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Show Whited Financial Sepulchers. - With some very few exceptions, which it were invidious to name, but which all in tho railway world know as such exceptions, ex-ceptions, the railway corporations of the United States literally live from hand to mouth and have no working or reserve capital whatever, although their business requires it more than any other. Tho railways are capitalized for much more than they are worth. Usually the bonded bond-ed indebtedness, car trust certificates, equipment and terminal securities, taken at par, represent a value in excess of the cost of the road, and upon them fixed interest in-terest is compulsorily payable. Hence, whatever the road earns upon actual cost must, unless it exceed, say, 6 per cent, be paid out annually in the shape of interest alone.- Simrj) Str in Fo rum. |