The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-26
Briehter for the Monon.

Investigation is bringing to light facts
which place the reorganization plan of the
Louisville, New Albany & Chicago in q, bet
ter lighc, and even the United States In
weston, which W is recently inclined 70 OPP
pose the plan, in its issue of Saturday con-
tains an article which. takes more ia
vorabe view of the plan. The Investor
says: The .kickers' who are opposing
the reorganization plan of the Louisville,
New Albany & Chicago railroad have not
yet shown their hand, but claim that be-
fore the close of the week they will do so,
and will reveal a strong and well-fortified
resistance TO the Olcott plan of dealing
with consolidated bonds. These people,
however, have been surprised this week
to learn that Mr.. Robert Fleming, of Lon
don who IS now in New York, who is Well
known a member of the Atchison re-
organization committee, and who repre-
sents large Scotch and English holdings of
Monon consols has acceded to the Oicott
plan, and says it appears to him equitable
and practicable, and that on his return he
shall advise the interests he represents
to join it. A considerable amount of OPP
position to the Olcott plan on the part of
consolidated bondhoiders has arisen in Bos-
ton. headed by Paine, Weber & Co. In New
York the opposition is led by William D.
Barbour & Co., Pomeroy Bros. and F. j.
Lisman, and, as the Investor goes TO press
! hear meeting of these hostile interests
is being held. This week the Boston oppo-
sition to the reorganization plan have adj
dressed a letter TO the committee setting
slider the preferred stock they are to re-
ceive in part for. their conso1s of small
value, because it is sold to present stock
holders a the rate of $3.50 per share The
committee reply: 1t is not sold at less
than par, being issued at par for assess
ments on the stock, and given to bond
holders for concessions The Boston OPP
position also state that in the matter of
general mortgages, they are asked to take
new bond the rate of $40 a mile
practically the same property now covered
by that mortgage at the rate of $4,000 a
ter of fact the Increase in the amount of
the new refunding mortgage over existing
consolidated bonds, being the difference be-
tween S4.300000 and S7.600,000, equals 81 $780,
600. and is represented by the contribution
of new assets placed under the mortgage,
amounting to 50 $4,000: that the committee
is exclusively committee of bondholders.
and that the plan is framed exclusively
state that the amount of securities to be
issued had to be determined by the avail
able income. Continuing the committee
state. We were called upon to raise a
very large sum of money, and in the plan
which we have submitted it seems to us
that we have accomplished a very difficult
task, and one Of which the bondholders
are the benef1ciaries.' I"
MIR. Attcrbury Promoted.
w. w. Atterbury, master mechanic of the
Pennsylvania Company shops in Fort
Wayne, has been appointed superintendent
of motive power of the Pennsylvania rail-
road lines between Pittsburg and Philadel-
phia, with headquarters at Altoona. This
years he has had charge of the Fort Wayne
shops he has made q good record 1t is
not known yet who will secure the vacancy,
but it has been limited that the place will
fan to Barney Fitzpatrick of the Column
bus (O). or Thomas Butler of the Wells
vile shops.
Traffic Notes.
The Monon handled at this point last
week 657 cars. 451 being loaded and 22s
empty.
The Lake Erie & Western had an off
week. handling at this city 5o9 cars. 1856 be-
ing loaded
There were handled at Indianapolis last
week 4, 725 empty cars, 1913 fewer than in the
weking ending Oct. l..
The Cincinnati Hamilton & Dayton ham
died at indianapolis last week $50 cars III
being loaded. an increase of II.
The Peoria & Eastern makes an unfavor-
able exhibit. handling at this point for both
divisions 1,65s loaded cars ii decrease of 2a5
as compared with the preceding week
The Big Four lines proper. all divisions
show a handsome Increase handling at In
dianapoIis 10 sos cars 1882 bing loaded an
increase over the week ending Oct Il of GIL
The Pennsylvania lines handled at In
dianapolis last week 656 cars 8 2S1 heinz
loaded an increase of I04 The increase wa
entirely in east-bound business over the
Panhandle proper.
The vandalia comes near it's average vol
ume OF business. handing at this point in
the week ending Oct. "A total Of 265l cars
2e6 being loaded, an increase over. the pre-
ceding week of % loaded cars
Personal, Local and General Notes.
j. 3. Cameron, of the engineering corps
Of the Chicago division Of the Big Four
r. taking vacation of a couple of weeks.
visiting friends In the East.
1t Is stated that the rate controversy be-
tween the Seaboard and associated lines in