The times., 1901-06-24

The outlook for Texas Pacific stock has
been commented on favorably in this
, column on several recent occasions. IRE
spective of what may be in store for it
In connection with the Greater Missouri
Pacinc plan the stock is increasing in
intrinsic value every month. The Texas
and P2cIiic.s $ expansion of late has taken
the direction chiefly OF branch lines in
Louisiana. Some OF these were described
IN the last annual report, and others have
found setting forth IN a stock exchange
listing For the development Of these
Louisiana extensions the company toward
the close OF 1890 created the Louisiana
division branch lines mortgage. Under
--this indenture Sl,09J,WG Of bonds was sold
at satisfactory premium some six
months ago and the amount has now been
TO Sl2,5y0 per mile Of road constructed
and equipped. and covers 169 miles Of
line, Of which the most considerable sec
tlOn IS the IeNarkan1 and Shreveport
branch. seventy miles in length. Louis
lana has not been exploited as Georgia,
Alabama, and Arkansas have been.
Nevertheless, during the last few months
the Texas and Pacific has devoted much
attention 90 the protection and develop
ment Of the territory tributary 10 the
line in that State. and the results have
been exceedingly satisfactory. While,
therefore, the earnings Of the road nave
increased steadily since 1896. the possi-
bilities are as yet by no means exhausted.
The Texas and Pacihc's financial condi-
tiOn was reported at the beginning Of the
year as in every way satisfactory, the
cash and other available assets being
. largely in excess of current indebtedness.
The balance sheet submitted TO the stock
exchange brings the figures down TO April
/, at which time the situation was no less
favorable than iast winter. AS an Offset
10 S2.ll6g9 of general and current liabili-
ties the company has available assets
amounting 10 SZ,522.vJ1- Neither securities
! IN the treasury nor materials and supplies
are reckoued with the assets in this show
ing. Uninterrupted Improvement in the
position Of the company has continued
now for several years. Physically the
property has been built w steadily by
the wise application Of surplus earnings
and a considerable advance ~ the cffiCieu-
cy Of the transportation department has
followed The year 1900 brought out
surplus Of 81, 80. go available for interest
. on the second mortgage income bonds
and for dividends on the stock, or the
equivalent OF the per cent necessary for
full payment on the income ana some
% of ] per cent on the capital stock. The
payment Of 4 per cent on The incomes in
March is one Of the factors contributing
10 the advance IN Missouri Pacific The
purchase OF the Texas ana Pacific seconds
made Dy the Iron Mountain member of
the Missouri Pacific family IL 1880 Is prov
irg directly rcmua= rative, while Indirect
ly the benefits Of the transaction are OBJ
vi0us Texas and Pacific, In fact, is able
20 hold lts head wen W In the Gould
group Of Southwestern railways. Down
10 june Z the road had earned Ia gross
S4.g3i.cG0, a against $35l4,GJj ia the same
period last year the gain being no less
than 3S per cent This promises. nOtwith-
standing the additions to the charges for
. interest. much better results in the in
come account Of 1901 than even the graft
tying hsures published for 1900.
BY the election Of William H. Newman
as President Of the Lake Shore Railroad
on Friday the first step was taken toward
placing one officer At the head Of the Van
derbilt system Of railroads. Mr. Newman
was elected President of the New York
Central only short time ago, to succeed
Samuel r. Cailaway As Mr. Newman
had until that time been President of the
Lake Shore, the report was current that