The sun., 1916-10-26
NEW REFUNDNG PLAN URGED.
Southern Railway Holders VIII
Vote o. January 3.

Directors Of the Southern Railway at
a meeting yesterday formulated a plan
for creating a new refundlnC and I'M
provement mortgage. permitting the is-
suance OF bonds bearing interest at A.
per cent. to take the place 81 the eS-
listing I per cent. mortgage. II Is pro-
posed to offer to present bondholders
new AZ per cent. bonds in exchange for
the 4 per cent. honds they now hold, The
plan viii he submitted to the stockhold-
ers nj a special meeting called for Janu-
ary 3. 1917.
The reason for the creation Of this
new mortgage is that the present I per
cent. instrument Ia the only ono that IL
open TO provide for the railroads needs,
and the bonds issuable under II have not
proved SO elastic az desired. The new
mortgage. II sanctioned by the stock
holders. will. It II thought. afford the
company the means for financing Its
present and future requirements on a
more equitable basis than Is possible un-
der the old mortgage The latter was
10 $500. 900, 900. \ tota, Of SCI 1880
of bonds has been issued under II so far.
ATcmsoS. TOPEKA 4 SANTA. FER.
H Isc' ~ s:g'' ms; ATE. f...' ,: ss.n'; s. 20 q IS Sos i SSi
81. IA 34 for three months ended sept. " gross
'anins. n!,7le,5t5, Inc $3.50 j1,; net after
taxes Sls. 81, e3s, inc. $a,4o2, tos.
RUFPAIO. ROCHESTER, 4 ~P1TTSBCRG-
Reports for third week II October gross earn
iurs s2;2 ose, dec. si:,s3' IRON July / r.Ss,sti.
CANADIAN NORTHERN-R' Reports for third
sTTTt ' ~ from o'o July ! sis, Isl. So. Inc AIS, 100
CANADIAN PACIFIC Reports for third
week Ut October groS. earnings ef,sS. 900. dec
$4,000; FROM July | sis, i53, 90. inc. $40, Sc, 900.
elected.
DENVER / RIO GRANDE-Repor's for
third week Of October, Rross earnings teif. GOO,
dec, $500; from July Sssfs 40, inc N@, 100
LEHIGH vALLEY-Has placed in service
New line opens mp new industrial territory
along Raritan River and insures better ship
ping facilities for farmsrs In Important asri'
cultural section
MISSOURI. KANSAS 4 T~ExAs-Report.
for third week Of October, aross e~asninGs
,s77 ,soi, inc S,:i,sss: from July l Nf,le7, 2:o
inc, l2.tiS,ise.
NEW YORK, NEW HAVEN 4 HARTFORD
Retiring directors were elected At annual
| meeting in New Haven yesterday.
ST. JOSEPH 4 GRAND IsLAND-B. 2
Calvin. prssldent Of Union Pacific. has beer
elected Pro ., n, mad: :uc y,:sl Dre S5ssn% .a nc
treasurer. Alexander MILAN was msde sscrs'
tary.
ST. PAUL. KANSAS CITY SHORT LINE
4 committee CONSISTING. Of nuIsrs Meyer, u,
more. Willis D.. Wood has CONSENTED 10 act
for protection of first mortgage t1% gold
bonds. These are Internationally guaranteed
islaHd & PncInc Railway Co, which owns ali
stock OF Kansss City short Line Ry, Co. and
operated it's property under lease. Rock
Island Co, IL In hands OF receiver and action
has been BEG un by holders Of its first and
refunding morts age bonds. seeking fore
closure or deed OF trust securing those bonds,
II foreclosure IL successful the value of guar
Hence il is deemed essential that holders of
Arst mortgage 4h9 bonds OF Short LinG
| should unite for common protection. A ".
post agreement has been PREPARED Holder.
the New York Trust Co. In negotiable form
with Feb, !. 1917. coupon snd all subsequent
coupons attached.
st. LOUIS sOUTHwEsTERN-Rsports for
third week of October gross EARNINGS ss%e.o oo
inc. 81 1000.
TEXAS 4 PACIFIC Reports for third
week of October gross earnings tSa7, ssi. inc
| ti4a,7lG: from Oct. l N,5st,6G, inc, Sfol. i7s;
from July I, 1854 ss, Inc. t97o, 81.
UNION PACIFIC - Gross earnings for Sep
tember amounted to so, sS4. 5si and showed On
increase of 81, $40, i27. or 2oSs. compared with
| the same month In 1915. Net after taxes was
S6.07s.s10 q increase Of el.ito. "a, or q. SO
gross earnings were tsi, o0d. ss7. an Increase OF
g.GSI. eol, or q. s4. while net after taxes was
M, 907, ora. q gain OF fe,726,TGa, or @.sS, A,
was thu case With southern racine, the sair
psssenger revenues showing Q falling of Fol
ths three months frsisht Increased G.Its.t22
or Nl%. and PASSENGER revenue: fell on
Ss2i, 80. or 6.2x. This latter was due to ths
loss Of exposition travel, which obtained il
/ 1915,