The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-18

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& d. people in this matter of using the Belt road,
and send considerable per cent of their
through traffic over tie Belt.
A Boston Paper on the Fight
A recent issue of the Boston Herald contains
lengthy article written by one who claims to be
conversant with the affairs of tie Cleveland,
Sandusky & Cincinnati road, and also it's rela
tions to the l., B. G. w. through the lease which
the latter claims to be burdensome. The writer
says: II see by Indianapolis papers that the In
diana. Bloomington & Western company claims
to have sustained severe loss on account of this
release. Such is not the fact. and am satisfied
that had the other portions Of the l.. B. g. w.
line done as we'll as Its Sandusky and Columbus
portions it would not to-day be in receiver
ship. Figures prove that in the very first year
of the lease, before the portion of the l., B, &
w. road between Indianapolis and Springfield
was built and before any business whatever was
received from the l., b. 81 W., the c..
S. e. G. earned, and was paid, moro
than the guaranteed minimum rental,
and bad as the l., B. 81 W. alleges business to
they received in rentals for that year, for the
twenty four miles of c.. S. e. c. road, between
Springfield and Dayton, $50, 476; for joint use of
the Columbus yard and about two iles of the
Columbus road SIS, 900. and for joint Use of some
Ave miles of c., S. & c. road leading south into
Springfield, $4,000, or, in all, $ll0,476. This
rental did not cost them dollar in operating or
otherwise. Under the lease they agree to pay as
rental SO 1-3 per cent. of the gross earnings of
the entire c., S. & c. roads, etipulatng that such
SO 13 per cent shall not be less than $500 600 In
any one year. Dedueting from this $500. 900 the
$110,476 rental they received leaves less
than $4,000 to be earned on the other
l9l miles Of c., S. & c. road 10
10 he Cd ,sv,sv -
al Failure to do this does not indicate
good management on their part. The cause for
the insolvency of the l., B. & W., must, think,
be sought elsewhere than in the c., S. 81 c. lease.
The fact is. the L, B. e. w. has too much high
interest bonded debt too much floating debt, and
too much stock on which to pay. and see no
chance for IL except in reorganization that will
wipe out the stock and scale down the interest
on its bonded debt According to their own
averments in their petition to the United States
Circuit Court. they have floating debt of more
than 81, O0O 00O besides the three hundred and
Odd thousand dollars they owe the c., S. 81 c.
AS nearly as can be ascertained, they have an in
dabtedness Of nearly $50, 900 to the mile of road
on which to earn interest. to say nothing of the
$l0 100000 of stock Compare this with the c.,
S. & c., with floating debt, and but $l5 900 to
the mile funded debt
The b. g. o. and the Trunk-Line Pool.
New YORK, Aug. THE freight agents of
fee, this afternoon, and discussed the position of
the Baltimore G. Ohio in she pool. 1t was said
after the meeting, that no action had been taken,
but that the matter had been left to the commits
sioner On the street it was rumored that New
Jersey Central officials had signed the Baltimore
& Ohio traffic contract. Director Williams of
the New Jersey Central. said when called upon,
that it would be out of place for him to make an
nouncement OF any agreement with the Balti-
O. nkl- ~ - 49,
for were out Of town. Vice-president Spencer.
of the Baltimore & Ohio, who was present at the
agents meeting, said he had not signed the
agreement, which was q contract For the use of
the Central's tracks between Bound Brook. N.
D.. and Jersey City. He refused to give the
terms of the contract, or the length of time that
it should run.
The Pennsylvania and B. e. O. Dispute.
PHILADELPHIA, Aug. 17.-Oficials of the
freight department of the Pennsylvania Rail
road Company deny that the Baltimore s. Ohios
freight was refused shipment over the Delaware
& Raritan canal as has been reported, and that
the southern line was thus shut out from New
York. The same officials declare that the canal
company made several contracts with the Balti-
more Il Ohio company at special rates, and as
soon as 1t became evident that the canal was to
be used as convenience. the Delaware g. Rar-
itan people informed the railroad company that
time it would have to pay regular tariff rates
The Baltimore 81 Ohio simply refused to do this
Trustees Directed to ForecIose on the G. g. A.
NEW YORK, Aug. 1.-THE first mortgage
bondholders of the Chicago & Atlantic railroad
met to day in the Office of the Farmers Loan aud
Trust Company. Holders of bonds to the amount
of SIS, S46. 900 out Of $500 900 attended Trustee
V. T. Malott, presided The trustees were in
structed to declare the principal of the mortgage
due and to take proceedings in foreclosure
James FL. Benedict, John G. McCook and
George Sherman we're appointed as purchasing
and reorganization committee
vincennes & o. II. Contract Let.
Special to the Indianapolis JOURNAL.
VINoENNEs, Ind, Aug. H.-Itis semi-oficially
announced this evening that the contract for
the building OF the Vincennes & Ohio River
railroad has been let to Bullock e. Meicer.
capitalists of New York. The proposed road
for which heavy tax has been voted in this
and other counties, is to run from this city to
Petersburg Jasper and New Albany, Ind. A
gentleman who claims to know says that work
will be begun in a few days, and the road pushed
rapidly to completion.
Miscellaneous Notes.
Atchison, Topeka 81 Santa Fe officials deny
that they will bid on the Chicago division of the
Wabash in case it is foreclosed, and add that
when the Atchison gets ready to 60 to Chicago it
will do so over its own line.
The Boston stock market carries not only ali
the New England railroad stocks but large
interest In transeontinental lines and solid West
railroads, and Mexican railroad stocks
amount to many millions.
The change of gauge of the ST. Louis, Arkan-
sas & Texas road, the most important narrow
gauge in the United States, is being rapidly ac-
complished, and in few months the entire line,
700 miles in length will be turned into stand
ard gauge.
The Philadelphia Press says that if Baltimore