The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-22
MONON ANNUAL MEETING
NO CHANGE IN THE DIRECTORS OR
IN THE OFFICIAL BOARD.
Better Results shown the Last Year
General and Personal Notes.

The stockholders of the Chicago, Indian
apolis & Louisville Railway held their an
nual meeting in this city yesterday Two di-
rectors were to be elected, and Crawford
Fairbanks, of Terre Haute, and John A.
Hilton, of New York, whose terms expired
yesterday, were reelected, as was the off,
cial board of the last year. Vice President
McDoel said the report that John Green
ough was to retire was a mistake and
arose from the fact that Mr.. Greenough
had announced that he would retire from
business, but not from the dictatorship of
the Monon, in which he is largely inter-
ested. Eighty-sx per cent. of the stock was
represented at the meeting. The earnings,
etc, of the road for the fiscal year ending
June 80 were published in the Journal on
Monday. The company. last year, operated
536 miles Of main line. During the year
three miles of new sidetracks were put in,
$40 tons of new heavy steel rail laid 252-
O34 new ties put in and ninety-six miles of
road reballasted. The company owns eighty
three locomotives During the year 312
freight cars were equipped with airbrakes
and automatic couplers and five new en-
gines were purchased at cost of 500 900
Samuel Thomas, president in his report,
says: THE results for the year as given are
highly satisfactory, as you will find upon
examination, the earnings exceeding those
of any year-wth the exception of the
worlds fair year-as reported by the old
company. 1t will be noticed that the net
earnings exceed the fixed charges $50, 129 rs.
This is the result after setting aside $40, 500
each month for the replacement ac-
count" or S13 900 more than was usual
der the management of the old company.
This is charged to operating expenses for
replacement account. The physical condi-
tion of the property and its equipment is
first-class, which accounts, in a measure,
for the increase in earnings. In accordance
with the terms of the refunding mortgage,
$4,000 was received in cash as special
fund for Improvement to property from the
reorganization committee and 1894, 701. II
was expended on that account up to Dec.
81. 1897. With our track and equipment in
good shape we are looking forward to doing
an increasing and profitable business.
w. H. McDoel, vice president and general
manager, says: 1.-THE plan of reducing
grades between State Line and Monon, COM
menced last year. has been continued and
will be completed by Sept 80. The reduction
In grades. and Improvement in equipment,
has enabled us to increase our tonnage per
train from 2O99l to 2S0.07. Average tons
per car was 14.4S against 1884 the previous
year. The number of tons of freight car
ried one mile show an increase over pre-
vious year of 70 $50 tons. The rate per
ton per mile was 100 against 1888 in 1897.
The decrease is explained by the large in
crease in low class tonnage. and very low
Seaboard rates which have affected north
and-south-bound traffic. The average earn
fngs per passenger train mile, including
mail and express, was SAIL cents. The rate
per passenger per mile was 1921 against
2V34 in 1897. The reduction is accounted for
by the large excursion business between
Chicago and other points and Cedar Lake,
rates generally having been fully main
for $50 forty-foot forty-ton-capacity Hat
cars, and 80 thirty-ton stock cars. total cost
$i22,6 2b. payable 10 per cent. cash. and
the balance in sixty monthly payments with
6 per cent. interest. These cars have all
been received since the close of the year and
are now in service. New station buildings
were erected at Belt Junction, indianapolis
Orleans, Greencastle Harrodsburg. Camp
bellsburg, Cedar Lake, and freight houses
At Hammond and New Albany. New oil
and supply house was erected ut IndiaEap-
oils. and a small station building and. ice
louise az Lafayette
In speaking of the rumor sent from Chi
cago, to the effect that there would be sew
cral changes in the directory and that Mr..
McDoei would succeed Samuel Thomas as
president, Mr. McDoel said there was not
the least grounds for the statement. The
statement that President Thomas had sold
his interest in the road to other parties, he
said. was equally untrue.
Outlook for Rolling stock Orders.