The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-15
IRON HIGHWAYS.
A Committee of Reading BOndhOlders
Make Some Recommendations.
A Progressive Career-Csuses for II
Irregularities IN East Bound Rates
Mr.. Persons Proposition
to the Chicago Roads
Other Items,

iD Detroit.
From general talk with prominent rail-
road men, it Is learned that they are really
all in favor OF q Railroad Commission Ia
this State.
Those Catalpa twigs so much talked about,
set out by the E. and T. II. Company, are
growing along the line of the road in the
vicinity of Sullivan, and not at Evansville,
as many suppose.
General Manager Talmage, of the Wabash,
says that the railroad situation is looked
upon as more hopeful, the advance in the
price of grain inspiring the railroad interest
with the belief that business is to be better
in the near future.
For time travel in the direction of New
Orleans was almost suspended, owing to the
adverse reports concerning the Worlds Fair
and Exposition. The holidays also had
tendency to make business light in this di-
rPction. Business at present is becoming
daily more brisk. A great deal of travel IL
tending also IN the direction OF Florida, and
a large number OF tickets are sold to Jack
sonville with stop.oyer privilege at New
Orleans.
While the great commercial centers are
overstocked with coal there is nothing to
encourage capitalists to advance money on
projects passing through a country abound
ing in coal, no matter how rich the same
may be. Notwithstanding this a local topo.
graphical and civil engineer stoutly main
tains that railroad building in Southern In
diana, where the richest coal fields in the
State are located, will be heavier than ever
before this ---irg and summer.
Mr.. JAMES Tillinghast, of the Wagner
Company, began bis career in 1850 as fire.
man of the the Utica and Schenectady Road,
now part of the New York Central
Within year he was appointed Master
Mechanic and Assistant Saperintend-
ent of the Rome, WatsrtOwn and
0gdensburg From 1856 TO 1864 he was
Superintendent of Motive Power and Assist
ant General superintendent of the Toronto
Northern Road. He was then appointed
Master Mechanic of the Western Division of
the Michigan Southern, and then became
Assistant General Superintendent of the
Buffalo and Erie. He then became Division
Superintendent of the New York Central,
and afterward General Superintendent.
Succeeding to the Presidency ~ the Canada
southern, he became in 1881 Vice President
of the Wagner Company. Last April ne
WIS promoIed 10 the Presidency of the com.
pany, and also Assistant OF the President of
the New York Central Road.
The present irregularities in East.bound
RAGS are charged TO two principal causes:
shipments chiefly from st. Louis, by way of
the Chesapeake and Ohio to Newport News
for export, and shipments below tariff rates,
which reach New York or Boston by the
West Shore and the LacKawanna Roads. bat
which are brought to them at Buffalo by the
Grand Trunk. 1t was resolved at the last
meeting OF the Joint Executive Com nittee
that no road in the pool would carry for
roads in or out OF the pool meaning the
IL a 81
| which less than the regular rate is charged.
| If this resolution were carried out at this
| season of the year the West Shore and the
| Lsckawanna would be forced to maintain
rates, except on what grain they could get
from the Buffalo elevators. But it is claimed
| that they do not maintain rates, and that
the Grand Trunk continues to bring them
large quantities OF freight, especially from
| Milwaukee.
| Mr.. Pierson, Vice Chairman of the Joint
Executive Committee has proposed to the
Chicago roads TO pool the travel eastward
and permit the payment OF commissions by
the method recently suggested, through the
| Railroad Companies Agents and under the
| direction of the pool authorities Just so
crest and 50 long as should be found neces-
| cary 10 cause tbs traffic to be distributed IN
the proportions agreed upon. 1t is difficult
1
| unless there is some understanding. tacit or
| open, as to the proportion of business the
| road should get which has to offer special in
| ducements to secure passengers. III it does
| not interfere much with the business Of the
other roads, they are not likely to find fsnlt,
| however great the commission snd to whom
soever paid. The question with them Is,
much oil the business it is getting; this they
| will not know exactly unless there is some
agreement, and their ideas OF what is the
| Grand Trunks flair share are likely to
| differ from the Grand Trunks ideas, so thai
they are almost sure to make repairs when
the Grand Trunk thinks it is only beginning
| TO get its share.
THE READING COMMITTEE REPORTS.
The committee of bondholders of the Rhil-
adelphia and Reading, appointed over q
month ago to devise means fsr the rehabiIi-
tation Of the company, and which, for thu
past two weeks has been trying to devise
plan for the reorganization of the com
pany, makes the following recommen da
lions:
l. To reduce fixed charges 10 the limits OF las
yesr's earnings.
each class of securities which are converted into
| income obligations, so that no income applicable
possibility be diverted TO pay the interest on
| junior security.
8 To proviie for method OF paying the float
1 ing debt. The committee recommends the pay
ment in fun in cash OF certain interest, charge
| rentals and guarantees TO reduce the interest o.
some to per cent On mortgage loans prior q
| the consolidated mortgage, payment Is 10 be made
| ia full; on the consolidated mortgage III full 81
sinking funds suspended: the improvement
| mortgage IN full, all sinking funds suspended OF
real estate obligations in full trusts in full
on general mortgage scrip aud Perkiomen scrip, Ii
full and coupons OF the general mortgage TO
| three years. Hall Of the interest the genera
mortgage bonds is 10 be suspended for three years