Business: Fashionable Bonds

President Roosevelt would like to see railroads and utilities shake themselves free from a part of their burden of bonded debt. One good way, he suggested, was to establish sinking funds to retire bonds before they matured. Chicago & North Western hastily took up the Roosevelt idea. Since then, however, financial fashion has dictated a different method of achieving this same end. Faced with a large maturity in April, American Water Works & Electric lately announced a $15,000,000 issue of bonds convertible into stock. Last week New York Central announced plans for meeting...

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