The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-06-29
A GIGANTIC RAILROAD SCHEME.
Narrow-Gauge Railroads To BE Built
Everywhere by Some Philan-
thropists-The Details.

For month or more past there have been ru-
mors afoat of a stupendous railroad scheme,
whereby every body who engaged in it was to
become enormously rich. The old trunk lines
were to have their usefulness forever destroyed,
and various other great reforms were 70 be in
stituted On the 5th of the present month the
Journal contained an outline of the scheme, and
considerable information about it. the substance
of which was as follows: Two doube-track
narrow-gauge roads are to be built, traversing
the country in opposite directions, from New
York to San Francisco and from Chicago to
New Orleans, or, as the circulars state, from
ocean to ocean and from lake to guilt" Eight
series of stock of $25,O0O,o0O each are to be
issued, and the bonded debt on double-track
road properly equipped is to be but 5000 to
the mile; on single track, 1000. Indiana will
be allowed bat 100 stockholders, and the organ
izers of the scheme say that seventy five of
these stockholders can be residents of Indian
apols. About the time OF this publication Pc
titions were circulated in business circles calling
for a convention to be held in this city yester-
day. So far as is known the convention was held
yesterday, number of gentlemen who signed
the call received postal cards informing them
that the meeting would be held at Plymouth Hall
last night. During the evening Ia Journal re-
porter dropped over there and informed the
QOOfHebpef tudb ne WAS d capitalist anu desired
to purchase a few railroads, but his assumed
disguise was too thin, and he was gently but
firmly invited not to come IN. the invitation be-
ing emphasized by the door sammIng in his
| face.
| From various sources it was learned that the
new company Is to be known as "The Peoples
| Railroad Company of America" Every en-
| ploye of the company is to be stakeholder, and
the profits are to he divided upon this basis. 1t
| was stated last night that California capitalists
wers willing,'yea in feverish anxiety, TO advance
/ the money to get the colossal scheme In active
operation. Emf Kennedy, of this city, seems to be
| the prime mover in the matter, and among the
| other stockholders are "Plan" Buchanan, s. l..
| Hinton, s. Souls, W. +. Hays, Fred Horton, and
others The capital STOCK is to be $500, 000.0 900,
| and 10000 miles Of narrOw-gauge are to be
built. 1t is ex pected that the new railroad sy5-
| TEN will do away with all the old established
! lines, ana various other glittering promises are
made The scheme, in all its details, is not very
explicit, but so far can be gathered, it is a
| general uprising against railroad monOpOes, so
! as to give every man a railroad, or at least an
interest in one, for himself. None of Colonel
Sellerss enterprises ever equalled 1t In magni-
tude or promse-and now is the time to invest
After the meeting last night, a Journal report
| err corraled delegate and asked him about IL.
He said the meeting was altogether secret. but
that public meeting would be held at L o'clock
| this morning. He was not very well acquainted
| than that he had been receiving 81 day and
| travelling expenses to solicit stock and had
procured subscriptions to the amount of S4O,-
| 600. The scheme he said, did not originate with
Mr.. Kennedy, but with San Francisco capitalists,
who soreiy felt the expressions OF the Central
| Pacific. As soon as t1ey convinced that
the people generally would go into the scheme