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

PUBLIC UTILITIES. M. Byllesby Company Inooi untod Engineers lawnne Bxchaof Bldg 1HICAOO Trtnltsr Building NEW YORK Pvchase, Finance. Construct and Operate Electric IMght, Ga, Street Railway and Water Power Properties Examlnatlonn and Report Utilltv Hecurltle Bought and Bold We offer the 6 Preferred Stock of a prominent Public t'tlUty Co. nprMi uerfullj td c1e0 ff tof cIUm, combining time feature i I.

Cotapanv nodr hl BiuiMMDt 3. Mtufictory frantitM rraafftmeat. S. Kant orr 3 flma dtvifcoa' Matte, 4. ItMiXi Mrmmtii quarterly, I.

Karalrnta Brataomitf fto. At ffwH Mrkft (btt tmitf YfoMs Ovtr Stiwn Ptr Cftt Wr1f for Clrmtar. Kelsey, Brewer Co. lira ad Rapids, Mich. J.

Q. WHITE ENG. CORP. ENGINEERS REPORTS 43 Exchange Place CONTRACTORS VALUATIONS New York William P. Bonbright Co.

Incorporated Lighting and Electric Power Securities 1 Wall Street, New York Baeloa LMta PfcluatlplUa 4lf.x. c. HrarHaarra alt en a. miller HUMPHREYS MILLER, Inc. Engineer and Appraisers BANKERS ADVISED tvrr ixvEinxa bvildixg.

wbw tobk. iforfc, JBacon Engineers IIS BROADWAY, NEW YORK NW ORLEANS SAN FRANCISCO PUBLIC SERVICE CO. OF N. ILLINOIS. FOURTEEN MONTHS' STATEMENT GIVES A BAL-.

AXCE OK $301,500 AFTER THE DIVIDENDS. Cross pud Set $1,861,757 Period Given Covers Entire Organization of the Company Which Began in November, 191 1 Territory Served 4,100 Sqitare Miles -The Northwestern Gas Light Absorption Reports to xt Con formWith Calendar Year. Hon of the New he intends to write changing its fiscal year to conform with STXDear' ttlc u')''c Sendee Co. of Northern 'nnual report, gives earnings for the 14 Following table 31, 1912. This period covers the en-Standard Oil subsidiary of the company, which began business Bid Akinir over the properties which had be-Anglo-Am.

Oil 18 orth Shore Elcstric tho Chicago Su-Atlantic Refin 6f'0 power tne Kconomy Light ft Power UO Valley Gas Electric Co. Sinccthat jt aCqUjrc( the Kankakee Gas Electric Co. and several smaller properties. The territory served by the company extends over 4,300 squaro miles, which hus been divided into three operating division. At the annual meeting Feb.

25 the stockholders will approve a consolidation of the company with the Northwestern Ga3 Light ft Coke which sup plies twenty-hve suburbs of Chicago with gas. Tin will add almost 50,000 consumers to Public Service of Northern Illinois and extend its field of operation materially. Northwestern Gas Light ft Coke has a capitalization of with a funded debt of $7,000,000. Its gas plants have a daily capacity of 10,500,000 cubic feet and serve a population oloso to 100,000. It passed into control of the Insull interests in 1912 and will now be consolidated with Public Service, of northern Illinois which is controlled by the Middle States Utilities the principal Insull holding corporation.

For the It month 'ended' December 31. 1912, Public Service Co. of northern Illinois earned 94.2:10.021 gross, with not earnings of $1,861,757. From the net earnings were charged interest, $137,773 depreciation re. serve, $31 1,319 in dividends on preferred Mock and dividends on common ftock, leaving a net balance for the fourteen months carried to surplus of $304,530.

The company lias eleven electric generating stations, thirty-two electric sub-stations, and four gas generating plants. Its connected elertric business, exclusive of street railway power business, December 31, 1912, was to 1,468.606 standard lt)-candlepower lamps, an increase of 262,322 16-candIepower lamps in the. fourteen months. The balance sheet of the company, December 31, 1912, shows as follows: Hants and real estate Open accounts 19,648 Securities 290.000 Material 377,205 in storage 68,420 -counts receivable 075,481 264,037 Total 33,985,987 LIABILITIES, Preferred stock $7,672,076 Common stock 10,063,500 Funded debt, including underlying bonds 14,576,100 Depreciation reserve 593,660 Accounts payable ft interest and accrued taxes 537,595 Reserves 238,525 Surplus balanie 304,530 Total 33,985,987 At the annual of the Public Service Co, of Northern Illinois, in Chicago. February 24, stockholders will be asked to vote upon a consolidation with the Northwestern Gas Light ft Coke Co.

of Chicago. Books will be closed from Februsry 15 to Februsry 25. High Itonl EatntP in ChleitKo. Chicago The Hilton lease from J. L.

