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

mmwM Second -Section. NEW YORK, SATURDAY MORNING, DECEMBER 2, 1011. PAGE FIVE. Co Chicago New York BOSTON ETVESTMEWT SECURITIES Members Boston, New York, Chicago, Philadelphia Stock Exchanges HICCIN80N London A CO MELEIT, ROE HAGEN BANKERS 33 Wall Street, New York DEALERS IN HIGH-GRADE BONDS Monitors New York Stock Exchanga Boston. 18 ConsroM Street Mortgage Bonds OFFERED AT PAR (100) and Interest 6 DENOMINATIONS A SAFE, conservative investment, secured by hlgh-clua, income-producing residential and business property in Manhattan, New York City.

This security always remains stable. Bonds are tax exempt in New York and inter est is paid semi-annually January and July. WriU for Circular 15 NEW YORK REAL ESTATE SECURITY COMPANY, 42 Broadway, New York City CAPITAL, $3,050,000 ALBERT Z. GRAY wrcius wiiAfEimiNO Member K. IT.

Stock Exchango GRAY WILMERDINQ Metnlert U. Y. Stock Exchange i Investment Securities 5 NASSAU NEW YORK Telephone 4420 Rector outbid ncintmai DxiPAamurs STOCKS OP RAILWAY SUPPLY Companies Bousht Sold CHAS. n. JONES CO.

ifMi it- Wtmm Yew Mon.etpal Railroad and Corporation Bond. Lee, ''''''''''''''''''''''eaaTBalBa Certified IM ST pnbllc Acconntanta Practical SyatcaMs KA1SAC ST, ITBW TOBK. ERNST New Varli Cataafi CSevil a CbMtaaMSl B.llsheS MM TllnW S81T Imh INStrnAIfCB STOCKS FIDELITY, PHOENIX. HOME. NIAGARA.

CONTINENTAL, ETC. Beaght a BeM. E. 8. BAILEY OS BROADWAY SEW VOBU A H.

BICKMORE CO. BANKERS lark Grade Sw4i Nettta 4 Oaaraateeel ky ae Plan ttmi New TmS COPARTNERSHIPS. December 1, tail. We announce that Mr. Robert P.

Cregsr baa been admitted to membership, and Mr. George W. Norrls has retired from membership in our Arm. HOWARD a. smith a CO Broad irheetnut 8U, ST Pine 8L, Philadelphia New Yerk NOTICE TO BOND BUYERS five Hundred and Twenty-four Thousand Dollars ($524,000.00) Rdundln? Bonds of the City of Houston, Texas Sealed bids will be received by the City of Houston.

'Tesee. until 12:00 o'clock noun, Monday, December lltb. lull. Imiw of Kive Hundred and Twenty-Four Thousand Five per cent. (5) Refunding Bond.

burliir date the lain day of October. D. 1K11, Intereat payable eeml-ennnally at tbe odlue of the union Trust Con-bin y. In the City of New York; said bonde to run Thirty SO) years, with aa option reserved by tbe City of Houston to pay same at the expiration of Twenty 20) years. F.ach bid" for the above Issue of bonds must be accompanied by a eertlttsd eheck on a Houston bank, payable to H.

B. Rice. Mayor, for One por cent. 1 of tbe face value of said Issue as a guaranty of rood faith; bonds to be delivered and money paid In Hoaston. Texas.

The City of Houston reserves tbe rlgbt to reject aay aa all bids. rict. Mayor of the City of Houston. Attest: DAK SMITH. CUy fisere'arr.

STATE OF CONNECTICUT $4,000,000 FOUR PER-CENT. BOND8 FOR SALE Treasury Department, Hartford, Nov. 16, 1911. Sealed proposals will bo received by the Treasurer at tthe Treasury Department in the Capitol at Hartford until ai December 21, 1911, for tbe purchase of tbe whole or any part of Four Million -Dollars ($4,000,000) of Fot Cent (4) State Bonds to be issued under date of July 1, 1911, and to mature July 1, 1936. Interest payable cemi-annnally on the first days of January and July of each year.

