The Wall Street Journal from New York, New York • Page 8

8 Francs open MONEY. WIDESPREAD LIGHT DEMAND FOR MONEY IN- SURES CONTINUANCE OF EASY" RATES FOB SOME TIME TO COME. Call Money Would Lower Than it is Wert it Sot for Action of Larger Bank in Refuting to Loan Under Light Demand to Carry Over Year Outwardly the Bank Portion Look at if Higher Rate Were Probable but There it Very Little Demand. V'v. The monetary situation both here and abroad appears tr have settled down to state ot tranquility.

The No-vember 1 financing having been completed money ratew have returned to their former quotations. Call money rulev below 214, It has been doing practically all through this year. It would be at a lower level than this were tt not for the action of the more powerful banks In refuting to loan under 2. Tbii establishes a call money average Just under that figure and it operate to protect the rest of the collateral loan market at the aame time. There is aome demand for time fund to carry over the flnt of the year, but as no squeeze is expected on that occasion the inquiry is light There nothing in tight to lead to the expectations of anything but a continution of present conditions in the money market for aome time to come, at any rate into the new "year.

Last year aome slight stiffening in money, occurred In December, which culiminated in 7 at the close of the 'year. There seems ro likelihood of a similar experience this year. From superficial point of view it looks as if it would not be difficult to create a situation in which the banks might be forced to elevate rates if there should arise an active demand for accommodation from Stock Exchange sources. The Clearing House banks show a surplus reserve of only $11,500,000 at the present time. Loans are greater than they were a year ago.

Total loans reported last Saturday by all banks in New York city, Clearing House institutions and non-member banks and trust companies, were $2,526,949,900 as compared with $2,861,663,200 at the corresponding date last year, or over $164,000,000 greater this year. But what makes the money market situation this year so much more committed to ease is the generally Tight demand for funds from all quarters. A good criterion of this is the limited requirements of the Interior banks this fall. The crop movement is practically over and instead of drawing funds out of this market money has been flowing eastward. The New York banks have gained about $28,000,000 from the interior up to the present time since Aug.

1, when usually the first demands for the arop movement put in an appearance. Taking into account the payments into the Sub-Treasury the Clearing House banks have only lost $18,200,000 during that period. The movement in from the interior is now substantially in this direction. It is this absence of demand from all commercial lines that lends considerable elasticity to the banking position this year and mokes it very unlikely that anything' approaching stiff money rates will be seen for some little time to come. CALL AND.

TIME MONET Call money loaned on the Stock Exchange, Wednesday, follows: Opened 2hi, low 2t4, and closed at 2 Renewals at 2 V-. There was no change in the status of the time money marlcpf Rnt nro th nm anrl hnntneu i vrv dull B'c for five and six months. Commercial paper remains unchanged at 334 for the best names. London London discount. 3, unchanged.

Paris discounts, 83, off Berlin discounts, 4H7-, unchanged. Tutted States Treasury. Fiscal year 1910-11 Nov. 7, '11 This Month Fiscal YeaT. Receipts 11,075,126 $12,405397 $231,684,406 Expenditures 2,075,407 13,475,605 252,934,877 Deficit .1.000,281 1,069,808 21,250,471 Corresponding period 1909-10 Kecepts.

Expenditures. Surplus. balance In nat. banks, In Treasury offices. 6 lO.y $1,000,062 $13,851,196 $238,888,422 1.564,448 11.216,807 249,254,132 564,386 10,365,710 Nov.7,'11 Oct 7, '11 $77,452,672 $83,182,808 32.591 32,690,776 24,436.418 26,442,054 Available cash bal.

134,480.852 142,315,638 do closed. ...5 16.if less 1-3J 8 UJi Marks MM less 1-83 do 54 loss 1-64 Guilders open do dosed. Nov. 7, '10 $31,954,362 32,977,132 National bank notes received for current redemption November 7, this month, fiscal vear, national bank notes in general fund, redemption fund, $26,181,905. New York Sub-TreanuTy.

