The San Francisco call., 1913-09-25
RAILROADS
SHOW DECREASES
Southern Pacific and Santa
Fe Had Smaller August
Earnings

August was an off month for earn
ings for both the Southern Pacific and
Santa Fe railroad systems In the
statement issued today the gross
earnings of the Southern Pacific show
a decrease of $4,000 for August and
a decrease of 1894 for July and
August. The decreases In net earn
ings are $975,00O and s1.761. 600, re-
spectively. for one and two months.
The Santa Fe system shows an In
crease of $101, 143 in the gross revenue
for August, but decrease of $13S,55S
in the net revenue for the same
month. For the two months the Santa
Fe shows an increase of s2S4,159 in
gross. but decrease of S40,154 In net
revenue.
In the development schemes of the
Great Western Power company of
California the work of building two
additions to the Big Bend plant is to
be resumed early next week. This
plant Is on the north fork of the
Feather river at Las Plumas. 1S miles
above Oroville, and the construction
about to begin will cost upward Of
s1,000.000. The work was started a
year ago. but was temporarily halted
owing TO unfavorabIe business condi-
tions. The additional units. added to
the four units already at the plant,
Will give a generating capacity of
$4,000 kilowatts. instead of 10000
kilowatts. the present capacity.
X X
A 10 point drop in the asking price
fr~<- ~ f,-tr L As1+ Axa~. dc q
a feature on the San Francisco Stock
and Bond exchange this morning. Up
to this morning $50 had been the ask
ing price but the securities are now
offered at $50.
In the report of Ralph Arnold. the
engineer who recently completed an
examination of the properties of the
California Petroleum company, the
recommendation is made of an ex-
penditure of at least $S50.00c per
year to drill new wells to bring in
new production of about 100000 to
100000 barrels to offset the prob,
able decrease In old production and
maintain yearly production of from
5,5oo,e0o to 100000 barrels.
On October sinking fund pay
ments of more than $1,000. 900 are due
to be made by the Mexican Petroleum
company to the trustee of it's S5. .745,-
900 first lien and refunding s per cent
convertible bonds and thereafter to be
applied by the trustee to the redemp-
tion of bonds at not exceeding los,
the price at which they are callable.
For that purpose the trustee Will in
vite tenders of bonds for sale to the
sinking fund.
The Portland Railway. Light and
Power companys earnings are ex-
pected to show a good gain in gross
after December l, as on that date
the Portland. Eugene and Eastern
airy of the Southern Pacific company
in Oregon. Will begin TO operate it's
newly constructed electric lines In
Portland territory. The electric
trains will operate out of Portland
into the Willamette valley. along the
west bank of the river Outside the
city the work of eiectrifcation of the
for the Portland, Eugene and Eastern
Will be furnished by the Portland
Railway, Light and Power company
\
Henry C1ews, in his weekly review
of business conditions. says:
My advices from Washington assert that the
new banking and currency bill has a very
current extraordinary session OF congress. II
1t should fail In this II will very likely be on
the statute books early In the regular session
of congress, which convenes In December There
ticular Interest in stock exchange circles
refer TO the possible greater stability that will
accrue to money rates when the law comes into
successful operation. For many years one of
the main influences against active pur
chases of American securities by foreign invest
lively high money rates. which usually shakes
confidence In such Investments.