. Electric railway journal . und trustees, amounting to$764, was paid into the stabilizing further purchase of bonds willenable $420 of earnings to be appliedto that fund each month. The stabiliz-ing fund is now at a level of $55,344,but it will have to climb to $500,000before fare reductions may be made. The ratio of operating expense to in-come for the month of October was per cent, a reduction from theprevious month of approximately alittle more than 9 per cent. During the month of October therewas an increase in passenger revenueof $13,111. Operating expense was de-creased,
. Electric railway journal . und trustees, amounting to$764, was paid into the stabilizing further purchase of bonds willenable $420 of earnings to be appliedto that fund each month. The stabiliz-ing fund is now at a level of $55,344,but it will have to climb to $500,000before fare reductions may be made. The ratio of operating expense to in-come for the month of October was per cent, a reduction from theprevious month of approximately alittle more than 9 per cent. During the month of October therewas an increase in passenger revenueof $13,111. Operating expense was de-creased, on the other hand, by $2, operating expenses per car-mile cents for September was de-creased to cents a car-mile. In October 4,746,700 revenue passen-gers were carried—an increase of233,832 over the previous month. It isestimated that 150,000 may be assumedas the increase due to an additional dayof operation. The operation was in-creased by 19,388 car-miles in October,for a total of 625,758 First and Refunding Bonds Offered. —Bonbright & Company, New York,N. Y., recently offered at 82h and in-terest, to yield about per cent, ablock of first and refunding mortgage5 per cent gold bonds, 1912 series, ofthe United Light & Railway Company,Grand Rapids, Mich. Refunding Operation Planned.—The West End Street Railway, operatedunder lease by the Boston (Mass.)Street Railway, has petitioned theMassachusetts Department of PublicUtilities for authority to issue $2,700,-000 of thirty-year 7 per cent bonds torefund a similar amount maturing onFeb. 1, 1922. No Common Dividends Paid This Year.—No dividend has been paid onthe common stock of the Fort Dodge,Des Moines & Southern Railroad, FortDodge, Iowa, this year. Dividendspaid this year on the preferred stockwere: 7 per cent on Feb. 1 and 11 percent May 1. No dividend was paid onthe preferred stock on Aug. 1. Indiana Company Nets $69,735.—Report of Receiver J. H. McClure forthe Indiana, Columbu
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