Kesner of the 83i4-fnot corner store in the twenty-one story building under construction at State and Quincy streets, for twelve years, at a term rental of $592,900, is at the rats of $1,471 a front foot per year, or the highest rata pef front foot ever paid on State street, the great retail de-Vartment store center. ('liwkiiiK Up I'roHpectiiMfH. Oil-promoting companies in Oklahoma recently issued prospectuses through the. United States mails, promifing that 3.000-foot holes would be bored if necessary to strike paying floiy. Uncle Sam has just warned some of them that hole must be sunk to that depth at least, if paying quantities of oil are not secured at a leaser depth.

A wtilt the promoters are digging for dear life in order to save themelve from fraud orders. Gross earnings Net earnings Profit from Union Traction Co Total net income. Sjrplus PUBLIC UTILITIES. OHIO LEGISLATURE NOW CONSIDERING BILLS FOR MUNICIPAL OWNERSHIP OF STREET RAILWAYS iN LARGE CITIES. Cincinnati Street Railway Controversy May be Cleared by New Measu ret New York Firm Plant Extensive Development of Irrigation Projects in ColoradoChicago Railways Co.

Not Only Makes Large Gain in Gross, But Materially Reduce Operating Expenses in A bill, drawn by the legal department of Cincinnati, after conference with Cincinnati traction interest, pro. viding for municipal ownership of atreet railway systorss In Ohio will be introduced at once into the Ohio legislature. The bill is the first in a series of proposed laws for changes in statutes governing atreet railways in the state. This bill will provide that municipalities may acquive street railway systems by condemnation or otherwise. That for the purpose of such acquisition, bonds muy be issued in excess of the debt limitations impost Jon municipalities and that sufficient fundsamustbe taken from the earnings of the street railways to provide for sinking fund charges.

If in any one year the expenditures are in excess of receipts, then the deficiency must be made up from the surplus of the year following. In this manner it is hoped to make the bonds self supporting and no burden upon the taxpayers. The lews are primarily intended to enable Cincinnati to acquire the property of the Cincinnati Street Railway new operated by the Ohio Traction. Co. A bill ilso will -be introduced providing for a special election in Cincinnati to decide whether or not the city shall i.wio bonds sufficient to acquire the street railways.

Unless a plan may bo arranged ty which bonds for acquisition cf street railway systems shall be exempted from the debt limit of the cities, municipal ownership of the street railway sys- tem-i in the larger cities of Ohio would be practically if posble. In an address delivered by Frank W. Frueauff of Henry L. Doherty Co. before the Denver Chamber Commerce, Mr.

Frueauff told some of the plans of hia firm for the development of irrigation projects in the Denver district and other sections of Colorado. Mr. Frueauff stated that the Niles project, 00 miles rom Denver, would be in working Fhape the present year, irrigating 27,000 acres of land, while the Kedlands Mesa project, which will irrigate 700 acres, will also be complete. At thi.i project the -water is first used for irrigation and is then dropped through wheels for power furnishing the domestic water supply of Grand Junction. Engineers of the firm arc now investigating the Dolores project in southern and western Colorado.

Tho land in this project to a great part has been released by the government, leaving the work now dependent upon the report to be made by the engineers. The Antero project, lying right at the doors of Denver, is practically completed and engineers of the firm -say that water will i be flowing on the land by June 15. This development will bring under cultivation 60,000 acres of land, part of which adjoins the corporation lines of the city. Maps prepared by the Doherty engineers show that at present there are 3,000,000 acres of land in Colorado under irrigation and cultivation, while there could be made available for irrigation and cultivation, by the combination of capital, water and colonists, 20,000,000 res. The Doherty firm has acquired the refervoir system, the high line ditch, the water rights, of the Antero Land Irrigation Co.

and will complete the system with the, building 12,539 1'tl. 190 1911 $274,518 Inc. 135.101 Inc. S.073 Inc. 143.234 Inc.

