The Wall Street Journal from New York, New York • Page 6

i i it: WEST FEELS SURE PROSPERITY WILL FOLLOW GREAT HARVESTS. Business slow in Chicago, but merchants look for a substantial revival in a few weeks, Hoard of Trade Rather Bullish on Grain a Result of Manipulation in Wkect and Crop Scare Toft Field Report Indicate a Fina Year for Farmer Freight Car Surplus Decrease Steel Price Cute Tariff Discussion a Disturb-Ing Influence. adal ConvsaaaSeaee te Tk Wall ra jMraal.) Chicago Unpreeedentedly good crop prospects for the rst week of June mow, than offset all the bad feature. Sentiment improve steadily, although the volume of holiness expands slowly. It it generally believed that on-'less the crops be seriously damaged tho next few weeks will witness a aubftantial and wholesome revival.

Board of Trade sentiment is bullish on grain prices, artly as the result of exceptional manipulation of wheat options, but mainly on the broad theory of crop scare. With harvest in progress as far north as Missouri, the "winter crops are getting on the safe side, while the spring trrop conditions are perfect. The Burlington reache? more rrop territory of different belts than any other single western system, and its crop advices came in last week without a single complaint. Aains hava killed every crop (scare this season before any of them got an effective start. iSentiment among corn traders is bullish on the lapposi-Ition that most of the marketing by farmers is over, and the record price of Tiay sustains oats values.

May grain receipts here were the largest for the in manv vears. Local receipts of live in creased 25r; tor the month, and for the yesr to date. I Eastbound tonnage was so heavy that the weftern lines about Sr increase in May loading, in spite of a 'heavy decrease in westbound tonnage, and the eastern Igroup got through with a small decrease in their May loading. Lines in bituminous coal sections owe part of Hheir gain to the col strike last year, hut the bituminous roal industry is the softest Bpot on the industrial map 'than last year. The coal car surplus then was 35.000 to 40 000 less than now.

Before the end of April, 1910, it had reached 45,000 cars, whereas it reached 111,000 cars the end of last March. Local coal producing companies of importance are doing only one-third or one-quarter the amount of business which their development warrants, and this district's consumption of steam coal is only 50 of formal. The only nope of immediate improvement is through the harvest demand. Some bituminous coal car- Mtle in a rush. Industry suspect a "frame-up" between the V.

S. Steel and the The immediate effect of the steel cuts and the trust decisions was unfavorable for actual business, because THE WALL STREET JOURNAL, FRIDAY MORNING, JUNE 9, 1911. BUFFALO MINES LTD. Surplus for Fiscal Year Equal to kl.t9 on the Capital Against iOJl Last Year. i 1910 2,897 787,931 53,561 734,870 831,201 403,169 ann m- a ornnn riiifK YYimie mill uiuvidtru.

1909 $476,868 615 479,483 81,956 447,527 243,237 204,290 SOUTHERN EXPRESS LOSES CASE. to-day. I Net surplus of freight cars in the United States and Commercf Commixmon Hold, That the Advanced Rate It Canada decreased between 20,000 and 25,000 since the! Found Unreasonable. miaaie 01 May, dui if euu DCiween ana ou.uuw more STRIKE AT BALDWIN WORKS. About 000 Men Quit Leaving 11,000 to Keep the Plant 1V Philadelphia Two thousand men struck at the Baldwin Locomotive Work Thursday because of the laying eff of 1,200 men on the slackening of work this spring.

The strikers say they struck of their own Accord, and neither the International Union nor the heads of the various locals were consulted. Mors man may quit. There is now a total of eleven thousand men employed at the Baldwin Locomotive Works; and an officer of the company sayi Thursday's defection will not seriously affect the operation of the plant. The assistant general superintendent of the Baldwin Locomotive Works said at noon "The company can make no estimate of the number of their employes out on strike. A considerable number have gone out since this morning, nd until 1 p.

we cannot tell just how many are out." In sympathy with the strike of the Philadelphia employes of the Baldwin Locomotive Works, five hundred men have quit work at the Eddystone plant of the company at Chester. The usual number employed is about two thousand men. The Buflalo Mines, has issued its report for the year ended April 30, 1911. The income account com pares as follows: 1911 Inc. from oper Other income Total income Transp ft treat Balance Opcr admin exp.

