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

1 K. i if im i. -v YORK, FBID AY- M0IW1N6; NOVEMBER V31f 113. PAGE 1 i mm v5 We recommend the of -well secured ond at present price Lee, ncsinsoii' Co Exchaag Pleee CWatf; HieCINSOR LONDON Chicago Northwestern Ry. Co.

1 'Dim dole- 4R Erie Equipment 5s th-. FISK ROBINSON 36 GXCHANQB PLACE, NEW YORK VerraaW. Brwln ipse WARDEN VV. ERVVIN CO, Menber Consolidated steak Bxebaac of K. T.

it. ixTBaTMBjrr ma if rat 1 vw tmk FRACTIONAL LOTS Carried on Interest allowed en dpoltab)ct to chock. By our method st publicity our customers have the Aame knowledge of their broker that they have of their bank. Pennsylvania Co. 4 is, 1921 Richmond Danville 5s, 1927 Cinnl, Ind.

Louisville 6s, 1947-New York Northern 5s, 1927 NEWBORQ OO. Members' New York Stock Exchange Telephone-4390 Rector 60 BROADWAY Private Wlro M. Laalo ROBERT G00DB0DY CO. BANKERS AND BROKERS MEMBERS NBW YORK STOCK KXCHAKOE. SecsrllleS Bought and Bold on Commission.

Coupons Cashed and Dividends Collected. Order Executed oa th LONDON AND DUBLIN STOCK EXCHANGEE BROADWAY, NEW YORK. Tel. BM Recto N. Y.

A- WESTCHESTER LIGHT 4s, 2004 CHICAGO A WEST MICHIGAN lit 6. 1921 AUGUSTA AIKEN RY. 6 IKS 1 MO, K. A TEXX, ST. LOUIS DIV.

it, mi. ANN ARBOR lit 4t, IMS WOLFF STVMaEY TMBhoas UT-U-sots Broad. 37 Wllllaai OUws Kew Yerk Buffalo; New York Erie 1st 7s, 1916 Brooklyn Union Elevated 1st 5s, 1950 LADD WOOD- Ksmbsrs New Yerk Stock Excbsnss. VrieotMa SOS Raetec WALL STRRBrr, Jl. T.

City SSSO.OOO Toledo, Ohio, 4 Bonds Legal for Now York Savings Banks Field, Longstreth Richards UNION (ENTRAL BLOa, CINCINNATI THE EVENING POST JOB PRINTING OFFICE ti the Qskksst Pristisfl Oflse far Baaksrsaad Cofpanliaaa BO FULTON oor. of BROADWAY Ter.lJIMlliaiTCrtlsaet HeteeaeedeSalU W. C. LANQLEY CO. 10 Wall Strsst York 4 BANKERS Whit Building BaSalo, N.

Y. MUNICIPAL RAILROAD AND CORPORATION BONOS. $WARTW0UT APPENZELLAR 44 PIm Street BANKERS Now Yori Mean hers Now York stock ExckaOge porter, Choate Prentice sseabere N. Y. gtoek Bxeaaaie, BANKERS WALL ST.

NEW YOJUt IF YOU WISH SUCCESSFUL in turfing it) sv ptotoinent tilroad stock, write to Box 12 The WsJI Street Journal. i BONDS COLER '''Bankers' 42 Cader Street New York tty Qllicago Securities DADCOCK, RU8HTON CO. Masabaw Kaw Ywk A Chleas- StMk RVxsAaacW i' -T WalIt.N..Y. The Bookerr. OMoago.

PROPOSALS. $33,800.00 CITY OITNORTH TONAWANDA, N. 4fc i laaatwvasnasit Bonds. will be received and tnisl it uii. 'Itn Cowmen Council of North Tonawan.

K. ilr ksld in lAe City Hall Inaald car. pa IXceSTber 2nd. LttlJL at 8 o'clock P. Mfr 1T.OOU.OO Street lmproement BoTd aald City; beln0 Boads for SLJOOAO eaoh, To, otaSfh Rnada Srluar savable on ae 1st day at Ji7.T.

"r01! In aeon aaa eerr year im laoti aad every vear meld. tberracter until all of ntb Itand. paid; and for lfl.SOOXM Street Improvenvent il "city! kelno Bonds lor. Sl.6AO.00 eaclne of bends bem payaoie on or January, 1st div ot aech bond oeiaa payable on the oae mt aech bond beiasr aayable on tne any aad all hide, uis: ai of January ln.acli and overy year loerearter until all of auek (wads ra tnereen at tne rata or 4U ar uoon, .7 d'' and Inter eat uoyeofte mi wv. worm Tossesnta N.r.

A certlAed check of $300.00 to the order of the city Tresauret, se euntompaay each bid. The Bonds will br sold to the I.Mder, but -the rlRht la preserved to reject una am bios- leea man par aad aecrural end par aad accrued Interest wUI be oonaldered. Knvelopos nsnialnlnr bida-ta be addrensed to -Norman r. 'Ollle, Vily tidrk. NorU Tona-wamta.

N. and lo be oadoraed, "Proposals for Street OUiA otort 'orth Tenawaada," t. THE BOND: PUBLIC UTILITY AND INDUSTRIAL MATURITIES I ''BRING M4T0TAL UP TO $362,000,000. Hf VataWn The Claim to he Added to 'jstOJOOfiOO Aning Roilroad htu Refunding ww zes j- irai JVor! Financing Litt tf Ittue. Iq addldon to Um $39000.000 railroad ooeuritki maturing in 1914, glvan In detail In Tha Wall 8trot Jobrnal yMUrday, Uiaro ara'also 111 100,000 induatrUl ahd public utility lacuritiaa falling duo naxt yaar for which, financial arrangomonU will kara to be mada to moot thoir' pay-want Thia brings Uia'toUl of maturing iacuat for 1914 up to $521OOOlOOO--undoltodly tha largest amount of Mturlties In corporation Hcurltles that haa arer bean known in on yaar.

't This total eompam with something less than 400r 000,000 for. the year now cloalirg. As that large amount of maturities was provided for in poor year for financing, next year's Issues should be cared for with little trouble provided the expected improvement In the bond market materialises. i Corporate financing consummated in this country each year now aggregates around If no more than that amount, is does In 1914, between one-quarter and ope-thlrd of It will have to go for refunding, leaving only two-thirds to three-fourths for securing funds for new capital uses. Maturities in public utility issues next year amount to mora than twice those in tha industrial field, or approximately $119,000,000.

as compared with $53,090,000. Notes comprise the greater portion of the issues In both classes, although they do not make up practically the entire total as with the railroad securities. Indications are that next year's financing will be done largely with bonds. If such a change cornea about, the maturities of 1916 and succeeding years will be considerably less than in current years. Tha Chicago Elevated Railway with $30,000,000 notes dee July 1, 1914, is the most prominently represented in the public utility list These notes are now' selling an about a 12 basis.

This year'a temporary financing on the part of tha Consolidated Gas the American Telephone A Telegraph Co. for four of its' western subsidiaries, and the General Electric Co. added substantially to the maturities in the public utility and industrial fields. The Lehigh Coal A Navigation with over $10,000,000 securities maturing the first half of next yeaT, leads the industrial, list The following table shows in 'detail the maturities in among tne public uuuty and industrial companies Public Utility Maturities: Rate Maturity Chicago Elevated 3-year 6 Jul. 1 Con.

Gas 8-months 6 Feb.25 Amor. TeL subsid. Apr. Denver Union Water 1st mtg. 5 Jul.

1 Puget Sound A notes. Pacific Gas A Eiec. notes. Portland Ry A Light notes. Gas Securities notes Second Ave.

rec. American Power A Lt notes 6 6 6 6 6 Hudson Cos. 6 Denver Gas A Elee. notes 0 Pacific Light A Power notes 6 I United Lt A Power 6 Inter-Met. six mos.

notes 6 fWest End St Ry bonds 4Vs Omaha A 'C BKy 9 American Gas bonds 6 Philadelphia Coal notes 6 Dry Dock A eta 6 Northern Texas El. Huntington Land A Imp notes 6 Columbus El. notes 6 Washington Ry A El. bonds 6A6 Miscellaneous Total Industrial Maturities: Leh. Coal A Nav.

1st mtg. 4 Lsh. Coal A Nav. 2nd mtg. 4 Leh.

Coal A Nav. 1st mtg. 4 Leh. Coal A Nav. 1-yr notes.

6 Gen. Elec 9 notes disc. Agricultural Credit notes 5 Smelt, Ref. A Min. notes 6 Nipe Bay Coal 1st mtg 6 American Malt 1st 6 Federal Sugar notes 5 Sealshipt Oyster bonds 5 Cambria Steel notes 6 Braden Copper Mine 7 Amer.

