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

Japanese 2nd Grr Japanese 1st Japanese '2nd A-''r Central of (in 3d inc. Central of Ga. 2nd inc. C. R.

I. P. -i C. R. I.

r. Col. Midland 4 Int. Or. Nor.

ad 4... Mex. Cent, cons Mex. Cent. 1st inc.

Mex. Cent. 2ml inc Pi M. K. AT.

2nd 4ft 87 Peoria Eastern inc. 4ft 75 Rio Orandc Sou. 1st. 81 St. Louis S.

V. eons 81 Seaboard A. coll. tr. 5ft A.

L. 1st 8M4 Tol. St. I. fc W.

4ft 84s 1 Wabash deb. 71 Wnbnsh-Pitts. 2nd 30' i W. .0 L. E.

eonsol 91 SUIT AOAIN'ST THOMAS F. UYAX. "I3 19 11 84', 102 84si 8.1 35 91 The wide range of prices in such bonds will be noted as the salient feature. Tho bonds are volatile, both in price and in character. They seem to change hands, at time, in immense volume, not being placed with investors, and, consequently, coining into the market in vohimc at times of stress.

It is actually easier to create a biff price movement in a $75,000,000 issue of this character than in a $10,000,000 issue of an investment character. The biggest profits in the bond market have lieen taken this year in these issues. Tlie Central of Georgia incomes, Japanese 1st ami Wabash deliontures in particular have netted groat profits. Tin- dealers who have made the profits, particularly in the incomes, have been rather stock brokers than bund brokers. An iin-ome Kind is frequently found tho center of the activity with brokers not nt all accustomed to trading 'in To the investor, the above list offers few legitimate bargains.

Many of the bonds are good for the business man. The Hock Island. Clover ljeaf, M. K. T.

"and St. Tvoiiis Southwestern issue are frood in this category. Any buyer who feels prepared to rik his money in bonds that may. at. some time, show him a biff loss on paper, can easily find in this list bonds that-will net him 5 or near it, with a fair chance of a four or five point advance over any six months period.

Chancery Court nfYrir Jerei Atkel to Compel Financ ier to Share Profit in Forming LraJ Company. Trenton Harry C. of New York. ha ent-encd suit against Thomas F. Hyan.

in the court of ehane-cry of New Jersey. The complainant alleges that Ryan appropriate! plans furuisliisl by him to inerp" in-deK'n(k-nt I-ii. I concerns resulting in the formation of tho United Lead An abstract of the complaint is as follows: During j.r.', an, 1 inn complainant i1-vo)hI unions luuutTun wiiii 1110 uuipui pig ii'tui iii uie I lined States and the nianufactiire and pri)duction of white lend and other products obtained from lead. He visited different plants in tlie United States, and conceived the plan of uniting the lead interests and enterprises that had not already become a part of tlie National Lead into one company for the purpose of eotnieting with tlie National or forming a combination tliercwith, and for the purpose of acquiring control over tlie total output of lend, anrf the load product of tlie American Smelting Refining so that the con-sumer migh't acquire white lead and other similar, product at reduced prices, ami to that end procured options on a largo' part of independent lead concerns. In the spring of 1901 tho'eomplainant had crystalied and formulated a plan for the combination of tho indepndent lead interests in United States.

He conferred with the then presi.lcnt of the American Smelt ins Refining Edward W. Nash, and through him procured a letter of introduction from Daniel Guggenheim, chairman of the executive committee of the American Smelting Refining Thomas F. Ryau, vice-president of tlie Morton A-meeting was had with Mr. Ryan, during which Tlaskins made known his whol, and agreed, if neces--sary, to contribute to tho project, if Mr. Ryan would join him and contribute enough to carry out the enterprise.

Mr. Ryan liccame very milch interested in tlie project, and expressed willingness to join, provided an examination, made by his attorneys and experts, continued Etatements already made by ll.i-kin. Huskins was then to Ryan's attorney, and laid before him his plan and scheme of merger, and the same was to be examined and a report made thereon later. After reasonable time had elapjd Haskins again culled upon Ryan's attorney, and the latter tjbl him that he had indorsed the scheme, but that Mr. Ryan had not had time to take up the matter.

