The Wall Street Journal from New York, New York • Page 2

mirKIEEirJflDBNAIt AH BVfMNQ IHTKM IIS. Mk ItW Um(4 fMf ihHiiHI) ea AHa (WimJ m4 MU Aaurtaa. HNM DOW, JONIT.S CO. PubUahm -44 mrm4 iinm, Mm Mm CHARLES H. DOW, CHARLM M.

BER03TRC8SES, 7UOMAI r. WOOOLOCX. Tk WU Street JvurnjJ elrculAte all orer Cita.eoeatry and BrttUa poaaeeetoo. 0KTtow readers aheold re-Sfteenber thai It eu be placed la their hand regular Mb eertbeim. Busy hours earlier tlun their Nw Tort: sand to then.

Firea ao other tUadpotAt tUa 1kt regular subscriber ehould tu mall delivery be Judged. enaaellae sleet te decide whether subscriber shU reoelvs the saoralng the ereulng edition, bat In all eusb see this aton I based oo definite Information from the Post Offloa Zfeptrtaaot tut oo edition eaa be delivered at too pou tawtioa with lea delay than to ether. Tn endeavor to m4o to extend, constantly, oo th Uimi told dowa by the fort OOm Dpenmnt the radio within whloh moimlaf ilUoa of no Wil Street Journal ou be eUverd befors taOMolafftAamuktonthdayfteuao. TaJsnotte fc offered apology for any recent or futur change of too I portance, stitioassalasatatlksr, othwwis The Wall Street Journal on eale at any leading LAKE ERIE "WESTERN. EARNING A ROUT of ON PREFERRED.

Tin: all journal, 10. iooz NORTHERN SECURITIES. i bought BY IKSlDKUa." 'The advance la Northern Securities, stock In the last few days but been the result of svbetan-tlal buying orders by people niore or U'aa Identified with the Reports luire been our- rent of soiuo favorable development In the coin-rainy's affaire and It ha a been said that an ad fa net) In the dividend rate was like); In the near future. Tbla, however, la not generally credited In vlorw of the fact that the Oregon Short Une participating bonds, which share in any Increase In Northern Securities dividends hare not advanced. These bonds are selling at about 92, which would, of course, be a very low price for a bond paying better than If.

Another report has been to the effect that the company had convicted deal with the U. Bteel Company for the lease of Its Iron ore lands In Minnesota to the Bteel Corporation on very favorable terms. While tt is not learned that anything has been definitely, accomplished in this respect as yet, It is not at all Improbable that a lease may be nuide at come time In the future. The Northern Securities Company owns an Iron ore estate In northern Minnesota, which Is of vast lm- It is reckoned that this estate contains not leas than 300 million tons of high class hema tite ore, lying but a little below the surface and capable of very economic mining. The company Netva Stand, at the Manhattan Elevated Railway has opened one or two mines already, notably the tfa'ionA.

at th Grand Cmdrat StaHon. at (he ferries, I Mahoulnz mine from which It Is extracting larae Securities constituent companies are, of course enormous. The rumors with respect to change in the status of the litigation are not believed to have any basis of truth. The first decision in the die trict court is hoped for some time this winter, tier- lno or tae features of tne speculation a year ihai January. As already explained, however, ago was a "boom1' in the shares of what are known as the "Junior VanderblltToads, more particular-ly Nickel Plate and Lake Erie Western.

This boom was accompanied by rumors to the effect that soite kind of deal was pending whereby these stocks were to be taken in by a bond to be issued by New York Central or Lake Shore or some other property. We pointed out at the time that there was not merely no reason for expecting anything of the. kind but that the prices of these atocks were totally out of proportion to the values as determined by earning capacity, at all events in com-parinon with most other railroads. Lake Erie Western stock waa quoted about 75 for the common at that time and in now about 50. It may be as well to point out that so far as can be learned from the few figures available in the current year, there has been no especial change in the position of' this stock.

Writing on April 8 last we pointed out that the annual report for tne year ended Dec. 31, 1901, showed a surplus for dividends-on fhe preferred Btock of somewhat less than 475,000. This -was equal almost exactly the case will then go to the circuit court of ap-l peals and from the circuit court to the supreme court. It is hardly likely to reach the supreme court at best before fall. There Is, of course, no truth whatever in the reports of a compromise In the litigation.

