The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-11


The action of the board of managers of
the Joint Traffic Association in authorizing
differentials on passenger business is being
considerably criticised by passenger off,
Gals conversant with the situation. "I no.
tice," said one of them yesterday, that the
Journal says the Wabash has been granted
differential on business between Detroit
and New York. Here is case where the
wabash does not own a foot of the railroad
and runs over it on a traffic agreement and
through Canada much of the distance. over
foreign line. Why should this differential
be granted? 1t is discrimination against
American roads. This differential business
is being carried too far. Take the case of
ne tire td4nnanole. IL Is running some of the
IneSt trains In the country between New
York and Chicago and on fast time vet the
Toad IS given differential The Baltimore
az ONO has its Royal Blue train and boasts
or the quicker time it makes; still it is
given differential. There are roads which
possibly should be granted differential-
not direct one. as from Indianapohs to
New York over the Cincinnati, Hamilton e
1 LJayton ana the Erie; and the Nickel-plate,
possibly, should be given q, differentiaI as
ITS track and equipment are not up to the
standard of the Lake Shore, neither can as
fast time be made. But the cases are rare
where a road is entitled to a differential on
passenger business, as, without exception
the roads that are considered through lines
making good time. Each of the trunk lines
IS boaSt1ng OF its fast trains between the
seaboard and the West: STILL some of the
strongest lines are continually endeavoring
to get authority to sell tickets on a differ
entail rate. The only reason / can assign
Tor the leniency of the board of managers
In the granting of differentials is that it is
done, as in the case of the Wabash to pre-
vent the cutting of passenger rates, and the
other road does not oppose for the same
reason, feeling that refusal of the differen-
tIal might cause a rate war, and in the end
the competitors of the Wabash would lose
more than they will by ignoring it"
Adams Express Company's New Plan.
The managers of the Adams Express
Company having declared, on Wednesday,
the usual quarterly dividend of 50 per share,
payable to shareholders of record on closing
| of transfer books, Feb. IL. 1898, at 2 D. m +,
also determined, in view of what the COM
pany regards as excessive burdensone
taxation in some of the Western States, to
reduce the assets heretofore employed in
the business. These assets have been in
creased from time to time since the organi-
cation of the association in 1854 as required
| by the development of the business to pro-
vide Tor losses and protect shareholders
against personal liability. The managers set
apart and distributed among the sharehold-
erS an amount equal to 500 per share for
which bonds of the company will be issued
to shareholders of record on the closing of
the transfer books on Feb IL, as above
Such bonds will be known as the collateral
trust, per cent, ffty-year gold bonds of
tions Of $1,000 and $500 each, and will be se-
cured by transfer of property under a
deed of trust to the Mercantile Trust Com
pany of New York, on which property a
lien or charge will be reserved in order to
indemnify shareholders from personal IL
ability as in the past The interest on the
bonds will run from March l. 1898 and the
rate will be per cent. per annum, payable
semi-annually.