The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-09-01
In EAST-BOUND RATES
REDUCTION FOR SEVERAL CLASSES
ANNOUNCED BY BLANCHARD.
Southern Railway Consolidation a
Good Thing for the Big Four-Chi-
cago Round Trip 70 Cents.

Chairman Blanchard. of the Central
Traffic Association, yesterday afternoon
notified freight men at TINS point OF a
reduction in east-bound rates on several
articles in the fifth and sixth classes. I'm
der the reduction. which takes effect Sept
A, provisions. Indianapolis to New York,
will be @ cents per one hundred pounds;
Philadelphia, q cents; Baltimore and New
port News, 20 cents. Bulk meats, Indianap-
oils to New York. and articles under the
same class, will be IS cents to New York,
Is cents to Philadelphia and p cents TO
Baltimore and Newport News. Live hogs,
Indianapolis to New York, carload lots,
will he % cents; Philadelphia, 81 cents. and
Baltimore and Newport News. 20 cents per
one hundred pounds. The reductions from
Chicago to New York are 5 cents to all
Eastern points on live hogs, beef in bar
rels and tierces: meats. canned. n. o. s.
Except potted). boxed: meats, dried, sliced.
In boxes; meats. dried. except ongues. in
barrels. boxes or casks; pork, picked, in
barrels; sausage, bologna or smoked, in
ses sprel5: I Tongues casks nick or ke p ia Sansas or
casks. tripe. picked. In barrels or kegs;
lard. lard compound. cottoline. taIlow
oil, neatsfoot oil. red oil, castings; sausage,
hog or beef. in barrels or tierces; pigs
suet. glue and glue stock: green salted
hides. sheep pelts and sheepskins; green,
picked. nOOIS and horns. Inc Old OASIS
was % cents on the above to New York.
Had some Significance.
A few mornings ago Edward F. Cost, as
sistant general freight agent of the Big
-Four, was quoted as saying that he thought
the Southern railway consolidation was a
fortunate thing for the Chesapeake & Ohio
road and the Big Four, and that eventually
a close traffic alliance would be effected
which would greatly increase the business
OF the C. & o. and the Big Four in the ter
ritory the Southern railway runs through,
and according to a dispatch from New York
there was good ground for the remarks of
Mr.. Cost. The dispatch says: Arrange
mems are said TO be on foot for a close
traffic alliance between the Southern rail-
way ans the Chesapeake & Ohio, and pos
sibiy the Big Four, which may have an inn
portent bearing upon the rate situation,
e = rTba "a Lns prEPIghso sa a,ianGe mas mas
way ard Steamship Association have been
trying for more than a year to reach a sat
fSractory agreement for the regulation of
rates, but the last attempt was a worse
hzzls than any of the previous ones. They
are now threatened with war on freight
rates, and IL Is a matter of Self-DreServa-
ton. Tn north-and-south lines-the Louis
vile & Nashville. the Mobile & Ohio and
the Illinois C~entral-which have branches
north of the Ohio river, have been the chief
disturbing elements, and one or all of them
have = different times demanded privileges
which the other members refused to grant
bectI.Sc it left the latter at a disadvantage
frOll the standpoint Of rates. The Southern
lway, which was reorganized by Drexel,
Morgan q Co, and which is now managed
by Samuel Spencer. is regarded as sub
serviens to the Vanderbilt interests, and il
e cbe not a long step oSio 70 ra an alliance , re with the
Vanderbilt road, or with the Big Four,
which is already closely associated with the
Chesapeake * Ohio.
"The Cincinnati, Hamilton & Dayton, II
Is now confident, can keep control of the
Queen * Crescent system, although one of
day that there was no idea of consolidating
the two systems, as has been reported. The
advantage OF connections with the Big Four
Is evident from the standpoint of the South
err rates, let alone the mere question of
traffic. 1t will afford an opportunity TO meet
the demOraliZers of rates that nave lines
north of the Ohio river. The Big -Four
reaches St Louis. Cairo and Cincinnati on
the SOUTH. making close connections at the
Ohio"
REORGANIZATION of the NJ. q st. L..
Subscriptions have been received by
August Belmont & Co., Vermilye & Co.
j. Kennedy Todd & Co., OF the New York
Underwriting Syndicate for the Olcott COM
mittee OF the Minneapolis & St. Louis Rail-
way Company stockholders reorganization
committee, for the entire S7,5Oo.OOO of new
bonds and stock provided for In the
amended plan of reorganization. This plan
has been completed, and in view of the
sale Of the property announced for Oct. IL,
under the decree of foreclosing the i'm
provement and equipment mortgage, it is
likely to be announced officially. The plan
empowers the committee TO bid on the
property, and, If successful as a bidder,
then to form a new company, which will
be freed from all obligations OF the present
company except the underlying 8 per cent.
and Z per cent. mortgage bonds. the prin-
cipal of which amounts to 81. us. 600. The
new company will issue $,0o0.O 600 of second
preferred stock and $1,000. goo of common
stock. these two latter classes OF Securi-
ties being the same in amount as the pre-
ferred and common stock of the existing
company The new company will also issue
$lo.0Co,oO0 of first consolidated mortgage
hve-per-cent. forty-year gold bonds secured
by mortgage on all the property of the
company. and subject only to the existing
underlying mortgage of 81. 1850 N OF the
new issue there shall be reserved for the
retirement of these underlying bonds 81
ns.OW. leaving in the hands of the com
mittse 3s2&2.O00 to be used in payment of
the purchase OF the property q. the fore
closure sale. During the past three years
the surplus earnings have been sufficient
each year TO pay considerably more than
the hve-per-cent. dividends on the proposed
issue OF first preferred stock.