New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-28
French Control
Great Brazilian
Railway System
Reorganization of Brazil
Railway, Now Practically
Completed, Effected With
Funds Raised in France

Financial reorganization of the
Brazil Railway Company, hcretoforc
internationally controlled and in re-
cevership since 1914, has been com
pleted except for some minor details
with regard to subsidiary lines. The
discharge of W. Cameron Forbes, of
Boston, as receiver of the property, is
expected to be ordered by the court
within the next month.
French interests, representing the
bondhoders Of the road, are now in
control of the great Brazilian system
embraced by the various branches Of
the company's lines. The new officers
have already been elected, consisting
lof Louis Wibratte, of Paris, president;
A. Roudy, of Brazil, vice president and
general manager, and Emil Petit, Of
Paris, secretary.
Raise 100000
New money to the amount of ap-
proximately 100000 has been raised
by syndicate of French bankers, in
accordance with the terms of tie re-
organization plan, which, in brief,
called for the issue Of 21,06O.0O0 francs
of new prior lien bonds More than
two years have been required in work
ing out the reorganization, the progress
Of which was greatly hampered by Diff
cultles arising out of the war.
Important English interests which
held large amoun+ of the securities
OF the company when it went into re-
celver's hands at the outbreak of the
war: have retained possession of their
equity in the property and have Joined
hands with the French in bringing
about the successful reorganization.
The company was organized in 1906
with an authorized capital of $4,000 900
OF 3 per cent non-cumulative preferred
STOCK, o,O0O,O0O per cent of non cumu-
lative preferred and $4,000, 900 of COM
mon Of this stock about $52 900. 900
was issued. The funded debt of the
company, previous to the reorganiza-
ton, amounted to approximately $780,
OO0,OOO. consisting mainly of sterling
and franc denomination bonds held bv
English and French financial interests.
AS 1T now stands, the Brazil Railway
Company owns or controls the Sac
Paulo-Rlo Grande Railway, with its 779
miles of trackage; the Soro-Cabana
Railway, of 832 miles; the Parana
Railway, of 252 miles; the Gle Auxil
aire de Chemins de Fer au Bresil. Of
1881 miles, the Thereza Christina
Railway, of IA miles; the North Pa
rama Railway, of q miles, and the Ser
rlnha Railway, of % miles. The Brazil
Railway Company also owns jointly
with the Madeiro- Mamorc Railway
Company the Madeira Mamore Rail
road, which has a trackage of 226
miles.
Starved for Equipment
Since the beginning of the war the
brazilian system has been starved so
tar as obtaining new rolling stock and
other equipment was concerned, so that
IN order to put the property in first
class operating condition large ex
penditure would have to be made It
was estimated yesterday that 2OG new
locomotives are needed as we'll, IA
thousands of freight cars. At the same
time q large tonnage Of steel rails is
needed.
The collapse of the Brazil Railways
IN 1914 spelled the ruinaton of vision
airy IDEAS of Percival Farquhar, the
intrepid New York financier and pro
moter, who in organizing the system
had dreams Of ultimately Consolidating
all the railroad lines of South Amer
lea and linking them up with the North
American systems