The Bridgeport evening farmer., 1914-05-14
NATL. RAILWAYS OF MEXICO EARNINGS
 AFFECTED BY WAR
-fRarron FinaneiaI News.l


 New York. May 14-The operating record of the National Railways of Mexico since the overthrow of the. Madero regime indicates in a striking way the extent of the disturbance throughout Mexico. This system with it's network of nearly 10,5o0 miles of line, covers practically the whole or inhabited Mexico. and any changes affecting the country indnustr1ally or cornmerciaIly are certain to be re- f7ected in the earnings of the railway.
 At the present time the road is op-s erating about 50 per cent Of it's total inileague A year ago the company had about "A per cent. under direct control, and during the last six months the mileage operated has varied from about 50 per cent. to 50 per cent. The trend of earnings since lthe inaIugura- ton of the present de facto severn ment has been steadily downward.
 In the first ten months of the cllr-t rent Operating year. gross earnings showed shrinkage of a little more than 70 per cent. Net earnings for ApTiI have not been reported as yet, hut for the nine months ended March S1 with a little less than 39 per cent shrinkages in gross net revenues fell off 95 per cent. compared with net for the same period in the preceding year
 At a special meeting of the stock holders of the Granby Consolidated
 
 management held proxies for 90,000 shares of 150,O00 shares outstanding. The meeting was for the nurpose Of authorizing directors. to raise money for such uses as they may determine, provided the. total amount of money raised Or borrowed otherwise and by the issue Of it's shares. or first mort gage per cent. bonds cannot at any time exceed the sum of s3,000; 600.
 The executive committee of the Nor folk Southern Railway itasis under stood, will recommend to the full board of directors that Joseph w.. Young be chosen president, to succeed Charles H. Hix, resigned.
 Officials of the Virginia Carolina Chemical Go, were subjected to a. close cross examination by stockholders at the special meeting called for the pur- pose of authorizing the issue of $10, 0o0, 900 6 per cent. convertible de- bentures. At the beginning of the meeting there was a distinct feeling of hostility in the air toward the management, but so well did President Morgan and Vice President Henshaw answer questions that, in the end practically all of the stockholders pres. ent expressed themselves as satisfied that the new financing was to the company's advantage and that the directors and officers had done every thing in their power to advance the interests of the stockholders.
 Of the SIG, GOO convertibIes author ized. $5,000.000 will be sold at present There was also authorized an increase in the preferred capital stock of 1O0,- GOO shares. to be held in the treasury against the conversion of the deben- lures on the basis of 110 of the deben- lures for 100 of the preferred stock. The decline of the Western Mary land Railroad stock to 20. the lowest price since the receiv vership, coupled with the fact that the net earnings are running about half the company's fixed charge requirements, has pro duced no little uncertainty concern ing the immediate future of the prop erty The nine months net earnings after taxes amounted to $3os. 1000 against s1, ,147, 900 in the same period of last year. The years deficit this fiscal year promises to be considerably larg- CT than that of the last when it was $414, 900.
 It is authoritative1y stated that, in spite of this years poor operating comparisons, the solvency of the road is assured. The road can earn good profits if efficiently managed and for the first time in three years it is be- ing SO managed. The interests who control the property through stock which cost them about $55 a share. believe that with fair earnings and the present management the future of IE -g---~