73,071 Inc. Changes $33,046 13,495 4.466 PITTSBURGH PLATE GLASS EARNED 9.56 ON ITS STOCK IN 1912. NET PROFITS FOR THE YEAR, BEFORE DEPRE 17,902 eharge Coast Counties Lighlft Power has outstanding an ag greratc of bonds, on which the inteicst charges are $72,500. so tho company is now earning more than twice its fixed charges. CIATION, WERE 12,158,880, COMPARED WITH FOR THE PREVIOUS YEAR.

Surplus for the Period, After Dividends and Depreciation, was $81,978, Increase of on Hand as of December 81 was $179,990, a Decrease of $10if96; While Bills and Accounts Receivable, In-' creased The Pittsburgh Plate Glaaa Co. has issued its report for the year ended Dec. 81, 1912. The income account compares as follows: 1912 1911 1910 1909 Profits. $2,158,880 $1,942,647 $2,540,167 $1,913,036 Dividends 1,587,444 1,678,578 1,302,232 1,232,500 Surplus 671,436 Deprec, etc.

489,558 Surplus 81,878 Prev 5,225.194 PAL surp 6,807,071 864,069 803,265 60,304 6,164,390 5.225.194 1,237,935 1,093,005 144,870 5,019.520 5,164.390 100,000 50,649 5,164,390 32,341,907 680,530 594,505 86,031 4,933,489 5,019,520 Eaual to 9.56 on $22,570,800 outstanding capital stock before deducting depreciation, as against 8.T" earned on same stock previous year. The balance sheet as of Dec. 31, 1912, compares as follows: 1912 1911 1910 1909 ASSETS. $20,868,404 $21,117,430 $20,599,800 $18,887,138 Treas. stk 179,200 179,200 1R2.70O PI glass etc 2,746,715 3,005,737 2,860,344 Mat work 2,119,982 Cash 479,990 Bills ft sects receivable 5,141,825 1.764,874 1,804 Stock sub 31536,175 31,536.330 1,814,200 6,408,002 416,200 32,341,907 2,939,43 1,507,003 5,590,363 28,923,943 LMBII.1TIKSV Cap.

$22,750,000 $22,750,000 $17,500,000 Bills nccts pay, 3.312,071 3,400.000 Ins res fd 105,000 105,000 Sinking fd 02.833 55,049 5,307,071 5,225.191 31,536,175 0,132,842 225,932 i 45,649 5,019,519 28,923,943 John Pitcairn, chairman of the road, says: Notwithstanding that our sales of plate glnss, in feetage, were over 20ft greater than they were in 1911, yet the total selling price for this Increased quantity was more than $100,000 less than for the smaller quantity sold during the previous year. This was due to the decreased selling price resulting from the keen competitive conditions existing among the manufacturers, and to the Increase in sales of small sires of glass. The average selling price for plate glass for 1912 was the lowest we have ever had fflfrXT- w. THE WALL STREET JOURNAL; Wly MORNING; FEBRUARY 19, l9l3. WASHINGTON'S BIRTHDAY A HOHT SEA TRIP OVER JflGHTTO TIM3 STUNT BOt'TH.

OLD DOMINION LINE Ntw York to Norfolk or Old Point Comfort, and r.turu MEALH AWD nnxbii Inventor' account will show a rock bottom estimate. KMriRK I'XITED II AIIAV.WS. Coit'iilulaliou of Three Companies Operated by Heehe Syndicate With Capital of ern Railroad the Syracuse, Lake Shore Northern Railroad Co.i and the Auburn Northern Electric Railroad under the name of the Empire United Railways, all operated by the Beebe Syndicate, will be made by an exchange of stocks of the new company for those of the old companies. The capitalization of $11,600,000 considts of first preferred, $2,300,000 second preferred and common stock. Clifford D.

Beebe, will be president, Hendnck S. Hol- Si 4 AO I Nw Tork fc Richmond, I mna return. niun lit If r.l,i t' $15.00 The Oflty Direct Line to OLD POINT COMFORT and NORFOLK Without Change Hot or Cold 8a W.t.r Baths can ba Procurad on Stumer Without Chart. Steamers Are All Equipped with the Marconi Wlrele. Telegraph By.

STEAMERS SAIL EVERY WEEK DAY ATIP.M., Tickets and Stateroom Pier 25, North River, foot of N. Moore N. T. Phoa soon Fraaklla. ir llhurtrattea Paahlet, Deak Jf.