These Bonds are authorised by act of the General Assembly approved September 19, 1911. Bonds are either Coupon or Kecistared. Full particulars may be obtained by addressing "State Treasurer, Hartford." COSTELLO. UPPITT, Treasurer. THE BOND MRKEL Additional financing of Norfolk south- ern expected under its $35,000,000 mortgage.

by Banker of (Ae First Batch of These Bond PoinU to Progress Sine Reorganisation Fi-nancing Witt Cover Purehatt of Small. Adja-, cent Road Earning Have Shown te Gain in Four Years Lumbar Property Additional Se- eurtty for Marketing by tiie bankers of the first of Norfolk Southern's new refunding mortgage 50-year 6 -bonds which have come out since the $35,000,000 mortgage was authorised early In the year to take the place of the mortgage provided for In the reorganization plan directs attention to the successful operation of the road since its sale at foreclosure in December, 1909. Plans for extension of the road, which are being consummated, mean that additional financing is imminent Of this mortgage, $3,130,000 of the bonds are reserved for retiring underlying bonds, that being the entire mount of underlying tecurities outstanding; $8,100,000 are issuable for general corporate purposes, of which amount $5,837,000 were sold by the company early in the spring to provide for the retirement of $4,860,000 notes; and $23,770,000 can be isiued for extensions, betterments, improvements, purchase of equipment and acquisition of additional railroads. It is from this latter amount that a sale is expected soon to cover the purchsse of some small roads adjasent to the Norfolk Southern. That the bankers are now offering thete bonds, which were sold early in the year by the company, is an evidence that the road is coming into greater favor.

Recent settlement of a suit objecting to the sale of the property to the reorganization committee was one factor. Earnings of the road, which last year showed nearly 10 increase, are more important. From earnings of $3,915 per mile in 1908, the Norfolk Southern has increated its businest steadily each year, and in 1911 had earnings of $4363, or 26 gain in the four years. Operating expenses went up 10 last year, the same as gross earnings. Operating ratio was 62.03 as compared with 61.88 In 1910.

This speaks well for the management, when it is considered that wage increaies made up over one-fourth of the increase in expenses. Norfolk Southern's traffic density is low, but the manage-ment is concentrating its retention on this point, and last year thore was an increase of over 10 in the number of tons of freight carried one mile per mile of road. To off set its low traffic density the road receives a much larger ton mile rate than any of the large touthern roads. In addition to the 607 miles of railroad which the Norfolk Southern operates, it controls through ownership of its entire stock and bonds the John L. Roper Lumber which company owns timber property valued at Last year Norfolk Southern received dividends of $50,000 from this company, out of a total surplus of $127,000, The two companies are earning the present dividend of 2 on Norfolk Southern's $16,000,000 stock more than twice over.

There seems little doubt that the road will be able to capitalize by ale of bonds the additions to the system contemplated, and still continue to pay its dividend. At present the road is bonded at less than $17,700 per mile. METROPOLITAN STREET RWV. CO. Pian Reserves to the Trustees Under the Mortgages the Caeh They Hold.

Plan of reorganization of Metropolitan Street Railway Co. reserves to the trustees under the mortgages respectively securing the 6 bonds and 4o bonds the cash held by them, such cash to be distributed by said trustees to the persons entitled thereto. This reservation baa particular reference to the fund that has been accumulating in the hands of the Guaranty Trust Co. of New York as trustee for 6 bonds from dividends on the stocks deposited under the mortgage as collateral security for the bonds. This fund has been accumulating since the beginning of the receivership and it is anticipated that the amount distributable among the 5 bondholders may approximate 5 To of the par value of the bonds.

RAY CENTRAL COPPER MIXING. Repurchasing of Own Bonds Understood to be Part of New Financing Plan. Boston Surprise has been expressed at the recent action of the Kay Central Copper mining Co. management, In repurchasing at considerably higher prices Hs own bonds which were sold to underwriters within the past two years at 80. Frank H.