AMERICAN SUGAR REFINING. A TRADERS' MOVE. Tho movement-in Sugar was made by traders, points having beeoi freely distributed to the effect that the prospects for reciprocity hod taken a decidedly mwre hopeful tum, and that a sharp ad-vanu-c in the price of the slock was in order. The advance in Tcflned sugar was generally expected, as it was called for by trade conditions, but its announcement was very timely ito allow profit-taking by those who hud engineered tilie movement in the stock. 5 'As to the prospect for reciprocity, opinion is very munch dividied1.

In conservative quarters, to ii on the preferred. Now, it is very clear that where the situation wm closrfly watched and jntel- If the company really earned anything more than ligerotly described when -the wa Inst before if on the preferred stock in the year 1901 the addi- congress, it is said that the outlook ie not particu- tional earning capacity would have been represent- larly bright, though it ia too early to predict what ed in abnormal charges to operating expenses for may ultimately be done. It is pointed out that the Improvement purposes. 4 great argument in favor of reciprocity a year affo The maintenance of way expenditures were a p- was the ruinous price at which Cuban planters were proximately 1,100 per mile for the. The 1 company has a freight density of some 600,001) ton-miles per mile of road, so that it is clear considering its locwtion and the cirenmatauces under which It does business that less than 1,000 per mile for maintenance of -way would in the long run entail issues of new7 capital for improvement purposes.

If we supposed hat there was in maintenance or way a margin of 100 per mile, we are certainly al- lowing the most that con be allowed. This would mean, so far as maantenanice or way waa cowernwi, possibly of concealed earning capacity. This wouhi be abou three-quarters. of If on the pre- Considering tnaintenanlca of equipment, we find that the company spent for repair and renewals of locomotives about 1196,000, representing a total locomotive mileage of 4,400,000 An allowance five cent per engine mile would call for $220,000 for repairs and renewals. This Is 25,000 more than waa acrtualy ipent.

Taking all equipment into con- saaeration, we may recaon an annual average requirement of approximately $300,000 for repair and renewals, against 1323,000 actually spent. Thus, the utmost that it is possible to figure for earning capacity on Lake 'Erie ft Western in 1901 is about 5f on the preferred stock. The pre ferred ctock is entitled to 6 dividends before the common gets anything and therefore the company certainly did not earn a dollar for the jcommon stock io 190L compelled, to market their sugars, and the danger therefrom of financial disaster to the inland Now conditions are reversed. Raw sugar is very strong and shows a tendency to advance atill further, indicating that the raw sugar interesh may for some time enjoy a condition of very fair prosperity. It It is questionable in view of recent events whether the Cubans are particulary anxious for reciprocity, and as the representatives and congressmen from states where the beet sugar industry fais become, or.

is likely to become, established, are opposed to any nieasorre tending to strengthen the position of the cane-refining interests, any manifestation strong sentiment in favor of reciprocity at the present or the next session of congress is not looked for. There is no doubt thot the American Sugar Ik fining Company.hns been making a preat deal of money, but of late a good deal of abterttlon wis bee civen to the development of new processes for re lining sugar, some of which will. very probably be successful, KUou-ld tuts be tine case, even though the American Sugar Refining Company might ultl marely secure control of the successful process, thf. cost might 'be considerable and a rather large ex pendiiture might be Involved In changing ovtr re nneries. 'ine recent advance in tne stock.

is thought to have praat ically eiiminaited the short in tereet. AMALGAMATED COPPER. CONSERVATISM OP INSIDERS. copper insiders adopt a very conservative tone in speaking of the stock and the may reckon that to pay the full 6fsn the company's prospects, although they admit that in preferred, will require gross earnings of about some respects the situation has Improved. There 000,000, as against gross of a little in excess of has been no special development to materially .500,000 in 1001.

For the six months ended June 30 change conditions in the copper but there the company showed gross earnings about $3,2001 are indications that consumption may, in time, less than In the corresponding six months of 1901. catch up with production, but even this not Therefore, it is clear that the company is not earn- matte? for the near future. The Amalgamated ing more than say, of on the preferred stock this Company has had enough of "holding the umbrel- year. It certainly is earning nothing on the com- la for the other producers of copper and not mon stock. likely to endeavor to advance the price of the metal in h.

