Show I. I C C. CC C. C DENIES RAIL ISSUE OF BONDS W WASHINGTON March 18 An An application application application ap ap- ap- ap of the Apache Railway company company com corn pany of Arizona for tor t permission to toIs isSue Is is 15 Issue sue in second mortgage notes and in capital stock was denied de denied denied de- de nied today by the interstate commerce commission The order declared that the proposed issues would cause the applicant railroad to be excessively ly overcapitalized and In view of the tho further fact that the applicant has hag not been able ablo to pay operating expenses we we weare are unable to find that the proposed proposed pro pro- posed issue of capital stock and notes is compatible with the public Interest Inter Inter- est |