While Haskins was waiting to hear from Ryan, he heard rumors that Hugh Grant Browne, who was connected with the Morton Trust and Mr. Ryan, through a prominent attorney of Ryan," were engaged in -obtain in 3 options on the plants of the lead companies from which Ileskias had obtained options and from others for which Huskins was negotiating tlie purchase, together with tho complete details which was embodied in tlie original plan laid before Ryan and his attorneys. Haskins charges that options have been obtained in the interests of Ryan upon most, if not all. of the properties upon which he had options, nnd subsequently tho United Lead Co. was organized in New Jersey under tho direction and con.trol of Ryan.

nankins further charges that in the formation of United Lead Co. Mr. Ryan made an enormous profit by Availing himself of information which Haskins, after years of labpr and great expense. collected together, ant! had only disclosed to 'Mr. Ryan upon the agreement on the part of Mr.

Ryan that he would join in the scheme and share with him in the profits. Haskins allleges that Ryan should give to him of his 'share of all profits thet have been reaped by him in connection with the promotion of tho United Lead Co. and should be directed bv the court to pay him his share thereof. CHICAGO TERMINAL TRANSFER. Chicago The Tribune says John R.

Walsh is in control of Chicago Terminal Transfer and will ucc the rood in connection with the line he is building from the Indiana coal fields to thia city. ANTHRACITE OOAL SIIIP1IENTS. Results for Nine Month in Exeeu of any rmiout Year i Except 100S. Philadelphia The anthracite coal ahipmenta in September aggregated more than 5,000,000 ton. The Reading, Lehigh Valley, Jersey Central, Lackawanna and Ontario Western exceeded the allotment, tlie shipments were almost idoutieal with its quota and tho Delaware Hudson, Pennsylvania Railroad nnd Delaware, SirsqupHsnna Schuylkill were below the allotment.

The production for the month was the largest ever shipped in September and was 1,114,032 tons greater than in Sep-tenber, 1904, that month being the smallest in production tn tliHt year. The output for September for four years has been as follows: 1901 1903. 1904. 1M5. 443,883 4.034,444 5,082,232 The following arc the shipments of tlie different companies in Scpteihber with the percentage of each to the total shipment, and a comparison with last year.

Sep. 1903. P. C. Sep.

1904. P. Jt 21.01 7.i:5,ft,W L. V. 801,529 649.092 V.

R. R. 709,700 1.1.Q7 552,740 I). L. W.

772,506 15.20 1). II. 422,789 8.32 290,609 l'enna 325,414 6.40 339,094 I Erie 56S.790 11.19 405,915 O. W. 4.31 185.472 1).

S. Sl 2.60 137,276 Total 5.0S2.2.12 3.967,600 1: 1). 4 Pi nna Erie () 4- 1) follow Reading 1.. Valley 11 1) 1. ...13.05 ...11.70 ...13.35 9 ...11.4" ...11.20 3.10 To date.

9.101.724 7.440.NXI .1 fi.iVi'.i.o:;.; 1M 4 4.253...07 lVnna. Erie 4.69.4I5 Out. West 2.113.527 1 V- l.l'.tO.OTit Total The I.V)s7.Mo output to datv 16.30 13.90 s.io S.01 4.73 2.71 20.10 16.S9 1o To 14.83 10.47 7.74 9.47 4.79 2.90 1905. 22.40 15.59 13.02 14.72 8.22 8.19 10.46 4.34 2.M) 1905. 21.01 10.36 13.73 10.97 7.32 H.54 10.23 4.67 .1.40 r.

v. is.r.2 lfl.36 1.1.93 1.P7 7.32 .8.54 10.23 4.7 ZM TV nonvntaee of shipment of eaoh company in the month of Scptemlier compares with former periods as follows Per Cent, of Shipments. c' 1st nr. Julv- Auir. Sept.

yr. to allot'mt 19U3. 190o. 20.50 19.74 date. 19.38 16.29 12.7K 16.13 9.49 K23 10.24 4.62 2.71 For the vear to date the Lehigh Valley, Jersey Cell- and Ontario Western arc above tho allotment and tint other companies are below it.

