The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-13
NEVER ANY DOUBT ABOUT IT
The Monon Will Attempt at Once to
Make lis New Stock Law Useful.
So. OG0. 900 of Preferred and 50, 900. 600 Of
Common TO Be Issued-Preight Traffic
Here Handicapped by O Lack Of Cars.

The move to get a receiver for the Louis
willie. New Albany * Chicago has brought
the proposed stock deal into much more
prominence than it would rave attained
had no move been made by the opponents
of the deal. Coincident with the sppiica-
tion for q receiver comes the long expected
circular of Samuel Thomas. president of
the company. In regard to the new classic
cation of the STOCK, which. at this juno
ture. will be read with interest. The circu-
lar says:
It Is not to be expected that dividends can be
paid at present on the full nominal value OF the
company's shares. but the company may hope at
once TO begin 10 pay dividends on the approx
mate market price of the shares, and to this end
the directors submit TO the shareholders a pro-
pOsal that the present capital OF the company
shall be divided into preferred and common
maximum OF @ per cent. nOncumulatfye dlvf-
dends and the common stocks being entitled to
sas rsmsIn nrsas OF sns Xc OF par net pron ~ Ine
100000 OF common stock. The directors pro-
pose to retire these certificates and issue in
$4,000 900 common stock, giving to each holder
or one hundred shares OF the present stock
twenty-five shares of the new preferred and
seventy-nves shares OF new common. Negotiable
receipts will be given for stock handed in for ex-
change, and a quotation VIII be at once asked for
these receipts at the New York Stock Exchange.
1t is believed that the entire reorganization can
be concluded prior TO the close of the fiscal year.
Jan. so next, and to that end deposits must be
made on or before May /, 1898. liz Is proposed
that the new preferred stock should draw dlvi-
dends from July i next, and the earnings OF the
company justify the oeiieI mat dividends OF
expectation that the full 6 per cent. to which the
preferred stock Is entitled will speedily be
reached.
The directors estimate the years business as
follows: Ascertained gross earnings for six
months to Dec. 81, 1892. $1.sO1.65S; gross earn
fnnaf nr n m MIN afx nnnrh co Tunn on 1909
sam as last year, 81, Laos 1856; add estimates in
come for six months, $150,000 given, $l,6iS,-
receipts for fiscal year ending Jan. 80, 1893. $751;
624,494.
Hampered by Scarcity of Cars.
The loaded-car movement in the week
ending March IL did not reach expecta-
tions. yet the earnings of the week will
doubtless be much more satisfactory than
were those of the week ending March 4,
as last weeks business was all new. while
that of the preceding week was made up
largely in forwarding delayed freiahts.
In the week ending March II there were
700 fewer loaded cars received and for
warded than in the week preceding. not
because of lack of ,freights. but owing to
the scarcity of cars. Not an Indianapolis
line is able to, supply, its calls
lOI Chk3s E06b uOunu tucI0 10 I'll
active movement of -four, grain. hard wood
lumber. veneerlng, cotton and produce;
west bound the tonnage is somewhat in
excess of early March of former years.
Some of this is freight which has been de-
lsyed by the severity of the weather East,
but the east and west bound movement is
now getting back TO it's usual time sched-
ule-60 to ~ hours from New York to In
d~ianspolis. N u 20 SO hours from Indian
apolis TO Atlantic seaboard points. The
amAH OuRnElyV or eXDOrt frelgQCS
Is still q noticeable feature; in fact,
aside from export flour and cotton,
the tonnage is seldom so light.
Local traffic is increasing remarkably. both
in and out bound. Agents watch closely
for cars to accommodate shippers, and are
not hesitating In using cars intended for
through service or taking cars which be-
long TO some connecting road. Shipments
of agricultural implements are now heavy,
and the receipts OF lumber and other build
ing material are large for March. The past
week there has been an activity about the
city freight depots and the various yards.
which make % it evident that the roads will
this spring and summer have all they can
do with their present equipment. Below
is given the number of 1oaded cars received
and forwarded at this point for the week
ending March II, as compared with the
corresponding week of the preceding W
years: