The Indianapolis journal., 1894-01-05
IN RECEIVERS HANDS
Mackey's Pet Consolidated Rail-
road Goes to the Wall.
Not Paying Interest or Operating Elk.
penses Ohio Valley Receiver
ship in Indiana.

Judge Woods in chambers yesterday ap-
pointed e. o. Hopkins and James H. Will
son receivers of the Louisville, Evansville
& st. Louis Consolidated Railroad Company.
The affairs of the company were turned
into the hands of the receivers on the ap-
plication of Bluford Wilson, of Springfield
H., who presented the case to the court
on Tuesday afternoon. Thomas Barrett
and James H. Wilson on behalf or the
stockholders and creditors signed the ap-
plication. The complaint Of the petitioners
In their application for receiver alleges
that the funded debt of the road, consisting
of mortgage bonds, is $40, 600, and that
there is now past due S500,0O0 of a floating
debt of So, 900. The petitioners aver that
the interest on the bonded debt which fell
due on the first Of the year remains un-
paid, as do the salaries of the employees for
March and December. The interest on the
bonded debt arrearage is alleged to be s123.
600. The further statement is made that
the securities of the company have been
pledged for temporary loans at deprecated
value. and that the company falls far short
of paying the operating expenses of the
road. E. o. Hopkins, the vice president of
the company, in an answer to the applica-
ton makes no denial of the allegations set
forth. The receivers will be instructed to
furnish a bond of $25, 900 and will continue
to operate the road.
The Louisville Evansville & st. Louis
consolidated railway has 36S miles of track
1t operates from Louisville to East st.
Louis. with branches to Evansville, Rock
port, Cannelton, etc. in Indiana The road
belongs to the Mackey system and grew
out of consolidation in 1889 Of the Louis
Vile, Evansville & St. Louis and other COM
There w
| in the sum of So. .790,747, and in April, 1893,
the company. retired the 81, 262 preferred
stock and raised outstanding common stock
| to the present figure by paying stock divi-
dends of per cent. The second mortgage
bonds in 1892 bore per cent. interest and 6
per cent. thereafter, carrying voting power,
ten votes for each bond.
In March, 1893, the stockholders voted to
execute a general mortgage of SIS, 900 900 of
these bonds, $S 600 were deposited with
| the trustee for retirement of prior bonds at
| at the discretion of the board of directors
| for terminals, equipment, coal branches,
| etc, it being proposed to issue So, $4,000 at
once as follows: To retire preferred stock,
| $1,000, 900; to be taken by preferred stock
| holders at SO, $65O,0OO; TO retire floating
| debt 81 500, ,OOO The increase in fixed charges
| was to be $1SS000, but this was partly offset
| by a reduction of 100000 in interest on the
| floating debt For new construction the
| per mile built and equipped and at $1,000
per mile for second track. On Aug. 21, 1893,
| the Stock Exchange reported 2,432OOO gen.
| eral mortgage four-per-cent. bonds as listed.
| OF the financial condition of the road the
| Commercial and Financial Chronicle gives
| the following figures In September, 1893:
Earnings from July 1 TO Dec. 81, 1892 (siX
| months), gross earnings were S9i5,934; net
| earnings, 1919 S31; interest on bonds, s226, 325
| taxes rentals, interest on floating debt, etc,
| $S4, 512; balance, surplus, SOS. .993. From Jan.
| l to Sept Z, 1898 eight and one-fonrth
| months), the gross earnings were 81, 1,225,S ,Sl9
| against $935. .599 in 1892 The net earnings for
L
| fact that for three months traffic was inter
| rupted