Locomotive notes 5 Republic Iron A Steel Mitchell-Lewis Motor 6 Bond Notes. Feb. 1 Jun. 25 May 1 Mar 1 Oct Jul. 1 Apr.

1 Apr. 1 May 1 Dec. 1 Jan.l Mar Hay Oct May Feb. May Sep. Jul.

Oft. Apr. 1 Jun. 15 Jul. 1 Jul.

-1 Apr. 18 Dec. 1 Aug. Jul. Nov.

Jul. May Jun. Oct Jun. Aug. Westinghouss E.

A M. 6 Jun. 27 Deere A Co. notes 5 Aug Pope Mig. notes 6 Apr.

Miscellaneous TaUl Public utility maturities Railroad maturities Grand total Amount $30,000,000 13,000,000 10,000,000 8,000,000 7,500,000 4,300,000 6.000.00U 3,600,000 3,140,000 3,000,000 2,307,000 2,500,000 2,600.000 2,150,000 2,039,520 2,000,000 1,791,000 1,500,000 U0O.OOO K.1400,000 1,000,000 1,000,001) 1,000,000 O.400.000 $1,992,833 W2.500 5.000,000 1,600,000 8,000,000 4300.000 4,000100 3,361,000 2,743,000 2,500.000 200,000 2,000,000 2.000.000 2,000,000 1,600,000 1,500,000 1,250,000 1,000,000 ,090,000 2,400,000 152,879,833 390,621,000 Treasurer of Plymouth County, will receive bids until December 2 for $15,000 4ri notes, dated December 1, 1913, and due $1,000 yearly 1914 to 1928, inclusive; also one $5,000 note, paysble June 1, 1914, to be discounted. Chicago Comptroller Traeger has adopted tha plan of $10 down and the. balance within sixty days, to sell city bonds over the counter. One mora bond was sold, Wednesday, making a total of 86. Bolton Town of Revere, water commissioners, have awarded $15,000 4M bonds, dated December 1, 1913, and payable $1,000 1914-1928, (8 year average) to the County Savings Bsnk of Chelsea at 103.4.

Chicago The Stock Exchange has admitted to the tegular lirt, $2,154,000 People's Gas, Co. 6 refunding bonds-due 1947, making the total outstanding $20,564,000. Boston City of Woburn, will receive bids until November 21 for a $20,000 temporary loan, dated November 24, 1913, and due November 24, 1914. Boston Another hearing has been set by the Public Service Commission on the Hampden ''Railroad 'Corporation, bond issue for November 26. 1 City of New Bedford has awarded $35,000 if, regis-tered bonds, dated November 1, 1913, to EsUbrook A Co.

at 100.51. fLMfAffiRAefAn. Rimm' RmIi A t.vnn VallrAait Ilia Isold $150K)0 4t first mortgage bonds, maturing 1927. BALTISIORE BOND SALE. To eetv Bidr Firtt of On Month for $lf 00fiOO Stock.

naive bids for J1300.000 iS-joyA corporate stock at 42 o'clock December 1. The itsua is for aewage System The stock will be in $100 denominations or multiples Interest payable February 1 and August 1.. Stook redeemabla August 1, 11. Delivery wtll be made December 4, with option on the part of successful biddera defer time for delivery of 50 of their allotments until December ,29 on deposit of 1 'of the jdalerred. Cot of Steel Chiesgo The American Raljway Association's special committee coat of substituting for wooden cars, all ateel car or steel would cost WSfiOOfiOQ, CENTRAL'5JHNANCE PLAN JS HO PROVED STATE GIVES PERMISSION TO CREATE A $i7y- wopooo i mortgage and 'ah I 'b improvement mortgage.

Chairman Decker Say That TkU Dtcition Doe Not Coin. mil ih'fomminion to Approval of Conolidation -'V 'VltA Ukt Skord, Wkiek Uut TaJton Jp StparaU Proeteding i--' Can Go Ahead. Albany--T 'ha Public Service Commission for the Second District haa approved of the creation by the New York Central 'of tha two proposed now mortgages, whlclv the stockholders have already favorably passed upon. Chairman Backer In his opinion 'Bays that tha commission's approval of the mortgages is limited to them and does not commit the eomakesan to' approval In advance of tha consolidation of the Lake Shore and tjhe Pittsburgh A Xaka Erie, or any other properties, with tha New York Central, or to the consent of the present aVktt Lake Shore collateral bonds for 4s, exeept In case of such eonsolldstion. The opinion says further that tha Commission 'can see no reason why these Stt per" cants should bo retired with 4 per cents under the new mortgage unless, In separata consolidation proceedings, It shall appear that consolidation of the Lake Shore with the Central is so desirable that the additionsl Interest charge so Involved constitutes a necessary detail for which compensation Is fully shown in ths plan of the consolidation Itself.