it fa 80 trftde conditions remain about they 7 7. 7: are at present If natural condiUons should call mere can oe sjit dbsis ior me osuei mat tne out- tn M.iy.o. nn iii. kn- I avs s- A'f umj sjv vut, uiv standing common stocjc is uiteiy to De acquired by Amalgamated Copper Company and the United the New York Central and considering the present Metal Selling Company will not endeavor to moke condition of the railroad industry; calling as It does or maurtam "tincioi Daais. for increased payment to labor, and for a contin- he dechne, tion? a of independent copper stocks since the price of the uous process of improvement, we see no prospect metal feU from the level of seventeen cents has, It for dividends on Lake Erie ft common is understood, induced some of the independent in- atwlr fit nrnwnf trat- in adrvnt an ttitnd( in favor of matlnf i some arrangements with the Amalgamated Com DISTILLERS SECURITIES.

pany, but it does not seem that the latter is at all Tb third Installment of 10 -on subscriptions to -the endrwritiex syndicate of the Distillers Se cnrltie Corporation has been called, payable Dec 16. The underwritiBg.subscriptfon amounted to Application iraa made Tuesday to list the scenritiea cf the eorporatSon on the New York Eichacje. The first dividend on the stock of the will.be paid about Jan. 22., An cf the ecrr-zrj asys that fcosinesa ia extreme- inclined to enter into any negotiations at this time. The Independents have continued the sgadnst odds-which they were enabled to do by the fact that they had oo bonded indebtedness and could borrow money, if needed, on Iavorable terms, while some of them could probably also prodoce copper cheaper than it could be produced by the Amalgamated Company.

It begins to look now as if some of the outside companies bad become rather tired of the situation and dcaired to see it changed. Amalgamated people, bowerrer, seem satisfied to await the evolution of natural developments. Theodore Starr Diamond Merchant, Jeweler SUvcrunhh, J1ADIS0N SQUARE WEST, Ma MM SMfT ywu mhmw, SPECIAL NOTICD. mm la till Um a IIOCKIXQ VALLEY PLANS. A XiAIKKE deal penwnci.

The advance in jHocklng Valley securltlea is lowly bringing to the surface Information to the effect that J. P. Morgan Co. are representing a syndicate which, It is said, proposes to consolidate the Hocking Valley, the Tere Marquwtte and other subordinate properties In some form of new com- on ratZrW imin. and aiihe nrineinal hotels.

Per- ouantitlea of ore. If tho H. S. fltnol Oommn-r titiJ Pan7 yet been disclosed. The scheme, ton unable to buy copies at any leading News Stand these lunds oh a royalty bnaia, a very large revenue we it, Is to take over the atocks of tn Greater New York or within a fadiuiaflOO tnOea wjh be secured therefroni, by tho Northern fiecurL the Peking Valley and Pcre Marquette and otbers of New a favor by reporting ihejkct Company both in royalties and freight the 881110 ttock- of the to this office.

Aunrt from tL1. th0 of the Norlhern Tobacco companies were taken over and put in iruai us svcurjiy lor a ikmmi vi a ucw vuuxjmuj, wt stock of which now companr would be owned by the syndicate undertaking the consolidation scheme. The syndicate, of course, would put up a certain amount of cash to secure the bonds of the new conijuxnj and to purchase various properties involved the consolidation and to retire Hocking Valley preferred and so forth. It is stated that the recent transfer of a large block of Pere Marquette stock was a preliminary step In tbia adherne. transanada vs.

grand trunk. DIFFDKEXCE OF OriMOX IN ricOVIKCCS. Our Canadian Belch bora aro rwoAintmr intejiaclv RICH HOLIDAY GIPT5. Benedict Bros. Intereated in he rival propositions for a new! "A I CUES, trans Canadlon linn and considerable partisan feel Ing between th provinces of Ontario and Jaobee Is being stirred up.

It Is" some time since the Can adian public has hod an opportunity to enthnse over new railway conatruotloa and it is apparently dlivaed to make the most of It. Ontario naiuraV Iy favors the Grand Trunk wUle Quebec can see nothing but dlMustcr to that province, on DIAMONDS AND RICH GOLD JEWELRY. Benedict Time" Is Standard Time and Our Trade-Mark. Br, vkMi mmkm pwWWr Ik a ha. hi Ull mommrr.

Turn ln.ml a.illnia mini tte iwux less the trans-Cansda line is given the subsidy so I JTll T.TltJ can curry uui iia piana turouKn uaeDec. TUC opponents to the Grand Trunk plan, who are dis posed to assist in the construction of the trans Canada line base their opposition to the Grand Try Th Trunk on the ground that the proposed line will be some COO miles longer than the trans-Canada, and with heavier grades, thus increasing cost of transportation and rendering low grain rates im possible. Tlie main-ground for opposition, how ever, is thst the Grand Trunk directs all Its winter business through Toronto, and Portland', to the ex elusion of Quebec and Halifax, wheress they claim that the trans-Canada will greatly benefit the prov ince of Quebec by sending its summer business to Montreal and Quebec and the winter traffic by the frl Iiim irfih.iiii.tlM.ii.l hi i WU Ptinj 4 woIbm arlllT mmj Benedict Patsnt SImv and Collar Button. BENEDICT BROS- JEWELEKS, HI Broadway, Corner Liberty 5trst, NEW YORK. THE BOND MARKET.

