely Cong FlrstNat. Cop'r Florence Mio'g Glroui Copper. i lems 14t 110 bo 137M8- f9 00 -1 124 125 145'a lk 17's J8 51 Rs 49 84 35'a- 'ii 1 Lnlon rao 1 101(4 i IIS 1D4U 500 111 CentralUS'a 145 lnterb Met 177,8 1778 500 In: Met 5188 51's 100 Int Pap pf, 49 49 200 Kan Cy So 35 35'a later malinger of the Seventeenth Ward .01 1 "4 l8s Every speculator knew that the time would come when Union Pacific would be "taken In hand," and brought more Into line with Its chief 10 per cent, rival, Canadian Pacific.

For months past It has been on the tip of the Wall Street tongue, that If Canadian could advance so far above 200 and hold Its advances. Union Pacific ought surely to be able to sell at 200, and if at 200, why not up to Its 1909 record of 219? Canadian Pacific, It has been claimed, stood In a class by itself. The company was In a position to benefit from reciprocity the same as any railroad company this side of the border, but It had peculiar little advantages all Its own. It had no Interstate Commerce Commission to worry it, no state commissions to harry it at every state crossing, no Federal Government to get on its heels and trip It up for doing those things it ought not to do, Innocently or otherwise, and for leaving undone those things It never dreamed It h.tu any occasion to do. Hence, with the stock bought by many small Investors In lots of one share up, for keeps, so Ions as It yielded 4 per Canadian Pacific enld Its friends had a right to all It got.

But as to the speculative element, this figured on comparisons and on rlghtlni; apparent wrongs. Let Canadian have on advantage, but not too much advantage. Fifty or more points began to look like a reflection on American Institutions. Moreover, the discovery made that while for the Just terminated fiscal year, Canadian Pacific has earned about 15 per cent, on its common stock, Union Pacific has earned 17 per and Union Pacific Is more seasoned, loo. Tho argument In favor of the latter being entitled to a riae has a reasonable appearance.

Is said that It will be used for all It Is worth and all that It can do to make (he stock worth more. "Take my assurance for It," says Attorney General Wlckersham. who seems to have committed himself to a campaign of education, and made himself a committee of one to see that it is carried cut, "those big combinations are golnn to be split up Into a number of separate and distinct part's, no one of which shall have any connection or control over any other uo one of which shall have so large a percentage of the business as to be anything like a monopoly." Mr. Wlckersham, of course, said a lot more things when speaking to the crowd at Hancock, and it he had been day later he might have told his hearers how many pieces into which the Standard Oil Company Is to be spit up. Attributed to an "official" is the announcement that the spilt will be into thirty-five corporations.

There was an idea at one time, It seems, that there would have to be one hundred and twenty-five separate concerns, but that total has been whittled down. It would now appear to be up to Mr. Wlckersham to find out how. the whittling was done and what became of the other ninety parts, which perhaps should bo "separate and dlaUnot," to meet my interpretation of the decision o. the Supreme Court," as the Attorney General says.

It Is not to be all monotony and Indoors with the auditors of the Stanley probing committee. They are to go around and see Ings. After doing Pittsburg, three weeks will be spent In McKeesport, looking Into the affairs of the National Tube Company, after which they will go on a personally-conducted tour of Industrial centers within one hundred miles of Pittsburg, and as much further as circumstances require. They ought to have 2 105', Steels os. 14 10 1 no.regtstered.lOOK 4.j VaCarCbemlsi.

10114 II WabPtsTlstot 4S'l 5 Marjlandis. 8814 III Asksa in1? sn 895 'A xk 5 5 18'i, '4 4 l's 1 1'4 IS (l88 .10 738 r. 12 12 9 05 8'4 t(i 130 5 F2 20 44, 31.4 914 .40 14 5'4 850 Lac'deGailOiTg 1075s llOOLehlehVal 175'4 17434 1743j 400 1527s 152as 152V-100 Marine pf. 17's 17's 17.8-400 Cop 2178 22 500 1427s i 142 3 S7 37 6 88 1 1 i's .07 T's 3 i'i 8'4 8'i, Total aaleai to-day (par value) $1,565,000 Yesterday 110U Mo 1 aclnj UU's OUB frecedins day 20'i 98a4 56's Ja 700 Nat Enam. 21'a 1215 Enam pfl0UM4 200 Nat Lead.

5U'i 500 XevadoCoj 191! GOVERNMENT BONDS. GoldfleldDaisy .07 GreeneCananei 7'g Havana Tobae. 3 Havana Tob. pf 3 Hollinger 13', Houston H'4 Houston Oil pf 61 Insplr'nCopper H'-j Inter. Rubber.

254 Int. Smelt. Internat. Salt. 3 Int.

Salt 41 Jumbo Ex 18 Kerr 5'4 LaRoseMlning. 4 Manbat.Trans. 3 Mason Valley. May Oil 35 Bid. Aakel 19U 8 ts, 1100 Cent.

109Bs 108Vj Bid. Asked u. s. 2. r.J.u;4 look U.

8. -'s. c. lOO'l U. 8.

a. r.JOUi U. S. s. U.

