The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-07-09
RAILROAD NEWS.
Only Five Lines Go Into Hands
of Receivers.
Record for Half Year Is En-
tirely Satisfactory.
217 MILES INVOLVED
The Aggregate i'm Bonds and
Stock Is Small.
Other Items of Interest to
Railway People.

The railroad receivership record for
the first six months of this year are,
according to statistics prepared by the
Railway Age, very satisfactory
Thus far in 1907 the railways have
been able to meet their obligations
and maintain their solvency, with the
exception of five small roads whose
EN- barrassments began long before
the present year. The total length of
these lines is only PIT miles, the bonds
involved aggregate $1.775, 900, and the
nominal capital stock is $5.45O.00o.
Compared with the receivership
record for the first six months of
1906 the number of roads is the same,
the mileage is thirty-three miles more.
but the capital involved is only about
one-eighth of that seeking receiver
ships in the corresponding period a
year ago.
The following is the list for the last
half year:
no bonds; 100000 capital stock; Mis-
souri, River & Northwestern, 35 miles;
100000 bonds; $1.00O,OOO capital
stock; Northeast Texas, 1 9 miles; 49,
600 bonds; $250,oOO capital stock;
Chattanooga Southern, Sc miles; no
bonds; 100000 capital stock; Colo
RADIO & Northwestern, 81 miles: ST.
100000 bonds; $1,000,00O capital
stock. Total five roads, 217 miles;
$1,775,0OO bonds: $5.45O,O0O capital
900 capital stock.
OF these five small roads, which
comprise this list, none owes it's en-
barrassment to recent financial condi-
tons The Medford & Crater Lake is
the successor of an old undertaking in
Oregon, which is now to be completed.
For the purpose of financing it was
placed in the hands of a receiver and
a few weeks later was sold under
foreclosure for reorga nization.
Explanations.
The Missouri River & Northwestern
was also placed in court to clear up
the title previous to undertaking a
large extension. The Northeast Texas
was part of the property of a lumber
ing company, and is to be reorganized
for extension.
The Chattanooga Southern was sold
by the stockholders last year at a
remunerative price to the Louisville
& Nashville, but receivership pro-
ceedings were started recently by
contracting company which had an
unsettled claim against the old rail-
road company. The receivership of
the Colorado & Northwestern is a
sequence Of long standing embarrass- |
ments and is expected to be followed
by a more prosperous career.
For the past seven years and more
railway defaults and receiverships
have been few and comparatively un-
with the exception of the
needless wrecking of the Cincinnati.
Hamilton & Dayton-Pere Marquette
com bination, at the close of 1905. |
Will the gratifying record of solvency
go on or is it soon to appear that the
long continued war upon corporations
has so impaired the borrowing and |
earning power of the railways that a |
new era of receivershipS and fore |
closures is at hand?
The number of roads still in the |
hands of receivers is small, and. for |
the present at least, foreclosure sales
necessarily are few. In the past six |
months six roads were sold covering |
only ia miles, with a capitalize ton
Of $13.777, 200, as follows:
Foreclosure saIes-Peoria & Pekin
Terminal, 10 miles; bonds. 1917, 900;