The Wall Street Journal from New York, New York • Page 5

I ccona section. Second NEW YORK, THURSDAY. MORNING, OCTOBER 10, 1911. PAGE FIVE. BONDS Railroad Industrial Public Utilities Iel, IIiosKJson Co; JNewYofk BOSTON Ctfcajo'C' iiiccmsori co London UILlETT, ROE HAGEN -r bankers 3 Wall Street, New York DEALERS IN HIQH-URADE BONDS fW York Stack Exchange) Bactoa, II Confrasa Straat 6 Mortgage Bonds Offend at Par ($100) and Interest Deaomlnatfons $1000-9900 $100 tXaelmtl and latrvt tkamshlr wnm ml ky laa mt lrw l.wi Beat Jsaabattaa Mum.

stale Til exeaiat la Jfew York Stat. A eMeervallv aaS aaf limlml yea iwniiur wiin. Wrilt far ClreahH -IB? NEW YORK REAL ESTATE SECURITY COMPANY, 42 Broadway. N. Y.

City CAPITAL, $3,980,000 Harris, Forbes Co Bncoesora to N. W. Harris Co Pin Street, Cor. William NEW YORK Government Municipal Railroad and Public Utility Bonds fcr Inmtccnt 4'' Bertron, Griscom and Jenks 40 Tall St New York Land Title Bldg. Philadelphia INVESTMENT SECURITIES We make specaahy ef arwaninW it, fiaaaciaf aad sailing the saenritia of public service corporation Urmbrrt JVw Tort Aw ffiraaaat Safe Investments ROBERT GOODBODY CO.

lumber ef Hew Terk Staok Xachan Of BROAIIWAT, SJaSW YORK. MUM 10M msoiAfroa stocks nDEixrr. phoenix, bomx. niacaaa, CONTINENT AX, ETC, atoaawt E. O.

DAILEY as BaOAowAi aw iojlk carr I-ak Oaaerlo Cna. as Boa Cfcletet CMeeet Mn Tbalt Wwrtt. a aaales Uaat 4t Jkl. ea Haa Or a M. at raw.

aa fclat: Vall? Pn4MU aa Uaimn Pavver (a Asrt. Ueafci J. IUCE. JR. CO.

tr-hea 1CT0 (Bona Dept.) WALL ST. Notice of Sale of Refundins: Bonds of MUSSELSHELL CO. STATE OF ittONTANA. celvert by the Board of Commissioners o( tlx Vaunt Vt MuatliMI. Btate or Montana, at the office of tti C'laikand Jleoorder of aald County In Roundup, Montana, up to iL hour of two U) P.

November 13th, A. D. 1 Oil, for thi purchas of the following described Refunding Bond of toe rifty (50) coupon refundlna Honda, each of the bar value of Ona Thousand 4fl.ooo.0o) Dollars, payable in twenty (20) years and redeemable In fifteen (IS) year, and teearlne; Interest at a rate not to exceed five (B) per enL tier annum. Interest payable semi-annually on the 1st d. it January, and the 1st day of July.

umf Kach proposal nuit be accompanied by a certified eheok. payable to the Treasurer of Musselshell Coonty, Stat of suoniana, iwi uii irar whw vl ihi ymr value of the aunount bid for. The Bonds will be ready for dellvaiy oa January 1st, A. The rlirht Is rewrred by the Board ef Commlstloner to reject any and all bids. By order of the Board of Commissioners Mueselshell County.

8 late ef Montana. M. X. KLRIM, Chairman of Board of CommUsloasra, JAtteet: FBEO W. PRA1XB, County Clerk and Raeorder.

Pateri at Rnundnn. MuMelehell County, State ef Montana, Srd day-of October. A. D. IBU tfOTlCB tUMsVESTUie MOPOSAXS FOB SALS Of.

BOKPS Sacramento Electric, Gas Rallwaj Co. NOTICE 18 HEBBBT OIVBN THAT, Pursuant to the Sinking- fund provisions ef the leed of Trust dated November 3. louf. seourlnc the First Consolidated Miirtauae Klva Per Cent. Bonds of the aACRAMBNTO KLKCTRIC, OAS AND sHAlLWAT COMPANY, proposals In writlns; for the aale of ten IO or less of such bonds will be received by tbe under, slvned at Its office In Man iranclsco, California, at any time tirlor tn noon on Ootolw 3IHn.