BOSTON MAINE BONDS. Boston. President Tattle of the Boston A Quebec bridge to Halifax and St. John, N. B.

There m1d at private sale in the past fortnight is some Intimation that if the Grand Trunk will twiuu 20 year bonds. In the issues sold eliminate fhe Portland bone of diannte a irreat deal er the 969,000 Connecticut River Railroad of the present feeling would subside, but there is k3 authorised by the railroad commissioner! as yet no indication that the Grand Trunk pro- TWJ fl.000,000 Boston 9c Maine bonos. poses to change Its plans. I rrftdent Turtle says: "It has been-the polkrj or me directors of the Boston ft Maine Railroad to Qnebec-Tlie board, of trade has authorized a "ell the bonds the road to the Wirhest bidder un- deputation to the provincial government to urge der public proposal but we made an exception ihli the claims of the trans-Canada railway project and time owing to the stringent condition of the monsy oppose the Grand Trunk. BROOKLYN RAPID TRANSIT." an oprnMiivric mew.

Brooklyn Rapid Transit earnings for Novem- ner snowed another increase, much to the satis- There have also been some 'action of the ieopJe identified with this property. large purchases of Hocking Valley stock for the same purpose. In other words, to ensure the sae-ctfs of the plan, these blocks of stock were bought in order to be turned in immediately. There ft, therefore, no doubt of the ability of. the movers in the jJan to make it a success.

It is expected that an official announcement of some kind bearing upon the matter will be made in due time by J. T. Mor gan ft Company, representing the syndicate. J. P.

Morgan ft Company have sent out a cir cular agreement, dated December 4, 1902, betwen that firm, known as the bankers' syndicate, for retiring the 1 15,000,000 preferred stock, to the common Kfockhoidors of the Hacking Valley Railroad Company, asking for a deposit of stock and empowering the syndicate to such stock for "consolidation, "mergers, and other arrangements, as from time to time the syndicate may deem beet. It also provides that the stock deposited under the agreement shall be held and managed for their common ratable txvmfit by the bankers' syndicate. If they deem boat, the stock shall be sold in such manner nud on such terms as ahull be deemed best by the banker, wirli the approval of Thomus F. Ryan, Ralph W. Hickox, and Robert M.

Gallawny, as a subscribers' committee, with full power in behalf cT the stocknoklers to approve and confirm any sale of the common stock deposited as proposed by the Further, the circnlar states the usual provisions for carrying out an underwriting scheme, and provide tiint upon Dec. 31, 190H, unless otherwise determined by the syndicate, each subscribing stockholder upon defraying his share of expenHes incurred shall be entitled to receive back the shares of stock which he deposited, or his ratable share of net proceeds of such stock in whatever form such net proceeds may be realised, or the net profits of the sale of such stock the same shall be sold. For the. purpose of determining the profit ot any sale that may be made, the common stock is rated on deposit at 97.S0 a share, the market price on Dec. 4.

Each subscriber shall bear a share of profits or Iosscb. The agreemenf js to become effective when 55.100, or over one-half the shares of the common stock shall have been deposited. PERE MARQUETTE. A SLViTJ STACTCXR YBMR. Pere Marquette is occupying a rather conspicuous position just at present on account of the acquirement of control of the property by the 'Tere Marquette syndicate" and the plans of de CHICAGO, 'MILWAUKEE ft ST.

PAUL. Chicago. Paul officials say west-bound traffic far exceeds east-bound business. During the past two years the development of the west has been unprecedented. Northwestern roads claim they will be in bad condition to fight anow blockades this winter.

Omaha, Neb. There is a probabiUty that the St Paul will be drawn into the difficulty with bon-men because tt loaned Iscomotlves to Union Faeifle JPunday afternoon. Union Pacific striking shop-men have taken the matter up' with the grand nniou and the St raol ndala will be called npon to rfve an explanation- One of the leading interests says: "We think in creases will continue well into next year, anyhow Decause we Lave been able to get somewhat bet ter power facilities and will be steadily adding to our ability to bundle trafilo. Of course, with the proposed changes at the west terminal of the bridge and with the new East River bridge com pleted, there will be a marked change in the future outlook for this proiK-rtv. You must remem ber that the new bridge will give us six tracks and will immediately open up an enormous traffic io a new direction from that which it is now taking.

