Show IMPROVEMENT IMPROVEMENT IN RAIL BONDS BOND I Renewed Interest In Rail Rail- RailI Railway I way Shares Commences Outlook GoodBY Good I nr nY BYRON RO 1 IS Standard Examiner Special COliC COliC- Coi i c Copyright 1924 by Tile Tb Consoli- Consoli Consolidated dated pr Press Association NEW YORK April The TImO B eok has been marked by a r re revival vival of ot Interest in railroad stocks tock so o pronounced as to Indicate time the th possibility of o investment n but bin Int ing Inta ingas Intas a as distinguIshed dl from front the tho purely That tei-c tei liere Is 10 a 11 aoun Soun J I basi for tor or such a ret re real it oh al time the th 2 eb cb earnings statements abundantly abundantly antly demonstrate A As compared with Janun Janu sr the m ement was nas striking It as aas not only the Increase In cro grOl grov earnings earning but the larget lr ei tl n that I ass sa M for net ll as JIll the th Impressive feature ot of tho the re- re returns returns re return turns turn It led to the th belief that even eten Cn though the net should till fiJi oft off as It appal nth did In III March 1 economIes in operation would slit slit-I stif- stif Itic I ice to make a good oho Ing to fo th fo-th the tho stocks stock s r F nS Lc net RES n II HAL lL AL Tho ea In th this movement vem I nth hOth Ma a tho tI 1 n Pacific months month shires shire of o this rod ro-id ve J dragged along without immaterial change All the time limo It no was earn fam earning famine Ing ine and pa Ing Its sl six li 1 per her r cent dh nearly twice over anti a was stas out of o line with I I I latter tt has tho the 0 greater tr po pots power or cr on the lie outlook for tor om sped explanation Wall all I Sane lr stas as quick to suggest tu that the tho th rn rats r In lug of ol the Southern Pacific dl I was w under consideration There was no good reason to be behee hose hee the th directors director ha e hav any ny ny such plan In lon Ie and In any caie case such auch uch an explanation I is Bory sary ary It I Is sufficient to sa sits ai tb t ther there thero Is no unfavorable I 1 legislation high hith gra grade l dh paving railroad stoe stocks stock stock-hav have bave been soiling below belon belo merits a as investments on the busl busi business no ness of o the current charge 10 fot money moncy and ammO the thc recoil d carlo carloo carload carload- d d- d dIngs limps Ings Tho The strength of ot Southern Po Pa Pacific nas as w shared b bi stocke ot of othi the tho i strong trong carriers such uch as ew w York Central and nd Atchison With Ith Ic- Ic gard to 10 the latter holders of the tho th stock Hock still till hope fos fOI to an au eventual Increase in the th quarterly dl disbursement nt This nott 1101 notwithstanding ing the tho action of ot directors In do- do do daring the tho ho other oilier day dllY the BuM thel-BuM sull 1 l pet pel I cent It Is t pointed out that thai for th the pa pas past t I 10 eara earnings on common S base e twice time Iho lh divi dividend requirements and ancI that as equities have base been beell built up the common stock All this thi time the tho dl dividends hase hae hav ha e been continued St at the th same samO six nix per f COnt nt rate BOND OD SJ SPI J Along with the activity Uy in III the stocks stock lies h I been speculation In railroad bonds of the higher Is Issues issues s sues such euch UH tie those Of time 1111 bt hi Paul laul time tho isen sw e Haven the time be board and tIme the Erie inie rl This demon demon- WAS undoubtedly almost but alms Tia sg ins ins- It mut not be that thaI Ito are thru Ihn Cleat g ent railroad refunding c operations which must be completed with the next year are the 1 I II I I I by the e Ohio the tb Ne New Net Haven and the St StPaul StPaul StPaul Paul of their nearbY StI I mt maturities There has ha been a alt all sorts orts of report Js me to 10 the lh progress beIng made mad along tte these e lines lints lIne The Thebe beet beest t Information Is 10 that lint m work orl ork us u's 1 tIme the B and 0 has ha been Un- Un UnI Under un under I der den way nay for lor seine Home tame As to the hew ew Haven HaHn Ih the tir f lement I uI I I made mado In the annual report pul pub pulI published I this week neck that Limo pi plans III ale e under consideration for tor or care cara of ot the tb EUI loan falls due April 1 19 1925 1 With HUI r- r r rC C gar gard rd 1 to bt St Paul It may be b Sill sat I 1 that thaI the th have not et us- us ui tho Iho th task tak and will not undertake It for tonic sortie time to toc I come mc Meanwhile It II Is h that I l ement In earning is iii make mako possible refunding on 00 roe soste to reasonable basi basis or I-or 1 or has time ln busing U Ing of ot St Paul bonds bond been done by time interests which hn hais this financing to take care of ot it II itha bas ha como come corn from and is 11 to have bave hav be n ome hit t embarrassing to the tIe banket t A the sonic Earn time timo speculators do not I 11 alt accomplished hed results IU I IN 1 In another field fRid the th week wee has hasi I br bren en for or an Invest Inest In Investment est est- estI I m mOnt ment nt and speculative quite IlS as significant as in railroad s se securities I but an activity or of o which the general public has h It taken little I notice There has hils been a harp harl rise In thc IhL securities or of o electric light and ond po power potter er companies companie com pan I not noton noton I on the th exchange echane but In the so- so called so-called 0 called outside markets Bond Bonds Bonda and even e en preferred tock stocks tocks of these companies h e not shared hared this Improvement nearly as much as have hav the lh com coni- coni common I mon stocks or I or or has It been th tIm tIm- securities of ot operating corn but o of holding I I I base o oo oe received e the tb greatest t atten- atten atten attention t tion For a long time there nas nasa isa ii-isa 1 a prejudice amont e investors tor against holding com panic This prejudice seems seem to 10 tobe tobe lie be breaking doa down n I More stress lre I being put upon the of tiIt alibI blell I Ithe the holding company enjo 8 0 etc o eith e the compan a u Londi condi I I lion particularly true truo tru In the limo pub pub- public lic utility field Icid Meanwhile the electric light and power IsoMer rr I erS have hav been a II steadily Increasing demand for tor time the ae I el e ethey I they elthey have to KII sll nn an which has ha been In ne I I I I I I I |