Paid to Received Banks From Banks Banks November 6... $2,896,000 $3,739,000 Lost $843,000 Since 7,355,000 9,167,000 Lost 1,802,000 The Sub-Treasury was creditor at the Clearing House Wednesday $12,567. The banks have lost to the Sub- Treasury eince Friday $1302.000, and in the same period the Sub-Treasury was creditor at the Clearing House Foreign Exchange. The foreign exchange market opened steady with sterling at 4.86954.87, up 5 points from close. Inquiries for cable sterling in connection with the Lon don fortnightly settlement gave the market an appearance of during the morning', demand sterling advancing Ave points to 4.874.8705.

Uarks were also firm, owing to a decline in sterling at (Berlin, but francs, on the other hand, held barely steady as sterling in Paris showed an advance. The market was dull and featureless in the1 afternoon, sterling remaining firm and closing at 4.874,8705, up five points from the opening and ten points on the day. Cables Demand AO-Days sterling 4 8740 4 869.a4 87 4 do closed ....4 8740a4 S741 4 67 at H703 4 83a Opened Oo-Days .4 4 6 6Ji plus 1 64 3 21jy less 182 Kli less 1 64 40i 40 less 1 83 93 15 16 -93 1.V16 Paris exchange on London 25fr. up c. Berlin exchange on London 20m.

off Kpf. Dlji All Tnrinn vi, 1.AJ.4 Aam i 37-64d. CONSCIENCK. lie cofft at soar who never fH tbe prick of conscience. Record.

MISSISSIPPI VALLEY TRUST CO. 8T. LOUI8 Traniarts a Generaj Trust Company Builnesa Cerreaene)efiee Invited CLASSIFIED ADVERTISEMENTS. mimM vi Aii ria ale, COMPETENT tork laman. with eiolt.nt rvfermrea, lilrM to i-onrnt with utiantll propoaltlon pr enter rlDDloy rrllubl brokorafr hou AddrcMi Box W.

Th Wall 8iret Journal. WAKTHD B.tftK MTIM'K ItHUKKH ilriirea lk room ami leariiiK facilities with K. T. Stock veins' hocie. Adrmm jTif.ini-'AV, us Vi', Tbe Street Jearnai, THE WALL STREET.

JOURNAL, THURSDAY. MORNING, NOVEMBER 9, PAGES. OUR LONDON CABLES. London Call money was In bttter demand and closing quotation was 1H to 2. Bills, were easier at 8 to 8 i The stock market -was steady with a fairly good tone, except in the high-grade Investment issues, which were heavy on announcement of forthcoming loans.

These include a southern Nigerian loan of 5,000,000 and an equal amount for (he Transvaal Home rails were firmer, but American stocks on the curb were irregular and mostly lower. xv LONDON SETTLEMENT BATES. London The contango on Americans at the carryover was 414. Banks charged i tor Stock Exchange loans. This compares wltr 4tt.and 4 respectively at the previous settlement.

Light bull account was rhown. LONDON GOtD MOVEMENTS. London There was withdrawn from the Bank ot England 230,000 of gold for shipment to Egypt STANLEY STEEL COMMITTEE TO LOOK INTO RAIL PRICES. United Statee Consumer Said to Pay $28 Againal $20 by Foreign Buyer Alleged That U.S. Steel Hat -Two Sete of Freight Rate.

Stanley Investigating Committee claims to hare information proving that the United States consumers of steel rails pay about $10 more for their product than foreign buyers. Bessemer rails sell for $28 in this country, and $20 in foreign countries. Price of making a ton of Bessemer steel is estimated at between $13 and $14. without the extra price of rolling this into finished rails. Open-hearth steel costs about $1 per ton more to manufacture.

It is also claimed by the committee that two sets ot freight rates govern the corporation. American consumers pay a freight rate of 16 cents per hundred pounds between Pittsburgh and New York, while foreign or water shipments have a rate between those of 10 cents flat, saving about $1.20 per ton. It Is said that the corporation took over the Tennessee Coal ft Iron properties just after the late E. H. Harriman gave the southern concern a large order for rails.

Principal makers of ateel rails in this country are Steel Corporation, Cambria. Pennsylvania. Bethlehem. Lackawjnna. and Coloads Fuel A.