1H11, Payment tut and llyerv of bonds purchnsed must be made at the office of the Trustee on October 31st. ,1011. Any and all proposals may 'sialed envelopes contalnlns; tenders should be addressed to the unrtrlnd and should also bs plainly marked of Bacramento Electric Oa and Railway Company "llelrlCAJITII.B! TRUST COMPAIHT SAW FRANCISCO, Trust. By a RIMS, Trust Ofllcer. Xe, 4Ss California btrset, baa Francisco.

CsX THE BOM) J1ARKET. RECOVERY OP TEN JOINTS DECLINE IN "WABASH 43 DOES AWAY WITH RUMORS OF PROBABLE RECEIVERSHIP. Prttidtnt Delano Sayt Bond Art Absolutely Good Are Secured and Company Hot Never Failed to Pay Now Ontetondrnir, of Which $9j75fi80 Art Owned by thm Company Property in Good Cos- dition Needt Financial Rtadjuttment. V. Reeorery of the ten point decline In Wsbagh Rsllroad refunding and extension is the best contradiction of the romors which were current st the time the bonds were literally being thrown on the market.

President Delano atatee without reservation that If the company were placed In the hands of a receiver, as is not at all likely, the bond would be absolutely good. The attorney for the Wabash Railroad states that eren if the bonds defaulted Interest for five yrs holdere of these securities could be absolutely assured of par and interest for their securities in any reorganisation of the company. No such contingency ia expected, however. The company has always in Its greatest dificulties paid the Interest on these securities and expects to continue to do so. The peculiar circumstances surrounding th issuance of and tbe security back of these bonds has always pro-vented them from "occupying a favorable market position, an3 the company has found it practically Impossible to do any financing with them such- as the original plan outlined.

Prior to 1907 the Wabash found itself hi a position where it was practically prohibited from doing any financing respecting equipment obligations, which were maturing at the rate of 900,000 annually, or doing any other financing to take care of the growing needs of system embracing over 2,500 miles of owned or leased lines. This condition was due almost entirely to tbe existence of 130,000,000 income bonds entitled, to interest at 6, if earned, $26,500,000 of which mature on July 1, 1939, or any time thereafter at the option of the owners only. The existence of these income bonds rendered it practically impossible to issue any obligation of tbe company which- would not be Inferior to them in lien on the company's property. The refunding and extensions mortgage was therefore created, first, to provide for the retirement of the incomes, second, to provide for retirement of existing bonds, other than the incomee, and third, to provide for ths growing needs of the system. Up to July 1, 1911, 141.576,000 of these bonds had been issued, of which $1,269,280 were for purchase of real estate, $616,787 for improvements, $13,731,972 to Retire $3,565,000 equipment bonds, $6,160,000 6 gold 'notes due May 10, 1907, and $1,049,000 4Vi gold notes due Msy 1, 1910; $20,958,180 of the bonds were inued to retire $28,744,000 debentures and $5,000,000 were issued for miscellaneous expenditures.

Of the $41,576,220 outstanding, the Wabash Railroad owns $9,475380, of which are held by the Central Trust Co. under the notes and $3,500,000 are held by the Bankers Trust Go. in connection with the Wheeling A Lake Erie notes; $975,980 are free in the company's treasury. The refunding mortgage, Irrespective of the $1,256,000 of unexchanged incomes, are a first lien on 27 miles of line, a second lien on 835 miles and a third lien on 1,180 miles. The company in the past six years has earned a total surplus of only $1,172,000 in excess of oil its interest charges, Including in the latter th amounts paid on unexchanged Income bonds.

