



Saturday, Oct. 1915 r. M
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Pttsbnrg. g.............. Oct H.. IL feet o in


MONEY MARKET.


Saturday, Oct. 1915 T.. Nc


Ihe stock market opened heavier than usual 10 uJ'
and the sales were to limited extent than we
have noticed during the past At the first board
treasury notes advanced u per Illinois fupdabe
Y Illinois, funded, Norwich and Worcester and Har
lem, closed at prices current yesterday while Farmers
Loan fell OF u per cent; Canton u; Reading Railrosd
q Long Island Il North American Trust a. Ths,rd
sales Of stonngton Railroad at an advance Of
per cent the previous price, long time and de-
cline in Indiana Of per cent since last sale.


The sales at the second board hardly worth re-
porting.


We must have some news soon from quarter
that win give more activity the stock market 1t is
very extraordinary thatwe get nothing from the South
We expect our pony express along every moment with
advces Mexico and also the arrival of the French
steamer, with eleven days later from Europe We
cannot be kept in suspense much longer.
by the annual report Of the Baltimore and Ohio Rail
road Company appears that the business of the road
has very large In the last year. and that the actual
profits have been per- cent the capital
The gross receipts on the main stem 9s6 So
aud the expense working and management $500 s?s
es leaving SSH IO7 CO. OF this large portion
applied explained in the report to recopstructng the
track eto and of the remainder, dividend Of three
Der cent has been declared on each share Of the
stock.


The net PROFITS ofths Warrington branch have been
Sal o47 AZ making, with the surplus ON hand at the
opening CT the year. $4slsl o6 ON which dividend CT
AZ per share has been declared, leaving surplus Of
90 ssl &C. 1t appears that th ere has been fal Ing Oh
in the receipts this road and that the dimnution
has been In the passenger trafhc


During the past year the number Of passengers has
been thousand hundred and three less than In
the year 1896 and the amount Of revenue received from
this has been eleven thousand eight hundred and
nineteen dollars less than in the preceding 1t may
also be stated that during tho past there was an in
In tonnage transportation of 309 tons and OF
81 in the fom that source, over the year
1886 II may be inferred therefore, that the experiment
of reduced charge authorized by tho board In the
years le45-46, has not realized the expectations by
which 1t was recommended and the conclusion would
be warranted that the lowest charges do not
| uniformly increase the amount Of travel.


The following extracts from the report relative to the
| main stem, will be interesting:


| The influence Of the administration Of the present
middle or close Of the year 1887 In that year, the
length OF road being 80 miles, only l67 l02 passengers
and tons Of freight were carried IN the cars ana
business; in the present year upon road OF e miles
there have been transported 2ss674 passengers and
263 334 and unless from sudden accumulation at
and temporary periods there has been no
deficiency power Anter or to the year 1887
and to the year 1885, there had been only i've email
dividends, varying from SIX to 81 l2H per share and
from 1895 to lS4O no dividend had been declared


During the period subsequent to 1887, dividend to
the stockholders was intermitted for single year only
the earnings Of s42 having been applied to the
n and s the dividend 81
in le4 sax share and in l645 and 4S So share


The comparative progressive improvement in other
not less striking. In that year the company owned
only fourteen locomotive engines and these OF tho
Of
unit and ths whole, more or less In an mpsr-
feet condition From that time to the present the mo-
or otherwise to thirteen Of the largest class
two OF the second twelve Of the third eleven OF
equal seventytwo Of the class of those employed in
| 1887 The augmentation and improvement IN the
number and condition of the and other machinery
may be taken TO be In the same proportion.


In 1887 the of repairs of road and bridges the
latter being comparatively few in number Was not less
than the Of 81 20S per mile Of road and at the
end of S46 the cost Of similar repairs did not excesd
$9s per mile Of road being about twenty-five per cent
machinery engines and cars 1897 at the Of
29 $40 cents per mile by the locomotives with trains
and in ls46 the cost did not exceed 10 lilo per mile
run being little more than half OF the
although the trains hauled in the last were in all
instances considerably larger In 1887 the aggregate
expenses of working the exclusive of the expense
horse power In the streets Of Baltimore and the
old inclined planes AFFAIRS ridge at the rate Of not
loss tn an 7s cents per mile run by and
in s46 the did not exceed the rate Of 80
$40 per mile nearly twothirds less than In the former
period -,


1t been already stated that the proportion Of the
expenses of working the road to the receipts in
1897, much ninety five per cent; and 1t may
be added that in lsl6 tho Same expenses did not
fifty per cent Of the receipts 1t must
observed moreover, that this great reduction has
been effected under influence Of a vastly
trade Of continued dapidatcn of the old and imper-
feet track, OF y considerable duplication OF timber
bridges and Of reduction the charges port
alton Of moro than thrtyhve per cent below the rates
in 1897


1t may not be out of place in this connection and for
illustration Of this Of the subject to state that