Iron companies, and committee claims that these compa nies have interlocking directors. Committee will also go intq labor conditions at the plants of the Corporation, where, it is alleged, foreigners are preferred to American workmen. It is claimed that the corporation has advertised for fqreignera, aa preferred to Americans ILLINOIS CENTRAL RAILROAD. September Operating Income $1,001,700, Comjiared With $lf 7800, a Decreaie of About $276,980, Washington The report, in detail, of the Illinois Central, as filed with the Interstate Commerce Commission, for the month of September and three months ended Sep tember 30, 1911, compares as follows Mileage Freight Passenger revenue. Other transpor rev Non-transport rev.

Total operat rev Maint way ft stru; 1911 4.755.25 $3,345,520 1,227,159 575.6G8 35,114 6,183.464 823,748 u.l. i it Rates ure 34 for sixty days to four months and i vi wp'" Traffic 114.256 Transportation exp General 135,699 Total operat exp 3,943.249 Net operating rev. "1,240.214 Outside oper, debit 7,487 Total net rev. 1.232,727 Taxes 230,907 Operat 'g 1,001.728 July 1 to September 30: Freight revenue. Passenger revenue 3,734,715 Other trarwp rev.

Non-transp rev. Total oper rev. I Mt of way ft struc Mt of equipment. Traffic Transp expenses. General expenses Total oper exp Net oper rev 22,173,592 Outside oper (deb) 7,105,106 Total net rev.

Taxes Oper. 1317,657 K8.098 15,780,604 2,456109 3,816,106 860,066 6,468,039 393.920 11,995,141 3,785,463 23,573 3,761.889 692.520 3,069,369 1910 4,552.69 Inc. $3,389,825 Dec. 1,183,147 Inc. 564,645 Inc.

35,343 Dec. 5,172.960 Inc. 752,729 Inc. 1.108.548 Dec. 106,002 Inc.

1.628,050 Inc. 98,016 Inc. 3,693,846 Inc. 1,479.614 3,558 Inc. 1,476,056 Dec.

197,639 Inc. 1,278,417 Dec. $9,727,576 Inc. 8.511,127 Inc. 1.700.766 Inc.

99,554 Inc. 15,039.024 Inc. 2,300.196 Inc. 3.268,166 Inc. 334.908 Inc.

4,833,220 Inc. 299,023 Inc. 11,035,515 Inc. 4,003,508 Dec. 17,644 Inc.

3,985364 Dec. 593,639 Inc. 8,392,225 Dec. Changes 202.5S $44,304 I 44.012 11,023 227 10.503 71.0!8 35347 8,254 168,791 37.683 240,903 239.399 3.929 243,328 83,358 276,687 $382,557 223,588 116,891 18,541 741,580 155,912 47.840 26,057 634.818 94396 959,626 218,045 5.929 223.975 98 881 322,856 ADVANCE IX IJAR SILVER. Rite in London Attributed Chiefly to the Revolutionary Activity in China.

Bar silver in London nt the close is cabled as having advanced to 25 5-16, which is abreast of the best price since the beginning of the current fiscal year. Bars told at that price on January 11. Prior to that, during December, there were a few days when it was quoted at 254 or 1-16 above the present price. -The corresponding quotation in the New York market was or Aside from the favorable condition in the market in India there is no definite niiormation of the purpose of the Indian treasury to purchase bars for currency purposes The main factor resulting in tne advar.ee of 5-16 of a penny an ounce ia believed to be connected with the demands of China in which the extending scope of revolutionary activity calls for larger supplies of silver to meet the requirements of th political change. Domestic Exchange.

AH quotations are in cents per 1,000 premium or discounts: Chicago New York exchange 5 cents prermum. Montreal New York exchange 15i cents discount; off 1594 cents. St. Louis New York exchange 10 cents discount; off cents. St.

Louis Chicago exchange 10 cents discount; unchanged. St. Paul Ne-r York exchange 25 cents premium. Sah Francisco New York exchange 30 cts. premium.

Hank Clearings. 1911 1910 New York 1447,614,987 $444,843,544 Inc. Chicago $71,970,871 $63,979,258 Inc. $22,357,149 Philadelphia. St.

