The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-10-15

W.; which was signed in New York on Saturday
afternoon, recognizes all of the Sanduskys
claims for back rental, which is equivalent to
over So per 800 Of the Sandusky's 81 003, 900 OF
common stock. And this back rental will be
paid in some form of security that may be sold
at some price or other for cash.
Moreover, the L.. b. e. W. people pledged the
Sapdusky rectors to secrecy in regard to the
precise terms of the consolidation until they
could have time to take turn in the stock mar
ket themselves, just as they did in Reading.
But the question then arises: What would San
dusky be worth when transformed into preferred
shares Of l., B. & WI 1t was Patrick Henry, I
believe, who said he knew of no lamp by which
to guide his footsteps except the light of expert
ence, and that would certainly lead the investor
away from l., B. & W. securities of all descrip-
tons. The Indiana Bloomington 81 Western
railway has not even YET filed its annual report
with the Illinois Railway Commissioners for the
the year ending June 80, 1886 It's floating debt
has been stated by its own officers on one occa-
sion at 5000 900 and another at 81 000 600. and
Its general financial condition is puzzle OF
greater proportions than the present ownership
of New York & New England stock.
Will Needs Be Patient While Longer.
The English shareholders of the Pennsylvania
Railroad Company have had meeting in Lon
don and have appointed committee Mr.. John
Taylor who is now on the ocean,, to wait upon
the officials of that road and to demand prac-
tically that stock dividends shall be declared
upon all surplusaee of earnings over that divided
as cash dividends as well as upon portion Of
past accumulations. In commenting on the En-
glish shareholders action the Philadelphia Press
says: "This matter has been agitated before.
There may be little significance. however, in the
assembling of the holders of the stock and the
passage of resolutions, as ii is as much in the
ordinary course for holders of American securi-
ties to get together at the Cannon-street Hotel
and free their minds, as it used to be for the
average Londoner to present his grievance in
the columns of the London Times. 1t must be
remembered that the English holders of Penn
sylvana have grown to be body of impor-
lance They own more than half the stock (some
estimates put it as high as rs per cent J, and if
they should choose to assert themselves positive
ly and at the proper time on any point in the
administration of the companv's affairs, they
would be all-powerful. They hold that
they are entitled to all the profits of the COM
shape of stocks and bonds in the surplus fund.-
amount now to sufficient fund to declare div
idend of 100 per cent on the stock in securities
which in 1885 actually earned nearly Al per cent
and have respectable nest-egg of from $685.
O00 900 to $50 600 900 in the treasury. The state
ment OF this fact is short way of saying that
the Pennsylvania is the strongest of the large
corporations in the world. 1t explains the con-
tinual demand for the stock for foreign and do
nestle account The division of the surplus
will at some day grow to be vital question, but
it is safe to leave to the judgment of the present
management the time of the distribution of this
great wealth. The growth of business in the
West which will make the lines west of Pitts
burg self-supporting and more, and the building
of great trunk line through the South, are
matters which will come up prior to those ag-
itated by the English holders