Probert, the company's consulting engineer, recently recommended a concentrator, which with the preparation of the mine for -production would involve an expenditure of $1,500,000. At -the tame time be total tonnage of available ore at 7,384,000, averaging 2.6 17o copper. He furthermore figured on a production cost of 7 cents a pound excluding amortisation and interest The company has an authorized bond issue of of which $200,000 was issued to an underwriting syndicate at $80. This netted the company $160,000. New financing must be pay for a milling plant suggested in the Probert report.

In the absence of any official statement on a financing plan, it would appear that the directors of Ray Central Were desirous of getting in all the outstanding bondes and either revising or cancelling- the existing mortgage. IJond Noto. The Eastern Securities Limited, of Montreal and St Johns, N. announces an offering of $100,000 of the 67o first mortgage bonds of the Caledonian Realties, Limited, carrying a bonus of 60 of common stock. The company owns lou argents, or approximately 6,000,000 square feet, in the most promising industrial section of the City of Montreal.

Its capitalisation constats of $400,000 6 bonds and $400,000 common stock. Findlay Howard, Limited, managers of the property, have asserted that they were prepared to state thst over $800,000 net would be taken out of the property. The bonds are secured by a ttust deed to the Eastern Trust which provides thst not less than 70 of the proceeds of the land sales shall be used in the redemption of the bonds. ClarU, Dodge Co. offer $1,000,000 Oregon-Washing ton Railroad A Navigation Co.

first and refunding mort gage 4 gold bonds, maturing 19tl. These bonds are auaranteed by the Union Pacific Railroad and secured by direct mortgage on all Union Pacific lines in Oregon and Washington. Tbe earnings of the mortgaged lines are more than 2 times charges. eaaasMsnsss Mitchell-Lewis Motor makers of the "Mitchell" wagons, automobiles and motor trucks, has sold 6 gold notes to George H. Burr Co.

and White, Weld proceeds to be used to retire floating debt. The notes mature $750,000 on August 1, 1912, and on August 1, 1913. New Bedford, has awarded $28,000 4 municipal bonds, dated Nov. 1, 1911, maturing $3,000 in each of the years 1912 to 1919 inclusive, and $2,000 in each of the years 1920 and 1921, to Blodgett A Co. at 101.419, a basis of 8.68.

1 1 Joston- The jconvereion of Norfolk Western convertible 10-25 year 4 gold bonds since Oct. 1 has been $9,700,000. The conversion on Wednesday were over $2,300,000. WATCH OI'T. Keen an ere on the man who be duuso't wean any I aarnv-tiu feul Ptspatcn.

S.V HALF OF STANDARD OIL BUSINESS STILL MANAGED AT 26 BROADWAY. OFFICERS OF SUBSIDIARY COMPANIES BELIEVE THEY CAN HAVE DIRECTORS IN COMMON WITH PARENT COMPANY. Figures for 1606 Show That Just One-half of the Net Assets, and Business of the Trust Will be Directed From' the Standard Oil Building Oil City Gets the Next Largest Share Distri- bvtion of Remainder Date of Annual Meetings Loooftotts. With the distribution of the stocks of thirty-four of its subsidiary companies, which began yesterday, the Standard Oil Co. has announced the tome office and the date of annual meeting of each of these companies.

Transfer of stock in the separate companies will have to be made at the home office. Based on figures for 1908, the latest available, one-half of the business formerly done by the entire Standard Oil trust will continue to be directed from 26 Broadway. Companies which, in 1906, held one-hslf of the net assets of combination, and made one-half of the profits, will hsve' their headquarters in the Standard Oil building. These include the Standard Oil Co. of New Jersey, which, in 1906, had $124,000,000 net assets, exclusive of those of the companies now separated from it, the Standard Oil Co.

of New York with $26,000,000 net assets, and the Buckeye Pipe Line the Isrgest pipe line company, with over $12,000,000 net assets in 1906. Net assets of the companies which retain their bead-quarters in the Standard Oil building were $180,500,000 in 1906. Net-assets of the entire combination were Direction of the remaining half of the business goes $59,000,000 to Oil City with the National Transit, Southern Pipe Line, and three other smaller companies; $24,000,000 to Chicago, with the Standard Oil Co. of Indiana; $21,000,000 to San Fraacisco with the Standard Oil Co. of California; $18,000,000 to Pittsburgh with the South Penn Oil Co.