W. WOODKOW, TralTIo Manar. J. J. BROWN.

General Paasenger Acent B. F. GOODRICH CO. Mouth' Earnings at Rate of i Common After Allowance for Preferred. The B.

F. Goodrich Co. for the nine month ended December 31, showed earnings at the rate of 4V4 en the common stock after allowance for dividends at the rate of 7 on the preferred issue. The company has shown an unusually good start in 1913. Sales for January were In excess of $1,000,000 above January, 1912.

The B. F. Goodrich Co. will shortly Issue its report for tho nine months period. The formal consolidation of the old B.

F. Goodrich Co. and tbe Diamond Rubber Co. did not become effective until April 1, 19J2, which Is the reason for the issuance of a nine months' earning statement. All of the departments of the reorganized company are now in the best of working order.

Vice-president Marx, who was president of th Diamond Rubber Co. before the consolidation has recovered from a serious illness which prevented him from taking part in the company's activities for several months. The earning stateinent shortly to Tie issued will show in excess of 3'o charged off for plant depreciation. The WEEVC EfkiTiDiuEVT nviwr JU 1 TTA.lltJ LUU111UL1U LIU 1 I It IT THIS YEAR REACHES LARGE TOTALS. AGGREGATE OF 48,100 CARS AND 630 LOC0M0-TrVES, MORE THAN DOUBLE THAT OF THE CORRESPONDING PERIOD IN 1912.

Estimated That 500,000 Tone of Steely Will be Required in the Construction of This Equipment Would Equal Half the Tonnage Booked by the United States Steel Corporation in a Month at Prevent Rate Equipment Companies Booked Six Months Ahead. Since January 1, equipment'orders placed aggregate 43,100 oars and 630 locomotives, as compared with 14,000 cars and 800 locomotives during ie same time last year. The following table shows the distribution of the most important car and locomotive equipment during the time mentioned: AMERICAN CAR a FOUNDRY CO. Road: Amount Road: Amount Am. Refrigerator Tr.2,000 Pennsylvania 1,000 Norfolk 1,250 Miscellaneous 2,000 STANDARD STEEL OAR CO.

Pennsylvania lines ..1.500 Wheeling A L. 1,000 Miscellaneous 3,500 PRKSSfD STEEL CAR CO. The consolidation of the Rochester, Syracuse i East-1 Louisville Nashville.2,500 Pennsylvania lines ..2,500 den, Caldwell B. Benswi, and Edward D. Metcalf vice- Since the close of the year we have contracted to sell presidents; Willis A.

Holden, 'treasurer, and Charles A. the Charleroi Coal property, at a price based on survey to Lux, secretary. The consolidated company wiH give elec-bc made, which will somewhat exceed $1,000,000, of which trie railway service in and between Rochester, Syracuse, $200,000 is to be paid in cash and the balance in bonds, Oswego, Port Byron and Auburn. Rochester, Syracuse payable $100,000 per annum. This coul operation was Eastern has an authorized capitalization of $8,500,000, shut down owing to the destruction by fire of tho tipple' Syracuse, Lake Shore Northern an authorized rapitali-and a portion of the equipment, and in view of the small zation of $4,000,000.

and Auburn 4 Northern an author-fuel requirements of No. 6, factory, which arc provided i.ed capitalization of $1,500,000. for in the contract of sale, your board deemed it to be While no announcement has been made of new financ-the best interest of the company to sell this property. ing, it is probable that the consolidated company will soon All of our factories are running to full capacity, ex- i be in the market for funds to make extensions and better- cepting No. 6, which is being partially operated in the i ments to the properties.

This will be done by a bond SCOTCII IROX AND STEEIi manufacture of Carrara glass and heavy plate glass. Our issue, but as yet nothing has been done along that line. I stocks in the factories and warehouses Te light, and the MEN" REPORT A WEAK MARKKT. Alhant, KmniM Kuilw.va hum lum. in-' nmunt nniHi th fl nf our nroilUCt for at.

ieajt "LPn' clr? ithe half of the current year, nevertheless, the i forporated with $11,600,000 capital, and headquarters at iBl((Kn, Dont tn Glasgow Not Large Thmcgh the DecUve lying within fifteen miles or Denver. With the comple-1 i Syracuse. Thut company was formed by consolidation of tion of this, and other nrolects in which the firm is in-! betwen tho th I lh Rochr. Kvracse Eastern Railed, tha Svracuse. I Brouht Buyere-Feehng That the Fall in tcrested, it will have available 94.000 acres of irrigated rlu IZ Lake Shore Northern Railroad, and Auburn Northern Prices Has Been Too Rapid.