6. 4a. r.liilH 114 i. made an early advance of but shortly relapsed below yesterday's closing. lnterborough-Mctropolitan preferred was weak.

Announcement by an official of the Standard Oil Company that the corporation would be split up Into thirty-five corporations was received with indifference by the market, though there wore those who believed there should be speculative possibilities In the news. Stand urd Oil was quiet on the Curb. Tho early London market was depressed, as it has been for two or threu clays, and a numutr of American stocks were affected by profit-taking. The movement, however, was concluded by tho time the New York market opened. Sentiment here was helped somewhat by the outlook for a report of $28,000,000 earnings by the Steel Corporation during tho second quarter, as estimated from Pittsburg, against $21,000,000 for the first quarter of the year.

The report is to be published on '1 uesday. S. 4s. e.lJajf 115 Pan. a.

loo-H Pan. juassiuo luOH V. C. 10a D. C.

10a 1211 3 4S 18 4 3 9 1'4 '4 4 Ol'i 1-8 1 'i l' lli .10 7'1 5 12 13'i )2 T0'4 13j 5 ri 20 4' i4 14 5 1 Va F0 la4 (5(1 J1 Co 'a 59 2'i 2 88 A were aa loiiowa 200 NYNHH.140J4i 140U 140J4 34 2800 40'i 461a 3s 300 Norf W.10878 1087i 10878- 5800 North Pac 134:,4 134 134V8 'i 100 Pac 30 80 ,8 7C0 Penna Ky. 125'8 125 125 J.8 100 10(a8 l4 To-day. NEW YORK CITY BONDS, Last w'k. Last y'r. 131 39 60 1.4.14 Galveston 439 New Orleans t7 (Reported Oy Douglas Kenwluk 4 34 Wall Btreel, New York.l McKlnley-D.

Mobile Savannah Hi Charleston Not In Vorfollc 55 8 l.sr.z 4C, 3.0SJ Rate. Due. Bid. Asked May, 1057 1UKH 10814 4(, 1UJ7 ltma, 108 5 3 8's 900 PtsCoal 80B8 tS 200 Fres Steel 37 'a 37'ii 37lj "5200 Ileadiug. ISS'a 1571i May, JHI7 1(KJ loan 1017 10B Ilium Mines Am.

new Nevada N. Y. Transp'n NIplssingMln'i Ohio OldHundredMg Pac. Palmer The total rucelpls to-. lay were estimated hi 700 bales', compared Willi not In last week, and not in Inst year.

The receipts at the principal points compare as follows: To-day. Last week. Last yr. Houston (227 Wl lS 300 RepSteel 94'a 94'-a '4 interchange. WHO 10214 KW1 Interchange.

(new)4S4 1000 103 i 5 a i 'k '4 81 1B8 83 May, 1H. 2800 Rock Isl d. 33l4 1500 Rocklsl pf (iO'j 220 4v'U 38 00 484 10(19 00 48V MpmnhlK Not In 8 11 Ai.r.iBfu Interchangeable. 4 Interchangeable 4 Interchangeable 4 Keglstei-ed .4 Registered .4 Registered 4 1-4 78 .0,5 418 St. I.OUIS W4 33 33 100 StLouisSW 33 r.ov., IU03 May.

1957 105(1 1055 man 101H-1H1O with Jstlmaled receipts for to-morrow, branch of the Union Bank, first conceived the Idea of a national bank for the Greenpoint. section. That was more than a year ago. Mr. Wilmurt was at the time in charge of the liquidation of the Seventeenth Ward branch of the Union Bank.

The old Seventeenth Ward Bank had had a most successful career utUll the Union Bank absorbed it. mid Mr. Wilmurt convinced that a purely local Institution would be successful In tha tlocallty. After the cloBing of tho Union Bank, the only financial Institution In the Greenpoint section was a branch of the Corn Exchange Bank, and many of the Interests that had been associated with the old Seventeenth Word Bank before it was taken over by the I'nlon, agreed with Mr. Wilmurt.

Mr. Morrison, the president of the new bank, a builder and contractor In Greenpoint, and Mr. Rowe, a Journalist, were the men who aided Mr. Wilmurt most In his efforts to organiie the bank. The stock was sold In small blocks to local Investors.

It did not go as fast a was expected, and it became necessary to ask tho Controller of the Currency to grant an extension. The National Bank law requires that a bank ba started within sixty days after the granting of the charter, unless an extension Is grained. In complying with the request of the promoters, the Controller stated that It. was the policy of the Government to be lenient in cases where banks were being organized by those other than professional promoters, and that, as the Greenpoint was being promoted by business men of the section in which the bank was to be established, the request would be granted. In finding a home, the promoters also experienced trouble.

At one time It was thought that they could be able to secure the former offices of the Seventeenth Ward branch of the Union Bank, but the Corn Exchange Bank succeeded In purchasing this. Several stories have been circulated from time to time. Injurious to the prospects of the new bank, according to the men who were working for its success. One of these stories was to the effect that professional promoters had been engaged to sell the stock, and that a larg bonus had offered to them. Thla Whs not only denied by Mr.

