The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-28

were very satisfactory ana enabled your
vanced by the members of the board and
myself to meet pressing necessities carry
in March. except one note for Sz0,WV VOL
board. When the July interest payments
became due the financial condition OF the
country was such that II was almost inn
possible for any corporation or individual,
no matter what his or its resources nlgnt
be, to borrow money; Yet, almost enIirey
unaided, / procured the necessary funds 70
meet these payments. The advances MADE
for these purposes have since been repaid
out Of the earnings & OF 1ne cS4any NON in
business generally and a consequent 1aIi-
ing off of receipts: This falling off of bust
with other roads, has reduced the net
earnings considerably below what they
were during the Corresponding nohtns ont =, t ot
rigid economy
''These results during the early months
Of the year, when there was an increase
in the net earnings of the road. notwlth--
standing the fact that competitor had
withdrawn from IL a large traffic which
banv T@T many yeoggidsrbi geaidfs nae net revenue seemed
TO Justify the conclusion that, under nor
NAL conditions. the New York & New Eng
sustain itself and to give those who have
come to the relief o. the property great
sFrom the IN time assumed the manage
ment Of your company 10 the present Gay
naTe re 60re1 i1re1 to s tee eeey it's 6e5 phy Sr
dition and It's future prospects, and, after
studying it thoroughly as the time 1
have been connected with it perTnitted Il
came TO the conclusion that It's stockholo-
ers could not reasonably expect a return
upon their Investments unless some way
could be devised by which the road could
be extended into os ths Great city ~ ed ne@
for the through traffic going to and fro from
this great metropolis To accomplish thls
result the plan laid before you to-day en-
bodied i'm the lease under consideration,
was thought to be the only one by when
an extension and independent nne couid II
votes are given to-day in sufhclent NUMBERS
to ratify this lease, you viii not only by
your action obtain the desired extension,
but will within a reasonable time begin
to realize something upon your invest
ments, the dividends on which have peen
so long deferred.
II wish here TO make a statement which
may be regarded as entirely personal. Since
L became interested in your company L
have given my best efforts in its beha4f,
ard have made many personal sacrnlceS at
times when 1 could not find any other per
son who was willing to snare with me the
responsibility. The sacrli1ces were un.
doubtedly necessary TO save the credit OF
your company and its solvency, owing TO
the depression of business and the strin-
gency in the money market i ask no cred
1t for these services. L conceive IL TO be
my duty TO the trust imposed In me. Ali L
ask is that you may not believe the state
ments undoubtedly instigated by people who
happen to have the facilities for giving
them wide circulation, and who, like all
men resorting to such methods, feel secure.
knowing very we'll that there is no way
open to me by which they can be justly
punished. I say to you, emphatically, that
| have never interested myself in the Sc
curities of your company In any way eX-
cept with the expectation Of enhancing their
intrinsic value, and thus, indirectly, the
credit Of your company. L believe in the
property, as / always have, and that if
this unfortunate year for all railroad COM
peEies had not overtaken us at time when
we were struggling to establish our credit
and put the road and the rolling stock in
nomically, safely and satisfactorily to the
public, the result Of the years operation
earned its fixed charges, but handsome
surplus besides"
Had Too Much Faith in Mcleod.
PHILADELPHIA, Dec. N.-Samuel He'll
ner. trading Percy Heilner & Son. a coal
merchant Of this city, made an assignment
to-day to A. b. Weimer The failure was
precipitated by the slump in the New York
& New England stock, of which he was a
heavy holder, having gone into the pool
with several other Philadelphia capitalists
which purchased Sufficient Of the stock TO
secure control Of the road for A. A. Mcleod.
Mr.. Heilner handled about 100000 tons of
coal q year, principally from the Reading
and Lehigh valley collieries. He says that
his mercantile affairs were in excellent
shape, and there would have been no trouble
but for the drop in New England 'I was
a director for New York & New England" Z"
said Mr.. Heilner Il stood by the pool
and by my stock, and when it went down
simply couldn't stand the squeeze" 1t is
wel-known fact that Mr.. Heilner had
| implicit faith in Mr.. Mcleod, and this
| caused him to make such heavy invest
ments in New England. 1t is said that he
had invested about $S25OOO in the stock be-
~
| known that Mr. Heilner would be obliged to
assign several men went to him with offers
| of aid TO help him out of the difficulty,
| but he preferred to take this action instead.
| He has many friends among the leading
| capitalists Of the city, and all believe mat
| he will pay every dollar of his indebted
| ness and recoup his lost fortune. The state
| ment of assets and liabilities cannot be OBJ
| tanned to-day.