Business & Finance: St. Paul's Conversion

The conversion of the Chicago, Milwaukee & St. Paul Railway into the Chicago, Milwaukee, St. Paul & Pacific Railroad became a fact last week upon the grudging consent of the Interstate Commerce Commission. Eleven thousand miles of track between Lake Michigan and the Pacific Coast, rolling stock, terminals and other property representing total investments of three quarters of a billion dollars changed hands.

Most of the old road's capitalization was in bonds. All classes of security holders (except the U. S. Government which had loaned the road $55,000,000 and the owners of $182,130,960 especially...

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