Wilmurt and Mr. Morrison, but they even went bo far as to consult the District Attorney regarding the attacks that were being directed against them. In regard to the expenditure of the bank's money. Mr. Morrison declared that the only money spent was for the temporary offices at 162 Noble street and for an office boy.

The whole cost, according to him, wan about $20 a week, and he denied most emphatically that any bonus had eyer been paid for the sale of stock. PorcuplneCen. Raw Coalition. Ray 4000 So Pacific. 12478 124H 124'i 88 33'4- 314 1054 1(H)H OOH Wil 00(4 Kill 00a OH14 004 100)4 8S74 885, 887, 884 88J4 To Net Bid.

Asked 4.07 4.0-Z Interchangeable parlsons. follow: Est. to-morrow. Last wk. Last yr.

Galveston to to li 164 111 New Orleans ....100 to JIM 8 NEW YORK COTTOJJ MARKET. iHeported by Hubbard Hroa. A 4 Baavu street, Manhattan.) a Mni, 1054 Coupon 748 41'4 291 11 UUUO 100 South'n pf 748 100 Tenn Cop 41'4 300 Tex Pac 29 'a 100 Third Ave. 11 1U50-1U54 Registered 74 11 I'd 13 .07 la4 000 1 78 'il 1lk 2 88 eater C6 2 r8 8'a Standard C57 StewartMInlng 7a Tonopah Mln'g 5', TonopahExten Union '4 Un. Cigar Mfg.

57 United Copper. 2 U.S. 7'8 U. S. Light 8'a Yukoa 4 days Registered Registered Reg.

and coupon, Rog. and coupon, 318 Und Type. lOO3 100'a lOOVf-35300 UnlonPao 19238 1 91'4 191V-300 Un Pac pf. 95a4 95la 95Vt" First sals. July.

12 80 Last cale. 13. 25 1273 1207 Last. 13.19 12.74 12.05 1030-1040 1024-1030 1016-1024 1011-1016 11140-1050 1014-1025 1011-1H14 .3 ..3 .3 4.07 4 10 4.10 4.10 4,12 4.10 4.10 Blithest. 13.39 12 HO 12 10 12.10 12.08 4.02 4.02 4 OK 8.05 4.00 4.00 3.06 lowest.

13 15 12 71 12.05 12 OH 12.02 Ileg. and coupon, Registered Reg. and coupon. 100 UnDryG'dslOri'a lOO'a L0J UnDryG pfl07'a 1071-a 107 V. 4 '8 12.07 12.10 12 05 Dec.

Jan. MONEY. Call money was nominal to-day no loans being quoted. Time funds were quiet, and rates were practically unchanged. The loaning rates on stocks were 2Vi per cent, for Steel common and 2 and per cent, for all others with fair demand.

The Sub-Treasury was a debtor at the leaniig House to-day for $1,214 833 The t0 the banka yesterday 5581,000. New York Clearing House state- iotl.V. ExL'tlaD'Ses. balances, 309. Domestic exchange on New York was nominal, with rates unchanged.

The foreign exchange market was easier to-day, showing a further decline of 5 to 10 points. Quotations: Demand, 4.8605a4.8610; sixty day bills, 4.8410a4.8425 Money on call in London was quoted at lal4 per cent, and the discount rate for short bills was 1 per and for three months bills was 2 1-16 per cent. The discount rate at Paris was 21, per cent, and at Berlin the discount rate was 24 par cent. something to tell the committee by the 12.00 12.00 12.02 12-05 Registered Inactive Industrials 38 'a 38 09 Hi NEW YortIC STATE BONUS. (Quoted by J.

K. Rice, si wn .1 time they get through. Evidently the committee will not get through for lome time, so bears on Steel may cheer up, Asked Wd. Asked 200 Un Ry Inv. 88J-a 400 UnRyln pf 09 100 USR'tylmp 747s 100 US Rubber 41t8 22000 UB SO'-a 09 747s 80'g N.

T. State (canal). 4 July, I860 1(16)4 106 N. Y. State (canal).

4 llllil 10514 100)4 Y. Slate .4 1058 106)4 1UU All prices with Interest. as something may yet come their way. 7478- -Vi It is reported that the American Smelt 100 120 2H0 110 07K 44 Bid. Am.

Book. Am. Brnss. .1211 Am. Chicle.

270 AmChlcle pl(l8 AmCoali'r's) 05 Am.UasAlO. Am.U.srKVp. 42 Am. Light. .284 300 ll8Va 1187s 255 1(12 80 1 10 102 75 105 0,1 88 53 Int.

Nickel. 245 IliMrksl pf.llio Int. 50 Int. Sllv. pfll.V XaiHugar p.

08 Olla 70 Otis Blev.pMOO I'aclflc 01 Pac. Gas pf. 811 Popo 48 PopeJUfg pf 70 ing and Refining Company has acquired the balance of the American Smelting Securities Company common stock, amounting to 123,000 shares. The latter 200 Utah Cop'r 50 49'8 100 VaCaChem J38 58 58 100 90 90 90 1 88 Aml.t&T 1004 company reports for the year ending May 31, a balance of net earnings, after In liUU west u-4 044 4 411 terest payments, of $6,242,082, an In 81. COFFEE MARKET.

