The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-02-27
AFFAIRS OF THE RAILWAYS.
f1ittls Probability that AN Agreement VIII
BE Reached.

<@11tkt8 probability that Agreement VIII
he Reached.
All that has seemingly been accomplished
through theseveral conferences at Springfield, O..
last week between the officials and the attorneys
Of the Cleveland, Sandusky & Columbus and the
Ohio. Indiana e. Western. formerly the L B. &
W.. is that the former have consented TO haul
their passenger trains solid between Springfield
and Columbus, and to accept any business, pro
rata. which the o. L & W.. chooses TO give them.
hauling the trains between the points named
with c., S. a. G. engines; but the financial mat
tiers of the two companies becoming more
and more entangled. lengthy statement OF
the situation appears in the financial columns OF
the Boston Advertiser OF Feb. IL The
whole tenor of the article Is that
the two interests are far apart In their
views and the amount OF indebtedness of the l.,
B. & W. to the C., S. & G. that there is no prob
ability Of tho consoids ton scheme being carried
out The Advertiser says: Tho circular which
the secretary Of the purchasing committee Of
J., B. & w. security-hoders sends out Is a re-
markable document BY the confessions there
in contained the purchasing committee fails by
81, 200, 900 to fulfill its contracts. l., b. q w.
stockholders having paid an assessment of 81
share, total of 100000, are now informed that
the purchasing committee will have to Issue
mortgage for $500, 900 at per cent, taking p-i-
ority of tie proposed first mortgage lien, and
additional amount OF the proposed first mort
therefore find their property encountered by
liens the amount of 81. 200, 900 more than they
had anticipated. and fixed charges ahead of
dividends will be 500, 900 larger. This
is most discouragng statemsnt
Bondholdsrs have the same unsatisfactory
prospect to contemplate. The prior lien of $780,,
900 aud the substantial increase of the amount
of the first mortgage with corresponding adj
dtions to the underlying property, will not make
the bonds more attractive. 1t Is probable that
this road, which earned less than So 900 per mile
n
disappointing comparative earnings, will be able
TO much more than earn its absolute charges, If
1t do thata And the recent circular also
says by unmistakable Implication, that the cur
rent earnings during reorganization have not
been sufficient to pay the accruing interest at
per cent. upon securities which are to be con-
verified into those of the new company. The
Sandusky people refuse to abide by the terms of
the consolidation agreements and also submit to
have the claims ahead of the L., b. 81 w. new
preferred stock increased by 81, 200, 0O0"
Freight Business Still a Little OF
The train records show that in the week end
ing Feb. % but thirty-one more loaded cars were
received and forwarded at indianapolis than in
the week preceding. which was the highest move
ment in any week for many months. AS COM
pared with previous years the corresponding
weeks the exhibit is unfavorable. In the year
1887 1873 more loaded cars were handled, and in
1886 3I3 more. Muddy roads have a good deal to
The fact is that not for years has the shipment
Of grain been so light as at the present time.
This remark will apply to export business as
well as Co shipments to interior and New Eng
land points. Then shipments of lumber are I'M
usually light The cotton crop all went forward
last month Live stock traffic is at low ebb.
the shipments being fully 90 per cent. lighter
than at the corresponding period 1887. West
bound business is unusually heavy for Febru-
airy and daily increasing and the way bills show
that it is carried at good rates. As the west
bound tonnage of anthracite coal and coke and
light the heavy west bound traffic is made up
largely Of merch andise, with quite a respectable
sprinklng of agricultural implements. Ship
ments of furniture. well, have been heavy,
manufacturers fearing that the proposed adj
vance in rates. which is made through change
In classification which is to take effect. will
unfavorably affect their trade in the Southwest
and on the Pacific coast. North and south lines
are doing good winter business made from
miscellaneous freights There is some corn and
provisions going south and considerable machin-
cry; northward little but Southern pine and a
sprinkling of produce The north-bou move
ment is much lighter than that southwark. The
last week there has been decided increase in
local business bound, but in bound, owing to
bad roads. 10 light. This is not Disappointing
however, as three or four weeks of light local
business Ia looked for in the latter part of Feb
ruary and early March Four weeks from cow,
undoubtedly, business with all lines will show a
decided Improvement in all directions. Below
is given the number OF received and for
warded at indianapolis last week compared
With the corresponding weeks of 1887 and 1886: