The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-18
T, ST.L. & K. c. TO BE SOLD
BELIEF THAT THE ORDER WILL
SOON BE ISSUED BY JUDGE TAFT.
Four Factions That May Bid for the
Property-PersonaIa and MfsceIIa-
neOus Railway News.

1t is expected that Judge Taft will within
a few days issue an order for the sale of
the Toledo, st. Louis G. Kansas City. There
are four factions that may bid against each
other. The first mortgage bondholders rep
resent $l1,OOO,OOO, the preferred stockholders
represent 5000, 900, the holders of common
stock represent $11.25OOOO, and there are a
lot of claims against the property, the
amount Of which is not known at this time.
One of these interests will be the successful
bidder, as 1t is not thought that any one
outside of the four could afford to buy the
road. Since r. 3. +. PIERCE has been re-
ceiver it has paid off nearly million dol
lars of debts, operated the road, made a
number Of improvements, bought equip
ment and still has money on hand.
Plan to Settle Alaskan Rate War. >
The committee of passenger agents ap-
pointed to devise plan for the settle
ment of the rate war in the Northwest met
in New York yesterday. The members of
the subcommittee appointed to take action
in the matter were present and a minority
report was made. The minority report was
signed by ]. r. Watson. New England
Passenger Association; D. B. Martin,
Trunk-line Association, and A. ]. Smith.
They reported that the contentious and
differences between the Grand Trunk, the
Canadian Pacific and their respective con-
nections were so sharply drawn and de-
fined as to preclude the adoption of basis
of adjustment acceptable to those inter-
ested They request an immediate and
equitable adjustment Of all questions in dis
pute and recommend that the contending
parties each submit to the meeting in writ
ing the premises for the contentious Of
their respective companies as follows:
First, all questions in which the Canadian
Pacific and the Grand Trunk lines are
alone interested; second. such questions as
collectively affect the interest and terri
tory of the several companies; third, such
questions as individually affect the compa-
tons submitted. Should the contending
companies fail to adjust the differences sub
mitted under this resolution by mutual
agreement, such undetermined questions
shall be promptly submitted to a disinter-
ested board of arbitration, whose decision
shall be binding for one year and continue
in effect thereafter until changed by mutual
agreement or arbitration, subject to thirty
days advance notice in writing. Arbitra-
tors shall be elected, one by each of the
two principal parties to the contention and
the two SO selected shall agree on a third
arbitrator. Such full board Of arbitration
shaE be selected within ten days from the
whose hearings shall be had within ten
days from date of selection of the third
arbitrator, and decision rendered within ten
days from the date of hearing. No reduc-
ton in current fares nor increased allow
ance of commissions shall be made pend
ing decision of arbitrators and that from
April the distribution of immigrant traffic
from the port of New York shall be re-
sumed and regulated as in effect Feb. /,
The report was accepted and the follow
Ing committee was appointed to consider
the whole subject and report at a general
meeting to be held to-day: Manager Nc
Nicoll, Passenger Agent Davis, Agent
Heafford and General Passenger Agent
Whitney This committee will confer with
Mr. Shaughnessey, of the Canadian Pacific,
Messrs. Hayes and Reaves, of the Grand
Trunk line; Mr.. Newman, of the Great
Northern, and Mr.. Hannaford, of the
Northern Pacific