The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-08-16


It was learned, however that the .rros,,
stand. After the meeting of presidents IL
will be referred back TO the several boards
OF directors and the largest stockholders,
and also to the counsel Of the various lines.
The agreement. IL Is understood. contains
a penalty clause, which needs careful legal
consideration. so that there be no clashing
with the federal laws or the laws Of the
States The original agreement sketched
by the trunk line manager. Bayard. and
Mr.. Goddard. OF the traffic association. was
Sir Charles Rivers Wilson briefly ad-
ment was attracting the greatest possible
attention in England. where great number
OF American securities les. were held. - They They
up rates successful
Worries of Western Lines.
The meeting OF the Western lines at Chi
cago adjourned yesterday without reaching
any conclusion on the matter of running
harvest excursions. Some of the lines OBJ
jected strongly to the plan proposed by
the committee report on the restrictions TO
be placed around the excursions. and when
IL was seen that no agreement could be
reached the whole thing was dropped.
The Illinois Central has the privilege Of
running it's announced excursion the
giving OF ten days notice to all interested
lines but for some reason OF it's own it did
not give the notice yesterday, saying that
1T was not ready to give II just at that
time. There is doubt. however. that it
will run all its excursions as announced.
After the excursion business had been
Ing a general meeting for the purpose of
reorganizing the association was taken up.
connection was the formation OF an agree.
ment that should cover the territory OF
the association between the Eastern gate
Colorado
roll call ali lines were agreed that the
formation OF such an agreement was a
s shhsns ises Declares shas iher action IN
signing such an agreement would have to
be e scS on t the ssn %
Texas, Kansas City. Fort Scott & Memphis
and Kansas City. Pittsburg & Gulf were
ses iae6as OF these ines could not be
tanned at once and the feeling Is general
5ns ,d tine MS Sor II sn wa
dropped from consideration. The roads
took up the questions OIL forming agree
missouri RI river and in the transmissouri
territory The same trouble that had fioored
them in the first instance laid them out on
the nournful conclusion that there was
nothing that they could do except adjourn
the adjourynmR s2n howev e CHAIRMAN csId
well was instructed TO inform the execu-
tive officers Of all interested lines that the
agreement and had decided TO leave the
matter for their final adjustment.
Anthracite Coal Rates.
The talk OF cut rates on anthracite coal
from Chicago to Missouri-river points still
keeps up. but II Is hard to see what reason
there as for its existence. No heavy ship
ments are being made and no further re-
auctions are being quoted. The railroad
ofhcials declare fatty that they know moth
Whole 5nsness ana in tss b bnah oe
some coal dealer who Is anxious to break
the market tariff on coal in order to al
ess There get Se n rate rouS
thing, as far as the roads are concerned,
as they. say that the entire amount OF
them in bothering about cutting rates to
procure II.
Brsce to Make Another Million.
New York Herald.
The management of the Lake Erie &
Western railroad are just now engaged in
the pleasant task OF making a million, and
a glance at their operations will serve to
show one OF the ways in which 1t is DONE
The Lake Erie & Western road. Of which
Senator Brice is president. starts AT Peoria.
runs easterly across Illinois and Indiana,
and then runs northeast across the upper
corner OF Ohio to Sandusky, on the lake,
where Il intersects the great Lake Shore
trunk line. The Lake Erie has rs miles of
road. on each mile OF which'it has issued
$1,000 Of first mortgage bonds. $500 OF sec
ond mortgage bonds, $4,000 OF preferred
soak and 10000 of common stock
As the bonded debt Is not very heavy and
the property has been we'll managed 1t has
been able to pay dividends on the pre-
ferred Stockton some time per cent. and
for the past three years per cent. There
has been a modest surplus over this divi-
dend every year. and recently 1t has been
rsimored that the dividend would be in
creased to s per cent. as the preferred
stock Is entitled to that amount (non-cumu-
lztive) before anything could be paid on the
common shares. The process by which the
million Is likely to disappoint this hope OF
the holders OF preferred stock. but of that
anon. The owners Of the company's securi-
ties would doubtless like to let well enough
trafhc. with gradually increasing earnings
and their interest and dividends are reason
ably assured But 1t Is not By. letting
things alone that men In control OF such a
corporation can add a million 10 their own
pile Quite the contrary Given control OF a
big corporation having good credit II is not
OF the Lake Erie & Western has been
built up TO such point that IL Is sufficient
There was recently sold under foreclosure
road known as the Pittsburg. Akron q
Western, and consisting OF l65 miles OF
Inc running across the northern part OF
Ohio from Deiphos on the west 10 Akron
on the east The Senator mas arranged 70
capitalize this luckless road under the title
OF the Northern Ohio railway, has issued
100000 OF bonds on IL. and has leased II
10 the Lake Erie & Western, the latter
guaranteeing the payment OF } per cent
on the bonds: These have been sold to a
syndicate made up by Vermiye & Co. The
Price II not known but II Is probably no,
Tar from their face value. As to whether
further issue OF bonds win DE u,s,,it
nothing ~ now known. neither has the
amount Of stock TO be issued by the new
company yet been diyulged.
Rumors about the proposed lease hay.
been aficat for some days, but IL was
thought that the project must be submitted
70 the Lake Erie & Western stockholder.
for their ratification. This - an error. TIL.
lease Is now an accomplished fact. All
Official OF the company when seen ysster
day admitted that. as the new line hae
never been fully equipped or operated. 1t.
earning power was unknown. but he con
tends that the Lake Erie a. Western coult
send enough traffic over IL TO make IL profit
able Here is the pith OF his argument
Our terminue now is Sandusky. and W,
give over 80 per cent. OF our east-boune
fraf71c there to the Lake Shore road. Blu
the Lake Shore has its own connections I,
Indianapolis. Peoria and that territory. ans
consequently turns over 10 Us only one