lands in Colorado. -T!" "1 T. V-j u' 1 Electric Railroad. Clifford G. Beebe and others, of Syra- ume ana vne riMnir mamet 111 winwm Kins, aim i I cusc.

ore directors. nhimfmn In Holoian nlat trlass I cusc nre directors, tL mir fac- ine statement just issuea oy tnc micagc itanway r. 11 aa mi- tory at Courcelles. in the Patton. Paint in tho Creigh- not only for the gain shown in gross earnings, hut also ton coal operation, and In several other lines.

Our total l-inuliu for the decrease made in cost of operation. The gross for the 11 months was $16,625,765, or within less than $600, 000 of the gross earnings for the preceding fiscal year. The net earnings for the 11 months were $5,931,654 or $891,261 larger than the net for the entire preceding fiscal year. Whilp for the year ended January 31, 1912, it required 70' of the gross earnings to pay cost of operation it took but during the 11 months ended sates lor aniounieu vo i i- Indteaiions That Consumers Wxu Soon be tn Need of Sup- CARRYING COAL BY riIE LINE. i plies No Bessemer for Sale.

i Pittsburgh There are some indications of an awuk nrmconi l-tatm tne tn urrot r.rono- minf, pjf, nmrkct Harnman lines 3,000 Miscellaneou 2.100 PULLMAN CO. CAMBRIA STEEL CO. Illinois Central 1,000 Pennsylvania Lines .4,500 Harriman Lines ....6,300 Baltimore ft Ohio ...1,000 OTHER COMPANIES. LIMA LOCOMOTIVE CORPORATION. Various roads 8,960 Miscellaneous 24 BALDWIN LOCOMOTIVE WORKS.

AMERICAN LOCOMOTTV. CO. Miscellaneons 270 Total orders 336 A rough estimate of the value of the combined locomotive and car business placed so far would be The U. S. Steel Corporation Is at present booking a gross tonnage of about 1,000,000 tons a month, a largo amount of which is supplied by the equipment manufac turers.

7 he total tonnage of steel required for the equipment enumerated above aggregate 600,000 ton which shows what this business means to the steel industry of the country. Ixcomotive and car companies can operate to capacity six months with the orders now on hand. Inquiries in the market total nearly 40,000 cars and 300 William Jacks Co, Iron and steel merchants of Glasgow, write to Dow, Jones A under date of February 7, as follows Tha market this week has shown a Tory weak tone with falling priced. Tha business done here has not been large, but there has been a considerable turnover in London. Closing last Friday at 65-8 cash, we have fallen rce- uLrlv nnh Hat nnfil tha nri, it th rlrtcj.

VAdArHnv rrices, while not yet which WM 64-7H. The specially remarkable decline, how- miCJ in it ami any run. in tnnp urt siiftl-ient tn rivn the inmn-sslnn that I i i cc ctL .1.. r-- 1 cue, wn pivv ill fcium uniiibiia jktii, vu-u iiiv I 4rla niiiikf oanfimnnf tknt l.taia nrun 11 tinrl tiw li A 1 nat aau 1 1 a. T7-: Tt 1 1 from Illinnis coal fields "VT I ctK pnee 1 iiuuy, 1.1.11a yeoieruay was December 31, 1912.

It is estimated that the gross etrn-! 4U 1 oral weeks is soon to be dissipated. figure. Today a rapid change took place owing to a few ings for the fiscal year ended January 31, 1913, will ex-1 H. Knight, of New York. The machine itself is automatic, advancing by simple hydraulic feed mechanism which propels It along the floor into the face of the seam, the rotary cutters on the armature shaft of the induction motor cutting the coal very much as a circular saw cuts wood, Some consumers whs arc supposed to have been cov- buying orders coming into the market for both rash and cced $18,0011,000, or more than $1,000,000 increase ovef I oe pumpeo uy i.jurauiu.

Frru.v, ...1. cred for tfle lirst qUurter, have been forced into the three months' iron, and we close with cash buyers at the preceding fiscal year. Gross earnings sine? Jai.unry 1, 1913, have been averaging 12r gains over those for the corresponding perioM of 1912. The Coast Counties Light ft Power Co. of San Francisco reports earnings for the fiscal year ended Dec.

