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1KB SAFE HiVESlENTS PUBLIC UTILITIES REQUIRE LARGE ALLOWANCE FOR DEPRECI ATlOt*. Oti-.orw . ;, Danger of Serious Financial Trouble The Capitalized Valua o( cha Pranohlt* Mutt n Born* In Mind What to Look for In Balanot Shoot- Operating Expense! Should Include DO- Desolation- Not Creator Than 00 Per Cent.' of Cross Earnings. Tho artielei contributed 1>r "Inveetnr- re lor ibe tola purpose of cuidiug pro Ketlve investors, and. if poitibla of K them frcm loalng money tl<r^"*ti placl.'iit It la "wild-cat" >utrorl*e. Th jmptrtiai itnrl reliable . character of ttu Information may be ralied upon. Tin writer of the arliolei and the oabllnbM f this paper havo no lotaraata to irv lo eonu*otion with ilii* mallei other taaa tho ci th reader. (By "Invostor.") An a rule, the real ette of a public eervice corporation is a amall part of lt> assets. The "plant" is the Important feature and in this tho bondholder is chiefly interested, as bring the principal security for hia capital. "Pla'it" refers to power, plant, rol ling-Block, track and general property, exclusive of real es- tate, which was referred to last week. The average investor buying old issues of well established companies has to take the figures of the company's balance beet for the value of the assets. Where a new isai." ia being made, however, a bond house usually has an eiamination made by an independent engineer. The "replacement value" of the plant alone li considered. By "replacement values" li meant Uio coHl for which the plant In ita present state of efficiency may be bond man eays, "Deterioration of plant and equipment, which goea ou constant- ly, can only be offset in two ways: On* U out of earnings, and the othor out of the security holders that Is, by decreases in the market value of tli.> se- curities. The first tukoi prosperity or courage; the second leads to bank- ruptcy." It la a difficult matter to mea- sure depreciation accurately, but a safo ruin ia to write off 10 per coot, of groBB earnings each month for depreciation. In this way tho charge ia proportionate to traffic, which provides automatic adjust- ment. 11-YEAR-GLD ROBBEK. reconstructed. If this cost is in excess of the amount of bondx outstanding, tho security is a Canada, as a very excellent one In rule, tho bond isano of a public service corporation represents but a email proportion of the value of tho company's real cgtatu and plant. In the Suites, however, tho cnso is reversed, and a a value on tho capitalised valun of the rompuny's franchise doponds part of tho security of the bondu. Tho value of a franchise dcpendu part- ly and primarily on the political condi- tions referred to last week. After thin tjie next question ia whether the fran- chise U perpetual, or, as ID the ease of the Toronto Street Eailway, for a defi- nite time; whether It is partial or ex- elnsive, and on what tenon it u-rmlnatce. The Toronto Street Baltway franchise terminates In 1921. but, unless the city deoidn to expropriate at that time the franchise automatically renews itself un- til such time as the city does oxpropri- at*. It Is exclusive only respecting; the portion of the olty which was incorpor- ated within the boundaries of Toronto In 1891, when the franchise was (ranted, but any car lines built by the city can- not compete In a manner worth consid< erlng as affecting the value of the Street Railway Company. So that while as respecting the present boundaries of the olty the franchise is only partial it li In effect exclusive. And this case often occurs where the original franchise is partial; the company occupies all Im portant available streets and there is no room for competition. The next step Is the examination of Mia company's earnings for a series of years. Tho futility of examining the figures for one year has been shown In speaking of Industrial bonds. If gross earnings are Increasing and not earnings are about <0 per cent to 45 per cent, of grosa^ this part of tho examination need only bo concluded by a glance at operating ex- penses. A very substantial amount must be put by for renewels and mainten- ance, or the strongest company will soon- er or later find Itself in trouble. As one Paris Police Arrest Small Boy For Thirty-Third Itobbery. A boy of 11 -has just been arrest- ed in Paris for hise thirty-third robbery with violence. Louis Le.b- run, with a. friend of his named K<l. .