$30,107,002 $12,139,545 $7,815,745 $20,238,444 Inc. $28,788,446 Inc. $16,925,763 Dec. $7,809,446 Inc. Changes $2,671,443 $7,991,618 $2,118,705 $1,318,656 $4,78618 $516,299 Sliver Quotation.

Zimmermann ft Forshay quote silver at 53, Mexican dollar 46, and Mexican exchange 201. London Bar silver, 25 up 6-16d. Hunk DeporilU Jn MlnmiioIirt Minneapolis Bank -deposits in Minneapolis, including savings banks, total $103,000,000, which 'is $11,000,000 more than shown in the last call for statement as ot September 1 and exceeded the former high record of $101,000,000 in the fall of 1909. Houston Texan Central. Washinglcn September total operating ievenue $6G8 045, increase September operating income, after expenses and taxes, $276,209, increase $50,262.

Three months total operating revenue $1,781,632, increase $121 011; three months operating Income, after expenses and taxes, $520,998, increase $53,894. AVHbatfU-PJttiiburg Terminal. Washington September total operating revenue S7B desrease 18.449: September oneratirg income, after ex- Lpenses and taxes, $3,538, decrease $7,170. Three months 1 "ml A IQAA. total opera, ft xyvm Mnaiv months operating income, after expenses and taxes, $13- J05, decrease $37,151.

PEMSYLVAiaA-NEW HAVEN LINK CONSTRUQION NOW UNDER WAY. TRANSPORTATION LINE AS "PROJECTED WILL INCLUDE LARGEST BRIDGE OF ITS tflND EVER CONSTRUCTED. Completion of Connecting Line Will Mark Finieh of Penn-" eylvania' $180,000,000 Freight and Pattenger Terminal Project for Sew YorkWork Likely to be Completed by End of 191SAn IVtiOrofon Transportation Lint From Sew England to Miteieaippi River. Award of fifty-thousand ton steel order to the American Bridge Co. by the New Haven and Pennsylvania railroad companies for the Hell Gate bridge and viaducts of the New York Connecting Railroad draws attention to tht recently completed plana and the purpose of the latter Completed, the New York Connecting Railroad will form a link between the Pennsylvania and the New Haven systems and establish an unbroken transportation line from New 'England to the Mississippi river.

And unless untoward conditions arise, the line as projected will bo completed and opened to traffic some time during 1915. The total length of the Hell Gate bridge, which will constitute the most imposing feature of the entire construction, will be 16,250 feet, or practically three miles. When completed, It will be the longest bridge of its kind in the world. It cross from Long Island, at Astoria, where ground was broken several months ago, to Ward's Island, from Ward's Island, over Little Hell Gate, to Randall's Island and thence to Mott Haven. From Ward's Island to Randall's Island the bridge will consist of a single span having a total length of 1,020 feet and a height, above mean water level, of 140 feet.

The towers at either end of this span will be 200 feet high and each will contain rooms to be used by the Tail-road for various purposes. The approaches to these towers or to the bridge proper, will be supported on steel and concrete viaducts. Work on the rail line of the Connecting Railroad has been under way practically since the summer of 1910. Grading work has been carried far towards completion in the Middle YilUffe section of Long Island and the extension line from Bay Ridge to East New York avenue is also Hearing completion. The entire line has been planned primarily to convey passenger traffic, hitherto handled over the Mott Haven ferry, by way of the tunnels into the Pennsylvania terminal in New York, and freight traffic around through Flatbush to Bay Ridge, where it will be transferred in unbroken bulk -to floats and carried across upper New "York harbor to the Pennsylvania yards at Greenville, a distance of about three miles.

This will do away with the present time-consuming haul of fourteen miles from the New Haven's terminal yards at Mott Haven to Greenville by way of the Eaxt River. Good trains coming, into Mott Haven will be broken up and reclassified so that shipments waybilled South and West can be made up into new trains and as a direct result of this arrangement, much time will be saved and the Pcnnsylvinia will be enabled to handle a much greater vulume of freight With the completion of the New York Connecting Railroad and the Bay Ridge freight extension, the vast New York naisenger and freight terminal plans of the Penn sylvania, involvirig an expenditure of $160,000,000, will have been completed. CHICAGO REAL ESTATE. Broker Report Activity in Apartment Hmmc Building and a Demand for Home Site. Chicago Last week's real estate and building trans cctions made the following comparisons: Transfers Permits Number 915 Year ago .792 Amount 1...

