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

tion railway, canal, express, subway, pipe line, gas, electric light, heat, power, water, oil, sewer, telephone, telegraph system plant or equipment for public use, under privileges granted or hereafter to be granted by the State of New Jersey or by any political subdivision thereof.

II

16. The board shall have power:

(a) To investigate, upon its own initiative, or upon complaint in writing, any matter concerning any public utility as herein defined.

(b) From time to time to appraise and value the property of any public utility as herein defined, whenever in the judgment of said board it shall be necessary so to do, for the purpose of carrying out any of the provisions of this act, and in making such valuation the board may have access to and use any books, documents or records in the possession of any department or board of the State or any political subdivision thereof.

(c) After hearing, upon notice, by order in writing, to fix just and reasonable individual rates, joint rates, tolls, charges or schedules thereof, as well as commutation, mileage and other special rates which shall be imposed, observed and followed thereafter by any public utility as herein defined, whenever the board shall determine any existing individual rate, joint rate, toll, charge or schedule thereof or commutation, mileage, or other special rate to be unjust, unreasonable, insufficient or unjustly discriminatory or preferential.

(d) To require every public utility as herein defined to file with it complete schedules of every classification employed and of every individual or joint rate, toll, fare or charge made, charged or exacted by it for any product supplied or service rendered within this State, as specified in such requirement.

(e) After hearing, by order in writing, to fix just and reasonable standards, classifications, regulations, practices, measurements or service to be furnished, imposed, observed, and followed thereafter by any public utility as herein defined.

(f) After hearing, by order in writing, to ascertain and fix adequate and serviceable standards for the measurement of quantity, quality, pressure, initial voltage or other condition pertaining to the supply of the product or service rendered by any public utility as herein defined, and to prescribe reasonable regulations for examination and test of such product or service and for the measurement thereof.

(g) After hearing, by order in writing, to establish reasonable rules, regulations, specifications and standards, to secure the accuracy of all meters and appliances for measurements.

(h) To provide for the examination any test of any and all appliances used for the measuring of any product or service of a public utility as herein defined.

(i) By its agents, experts or examiners, to enter upon any premises occupied by any public utility as herein defined, for the purpose of making the examinations and tests provided for in this act and to set up and use on such premises any apparatus and appliances necessary therefor.

(j) To fix the fees to be paid by any consumer or user of any product or service of a public utility as herein defined, who may apply to said board for such examination or test to be made, and any consumer or user may have any such appliance tested upon the payment of the fees fixed by the board, which fees shall be repaid to the consumer or user if the appliance be found defective or incorrect to the disadvantage of the consumer or user, and in that event, paid by the public utility.

(k) After hearing, upon notice, by order in writing, to direct any railroad or street railway company to establish and maintain at any junction or point of connection or intersection with any other line of said road, or with any line or any other railroad, street railway, or traction company, such just and reasonable connections as shall be necessary to promote the convenience of shippers of property, or of passengers and in like manner to direct any railroad, street railway or traction company engaged in carrying merchandise to construct, maintain and operate, upon reasonable terms, a switch connection with any private side-track, which may be constructed by any shipper to connect with the railroad or street railway where, in the judgment of the board, such connection is reasonable and practicable, and can be put in with safety, and will furnish sufficient business to justify the construction and maintenance of the same.

(1) To permit any street railway or traction company to change its existing gauge to standard steam railroad gauge, upon such terms and conditions as said board shall prescribe.

17. The board shall have power, after hearing, upon notice, by order in writing, to require every public utility as herein defined:

(a) To comply with the laws of this State and any municipal ordinance relating thereto and to conform to the duties imposed upon it thereby or by the provisions of its own charter, whether obtained under any general or special law of this State.

(b) To furnish safe, adequate and proper service and to keep and maintain its property and equipment in such condition as to enable it to do so.