The sun., 1916-11-09
T, P. IN NEW PLAN
KEEPS ITS CHARTER
REORGANIZATION Won't Affect
Instrument Granted by Con-
gress in 1871.
ONLY ONE OTHER LIKE 1T
Assessment Not Contemplated
in Steps Being Taken for
the Railroad.
ONLY ONE II LIKE 1T

The charter OF the Texas and Pacific
Railway Company will not be disturbed
N the reorganization. according to a
member of one OF the committees. The
present charter. which was granted by
an act Of Congress in 1871. Is regarded
As a sufficiently elastic instrument for
The purpose.
To deprive the Texas and Pacific Of
rs present charter. 1t Is pointed out.
would mean the taking out of separate
charters in each Of the three States in
which the road now operates. Texas
and Pacific IL one Of two railroads
operating under Federal charter. The
Other is al oklahoma company with
some 500 miles of line and operated as
part Of the Rock Island system.
The Texas n Pacific plan OF reor-
eanization is being moulded along the
fines OF a skeleton idea submitted q, a
directors meeting about ten days ago.
Men associated In the reorganization say
there is nothing to warrant assessment
talk and no assessment is contemplated
In the plan.
Under its charter Texas and Pacific
e authorized to issue capital stock to
the amount Of $50 900. 900 and two
Classes OF bonds. constructions and land.
up TO $4,000 a mile Of line. both classes
included. In addition the company was
authorized to acquire other lines OF all
road, and this II did. taking over the
Southern Transcontinental Railway. the
Memphis. FL Paso and Pacific. the
Southern Pacific Of Texas and the New
Orleans Pac'Hc. The company itself.
under charter authority. was 60 con-
struct its line to San Diego via FL Paso.
but actual construction has never been
carried beyond the latter point,
The necessity for constructing the
line further from FL Paso to San Diego
has been avoided by the making Of "A
long term traffic agreement under which
the Texas and Pacific operates over the
Southern Pacifc's lines to San Diego and
employs its own agents on those lines.
The fact that the Texas and Pacific
has not pushed through construction
plans In accordance with the stipulations
or its charter IL held not to affect the
ability OF the company to further in
crease its bonded debt. but there IL n
difference OF opinion as to how much of
the roads mileage under the pres
ent bonded Indebtedness Of $55,33s.163.
which Is at the rate Of $40 .067 a mile Of
the 1852 miles Of owned lines operated.
This is a question that will have TO be
decided by the legal authorities.
ANN ARBOR-Gross earnings for fourth
vcok Of October were So. scO. inc. s.. o5s:
month Of October s:si $40. inc. s24.e23: from
July SHU. 80. inc. $iJ.1si.
AURORA. ELGIN 4 CHICAGo-Groes earn.
ines from September were sis3.aot inc. So. $50
rot after taScs ss.se9. inc. s.. 32s: surplus
after charge. ,ij,s23, inc. .a.s7i: for three
S9'.S3'. ire Aj.oI?: net after taxes seli.lT7,
inc. s.i,73.. surplus after charges S.. ;55, inc
SiS.VSs.
CENTRAL NEW ENGLASD-In September
earned gross was s6G,;ei, inc so. 30: maint
way aud siruct. s9.ilg, dec. SO. III: maint
ard et7rs. s3i los, dec. $3.50: Transportation
f'l1.3ia. inc. s37. nc: ne. after taxes ..33, ga.
me s'2 iss; Tor three months ending Sept 80
nlaint way and s,ruct. Slt5. 73,. dec. 81. $50
naint. equip si23ts:, inc. s27. a2: trans
,.rtatlon .Ss.s!7; inc, SIC. 500; net after taxes
Der gross earnings si.C3e. 10. inc. s92iI77;
maint. way and struct. SIS, s97. inc. si3.s2l:
maInt. and equip saoi.sa7. inc. Ns,s5i; trans
l~oriation sils.1.s, inc. Sc, 262; net after take.
tl3.::l. inc. SOL ,o+9: for three months ended
sept. %, gross earnings A753. So. inc. Ass:
maint. way and s'ruct. sjj326s. inc, sis.77l;
r%ortation sl.t7o,s57, inc. slsO,9ss: net after
taxes siiis.o5I, inc. $3.50. $50.
CHICAGO. BURLINGTON & oCINcY-In
September gross earnings were SO. 37f.osi. inc
sLtp''l'J' net hlter taxes A.3il. l(. inc 1921,
81; for three months ended Sept. 30 gros.
net after taxes 'io,s7s. sss. inc. .: s23. lie.
CHICAGO 4 EASTERN ILIINOIs-Gros,
earnings in September were sl.lls. iss. inc
:ss,:' maint. way and struct. SEQ, ai. inc
S@3; maint. equip. sssa, sls. inc. ss. as
transportation stsi. $40. Inc. s45. az; net afte,
taxes 500 1856 dec, sio7, AZ. For three month,
ended Sent 90. gross earnings were i.isS. i75
nc t4c55: maint equip si,oi3, 35t. Inc. ST.,
50 transportation 81. i3i. oci. Inc. Sia, Ss7 mel
t'ier taxes 1864, 2lO, inc. 81. 81.
COLORADO MIDLAND-Gross earnings foi
'o.nt'h week Of Octohcr were So. ol6, inc. Sl&.
81; 'or month ~ October sI77. ta3, inc. $50. 7s6
from July ! s67a,Ji. inc. 5000 q
blNNER & RIO GRANDE-Reports for Sen
''mher, gross earnings 8. t3i.I inc. 81. 90
net after taxes 1923. 4ga. dec. Ssa. .55 for thre,
W Voc, Ns net after taxes g.. S&i, lss. inc
I1.,9;o.
GREAT NEUTRALITY-SUSPICIOUS. for Septem
Ter. gross earnings ss.072. 26l, inc. s2io 2oi: mel
'f'"r taxes Sass. SO, dee. si5i,0i7: for thrc.
months ended sept 80. gross earnings wrr,
y ~ 80, inc. 81. 1872 1872. and net after tsIe,
VIC H2, inc. s9i7, 6S4.
MISSOURI. KANSAS & TEyAS-Gross earn
lhgs fer fourth week Of October were 81. 2@6.
.ac f.N5,c3j and from July l $40, 52s. 6sS. Inc
G,iS3l0
ST LOUIS 4 SAN FRANCISCO-SecuritIei
~ the new corporation will he delivered TO .ia,
Wv NJ" Rhnkcrs Trust Company and the Cen
tIal Trust Company In accordance with term
st!puls'ed 10y reorganization managers.
INDUSTRIAL NEWS.