An examination of the company's reports shows, however, that Jhere has been charged against income in that time $4,456,000 for new equip ment and betterments, none of which has been capitalised. In the six years, also, the company has paid out $2,500,000 In interest on obligations incurred in behalf of the Wabash-Pittsburgh Terminal Railway, making an actual total of over $8,000,000 which the company has earned in excess of Its own fixed interest requirements. Contrary to general belief the relatione which exist between the Wabash Railroad, the Wabash-Pittaburgh Terminal and the Wheeling cannot affect in any way the, security of the Wabash refunding 4s, because the latter are prior to any commitments which the Wabash Railroad made with respect to the two companies or with respect to their obligations. The Wabssh Railroad's relations with theee two companies can only affect its solvency if the wont happens, but there is every reason to believe that this aituation has been about cleared up and that the settlement made by the Wabash Railroad with the two companies involves no obligations which the Wabash tan-not meet. In estimating the intrinsic value of the refunding 4s it is well to remember that President Delano stated in bis annual report that the property, in every investigation by both interested and disinterested parties, has been found to be well maintained; that if cash were available for improvements and betterments the company's earning capacity could be greatly increased and the operating ratio decreased, that the company's difficulties are purely financial and that the condition of the property is good.

It should also be remembered that the company is prohibited from selling any of these bonds at less than 75 and that consequently no more of them csn get on the market at near the prevailing quotations. Legal opinions differ as to this Ohio law, but the company has always observed this rule. Finally, if the company's affairs should compel the appointment of a receiver, the holders of $53,000,000 common and $39,000,000 preferred stock could be relied upon to take care of the company's reorganisation requirement. This they would bm eomnaiu to do if they wished to protect their equities in the MOXOX EQUIPMENTS SOLD. Nearly All the $ZS0fi00 Certificates Taken on the Bane of i Ptr Cent.

Chicago, Indianapolis A Louisville Railway Co. has sold to Potter, Choate A Prentice, $750,000 equipment trust 414 certificates, seriea dated October 16, 1911, and maturing in twenty semi-annual instalments to October 15, 1921. This equipment trust was created for the purpose of acquiring 9 Mikado freight locomotives equipped with superheaters, and 1,000 all steel 100,000 pounds capacity vgetu eral utility" coal Vt the total cost of this equipment about 83 was paid in cash. Practically all of these certificates have been sold on a 4 basis. JBond Notes.

Medford, will receive bids until October 23 for a tenrporatry loan of $50,000, in anticipation of taxes, maturing May 1, 1912. Loan will be In the following denominations: $25,000, $16,000 and $10,000. Minerva, Ohio, will receive proposals until November 2 for the purchase of $23,650 6 street improvement bonds, dated October 1, 1911, and maturing April 1. 1913 to 193L Receiver in the matter of judgment debtor, Alfred Walton warns against purchase of bonds Nos, 57-76 inclusive and 104-105 of the Standard Oxygen -Co. of New The village clerk of Hubbard, Ohio, calls for bids until November 11 for $30,000 waterworks bonds, dated November 1, 1911, and maturing November 1913 to 1942.

Boston Maaeaohusett Railroad CommiMkm has approved tbe issue by Boston Elevsted of $5,000,000 80-year bonds, interest at rata not to exceed 6. Ashley, Will receiva proposals until Ootober 26 for the purchase of $30,000 5 municipal building bonds, maturing November 1, 1912 to 1931. 7 American Sheet Tin Plate. Sharon Mills of the American Sheet ft Tinplsts Co. are operating at about 80 of capacity, but it is expected that they will be running; at full capacity within a short FEDERAL MINING SMELTING.

PRESIDENT BROWNELL DISCUSSES PRESENT STATUS AND COMPANY'S FUTURE. V- Thomas A. Edison Working on Problem of "Refractory" Morning Mint OreMacquisten Tube Process Only Partly Sueeestfui Tariff on "Lead of Vital Importance to the Company Pro- ftrred Dividends Seem Assured; i Common Sot Promising. At the annual meeting of the stockholders of the Federal Mining A Smelting Co. there was a small personal representation of shareholders, a though 89,707 of ths 60,000 common shares outstanding were voted.

President Brownell stated, in asirer to questions, that the lead recovery at the Morning Mine is on a 50 basis, due to the. changed character of the ore, for which no wholly satisfactory method of treatment has yet been found. Atedhe other mines the recovery runs from 80 to 87. By. the installation of the Macquiston Tube process a saving of about a month is being effected at the Morning, and after experrmentatkm with tube process has been completed, other anits will undoubtedly be added.