The undertone during the session was heavy with demand slack. Cables were extremely disappointing, particularly the German market, and it Is apparent that, sentiment is becoming more two-sided. In reference to the cables received yesterday stating that a syndicate had been formed for the purpose of maintalng values, the general Inclination was to place a more bearish construction on these advices. Whilo yesterdny many authorities voiced the opinion that this preculded the possibility of any important decline, the intimations were not in the minority to-day, that If the situation was strong and that present values represented the Inrtnslc worth of coffee, no combination would be necessary to sustain levels. 1IH RoyalB.pfl07 uu 100 Wheeliug.

3's S-f- Bank Stocks, gales. High. Low. Lut. 8 Fourth 200 200 200 crease of $1,039,771, and a deficit, after all deductions, of $64,775, a decrease of $1,198,221.

As to whether the stock acquisition is a bull or a bear argument on "Smelters," Wall Street is more or less in doubt. Influences, bullish and The volume of business, hour by hour CHICAGO STOCK MARKET. (Reported by 1. 8. Bach ft 41 Broadway, New York.) Open.

High. Low. Cloas. Can '1W Jl J' HH Can pfd 8fl' fS m' 8fl; Chi. Ry.

Sariea 27 27)4 t7 vj Carbon H3 3 13 113 1J3 Chicago 135)4 18o)4 135 )35 Illinois Brick 55 65 55 55 Kan. City 17 17 17 17 Match IDS 105 105 105 Sears Roebuck. ..1424 142 142 142 bears Roebuck pll'Jl 121 121 121 Shipbuilding 61 61 61 61 Street's 84 8(4 84 Street's pfd 42 2 i'i 42 subway :4 3T4 34 374 Ht 102 102 102 102 Jelepbon 123)4 123)4 123)4 168 166 166 166 To-day. 521, SILVER. Teaterday.

Bar stiver o2l Bx illver In London 34 Mautaa dollars 45 Ain.Typef'r 4U AtnTypef.pf 05 BabcockaVWIOl BoriienMllklliO BordenM.pf 107 BnAc.Muelc. 25 Hkn.Un Bl. 55 HknUl.Klpf. 70 Bush Term. 05 20 Crlpp.ck.

pt 43 tlupontPow.155 Kmp. 13 Em. Steel pf 50 Kill 1114 128 100 55 70 80 1110 27 48 185 20 60 and for the day, was as follows: Shares. -4 VI 121 278 47 1IO 120 3.1 05 28 10 45 sarely 18 Singer Mfg.208 FtanOoupler 42 StanCoup.p.ino Eland. PalntldA Trl-i'lty By Trl-f Hy.pf 02 WestPaclflc 18 Worth.

Rpf.lua bearish, have followed one another In such rapid succession lately, that the 94,700 63,400 From 10 to 11 From 11 to 12 Total .158.100 STOCK MARKET OPINION. Chlsholm Chapman The market, xmirDiPAihi erri timp BrofiDT i mivi Lniunin OKIL.L. i iimu ntrun generally, Is now on a level, discounting bumper crops, adjournment of Congress Receipts are gradually Increasing but no abnormal amount of pressure is dls-cernable from the heavier movement. Cost and freight advices were unchanged to a shade higher. In the meantime the 'Ex dividend.

Inactive Miscellaneous. RAILROAD EQUIPMENT BONDS. (Reported by gwartwout Appenzellax of 44 Pine street. Manhattan.) Data of Interest yield Surplus for Year $844,071, Decrease of $701,308 From Last Year. The American Smelting and Refining Company rfpnrta for the year ended April 30, Bid.

Asked I Bij. speculation has been a good deal up In the air on the stock. "Smelters" shows for the year to April 30, a surplus of $844,971. or $701,308 less than for the year preceding. It was said to-day that a large and powerful pool was working In Union Pacific, and that it was due to pool efforts that the stock made a further advance In the early trading.

Belief was expressed In bullish quarters that It would be found that this was ono of those pools which would be able to chew all it could be able to bite off, no matter Maturity. Am. Malt (is 1110 1111 Buffalo Gas 3 5 llnbok.F.en OH Asked Kxlfs 07 (lll 10H-1IHT ERIE DIVIDENDS REMOTE. a-i follows: i hanges. 111.

Increase. Nel earnings 1747 ordinary repairs 92, in Jilo 102 08s 75 Management Favors Further Im Name. Rata. Atlantic 4 4-4J4 Central of Central of N. J.

Chea. ft 4 Chi. ft 4-4n-5 Chi. ft East. Ill.4n-A R.I APac.

44-0 Ham. 4 D. 4-S Uel. ft 44 lrie 4-4-5 Hocking Valley. 4-4H OaselnAmer 1 4 CaselnA.

pf 55 60 CenKlrew'k 0 CenFlrew.p 25 103X ConltubTIre 4J ConRubT.pf 25 20 40 45 DenvaiGas. 105 210 DenvGaa 6s. 004 01 XAnisGasOsllll N'VBRO 1st 103 NVERG.cislOO SPaulOnaos. 07 SenSenChlc.138 Stand. 55 Stan.