Surplus 1,964 831,301 75,116 756,186 343,297 412,889 Equal to 41.29 on $1,000,000 capital stock as com pared with 40.31 on same stock last year. Out of the surplus for year $371,469 was paid in dividends, leaving a balance of previous surplus, profit and loss surplus April 80, 1911, was $308,423. Washington In the case of the Franklin Co. of Birmingham, who complained of excessive rates against the Southern Express the commission holds that 1. Defendants' contention that express rates should be a percentage higher than freight rates not sustained, as there is no material evidence of record as to the reasonableness of either the express rate or the freight rate.

2. The alleged erroneous publication of a rate, which cW-t fnr mnr than eiehtv davs is not a iusti- ners in mis aisinci snowen a neavier maom iaai momn ftratinn for its lnrrease. Advanced rate is found unrea-than a year ago, but evidently the percentage of short I )d fnr tne future prescribed and reparation haul was greater. awarded. Net surplus of 1 or even 200,000 freight cars would disappear quickly if a bumper crop were assured BROD STREET GOSSIP, and with a moderate revival of industry there could be a severe car shortage next fall.

The 30,000 additional -rded the improvement which started li rars and 2,000 additional locomotives that might be built i iL if' iJL the market on Wednesday afternoon as an affront i ii nrffBni.hnn r.9 IRON PRODUCTION SHOWS A HEAVY SHRINKAGE LAST MONTH. on june However, the steel corporation WAS OPERATING 68 ft PER CENT. OF MAXIMUM CAPACITY. Since the, First of the Month, Several Additional Furnaces Have Blown in and Current Month May Show an 1 ncreait Reduced Output Will le More Apt to Strengthen Than Weaken the Situ-tion Production Lost Month Was on a Boris of Actual Output for the Year 1905. May recorded the heaviest reduction in pig iron sines the current downward movement began.

Evidently the reduction was not st the expense of the United States Steel Corporation, which on the first of the current month was operating 63 of maximum capacity. The coke and anthracite pig iron output last month amounted to 1393,450 tons, or 61,079 tons a day, com. paring with 68,836 tons a day in the preceding month, according to the Iron Age. On June 1, there were 203 blast furnaces in operation, comparing with 212 on May 1. The reduction in output last month cannot be regarded unfavorably to far as the influence of the movement on prices it concerned.

Stocks of pig iron are still large, and a shrinkage should tend to strengthen rather than weaken the industry. The rate of output in May was 22,293,835 tons, comparing with an actual output in 1810 of 28,844,775 torn. Th output of the blast furnaces of the country is now on a basis with the year 1905 when 22,992,300 tons were produced. The following figures give the dsily average production of pig iron in the first five months of 1911, compared with corresponding months in preceding years, in tons 1911 January 66,752 February 64,090 March 70,036 April 68,836 May 61,079 1911 January 1,759,000 February 1,794,509 March 2,171,111 April 2,065.086 May 1.893,450 mere, MaV- 19io 2,236,972 1,045,250 1,218,129 1,567.198 1,797,560 1332,194 1.930,866 2,599,641 2.608.605 2397,254 2.617349 2,483.763 2.390,180 Not believ- mo 26,844.775 within the law, while having no rule by which to deter-1 i ine in the rise, the traders refused to participate in it, mine what is right or wrong in contractual relations. kmA u.

i and. to spite it and all those who had antnmg public when their lawyers study conformity with the law rather than evasion of it. The Bteel cut is regarded as I economically proper and inevitable. It has not wakened the slumbering railroads because it did not go far enough, Potential orders are accumulating, and a certain level of prices when definitely fixed will bring them on the books. Fabricated business it impossible on the basis of the reduced structural prices as quoted the end of last week, showing that the actual market for structural is still lower.

