The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-08
THE NEW MILEAGE BOOK
1T WILL DO AWAY WITH ALL OTHER
FORMS OF MILEAGE.
f. ID. ThOmas's Success on the Erica
MiscOnceptiOn as to the Meaning
of Pooling Agreements.

in the Central Passenger Association ter
ritory will adopt a new style of mileage,
and one that will do away with all present
forms of mileage. The fact that such roads
as the Baltimore & Ohio Southwestern, the
Columbus & Hooking Valley, the Nickel
plate and many others which in the past
have been looked upon as inclined TO shade
rates through the manipulation of mileage
are in favor of the new plan, goes long
ways toward making it a success. The
plan is to establish mileage bureau under
the control of the association, which is ito
print and furnish to the roads which are
members of the association an Interchange
able mileage ticket. The book will be of
1000 miles, and sell for $780, 1t is contem-
plated that each line shall report weekly
sales. Mileage strips to be turned in to the
commissioner, who is to pay the refund OF
$40. The name of the purchaser will appear
on the selling stub and on the cover when
sent In for the rebate, but unless all the
mileage strips contain the same signature
the rebate will not be paid. 1t does not
matter who uses the book, for unless all
the signatures correspond the refund will
not be made, and the railroads get 3 cents
a mile for their mileage, instead of cents.
All existing forms of interchangeable mile
books Photographic form, are to be with
drawn from sale. 1t is proposed to put the
plan into operation about July 1. A COM
mittee was appointed to prepare form of
ticket and report at the next meeting. The
plan meets with general approval from pas
Senger officials, and Will have the effect of
injuring the business of the brokers, II not
entirely running it, Some surprise has been
expressed at the sudden turn matters took
with the general passenger agents OF the
Central Passenger Association on the mile
age book question. AT the close OF the first
day of it's session last week nothing had
been accomplished, but by the morning Of
the next day the presidents and general
managers had taken hold of the matter
definite action was taken. and there is now
no question as to the above plan being car
ried out
The Situation with the Erie.
At no time in it's history has the Erie
Railway been in as good financial or phys
ical condition as at present, and it has
been brought to its present stage largely
through the instrumentality of T.. b.
Thomas it's president, who, in $780, con-
nected himself with the road in an official
capacity. Probably no railway official ever
accepted a position on an important rail-
way system under more unfavorable cir
cumstances than did he. The road had no
credit, and the property was run down and
poorly equipped. He began by introducing
economies operating the road on strictly
honest business principles. He did not ere
ate a floating debt to place the property on
it's feet but at once set about reorganizing
the road on a more healthy financial basis,
and with the money the reorganization plan
afforded he has brought the property into
such shape that 1t commands the respect
of financiers and competitors, and has
drawn to itself goodly share of the bust
ness. The Erie Railroad Company was organ
lied in November, 1895, and on Dec. /, 1895,
succeeded to the property Of the old New
York Lake Erie & Western Company, sold
consolidated mortgage. The new company
holds in fee or through ownership of all or
practically all the stock of the independent
companies, the line from New York to Chi
cago & Erie Companies) and also all branch
and subsidiary lines except few small
properties aggregatng about three hundred
miles held under lease. 1t embraces a
trunk line from Jersey City, opposite New
branches LILY miles; total, 2,103 miles; sec
ond track, 60 miles: sidings, 1,101 miles
total of all track, 3727 miles. OF the $40
100000 general lien bonds, S92 063, 900 are re-
served for the ultimate acquisition of all
bonds and guaranteed stocks now left I'M
disturbed on various parts of the system
excepting the 81 000, 900 seconds on Buffalo
& southwestern, and ST.. Coz, 900 are reserved
for new construction, betterments, addi-
guarded restrictions. not over $1.00O000 to
be used in any one year. The general lien
bonds bear interest from July l. 1896 first
coupon TO mature JAM l, 1897, at per
cent. per annum for two years, and per
cent. thereafter. E. B. Thomas's first ex-
Bee-line, he taking the position of it's gem
eral manager in 1885.