standing, $1,820,000. Convertible into capital stock at the option of the holder on the basis of ten shares (par value $100) for each $1,000 bond.

The Company has an authorized stock issue of $20,000,000, of which there is outstanding $17,961,000. Following is the annual dividend record: October, 1899, 21⁄2%; 1900, 10%; 1901, 8%; 1902 to 1906, inclusive, 7%. For the fiscal year ending September 30, 1906, the Company reports a total net income of $3,900,887, interest on bonds, $114,354, dividends on preferred stock, $1,235,745, surplus, $2,550,788.

(23) THE UNITED STATES REALTY AND IMPROVEMENT COMPANY. Convertible Debenture Five Per Cent. Gold Bonds.

Dated July 1, 1904. Due July 1, 1924. Interest payable January and July 1st. Redeemable at 105 and interest. In coupon form, $1,000 each, with privilege of registration. Authorized issue, $13,506,000. Outstanding, $13,284,000. Convertible into capital stock up to July 1, 1908, on 90 days' prior notice in writing, on the basis of ten shares (par value $100) for each $1,000 bond. At the time of giving notice of conversion bondholders must deposit bonds with the New York Trust Company.

Capital stock authorized, $30,000,000; outstanding, $16,162,800. There is also outstanding $876,900 stock of subsidiary companies. For the fiscal year ending April 30, 1906, the Company reports net income, $1,445,935, interest and dividends on stock of subsidiary companies, $680,789, surplus, $765,146.

(24) THE WESTERN UNION TELEGRAPH COMPANY.

Convertible Four per Cent. Gold Bonds.

Dated January 2, 1907. Due November 1, 1936. Interest payable May and November 1st, but the first payment for interest will be for four months only, from January 2, 1907, to May 1, 1907. Redeemable at 105 and interest on and after May 1, 1912. In coupon form, $1,000 each. Registered bonds without coupons, $1,000, $5,000 and $10,000 each. Authorized issue, $25,000,000. Outstanding, $10,000,000. Convertible at the option of holders, or registered owners, into the capital stock of the Company after January 2, 1909, and before January 2, 1919, on the basis of ten shares of stock (par value $100) for each $1,000 bond. If called for payment, bonds may be converted within said period up to thirty days prior to redemption date.

These bonds are secured by pledge of collateral, the total bonds outstanding at any time not to exceed 85% of the appraised value of the collateral. The authorized capital stock of the Company has been increased from $100,000,000 to $125,000,000 to provide for conversion of the bonds. The outstanding bonds provide for construction of new lines and wires and purchase of new property.

For the fiscal year ending June 30, 1906, the Company reports net revenue $7,070,582, interest $1,327,975, dividends on outstanding stock $4,868,088, surplus $874,519. Following is the dividend record since 1886: 1887, 2%; 1888 and 1889, 5%; 1890, 534%; 1891, 5%; 1892, 5% and 10% in stock; since which date the distribution has been at the rate of 5% per annum.

(25) THE WESTINGHOUSE ELECTRIC AND MANUFACTURING COM

PANY.

Convertible Five Per Cent. Sinking Fund Gold Bonds.

Dated January 1, 1906. Due January 1, 1931. Interest payable January and July 1st. In coupon form, $1,000 each, with privilege of registration. Beginning with December 31, 1907, an annual sinking fund of $500,000 must be made for the purchase of bonds at not to exceed 105 and interest, or on and after January 1, 1912, for the redemption thereof. Authorized issue, $20,000,000. Outstanding, $15,000,000. Convertible into "assenting" stock after January 1, 1910, and up to 30 days prior to any date of redemption, on the basis of $500 par value "assenting" stock for each $1,000 bond. (The term “assenting” means that all but $3,650 of the common stock agreed to participate in the plan for reorganizing the Company.) There is $20,966,350 "assenting" stock outstanding. There is also $3,998,700 7% cumulative preferred stock outstanding, which has preference as to assets and dividends. The preferred stock has the right to share equally with the "assenting" stock after the latter receives 7%.

The outstanding bonds will provide for all the indebtedness of the Company, except $2,500,000 5% gold debenture certificates and $6,000,000 collateral notes, due August 1, 1907. The 5% gold debentures will be provided for at maturity by reservation of $2,500,000 convertible 5s; while it is expected that the 5% notes will be paid from a part of the collateral pledged as security.

The indenture stipulates that the properties securing these bonds are free from mortgage, that no mortgage shall be placed thereon and that no additional notes or other bills payable shall be issued at any time, unless the average of the annual net earnings for the three calendar years next preceding shall be at least double the amount of the annual interest upon the entire indebtedness of the Company at the date of such issue, including the bonds, collateral notes or other bills payable so to be issued; also that the Company will not issue any stock entitled to preference or priority over the "assenting" stock, and that none of its capital stock shall be distributed by way of stock dividends or issued at a price more than ten per cent. below the market price of the "assenting" stock at the time such stock is offered for subscription or sale.

Dividends at the rate of 10% per annum are paid upon $3,998,700 preferred stock and $20,996,350 assenting stock. For the five months ending August 31, 1906, net earnings, $2,002,258, interest, adjustment, depreciation, etc., $576,265, dividends $1,041,494, surplus, $384,499.

All statements made in this circular are obtained from reliable sources, and although we cannot guarantee their accuracy, we believe them to be correct.

State and James Streets,

Albany, N. Y.

SPENCER TRASK & CO.,

William and Pine Streets,

New York.

