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Show EXPLAINS BIG STOCK INCREASE Southern Pacific Railroad Company Defines Tjses for New SlOO,- 000,000 to Isgus. i . NEW YORK, June 10. The Southern Pacific company has Issued a formal for-mal statement regarding the proposed pro-posed preferred stock. Forty million mil-lion dollars Southern PaclJlc preferred stock will be offered to the stockholders stockhold-ers at par, redeemable at 115, between July, 1905, nnd July, 1910; and will be convertible into common stock. This will provide for all floating debts and expenditures authorized or contemplated contemplat-ed during the next year, and will leave, according to the ofllcial statement, upward up-ward of J-30,000,000 of free and negotiable negoti-able fecurltles In the treasury. The statement adds that thin will enhanco the credit of the company and enable It to refund to advantage Its bonding obligations falling due during the next three years. The toxt of the statement ns given out follows: I ' "Issue $100,000,000 seven per cunt preferred pre-ferred .stock, $40,000,000 to be offered to .stockholders at par; convertible into common stock share for share at the option of the holder, redeemable at 11G between July, 1905, and July, 1310. "Will provide for nil floating debt, expenditures authorized or contemplated contemplat-ed during next year. "Leaves upward of $30,000,000 of free and negotiable securities In treasury; I will enhance credit of company, and " enable it to refund its bonded obligations obliga-tions falling duo the next three years I to advantage." |