Una pt 0() Stan. (fas StanMillIng 14 StanMIH.pf. 48 Stan. Mill. 3a 84 SyracUaafisloO 750,000 2S8.IS3 Halance Depreciation how large the piece.

provement From Earnings. Little credence Is placed in well-informed quarters In the reports which local spot situation presents no new feature, and although holders are receiving full asking prices in most Instances, the buying Is Indicative of a lack of confidence or at least a disposition to await developments rather than stock up at present. Coffee cable Havre opened easy, franc decline, an. closed with near inonlhs at (he opening level; distant Vi franc further decline. Hatnbura; opened easy, unchanged to pfennig ilor-line.

Kin steady: exchange standard unchanged at 7 i00: exchange on London unchanged al 16 Santo steady; No. 4 unchanged at 7 150; No. 7 up 60 rels at 6 700. Coffee receipis; Balance M379.il 4 Profit and losa adj 321.494 321. 100 17 5IJ 87 101 1(110-193 7 110 1-11117 1011-11117 inn-ma 1011-1019 Klll-1017 3011-lHlO lBU-lOUO 1024 1011-1017 1011-1018 1011-1019 101 1-191 1011-lOlj 1011-1018 KU1-1IH7 Iflll-lOlrl I 01 1-101(1 1IIU-1017 EUROPEAN STOCK MARKETS.

Balance for dlvs. Dividends 12 40 205 Elec. 0 ElecBoat pf 30 Guggenh'm lUo have been In circulation for some weeks that the Canadian Pacific Railway Company was buying Erie stocks with a view Bid. Ask. 414 4H 4H 454 44 4 41 4 6 4J4 4 4T4 4 B'i 4 4 4 5 4 6 0 tH 5 4y 4', 4i 514 4 fi 4H 4-t 4i 4X4 4 4 it 614 4 4 0 4H bit 49 -yt 0 1844,971 to securing control or a substantial Kan.CFt.S Kansas City So.

Lehigh Mo. pacific Mobile ft N.Y. cent. Unag Surplus for year I lecrease. 4 'i 4.4H 5 4 0 0 4 CANADIAN PACIFIC PLANS.

voice In the management. These Interests also display the same degree of To-rlny. cek Hgo. Yr. ago.

8, ono skepticism regarding similar rumors In iMorf. ft West Increase in Dividend Not Likely at Pennsylvania. 3V4-4 At Rio Santos Sao t'atilo Jundlahy US. ono 42.0ts 42. Ml which the Burlington is substituted for the Canadian Pacific.

They believe that and future business prospects, and unless the first of these conditions: Is fulfilled we are of the opinion that the top has been reached for some little time to come. Since the first of the year prices slowly, but consistently, have advanced without enthusiasm or any signs of public participation. John Mulr Co. The bears are now taking the ground that the crops are not absolutely secured, that Congress Is still in session, and that money will harden In the late summer and fall. Waterman Co.

We are Inclined to think that the market Is now preparing to discount with rising prices the passage of the reciprocity act, the probable adjournment of Congress, and possibly the commencement of Importations of gold from Europe. If the passage of the reciprocity act were the only thing to be discounted it would be a question if the market swing would not culminate ome time next week, but In view of the other two possibilities we think It is likely to continue until well Into August. Alfred Mestre Co. Some large financial Interests, which for a long time had held aloof from the stock market, are understood to have undertaken fresh operations on the bull side. They are counting upon the early adjournment of Congress, continued easy money and the approach of crops toward maturity, with fairly satisfactory yields, as affording sufficient reason for a legitimate rise in security prices.

There is unquestionably much merit in these contentions, and they at least offer sufficient ground for the expectation that the market should at least hold its own. Holiday 44, ono Holiday Holiday 40,400 Hnllilay 175,000 Holiday minimum tem- shrewd speculators, realizing the dis SMELTERS SECURITIES CO. The AmTlran Smellers Securities Compejiy reports for the year ended May 31. 1911, am follow C'hangaa 1111. increase.

Net earning" t7.SH5.IS4 To(aI profit and surplus. 1,623.423 Decrease. MAY SELL COAL AND COKE R. B. ConVe stock: At Rio tiantoa Hrazilian weather, all fine St.UftSanKran.

4-4I4-3 1011-1017 gtdACAK 1011-1017 Seaboard A. 10U-KH7 Southern 3H-4-4H, 101 11021 Virginian 1011-1HI0 WaDash 44-i 191 1-1021 Beelingft 4V3 10 1 i-lOW tinctly better conditions prevailing on the Erie, and the probability of still Dull and Uninteresting Market in London. London, July 22 Money was easy and discount rates were steady to-day. The stock market was dull and uninteresting. Home securities declined on the political outlook, but rubber stocks and Rio Tlnto shares closed steady.

Foreign securities were barely steady. Amerlcap securities were steady and a fraction over parity on favorable crop reports. Union Pacific and Canadian Pacific received the most attention. Paris The Moroccan situation caused a heavy tone on the Bourse to-day. Berlin, July 22 Prices were firm on the Baurse to-day.

better conditions within the coming year, perature, 4S. NKW SOUK. rnKPKB MARKET. (Reported by Hubbard Broa. 64 Beaver street.

