The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-15
PUT THEM IN SHAPE
Receivers of New Albany Rail
WAY Lines File reports.
Judge Baker Directs Them to Issue
$4,000 in Certificates and Go
Right Ahead with Repairs.

John Mcleod. of Louisville, recently APP
pointed receiver of the New Albany Rail-
way Company, which operates the street
car line in that city, filed a report in the
federal court, yesterday, wherein he states
that IS 100 feet of that property is operated
by electricity and 4.0S5 by horse and mule
power. The gross earnings from Oct. IA.
1893, when the road passed under the con-
troll of the receivers of the Kentucky and
Indiana Bridge Company to March 1, 1894,
were $5,770.7i and the operating expenses
$6545.40. the deficit of $7747O being assumed
by the bridge company in addition to
which the latter paid $47923 for construc-
ton necessary to the operation of the road.
The railway, the receiver says, is now in
that incomplete condition that makes sue
cessful operation impossible. and he sets
forth the repairs and changes needed, all
of which will cost so, 43O. This estimate is
based on eight-minute waits in New AL
bany and fifteen-minute waits on the bridge
cars between Louisville and New Albany.
The present liabilities of the company are
S15O,0O0 first-mortgage six-per-cent. twenty
five-year bonds; $3.50 unpaid interest on
these bonds from July 1, 1893, to April 1,
1894; $500.0o0 new mortgage fve-per-cent
twenty-year bonds on which no interest
Ido NNCI DCGll paul, S0V,VVO COIlLlOn STOCK,
$l,547 "a unpaid taxes, A792S due Kentucky
and Indiana Bridge receivers for construc-
ton and S976.O5 due for supplies.
Judge Baker ordered that Receiver Mac
Leod be authorized to issue receivers GER
tihcates amounting TO $4,000 to be sold for
not less than par and have priority over
all claims of every kind against the prop
erty. The receiver was also directed to
make the improvements and repairs set
forth in his report necessary and to de-
post with the Louisville Trust Company
$1,73072 TO complete the payment of the
January, 1894, interest coupon on the $3.50. 900
first-mortgaSe bonds of the road. s., 769 %
having already been paid.
The receivers recently appointed in the
federal court here for the New Albany
Belt and Terminal Railway Company also
filed their report in that court yesterday.
John Mcleod. S. Nj. FELTON, and f. w.
Tracy are the receivers, and they report
the total length of the main track as HOOP
feet sidings, 1868 feet: wooden trestles
1854 feet and iron trestl6s, 1,217 feet. The
road is laid with isis cross ties per mile
and with sixty-pound steel rails The road
was completed early in 1901, and is in good
condition, requiring only about $500 for gen.
eral repairs. From Oct. IA, 1890. when the
/ X. & T. bridge receivers took charge of the
property, until March, 1894, the gross earn
ings We're $3.176.24. derived entirely from a
the operating expenses were Si9.2S The
Baltimore, Ohio & Southwestern, the re-
ceivers say. absorb half of the receipts
and are literally "a thorn in the flesh of
the road, and should be dispensed with as
soon as possible. by making direct connec-
ton between the Belt tracks ana tnOSe or
the X & l. bridge. The receivers recon-
mend the expenditure of $4,000 for repairs
and Eae connection above referred TO. The
New Albany & Portland ferry is operated
by the X & /. Bridge Company at loss
OF about 500 a month. which, the report
says is proper. and should be continued,
as il is that much gain to the highway
traffic of the bridge company. The liabil-
ties of the property are: 100000 first mort
nnDaid interest 1904 20 unpaid taxes on
the railway and $521.29 on the ferry.
Judge Baker ordered that the receivers
issue ss5 900 in receivers certificates to be
paid out of the net earnings of the prop
erty. IL sufficient; if not, 20 take priority
over all existing liens in the final decrea
of sale The receivers are also directed
TO make all necessary repairs and 10 extend
the line so as TO form the connection re-
ferred TO as desirable in order TO SHUT off
the arbitrary demands of the Baltimore &
Ohio and Southwestern railroad