Albany & Susquehanna Rr 9% Guar-Anteed Stock

Line of road, Albany to Bing-hamton, N. Y., 142.59 miles. Capital stock, $3,500,-000; par, $100. Leased to Del. & Hud. Co. from February 24, 1870, in perpetuity, rental being interest on bonds, and dividends on stock at rate of 7% per annum until July, 1902, and 9% per annum thereafter. Dividends January & July 1, at 32 Nassau St., New York. Transfer office, New York. Listed on New York Stock Exchange.

Allegheny & Western Ry 6% Guaranteed Stock

Line of road, Lindsey to Butler, Pa., with branch, 66.16 miles. Capital stock, $3,200,000; par, $100. Leased to Buff., Roch. & Pittsburg Ry Co. from January 1 ,1900, for term of corporate existence; rental now $272,000 per annum, equal to interest on bonds, and 6% on capital stock. Dividends January & July 1, at A. Iselin & Co., 36 Wall St., New York. Transfer agents, A. Iselin & Co.. New York. Listed on New York Stock Exchange.

American Smelters Securities Co. 5% Guaranteed Series "B" Preferred Stock

Amount outstanding, $30,000,000; par, $100. Guaranteed, principal and dividends, by American Smelting & Refining Co. Redeemable at par and accrued dividends, by American Smelting Securities Co., or may be purchased at par and accured dividends by Amer. Smelting & Refining Co. on June 1, 1930, or on any quarterly dividend date thereafter, upon two months' notice. The American Smelting & Refining Co. has agreed that, so long as any of this stock remains outstanding, it will issue no bonds, nor make any further guarantee to any capital stock or obligation which, including the guarantee of this preferred stock, shall create a liability, actual or contingent, for interest or dividends, that shall in any year exceed in the aggregate 25% of its net earnings for the 12 months next preceding the creation of such bonds or guarantee. Dividends, quarterly, March 1, at 71 Broadway, New York.

American Telegraph & Cable Co. 5% Guaranteed Stock

Outstanding, $14,000,-000; par, $i00. Leased to Western Union Telegraph Co. for 50 years, from May 12, 1882, at rental of 5% on stock, lessee to maintain, operate and renew the cables and equipment. Dividends payable quarterly, March 1, at 195 Broadway, New York. Transfer office, 195 Broadway, New York. Listed on New York Stock Exchange.

Atlanta & Charlotte Air Line Ry Guaranteed Stock

Line of road, Charlotte, N. C, to Atlanta, Ga., 268.17 miles. Capital stock, $1,700,000; par, $100. Operated by Southern Ry Co. under 99-year contract, dated April 1, 1881, which calls for payment of interest on bonds, organization expenses and minimum of 5% on stock; dividends to be increased to 6% should earnings exceed $1,- 500,000, and to 7% should they exceed $2,500,000 in any one year. Dividends have been paid as follows: 1881 to 1889, inclusive, 5% per annum; 1890, 5 1/2%; 1891 to March, 1901, inclusive, 6% per annum; 7% per annumt since. Dividends March & September 5 at U. S. Mortgage & Trust Co., New York. Transfer office, Central Trust Co., New York.

Bald Eagle Valley Rr 10% Guaranteed Stock

Line of road, Lock Haven to Vail Station, Pa., and branches, 93.95 miles. Capital stock authorized, $2,600,000; outstanding, $1,673,150; par, $50. Leased to Penna. RR for 99 years from December 7, 1864, at net earnings for the section operated as part of Phila. & Erie Div. and 40% of gross earnings, 60% of taxes on gross receipts and tax on bonds for section operated in Penn. Division. Semiannual dividends of 5% are paid February & August 1, at Broad St. Station, Phila.; on May 1, 1906, a 9% stock dividend was paid. Transfer office, Broad Street Station, Philadelphia, Pa.

Beech Creek Rr 4% Guaranteed Stock

Line of road, Jersey Shore to Mahaffey June, Pa., and branches, 167.28 miles. Capital stock, $6,000,000; par, $50. Leased to N. Y. C. & Hudson River RR for 999 years, from October 1, 1890, at rental of interest on bonds and 4% on stock. Dividends quarterly, January 1, at Grand Central Station, New York. Listed on New York Stock Exchange. Transfer office, Grand Central Station, New York.

Boston & Albany Rr 8% Guaranteed Stock

Line of road, Boston, Mass., to Albany, N. Y., and branches, 304.09 miles. Capital stock authorized, $30,000,000; outstanding, $25,000,000; par, $100. Leased to N. Y. Central & Hudson River RR for 99 years, from July 1, 1900, at rental of guaranteed dividends of 8% on stock, organization expenses, interest on bonds, taxes, expenses of maintenance, etc. The Boston & Albany RR received $5,-500,000 N. Y. Central 3 1/2% 100-year debentures to cover certain property not included in the lease, which yield about 0.77% additional per annum on the stock. Dividends, quarterly, March 31, at Term. Station, Boston. For many years prior to the lease, 8% per annum was paid; from 1901 to date 83/4%, viz., 2% in March, 2 1/2% in June; 2% in September and 2 1/4% in December; payments at treasurer's office, Boston. Listed on Boston Stock Exchange. Transfer office, Boston, Mass.

Boston & Lowell Rr 8% Guaranteed Stock

Lines of road, Boston to Lowell, Mass., with branches, 96.95 miles. Capital stock, $6,599,400; par, $100. Leased to Boston & Maine RR for 99 years, from April 1, 1887. Rental, 7% on stock for first ten years; thereafter 87c, together with interest on bonds and $7,000 for organization expenses. Dividends, January and July 2, at treasurer's office, Boston. Listed on Boston Stock Exchange. Transfer office, Treas. of Company, Boston, Mass.