Los Angeles daily herald., 1888-11-05
INTERESTING NEWS.
The Condition of the Santa
Fe Road.
YIELD OF SEVERAL OIL WELLS.
Yesterdays Baseball Game-The
Los Angeles Team Defeats
The ColtOns.

The following circular from President
Strong of the Santa Fe has been received
by the stockholders of that company:
"The additions to the system by new
construction since January !, 1886, con-
sist of 2,776 miles OF track, of which 269
miles have been added to the California
Central and 211 miles to the California
Southern road. During the same time
new locomotives and other rolling stock
have been added to the amount OF 81. .263,-
600. The new construction is substan-
TALLY completed and the company now
owns, exclusive of the interest in
the Atlantic & Pacific and the
roads in Kansas owned jointly
with the Union Pacific and the st. Louis
and San Francisco companies, 65S1 miles
of railroad. Its bonded indebtedness on
the above mileage, exclusive of the in
come bonds of the California Southern
and the Chicago, Kansas and Western,
averages less than 500, $50 per mile, and
the capital stock is less than $11 500 per
mile. The property is in excellent con-
dition, well equipped with rolling stock,
shops, stations, yards, terminals and
necessary facilities for handling its pres
ent volume of business, and the company
owns reliable coal mines in Kansas, Col
orado and New Mexico. The poor crops
of 1886 and 1887, the strikes and gen.
eral labor agitation, the Interstate Com
merce law and the war of rates
have reduced largely the earnings Of the
past ten months and necessitated reduc-
ton Of dividends. The closing up Of the
new construction comes in a trying
period. The accounts of the company
rendered this day by the comptroller
show that the present net floating debt
does not exceed $4,000, 900 exclusive of
81 400, 900 for 900 coal cars payable in
installments from December 1, 1886, to
June 1, 1871. It has even decided to
postpone the funding of this indebted
ness until more prosperous time, when
it can be done without undue sacrifice.
Meanwhile, to protect the company, q
guarantee fund of 100000 has been
fully subscribed, the money on which will
be called to any extent which may be
necessary. For any money which they
may be called upon to pay, the sub
scribers will receive the company's notes
bearing interest at per cent. per an
mum, running three years, but with the
privilege of prepayment reserved. The
subscribers will take these notes at par,
less commission Of 2Ha per cent. 1t is
believed that this quantity is ample, in
connection with net earnings. to fully
protect the liabilities OF the company as
they mature. 1t is agreed that
if any necessity should arise, the
amount of these notes may be
increased, SO that there shall be
not exceeding O,0O0, 900 in all. These
notes are secured by second mortgage
by the Atchison main line in Kansas and
the deposit of the Chicago, Santa Fe and
California line and terminal stocks with
the Boston Safe Deposit Trust Company y
trustee. 1t is hoped that the railroad
have learned from their experience tina
rate.cutting is destructive to all. The
rates are already partially restored and
efforts are making for entire restoration.
The general outlook for business is i'm
proving. The new lines are we'll located
and with time and economical manage
ment will become profitable"