The total shipment for the year to September by the companies, with percentages and a comparison with 1904 To date. WM-IV. 20.49 174 .026 19.38 10.41 6.870,073 16.29 12.93 12.78 15.29 O.siVi.SlI 16.13 9.17 9.49 7.91 3.524.929 8.30 o.29 4.31'?.429 10.24 4.00 I.9.M05 4.02 2.01 1.141.110 2.71 42.173.70 in the first threi-quartrs of the ve.ir is 3,214.012 tons of 19n1, and the output is ahead of any year except 'M'. NEW YOIflf A QUEEXS CO. CAS.

L'ttr OuUmina I'n'Hion nnd O'Connor abler, having lHiughl a block of New York Queens (ias londr, President Tilford funi-islws to that tinn a t.i;'UHut eoncerning the company which eontains tho following now facts: "Tlie franchises cover Flushing, College Point. Whitcj.it.ne and Hayside In iug the present Tliir.1 W.inl of the Horough'of (jmvns. There is no otlhT gas C(m- large part of his lim to the study of industrial I mxy within this 'territory. The franchises of tlie puny are except those for the village of White-stone and that portion of tlie eld town of Flushing outside tlie limits of the several villag which franchises remain in force or are renewable until 1917. "The gross sale of gas for 12 mouths ending July 1SH.I5, were cubic feet as compared with 72.242.

too cubic feet for ''the same period of the preceding year. "The earnings of the company, after payijur nil operating exiH'iises. including are largely in excess of tlio amount reouired to pay the interest on the total amount of loiids issued. "There are in use 45 miles of street mains, nnd 3,109 meters. "The company is now further extending its mains into Rayside, nnd the streets already contracted for will supply about 200 additional consumers-.

It has also recently connected 175 city lights in nnd around College Point. 'heretofore maintained by naptlin. "The territory covered by our company shows rapid The purchase of Long Islam! Railway by the Pennsylvania Railroad, and the building of bridges and tunnels between-Manhattan and Queens has re.sult.il in a development more rapid than in any other part of the greater city. "Tlie bonds which you have purchased are i-ecuretl by an nlwolule first mortgage upon a gubst.int.inl portion of the company's property, including the College Point swtion of iu system, and is also a first mortgage uon all tlie balance of the property, rights, assets, and franchises owned or hereafter to be acquired, subject only to a prior mortgage of the former New York Queens Cms Electric Company now under process of retirement, of which only remain outstanding. The principal and interest of these Kinds have been assumed and guaranteed by the New York Queens Electric Light Power Company." LONDON STOCK VALUES.

Increased CUftilflOO in One Bankers' Magazine sts: irregularity 'lias characterized the course of stock exchange values during tlie past mouth, but on the balance there has. been 0 considerable improvement. This is senrcely surprising, considering that since the date of our last valuation peace has been concluded in tho far east. As compared with a month ago, the representative securities selected show a net appreciation of just over 21 uiiHioi.s, the exact figures being as follows Aggregate value of 323 representative securities on August 19, 1905 3,090,717,000 Aggregate value of 32.1 representative securities on September 20, 1905 3,111,778,000 Increase 21,001,000 As might have been expected, tlio market for foreign government securities has displayed especial strength, both Japanese and Russian bonds benefiting considerably by the, termination of the war, while tliere has also been a considerable demand for South American stocks, accompanied by a revival in some of the low-priced descriptions. Only second in importance to the general advance in foreign government securities has botsn the still groater appreciation, as marked by a percentage increase, in Cana- dian railways.

Number Two IKSTBANCB. PIKAWriAL. TnE rxsimxcE investigation. lioherl Ulyphant nnd Vice-President Grannit of the ilutmil Life Testify. Roliert Olyjilumt was tlie first witness called when the iiidiirance investigation committee began its eleventh dav's session.