Further open reductions have been expected. Steel Corporation people here expect to meet every reduction as promptly as the Illinois Steel met the Republic Steel's first open reduction the same day that it was made. Chairman Gary's announcement followed several days later. It is suspected that the Corporation did not sacrifice as much business for price stability as it pretended to and that whatever sacrifice it did make was made for some broad ulterior trade purpose. Some even Now, had the traders looked a little further than th-; tip end of their noses they might have seen that the mar-: ket's action was not so illogi'-a! they thought that it drd not outrage all precedent in the way they had sup-) posed.

The real trouble was that the traders looked to the wrong precedent. Conditions before the advance were unusual, and in the light of these unusual conditions the market pursued an entirely right and proper course. To, see wherein the conditions were unusual it is necessary to go back to Wednesday May 31, the first business day lowing the handing down of the Supreme Court's decision in the American Tobacco case. That decision was a bull- i spectacle was presented of a market breaking on news on Their smile only wore off when the foolish selling ceased. many new adjustments had to be carefully considered, but; When the laree interests Mav 31 quietly took all favorable for investment and future promotions.

The i gtock that was thrown upon the market, making absolutely bond market holds well. Hill and Harriman financlnrlnn r7nrf tn rWk tl.a decline thev bouirht not because whets the edge of expectancy and bespeaks a high de gree of confidence in the thev had to, but because they wanted to. Until the de cision was rendered they were in doubt; subsequently they 1909 25.795.474 908 15.936,018 thev even refused to cover their shorts. I 1907 25.781,361 1910 1909 1908 84,148 57,975 88,718 85,616 60,976 87,163 84.459 59,232 39,619 82,792 67,962 38,289 77,102 60,753 37,603 in January, February, March, April and May during the last four yean: 1910 1909 1908 2,608.605 1.797,560 1,045 559 2,397.264 1,707,840 1,077,740 2,017,949 1,832,194 1,228,204 2,483,763 1,738.877 1,149,602 2,390.189 1.883,830 1.165.688 The following table shows the trend in pig iron pro amnion since uctooer, iwn, in tons 1907 1908 July, 1908 Oct, 1908 1909 I 1909 June, 1909 1909 1910 i 1910 1910 1910 June, 1910 July, 1910 1910 Sept, 1910 1910 1910 Dec, 1910 1911 1911 1911 May, 1911 1911 2.265,478 2,148,442 2,10647 2,054,275 2.087,385 1,909,780 1,77417 1,759,000 1.794,509 2.171.111 1,893.450 I 2,065,086 i was nothing logical about it, nothing reasonable, nothing The following table gives the production of anthracite I is waiting for the effe-t of the tmrt Amr. 1 timely ll was an impertinence purr nu rr vrr a -ne years: sions Pnd steel cuts.

Reflection brings out the merits of "-guiatea marset wou.a u. u. taction of stocks was entirely in conflict with precedent, 191 1 22.293,835 n-v; luniiri bo Kiur iu iwi atiuiin kiitib nuni iu uc i ii Based on daily average production in May. 1911. The following table shows the funwees in blast on the first of each month durinp the current year, together with dsily csrscitr: Furnaces Daily Capacity January 1 189 68347 February 1 206 59,568 March 1 222 66.662 April 1 231 70,762 May 1 212 64,432 June 1 203 61,703 Several blast furnaces have been blown in over the est two weeks, and little if any falling off in output is ish factor of the first magnitude; but at the opening of tnj, month.

the market, tne bears jumpea upon stocks ana xorceu prices down, shaking out a considerable amount of stock that had been speculatively held by weak holders. The Year 1906. 1905.. 1904. 1903..

