The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-09
CONDITION OFTHEL., Ma. &C.
What Mr.. Thomas's Report, to BE Sub
mitted To-Day, Will Show.
Better Terminal Facilities at indianapolis
Needed - Improvements on the Big Four
The Proposed C. & U. Z. Extension.

The stockholders of L.. n. A. & c. Will
hold their annual meeting in this city to-
day. The report of Samuel Thomas, presi-
dent, will show that IN the six months
ending Dec. 81. in which he was in actual
control. the road earned gross. s1,56S, 6sS;
operating expenses. sl,O9557O; net earn
ings. S473. O9s; after deductiDg fixed charges.
s4ss.6o9. q surplus for the SIX months of
S24.<S9 is left. Were the exhibit of January
and February, 1892. included in the state
menr the results would be even more salts
factory. President Thomas says both gross
aud net earnings show a large increase over
the same period of 1890, and that the line is
now In greater state of efficiency than
ever before IN its history. The recent
issue of stock. IS. 200. 600, has been sold. and
the proceeds will be expended in Droyid-
ing increased facilities and equipment. At
the meeting to-day the question of terminal
facilities at Indianapolis Will be con
sidered. Although the arrangements h
which the MOnon uses the Lake Erie
Western terminal facilities at this DO.
are reasonable so far as expense Is eel b
cerned. the two roads are IN too large l
sense competitors TO make it advantageous
90 the Monon. and while the management
of the l.. l.. ~ w. is disposed TO do all IN
its power 10 make matters move smoothly,
there Is ample evidence that did the Monon
own Independent terminals its business
could be largely increased.
The Leading Railway of the Country.
The annual meeting of the stockholders
of the Pennsylva Railroad Company
was held at Philadelphia yesterday. The
meeting was harmonious. and beyond the
delivery of an exceedingly interesting
address by President Roberts upon
the policy of the company and its
fostering of the commercial in
terests of the State of Pennsylvania
and the city Of Philadelphia. but little
business was transacted. The annual re-
port was read and adopted. A resolution
was passed authorizing the board of direct
ors TO issue at its discretion the 100000
shares of Cnissued stock for the purpose of
improvements to the companys property.
The election for directors will take place
on the 18TH inst.
In his address to the stockholders Presi-
dent Roberts said: lit may not be unwise
especially in view of some criticisms that
have been made upon the manner in which
the shareholders have permitted their prop
erty 10 be managed. to explain as far as
what they have accomplished. 1t
is very seldom that this COM
pany expends less than one
million dollars in each and every calendar
month in building up new avenues of trade
and traffic and providing facilities for the
public. Some times our friends on the
other side of the water forget that we are
young country. In which competition Is
active. and in which large sums of money
have to be expended by individuals
and corporations. Let us see in
what way some of this money has
been expended. Some years since, you es-
tablished steamship cOmpany,the Amer
lean Steamship Company, fostered by yonr
corporation. in which you took four
seventies of the original capital. afterwards
increasing that from time TO time until
you had nearly s1.2O0.oO0 invested in the
capital stock of that steamship COM
paDy. That s1.200.OO0 has been totally
sunk. In addition to that this company
has faithfully paid the obligations In all
these years. at the date OF their maturity
so that they have paid In the neighborhood
&, 500 coo more as contribution on the part
of your corporation in the endeavor TO
build up the commerce OF Philadelphia, and
one which has gwen the managers OF your
corporation some anxiety as TO whether
&c was right or proper. but right
or not. Ii has all gone. During
the period from 1879 to 1891 this company
increased Its coal and coke tonnage from
100000 tons to IS. 200,0 600 per anDum, an IN
crease IN that period of over 500 Der cent.
In coal and coke tonnage. You rank now
as the largest coal carrying company IN
the United States. and seem destined 20
take the position OF becoming the largest
coal carrying company in the world.
''In the year 1864 the Pennsylvania Rail-
road Company moved in tons trIfie over
5000 ZOO; in 1891 she moved 5500.000 every
month. In that, gentlemen, Is TO be found
o little of the reason why your management
asks from time to time tor an in
crease of capital stock and other
obhgations of this company. We
and not only keep mp. but We must hold
our position little in advance of all other
corporations The moment this company
forgets that Its duty Is to be at the head of
the list of carrying companies of the United
States it ceases to have the ambition to
become the tirst in the world"
Recognizing the Richmond Terminal
There has been q radical change in the
situation of the Richmond Terminal re-
organization, and 1t is now likely that the
plan adopted by the committee will be
quickly issued. Since the present COM
mittee assumed the task of reorganIzing
the system there has been. it Is said. good
deal of jealousy created among the
interests hich believed they were ignored.
Among them the party represented by John
III. Inman apparently felt hurt at being
set aside after making the arrangements
with EckstelD, Norton and others who
were appointed to act as q reor-
ganiZatIon committee at the annual
stockholders meeting. The Olcott COM
mittee has had it's plan ready for
over a week and would have issued it on
March l. but for delay in forming o syn
dictate TO underwrite the plan. This work
was undertaken by Hall. Garten * Co.. of
New York. who were understood 10
have agreed TO raise a syndicate of
S35. 100000. The committee made no
effort TO form the syndicate. but eX-
pected it TO he ready so that an an
Douncement OF its formation could be made
simultaneously with the issue of the plap.
The syndicate was not formed by Marcel
however. and the bankers since then he
apparently made no further progress.
n result several conferences were held, n
the various interests identified with
system have been brought closer tOgeth
than they were at any previous tin
in the history of the company. III
bankers have been relieved from the
task. and the committee itself has arrange"
TO form a syndicate to unde:write the plan
The syndicate To be formed by the commit
tee will have n capital OF $4,000 600 or 81
100000. and directors of the company state
that they will be able to retire either
amount within twenty-four hours. This
makes the work of the committee now an
easy matter. and as all the various inter-
ests have joined hands IL ia believed the
reorganization under the proposed plan
Will soon be completed.
why Mr. CoIlett Went TO New York.
Mention was made on Monday that
Josephus COllett. who is interested and. in
fact. the largest stOckholder of the Chi
cagO & Ohio River road, had gone East on
railroad matters. Since the owners of the
road made +. O. Hopkins president OF the
company and general manager of the road.