The daily morning journal and courier., 1905-12-25
CONSIDERED VERY GOOD.
THE SOUTHERN INDIANA RAIL
 ROAD COMPANY BONDS.

So Adjudged by Good Critics of Such
 BIatters-what the COmpaDy's An-
 nuaI Report Says.
 Good judges of lsuch matters say that the talk about the Southern Indiana railroad bonds. some of which are held in this state, is hardly justified by the facts. One who has been studying the situation has set down the following as his reasons for thinking that the bonds are perfectly good. In the report of the Southern Indiana railroad for the year ended June 30, 1905, it appears that there were as follows:
 One-Completed miles of road, 19S; completed miles of double track, 11S. Total, S11.
 Two-First mortgage bonds outstand- ing, S6,900,000, which makes per mile mortgage on the main line Oeaving out the 11S miles of double track), of $35, ,751. The mortgage includes double tracks, equipments, terminals. etc., etc., and all increase of this mortgage must be for extensions at not to exceed $20,OOO per mile for main track and $10,0O0 per mile for double track.
 Three-The Southern Indiana railroad owns in addition all the stock of the Chicago Southern railroad, which runs from its present terminal at Humrick, Indiana, to Chicago, a distance of about one hundred miles. This road is now substantially completed.
 Four-The Southern Indiana railroad also owns all the stock of the Southern Indiana Coal company, which owns ex- tensive and valuable coal lands on the line of the railroad, and which, it is es- timated, contains one hundred and fifty million tons of coal.
 Five-The Southern Indiana railroad also owns seventy-five acres of land in the city of Indianapolis, Indiana, to be used as terminals, and is building a railroad from Blackhawk to Indianap- olis, a distance of seventy miles, which road, it is estimated, will be completed in the fall of 1906.
 Six-Dividends have been paid on the preferred stock as follows: 1901, 21s per cent; 1902, 21s per cent; 1903, 5 per cent; 1904, 5 per cent; and 1905, 5 per cent.
 Seven-The net earnings of the road are as follows: For the year ending June 30, 1904, $554, ,769; for the year end- ing June 30, 1905, $5S2, 2,6S2. The surplus, after paying all expenses, interest and dividends. was as follows: For the year ending June 30, 1904, SHASTA; for the year ending June 30, 1905, $2O6,11S. The H,I ,I,.e tIna nf June, 1905, $35O,977.
 Eignt-The road is a good earner even now, but it will earn much more as the extensions are completed and the coal mines and other industries along the line are being developed. Nine-Mr. John R. Walsh was involv- ed in some twenty-five companies other than the railroads in Indiana, to wit, in gas, stone quarries, etc., etc, and 1t was these speculative enterprises which brought on his present financial trou- bles, and not the railroads above men, tioned.
 Ten-The clearing house for the banks in Chicago has taken hold of this matter, and all the holdings of MT. Walsh, at least in his railroad proper ties. have been assigned to the Chicago clearing house, or to it's agents, and they are, abundantly able to take care of the same.
 Eleven-Besides the Central railroad the Pennsylvania railroad and the Chi cago, Rock Island and Pacific are de- sirous of acquiring the control of these railroad properties, and especially of the Southern Indiana railroad.
 Twelve-This road and all it's exten- sions "are built in conformity with the highest modern standards" the bridges being of stone, concrete or steel.
 Thirteenth the company's report for the year ending June 30, 1905, the total assets are given as $15,894,449, and the total liabilities, aside from the stock, $9, $40, All, leaving an excess of assets over liabilities of $6,553,97S.