and two other companies; $11,000,000 to Philadelphia with the Atlantic Refining and smaller parts to Cleveland, St. Louii, Omaha, Denver, and other places. The Anglo-American Oil now capitalized at $100,000,000 and having assets of over $11,000,000 in 1906, will be managed from London. Profiti of the companies remaining at the Standard Oil building were (41,000,000 in 1906, while total profits of all the companies in the trust were $83,000,000 for that year. One-half the earning capacity atays under the oid roof.

Stockholders of the Stundsrd Oil Co. of New Jersey, the parent company, who directed that their stocks of the thirty-four other companies be aent them, will receive them by express. Many other stockholders, who are here in the city, are expected to call for the stocks to-day. No time limit is set under which the new securities must be called for. They will always be held by the company subject to the order of the ownor, who is the New Jersey stockholder of record 31, and all dividends will accrue to him.

The transfer office and date of the annual meeting or each or the tnirty-nve companies, mciuoing tne atana- ard Oil Co. of New Jersey, into which the trust has been divided in accordance with the Supreme Court's decree are as' follows: The Atlantic Refining $144 Passyunk Philadelphia; first Tuesday in March. Borne Scrymser 80 South street, New York city; last Monday in February. The Buckeye Pipe Lino Co, 26 Broadway, New York city; fourth Wednesday in May. Chesebrough Mfg.

Cons. 17 State street. New i York city; first Thursday in May. Coloniul Oil 26 Broadway, New York city; second Tuesday in January. Continental Oil Co, McPhee building, Denver; second Thursday in May.

The Crescent Pipe Line Co, 424 Sixth avenue, Pittsburgh; first Monday in May. Cumberland Pipe Line Co, 206 Seneca street. Oil City, first Thursday in December. The Eureka Pipe Line Co, 206 Seneca street, Oil City, 'third Thursday in January. Galena Signal Oil Co, South Park street, Franklin, first Tuesday after first day of January.

Indiana Pipe Line Co, 26 Broadway, New York city; third Wednesday in March. National Transit Co, 206 Seneca street, Oil City, first Monday in May. New York Transit 26 Broadway, New York city; last Tuesday in January." Northern Pipe Line Co, 20 Broadway, New York city; third Thursday In January. The Ohio Oil Co, 'Findlay, Ohio; Thursday after fourth Wednesday in May. The Prairie Oil Gas Co, Independence, second Tuesday in December.

The Solar Refining Co, Lima, Ohio; Wednesdsy after first Monday in January. Southern Pipe Line Co, 206 Seneca street, Oil City, third Thursday in January. South Penn OH Co, 424 Sixth avenue, Pittsburgh; third Tuesday in South West Penn Pipes Lines, 206 Seneca street. Oil City; third Thursday in January. Standard Oil Co.

(California), 461 Market street, San Francisco: Feb. 20. Standard Oil Co. (Indiana), 72 West Adams street, Chicago; first Thursday in March. Standard Oil Co.

(Kansas), Neodesha, second Wodnesday in May. Standard Oil Co. Kentucky), Louisville, first Thursday in February. Standard Oil Co. (Nebraska), Brandies building, Omaha; fir it Monday in January.

Standard Oil Co. of New York, 26 Broadway, New York city; last Thursday in February. Standard Oil Co. (New Jersey), 26 Broadway, New York city; second Tuesday in January. The Standard Oil Co.

(Ohio), 8225 East Fifty-fifth street, Cleveland; first Monday in January. Swan Finch 151 Maiden Lane, New York city; second Tuesday in January. Union tank Line Co, 26 Broadway, New York city; third Wednesday in February. Vacuum Oil Co, Rochester Savings Bank building, Rochester, New York; last week-day in February. Washington Oil Co, 424 Sixth avenue, first Wednesday in April.