-..,..! Lamarcho, who ia nine years old, but has not been in prison yet, robbed the till of a shop in the Rue de Belleville of ' $6.50, and shot tho shop owner through the neck with a revolver The younger boy escaped, but the elder was caught, and tho police are wondering what to do with him. ' for he has proved himself as difficult to hold behind bars and bolts aa j Jack Sheppard himself. He has been caught red-handed GtJ times, including this last time. but always manages to get out of the bauds of the authorities. Hell clve you hi a wtoat son c only whanhv'sln the pink of condition. Put him there, and keep him thar, by /ding him en BrocK'a Bird Seed He'll njoy it more, thrive better on It, look finer and sink moroswtetly. Tha sd la a aclMiHflc mixture perfectly balanced food for aonr- blrds In this dlnwlr and ihcctha of Brock's Bird Treat In every package Is a spltadld bird tonic. Ll "Dick" try thla Bird Tonic at our xpnue. Mill ua iho coupon bdovr, filled In, and we will send rou, absolutely fre*. two full-alxe cakn of BrocVl Bird Trwl. 46 NICHOLSON & BROCK 9-11 Francla Street. Toronto. For thla coupon plwae awd me. free of choree or obligation en my part, two full-six* cakta of Brack's Bird TJ oat. mil oblige. tfi SOME CAN But Student Had to Quit. Some people are apparently im- mune to tea and coffee poisoning if you arc not, Nature will tell you so ; i the ailments she sends as w ; -iags. And when you get a warning, heed it or you get hurt, sure. A young college student writes from New York : "I had been told frequently that coffee was injurious to me," (tea is just as bad) been told, the 'and if I had not! almost constant headaches with which I began to Buffer after using it for several years, the state of lethargic men- tality which gradually came upon me to hinder me in my studies, the general lassitude and indisposition J to any sort of effort -which pos- sessed me. ought to have been suf- ficient warning. But I disregarded them till rny physician told me a few months ! ago that I must give up coffee or quit college. I could hesitate no longer, and at once abandoned coffee. "On the advioe of rv friend I be- gan to drink Postnm, and rejoice to tell you that with the drug in coffee" (the same dni.sf caffeine is found in tea) "removed and the healthful properties of Postum in its place I was soon relieved of all my ailments. The headaches and nervoitsnens disappeared entirely, strength came back to me, and my eomrtlex- ion which rnd been very, very bad, cleared up beautifully. Better than all, my mental facul- ties were toned up, more vigorous than and became ever, and I now feel that no course of study would be too difficult, for me." Name <m'n bv Canadian Postum Co . Windsor. Ont. "Thorp's a revon." and it is *x- rOainod H thA little book, "Tho B/->nd to W^llville." in oktcs. Fr ro^rt th nbova lfr? A > nn* nr..,*-.--, genuine, _ WORLD'S DEADLIEST POISON. th nbova t'n * *!. Ttay ' true and f"'1 ef human Interest. Dreadful Sufferer, Could Not Keep Him from Scratching, Every Joint Affected. Used Cuticura Soap and Ointment and He Is Well, "Enclosed find my son's photo and I f eel by writing these fow Itnua to you I am onlyi doing my duty, af my (ton wa a dreadful ulTerer from ocsema. At t-in age of two weeks ho began to get covered wltn, red spota on his leg* and groins, which mother thought waa red gum oq thrush; but day by day It grow worse until every* joint and crevice wero, affected and baby started; screaming for houra da.yi and night, luch a thing] M sleep WM out of tho) ' nueatlan. I took him to, two of Sydney's leading doctors; ono said It X';iH one of the wont ease* he had aeon. the| olhor did pot thmk It so serious: ono ordered ointment for rubbing In. the othnr a dusting powder. I. followed their prescriptions for] orer four months and stUl bany kept gottlnj} worwi. I could not 1<eep him from scratching! o groat wai hli agony. "When he wss BT months old I tried tho, Cuticura Kerned U-n and I am rtrj thankful mi fay uw liahy to to-day free fronj all bin tiifftr-j uv 'Hi froias wero bleeding when I itarted And other parto affected weft the lower part f Ills body, under tho kneel, arms. In arm; Joints, eyebrows and neck: out after twlcaj using Cuticura Ointment I began to see aj difference bud by the time I hod used onsi tin, along with the bathing with Cutlcurai Boap, baby was nearly curedl I still kept onj Wing tho Cuticura Soap and Olntuient, andj aow, thank goodoegs, ho la quite well and, Ithough he Ti now ten months old. has nut, xad any further return of tho trouble. '1 Ifllgned) .Mra. Q. Martin,, 2_KnIght St., - -^ . , - - . 