Chairman Decker states that there is no application for authority to consolidate before tha commission and that it is the declared intention of the Central as shown by the record not to refund the 3V4 per eenta. with 4s unless consolidation shall be approved. Such consolidation must be the subject of formal application, notice "to stockholders, bondholders and the public, etc. It cannot be determined collaterally, nor is ths commission asked to do ro by the applicant in them proseedings. An officer of the New York Central, commenting on the approval of the company' proposed mortgages by the up-etste commission, pointed out thst the execution of these mortgages does rot depend upon consolidation with the Lake Short, which can coma later.

Provision Is node in the indenture of the new refunding and improve- nwnt mortgage to extend Its lien over the property of the Lake Shore Whenever consolidation is brought about Meanwhile, the Central Itself can execute the refunding and improvement mortgage by -itself and can, if it sees fit, proceed to issue bonds under it for refunding or other purposes. Stockholder Approve Albany At the adjourned special meeting of tha New York Central stockholders, final approval was given two mortgsges. One of these authorizes the issuance of bonds for the refunding of the Lake Shore collateral bands and the existing New York Central debentures. The other is the new refunding and improvement mortgage, designed as a medium for the company's future borrowing of new' capital and intended ultimately to refund all of the existing indebtedness, so tnat tha company will have but one issue of bonds. The bonds authorised by this instrument are not limited in amount, but may not exceed throe times the capital stock, and are subject to the statute requiring the approval of the Public Service Commission in advance of every aale of the bonds.

Ths stockholders also approved an extension of old gold mortgage lien over tha railroads formerly controlled which were consolidated with the New York Central last April. NEW YORK CONNECTING RAILROAD BONDS ALL SOLD. Rapid Placing of $11,000,000 tttu PUatt Banker Sue-cess Expected to Stimulate Market Take on a iAtr0 BaiitLogal for Insurance Coo. J. P.

Morgan A Co. and Kuhn, Loeb A Co. have sold practically the entire issue of $11,000,000 New York Con necting Railroad 4V4 bonds. A good sised block is being sold abroad. The rapid aale of $11,000,000 New York Connecting Railroad bonds, on about a 4.82 basis, is considered by bankers a very favorable development in the bond market Private offering of the bonds was begun Wednesday afternoon, and the issue was practically cleaned up by Thursday morning.

Manv bankers had predicted that these bonds could not be sold, under present conditions, on leu than a 6 yield basis. Tha two leading nouses which purchased the bonds, thought different, however, and developments have justified their belief. The result of the sale ia ex Dec ted in many quarters to act as a stimulant to the bond market. By deposit with the trustee of tha difference between the proceeds from the bonds and tha amount of money $9,000,000 which has so far been spent on the Mew York Connecting Railroad property, these bonds were made a legal investment for insurance companies in New York state. This helped somewhat in tha aale of the issue.

MORGAN BUILDING CONSTRUCTION ADVANCING RAPIDLY FOR 1014. Exterior1 Stone Work Will be th Heaviest ond Fimett in Kiw York Improvement Over Other Lorg Con-tructionoAutment and Building Value. Construction 'of the Morgan building at the corner of Wall and Broad streets is proceeding rapidly. The foundations are all in place and erection haa reached the first floor. The building, which will be of Tennaasaa marble, will have, four stories with three basements and will extend ninety-two feet on Brosd street and one hundred and thirty-five feet on Wall street facade will rise to a height of eighty-throe feet Tha entrance will be on the corner as was that of the old Orexel building on the same site.

This building differs from ths majority of those in tha financial district in that it Is not a commercial building. J. P. Morgan A Co. profited by -the experience obtained iri the construction of tha Bankers' Trust ahd tha Guaranty Trust buildings and will those Improvements which have been tested.

There will be no attempt as In the Trust building to have dining rooms for the clerical staff, but there will be a kitchen and dinjng room for members of the firm. The vaults wiU oe a marvel or engineering. The new building will be ready for occupancy on November 1, ,1914. While those Interested are unwilling to state the cost of the structure when completed, it is estimated at' $1,760,000. The value of tha plot is $4,100,000.