11,506, 456 Year ago $3,575,059 114 186 $1,427,700 $3,934,000 Mortgagee 601 698 $2,322,600 $2,112,500 Builders have prepared plans for many new apartment buildings, which real estate brokers regard as the best buildirg investment here rt present, despite the great, steady increase in flat construction all over the city for years. Tney also say there hss never beer! a better demand for sitei for homes than now, and sales in subdivisions were never more active. An extraordinary demand is reported from all residential sections. THRESHER MERGER. Advance Company Reported Sold to Xew York CaHtaliet for $3,800,000.

The Advance Thresher Co. has been uld to New- York capitalists. The purchase price is reported to be i $3,800,000 cash, in which case stockholders will 'receive 263 per $100 worth of stock held. The Advance Co. will be amalgamated with the Garr- Scott Thresher Co.

of Richmond, lnd and the M. Rum- ley Co. tt La Porte, Ind. merger will represent The capacity of the Advance plant will be doubled, at an expense of between $2,000,000 and A rumor that the International Harvester Co. is behind the movement has been denied.

IMPORTS OF MEXICAN REEF. About 1,000,000 Head of Cattle, to bt Sent to Thi Country Shi Year. Chicago A cattle authority says Mexico soon will export to this country 1,000,000 cattle a year. He estimates 1,500 carloads from Oouhuila, Nuevs Leon and Tamulipaa, below the tick line, whence no cattiw have come before, during the shipping season, November 1 to March 1, while from the above the tick line there will be about 8,500 cars, or 2,000 more than ever before, or a total of 175,000 head, all for slaughtei, in. addition to 50,000 Mexican cattle to be distributed over Texas ranges.

The Mexican steer is inferior beef but the beef shortage in this country has already advanced prices to a war level basis and beyond the reach of poor coniumers. October receipts of live stock here were 27,000 head more than for any previous month this year, but beef prices continued to climb because it was realised that the northwestern ranges were scraped and corn belt farmers carried fewer fat bullocks than 'at this season for years. COTTOX HOLDING MOVEMENT. TVxohs A'of All Optimiatie Over the Effect of the Keeping Back Policy. Austin Men who have long been close observers of the trend of political affairs in Texas, particularly with reference to the Outcome of the efforts made by public officials from time to time on behalf of the farmer, are not at all optimistic over the possible ultimate effect of the movement that was inaugurated by Governor Colquitt and promoted at the recent conference of governors and others at New Orleans to bring about an increase in the price of cotton through inducing the farmers to join in a general holdimr movement and by other auxiliary methods.

This hview is strongly held by men who believe that prices are regulated by the supply and demand. Seam, Roebuck Co. Chicago President Rosenwald says Sears, Roebuck October sales were the best for that month on record, and November was equally as good. Orders smaller but many more in number. Rosenwald will not draw any inferences but says the present condition of our business is highly satisfactory and future outlook is most propitious.

Telegrapher Get Washington Differences between the telegraphers on the Southern Railway and Baltimore Ohio have been adjusted. The men will get an advance $3.77 per month and shorter hours. V' y. National Rank Washington Corporate existence extended: The First National Bank of Wis-, until Nov. 7, Jan.

CITY BUILDING FIGURES. OCTOBER EXPENDITURES IN THREE" LEADING BOROUGHS DECREASED $2,776,980, OR 28.8. j4s Compared With September "deduction Amounted to $ir 6iS10, or 8i.6 Decrease in Total Expenditure Due to' Falling Off in umber of Plan Filed Cfn Blinhattan and Bronx Brooklyn WUnetted a Cain Decreate in Sumber of Structute, Ftfty In view of the approach of colder weather, when fewer buildings are projected, the decrease of $4325310 or 84.6, In October expenditures throughout the boroughi of Manhattan, the Bronx, and Brooklyn, as compared with September, is not as surprising as the reduction compared with the tame month year ago, which amounted to $2,776,980, or 28.8. From the standpoint of property owners, however, the present recession In building opera tions should be considered a healthy as it is generally conceded by real estate experts that the city of New York has already reached a mush overbuilt condition. The decrease in the total expenditures is due to the felling off In the nunber of plans filed in Manhattan and the Bronx, Brooklyn being ths only borough to witness a gain as regsrds both the number of structures contemplated and their estimated costs, The total decrease in the' number of October permits amounted to fifty, th largest diminution occurring in the Bronx.

