The age-herald., 1900-03-09
THE BUILDING OF
 NEW RAILROADS
Alabama Keeping Pace With
 Other Lines of Endeavor.
SOUTHERN RAILWAY STOCK
Privilege of Reducing Capitalization May Not be Acted Upon Old Rails Being Replaced With Heavier
 Ones-Links and Pins

The St. Louis Globe Democrat has this to say of railroad building in Alabama:
 Along with Alabama's development in other lines of endeavor, the present year promises to be the most notable in railroad building in that state in any year during the past two decades. At this time 230 miles of new road are either actually un- der construction or the contracts for the work have been arranged for. Two hun dred and sixty more miles have been pro- jected, and every foot of it will be built so 1t is believed. It will not all be fin ished during the year. but it is not doubt ed that work on each of the projected lines will begin before the year closes.
 "The greater part of the new road is in the mineral regions of north Alabama, and the purpose of it's building is to open and develop new mines and mineral proper ties, thereby enlarging Alabama's $ coal and iron output, and increasing the number of workers in those industries. A consider able percentage of it is to be in purely agricultural sections, thus showing that the progress of the state in railroad build ing is not confined ito any one locality, nor are the new roads being built for the i'm provement of any single industry"
 Reduction of Stock
 Information from New York is to the effect that there is no likelihood of the Southern railroad company immediately availlng itself of the right given by a re- gently passed act of the Virginia legisla- tdre whereby it may reduce the amount of its common stock from 2O,0OO,OOO to $6O- 900 by giving in exchange for two shares one of a new special stock. Persons iden- tifed with the company's management will say nothing regarding the matter, beyond insisting that it does not indicate that there will be any developments of the slightest importance in the affairs of the road.
 The authority obtained by the company to reduce it's capital stock Is regarded in New York as merely a move to escape cer- tain taxation. That the development can be in any way detrimental to the present common stock Is mot regarded as possible; on the contrary, it is the general impress sion that in any exchange common stock holders would fare better than now, inas- much the legislatures bill provides that dividend or other cash sum may be paid in connection with the exchange At present the common stock can get nothing until the preferred gets 5 per cent.
 Replacing old Rails
 The Southern railway is gradually replac- ing its old rails with new ones of heavier weight. This work has been in progress for some months and in consequence the road is now almost entirely equipped with new rails, and that, too, with very little expense to the company The management of the road sometime ago, in contemplation of the changes. placed heavy orders for steel rails at prices approximatdng about $25 per ton. The old rails which are being taken up are sold by the company at price said to be higher than the price the company is pay ing for the new rails.
 Links and Pins
 The gross earnings of f1fty-nine roads for the third week in February were sS,351.626, against $6977, ,S79 for the third week in Feb ruary, 1899, an increase of $1,374,247 Fifty five roads show increases and four de- creaSeS. olilCe JdHuafy tuc IoduS ieLeiie to above earned $6O,T77,9O7, increase of $9,126,s9S over the corresponding period of 1899. For the longer period fffty-five show increases and four decreases.
 It is stated that the Pullman Car com pany has contracts for about 15,00OO0 feet of southern lumber to be used in the build ing of new cars at the works at Pullman, H., near Chicago. It Is stated that in some sections where the Pullman company has placed orders for lumber the price has advanced from $50 per thousand feet to nearly $14