Waters-Pierce Oil Co, 420 Olive street, St Louis; third Thursday in February. Anglo-American Oil 36 and 38 Queen Anne's Gate, London; no day. This llxt shows that eight of the companies will still have their headquarters in the Standard Oil building at 26 Broadway. Three others have their headquarters in New York. There will be no offices for rent in 26 Broadway.

The Corn Products Refining Co. will move out on Jan. 1 and take quarters in the Whitehall building, because there is not room for it where it is. and the Standard Oil Co. cannot give it more space.

After the Corn Products leaves, the Standard Oil Co. will rearrange its offices, enlarging them to take in the two floors now occu pied by the Corn Products Co. Departments which are, now cramped wiH be given room, and the company will fill the entire building with the exception of the Broadway front, whioh is rented for banking purposes. At present the Corn Products Refining Co, in addition to the two floors in 26 Broadway, occupies a floor and something over in 42 Broadway. These offices' will also be moved to the Whitehall building, where the company will have the twenty-firtt and twenty-second floors.

By this move the Corn Products brings all its offices together. While President Bedford wss a director in the Standard vOil Co, and especially while he' was a member of the executive committee, which meets every day, it wss much more convenient for him to keep his oflVce in the I I 'A' -i'vVi': Oregon-Washington Railroad Navigation Co. First and Refunding Mortgage Four Per Cent. Gold Bonds'' Due January 1, 1961. Unconditionally GUARANTEED, prlactpal and by the UNION PACIFIC RAILROAD COMPANY by endorsement Om each bead.

Secured by direct Mortgage, at the rate of LESS THAN $28,000 PER MILE, on all Ualoa Pacific lines la Oregoa and Washington. PRICE AND DETAILED DESCRIPTION ON APPLICATION CLARK, DODGE CO. BANKERS 51 Wall Street New York building; but now that he is out of Standard Oil entirely, there is no such reason for remaining there and he is moving to what he believes are more suitable quar- ters for the Corn Products Co. The persistent rumor nim PmHiift. MTrtrnlleri hv Standard.

OiL which i has given consideraDie annoyance to tne omcieis i uw companies at times, may have influenced the Corn Products somewhat in deciding to move. The fact hat the Standard Oil Co. will, after the distribution of the shares of thirty-four of its subsidiary companies, occupy more office space than it did before the disintegration controverts rumors that many em ployes of-the company are going to lose their positions or are going to be sent away from new xcra. a. iewisoe urmma Hmm.

a lasiaaa men, who have acted as representatives of the compsnies affected, may be moved from New York, but there will W- -t nixtnmri Tha different companies nave na offices and are rea had complete managements in their home ready to ga ahead as separate units. It is expected now that after me oistriouuon oi stocks beginning to-day stockholder, meetings of the dif-jj- Teet liferent -companies will be called for the election of boards ie Haitians of directors which shall be in conformity with the law. Vrk Whether the different companies which are now sen- i arated from the Standard Oil Co. of New Jersey will JJJ XTmHSrViZ have to elect as directors men who are not in any way Va hirirt connected with any of the other companies is a question officers of the companies say is not at all clear. im Trt-citr ram.

The Knntvma ftim in its WrM nothing- about this. The American Tobacco plan contains such a. prohibition, nmSat.1v inertvl at tha ranaeKt Attornev-Gcneral Wick- ------o -j eranam. ine sianaara u.i may as uic wrupuaiit for an opinion in regard to its care in order to help its old subsidiary companies to keep out of difficulty. At preterit i.t.

1 T--- iney save oireruirs in cuinmuu wiui uie cw eciacjr Co and their officers say they see no reason why they rannnt ra-elect those mej. or anv men thev wish, now that are entirely distinct organisations, COPPER MARKET FIRM. Electrolytic Selling at ISVt Cents With Sellers Talking Higher Prices for Near Future. While the price for copper is still 13 eects a pound, electrolytic, thirty days, seller talk higher prices in the near future. Decrease in foreign stock of nesrly 4.500,-000 pounds during the last half of November ftrengthens the position of the sellers.