A tabulation of last month's building operations follows: Manhattan Bronx Brooklyn Total No.bldg 62 92 ....487 ....631 1914 Cost $5,117,950 1,468,650 2,517,730 9,104380 1911 1910 1909 $11327 $14,135 February 6,963 March 18,476 April May June July Aug. Nov. Dec. 20,239 17,588 20,504 12.7S8 13,079 14.944 .10,663 12,837 24,944 26,177 21,206 17,467 12,9:5 13,639 11.984 12308 16,787 9,901 No. bldg.

21395 28,627 23,491 25,231 18,704 24,625 15,909 11390 13,287 16,933 19,800 61 149 871 581 1910 1908 $6,271 2.750 4,782 14.033 1,047 19,634 15,779 9,966 10,921 20,946 15,555 13,177 Cost $6,836,575 2395,959 2.148.785 11,881310 Including expenditures for alterations, as well as new work, the three boroughs showed a total of $10,662,788 making the aggregate for the ten months of the present calendar year equivalent to approximately $144,804,000, or 12.4, below the total for the same period of 1910. Totals for new work and alterations, for this and former years follow, last three ciphers omitted: 1907 $9,961 10334 16.724 23.643 18,989 21376 12,949 13,896 8,747 6,806 8,091 Total ...144,804 1 92,141 144.580 nrsixEss leaders leave INDUSTRIALS TO AVOID SUITS. Mtu on Directorate to Give Advice Appear Dinpoeed to Retire to Save Thevutelvt From Horry Pot- m'ble Rraton for Quitting Corn Product. One effect of the Government's activitv apainct lw corporations has been little noticed. Directors of nies wnutte lawyers are unaDie to tell them whether they are violating the anti-trust law or nnt.

anH tK.r. an than a few such companies, are many of them wishing that they were free from their trusteeships. Rctiseraent of Charles M. Pratt from the board of directors of the Corn Products Refining Co. was very possibly influenced by Government activity under the Sherman law.

As treasurer of the Standard Oil Mr. Pratt has been through one Government suit. When it began to look as though the Government's movements against industrial corporations were going to extend further, it is likely he wished to sever his official connection with other companies before another storm might break about him and involve him in its currents of nervous strain. Large corporations are able, through personal friendships or otherwise, to secure the services oftentimes of the most capable business men of the country to act -as directors and advise the officers in regard to tbe management of the company's affairs, although these men are not financially interested in the companies' securities. They bold but enough stock to qualify them as directors, yet they are better trustees of the stockholders interests thin many larger holders would be, becaure they know more about the management of larir If the possibility of Government suits against a hun-! drad romnnnip.

u-h uK i picked from the manuals, is going to move these directors to offer their resignations, to insure theme seives against indictment, the business of the country will suffer a loss which will- be hard to estimate. RIPLEY SAYS SHERMAN ACT SHADOW HANGS OVER ALL Each Particular Cote Mutt be Panned on by the Court-Attempt to Subttitute Unlimited Competition for Trade Agreement Declared Futile. Chicago E. P. Ripley, president of the Atchison, said: "The attempt to substitute unlimited competition for trade' agreements or agreements in restriction of competition is as futile as the fabled effort toi keep back the sea with a broom." Of the Sherman law, Mr.

Ripley said: "Shadow of the Sherman law hangs over everything. Nobody knows what it means or can know until after his particular case be passed on by the court; yet everybody knows the spirit if not the letter of the law is violated daily ail over the country and that it always will be, matter what law is made." Mr. Ripley attributed the falling off in railroad earn-ings to shortened crops, employment of less labor and consequent reduced purchasing power, and finally, the hesitation on the part of investors to put money into new schemes. He sees nothing in the Supreme Court decision on safety appliance act that has any bearing on inter-state rates, and believes that so long as different states can take independent action they will continue to neutralise acts of national body. NORFOLK WESTERN.