At present Thomas A. Edison is experimenting with the "refractory" Morning ore in hopes that it may yield to certain conceittratioa process he has invented. No new properties have been acquired during the year. The duty on lead is an Important consideration in the company's' affaire and Mr. Brownell said he understood that the Tariff Commission would recommend certain changes in the lead schedule at ths reassembling of Congress.

Each a pound means $5 a ton on lead to the Federal and as ths company produces between and 16,000 tons a month, a reduction in tariff would be a very vital matter. The Bunker Hill A Sullivan of whose stock the Federal owns 28,000 shares, eut Its monthly dividend rate from 25c to 20c during the year, but'Jiot because of decreased earnings. It is the intention of that company to accumulate surplus of about $500,000 and the dividend eut was in furtherance of that policy. The property has twelve veers of ore in siirht and the Federal is receiving $68,200 in dividends per annum from the Bunker Hill A Sullivan. President Brown well said that efforts to rediscover the main ore body at the Mace mine are being pushed, with good prospects of success.

He said that there is no likelihood of any immediate cut in the preferred dividend rata, but that the outlook for the common stockholders ia not particularly promising. Under present conditions the Federal should be able to continue to show earnings as good as thoee 1" the year last ended. MISSOURI, KANSAS TEXAS ROAD ACQUIRES NEW LINES. Salt of Wichita Fallt System, to be Operated as Separate Property About 450 Miles of Track Divisions to be Extended. Wichita Falls, Texas Recently the Missouri, Kansas A Texas Railwsy Co.

was negotiating for the purchase of the Wichita Falls system of railways, built and owned by J. A. Kemp and Frank Kell, of this place, and associates. Ths system is composed of the Wichita Falls ft North western, the Wichita Falls A Northwestern Co of Texas and the Wichita falls ft Southern, it ia now learned that the aale of this system of railway, which embraces about 450 miles of track, has been made to the Missouri, Kansas A Texas. In order to avoid any possible conflict with the laws of Oklahoma and Texas, the Wichita Falls lines will continue to be operated as a aepa rata property.

There was strong competition between the Atchison, Topeka ft Santa Fa, the Rock Island, the Burlington and the Missouri, Kansas ft Texas to obtain control of the property, which serves a large productive territory of Texas and Oklahoma. It is the plan of the Missouri, Kan sas A Texas to extend the Wichita Falls lines until they wil lhave an aggregate of about 1,200 miles of track. The line that runs from Wichita Falls to a point beyond Elk City, Ok will be extended to Liberal, Kansas, thencs to Denver. Colo. Conrtruction is in progress on this ex tension and will be pushed oven more vigorously under the new ownership.

The division of the system that runs from Alton, Okla to Wellington, Texas, will be extended to Dal hart, Texas, with a branch line to Amarillo, this proposed new line aerregnting about 225 miles. The Wichita Falls A Southern, which runs from Wichita Falls south to Newcastle, 56 miles, will be extended to a connection with the Texas Central a Mis souri. Kansas ft Texas property at Morgan, about 75 miles. While it is not publicly known what price the Missouri, Kansas ft Texas paid for the Wichita Falls line it is learjted that Messrs. Kemp and Kell each made approxi mately $1,000,000 in the transaction.

111 WICKERSIIAM DENIES STEEL SUIT IS ABOUT TO BE FILED. TVondVra Where Wall Street Get It Information DeeHne to Talk When Asked if Petition Asking for Dissolution is Under Preparation. Attorney General Wickersham dented in a speech at Omaha Tuesday that a ault against the Steel Corporation was about to be filed. He aald: This report of the Steel Tnut dissolution bobs un in Wall Street every littia bit Where they get their information from, in fact, where they get the idea there is to be a suit of this nature filed, la beyond me." He refused to talk when askod if a petition asking the dissolution of the Steel Corporation were not being prepared. Speakine: of American Tobacco reorganisation plans, Mr, Wickarifcaia -said that'the matter had net cmm be fore him in an official way.

1 have not gone over the proposed plan, of reorganisation of the American Tobacco' Co. and know of it onlyas have se in printed extracts, he said. Mr. Wickersham again Aarad, Leup within the law, as in economic struggles the law must be obeyed oven though it seems to favor ona class against the others. The Attorney-General also advocated a further extension of the parole system among life prisoners.

