New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-03
RAILWAY INTERESTS.
THE COLUMBUS, CHICAGO AND INDIANA CENTRAL
COMPLICATIONS.

THE COLUMBUS, CHICAGO AND INDIANA CENTRAL
COMPLICATIONS.
The stock of the Columbus, Chicago and In
diana Central Railroad has been one OF the most specu
lstive In Wall st. Latterly IL has assumed moro than
usual prominence consequence OF the embarrassment
Of the Company and the nonpayment Of the interest On
the second mortgage bonds meeting OF stockholders
Of the Company has been held at Columbus, Ohio for
the purpose considering the financial position Of the
Company and devisng means to relieve OF ts embar-
rassments This railway Is operated by the Pitts
burgh Cincinnati and 81. Louis Railway Company under
lease and the Of the lessee Is imperied by
the under decree rendered by the United
States District Court for Indiana the portion OF the line
between Richmond and Newcastle is liable to sale at
any moment on audgnent for over 100000 being the
amount of an old mortgage with the accrued interest
thereon and the net earnings of that piece of road
Default was made on Aug. by the Columbus. Chicago
and Indiana Central Railway Company 10 the payment
of the interest on second mortgage bonds and the
entire line is thus liable to foreclosure at the suit Of the
holders Of the unpaid coupons In accordance with the
provisions of the mortgage Under the provisions OF
the existing lease the Columbus, Chicago and Indiana
Central Railway Company agreed, far back Feb
ruary 1870 to fund all Its outstanding Indebtedness
except the sum of t5,821 000 into income bonds. In
consideration thereof the Pittsburgh, Cincinnati and
ST. Louis Railway Company agreed that the rental to
be paid by 1t should be sufficient to pay the
interest on these 900 Of bonds during the time
they were in possession of the property under the Lease
and that 1t would advance from time to time the
better the condition OF the road receiving
income therefor, which were to be equality
all other Indebtedness of the Company except the
$l5s21 600 referred to- The Columbus, Chicago and
Indiana Central Company having failed to fund its in
debedness as agreed the lease. the advanced
for improvements by the Pittsburgh Cincinnati and st.
Louis Railway Company. now amounting to over
100000 is thus greatly jeopardzed.
This being the OF facts which the stockholders
were called together to consider they organized by call
ing Judge Newman Of Indianapolis to the chair and sp-
pointing Mr.. Noodle Secretary. The Hon. Thomas L.
Jewett chairman Of the Committee appointed by the
Pittsburgh Cincinnati and st. Louis Railway Company
stated the object OF the meeting. Judge Jewett then
presented notice from the Pittsburgh, Cincinnati and
81. Louis Railway Company, citing the compact which
exists between the two companies and concluding as
You are hereby informed tina. unless Chicago
oai SsI iaisI lingo good s your
ST. Louis RS Company will institute prGeeed9s' to compel the
TIE . f jan e. and lfSg he ..d
native nS relief as they may be entitled w. e f fS1
Judge Jewett continued his remarks setting the
ncago Sp ndana and
TO preserve the consolidated property and the existing
Which they are entitled to rental for application to the
payment Of interest on their bonded debt The failure
Company to perform its set forth in the
notice was fully admitted, and 1t also shown con-
usyely that the Pittsburgh, Cincinnati and st. Louis
Rail way Company had faithfully paid the agreed rental
IA IL tured under the terms and covenants OF the
lease. Since the making OF the lease the Pittsburgh
Cincinnati and ST. Louis Railway Company have secured
the opening of line from indianapolis to ST. Louis
and so control OF the business OF the Indianapolis
andVncenne Road and Of the Jacksonville, Madison
and INDIANAPOLIS Road to Louisville. all Of which are
now tributary 20 the Columbus, Chicago and Indiana
Central Railway After full discussion to the best
course To be pursued, the following was adopted:
presented to this meeting signed
nv William yceredent OF tie Pittsburgh tncBh ADD st.
Louis referred by the stockholders OF this Com
directors them such action the premises
the interests the Columbus Chicago
and Railway Company and all interested the seeur
ties stock Of the Company.
IL was then that IN order to devise plan of
procedure II absolutely necessary that clear and
accurate statement should be presented OF the bonded
and other Of the Company aud Of It's exact
financial condition The railway being formed OF nine
ferent properties, with separate outstanding liens
upon each, the result OF litigation might be dlsDtega
ton OF entire consolidated property aud the absolute
Termination Of the lease under which the interest on the
SIS $4,000 is provided for The following, proposed
by Judge Jewetf, was adopted:
That when this meeting adjourn be to meet the once
OF New-iok at IL o'clock Wednesday the
and during the interim that the President
on 70 the stockholders on all matters
by the resolution Of Mr. Gardner shall present Iu
detail Of the vous classes Of also the
several amounts corporation them together
If all the liabilities and obligations of the cono
id Company that both stock and bondhoders
and That they plan
submitted the bOndholders aud ockbo
e. Of the Company for their action