1 *,M. AU1K1I* Db.| TsVlnevlllo, Sydney, N.S.W., Mar. 31, 1911. Cuticura Soap and Ointment are cold throughout thn world, but a liberal sample of arh, with a H2-pagfl book on the rare and. treatment of the skin and hair will be nenl on ni>i >!iruili.ii to Pot-tnr Drue A Chun. P* 60 Columbus .We., Boston, U.S.A. Being Used Against British Troops By Abor Tribesmen. The fact that the Abor tribes- men, .against whom the Government of India have sent a punitive ex- n to puni.>h them for the massacre of Mr. Noel Wil- liamson, are chi-jfly armed with hows and arrows, has led people to imagine that the natives will in- flict but little damage on our sol- diers. As a matter of fact, however, tho arrows used by the Abors aro often more dreaded than bullets, for thev are usually dipped in apoi<or> whioh is probably the most deadly in tho world. This poison ia known as curare, and is so virulent that savages have been known to smear it on their nails and to kill an enemy merely by scratching him. "Three years ago a young doctor was convicted at Vienna for supply- ing curare to a married woman, who touched a little raw place on her husband's body with it and h died," says the Field. "In effect, he had been struck by a poisoned arrow." Curare is an Artiflcitl compound, the secret of which i moM jealous- ly guarded by tho prieirte and modi* aine-moa of aarage tribee, and l.nivelWs havo told f*ciu:itmn tales of how old women f the fcribs* .:-*;Fi the pri<vti to make the etaff. and regard it &a aa honor to tefft its stronjfth uTK-n tb*melve. Another t**t ta to boro hole* in trees M>d inject a quantity of ear- are. If the leaves have not fatten off bftfore morning^ more deadly in- gredients aro added-. Curiously enough, the dotneatio fow4 and the Argo pheasant are tho only creatures said to be im- mune from the effects of thli deadly poiaon. REALLY HUMAN. Vacation is a good time, not mere- ly for the minister to pursue avo- cations, but for other folk to dis- cover how human he is. We re- cently heard of a small boy who came homo from a Sunday school picnic and reported to his mother what he had found out about tho pastor. "O, mamma," said the youngster, "he can run ai;u uol- ler and climb a tree and cat." But a practical joke isn't if you are the victim. WOODEN SHOES IN ENGLAND. Evidence That They are Better Than Poor Lcuther. An effort to substitute waterproof and practically indestructible wood- en shoes, the sort worn by peasants in Holland, France and other Con- tinental countries, for the cheap leather shoes worn by the school children of very poor parents was made in England some time ago. but was not a success. It has been revised this winter and evidence i accumulating that in parts of the country there is an increiusing use of the cumbersome footgear. The argument in favor of the clops is that leather shoes are beyond the means of the average English workingman of family, while clogs are cheap and never wear out, gen- erally speaking. Many school chil- dren of the poorer classes wear mere apologies for shoes, eoleless affairs, with holes that let m water and lay the foundation, for pnou- monia and other diseases. Several years ago when Sir John Kirk, director of the Haggud School Union and Shaftesbury Society, joined Lady St. Helier in an appeal j for funds to aupply poor children i m the London schools with foot wear on the part payment system the suggestion was made uiat elogc be supplied these children as mor<> durable and serviceable than leath- I er shoes. According to Percy Gray of Orlehar, Bude, North Cornwall, who wrote to Sir John Kirk on the subject, ho waa met. with the objection that cockney- dom would not wear wooden clogs. That objection seemed to have been well taken, for the effort to have poor school ch Idren in Lon- don adopt tha wooden substitute* for leather saoes did not get very far. The renewed effort is find- ing encouragement in testimony of persons who have ma/de tho clop experiment with some degree of succets. LOOK FOR 'TH e e LUE PACKAGE BE CAREFULTO SEE THAT LAB EL ON PACKAGE S BLUE. NO OTHER COLOR EVER USED ON REMEMBER THE COLOR BLUE E.W.GILLETTCQLTQ TORONTO ONT. Richard B. Martin of Tewkes- bury is one of those who have rea- son to be pleased with charitable work of this character. "Last winter," he says, "I gave a few pains of wooden clogs to