E. 8. Strong, consulting sngineer for tha building and representing the firm of J. P. Morgan A Co.

in the engineering supervision of its erection, said: "The Mor- ran building la the personal creation of. the late J. P. Morgan in conjunction with Breck the. architect Mr.

Morgan out the exterior of the building with extreme care. Ue exterior stone work will be the heaviest and finest in New York The windows are to be enormous, ten by twenty-two feet The result is a plain, massive structure whlch.will be of very Imposing 'rr Chicago National Bank iridend. Chicago Chicago National Bank stockholders have Underf rame equipment I received a 15 liquidation dividend, and expect another 1 5 per cent Ax Exempt from Income Tax Tixt Per Cent Irarvcmcnt Cold Conds, Chicago 80 Broad Htreet Dae December 19(2, OpUoMl ilU The City owns unencumbered real estate valued at a sum in excess T'- of JtS gross debt (:: v' tina Interest 5'vv BALTOMOBE-loNS. CalvVrt St. NEW YOKM-AS Exehswtfe Mm 4 Income Tax DIFFICULTIES arisiag iroes the Federal InoonsTsx Lew Buy "be avoided by ap-poiauag this Coaipaay yoar eent, or eostodiaa of yoar seeorities.

Oar oifieers will be pleased te eoafer with clients oa this suhiect. (A Broadway Fifth At. A 4th St, Lancer Av. A 125th Bt TWrt Av. ft Mh St.

4) Income Tax Record For the convenience of investors we have Revised a simple form of pocket memorandum book in which may be kept a complete record of income tax deductions or exemptions on bond interest. With this record at hand certificates of ownership, which muBt accompany all coupons presented for payment, may be filled out at any convenient time or place without reference to the bonds themselves. We shall be glad to send you a copy of this booklet, D-37, on request, and in every possible way to assist you in complying with 11 the complex features of the law. WekJ Co. 14 Wall Street New York Bostoa Riker-Hegcman (New Stocks) Bought Sold Quoted E.

BUNGK CO. Phone 478,5 4780 Rector STEEL CORPOIIATION CALLED "GOD-SEX TO CONSUMERS." B. F. Mile of the Browning Engineering Co. of Cleveland Sag Steel Corporation i Largelg Rceponeible for the Better Condition That Exitl Today.

"The Steel Corporation has been a God-eend to the small steel manufacturing consumer and small manufacturer," said Benjamin F. Miles, president of the Browning Engineering Co. of Cleveland, in the steel hearings. Mr. Miles having been in the steel business for about thirty years stated under examination by Attorney Richard V.

Lindabury, counsel for the Steel Corporation, that the corporation is largely responsible for the better conditions existing in the steel trade today than ten years or more ago, both as to trade and labor. The witness stated that the methods existing in the nineties as to competition and prices were responsible for failures and great losses in the steel business. He said "Under the new conditions which came with the corporation, "a ateel manufacturer could, after having taken a contract, wake up the next morning without the price of steel having declined 5 per ton." Mr. Miles gave some interesting side-lights on the business methods of Andrew Carnegie and his forces in the nineties and earlier. He said that the Carnegie company in those days always needed money end that Mr.

Carnegie himself would take "reams" of notes signed by the treasurer company, and take them through the Shenango and Mahoning valleys and through eastern Ohio to the bankers. Carnegie a method, according to Mr. Miles, was to ask the bankers to discount the notes and in return he, would buy coke and coal from their districts- and would also let up on the sharp competition that was shutting down milla in the bankers' The witness likened the keen competition in the steel trade at times to the depredations of the Iroquois Indians in Ohio "These price wars sometimes left a number of failures and bankrupts in wake" The testimony of Mr. Miles wss very favorable to the Steel Corporation. i ART METAL CONSTRUCTION.

Clayton E. Bailey Quit a Pretident of U. S. Metal Product Clayton E. Bailey, who" has.

been ''president of' ths U. S. Metal Products Co, since September last, announces that he has resigned as president and director of that company and will heresfter devote his entire attention to the business of the Art Metal Construction of which he is president. i The Art Metal' Construction Co. no longer has any substantial Intercut 'in theU.