Our lines will be adjusted to care for this traffic expeditiously and effectively and it will tell at ouce iu larger earnings. "It 0ltould be renn-m bored also that the corn- bonds. The people directly interested in the property stand, ready at uny time when the company needs money to take these bonds at a srood Drice. The company is not issuing any more bonds, however, at present It bus all the money it needs for preseut purposes. Brooklyn is growing steadily and we think with the tuuuels completed and the new bridges open, tkiit iu population will increase at a very great rute." MISSOURI PACIFIC.

The car movement ou the Missouri Pacifle lines indicates that the earnings will continue to show increases us comjMired with last year. So confident are ofllciuls of the eonipany of the future business that they do not hesitate to assert that there will be no more decreases in earnings ior at least seven months to come. Teople identi fied with Missouri Pacific are much pleased with the way in which the stock has held during the sag ging tendency of the general market. They say that the principal holders have not sold but have even been increasing their holdings of the stock. There is no disposition, they claim, to create in tne price any boom, but those who watch its mar ket say that there is likely to be much decline from the present price.

When the general market improves in character, owing to the improved money situation, anticipate that Missouri Pacific stock will resume its upward course and sell higher than it has at any time heretofore. velopment to be adopted with respect to the road tain whether the lines are in the interest of Penn- by the owners. The traffic arrangements recently entered into by Pere Marquette with the Vander-bllt lines also attracted attention to it, and give rise to the unfounded rumors that the Vanderbilts had gained control. Tne year laua must De regarded as a. very satisfactory one in Pere Marquette's operations, inasmuch as In ten months gross earnings show an expansion over the results of the previous year's work of $606,105, and net earnings an increase of $262,846.

Fixed charges have increased $119,249 in ten months leering surplus $143,597 larger than for the cow-ee ponding period last year. In the year ended Dec, 31st last the company earned something less than lif on the common stock, after allowance bad been made for the if on the pre ferred stock, and the indications are that even In the event of no more net increases this year, the companr (wiu snow at least earnea on toe common stock. This will undoooteajy oe some what increased in the test two months of the year. NEW ROADS CHARTERED. Philadelphia.

The Totomac Allegheny Rail road and the Bedford Western have been chart ered at Harrisbnrg and will form a direct route from a point twelve miles north of Rockwood to a point across the Potomac river from Hon cock Station on the Baltimore ft Ohio. It is uncer- sylvania or Western Maryland. ENID, SAN DIEGO ft PACIFIC. There is much speculation in southwestern quarters as to who is behind the new Enid, San Diego ft Puciflc incorporation. The charter gives it a right to build from Enid, Oklahoma, to San Diego.

San Diego people are thoroughly convinced that it is a St. Louis ft San Francisco pro position, Dot tne 'JfTisco aoes not admit it, Mont Anaconda has decided to sink its main shaft an additional 500 feet Its present depth is 1,800 feet None of the parties in interest will admit the correctness of the report that Texas ft Pacific is to get the business the Louisville ft Nashville and Queen ft Orescent at ew Orleans. Ir. Henry Butler, atiorney for the Gould Inter est in Colorado Fuel, fcIt may safely be said that the election of Colorado Fuel on Wednesday will be without any disturbing leature." Mr. Haw-ley confirms the statement, snd Mr.

Osgood says there is greater prospect for harmony than at any time since the contest began. Omaha. Neb. Local creditors have filed an in voluntary petition in bankruptcy against the W. R.

Bennt the department store firm. The liabili ties are $752,000. with assets of $230,000 on stock and on building. Two-thirds of the liabilities consist of areounts owing firms in Chicago, New York and other eastern cities. PoineroT Bros, snd forty others have brought suit against X.

S. Besiwlc-e, S. P. Blount and tb NationsJ Salt Oo. to recover and an additional $400,000 la preferred stock of the National Fait Oo.

It is alhpd that tne defendants witfuliy wistpd the of the company to the si thi pUlaiff to the smount stated market We made the exception in this Instance ai we received a very, favorable offer from a syndi cate which we knew would not be duplicated were the sale a public one." The previous sale of bonds made by the Boston ft Maine Railroad was last March, when Fitrhbarg Railroad 3Ja, maturing October, 1921, sold at 101.846,-an income basis of S27f. Est brook ft Oo. was the successful bidder. BOSTON ft ALBANY. Boston.