some children who have to come a good three miles to school through a wet. and dirty lane. The clogs 'caught | on' and this year I gave away nino more pairs and my wife over fifty pairs to one village school. They | seem to keep tho children's feefa ; warmer than old and well worn ! leather shoes. I had the clogs from Warriugton and they, coat 2s. 8d. 10d., a pair; men's size 3s. i6d. THE BEST SECURITY FOR YOUR MONEY IS BONDS q There are, broadly shaking, two classes of investments : speculative invest, meats, which may or may not pay interest and may appreciate or depreciate in vaiue. <I And there are Bonds Bonds are mortgages split up into denominations of $100 or upwards. We continually have Bonds, the security of which is beyond question, which pay as high as 6 per cent, interest. They are the standard form of investment. They are purchased by Banks, Insurance Companies and chart- ered institutions, because the Government recognizes that they offer the maximum of safety with a profitable rate of interest. Send us your name and address and we will send you literature from time to time giving particulars of new and old issues. SECURITIES CORPORATION LIMITED BANK OF MONTREAL BUILDING R. M. WHITE Man/iser YONGE AND QUEEN STREETS TORONTO MONTREAL-OUSBIC-HALIPAX-OTTAWA LONDON (KNO.) OFKEUKD BY G. W. FARRELL & CO., MONTREAL (Me>mbe>re> Mon-troal Stook Exchange)) And issued simultaneously In London, Eng., $1,000,000 First Mortgage) Twenty-Year Sinking Fund 6% Gold Bonds of tho UPPER FRASER RIVER (BRITISH LUMBER CO., LIMITED, (Incorporated under the Companies)' Aot of Dominion of Cnnuda) In DENOMINATIONS $10O, 9&OO, fl.OOO. AT 96 AND INTEREST (with 25% Bonus of Common Stock), of which $400,000 have already boon taken firm, and withdrawn from sale. CAPITALIZATION. Authorized Issued. C% First Mortgage Bonds $2,500,000 $1,500,003 Common Stock N- 2,500,000 1,700,000 ALLOTMENT. Subscriptions will bo payable as follows : 10% of the par value on application 31% of the par value on allotment HON. WILLIAM C. EDWARDS, Ottawa. President of W. C. Kdwards A Co., Limited. Director of Canadian Bank of Commerce. ALEX. MaoLAURIN, Montreal, Vloa-Prealdent, President Campbell Mao- Inn nn Lumber Company. President British Columbia Timbers. Limited. C. JACKSON BOOTH, Ottawa, of J. R. Booth, Lumber Merchant. Director British I'mmilmn Lumber Corporation, Limited. W. MOLSON MACPHERSON, Quebeo. President Molson'n Bank, Director Grand Trunk Pacific Railway. HON. O. C. CAMERON, Winnipeg, Lieutenant Governor of tho Province of Manitoba; Director Northern Cronn Bank. Presioont Uat Portage Lum- ber Go., Limited. 25% of the pnr value on the 10 th da y of February, 1912 30% of the par value on the 10 th day of March, 1912 H. M. PRICE, Quebec, of U. M. Price & Co.. Lumber Merchant, Director of Lake Superior Corporation, Limited. WILLIAM WAINWRICHT, Montreal. Senior Vioe-Preaident Grand Trunk Pacific Railway. Diroctor British Columbia Timbers. Limited. W. H. MoWILLIAMS, Winnipeg. Vice-president Monarch Lumber Co.. Limited. 0. W. FARRELL. Montreal, of O. W. Parrell A Co.. Director, Blti-Carlton Hotel Co.. Montreal. Director Atlantic Pruit and Steamship Co.. Now York. J. M. MACKIE, Moirtraal. Director Hillcroat Collieries, Limited. Each aubecribur, upon payment of final inntalmnnt, to rnoeive 25 per cent. of par Taluu of Bonds subscribed by him iu fully paid up common shares. The Bonds will be to Bearer, and are a first and fixed charge against the Company's Licenses and othor assets, including its uncalled capital. The 1500,000 of the bonds over and above the million now being offered were applied in part payment of the properties, and by agreement, arc withheld from sale for a period of two years. The provisions of the Trust Deed otipulate that a sinking fund for the retirement of the Bonds be created by tho payment on July lut of each year beginning In 1915. of SI for every 1,000 ft. (Board Measure) of lumber nut and sold; also that 12 per 1,000 ft. (Board Measure) of lumber cut and Bold muiit bo paid In before any dividend on the common stock may bo declared; also that tho said dividend may not exceed 6 per cent, so long as any of the bonds are outstanding. The Bondn mature on the 1st day of August. Wll, but are redeemable at 105 nor cent, by tho action of tho Sinking Fund, oithor by purchase on the open market or by drawings as provided by the Trust Deed, after let day of February. 