. Electric railway review . emplates the creation ofa first mortgage bond issue of $45,-000,000 to bear interest at 5 percent. Of the entire issue $18,-500,000 will be convertible bondsand will be offered in exchange forthe $18,500,000 outstanding con-vertible 5 per cent bonds. The pro-ceeds of the remainder will beutilized to pay off the floating in-debtedness and outstanding short-term notes and debentures. Accord-ing to the report of Haskins andSells, certified accountants, thecompany had on the date of thereport a floating indebtedness of$14,000,000. It is proposed to fundmost of this inde
. Electric railway review . emplates the creation ofa first mortgage bond issue of $45,-000,000 to bear interest at 5 percent. Of the entire issue $18,-500,000 will be convertible bondsand will be offered in exchange forthe $18,500,000 outstanding con-vertible 5 per cent bonds. The pro-ceeds of the remainder will beutilized to pay off the floating in-debtedness and outstanding short-term notes and debentures. Accord-ing to the report of Haskins andSells, certified accountants, thecompany had on the date of thereport a floating indebtedness of$14,000,000. It is proposed to fundmost of this indebtedness by offer-ing_to creditors the new bonds,dollar for dollar, for their of the $1,969,000 debenturecertificates of the $6,000,000 6 per cent collateral notes, due onAugust 1. 1910, and the French loan, due on October 1, 1917,are to be asked to exchange their securities, dollar for dollar,for the new bonds. The floating and funded indebtedness ofthe company amounts to between $43,000,000 and $44,000, Danville Semi-Steel Cars for Mexico—Motor Gondola. In order to provide working capital the plan provides for thesale of $7,000,000 stock at par. It is understood that GeorgeWestinghouse and his associates have agreed to take thisstock or at least such portion of it as is not desired by stock-holders. There is now outstanding $4,000,000 preferred stockand $24,000,000 assenting stock. The new stock will be ofthe latter class. Austria has 292 miles of electric railways, of which about50 per cent is double track. Economy of private power plants equipped with WesternElectric generators is the subject of a recent circular. January 18, 1908. ELECTRIC RAILWAY REVIEW Use GRIP NUTS on track bolts and You Have a Better, Safer Track GRIP NUTS never let loose under any strain,jar or vibration unless bolts break. GRIP NUT COMPANY 500 Fifth Avenue, NEW YORK 152 Lake Street, CHICAGO
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Keywords: ., bookcentury1900, bookdecade1900, booksubjectstreetr, bookyear1906
