he aggregate to
about $25,000 more than the balance shown above as outstanding.
We are informed that this difference represents principally
receipts by the company which were credited as capital stock
collections, but in respect of which no certificates were ever
issued, though it is also due to some extent to clerical errors
in the treasurer's books, which have not yet been located and
adjusted.

The greater part of the balance now outstanding is expected to
prove irrecoverable, owing to deaths, removals, etc., of
subscribers, and to repudiations of liability in some cases. In
this connection, it may be mentioned that the number of
subscribers exceeded 20,000.

It should be added that it is not yet possible for the
treasurer's department to prepare any final report and
adjustment of the capital stock accounts, and that such a report
will necessarily be deferred until the whole, or at any rate the
greater part, of the suits now pending can be disposed of.

Proceeds of Sale of City of St. Louis Bonds.

In accordance with an amendment of the charter of the city of
St. Louis, approved at a general election held on November 6,
1900, the city sold, in the month of June, 1902, its 3-1/4 per
cent bonds to a par value of $5,000,000. The price realized for
these bonds was $1,000.01 for each $1,000 bond, and the proceeds
were turned over to the treasurer of the company on the
following dates:

June 26, 1902 ............................... $1,800,018.00
July 2, 1902 ................................ 3,200,032.00
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5,000,050.00

A question arose whether the sale price included accrued
interest on the bonds to the date of sale, and as the city
officers and the purchasers of the bonds were unable to agree on
this point, the company, in order to avoid the delay and loss
that would have resulted from a second offering of the bonds,
decided to pay the accrued interest, amounting to $35,901.34.
The net realization to the company from the issue of the bonds
was therefore--

5,000 bonds, at $1,000.01 ................... $5,000,050.00
Less accrued interest paid .................. 35,901.34
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