SPECIMEN OF OFFER TO PURCHASE BONDS WHERE THE MORTGAGE GIVES TRUSTEES THE RIGHT TO INVEST SINKING FUNDS IN BONDS. BONDS ARE NOT REDEEMABLE.

PENNSYLVANIA COAL & COKE COMPANY.1

First Mortgage 5% Bonds, Series "A" Sinking Fund. Notice is hereby given that pursuant to the Sinking Fund provision of the above mortgage, dated July 1, 1902, proposals will be received at the office of the Commercial Trust Company, Trustee, 20 South Broad Street, Philadelphia, for the sale to the Trustee, of a sufficient number of bonds to consume the sum of $28,851.45 now in the Sinking Fund, at a price not to exceed 105 per cent. and accrued interest. The right is reserved to reject any or all proposals in whole or in part. Proposals should be sealed and marked "Proposals for the Sale of Pennsylvania Coal and Coke Company Series 'A' Bonds," and be presented to the undersigned before 12 o'clock noon on Tuesday, the 19th of December, 1911.

COMMERCIAL TRUST COMPANY, Trustee,

W. A. OBDYKE, Treasurer.

Philadelphia, December 1, 1911.

LOUISVILLE & NASHVILLE RAILROAD COMPANY.2

71 Broadway, New York.

November 27th, 1911.

Pensacola & Atlantic R. R. Company 6% Mortgage.

In accordance with the terms of the mortgage of the Pensacola & Atlantic Railroad Company, the following eighty-seven (87) bonds have this day been drawn by the Trustees for the Sinking Fund, viz.:

The interest on the same will cease February 1, 1912, and the principal of the bonds, plus ten per cent. premium, will be redeemed at this office on and after that date.

E. L. SMITHERS, Assistant Treasurer.

1 Notice advertised in New York Times of December 1, 1911. 2 Notice advertised in New York Times of December 11, 1912.

PUBLIC UTILITIES COMMISSION ACT OF NEW JERSEY.

AN ACT concerning public utilities; to create a Board of Public Utility Commissioners and to prescribe its duties and powers.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

I

1. There shall be a commission vested with the powers and duties hereinafter specified, which shall consist of three persons, citizens of this State, not under thirty years of age, who shall be appointed by the Governor, by and with the advice and consent of the Senate, and who shall constitute and be designated and known as the Board of Public Utility Commissioners.

2. The Board of Public Utility Commissioners, as heretofore constituted, shall be the Board of Public Utility Commissioners under this act until the expiration of the term of office of each of said commissioners respectively, and at the expiration of their respective terms a successor shall be appointed for the term of six years from the date of such expiration. All vacancies, except through expiration of term, shall be filled for the unexpired term only. The Governor may remove any commissioner for neglect of duty or misconduct in office, giving to him a copy of the charges against him and an opportunity of being publicly heard in person or by counsel in his own defense upon not less than ten days' notice.

3. The members of said board shall each receive an annual compensation of seven thousand five hundred dollars, to be paid in equal monthly payments by the Treasurer of the State.

4. The commissioners and secretary and other employes of said board shall be entitled to receive from the State of New Jersey their necessary traveling expenses while traveling on the business of said board, which shall be paid on proper voucher therefor, approved by the president of said board.

5. The board shall organize annually by the election of a president; it shall appoint a secretary, counsel and such other employes as it may deem necessary, fix their duties, compensation and terms of service.

6. The secretary shall keep full and correct minutes of all of the transactions and proceedings of the board; perform such other duties as may be required of him, and shall be the official reporter of the proceedings of the board.

7. The board shall furnish its secretary such of its findings and

decisions as, in its judgment, may be of general public interest; the secretary shall compile the same for the purpose of publication in a series of volumes to be designated "Reports of the Board of Public Utility Commissioners of the State of New Jersey," which shall be published in such form and manner as may be best adapted for public information and use, and such authorized publications shall be competent evidence of the reports and decisions of the commission therein contained without any further proof or authentication thereof. The contents of said reports shall not be under the supervision or control of the official State editor.

8. The board shall purchase such materials, apparatus and standard measuring instruments as it may deem necessary.

9. No member or employe of said board shall have any official or professional relation or connection with, or hold any stock or securities in, any public utility as herein defined, operating within the State of New Jersey, nor hold any other office of profit or trust under the government of this State or of the United States.

10. The board shall have an office in the State House, and in such other place or places as it may designate, and shall meet at such times and places within this State as it may provide by rule or otherwise, and shall be provided with all necessary furniture, stationery, maps, supplies and office appliances.

11. The board shall have the power to make all needful rules for its government and other proceedings not inconsistent with this act, and shall have and adopt a common seal.

12. The total expenses of the board, including salaries, shall not exceed one hundred thousand dollars per annum.

13. The members of the board are hereby empowered to sit singly for the purpose of taking testimony in any proceeding. A majority vote of the board shall be necessary to the making of any order.

14. The board shall report annually, on or before the first day of January, to the Governor, making such recommendations as it may deem proper, which report shall be laid before the next succeeding Legislature.

15. The board shall have general supervision and regulation of, jurisdiction and control over, all public utilities, and also over their property, property rights, equipment, facilities and franchises so far as may be necessary for the purpose of carrying out the provisions of this act. The term "public utility" is hereby defined to include every individual, co-partnership, association, corporation or joint stock company, their lessees, trustees or receivers appointed by any court whatsoever, that now or hereafter may own, operate, manage or control within the State of New Jersey any steam railroad, street railway, trac