He testified that he has len a trustee of Mutual Life since 1S7 and has served on the insurance, mortuary and expenditure It was in Topsrd to the last named committee that Mr. llugltes wished to examine the witness. Mr. Olyphant explained the functions of the committee being to review bills and suprcvise expeni-i-s. The committee does not in nil crises act in advance of payment of bills, and there 'is no rule and no regular paretiee as to the amount which maybe paid out -without the approval of the committee.

A fund ha been nmintauicd confidentially on aocounf. ol bin! expenses, but. the object of this fund was never es-j plained So the board. The witness s.lid it was obvious that throughout the I nited Suites there would a great mar iv legal matters iu which the 'Mutual Life would lw involved, but in wliiohjlie company could not for varion reasons appear direcYiy. On January 30, 19.04, the company paid over to the witness $25,000, nnd there were similar item in Angus' and TVecmber of the same yor.

He afterwards turned over to some oth'T officer of the company to meet expenditures incurred, but the witness n.v know what the.se expenditures were, otherwise than that he believtl them to lie' leg.d and proper. Asked to explain fully the purposes of those expenditures the witness said his understanding was that they went to the iral department. They went to. a conn-1 dentiid fund, the witness said, but that was all he could: say about It. lie afterwards explained tluit he had heard there had lVi.

eon'ributioiis to tlie national campnigni committee and that he 1-elieved those had eon)e out of this fund. He Jhoiight he bad Uyn told this by Dr. Gillette, but could not say that this referred to tho last campaign. He justified such payment on the ground that currency legislation had to The witness said tho suinsf nc-ived bv him had been turhod over to Mr. tlmnnis or! A r-' THE fffi Second Section! NEW YORK, WEDNESDAY MORNING, OCTOBER 11, 1905.

ANKEBa AND BBOKIBi. LEE, fflGGINSON CO. 44 State Street, Boston, BANKERS AND BROKERS. Commission orders executed in all markets Spencer Trask Co. INVESTMENT BANKERS.

We Khali be pleased to mall to Institutions and Investors copies ol special circulars describing SHORT-TERM AND LONG-TERM HIGH-GRADE BONDS. YIELDING FROM ABOUT 4 TO William and Pine Sis, New York. Branch OfHcc, Albany, N. Y. Great Northern of Canada 4s, Detroit Ohio South.

Div. 4s, St. Joseph Grand Island 4s. F. J.

LISMAN 30 Broad Street Snecifllists in Steam Railroad Securities. Member N. Y. Stock Exchange. Tel 2704-2400 Brood, R.

DAY BANKERS, 3 Nassau Street, New York. 35 Congress Street, Boston. Commission Orders Executed in Both Markets, INVESTMENT SECURITIES. RUDOLPH KLEYBOLTE CO. BANKERS! DBALERfl IN-MUNICIPAL, RAILROAD and STREET RAILWAY BONDS latcraat Paid Dally and Time Dtpoalla.

27-29 PINE STREET, NEW YORK. CINCINNATI. CHICAGO. 2,000 SHARES TAX EXEMPT Guaranteed Railroad Company Stock with a due date. To yield over 5 40 per cent Earning over twice the dividend.

CIHCILAK I PON APPLICATION. 14) WALL STREET, NEW YOi nuraoniHi COSXLAOOCL Chicago Western Indiana Gen. 65, 1932 Cincinnati, Dayton Ironton 5s, 1941 Pere Marquette Con. 4s, 1951 Chic, Cin. Louisville Gen.

1953 RHOADES 6. CO. 7 WALL STREET. New York, New Haven Hartford Rights WHEN ISSUED. NEWBORG Hamben Kaw Tatk Kiosk Inkun Hsjiuuv WspbooatWBroaA 44-46 KO AD WAT, McKinnell, Coffin Rawlins, lUmbm Haw Tk Stoek Xxebaaa, 48 CxsMitg PIo, TManhaMi New Ysrk.

Voa. tno-cnu Braal WE OWN AND OFFER New York Jersey (Tunnel) R. R. Co. 1T i 1931 (HCDSON COMPANY) N.