September Surplu Compared With $8iSfi7t for the Month in 1910. The report of the Norfolk Western Railway Co. for the month of September and three months ended SeptemDer ou compares as iouows: 1911 2.004 Sept gross $3,478,361 2,088.182 Sept. net 1,390479 Other inc. 61,393 Total inc 1,451,572 Chg A tax 498,340 urolus.

953,232 8 mo grow 10,023,935 6,151,258 8 mo net 8372,677 Other inc. 169,371 Total inc 4,042,048 Chg ft tax 1.498.2C8 8 mo sur 2,548,844 1910 1909 1908 1.951 1,942 1,920 $3,220,664 $3,033,844 $2,505,799 1,928,631 1,717,221 1,494,685 1,292,033 1,816,123 1,011,114 52,969 1,845,002 501,423 461,460 437,060 843,579 854,663 574,064 8,507,651 6,809,598 4,930,310 4386,770 8,481,264 8,577,841 2,9957961 145358 8,626,522 1,607,910 1344346 2,118,612 2,189394 1,681406 Fixed charges and taxes, less other income. Fort Worth Denver City. Washington September total operating revenue 201, decrease September operating income, after expense r.d taxes, oecresse sa.siv. inree months total operating revenue $132324, decrease $123..

019; three months operating after expenses and taxes, $515,088, increase $24,616. United Box Hoard. -Chicago Director Adsit of the United Box Board Co. says the directors will undoubtedly accept the re- tvganixation cjan as a formality. EXPOSITION OF LAND PRODUCTS CDrtM iff DibTC fiCTHC rniTlCTtitr MANKIND CHARMED AGAIN BY.

THE PROOF THAT TICKLING THE SOIL A LITTLE WILL MAKE THE THINGS GROW Lettoni Drawn From the Farm Exhibit at Madison Square GardenSlate Eatf, Wtt, Sorik and South Rival in Displaying the Farm Hafvett Railroad' Effort for the Country' Development Reiult of Irrigation and Deep Agricultural Stat. Two surprising things strike every visitor to the Land and Irrigation Exposition at Madison Square Gardenstrike him with a force that keeps him thinking long after he has left the building. One is the extraordinary interest that the exhibitors have been able to ex cite in the minds of nine out of ten men, no matter whether the ten know much or little about farming, ranching or fruit growing. The other is the fact that ths land should call mankind so strongly; not merely from the new West, but from so tusny sections which we have fallen into the error of thinking old enough to stay always as they are. To the average New Yorker land and irrigation spe'l the frontier, at least until he has seen some of the products of the South and of New Englsnd on exhibition at the Garden this week.

Irrigation, perhaps, may belong there, but the West has no monopoly of land open to the settler, any more than of prize-winning pumpkins or ot breath-taking huge red ar)ples, or of dollars of yield per And yet the West comes to Twenty-seventh street with aH the glamour of its wide prairies and with all ths fresh romance that seems to cling to such an occupation ssy, raising fruit like pictures of fruit, at the sun warmed foot of a mountain peaked with snow. It would be as idle as uncalled for to deny that this exposition is a railrosd So far from having taken on anything of the character of a land booming- scheme. it impresses everyone who beholds it, whether he will no, with a wholly new conception bf the part the railroads are playing in the economic development of the country. And the method that the railroads all over the continent. fmm finM.

JL a i wyi nuruiwctwrn, in AiasKB, to u.t Bangor ft Aroostook in Maine, and the Southern Railway in the extreme Southeast, have adopted to induce the set. tier to csst his lot in with theirs, is practically the same" in underlying principle, though it manifests itself in a bewildering variety tof exhioits. In effert, the railroads have abandoned the worn-out style of flamboyant exaggeration, and now bend their energies all to tie.demonstra tion of actualities. This may sound as though the result might be a dny uninteresting rray of facts, snd figures and tagged specU mens, after the manner of a museum, but it is nothing or the sort One glimpse df the reDroduction In rvlief nnA in colors of the Kittitas Valley is enough to rid anyone of ucn a notion, wniie uregon and Washington, in one division of their space, have demonstrated that even "specimens" in jars of alcohol can be so managed and arranged as td be not only a delight to the eye but an invitation to the inquiring mind as well. It is a railroad affair and it carries the, conviction that a score or more of our large railroad cvstem are carrying on a genuine scientific work in their industrial departments.

