The Indianapolis journal., 1883-10-31
c.. T., ST. l.. & C. ELECTION.

The Big Four to Pay No Dividends Until the
Floating Debt Is Paid.
Tho stockholders of the Cincinnati, Indian
apos, St. Louis & Chicago held their annual
meeting Yesterday in this city, and elected as
directors for the ensuing year, George Hoadly,
George Wishire,s Samuel j. Broadwell, NJ E. In
gals, B. f. Evans, Larz Anderson, c. W. West,
George Bliss, C. P. Huntington, R. R. Cable,
Thomas A. Morris, Thomas II. Sharpe, Joseph 5.
Fay, jr., Boston. The only change made IN the
directory was the election of Mr. Fay In place
of General Devereux. OF 10000 shares 51,8l7
were voted President ingalls, read the follow
ing statement to the stockholders:
'sGentlemen-The question has been asked by
some of the stockholders, what has been done
with the money received from the sale OF the
new stock since the organization Of the com
panyf The reports of the directors show that
the bonded debt has decreased hut slightly,
while floating debt has grown up notwlthstand-
issued. To answer these inquiries officially, |
have had prepared statement of the receipts
and expenditures from the date OF re-organlza-
ti0n to June 80, 1SS3-three years and four
mOnths-and take pleasure in presenting the
following facts: The gross earnings during the
period have been S9.l .453 93 The operating
expenses, taxes. bond interest and dividends
Dave been S7,757, ,SoS96, leaving surplus OF
s;asa g rsGSea 1T%@ received SAFE
sale of grounds. $176.619 90; received
from loans outstanding, $457,22S.50: total, Sj,-
For new construction, a large proportion OF
which was for rebuilding the road along Tan
ner's creek, 1921 ,627.5l; new equipment, 1916,
130. 60; purchase of securities in branch and
connecting lines, 1884, 443 03; sinking fund ac-
count, $15, 537. .65 settlement of old claims and
receiver's debts, 1886 1877 81; advances TO the
Kankakee & Seneca railroad. S325O00; ad
vances to the v, G. & r., $13l, SOL IL; ad-
vanees to Columbus, Hope & Green burg, Sis,
.02; improvements on branch lines : 90-
O5S.25: grain elevators at Cincinnati, $2l2-
GIL 30; Grand Central passenger station, $751;
OlS 81; total, $3, ,272, 1878.
"Wbile the bonded debU has slightly decreased,
ythe annual interest charges have increased some
i$125,00O, owing 10 the amount required to meet
the interest payments on bonds of leased lines;
hut II you look al the report TO stockholders FOR
the year ending June so, 1880 and compare
with the last one issued. TO June 80. 1888, you
will see that the gross earnings nave increased
iron 81, ,76l PAL l61 to S2,541 1884, or Al per
cent, and the net earnings from $537, ,29S96 70
$780,, ,975. IL, or 81 per cent. You Will also see
that the number OF locomotives have increased
from fifty to seventy-five, passenger ears from
sixty-six to eighty-fve, and freight cars from
1884 to 3, ,134. During the same period touI
mites of double track and thirty miles of siding
have been constructed a new coal elevator,
costing over $4,000, built at North Bend, and
Ihe entire property greatly improved.
The same gentlemen were elected directors Of
ithe Falrland & Martinsvie division. The direct
Ors reelected NJ E. I ingalls, president, and E
F. Osborne secretary and treasurer of botl
roads. After the election business disposed
of, President Ingalls, made brief address to the
directors, stating what improvements were still
needed on the road in the way of double and
side-tcacks shops, etc, and the prospects of the
road for the future. To make these improve
ments and pay the floating debt would require
u considerable sum of money, and where il was
10 come from, the question. After brie
discussion it voted UNANIMOUSLY to pass al
dividends until these lmpF0v ements were ma de
and the floating debt paid from the earn
jngs. This, President ingalls, thought
eighteen months. The stockholders continue
fherinspectiOn trip to-day, leaving for Lafayette
nud Seneca. On reaching Templeton the an
lual meeting of the stockholders of the C., l.. &
C., division of the system VIII hold their annua
elections, and on reaching Kankakee the stock
hoers of the Kanbakee 81 Seneca road viii
hold their annual election for directors ant
officers 1t is stated that during the several
months which railway stocks have been so de
pressed not over 500 shares of the c., L, St. l.
IL c., have been thrown on the market.