1902. OHIO COPPER CO. which it should have gone up; and the large interests did' Three Heinze Rrprrsrntatnes Elected Directors Finan. I Republic hteel. Jt is certain that nothing had happened not put out a finger to save it.

They sat back in their in the trade of which the former was not fully cognizant, chairs and raked in all the stock that came their way. ftnf Keport Delayed. 1 Btxrton At the annual meeting of the Ohio Copper I W. C. Shaw, H.

H. Smith and John J. Williams were elected directors succeeding George Baglin, James Mac-j Farland and Thomas J. Weir. The new directors are Heinze representatives.

Oother directors were reelected, During the past yenr Stanley Gifford was elected president, succeeding James MacFarland; and Frederick ruiiaiiuu. anu Knew U1B way was lieur Ul taiiv uut imiuuu iiiujctni the expectation that tariff discussion will drae alone into the Presidential campaign next year checks general business, although leading dry goods houses report freer trade, wholesale and retail, as the result of seasonable weather. Collections are noticeably better. Encouragement is derived from the ability of the railroads to bring down the operating ratio without any apparent impairment of efficiency of plant and from their disposition to work together more closely for mutual benefit by traffic arrangements and otherwise, thus obviating the necessity of ad-ditional mileage where mileage now exists. So many improvements are needed that it seems strange that any road should cut freight rates, as the Missouri Pacific and Erie recently did, especially as they all hope still to be able to show the Commerce Commission why rates should be advanced.

Money Is a trifle firmer, but commercial discounts average below 4 with the note brokers. Leading banks seem to be out of the paper market and those that are in seek short-term loans. Mercantile paper finds a freer market in the East and some small reserve centers. Strictly new paper is scarce. Interior demand for money has been strengthened by rural needs and splendid crop progress.

May currency shipments were less than had been supposed and not much more than a year ago; whereal currency receipts irom tne interior were heavier than a year ago, making a net gain of more than $500,000. Domestic exchange on New York last month averaged 21 cents per $1,000, compared with 10 cents premium a year sgo and 29 cents premium two years ago. Real estate transactions here showed a fair gain for the month. Surface traction travel increased about 11 and elevated travel increased slightly. The slump in building was due directly to the brickmakers' and building trades' strikes.

Institutional buying of bonds here this yesr hat made a high record for the period. Leading bond dealers expect the same satisfactory market well into the summer. One of the largest houses reports its sales the past few weeks double those of the same period last year. Investors seek a wide range of hsues yielding from 84 to 6V4 and buy carefully but confidently. There is increasing interest in the stock market without much actual participation by the commission house crowds.

The elevated merger hat brought some activity to the local list Board of Trade business has been injured by the Msy wheat deal, which evidently has been continued Jnto tho July option. If the farmers have failed to make out of it at the expenses of the big bulls it is their own fault The trouble with the average broker in the is that ha has twice too much competition. Every big firm has several pit brokers and they could not all make a decent living on the commission basis, aa proposed. 7 Chicago, Rock Island tc Gulf. Washington April total operating revenue, 028; increase, April operating income after ex-Jfenses and taxes, $76,798 increase, $62,764.

Tan months total operating revenue, decrease, Ten months operating income after ex-pontes and taxas, $794,718 tacrine, $78,209. -r. ns( trmmcm is mrm. "Thr dollars a ailnut." said the youth wha had askad tba long distance telephone Tata between him and tne Jad fair. vTe Ir, fntld telephone clerk.

cuass fra not on speakin (arms wit bar alfbad tke footh. sadly eeuatlaf oat IfcM la bla pursaOetreU V1 tr.Kf:,-. i tu i ....1.1 W. E. Hutton Co.

Bay: We believe the prospects for crops in the West are sufficiently good to warrant further improvement; and, in view of the prevailing low rates for money, we expect to see higher prices in the near future. Sternberger, Sinn it Co. say: General prices were strong, but we think a slight reaction in the market is due, and we would wait before buying until a little setback has taken place. Miller li Co. say: The trend it to a higher level.