The head of one of the large agencies expects the Producers will show exports of close to 70,000,000 pounds for November. Another agency, which has been a leader in the upward move of copper prices, and which is practically out of the market until February' of next year, quotes a nominal pri-e of 13 cents a pound. Producers' statement, on tbe eighth of next month, is expected to show a decrease in American stocks, and the statement for December is expected to make a still better showing. While the present upward movement has been largely the result of an improved demand for the metal, the fact ahould not be lost sight of that important speculative interests have had no small hand in the upswing. Undoubtedly the copper market wss unduly depressed, and the present movement is the rebound; bdt there is dsnger that the market will now go to the other extreme.

If this country is upon a permanently improved basis, the present price for copper wilt hold, and the metal may even do better. Otherwise a reaction is inevitable, end the upturn will prove to be one of the fleshes in the pan which the sellers have deluded themselves into believing was a real revival in prices, so many timet befcre. STEEL 31 ARRET. New Orders Have Not Increased Operations of United State Steel Corporaton. Although there hat been an improvement in new steel business over the last six weeks, there has been no improvement in the operations of the United States Steel Corporation.

For the last three months ingot production has been on a basis of 75 per cent, of capacity. This is probably due to the fact that specifications have not been prompt as orders. Then, sgsin, a' great deal of business covering long periods of delivery has been booked. While steel bsr prices are firmer, prices for tubes and wira ar wau Thore has heen a-nod buvinS of tin DlsteS. .1 L-1 out me aemana lor rails apa car.

ouring uie mini 1 be has been light. While a fairly large business has beenin goingon in structural steel, producers admit tnat the mar- s-in of profit has been email. Deliveries of steel by the steel compsnies this month will be on a lower price basis than since the organized of the United States Steel Corporation and earning will be very lean. FOURTH NATION AL HANK CIRCULAR. Business in General Better Than a Month Ago.

Country's Banking Position Also Unusually Strong. 1 1 The Fourti National Bank in its December circular says: General business is better 'than a month ego, and public sentiment is unquestionably more hopeful. This improvement has come about largely through release by railrcads of heavy buying orderj for cars and equipment, from the extraordinary showing of our foreign tree's, appreciation of the fact that the cotton crop will surpass anything in hiitory, action by some railroads in increasing dividends, and the record of merchandise exports for October, which was $210,500,000 a' monthly total that has only once been exceeded in, the United States. With the month there has also been nervousness manifested over the corporations issue and concerning the attitude of the Federal authorities with reference to violations of tbe antitrust law. Some of these influences may have been largely sentimental, but they have been of immense, significance tnd account for the comparative indifference of the public towards some of the problems that excited such general uncettlement only a if ear weeks ago.

The bank position of the country is unuiuslly Wrong. In no sections are the banks financing a movement in securities, lshd provisions, or grsin. Furthermore the price of pretty r.esrly everything a bank is asked to advance morey is lower than it was only a few months The low price of cotton has been of decided assistance to the New England mills, enabling many enormous plants to resume operations again at prices which indicate that the resumption will be permanent and of thf greatest bcreht to tr.e working classes. i the has of. for to on said may or 22 81, Coke the bags year, laterest payable Jaauary and July I.

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POLACK CO. reetaUala la New Yerk City Baak a Treat Ca Stark. Phone $100 Broad 25 BROAD Y. Metropolitan Street Railway Co. Reorganization Xollie-tu Stockholders if the Metropolitan Btrrrt Railway, Company.

8lo. khnl.k r. of the Central Crontown Railway Company, and the Holders of $4,1100,000, fat-. amount. Improvement Notes of the Metropolitan Street Hallway Company (held ly others than the Receiver, of the New York City Railway Company and of the Metropolitan Mlreet Railway Company).