Manhattan.) SHORT TERM NOTES. (Reported by Swart wout ft Appenzellar of 44 Pine street, Manhattan.) Approx. Forthcoming Meeting. The directors of the Canadian Pacific Railway Company are scheduled to meet next month for action on the quarterly dividend on the common stock. In connection with the advance in the price of that security to 247, it has been rumored that the dividend would be Increased again at that meeting.

It Is gravely doubted by Interests In this city who follow the affairs of the company closely that any change will be made at that time In the disbursement from the earnings of the railway company proper, and while it Is admitted that a larger payment might be made from the proceeds of land have made money by buying one or more of the three classes of stock several points below the highest prices recently recorded. In other words, they regard the activity in those stocks In recent weeks as having been due largely to Date or Name. Maturity. Amal. Copper S.Apl.

1,101:1 Openlng Yesterday's Bid. Last. last. July ll.fiS ll.fi!) September 11.21 11.30 11.30 October 10.87 10.85 1090 December 1059 10.54 January 10.S8 10.54 10.64 March 10.58 10.55 lO.fio May 10.59 1050 10.00 Am. Cigar .10.

la speculation. Conference for Deal In Progress 9 Elkins, W. Va, Klklns. W. July 22 An important conference which may result In the sale) of the Coal and Coke Railroad to the) Pittsburg and Lake Erie Railroad was held last night at the home of former V.

ttait.ftOhlo. Improvement has been going on quietly LONDON QUOTATIONS. fcfeth. Steel Nov. 1.1014 Cues.

AOnlosfcB.Juna 1.1014 In the condition of the Erie property and In the results from the operation. A Chi. ft Alton 5s. Men. io, tD.4V4.

Jnlrl.lOl:! IWl.ftH. ca. 4WaJ'r 1,1023 sales, it is thought that the same rate comparison with several large systems, most of them competitive, would show re S. Senator Henry Gassaway Davis. Among those present was R.

C. Kerens, Amer BANK CLEARINGS IMPROVE. Uenver Gas Apl. 1, kuip.I)l6t.Blec.6May 1, 1013 sults decidedly In favor of the Erie with fcrla R. Apl.

8. llt uen. Motors 6a. 1,1015 UenRubber IVis.Jnly 1, 10l.j Increase of 4.6 Per Cent, Over Last Olns- N. T.

Ing. equlv. Consols, m. 7Ks Consols, AC. 78H Amal.

Oop. 7(l? 68T4 AmHmelt'g 82 70 8 389s HflK 114 103 100, 03 0HH Can.Paclflc25H4 240)4 Ches.AOhlo 85K 2H fhl.aot.W 22 2I Prlceftlnt. Yield, Bid. Ask. Per ct 100 lOOHf 4.60 00T4 100 3.80 100)4 lOOil 4.31 lOOHl IOOJ, 670 00'4 OOJa 4.88 O0H 100 BOO 00l 4.30 101 102 4.35 OO14 10.1 6.UO 004 100 OU IOOH 101 6.60 00 BOtt 0.10 POM 07H 6.23 6HH OH O.Bl 18 03 6.04 05 flu 7.60 0014 0OK 6.13 07 OH o.

76 1O0K ioom 4.35 4, 4)4 4 lOO.t 101 4 3.4U 00 III) 648 lOOlt IOO44 4.4 lOlt 101H 4 011 1(10 IOO44 4,0 100 10OH 4.0U IOI54 luaVs 487 respect to some of the most important items from the railroad operator's point of view. The physical condition of the property has been brought to such a level and emthods of operation so well Ooh- N. T. Ing. equlv.

XatMex.M. 31)4 30 N. Y. Cent .112 l(i7, 108J Nc.rf4W.pf 02 80 North. Pac.

138)4 134 Ont. West 47)4 40 Penna 84X 125 8l! 157 Head. 1st pf 4()i o4 Head, id pf 50 P7 Hockleland 334 SfA St. 120 So. Pacific.

128 125 So. Railway 34 33U So. Ry. 77 75 THE TRADE OUTLOOK. Hudson Co.

F0D.1, 1H1J developed that still more favorable results along the same lines may be looked for during the new fiscal year. There has been considerable talk of re will be ordered as was paid for the last quarter. It is understood that there has been a large Increase In the amount of lands sold In recent pionths and that the prices obtained have been very satisfactory. A further increase In the prices is soon to be put into effect. Authorities on Canadian Pacific In this city are Inclined to think that the next bonus which the stockholders will receive will be In the form of stock in a company to be organized to hold th company's unsold lands.

It Is not believed, however, that any action of tlut kind will be announced at the August meeting. The Canadian Parliament Is not In session, and it Is thought that If the Canadian Pacific management has In mind the bringing out of a land com lck. Steel (s. Fob. 1, 11)13 K.