One cannot help wondering whether the original promoters of the Expedition idea would have been as enthusiastic in the matter if they had been able to foresee the energy with which 'railroads in the East and the South responded to their invitation to lake part That they did respond on so large a scale, however, is responsible for one of the most impressive aspects of the Exposition, namely, the revelation that -almost everywhere on the Continent whether you choose the Canadian Northwest or a corner of old New England, there is land to be had and assured comfort, if not affluence, from intelligent use of the land. As typical of this response. "America' Greatest Farm. ing State," is held up to view by "America's Greatest Rail way: There is nothinr timid about thus decla rinir Nur York's supremacy in the very presence of the Great North ern, the St Paul and the Northern Pacific, with all of Washington, Oregon, Montana, Idaho, Wyoming, the Dakotss, Minnesota and Wisconsin to back them uo. But the railroad proceeds, through several pamphlets of real value, to uphold its position patiently, elaborately and accurately.

one mast admit that, with Denver ft Rio. Grande, the northwestern roads, including the two Hill lines, the St Paul, and the Canadian' Pacific, dominate the Exposition, it should be said in justice that for variety of products the southern states, notably those represented through the Southern Railway, the Norfolk ft Western and the Norfolk Southern, make the moM remarkable exhibits. While the western territory has grains 'and fruits, the southern states add to these the extremely- important items of cot-, ton and tobacco. Florida also comes in with the only citrus fruit in the hall, California being practically unrepresented. The Harriman roads, in other words, attract attention only by their'conspicuous absence.

To say the least the Exposrtion is one which no man who cares for his country and takes pride in the continent of North America can fail to find worth while. ARMOUR CO. PENSION FLA STARTS WITH l.O00,(KJO FUND. Employe to Pay 3t' of Salarie Provition for Retired Men end for Thote Incapacitated by lllneit and for Widow and Orphan. Starting -with $1,000,000, Armour ft Co.

instituted on Nov. 1 the following employes' pension fund to be managed by A. W. Armour, A. R.

Urion and F. W. Croll: Employes contribute tt their wages. Those who reach an age between 57 and 65 after twenty years' company service receive benefits; at 65 after twenty years' service retirement becomes effective for men, and at 50 after, the same length of service for women; annual pension equal to 29r of the salary at retirement multiplied by. the number of years served will be paid to both men and women employes.

Benefits are also to go to younger employes incapacitated by sickness or injury and to widows' and orphans of deceased employes; a woman employe who marries be- fore serving twenty years will get back all contributions paid in toward the pension fund; resigning employes art also to get their money back. RIO (jRAXDE SOl'TIIKRX. September Deficit $3,801, Compared With $2,918 Surplu for Corretponding Month in 1910. The report of the Rio Grande Southern Railroad Co. for the month of September and three months ended Sep tember 30 compares as follows: Sept gross.

Net Sept def 8 mos Net mos net. Surplus. 1911 1910 1909 1908 $50,074 $57,542 $243 04 $52,032 12332 19,495 t3.090 8301 2,15 19,062 2,032 143,040 167,122 119,061 154,786 30,883 62,765 22399 67,779 13,816 6,024 22,001 Debit. Texas New Orleans." Washington September total operating revenue increase September operating incomer after expenses and taxes, $80,058, increase $3,221. Three months-total operating revenue $945,657, increase three months operating income, after expenres and taxes, decrease $21,179.

Personal. Charles F. Minor, past president of the New York Chapter of the American Institute of Banking, has been appointed manager of the Bronx branch of the Knickerbocker Trust Co. Samuel vice-president of the National Bank of Cubs, ssiled on the Lus'tania for a short trip to Europe. K.

Vanderbilt arrived from Europe yesterday and attended the nweting-of New York Central directors..