The unileralaam Joint Committee on HeorKanlntlnn of Metropolitan Street Itullwnv Com puny has adopted and proiuulKBt-d a I'lan and AKrei-tnent of Reorganisation, dated Nnvrmhrr It'll. In wlilili atm-khoiders and noteholders are onVre.1 the privilege of partli ipatlnK. and said Com-mittee. In ai-i-ardum-e with the provisions of salii I'lan, hereby publl.hes this notice. The terms and i-ondltlons of such participation are mire fully set out In said Flan and Airree-nimt, to whlt-h reference la hereby msde.

and the same been approved by the Committee of the holders of .14. (ienersl and Collateral Truat MoriKnue Honda of the Metropolitan Street Italia sv Company and the Committee of the holders of the Refunding- bonds of said Company. Paid stockholder, and noteholders nv.int before 12 o'clock noon on linKSSKR 33, I. II, deposit the stock cert I flea tM represent ins; their esld shares of stock or their said duly indoraed tr traimfcr and stamped, to the Guaranty Trust Coinpsny of New York at Its other, 5k Nassau Street Vn-k Telia, will posited notes and certificates, as Depositary, for the account and subject to, the order and direction of the Joint Committee as and to the extent In said I'lan and Arreement provided. AI the lime of such deposit, each such stockholder sni noteholder must nay to said Depositary the sum of tl'-Mit each share of stock no dcpoaltol.

and for chi II.imsi face amount of said notes an dcpoxlled, and they will receive therefor receipt, rallliiv (If and when the reorgani sation contemplated by aaid nan and Agreement shall kt completed for the following securities In a New Company be formed In s. cor lan. with said I'lan and Agreement, namelv: Kor eacli share of stock en deposited land the payment made thereon I tx.N.1 In new 4' Honda of said Near Company, IO III Nt Ail nomis or sain Miw com pany, and S.IU.TM 111 new '( ami! nrw lolllHiny, or certificates representative thereof; an. I for caeh SI.IHto (face amount) of notes so deposited (and the payment madfl thereon). $MX 30 In said New Koiids, t.i3.INI In said New Adjustment Houdx, and In said new stock, or certi ficates repreienlattvo inireor.

ocrio win lie irsueo- ror fractional amounts or snsrea ami ui uonua to wuicn depositor, may b. entitled. Any of said stockholders nr noteholders who shall not. or beroro twelve eioea noon vi ir. .1 nr.

n. aa. ivii, make deposit of his said eertllicsie. of stock or his notes, aa and muke the payments above iipecllled, shall not entitled participate in said reorganisation, or to share t. benefits thereof, and iim un.ierigne,l Joint iv.m- noteholders iim benSnt of reorganisation.

10 .01 11 maou! atiuwiiacii am Plan and Agreement. Copies of said Plnn and Agreement for re.irssnlmtt.m be had si the onVe the UIIARANTV THI'HT COMPANY of New York. No. 2S Slreet. New York City, nf THK PARMKUS' I.OAN AND TRUST COMPANY, No.

Wlllii Ktrwi, new or mi. Dated New York, November 20, 1011. lit K. THIPP, halrssaa. UIIJ.I4M P.

OIXOM, OTTO II. im tau 11. LAim, jr, AI.KXAKDKH J. es-el tie, KDWIV S. MAR STOW, es-aSlrla.

Joint Committee. ALEXANDER J. HEMPHIU Secretary. GUARANTY TRC8T COMPANlY OK NEW YORK, Depositary, PeiinsjIvHiil.i Coal Coke Shipment. Pennsylvania Railroad has issued the following state-pient of coal and coke carried on its lines esst of Pittsburgh and Erie, for the moith and period ended October 1911, in short tons: Ten Months 1911 1910 1911 M910 Anthracite Bituminous .1,091,607 1,051,279 9,581,057 9,090,550 .4,047,252 3,729,742 34,551,595 34,050,735 934,043 967,089 11,159,102 .6,072,901 5,748,110 64,300,893 Total offee Into Sight.

The amdunfc of coffee Into sight at Rio and Santos ort five months of this year is 8,922,000 bags, including 1,456,000 bags Rio and 7,466,000 Santos, which is 854,000 1 more than the 8,068,000 bags received same time Isit' SSXPKRTS. pickpockets take things frUllfut easy. I'liiUdulpbla -I JEuUsUo..