AT. 6s 1, 1013 Mo. Pacific 014 N. V. Cent.

sMisMch.l. 1014 N.H.Cent. eq.5s.NoTl,'ll-2ii N. v.Cen.cq.4H.Jan W.K.N.H.ftH.os 1011-12 bl.L.ftS.F. is.

1,101:1 southern Ry. 6i'eo. 1, ill 1:1 Year Reported. Bank clearings show decided Improvement this week, total exchanges at all leading cities In the United States, as reported to Dun's Review, being an Increase of 4.6 per cent, over the corresponding week last year. The Improvement also Is well distributed, nearly every city reporting gains.

At New York, bank clearings are slightly larger, although stock market operations are now much below this time last year. There are notable gains at Eastern cities, Boston, Philadelphia and Baltimore, likewise in the West and Southwest there is marked improvement. The losses occur at Pittsburg, Cincinnati, 2fl 28H 50 5HV Erie 3754 3H4 Krle 1st pf. HOI "81 Erie 2d 411 48X, 144 1S5H 37 309 M.K4T.p?. 0" Mo.

Pacific 51 14 "OM NatMex.lst 07 05) 11 08 8(4 118 10)4 3(1 Union Pac.lB7 pf. 08 V. S. Steel. 8214 US Steel pfl22 10J Wabash pf 37 Wabash ex OSH ican Ambassador to Austria, one of the principal stockholders of the Coal and Coke road.

The Western Maryland Railroad wis represented at the conference by General Manager Sheppard and Superintendent; Berry, while the Coal and Coke Rallroa.l was represented, In addition to Henry Gassaway Davis and Ambassador Kerens, by John T. Davis and General Manager A. M. Smith. The conference was adjourned at a lat hour to await the arrival of Colonel M.

Schoonmaker of Pittsburg, vice president of the Pittsburg and Lake Erie Railroad, who was expected during the night. The conference will continue to-day. LAUNDRY AND STABLE BURNED. A Are, whose cause was unknown, broke out in a laundry at 38 Hubbard street, Ulmer Park, at about 9 o'clock this morning. The building was completely destroyed, as wbb the stable adjoining, containing a valuable horse, which was burned to death.

The damage Is estimated at The owner la J. S. Cav-anaugh, of Harway avenue and Stryker avenue. sumption of dividends on the first preferred and possibly on the second preferred stock In the near future. It is true that the report for the fiscal year ended June 30, 1910, showed the full dividend earned on both classes of preferred stock and something for the common stock.

Although the June earnings and the preliminary figures for the fiscal year closed with that month have not been made public, It Is evident from the figures already at hand that the balance for dividends will be larger than for tho NEW BANKS FOB MEXICO. Mexico City. July 22 Ernesto Madero, pany betore long, tne necessary steps will be taken and the approval of Parliament sought during the three months minister of finance, Bays that plans are of the following the August meeting being made to establish three new bank- formal FOREIGN BONDS. (Reported by Zlmmermann Forahay, Wall atreet. New York.) Cleveland, Minneapolis and New Orleans, hoard of directors, so tnat Ins houses.

French capital will be be nouncement of the organization of the and as to several of these cities, they re- year before. It is known, however, thm hind one proposed for Chihuahua: Span omnany and the benefits to the stock I llct special cuntidions iu ineir vicinity. Isp capital for another, at. Puebla, and i those who have most to do with the the third, for which Mr- Madero said operation of the property are no moro concession would be granted, will have In favor of paying dividends on the pre-German backing. jferred stocks than they were a year ago.

Mr. Madero professes to see no por- The property Is being improved out of tentous significance in the outbreak in earnings, and they think that money Bank cieannps lor juiy tu nine are now practically the same as the high averoge of a year ago. comparing with losses of 3.0 per cent, in the second quarter this ear and 13.3 per cent, in the first quarter. Average dally bank exchanges for the year to date are compared below for the three years: 1011. 1810.

19(0. July 10 date. 12(1. ono Senn.l quarter 4X2, ttC.nuj First 47K.a73.OjO 461,701,000 should be taken from that source for Weekly Reviews Find General Conditions Promising1. The weekly mercantile reviews find that trade conditions In general continue quiet, but a cheerful view of the outlook is held on the basis of favorable crop developments.

Dun's Review says: "Trade continues quiet, but conditions are essentially sound. Better weather throughout the crop area has largely relieved the apprehension about the staple crops and lower temperatures In the luge cities have helped general business, especially retail lines. Railroad earnings for the first week of July show a small increase, while bank clearings this, week are 4.8 per cent, above the total reported In the corresponding week last year. Further improvement in the steel industry is reflected by the release this week of some important orders for various products, including rails. A moderate export demand has been reported." Bradstreet's says: "While trade sentiment Is rather more cheerful, based upon the improvement in crop prospects, caused by rainfalls In sections badly in need of moisture, actual business at wholesale has been and Is still rather slow to expand.

Retail trade has largely been confined to clearance sales of summer goods, but the results here have not been uniformly satls-fjctory. owing to unfavorable weather conditions and tho restricted buying power of many consumers. "Perhaps the most uniformly favorable reports as to trade come from the South, where bumper crop prospects stimulate a fair degree of confidence, and from points of the Southwest, where the passing of the season's long drought has improved sentiment. Collections range from slow to fair. In woolen goods the feature has been the opening of many lines of men's wear woolens at lower the different parts of the republic.