31, 1912, as follows: 1912 cneaprnnig iransporuuiwn vrS uK market for March shipments. An inquiry to pending for 05-1 and three months at 65-3. Wallace I. Andrews, or the btandartf (Hi afterward ai)out ns nf basic for one of these consumers. associated wiui tne rsew iorK aieam iieaiing 1.0.

ine It has to be borne in mind that the actual co.n. ot i 1 1 I .1 1. I. 1 iinrf. im ill, iit'nfiiii'i nun 1111 uiiu vp i iillik iMrriiim nir ijiirviv, niiiui.iiK mjufiuiiLX iai mimiui.

OTif-iiMi; ill present plan for mining and transportation of coal is in- doinr in malleable; but foundry grades are showing more ton, whereas the difference between the cash and thrvj vented ana pateniea oy joscpn 11. noauiey ana tvbuct acyvity in small lots. These sulcs varied from carload months' prices at present is only Usd. to 3. lots to 300 and 400 tons, und arc cared for out of the Shipments from Middlesbrough for the month amount small surplus tonnages that gather ut the furnaces, even to 12,951 tons against 14.049 tons for the same period under the stress of slow deliveries und heavy spccilica- year.

The Stores In Middlesbrough show a large decrease tions. of 5,751 tons, and the Hematite stores in Cumberland 14'J Basic is down to $17.15, Pittsburgh, but on second tons, nmirlnr this nricp cHimot be secured. 25 cents a ton bet- Snvrral reasons are advanced for the full durinir the Isham Randolph, Chicago drainage engineer, is in ter almost uniformly; while foundry is very week; the international situation, the weaker reports from ge of the plan. Ho wires to the Manufacturers' Kcc- sik.II). Pittsburgh, on ne.ond nuarter.

The vour id. where nrodurtion seems to have im reafed to 11,902 l), tlial he has "developed a project for transporting coal broadening demand for Bessemer steel products the extent of catching up with consumption, the fall in 1 nvnratini'niiv inr ninps. niv uen miu ruuui perilous. 1.... a fn 1.1 .1 cut IlUA lltTllI n.iii 1...

uicr lltVUllS. ii 1 biiv vau.n ni Pipe, 18 inches diameter; 6 feet per second; re- and anything, this iron will likely show further ha, emanated principally from London, where actui. suiting economy very great. H(Vnnces before ie end of the present hulf. iHrnditions of trade receive less consideration than tho Joseph II.

Hoadley says that the financing has been; There is still an absence if any activity in gray mnnnlRi-v sneculative fecliiur. Wo cannot hell fcelinc tlu.t arranged und that "machine? are now cutting six-foot nrn not offerinr this, iron stocks be- Cnii in hu Wn nndulv nronounced. that then- it At the annual meeting of the Halifax (N. Electric I vein, ten-foot entry 8 feet and three-quarters inches per jnp well fold ahead. an enormous demand for iron simply hold in check by the Tramway Co.

an entirely new board of directors, with" day of 21 hours. Can cut 4o0 feet with increase of motor weaker market and that a very Might change of M-nti- ono exception, was clrcU-d, and the board was incrvaaH to 1'mi norseKiwr. 11 is rcoiunonizing an numan enxrt. (IIIC UA Or III M.L mcnt is needed to bring on a heavy buying movement from li ne to cloven menilK-i. I'.

J. nuw 1 Uic new I Leaning coai iiren, miwtm, l' member, representing New York interests. K. A Robrrts of Montreal was elected prenidcut and J. V.

McUnncll Montreal vice-president. Hesulutions were adopted cha-acteriiing as confiscatory recent tramway legislation by the Nova Scotia assembly and giving Die board of directors power to negotiate with the city as to modification of the terms of the present contract. The company is prosperous, having paid dividends on its $1,500,000 of fctock since 1897, the rste now being quarterly. Portland Railway, Light ft Power which early in 1912 acquired control of the Mt. Hood Railway ft Powr is ready Uo start the electrification of the latter line.