He rave statistics gathered since the adoption of the system in Government prisons and said that since parole law was extended to life prisoners but one case of violated parol Is recorded. Mr. Wickersham left Omaha Tuesday night for Washington. CRUCIBLE 8TEELCO. OFr AMERICA.

-j- Director Reflected, With H. Wilkinson of Hoteomb Steel Co. Added to Board. At tbe anual meeting of the Crucide Steel Co. of America, C.

C. Ramsey, H. D. W. English, W.

C. Fownes, and G. H. Singer were re-elected directors. H.

8. Wilkinson, president of the Halcomb Steel Co. of Syracuse, was also -elected a. director but whether as an' additional member or to replace some retiring director, officials declined to say. Date for the annual meeting was changed from the third Wednesday in October to the third Friday in Nov-.

Refuse Canadian-American Reduced Rates. Chicago Western lines have declined the proposition of Canadian lines to make reduced round trips for the so-called home visitors' excursions from western Canada tp central west points during December on the ground that the proposition 4s an immigration scheme to induce more Americans to move into western Canada. a ST ST CERTIFIED PUBLIC ACCOUNTANTS AUDITS BUSINESS SYSTE 'C ANNOUNCE the opening of their CINCINNATI OFFICE at 827-828-829 Union Trust Building. A permanent staff of trained accountant will be maintained at this office. NEW HANOVER BANK BUILDING CHICAGO: FIRST NATIONAL BANK BUILDING CLEVELAND: SCHORELD BUILDING CINCINNATI: UNION TRUST BUILDING UNITED Shoe machinery co.

WHILE CRYING MONOPOLY, ST. LOUIS PLANS TO ORGANIZE ITS OWN CONCERN. Capital to he About ttOfiOOflOO, Half Preferred, About 40 for Good Will Southwest Talk of Instigating Government ProoooKngCoet of the United Machine One-Third, of Cent a Shoe St. Louis, vs. X'et England.

Boston The St. Louis papers boast the beneficence of the shoe manufacturers of that town in instigating govern ment proceedings against the United Shoe Machinery Co. in New England and its organisers, which proceeding aim to put very responsible and useful citizens of New England in jail, and relieve St. Louis and all other shoe manufac turers from the monopoly created by the tying together in lease of the machinery furnished by the United Shoe Machinery Co. in the bottoming of shoes.

But this mote of monopoly is claimed to be beneficial to the shoo manufacturing Industry as a whole. The United Shoe Machinery by uniform leases and conditions, by assuming the burden of invention and improve ment, by furnishing the capital and instruction, the maintenance and the replacement of the parts and of the whole, has improved the credit ba-'e of the whole shoe manufac turing business. Any monopoly of the United Shoe Machinery Co. must be held by invention, improvement and progress. It has not a monopoly paying big dividends on watered stock.

It mokes handsome return on the invested capital and nas the solid assets to show for its outstanding capital- It stands for what New England inventive genius, business talent, and sound finance stand for. St Louis is soon to boast a "United" Shoe manu facturing company. We do not know that it name has been determined but its capital has been set down or issued, and it is to be no leas then $20,000,000100,000 hares of common and 100,000 shares of 6 preferred. This eanital ahould be tuMdent to make all the shoe machinery needed west of New England and manufacture all the chocs used in the southwestern portion of the United States. But is it to be used for this purpose? As near aa we can figure It, 40 or $8,000,000 goes for "good not the good will of Washington, not the good will of patents and inventions, but the old time "good will of combination" that which WaH Street delights to issue to ths public and then "wring out" in the oiotations.

Of course St" Louis would bo scandalised if such a thing were attempted In Wall Street and horrified if it were attempted in New England or by the men who make money leasing shoe machine to rhoe makers. Those barbarous shoe machinery people in New England have been guilty of paying 8 on their common stock and have put out some extra dividends 2 in 1909 and 4, or $1 per ehare, in 1910. Ten per cent in common stock was also paid each year. The Roberts Johnson Band pay their 10 in cash each six months and last year when they were getting ready to am ash the United Shoe Machinery Co. and make shoe machines free to St.