Bid. German consols. t3 German consols. 3s 83 Prussian Government 4s 1013 Bavarian Government 4s 101 Saxony Government 3s ot, Hamburg Government 3a 81 City of Herlln 4s 10.1: City of Cologne 4s 00 City of Augsburg 4s 0.1, City of Munich 4s 00 Clly of Frankfort-cn-Maln 0i City of Vienna 4s 044 Mexican gold 08-1 ltubsian Government gold 01 French Government rente 14 liiltlih consols, 2ta 76 several years and that as little as pos Asked. 04 84 1(3 1(2 Nl" 8-JH 101 ft 1UI llA.

loo 13 I fiH -H 05 10 holders of the railway company can be announced, if desired, at the autumn meeting of the board. The latest private advices received by local Canadian Pacific Interests regarding the wheat crop in the company's territory, Indicate a large aggregate yield. In gome sections damage has been done by dry weather, but the acreage so affected is small in comparison with the grand total. present Indications It Is believed that gross earnings of the Canadian Pacific will continue to Increase steadily. For the second week of July there was a gain of $242,000.

while for the first and second weeks together the Increase was $316,000. sible raised for Improvements by the sale of new securities. It Is realized that It was a mistake to have paid dividends on the first and second preferred stocks, and It Is doubted that those who control the property can be led Into pay VIRGINIA C. C. OFFERING.

Richmond, July 22 The Virginia Chemical Company offers to shareholders the privilege to subscribe to shares of unissued 8 per cent, cumulative preferred stoik at $115 a share. The ing dividends again until more has been new Btock is entitled to the next, regular I accomplished In the way of Improv-j- SADDLE HORSE THROWS GIRL. Miss Edith Jones of 1119 Prospect place, while riding a saddle horse on the) bridle path, near the Coney Island Hospital, Ocean Parkway, last night, was thrown to the ground, sustaining slights injuries. The horse ran away, and after" a half mile chase was caught by Mounted; Officer William P. Gardiner of the Coney Island Station, on Neptune avenue, -near West Third street.

Miss Jones was taken home in an automobile. dlvidend, to be paid Uctooer 16. Holders ments. BALTIMORE STOCK MARKET. by Van Shalck 7 Wall St.) BIG SALE OF PIQ IRON.

Sharon. July 22 The Republic Iron and Steel Company has purchased 60,000 tons of basic pig iron from the Struthers Furnace Company for use In Its new open hearth plant at Lansingvllle. It Is said to be th transaction in pig iron for several years. The price paid Is not stated. 'PHONES FOR GRAND TRUNK.

Ottawa, July 22 W. W. Ashley, superintendent of the Grand Trunk Telegraphs, announces that the Grand Trunk after an experiment lasting eighteen months will adopt the telephone over the entire system for the dispatching of trains. The telephone dispatching department will Include three of record August 4 will be entitled to subscribe in an amount approximating 4 1-3 per cent, of their holdings. EXPRESS CO.

TO" ENTER RUSSIA. The American Express Company Is planning to open a branch In Russia for the purpose of conducting a banking business in that country, where no American banking Institution now exists, and also for carrying on an express business there. Negotiations for opening a branch In St. Petersburg are said to be progressing satisfactorily. Bid.

C.CItyRySs 10M CC.Coni; if 0'iH Cont. Trust J13 CotlunDucli i ColDuek In 17 Kld'yaVLWp lil O.B.d. VT 14 U.B.&s.lno. G.B.443. 1st 4t4 LI HO Lt.iP.

4s MONETARY COMMISSION REPORT Washington, July 22 It has been authoritatively announced that ex-Senator Aidrich has expressed the intention of calling a meeting of the National Monetary Commission early this fall for the purpose of coming to an agreement to report to Congress at the December session. The report will be accompanied with a btll for monetary reform based upon the Aidrich plan, but revised iu details. Ael.nl KM. 104MI XorfRL3.10ll'4 HIIM4 HO KerCea.Ryl3i SUil Seabo'd Co. SI7( 4' Sea.

Co. 1st M7 8( JO Sea. Co. 2d. (HI 4 u.lhi 16" Sea.A.L.

4s 7, 0,9, -4( S.A.L.loyjs 7 3d Nat Bank 'Hl 45 UnlonTrusl u.i 8(1 to United liy. lu n(( 04'4 Ln.Ry. ino 04 8J in. Ky is. '0 67 Supreme Court Justice Glegerlch today appointed Edmund Cox, Charles J.

Leslie and Charles L. Hoffman, commissioners of appraisal, to appraise land to. be acquired In the counties of New Yrk and Kings for the new city aqueduct, or as it is better kuown, the CatjitUla CHICAGO SUBWAY TELEPHONES. Chicago. July 22 The Chicago Subway Company now has more than 31.000 telephones in operation and has unfilled contracts for nearly 15,000 additional telephones.

i circuits. The estimated cost of instal latlon o( the new system is J500.0Q0. JaviN ir..