The San Francisco call., 1913-10-23
REL FIVANClNG PLAN
FOR OAKLAND RY.
Extension Scheme to Be Sub
mitted to Stock Holders
OF Company

Announcement is made that the re-
financing plan OF the Oakland Rail-
ways company, providing for the ex
tension of interest and notes past
due, has been completed and will be
submitted to the stock holders at the
special meeting to be held December
II The plans provide for an issue of
$3,0oO.0 900 new per cent notes, due
september 12. 1914. The $500, 600
collateral s per cent three year gold
notes of the Oakland Railways COM
pany. on which interest was defaulted
IN June, 1913, will be exchanged for
like amount of the new notes. The
extra $4,000 will be applied to de-
velopment and extension work. A
new issue of $1,100.000 one year s per
cent collateral trust notes will be
Oakland Terminal company notes
which were due but not paid August
20. 1913, and which the Oakland Rail-
ways company guarantees.
1t Is believed that this additional
money will be sufficient to place the
company on it's feet and in good run
ming order, SO that foreclosure pro-
ceedings will not be necessary.
CAL. PErno,MrrM nAnxrNcs
Net earnings of the California
petroleum corporation and subsid
iaries, after all expenses but before
allowing for depreciation, are report
ed at $1,590,000 for the nine months
ended September 80. 1t Is stated that
extra heavy expense was charged
ON account Of repairs to old wells.
X
GENERAL PETROLEUM RUMOR
A rumor current in the financial dis
tr1ct this morning that E. j. de Saba
Jr., president, and John Barneson,
general manager of the General Pc
troleum company, had failed in their
mission in London to sell control of
the General Petroleum and Union Oil
companies to the Shell Royal Dutch
combination and had sailed for New
York, was denied by A. l.. We'll. at
torney for General Petroleum. who
said he had knowledge that Mr.. de
Saba Is still in, London. though he
was unable to give information con-
corning negotiations in that city.
\
U. P.S RECORD TRAFFIC.
A. H. Mohler. president of the
an inspection tour over that road
with Judge Lovett and other officials,
said this morning:
Business on the Union Pacific and
the history of the properties. The
eastbound business is particularly
large, the movement of fruit and
livestock being heavy. The move
ment of manufactured products has
fallen off bit since the tariff re-
vision. Wheat prospects in the west
are very fine. Winter grain is pro-
crossing remarkably. There has
been plenty of rain
NO MONEY IN RAILROADS
President Ripley Of the Santa Fe
more lines or make any extensive I'm
provement for the reason that we
90 n nnt "a MI nrf h
ing to pay prohibitive interest. We
can't get money out ofour earnings
for improvements, for the legislatures
won't let US have enough money for
lambasted by the labor organizations
on the one hand and by legislatures
on the other. ] don't look for the
new tariff to affect railroads to any
extent, nor do l believe that the
consumer will pay any less because
of the tariff
AMERICAN EXPRESS DEFICIT
The report of the American Ex-
press company, for the year ended
544. as compared with a surplus of
s716.529 for the preceding year. The
comparison follows:
Total receipts from op-
Grating .......... .s47 .s4e.o1o $4s.7l4.s7
Opera Operating ,ni income 57l.s7a 13so.4l5 o l5
j. I'D l,o1 D.1
Total income. ........ s1.s1s. .45s 81. $40. $50
Deficit, 1918. s24s.524; surplus, 1912, Sic.
529; decrease, $963.07s
TO GROW EUCALYPTUS
Articles Of incorporation, Of the
American Eucalyptus Timber cor
poration of Phoenix. Ariz.. have been
filed in the county clerks office in
Red Blum, Tehama county. While the,
company Is organized under the laws.
of Arizona, it's officers are Chicago
men. The capital stock is placed at
100000. This company has purchased
the A. t. Moore place of 5000 acres
on Stony creek.
MEXICO AS OIL RIVAL
That Mexico is destined to rival
California in petroleum production
and already is regarded as the chief
source from which the United States
oil is the interesting statement made
by e. Bunge of New York In a PAM
phlet on Mexican oil. just issued. He
says in part:
Within n decade nearly 5000 0.O00 600 have
heen invested In oil properties In the Tampico
field OF this amount 500. 600 600 represents
American capital. $75. 00o. GOO British and the
remainder Dutch, French aud Mexican invest
ments.
As result Of this capital Investment, al
the acquisition Of freeholds and leases. the
production Of these fields has increased from
900. 900 barrels in 1907 to 10000 900 barrels
in the fiscal year 1913. OF this latter amount
States.
inraI Mininn Cfnrkc