The power plant of the company is now practicallv com pleted and within a short time the 9-mile line of the road between Montavilla and Gresham will be operated by electricity. The entire line, extending from Montavilla to Bull Run, will be electrified, a distance of 23 miles. With the hydro-electric station in operation and the work of electrification finished, the subsidiary company should begin to make a substantial return to Portland Railway. Light A Power for the large amount ft has expended on the property in the last year. The Annapolis (Md.) Public Utilities control of which was recently acquired by the Washington, Baltimore ft Annapolis Railroad has been reorganised by the election of George T.

Bishop as president, J. J. Doyle, vice-president and general manager, George A. Craig, treasurer and George Weems, secretary. The officers hold practically similar position with the electric railway company.

The gas and electric system at'Annapolis will be entirely rehabilitated and current for the electric department will be furnished from the Potomac Power Co. The Cleveland Railway Co. has issued a circular its stockholders giving details of the subscription rights to the new stock to bo issued Feb. 25 to stockholders of record of Feb. 5.

This new stock will. bo dated January 1, 1912. and will carry the IHU dividend to be paid April 1. It is stated that in paying for the stock February 25 stockholders must include accrued dividends at the rate of 1 2-3 cents a share a day and on April 1, checks for tho full dividend from January 1 to April 1 will' be mailed to all subscribers to the new stock. The municipal lighting and power plant at Burlington, S.

has been sold to the Piedmont Electric Railway, which is controlled by J. B. Duke and associates. The rail way company now controls tho street railway tytcm in Burlington. Jhe new owners will erect a central generating station at a cost of $400,000 near Burlington and from it will transmit current to Burlington, Graham, Mebane, Haw River, Elon College and The public uriliti.i In Graham were tmrchased tome time 1(0 hv the Duke interests.

sibility of the plan, doubt its practicability. Weekly Itallroud Earnings. The following roads have reported weekly gross earn. Ings' Buffalo, Rochester Pittsburgh 1913 2d week $222,341 July 1-Feb. 14..

7,429,181 Denver ft Rio Grande: 2nd week $428,200 July 1-Feb. 14. 15,972,000 19i2 Inc. $203,860 $18,481 6,423,188 1,005,993 $378,300 49.900 14.917,700 1,054,300 Havana Electric: Week end Feb 16 $52,241 $45,994 Jan. 1-Feb.

16. 365,873 324,373 $6,244 41,500 $29,000 965,340 $32,689 2,471,423 Dec. International ft Great Northern: 2d week $176,000 $191,000 $15,000 July 1-Feb. 14.. 7,685,505 6,888,713 $790,792 St.

Louis Southwestern: 2nd week $279,000 $250,000 July 1-Feb. 14 0,587,723 8,622,394 Missouri, Kansas ft Texas: 2d week $581,230 $548,547 July 1-Feb. 14. .21,339,549 18,808,125 Texas ft Pacific: 2d week $295,509 $323,830 July 1-Feb. 14.

$11,872,948 $11,302,542 $570,400 $28,321 New Coal Company. The Mineral Fuel Co. has been organized, under the laws of West Virginia. Baltimore capital is interested in this company, which is to operate in the Elkhorn coal fields of Kentucky. It will control about 4,500 acres.

The incorporators are James O. Watson, A. B. Fleming, Walton Miller, C. M.

Alexander, and Brooks Fleming, Jr. Foreign Cloning: Quotations. London Feb. 18 Consols (money) 74 Consols (account) 74 Japanese 4 81 V4s Russian 4fr 90 Rio Tinto 71-jg Paris-French rentes 88.80 Russian 1900 103.80 Tinto 18.03 Berlin Gorman 3 77.00 Feb. 17 Up Off 74 5-16 1-16 71 7-16 1-10 Wi 91 Va 88.82 .02 104.00 .20 17.90 -7fr.

77.60, inimigrutioii Rill PhmhccI Over Veto. WashingtonThe Senate, by a Vote of 72 to 18, passed the Burnett immigration bill over President Taft's veto. Merchants mirf Hanker Having a Html Trade. Hi S't-iv Enterprises Are I'ttdrr Wnij. Some good business in sectional steel has been placed Far this side by Canada during tho week.

The Continent of Europe has been buying pig iron more freely, and re ports from Germany state that the pig iron syndicate beintf Cliicago Vice-President Van Vcchlcn of the Coutin- unblo to supply all its customers in foundry iron, r-jental ft Commercial National Bank says: "Business in Voiirse is being had to Middlesbrough for this commodity. nearly all lines is active and merchants and manufacturers I are honcful. As a result there is a strong demand for1 One Hundred Dollar Jlunilx. i money to carry out coniracU. There is not, however, any i until inmti 1...