There have also been placed on tht regular list of the exchange $3,858,000 Boston A Albany Railroad 3if refunding bonds, maturing April 1, 1952. These bonds were issued for the redemption of Boston ft Albany R. R. Co. 5 bondi for the same amount which matured April iwz.

George Gould has taken $5,000,000 of the 000,000 bonds recently issued by the Denver, Northwestern ft Pacific, projected between Denvei and Salt Lake. No bids were received for the Lima, refunding special street improvement if semi-an nual 16 5-6 Average bonds. Suasongood ft Meyer, at par, were the oily pany now lias a broad an for financing Its affair wdders for the H50.000 water works bonds. AO in tne authorized issue of its iwuernJ mortirnirp awards were made. BANG! OF PRICES OF BONE8.

Th following- tabl girt th high and low pries of lead Ide bond in th Tara 1901 and 1901. Thia cover th rang of th market tram January 1st, 1901. to daU: BaUroada, Low. Atchison General 100 Atchison Adjustment 4... 90.

Baltimore Ohio 8 98 Chicago, Barling-ton 4a 99 ChicBocklaTdAF new 4a 82 Erie 1st General 4a 84 Georgia Central let Income 7 LouisTUle A NvlUe Uni 4a. 101 Mexican Central lit 4a 28V UexicanCentral td Income. 1 6 Missouri Paciflooa lost, Northern Pacific 8a 71 Northern Pacifle 47 103 Beading General 4a Bouth-rn Pacific 4a 90 Union Pacific Convertible 101 Wabaah Debenture 66 Wheeling tUE Coa 4a. 91 Wisconsin Central 4a 88 1909 Industrial. Low.

High. American Btevcle 41 78 American Hide Leathers 98 100 Colorado Fuel 4t Iron 8... 108, Colorado Fuel Iron Lonv 98 Consolidate Tobaooo i International Paper 6e 107 Western Union 6 110 Western Union 4.. 106 1901 Ultra. low.

High 106)f 301 106j 97irf 86 7U 97 96 101 wx so tax S1J4 WV 60 64 108 88 10U S6W 8HM 6U 18 7 109W 100W 109W 8 19 lOeU 108 108 ioi joov 05K 88 M2 1185. 108 190 89 40 70 87U 89 94 8314 DQU 1901 Loir. Hlffh 90 9S 96 108 62U ,671: 10S 113 111 WJi 106V 109 i NEW PENiSBYLVlAKlM. LDflES. 'j JJarrisburff, Pa.

Two chartere bare been is. sued by the atarte department for new feeders for the BaJrtimore Ohio and Pennsylvania railroaJn -which, It is said, will be built Jointly by tie two roads. They will involve the construction of about fifty miles of track, and will cost at least $2,000,. 000. The first road chartered, with a capital of $500,000, is the Bedford Western Railroad Com pany, to run from Mount Dallas, Huntingdon county, to Gelgers, in Cambria county, on the Somerset Cambria branch of the Baltimore Ohio.

Mount Dallas is the northern terminus of the Bedford Ri-Miwnnrt Railroad, a PetmevWania Railroad DrOD i erty, and waa one of the main points of the oldr The second road has a capital of i i is caaied the jrotomac Aiaegneny nauroaa. ixj I to run easttiwartl from Mount Dallas to a Pij Dublin towndhdp, Fotton couaty, which to tbfrfj I county in Pennwyavania now wwnoot a rat" The projected Kne ends on Mason and Dixon just across) the Potomac Elver from Dancoc on the mala Kne the Baltimore The board of aldermen will not vo' on tae Pennsylvania franchise until next Tne? Mayor Low has sent a message to the aider-men advocating adoption of Pennsylvania tunnel franchise. While the Peimsyrrania tunnel franchise waa made a special order for next Tuesday, the railroad committee presented a majority report recommending the granting of the franchise. A minority re port ill be presented next Tuesday. PEXXSTLVALL Chicago.

Pennsylvania and Baltimore Ohio are said to be jointly backing the project to build a road from Monet Dalles to Geiger, Pa. CASAPIAK PACIFIC MontreaL-Canadian Pacific has set side 2S0 000 as the nucleus of a pension fund to be astab lished Jan. 1. The age limit will be 65, and COO as the aucJena of a raid to be ertr i.