W. HARRIS CO, BANKERS PtM StrMi Cms Vmilasi CM a NKW YOU Tnlix aaam Gtpoalt aBbVet to ateek aad atto tnwraat an lialanow. Aoi a. final ac.ni for aualalpaltlaa B4 aorporaUoaa, toaua lo tora of araaitaaddaaila BONDS FOR INVEST1CENT La aa AppUoatioa Plympton, Gardiner Co. bURBHU, Momtort Nsw Vsrfc 27 William St, Stack bane.

Maw Yark. BONDS for ESTAIES. THE BOND MARKET. CHEAT BONDS. Bargains or Jht Speculative Buyer in the Stock Ex change Bond Lift.

The bulk of the trading on the Now York Slock still in tho speculative issues. It will continun SO. The fact that tho total transaction on the hoard have reached new levels almost every year since the late Ws due to the imnienso volume of low grade bonda listed on tho exchange since that time. Tho following' is list of the leading government and railroad bonds on the exchange which class as Current, 99 91 91 9374 74 S2 81 25 1905 High. 102 01T4 88! i 97 77 82 82 20V.

84 81 8' 105 92 i 457; 91'-'. Low. 99Vi 8fi 8S 52V2 7 79 90! 73 The Mutualizatlon of Life Insurance Companies will not make men honest, nor will -ft remove the motive that prompts them to exploit the companies' funds for personal profit The solution Is in stock com panles, providing by charter for a Just and fair division of profits between policyholders and stockholders. This method has been pursued by English companies for many decades, and has worked there to the satisfaction of policyholders and stockholders. The stockholders who control the management have such an Interest in legitimate profits as to insure an honest manaaement In enhancing their own profits they necessarily Increase those of the policyholder.

With such a condition give to the policyholders the privilege of becoming stockholders after a limited number of years, and you have mutuality In Its highest sense. THERE IS BUT ONE AMERICAN COMPANY whose organizers had the foresight to secure such a charter, and provide for real mutua ity of Interest Each policy has attached to It an option giving to the holder the right after tliree years, to become a stockholder as well as a policyholder and share in the profits as such. Correspondence solicited from capable men to represent this Company. HENRY P. TOWNSLEY.

President 100 Broadway, New York. One of the nrlainal stock of the Prudential Insurant Company, oatlnc HI, Is now valued at over llt.OOO, FINANCIAL. OCTOBER BOND LIST MAILED ON APPLICATION. Municipal Bonds, yielding 3.35 to 4.50. Railroad Bonds, yielding 4 to 4.8595.

Corporation Bonds, yielding about 5. O'CONNOR KAHLER. Bankers, 49 Wall Street, New York. Farson, Leach Co. LOHRKE, ROSEN COMPANY, (Members New Vork t-to Eichnin) New York Office, Chicago Office, 30 Pine St First Xat'l Bank Bldg.

INVESTMENT SECURITIES, Ti'li'itiiii 4.I4 ') Dr. Gillette, but' never (0 Mr. TMcO.rdy. As member of, INTEREST ALLOWED ON DEPOSIT ACCOUNTS the committee on expenditures he had on occasion aske.l FISCAL AGENTS FOR CITIES 4 CORPORATIONS. about these sinus and was assured they wvre proper vvMUU Olnr.bl, IMtW TUIils.

and legal and necessary for the ben interests of policy- Wille.slhls Chloag bidders. The witness was excused. ZLzJ.ZTZ.iZTi' its1-President (rrannis then toik the stand ami testified that contributions had been made to trne campaign funds in 190. 19(Kt and 1904.. Mr.

Grannis justified a contribution to the Republican campaign fund hist fall on th' grtnind of danger of reivid of tlie free silver agitation. All tMiitributiiais were based on fear of tlio free silver menace. The witness thought the contribution last vear did not exceed GEO. A. FERNALD CO, aamfcara Bo.Iob Slock Excbaac.

BANKERS. HOPilOPAL, RAILWAY anet-otief CORPORATION BONDS. St SILK STBKKT. BOSTON. N.W..HALSEY CO.

BANKERS BONDS FOR INVESTMENT. nrotect the company from legislation but he denied tllc supply department 111 -i I- ii 1 .1 mollify nau Du-en paia uirecuy 10 miiueiiee iigouuiioii. When undesirable legislation was brought to his attention, tlie witness consulted with Mr. Tliummel or Mr. Short and he had placed money in the hands of tlie latter.