Louis and all the world, they rejoiced In 35 cash dividends. Now we know the real reason why St Louis could not join with Mr. Plant and put up some money to perfect and manufacture his invention, How could they be expected to join in such a patriotic enterprise if they were to continue their 86 cash dividends upon capital that had been multiplied twenty times in 11 years? If the 860,000,000 pairs of shoes annually consumed In the United States are bottomed on United Shoe Machinery Co. machines the common stockholders owning those machines received in dividends about one-third of a cent per shoe. If the St Louil people who received their 85 cash dividends will tell us how many shoes they made on those machines, we will quickly figure whether they made 40 times ss much or 100 times as much per shoe' from the use of those machines.

They hav evidently made a good beginning for a shoe trust down in the Southwest, for they have now their paper capital up to their annual product They have $20,000,000 of capital issued for $12,000,000 of assets snd $8,000,000 of good-will and 'their annual product from their 8,800 employees in 18 factories is claimed to be. only about $20,000,000. How insignificant seems the shoe business of New England eompared with the capitalized shoe business of St Louis? Investigation will show that if the price of shoes i to be lowered, it cannot come out or the one-third of a cent per shoe dividend that ths stockholders of United Shoo Machinery Co. are receiving or the two cents per pair that their company is sometime alleged to earn But how about tha St Louis oho manufacturer who get their shoo machinery from New Englsnd on the same terms as nearby New England manufacturers and can par 85 eah fflvkHrs on expanded capital? Where ia the beam and where is the mote 7 NEW LAKE STEAMSHIP LINE. Jtftaneopolta Interests to Kun Lmp LhUutk to Buffalo, Vntety to Larry Minneapolis shipping interests have submitted taxi 11 schedules to the Interstate Commerce Commission for approval to apply on a Una of steamer to run between Du- luth and Buffalo, principally for the transportation of flour down the Lakes.

The new line is ths recult of tbe withdrawal of the 21 -cent rate on flour from Minneapolis to New York. 'The iake-and-rail differential is 8 is cents under the prevailing tariff for the open season for naviga tion. The railroads have agreed to maintain the five-cent rates on flour from Minneapolis to Duhith which was part of ths former 211 -cent through rate, which the new line propose to change. Duluth advices oa the subject give the following apportionment of the old and the new rates re sulting from the entrance of the Flour City line of steam ers: i Old Rate Cent New Rat Cents 6.0 0 9.2 Minneapolis to Duluth 50 7 9.2r Duhith to Buffalo Buffalo to New York (rail) Total 21.5 20.2 Some disturbance to traffic condition in package freight from Buffalo to th upper lakes i anticipated. If the Flour City line begins operations at once, it will have nearly a month, and one-half before navigation close on the lakes.

CALL IX THIC OHOST DSKCEJIS. Thrrs la notlilnr wrong with the country either from material or moral viewpoint. It is time to t-all In tit (host dancer for the winter. Next year they will have permlsalou to exert themaelvev, but (or the present to business. At leant there ought to be a closed season of six months (or thK icnver Jiepuimcan.

iy MUNICIPAL I RAILROAD CORPORATION 4 TO 6 BONDS 99f sntfiftefsa Bft Ys) InvwVftssfM) LIST HAILED UPON APPLICATION. LAWRENCE BARNUM BAWKKMS KSSVV YOMJC ST sm4 SO riae Street Philadelphia Waehlnctoa N. Y. CENTRAL LAKE SHORE COL. TR, Stts, 1998 COLORADO A SOUTHERN 4 Hi, 1935 CENTRAL NEW ENGLAND 4s, 1961 NEW YORK, CHIC, ft ST.

LOUIS DEB. 4s, 1981 MO, KANSAS A TEXAS GEN. 4H, 1936 ATLANTA. KNOX, ft CIN. DIV.

4c. 1955 NEWBORG CO. Member New Terk Stock Bsehana Telephone Mo Rectos aUtOABWAT Private Wire St. Leeds, EDMUND CHARLES RANDOLPH Members wew Terk Stock Exchange in eiraeMfrar, new i wrs. vaui ea Open Market Securities Department Asserfraa Server I SWaS SUrtttasa Gear, lewren Merlaaa Katlaaal Sarrty V.

Mis. See. Till las. C. ef M.