W. C. Langley Co. say: We suggest profit-taking temporarily, particularly in those stocks which are showing substantial decreases in current earnings. The sudden fall in Denver Rio Grande preferred shows whst is liable to occur in some other stocks.

Finley Barrell A Co. say: We favor purchases of stocks on this little decline. Think it furnishes an opportunity. Josephthal, Louchheim A Co. say: Crop prospects in the Northwest will probably be the most important factor, influencing stock market operstions for some time to come, and these prospects are as bright as could be wished for.

J. S. Bache dt Co. say Evidences of distribution during the past few days on the strong bulge would lesd to the conclusion that a reaction of fair proportions is in order. We believe, however, that the market will sell considerably higher later on, and would advise the purchase of stocks on any setbacks.

Trow's Business Directoriea. Comprehensive business directories of Manhattan and the Bronx and of Greater New York have been issued by the Trow Publishing Co. The names of "all business persons, firms and corporations are classified under appropriate headings, properly indexed. The books alto contain street directories of the boroughs of Manhattan, the Bronx, and Brooklyn, Corrections in business addresses were made to the time of going to press, so the books are as up-to-date as it was possible to make them. Liberty Tower Ituildlug Hale.

The beautiful thirty-one story Liberty Tower building at 53 Liberty street, corner of Nassau street, which was only completely finished last month, is to be told at public auction June 80 by Joseph P. Day. Newell Martin, of Martin, Fraser A Speir, attorneys for the plaintiff in the proceedings to which the sale is due, who is advising intending bidders as to the rents of the property and other matters in connection with the sale, says it 'will be. sold subject to a Vfo mortgage of $1,800,000 running to 1914 and that the rents are already bova ISOMO t. year.

i ings: Alabama Gi 4th week Month July 1-May 81. ana conauci a oun i uc uu uik wuku wtrj uui i 1: a in th. H.d the moat I Ge0r 'g latter resignation at secretary HWV I rt IT A Main TtatW hi r4 Aan TV. I terms possible an soon as the doubt was removed 1 tL. a (B.i.vi inn ivtii Jtsin VlUtC.

II 11141 el. i 11U c-l I. a f-w nnintj. nr, I 01 Mr v-11 wun j. narrow, nere tne faxnt Kninto tint 4V puil.

Had the buying been of another kind-had it been i cnl wo men on th board wnsidered as He.nzc rep-forced instead of -volunUry-the first opportunity would resentaUves. resigned ax a director a few months ago. have been availed of to sell out, and a good reaction would i There was no financial statement submitted, Secre- have followed a moderate rally. This would have been 11 such a "normul reaction." as trader, looked for, but J0 10 de.la5' which did not come in this case because the situation was' holder for the sale of 6 I year bonds have been concluded, which would probably be MARKET OPINIONS. a matter of a few weeks.

NEW PUBLICATIONS. the VNrvratsAL railway manval for 1911. To those investors whose capital has sought a foreign I outlet this manual ought to appeal, on itt merits. It cov-I era the entire railway list of the London Stock Exchange, which means the more active of our own roads, the Indian railways, those of South America, and miscellaneous developments of British capital in other places like, for instance, the Anatolian Railway in Asia Minor and its companion, the Bagdad Railway, which, doubtless by accident, appear under the heading of "South American Railways." Tested by the analyses of our own roads the information is good and the tables of physical condition and earnings are well and intelligently arranged. The comment on each railway is interesting and based upon sound principles of criticism, although rather too personal for a reference work of the character, and assuming more responsibility in making up the investor's mind than the editor will be likely to care about in future annual issues.

I The book does not pretend to cover the ground of the London Stock Exchange Official Intelligence, but it contains a deal of useful matter. It would be improved by some comparative figures on state-owned railways. Macmillan A Co. undertake the publication in America. The Universal Railway Manual.

Containing valuations of the principal Brltlah and American furelyn railway stocka. Captain K. Kopkloa. H. K.