Dr. W. K. Gillette, a vice-president of Mutual Life, was the next witness. Mr.

Hughes produced vouchers for payment iu January, July, August and November 1901, and January, 1905. for sums of. $25,000 paid to Robert Olyphant. and initiale'd W. R.

G. The witness admitted that these initials were his, but he knew nothing im nnnfidential fund last nnart for the contributiou 1 to the campaign fund, went for political purposes, tho San FranslsMi Ho could not make any stat-jnent'as to the amount money paid over to Mr. Short in the last five years and could not say whether Mich items were as heavy in thfl years prior 10 1904 11s lhe in ilu year. Air. Hughes thin order that the vouchers be produced.

The witness could not say how largely th mem hers of tlie finance committee that an officer" ilr. Grannis knew nothing about the expenditures tll OTtli.mt explaining from the eonfidential fund, to what puriioses mmlied. or purpose, nut ne tnoiignt uiey uu.Krsiwti. to whom paid, lie said the contributions to campaign funds which he had detailed included ull payments for nolitieal nurnoses. He said nothing was ever contributed Mr.

Hughes product (t one of the company's ledgers showing thai, the expenditures for priming am! stationery in 1901 tutallod tfOul. lni, but the witness could not say ...1, to tin state or local campaign and denied that the proportion 01 tiiw went 10 uic Lawrence concern, oral awit in Wa-hingtoii ha 1 contributed to the oampaigii hieh is located in the Mutual Life Ruilding. communi-in that suite, saying that this could not. be done without eating directly with ome of the-offices of the company, coming to the notice of the officers and that it hud never Th witness admitted that the largest part of the business been brought to their attention. Tlie witn ss made 11 long went to this e.mocrn, without Bids, the wit-statement in which he explained that sums were spent to ness asserted, were invit such imitteis being hamkedi Mr.

Hughes road on the record items of the expense! of Uie Mutual since ls9S. The totul iu 19 was in in 1900, in 1901. in JU02. in 1903, and in 1904. $7,199,510.25.

The items included express, freight and duty, exchange, postage, telegraph! and telephone, taxes, iii'Hiieiil, law, war tax, printing and sla' henry, state insurance examination, traveling expenses, agencies, pensions and salaries. In 1903 scversl new items apix'art-d; fees pf about the tkitails of these expenditures. He had never, fine furniture. nftice reiairs and expenses, been told what was the purpose of these expenses and Mr. luncheons, $74,994.90.

Iu 1904 office furniture Hughes forced him down to the admission that it was item was $11.1,077.48, while lunches had (rone down to possible for tho general counsel for the company to drawl 672.0-0; ofli.ie repairs and fixtures were $24,794.44. J.25,000 whenever he wanted to without etylii'ninir what he wanted it. The witness could not state what the i STEEL EXPENDITURES. legal expenses of his company amounted to last year, but Mr. Hughes f.irnislied the figures showing that they rjrporalion to Spend $200000 in Sharon.

amounted to $404,000 as against $172,000 by New York' (TT-, 1 c. c. 1 r- Life nnd $204,000 by Equitable. The witness said he had '3 understood uiat the United Statea Steel Corpor-not inquired into the cause of this excess and no expla- to snd $200,000 in enlarging and ire-notion had been made to him by the Mineral solicitor or! P'P the coke works at tlie South Sharon plant. Other any one else.

Asked what pnrt of the $100,000 paid to large expenditures 111 tnat district aro contemplated. CANADIAN MANTFACTI'RJvS. witnessed answered: "Not a cent so far 1 know.j The witness said that tho contribution to the Reptrbliean Moiitrorl The Dwparlaient of the "Dominion, campaign last year Iiad been made with his approval, but government hn just issunl fijres showing that tha total lie Uad no knowledgo'of any contribution to tho con-1 capital employed in muiiufncluns ut the cud of 1901 waj irressional committee," except iu 1904. The contribution 1 and the arui i-'t Valuo the protheta the campaign fund, the witness thought, was NO.OOO. 1 063,373.".