The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-01-15
American Systems Must Meet
Large Obligations in 1908.
CAUSED BYMORTGAGES
SOuthWeSternandW esternROadS
Up Against Financing Problem.
other Items CT Interest in
Railway Circles.


short-time notes falling due, the Rail-
way Age says in the current issue:
Maturing capital obligations secured
by mortgage do not constitute so seri-
Gus question for the railways as the
necessity of provision for the notes car
r1ed by banks and others which will
mature In the calendar year 1908.
VI the short-tine notes issued dur
Ing l907 which mature in 1908 the prin-
cipal obligations, outside Of those con-
corning which no public announcement
has been made, are the notes of the
Boston & Maine for 100000. the Erie
for s5,5oo.oO0. and the st. Louis & San
Francisco for $1,75o.0o0. The Quebec.
Montreal & Southern has 100000
notes, issued in 1907 and maturing this
year, and, as the capital stock of this
road is owned by the Delaware & Hud
son, and the notes are guaranteed as
to principal and interest by that COM
pany, the financing will be arranged by
the Delaware & Hudson.
The short-time notes issued in other
years than 1907 for which provision will
have to be made because of their ma
turity within the year 1908. include the
following "a Chicago Great Western,
Pacific. s6,OOO.O00; Detroit, Toledo &
Ironton, s5,5OO,0O0; Missouri Pacific, S.
900, 900; New York, New Haven & Hart
ford, $500. 900; Wheeling & Lake Erie.
100000; st. Louis & San Francisco,
81, 1874 900.
Some of the maturing capital obliga-
tons, While unsecured by lien, were is
sued in years prior to 1907, and do not
represent therefore financing of the
same temporary character which is de-
noted by the foregoing notes. Of the
obligations Of this character there are
81, 100000 Atchison, Topeka & Santa Fe
serial debentures maturing February 1,
of which the company. following it's
practice in other years, has already
purchased in the open market a large
block. Unsecured bonds of the Fitch
burg aggregating 100000 will mature
The Chicago, Rock Island & Pacific
has $l,500,O0O notes maturing May 1, Sc
cured by deposit of Choctaw, Oklahoma
& Gulf stock Another security, for
which arrangements will be made in
the plan for reorganization is the $15,
600, 900 note issue of the Cincinnati,
Hamilton & Dayton, which has been in
The hands of a receiver since December,
1905. Interest on these notes was de-
maulted in May, 1905 The principal is
due on September 1, 1908 be-.
Mortgages Due. cs
The mortgage obligations which ma
ture in 1908 are secured in most in
stances by mortgages on important
mileage of large systems For two of
L,
190s-the $1,75o,000 first mortgage issue
of the Alabama Great Southern and the
S14 100000 first mortgage issue of the
Canada Simultaneously extensions
we're arranged. The more important Of
the other maturing mortgage obliga-
lions include the Chesapeake & Ohio
mortgage, $2013, 1854: Chicago, Burling-
ton & Quincy. $1,125.000; Chicago &
Eastern Illinois, $150,000; Chicago Mil
waukee & st. Paul Oowa & Dakota),
$3.50, 900; Chicago & Northwestern; three
underlying issues aggregating $450,000;
Chicago, st. Paul, Minneapolis & Oma-
ha, underlying issues aggregating $685.
800; Erie, $780, 600; Great Northern, a.
700, 600; Kansas City, Fort Scott G
Memphis, 81, 056, 900; Maine Central, ST.
49, 900; Union Pacific, $4,993,000
The lines in the Pennsylvania system
have comparatively little financing to
do in refunding operations during the
year. The $1,700000 first mortgage
bonds of the Indianapolis & Vincennes,
part of the Vandalia, will fall due; 9TH
er maturing capital obligations Of sub
sidiary companies are the Pittsburg,
Youngstown & Ashtabula, 81, 500. 600, and
United New Jersey & Canal, s841, 900. If
there is important financing for the
Pennsylvania it will result from any
commitments that may have been en-
tered into for important construction
work and because of forethought in an
ticipating maturing obligations far in
advance, a precaution which the Penn
| sylvania system observes.