The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-28
THE l., ID. & w. DEAL
COnsummatiOn May Be Prevented
by c., III. & ID. Stockholders.
Suit Brought by Emery & Sons to Alb
rogate Leases-The Resignation
of President Mackey.

A short time ago mention was made
that some of the stockholders and bond
holders of the Cincinnati, Hamilton & Day-
ton and Of the Cincinnati, Hamilton & In
dianapOlis securities were seriously consid-
ering the taking of steps to prevent the
Cincinnati, Hamilton a. Dayton company
leasing the Indianapolis, Decatur & West
ern, and in leasing 1t assuming further La
bilities. That there were grounds for this
statement Is evident in the fact that Thos
Emery & Sons. large holders of securities
or the c., II. q ID. and c., III. & l., yester-
day instituted suit to abrogate the lease of
the Cincinnati, Hamilton & indianapolis to
the Cincinnati. Hamilton & Dayton, and
also the leasing of the Indianapolis De-
catur a Western In the bill of averments
IL Is alleged that the c., II. q ID. is seek
Ing TO acquire the l., ID. & w. with
view TO Sinking the pecuniary liabilities
acoruing from the lease of the c., II. l.
This suit is said to have been unexpected
by President WOOdford and the other high
officials OF the c., II. * ID. number of
local railroad men last evening, in dis
cussing. the bringing Of the suit, said it
was only revival of the old feud between
the security holders of the c., H. & l.,
and would end in smoke, as did a suit
some years ago, when the Indiana, Bloom
fngton a. Western sought to secure control
OF the Cincinnati. Hamilton & Indianapo-
lis, expecting 10 abrogate the lease. 1t is
admitted by those well informed that to
make the l., ID. & W. a valuable feeder to
the c., II. q ID. system would necesstate
the extending OF the line to some important
railroad center, now its western ter
minal is of little Importance. On the other
hand, time has shown that the roads which
the Cincinnati, Hamilton * Dayton has
acquired In the past are valuable proper
ties, the Indianapolis division being second
TO none. The acquiring OF the Dayton,
Fort Wayne & Chicago and of the Dayton
a Ironton roads has proved to have been
a good move, as both have paid fixed
charges and operating expenses from the
day the c., III. x ID. took control of them
and left surplus to Improve rOadbed and
increase the equipment. The Cincinnati
Hamilton & Indianapolis road extends from
Hamilton to Indianapolis ninety-nine miles.
Its common stock is all owned by the Gin
cinnati, Hamilton < Dayton, which has
long operated the road and which leases
IL. guaranteeing the general mortgage
percent. stock amounts to $2Sl679. OF the
first-mortgage bonds 100000 are held by
C., III. * ID. The general mortgage, of
which the Continental Trust Company, of
New York, and the Union Trust Company,
OF Cincinnati, are trustees, is for $780, 900.
of which sufficient is reserved to retire first
mortgage bonds at maturity. In 1892 the
gross earnings were sos; net SSSOS0; in
terest, $126.0O0; deficit, So, 800 In 1891 gross,
sos. 499; net, l06,26i; interest, S126,OOO; de-
aoIt, SO. 935. Thomas Emory & Son. who
ferred stock of the Cincinnati, Hamilton &
Indianapolis It's preferred common stock
amounts TO s., 100000, and its bonded indebt-
adneSs Is e. 100000