Indian H(at Railway Department, pp 01X1. 0 mapi and prlca charts. Price, Ta. d. net.

Weekly Railroad Earnings. The following roads have reported weekly gross earn 1911 $127,029 856,285 4,130,222 4th week $288,623 Month May. 786,083 July 1-May 81. 8,439,273 Mobile A Ohio: 4th week $318,559 Month 988.181 July 1-May 81. 10,265,635 Seaboard Air Line: 4th week $493434 Month July 1-May 81.

20,007498 1910 Inc. Dec $132,897 $5368 879,508 24,223 2350,066 280,167 ft Texas Pacific: $262,244 $21,279 815,993 29,910 8,280350 158,723 $318,096 $5,463 927,728 60,463 9,714,110 551325 $502,207 $9,069 1391,413, 78368 18,474,099 1333,099 Kotblns short ef a aura-fai operation woald sana.taU aat ea frost their SBonay. orWa Herald. t-r. mi SPECIAL SUBWAY Arrangement Offer the MeAnenu Report en Matt Monday.

At meeting of th Board of Estimate yesterday morn ing President McAneny submitted a resolution to call a special meeting of the Board on Monday afternoon, and in the meantime Mayor Gaynor will call a meeting of th Rapid Transit Committee for Monday morning, at which ume th McAneny report will be submitted. It will then be submitted to th Board of Estimate at 2 o'clock, so that immediate action can be taken at the Thursday President McAneny said: "Th process of preparing this report hat necessarily taken several days. It is a vast task, and cannot be hurried unduly. While hop to able to present some report to-day, it is quite apparent that it will be impossible, and I suggest that the Doara meet on Monday as a committee of the whol to reeelv the report, with the understanding that permanent action will be taken by the board at the regular meeting on next Thursday. I timply ask that the board meet on that day as a committee of the whol." LAWFUL TRADE UNDERSTANDING.

Judge Hammond Telle Cotton Cruehtre to Act Together Under the Supreme Court Decision, At the Cottonseed Crushers' Association meeting, in session at the Hotel Astor, Judge Henry C. Hammond of Augusta, said, "Along the line of the recent ruling of the Supreme Court you will be permitted to go very far on the matter of reaching reasonable and timely busi-jxa arrar.g6ir.cr.ti. I would advise n.or Intimate relations between all oil mill men, that you come together often and that your conferences be always open and frank STEEL rLANT AT YOtNGSTOWN. Open Hearth Steel Work to be Built af an Outlay of Youngstown Ohio An open-hearth steal plant of six furnaces, together with a blooming mill, will be built by th Youagttown Sheet Tab Co. at Eaat Youngstown, as th result of decision of the directors st their annual meeting, Wednesday, work to start at once.

The plan for th open-hearth plant were approved som time sgo, but there hat been a delay in starting th work. Th plant will eott $3,000,000, which will taken car of by an fetus of preferred stock. Bom fifteen hundred men will be employed at the plant when completed. Provision It mad for four other mills later on. Th regular quarterly dividend of 6 was also declared.

The director authorised an increase of $5,000,000 in th stock of th company, which undoubtedly will be approved by the stockholders. The ultimate plans of tho plsnt are for 14 furnaces. LOZIER MOTOR CO. STOCK INCREASE. Increase of Capital to $3,000,000 by Adding 41,000,000 Shares, Half Preferred.

Detroit Stockholder of the Loaier Motor Co. have authorised an increase in the capital stock from $2,000,000 to $3,000,000. The increase authorised consists of in7 per cent, cumulative preferred stock and an equal amount of additional common stock. The latter will ot be issued at present. The Increase provide capital for an enlargement of manufacturing facilities.

According to H. A. Lozier, president, business conditions were very satisfactory. The Detroit plant is employing 837 men, which with the number at the Platts- burg plant brings the total up to about 1,200. The De- "''y wonting out una prooiem oritroit factory lg turning out an average of 18 cars a week.

lZT. it This weekly output will soon be increased to 20. the world. The convention concluded with a banquet last night at which President Taft was the guest of honor. Chicago Alton.