1..1. A inclination to eniuarii now tu.c.i'iioo iiorrecieu miui muir w.i uiu llllllibahiui vv tions can be approximated. If there is plenty of moisture lmi)erial Chinese Government, 6'; 1951 I this year, when spring plowing begins and tho farm out- i Central Vermont Ry. 1st (reg.) 1920 jw'i I look is good, then new business will go ahead. The grain chic, B.

ft Quincy, Denver Ext 4" 1922 99 is sufficiently large to keep interior. affairs in Chicago. Mil. St. Paul 4is, 1932 an easy position, and collections are excellent.

There is Mil. ft St. P. 4 1932 nothing in situation, present or prospective to menace pros-; Colo, ft Sou. refunding ext.

4's, 1935 934 Keok ft 1st i wi Mil. Kan. A Texas 1st ft rfdg. 4'r, 2004 7S rXDElUVOOD TYPEWRITER CO. Mor ft Essex 1st (D ft W), 1914 Nad Kwys or iren re, ll eafciies Nof Due, to Vneatinfactary Business Last Year Nafl Rwys of Mex.

prior lien 4Vi, 1957 Earning About on Common After Preferred. N. Mob. ft Chic. 1st ft ref.

tV7, 1960 Groenw'd (Erie) Jet, 5V, 1946 Weakness in Underwood Typewriter common due to any unsatisfactory conditions prevailing companv's business. The Underwood Typewriter Co. w711 show earnings for tho fiscal year ended December 31 last of approximately $1,750,000. Allowing for $350,000 in dividends on the preferred stock, this leuves a not of approximately $1,400,000 for tho common, equal to over 16i on this issue. Underwood Typewriter common is now on a 4'i per annum dividend basis.

Directors hold a regular quarterly meeting next week after the annual meeting of stockholders. At that time the matter of an increase in the common dividend rate from 4 to 6ft will be discussed. Several members of the board are known to favor an advance at this time. Commerce Coininlnslou Order. Washington The Interstate Commerce Conuiussion has issued an order instituting an inquiry to dotermino whether the rules and practices in connection with the issuance of receipts and freight bills by carriers are unjust, unreasonable, unjustly discriminatory, or otherwise unlawful.

Postal Telegraph. Chicago Superintendent Williams of the Postal Tele- Viio-ininn Railway 1st 5ft. 1902 Western Pacific 5ft, 1933 American Ice Securities deben, 1925 Airierican Tel A Tel roll tr ctfs, 1920 74 is not! ft conv deb. nrs, i th ft convertible deb, 19 id 121 Fran Term 1st (Sou Pc) 4', 1905 0014 9S-; 83 's 74 91 'i Amer. Tel.

ft Tel. conv. 4tt 1933 102 'i Laclede Gas 1st Oft, 1919 101 Central Leather 1st 6ft, 1925 9fi General Electric 1942 International Agri. Corp. 1st l'932' 93 International Steam Pump 1st, 5r, 1929 Hfili York Air Brake 1st conv.

7,, 1928 1(12 Liggett ft Myers deben. (rcg.) 1944 Liggett'ft Myers deben, (reg.) 6ft, 1951, P. Lorillurd debentures (rcg.) 1944 J2o'i i Lorillard debentures (rcg.) 19.11 99 Portland Ry Lt ft 1st ft ref If" Offcrii i'3 a 101 105 104 95 '4 81 80 91 88 110 91 128 99 78 92 97 95 90 '4 122 100 122-; 100 All Kiglit So ar. A manufacturer, the product of whoM' mills is likely to" bo mote or Iiws affected in its market josition ami investment attractiveness by tho protective Uiriff revision, whs asked how business looked to him. llo replied bv telling tho story of a man who fell from tin- loili- -i inl as he paused tle windows of i .1.

I 1. una 1,11, than ir vnir nirn SlOrV I "Uiiuhib, ami iflativclv as mod as January. Hu.iiiie: each lower atory ho shouted hopefully his fnend.s in. shows no sign of recession. We have miulo a house to side, "All right far!" His diiig.io.is wound iii wiHi house canvsss in the Chicago business district and found the.

statement: 'ln such a Journey a we urn gonu; rfrtine; the gwid business to continue." through now it's the jumpiugoff place that counta." a.