The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-03-15

they not having the holding of stock, either by
purchase or proxy. that they expected to have
prior to the annual meeting some thirty DAYS. le
Is understood thai j, H. Devereux and Judge
Burke handled matters very hrewdly and at
the election they managed to have in their con-
troll stock sufficient to WELD an influence which
defeated the Wholesale sc0Oping in of the prop
crty in accordance with Vanderbilt's original H.
tenGioD.
WESTERN MEN MAKING A GOOD RECORD.
An Eastern railroad man who was in the city
yesterday states that the management Of the
New York 4 New England road has at last got
matters to running smoothly. S. NJ. FELTON,, gem
eral manager, and his superintendents, all old
P, c. e st, L. men, have systematized operations
until accidents and delays are now but few. The
equipments OF the line are very largely in
creased, and with this the earnings increase.
Twenty passenger cars have just been ordered
by the New York e. New England railroad, ten
OF which will be built at Philadelphia, and the
remainder at Troy, and all Will be delivered by
June l next. The road has also given an order
for 500 freight cars, TO be built at Huntingdon,
have been received, ten from the Grant and TWO
from the Rhode Island Locomotive Works, and
fifteen more are ordered. Five or six of the old
cars are turned out of the cOmpany's shops
weekly, repaired and refitted, and this work will
he continued until all have been through the
shops. Both the Pennsylvania anG Erie are
throwing u large amount OF traffic on to this line.
REASONABLE STATEMENT.
AnO ltiSuNS u bHo AlCutbOnY 1OpOhd 0 oa1Nh
Fe road have issued a circular showing the con-
dition of the property quite fully. They account
for the present low quotations Of the stock for
the reason that, aside from the general de-
pressed condition of the stock market, the com
pany has grown faster than the legitimate in
vestmene demand could absorb the stock,
thereby leaving on the market a large quantity
of floating stock which will require time TO place
in permanent hands. On the 1sJ day OF January,
1879, the company had n capital stock of So.
6l5,0o0, held by 1886 stockholders; a bonded
debt Excluding & ,265, 900 land grant sevens)
of $40. S43, 600, and 7 miles of road, while on
the 18th day of January, 1888, there were 6,032
stockholders, holding S56, 907 100, Il bonded
debt of $45, 10000, and a mileage of 2,620
miles. The gross earnings for 1892 on 1,S26
miles will approximate Sl4,S00, 600, and the OK
penses, including taxes, $8,650,0oo, leaving net
earnings OF IS, 100000. After paying all fixed
charges and dividends of 9 per cent, the surplus
for 1882 will be about 100000, or Ia per cent
upon the capital stock.
SOME OF THE LATEST DEVICES.
Patents in railway appliances are still being
asked for numercusiy, car-coupliug patents TAX
ing the lead. I. ]. Pursley, OF Wetmore, Ks., has
just been granted a patent on a car-coupling
device. The invention is claimed to be perfectly
automatic in its action, a common loose link
being used, while a slotted tongue takes the
place of the ordinary pin. 1t can be successfully
used on cars of different heights or any other
coupler using a link. W.. ]. Ross, of Memphis,
Tenn, a gentleman with "A practical experience
in railrOad1ng of twenty-five years, as manager
of "A prominent line. has been granted a patent
on a ear-eOupler, which Mr.. Ross and his railroad
friends claim is entirely practical, simple in con
structioD, comparatively insignificant in COST of
material and labor; can be attached to any
freight car, aud insures perfect freedom from
accidents in compiling cars. h. Burkhardt, Of
Chicago, received n patent, Jan. 80, for a steel
draw-Oar for freight cars, which is claimed by
Mr.. b. to be light. strong, durable, simple, and
free from any entangling attachments. Tho
! Ifnn-a Dnn1~ Tz1nnd G. anFEa Duf1uvnu Frn n
long and thorough test, has adopted the Perry
safety coupler. D. W. Davis, of Detroit, Mich,
has been granted a patent on a refrigerator car,
which It is claimed is TO result in a revolution OF
refrigerating.
WHAT NEXT?
Disposed of at last, is the common remark over
the special in yesterday mornings Journal re-
garding the announcement of the sale of the In
dianapolis & Evansville Straight Line to the
Mackay & COllett syndicate. But what next7 is
the leading question. An anxiety prevails among
business men lest. this sale means a general kill
ing off of the enterprise, and some are so bold as
to say that the Pennsylvania Company furnished
the means with which the partially built line
was purchased, and the road will be aban-
dDned, yet Mr.. Mackay tells a reporter
of the Evansville journal that in his opinion the
| road would be built. He was not prepared to go
into particulars as to the plans of the new COM
| pany, but il was safe TO assume that they had
not put their money into the road without the
intention of trying to realize on the investment,
MIR. Hellman, VINO was questioned on the same
point, replied that the road would be built, and
that the connection between Evansville aud
Petersburg would be established before harvest
time.
An important item in the new purchase is the
reduction that the late revision of the tariff by
Congress makes on the steel rails imported for
the road. There are about 5000 tone of them,
the duty on which when imported was S2S a
ton. Now the duty has been reduced to sly per
ton, and the rails, being still in BOND, will get
the benefit of this reduction, which will amount
to about $4,000.
NEPoTIsM DON'T PAY IN RAILWAY OPERATIONS.
The most successful managers at the present
day are those who get acquainted with their
employees in every department and learn their
ability, and whenever opportunity offers, pro-
mote men who are deserving. Possibly no abuse
in the railway service has been more demoraliz-
Ing and has resulted in greater injury to the
companies than the still too common custom of
promoting the "son or nephew OF this or that
official" over the head of an old, worthy and ga
pable empioye, The president OF one OF the most
PROSPEROUS of Indianapolis roads can give the
name Of every emplOye on his road, down to tbs
section hands, II such eInploye has been In the
company's service any length of time. A gem
eral manager whose career has not been IA spe-
clally brilliant one, once remarked that he had
more men under his command than General
Sherman. 81 know less than a dozen Of them,
and those merely because chance threw me near
them. have wished often TO mud a man for GER
tain WORK, ana would have been glad to have
taken "a man from the ranks ii 1 had known one
capable for the position; but I did not, and the
result has been that the son or nephew of this or
that official would be given the place." II was
the business of this general manager to aequaint
himself with his men, personally or through his
subordinate officers. There is not a department
where there cannot he found men competent and
deserving OF promotion. The paying OF attention
TO this matter has made the Pennsylvania road
the model road of the world.
THE DANvILLE & vINcENNES LITIGATION.
CHICAGO, March 14-In the case Of the trus-
tees, Fosdick aud Fish, against the Chicago,
Danville & Vinconnes road, Judge Blodgett, of
the Federal Court, to-day made a number of
rulings. The road in question was bought under
foreclosure, and is being operated by the Chicago
& Eastern Illinois road. The court denied a mo-
ton OF the stockholders in the old Danville &
Vincennes property, and ordered the road back
into the hands of the receiver, on the ground
that the Chicago &c Eastern Illinois is q RESPONSE