The sun., 1916-10-29
RECETVERSHIP WILL
BE- SHORT ON 7. & P.
Road Is Said to Suffer Princi.
pally From Inelastic Finan-
cial Structure.
BANKER PREPARE PLAN
Readjustmcnt Of Capital and
Debt Being Made at
Holders Request.

The plan ~ reorganization OF tho
Texas and Pacific Railway Company
will he issued within the week. II de-
teloped yesterday that a tentative plan
Of reorganization was already In shape
when the directors met last Thursday TO
discuss the application for receivers.
This will explain the rapidity with which
the plan IL scheduled to make its appear
ance after the appointment Of receivers
last Friday.
Tho receivership will be of short du-
ration. say men who understand the po-
sition Of the Texas and Pacific and are
familiar with its affairs. They assert
wrong with the road apart from a too in
elastic financial structure. To the latter
IL ascribed the chief trouble OF the road
and It's present Ills. because II prevented
the road from raising necessary money.
One factor which fastened matters
was the imminence Of certain suits or
some OF the company's overdue notes ag-
about $4,000, 900 and which
the company was unable to pay. Pro-
ceedings are also pending on behalf OF
the income bond holders to enforce their
claims.
Kuhn, Loeb & Co. and Blair q Co.
announce that they hav been requested
by the holders OF a large amount Of the
outstanding stock and income bonds OF
The Texas and Pacific to prepare a plan
~ readJustment OF it's capital and debt,
and that such n plan IL In course OF
preparation.
Texas and Pacific has a total bonded
Indebtedness OF S58.3%6. l64. of which
81. ocs.0O0 is equipment trust obligations
The remainder In made up chiefly OF
s@4.9s2.975 first consolidated mortgage
: per cent. bonds, s4.o70.000 1-oulsians
divisional first mortgage 5 per cent
bonds out OF q total authorization OF
81. 200. 900 and $4,000, 900 second con.
so!idatej income mortgage 5 per cent
bonds. outstanding as follows In the
bands OF the public, Sse0.0O0 deposited
with the trustee Of the ST. Louis. Iror
Mountain and Southern Railway hrs'
and refuRding 4 per cent. bonds. which
were exchanged at IS per cent. of the
latter. ses.To3.o0o: held in treasury OF
issuahle. s337.000.
There have been nc interest payments
on these bond. since 1908, when 3Is per
cent. was paid. From 1907 10 1902 {
per cent. annually was paid. In 1901
per cent. and In 1900 ~ per cent. The
outstanding capital stock Of the road II
! s3s.i63.s $40. OF which Missouri Pacific
including the Iron Mountain. owns Sc.
$4,000.
CANADIAN NoRrHERN-R.ports fol
ss ;=Egc'a"s' ~! fFG !: 81 s: 500 nc. 's sos, goo s"C' i FS,
three months ended Sept. so gross earnings
iio.7o1 900. ms - oo% 700, net 5000.
900. inc. sfI4s.ooo.
COLORADO Il soUTHERN-rn the hseA
! yeHr ended June So, 1915. earned 0 surplus
81. Dos p2a. Gross earnings were elb, IOi 81,
Inc. 1854. 833: net after taHes S<.as2. SOS
inc .sI.5io.aas. other income; 1891; 0as. dec
t5s2.+ sr9ss insom:; 1850 go Inc
600; appropriations. $3.50. 40, Inc. i7so,o "o
net surplus. 81. ?o?,4Ie. Inc. seas, 'os.
September. gross earnings were e1.42e.
en+, Inc. $40, sal: ne, rttsr taxes, ss2s
SEP s,p,,. 90 eros. earning ii'isa''ssa' Inc
st4I tGa; ne, after taxes. H+ii.as6. inc
si4t I3s.
y Y. ONTARIO a INSTRUMENTATION
for september gross earnings. SIC $50, inc
sI3, $40: net after taxes, s1sI 'la. inc
1885 surplus after charges. s6' co., in.e
s .I5s d r2T 'S.'' o. m ;as' az. eP me s TrE, =
net sf.er taxes. 500 4:H inc. s54,t2s; sur
p'n' nft-r cuarS"s, 5000 53Y !nc, '5+.e26,
WESTERN MARYLASD-n.por,. fo
September gross earnings. G,i5o.ts0, inc
s2"o go nsint WAY and .truct. tl24 oo4
iqG ,e! ,iS it.r.p %1,Si 'a; ,!s ,G ,i'G IN. 4 Re
81. nNt sf,er taxes. tI3l 5i3. Inc. si3oo5l
earnings. 81. 49,, :53. inc .S2s,iSs, malnt
WAY am ,,ra,,ss a,is1,' ms: $780,
taxes, 81, Ia.447. Inc. s33% 4e%.