The Birmingham age-herald., 1920-06-25

Proba bly, before the close of the fis- | cal year and certainly either in July | or August, many millions in other railroad securities will have been ab- sorbed by the public. The managers
 of the Atchison have been consider ing for some time an offering of at least s25.0G0.000 of so-called equip
 ment notes. these to bear interest at the rate of per cent. The discov- l cry has been made that the inves ting | public has shown partialitv for equip
 ment notes. the issues being based
 upon the so-called Philadelphia plan. The Atchison. which has sometimes called the Pennsylvania railroad of the west because of It's high standard
 of equipment and operation. is never l theless compelled te offer it's equip
 ment notes at per cent interest. None
 of the men of finance doubt that the offering will be speedily subscribed There are rumors which appear to be well founded that the Northern Pacific and the Pennsylvania may enter the market within a few weeks, possibly ! before July 1. with an offering O. equipment notes. although the amount
 TOW contemplated by the managers
 of these railroad companies is no.
 known probably because there has been no decision
 1 At the close of the present fiscal year. all railroad securities offered
 to the banks and to the public must
 be stamped with the apprcval of the interstate commerce commission. IL may be that it is for this reason that | so many railroad securities have beer offered since January 1. Nevertheless.
 the assumption is strong that the in 1 terstate commerce commission will not , procrastinate or look with disfavor upon all offerings of railroad securi- | ties. but instead will hasten to give 1 approval in all cases where approval
 seems to be Justified
 l Before September 1 the Great
 Northern Railroad Companv will probably find itself in funds amount ing to s2o. 100000. received from the | marketing by the public of it's seq curities. It is reasonable therefore to predict that during the summer
 months possibly as much as s100- 0o0,00 in new railroad securities may | be absorbed by the public. If this estimate should prove to be accurate then. therefore, the frost comes cer- tain1y before the harvest of Indian
 corn is garnered, there will have been
 secured by the railroads of the Unit l ed States in the aggregate about 1 S350 100000 A year ago it would have been regarded as impossible that i:l any one year the American railroads
 could have obtained from the public l funds which in the aggregate approach 1 $500, 100000 The opinion of those who l are familiar with the railroad situa- ] tion justifies the prediction that by | the end of this calendar wear approxi-
 mately s500.O00, 900 of railroad secur- ties will have been floated. con
 siderable part of the funds thus ob-
 tained will be employed>in taking up l obligations that mature. but there will | be many millions of fresh capital and l this new capital with the changed sentiment of the investing public, | supplemented by governmental aid
 should. within the next 12 months go 1 far towards lifting the burden which l the American railroads have carried: 1 When adequate transportation is se- ! cured, there can be no doubt of ade-
 uuate production. z