The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-07-22

Work beyond that place is progressing
steadily.
Philadelphia & Reading. The receiver
have submitted statement to the court
showing the condition of the company on
MAY "a. A condensed summary is as fol-
lows:
Bonds prior to improvement and
general m ,rtgbges ,.......... aga 500
Imp owe uent mo ri gage. -. ....... 1854, 900
Geseral mo tgage and script. q, 452SS0
Income mortga-e ......,.......,. 2 4b40OO
Ground rents and m 'rtgagtS.. 1915, 2hS
Total mortgage debt. ....... SIS, S76 633
Prices of Rails.-In steel rails prices con.
tinue at $50 to $50 so per ton at the mill,
with little new business Good judges pre-
dict there will not be much v,rlation from
$50 per ton for some time to come. For iron
rails the market is less active. The only
sales reported are some small lots at about
$45 per ton. Old rails are hrmer, but with
out much present demand. Philadelphia
prices are S22 to S24 per ton. Pittsburgh
quotations for railroad spikes are q cents per
pound; fsh-plates, 2f to q cents, and track
bolts, 81 to 4 cents per pound.
The Railroad Gazette, of July 10th, con-
tsins information of the laying of track on
new railro ads as follows: Nantasket Beach:
Completed from Point Allertop Mass, along
Nantasket beach to the Nsntasket house,
miles. Denver, South Park & Pacific: Ex-
tended from Buens Vista, COL, to Hortense,
miles; gauge feet. Gulf, Colorado Il
Santa Fe Extended from Yegua Creek.
Texas, north by west, to Caldwell, 90 miles.
Long Beach: Completed from junction
with the Brooklyn s. Montauk road south
and east to Long Beach, n. Y, 6 miles. This
is total of 38 miles of new railroad, making
2,22S miles thus far this year, against 1,035
miles reported at the same time in 1878, 791
miles in 1878, no miles in 1877. S46 miles in
1879. 457 miles in 1875, 727 miles in 1874,and
1913 miles in 1878.
Pacific Railroads. and the Government
The attorney general of the United States
has rendered an opinion in regard to with
holding payments from Pacific railroad com
panes or transportation services performed
for the government, ia which he claims that
the whole of the earnings for such services
should be withheld !, and not the one-half
thereof. He holds that the act of May I,
1878, applies not only to the roads of the
Union Pacific and of the Kansas Pacific rail-
road companies, but TO all lines leased or
operated by those companies or consolidated
with them; consequently he advises that pay
ment be withheld for government transpor-
tation over the Denver Pacific, the Sioux City
& Pacific, and the Central Branch Union
Pacific, as we'll as over the Union Pacific and
Kansas Pacific railroads.
Galveston, Houston g. Henderson.-The
Commercial and Financial Chronicle says:
Default was made July l on the first
g tbt, xt,biot
usually paid interest through Messrs f. P.
James s. Co., No. 40 Wall street. The bonds
on which default was made are the 81, 800
600 first mortgage 7 per cent. gold bonds is
sued Dec mber, 1871, and due in 1902. The
default appears to be very disgraceful one
as the road report. net earnings about double
the amount necessary to pay its interest.
Bondholders will probably do well to take
steps without delay to employ able counsel
and protect their interests In January
last there was some trouble, and it was then
stated that Messrs. Cowdrey and James, the
largest holders of the bonds, had been
carrying the coupons on their bonds
SINCE 1877, in order that the earnings might
be used to pay off the floating debt and
make improvements on the road. Interest
had been paid to the smaller holders. Sub
seouently settlement was reported made,
and an issue of second-mortgage bonds was
authorized. in viii h the coupons unpaid
were to be funded The yearly interest
charge on the first mortgage bonds is 1867
600; the net earnings reported for 1879 were
S229, $50, or more than twice the interest. 1t
may be noted that the general manager of
the international s. Great Northern com.
pany, who had also had charge of this road
for several years, withdrew from the man.
agement short time since.
Atcbison, Topeka & Santa Fe.-This com.
psny has issued the following circular to its
stockholders: "Since the report of your
president, which came down to December
81, 1879, the mileage of your general system
of roads has continued to increase rapidly.
The Marion g. Mcpherson branch has been
completed TO Lyons, 80 miles. The Gowley,
Summer & Fort Smith has been extended to
Caldwell, rs miles. The Manhattan, Alma
g. Burlingame will be finished this summer.
The Pueblo & Arkansas valley railroad is
being pushed 40 miles to the coal.felds near
Canon City. The New Mexico & Southern
Pacific has already reached 1870 miles beyond
Las Vegas. To complete the con-
struction of our branches in Kansas
alone will require million ana a
half of dollars. Besides this expenditure, in
order to do our work economically and prof.
itably, we must increase our rolling stock as
rapidly as possible, lay additional side tracks,
build stations and eating houses, engine
houses, machine shops--in short meet the
demands of the traffic which comes upon US.
Our gross receipts were in
LIST mos. I'd mos. Year.
ISIS. ,56s, 577 81, 422 ,a9l So $50, s6s
ls79..,....... 2,753,ol7 $685., 425 6,3sl ~