The sun., 1916-10-25
RAILROADS INTEND
TO SPEND Big sums
Prospects Of New Financing on
Extensive Scale Grow
ing Brighter.
EQUIPMENT Is NEEDED
Large Cash Holdings Of Some
Lines Will Be Used for
improvements.
EQUIPMENT Is NEEDED

Prospects are growing for new fnanc-
Ing on an extended scale by the rail-
roads during the remainder Of the pres
ent year and early next year. -Four or
fve railroads are already in line with
tentatively outlined plans and others are
expected to make announcements In the
succeeding weeks. The prime factor in
this prospective new financing ia the
actual present needs OF the railroads for
new equipment and increased facilities
In other divisions Of operation. while in
the case OF some It Is the need for meet
ing fairly large maturitics on a per-
manent basis. Associate factors are the
ITO for a continuance of fairly easy
money and fundamentally sound invest
ment conditions.
A railroad financial executive gave IL
as his belief that when the current year
closes II will be found that the railroads
VIII nave done as much new financing az
thcy did in 1915 and 1914. notwithstand-
ing that for the Are, eight months OF tho
year new financing amounted to less
than s.s1 100000, as against more than
S6so. 600 900 In the whole OF 1915 and
some Si3e,O0O. 900 in 1914.
Inc fact that many railroads I'm the
''' " :" navy EuNtetttu III
adding extraordinarily to their ash
holdings. this railroad executive says,
VIII obviate the necessity OF some roads
having to do financing, particularly
those which contemplate purchases in
the equipment market only. But even
these may decide that II would be to
their advantage to issue notes and pre-
serve their cash for possible future con-
t%ingencies.
Railroads which have announced or
intimated financing are: New York
Central. which will offer s2j, OOO, 600 of
new capital stock TO stockholders at par
early next year. Erie. which has an
nounced Its intention Of creating a new
mortgage under which will be refunded
H3.a0o 900 OF notes due In April. 1917 (:
southern. which Is engaged In plans to
finance permanently $4,000. 0o0 OF notes
due next February and probably to
superseded with a more elastic lnstru-
ment the present existing general mort
gage: Western Maryland. which is de-
vising ways n means for lifting the
burden Of the 5000. 200 Of notes on
which both principa, and in,eres, have
been in default since 1918.
Railroads which are regarded as To he
heard from soon are those which have
deferred additions and improvements
for several years. Expenditures on these
accounts. In view OF the favorable OUT
look for business. are expected to he
large.
.rcysox nrr.
AiCHISoN. TOPEKA 4 " FE-For
week ended Oct. % !!oadings were 3i,5a cars.
ard d'n n ss: IN IN car; ios s.ne period IN lis
are 10 ahead y, a s' sc.r .s =" 'si ms m hnrt
".e VI 80 10 ~ ears o. a., 'or,.,
Income account for yeer ended June 20. 1915.
shows gross e~arnins. ss;oal.s!,. inc. saa;.ss,;
net after taxes 500, sgo. inc. s:ltlTl. surplus
after charges slss. ma. inc. sso5. 40.
ATLANTIC A LINE-wm Read
T. Co. ARE offering q. 100 .ooo general UNIFIED
Line al ssi, and interest, to sieid tSes
Bonds are dated April I. 1914. and mature
june |. 1864.
TT SMITH 4 wEsTERN-Uni,ed State.
Circuit, Court judge Youmans has ordered
sale Of road 10 satisfy decree in favor of
superior SAVINGS q Trust Co. of Cleveland.
cu.yD rp,rNv win ,..,. ,,nu., n,s~.
inoHNu""r ,s"r "u -, 49,.
10 al employees MO mavs ~" ,TM, ~ o'" ~
ANY LOT !, yeans OF 'no,s, ~ Thf. nr, w.
~ lFF W ana ttth