1916. The principal and intcrost-ooupors attached to these bonds will b pay- able at the Royal Trust Co . Montreal. Interim certificated will be issued by 0. W. P. A Co.. countersigned by the Royal Trust Co.. which will be exchanged for definite Bonds and stock when issued. Tho failure to pay any instalment when duo will render all previous paymontH liable to forToiture. TRUSTEES FOR THE BONDHOLDERS, Qolloltors In Canada Messrs. Brown, Montgomery A MoMlchaol, Montreal. THE ROYAL TR'JST OOMPANY, MONTREAL Bankers In Canada Bank of Montreal. Montreal. The following extracts from a letter to Messrs, (i. \\. Farrell & Co. from (lie Hon. tho Company, give further information regarding this issue: William C. Kdwards, President of "The properties of tho Upper Fraser River (British Columbia) Lum- ber Company, Limited, are iocated on tho Uanlm of tho Upper Fr:iHcr Biver, and stronma tributary thereto. In the Province of Britir.h Colum- bia, and comprise a total area of about 281 square miles, or 179.840 acrea, of timber lands of first rate quality." "Each Timber Limit, approximntely one square mile in extent, wr.s separately selected by experionced timber cruisers, Including the well- known timber expert, John Thomson, of Porlnge du Fort, Quebec (favor- ably known to Messrs. W. C. Edwards and Company, Limited, for many years as an experienced and reliable bunli-rangcr) with special reference to tho quality of timber, tho conformation of tho land, and accasnibility of rivers, and the new route of the Urand Trunk Pacific Railway." "Mr Charles M. Hays, President of tho Grand Trunk Pacific Kail- way Company, has written that bis company is preparod to enter into a contract for the purchase of ties and bridge material an aoon us the railroad reaches the limits owned by this Company, which, we are as- sured, will be In the summer of nineteen twelve, and this company pro- poses to use some of the working capital provided by tho ealo of the Bonds to at once equip for tho delivery of this material to the Qrand Trunk Pacific Hallway. The favoraL-le position of the limits as regar<ln tholr proximity to the great and growing market of tho North West Provinces assures a satisfactory future demand for the output of the Company." "Tho Directors denire to emphasize the fact that Timber lands of tho natnrn of the Company's properties have a constantly increasing valun, and even if no oix-ratinc nt all were dm< thci Company's properties ar a sound investment from a holding point of view." "Tho Timber on tho Company's lands is made up laregly or Red Cedar, which is a very valuable feature, and the rernninder IB Sprucn. Hemlock, Douglas Fir. anil Whit-o Pino. Tho timber is of exceptionally Kood quality, being thrif'v and uniform in size, and is expected to average 30 inches on the butt, and to cut from five to eight logs to tho tree. The amount of merchantable saw lumber contained on the Com- pany's property has been rurrfully and oonservativi'ly estimated at a total of 3,449,594,200 feet. No timber under 14 inches in dlamotcr. on the Mump, is included in this estimate." "Tho Board of Directors is composed of practical and experienced men. who thoroughly understand the lumber business and tho require- ments of the various lumber markets of tho world, and have the boot facilities for obtaining profitable sales for the Company's timber." "On the ba:.is of tho Bond issue of $1,500.000, and the quantity of timber hereinhotore stated of 3,449,594,200 feet (Board Measure) there in represented the low mortgage valuation of approximately 43 oonts per 1,000 fret (Hoard Measure). The majority of companies who have recently offered their Bonds in this country havo tnkun aa thoir mortgngo valu- ation from $1 to $3 per 1,000 feet of standing timber. It will, therefore, be appreciated that tho Bonds aro exceptionally well scoured." COMPLETE PROSPECTUS AND FURTHER INFORMATION MAY BE HAD BY APPLYING TO G. W. FARRELL & CO., MONTREAL {IWIomt>er i Montreal Stook Exchange.) 45 St, Francois Xavier Street, Montreal. MAIL THIS BLANK TO G. W. FAttRELL & CO., 45 St. Francois Xavior Street, Montreal. I hereby subscribe for $ of the FIRST MORTGAGE TWENTY YEAR SINKING FUND 0% GOLD BONDS of tho UPPEK FRASER RIVER (BRITISH COLUMBIA LUMBER COMPAIM', LIMITED, (carrying a bonus of 25% of the Common Stock of the Company) payable as stated in tho advertisement and I agree to sign regular subscription form. I [herewith en- close check for $.... being first instalment of ten percent. jSigncd .- 1