Metal Products Co. and this fact-has prompted Mr. Bailey' resignation. Beach Lynn. BostonrAt the annual meeting of the Boston, Beach it Lynn 'Railroad, stockholders rescinded action taken at 'special March 80, 1012, authorising an issue of 1,700 new shares at 1110 a share; and voted issue same namber of shares at 1100 a share instead; An opportunity to diversify your investment so as to combine Security of Principal, Marketability and a yield of 6.159& Is afforded In three investmenta we are now offering; two of which are First Mortgage Bonds JnfrnHo on nqutH esssttaSaasMBSSMSBBM Hornblower Weeks 42 Broadway, New York Boston CbJcturo Detroit CITY OF YOUNGSTOVVN, OHIO WAITED Wesfca Kaleaadsw Dated War.

Be, ISIS. lateaeet JL. at Oet. 1. Oae es.SIS aasjaany October 1.

lSis-ISee A Lesl Investment for flavins Banks and Trust Funda In New York. Mass. dc Conn. Wiieapi freen tbe redireJ lanass Tax. race yicia tin Rhoades Company Bankers Member New York Stook Ex chance." 4 WaH Strwet, NEW YORK SIMON BORG 8c CO.

BANKERS, 20 Nassau Street. New York I1WESTMENT SECURITIES "II4.T Qf SELBCTBO INVSTXENTi UPON APPUCATKMl stdieoa lira srh, teas sr at ra ia sa, teae Klaare CeBIUd rwr eteek Romltable Umm Sa. less Coatral Valea Oaa Sa. 1SST Snaiaaa Ma) Traa Sa, lea a Ban sue- um sees ia at es Pav ry ta. lt t.

cai sira seir D17 at Set T.Ot I Teaa Oa, 1IT Weejerra Paaiaa Sa, St Clolaaabta Mk Ave Sa. 1SOS SUItwaya etoek B-war 7tk Av Sa, ia lOtk dt SSd Street Wowty Sa Paten on Co. TeL 1B8S Rector SO BROAD ST. X. Y.

STOPPANI HOTCHKIN MEMBEHS Consolidated Stook Kicbanja of New York Chicago Board of Trade BBOAOWAY MW YORK 1 Telephone 1640 Rector FRACTIONAL LOTS bought and sold for investors and carried on liberal terms BRANCH OrFJCES: 1118 Broadway lis Weat 125th I 26 Court BU Brooklyn 310 Fulton Jamaica. adO HRlE AFRICAN Appraisal Co. aa Uberty Kow Yerk i rtra Nafl Bank Bids. Cfcteasa. 4 Maaeltal St, Moateeal.

Aaevaeae ladaetnal sum jsu uwer rnnnai lev riaeetlei Baaert CoaaaeJ mm Valaatleo of fHyestal Pre pert lee. To Reach the Investor in New England Advertise In THE BOSTON HERALD Sample Copy and Rates on Application LAWYERS TITLE INSURANCE A TRUST CO. LAWYERS MORTGAGE COMPANY LINCOLN TRUST COMPANY FRANK J. M. DILLON I WALL STRBBT, If.

Y. SBeS KatCTOB SOUTH PENN OIL Circular aa Application TEFFT COMPANY NASSAU STRBBT FHOKB ECTOR eafO CERTIFICATES OF FRACTIONAL INTEREST In Chicago Oreat Westers) Railroad 4a J. A. CLARK COMPANY No. 14 Wall Street Telephone Rector WW.

New Vork aty Ullnois Steel AVts Union Steel 5s Nassau Electric R. R. Conx. 4s D. DUNCAN DULKLEY Oae Wall Street Tel.

eise-0 Steeter DIVIDKKDS AKO INTKRE8T. amkbica'sj Vow KRvi4GiT co." 1 VI Breadwey; Mew Verk. COMMON 8TOCK lIVHkiND. A dlvlJond of one -per rent (1) on the Common 8lock of AmeJ lcn Power A- Lliht CompaSy ha been declared pavable Detwmber 1. to Common fcltorkholdera of record at the close of business November Itn.

ISIS. Transfer books will not close. ARMING, Treaaurer. Telephone Hearing, Chicago Secretary Vivian, of the Independent Tele, phone Association, admitted at the in the. telephone suit that the association was formed partly to aid the Government in its prosecution of the Americsn Telephone Co.

Mr. Vivian will be followed on witness stand by president Hubbell, of the Federal Telephone and L. D. Kellogg, of Kellogg Switchboard Co. Trltsco Hearing Coneluded.

St Louis The 'Frisco hearing was concluded shortly after twelve o'clock. Ttie last witness heard was O. H. Nance, treasurer of the St. Louis, Brownsville A Mexico Railroad and numerous other roads controlled by the 'Frisco.

WV4'rt'i.