Chicago A Bloomington dispatch savs two hundred Wichita Valley Road's Washington April total operating revenue, de crease, $13,114. April operating income after expenses and taxes, decrease, $5,088. Ten months total oneratinar revenue. $658,188: de- Chicago Alton ahopmen are out on a strike for union crease, ten months operating Income after expenses recognition and improved working conditions. and taxes, decrease, $61,526.

ADVB-tTTSEMBVr. .1. iomn MBHTT. The Light of Hue World on B. R.

T. History THE SAME GAME WITH A NEW NAME Heads I Win Tails You Lose," Says B. R. T. to Father Knickerbocker Thp fir nuts nn thp mnnov R.

T. cets the nrofits. Scandalous was what Tftnt 25.307.ioo The World called a similar scheme four years ago. Does the city want a partner Z2.992.S0C 16,497,000 18,009.252 17,821,307 which The World described as follows: "The B. R.

T. is universally execrated. On a popular vote it could not find enough friends and sympathisers to act as election inspectors. Has it a legal or moral right to compel the citizens of Brooklyn to pay dividends on its watered stock?" Tt World Editorial of January 19, 1907. R.

T. may run any cars it pleases, Including the ramshackle wooden fiat-wheel atrocities which make up the bulk of the present equipment. "So the City is to build a connecting subway and provide terminal and switching facilities at a cost of some $14,000,000 and turn all this over to the B. R. T.

"Why does not the City guarantee dividends on the B. R. T. Stock? It would be more straightforward, hardly any more expensive, and no more scandalous than the present state of things." Evening World Editorial of February 7, 1907. If it was "scandalous" to spend fourteen millions, what is the name for spending $103,500,000 which the B.

R. T. now asks the City to invest to provide B. R. T.

Terminals? The World and Coney Island "The demand for a five-cent fare to Coney Island is universal. Its enactment would be both Justice and charity. If a nickel pays on a small volume of competitive traffic during the week days, why should the fare be double when more people travel on Saturdays and Sundays?" Evening World Editorial of February 7, 1908. "This little relief of a five-cent fare to Coney Island would enable more families to enjoy the great bounties which nature hat placed at New York's doors." Evening World Editorial of April t5, The Interborough Will Carry People to Coney Island for a Five-Cent Fare from Every Borough The B. R.

T. asks the City to spend over a hundred millions for its benefit and then let it charge ten cents to Coney Island even from Brooklyn itself. Why put this burden on the people to pay dividends on Brooklyn Rapid Transit? Will the City build new subways, wholly at the expense of the people, in the heart of Manhattan for the use of the B. R. T.

elevated lines, and then let that Company take out of the receipts of the joint lines enough money to insure its present profits of over three million dollars a year on its elevated lines before even interest is paid on the City money? As The World said over two years ago of a B. R. T. subway scheme: "Why does not the City guarantee dividends on the B. R.

T. stock? It would be more straightforward." ANOTHER HOLD-UP R. T. Works Another Hold-Up on the Bridge" "The Brooklyn Rapid Transit Company Joday worked the most brazen hold-up in its remarkable history by tying up the entire bridge service during the rush hours, forcing an extra fare from the thousands of Its passengers and compelling 607 of them to walk across the bridge." Evening H'orW, January 11, 1907. The B.

R. T. has learned a lot sinco The World registered its "most brazen hold-up" four years ago. Instead of a mere hold-up of passengers for their nickels at the Bridge, it is now preparing to hold up Father Knickerbocker himself and shake him down to the tune of several million dollars. Will New York Stand for a Hold-Up? Why not complete the City's own subway and have a single system with a five-cent fare reaching everywhere? INTERBOROUGH RAPID TRANSIT COMPANY.

The Five-BoroughSubwayfor a Five-CcntFare.