T. Lawi-cre Title lea. St Tr. Till vnr. Trent, L.

A. NORTON S3 wstOAD ST. T. Tat SaeS BraaS In the District Court of the 1'nltM states (or the Eastere LMstrict ot Pennsylvania. In the matter of Garrett Uinderman.

Bankrupt Bankruptcy, Ho. aula ADJOURNED SALE. Not Ire la herebv lven that the ondf rslerne Trust In the above eslst will e-ipoee to pabllc sale at the Circle, in the City of Easton, on October 21, Hill, at 2 P. to-. 107 aha KnniiB nf the RsMtnrn New York Railroad and other assets remaining unconverted In the tosnds of the Trastee.

The conditions or aale win ne announrra ine time i FRANK RE EDER. 'Trustee. KOTirES. WARNING STANDARD OXYGEN COMPANY of New York City Bonds No. 57 to 76, and 10 and 105 of the Standard Company are named few Leai LaskL 160 BroadwaT.

at Receiver of the property of A fred Walton, judgment debtor. The neccrrer t't to tnete cooes oates oasst to adi 18. 1908. Notice is riven to a'J persons against deal ing in these Bonds. DENVEK, N.

W. PACIFIC ItY. CAPITAL STOCK DOUBLED. Raised to fiO. 000,000, Half Preferred Bond Issue of $40,000,000 and $8,000,000 Authorized President Evan Tells About Moffat Road Plans.

Capital stock of the Denver, Northwestern A Pacifta Railway, the Moffst road, has been increased from to $40,000,000, half preferred and half common, and issues of $40,000,000 first mortgage 6 bonds and $8,000,000 6 income bonds have been authorized. Holders of present outstanding 4 bonds will be offered In exchange $500 each of the new 5 bonds snd a like amount of the new 6 income bonds. About of the old bonds are in the hands of. the public and $8,000,000 are deposited as collateral for Colorado-Utah Conrtruction Co. notes.

Remsinder of the new bonds are for extension of the road from its present terminus at Steamboat Springs to Salt Lake City, and building of the Doteero cut-off to the Denver A Rio Grande. W. G. Evans, president of the Moffat road, says: are not sble to tell our stockholders that the exten sions of the road have been financed, but under existing conditions there is not question bat that this will be accomplished. Included in our extension enterprises are the Datsero cutoff and a line extending from Steamboat Springs to the anthracite coal fields in the northwestern psrt of the stste," Holders of collateral trust 6 notes of the Colorado-Utah Construction outstanding to the amount of 000,000, which matured May 1 last, are being offered payment in cash for one-eighth of their holdings, and extension for one yesr of the remainder.

The new notes will be i the name of the Denver Railway Securities which ha taken over the Moffat estate holdings In ths Denver, Northwestern ft Pacific. The original two year note were guaranteed personally by David H. Moffat At the annua) meeting of the Denver, Northwestern ft Pacific Railway, letit.ig viae RUTLAND RAILROAD ANNUAL. Director Chosen Represent Joint Control by New York Central and the New Haven Road. At the annual meeting of the stockholder of the Rutland Railroad the following board of director wer elected: C.

Brown, Chaa. S. Melln, Lewis Cos Ledyard, WA-. Ham Skinner, J. Morgan, William Rockefeller, James Stillman.

W. H. Newman, George F. Baker, W. K.

Vatf derbilt, W. flewsrd Webb, Percival W. Clement, and Edmund R. Morse. Thia.

board repreaunta joint eon-, trol of the Rutland by the New York Central and ths New Haven. Edmund R. Morse of Butlsnd was elected a successor of former Governor Proctor of Vermont lately -v, The opposition to the Vanderbiit management wnicn has appeared at several recent annual meeting of th Rutland Railroad did not put in an appearance. TAP LINE RATE CASES. Interstate Commission Reaches No Conclusion and Present' Rate An ConUnusd.

Washington Interstate Commerce Commission bos announced that it has reached no final conclusion in th tap line matter. The official of ths various lumber car. rying roads in tneouuiwesi naying expressea to toe ci- mission their desire to preserve the present rate statusand that courts appearing desirable from every point of view, the commission ha postponed the date ths 'tariffs ar to to Kehruarv J-1912. from Novambet 7,.