The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-24
S15,OOO,OOO MORE STOCK
NEW YORK CENTRAL RAILWAY TO
INCREASE IT'S CAPITAL.
william Rockefeller Elected n Mem
Der of the Executive Committee
-ConsoIidations Probable.

NEW YORK, Oct. 22-William Rookie
Teller was to-day elected a member of the
executive Of the New York Cen
trail Company at the meeting which author
lied an issue of sl5, 10000 additional stock.
The World says: 1.-The election OF Mr..
Rockefeller TO the executive council of the
New York Central system is OF far reach
Of the New York, New Haven & Hartford
system to the New York Central. Mr.
Rockefeller was elected a director in the
New York Central a few weeks ago. He
and his brother, John ID. Rockefeller, have
never heretofore commanded any influence
In New York Central affairs. although they
have for several years held a big block OF Its
stock. But they have been important fac
tors in the management Of the New York,
New raven & Hartioro. Wlllam ttocheiels
Ter election to the executive OF
the Central is, therefore, accepted as an in
dication that the union of the two systems
will shortly follow.
Charles p. Clark retired from the presi-
dency of the New Haven a short time ago.
1T was reported at the time this resigna-
ton vas in Difference to the wishes of the
Observation-Disclosures interests. John NJ. Hall,
the f1rst vice president OF the New Haven,
will. IL is said, be promoted to the presi-
the policy to be agreed on by Mr.. Rookie
feller and j. Pierpont Morgan on the one
hand and the Vanderbilts on the other.
The next step in the deal started yester-
day will, 1t Is believed by railway men, be
the absorption of the Boston * Albany, the
Boston q Maine, the Fitchburg and the
Maine Central. The amalgamation of these
interests under the auspices of the Wander
bilts will end the war between the New
England roads. which has continued for
years. 1t may, of course, be some months
before the consolidation of all the New
England roads is accomplished under the
Vanderbilt plan. but the union of the Rock
efeller and Vanderbilt interests yesterday
is viewed as the first step towards its ac-
complishment.-
TT is understood that the absorption of
tho Nauy IIornn hy the Vondorhflfo urhi0a
is expected TO be officially
within a few weeks, will not interfere with
the traffic arrangements between the New
Haven and the Pennsylvania, which en-
ployes the New Haven facilities TO expedite
Its New England business.
The addition of s15,Ooo,00 10 The capital
stock of the New York Central system
was voted unanimously or the recommen-
dalton of w. X. Vanderbilt. President Cal
loway said, in a report 70 the executive
committee. that the earnings of the read
during the present year couIi have been
greatly Increased If 1t were nc! fer the
scarcity of rolling stock of he road. whieh,
he declared. was entirely inadequate to
meet the demands.
"A few months ago the company con-
tracted for freight cars to cost sSOoo'Oco
W. X. Vanderbilt is said to nave advances
the money for the new equipment, much OF
which Is now in use. Under the terms OF
the advance he was to be paid at the rate
of $1,000 a year. But the new equipment
did not meet the demands, and IL was de-
cided TO increase the capital stock SIS, OOO, 600
VI this. $J.UJ3.JUO Is 10 &c turned over 10 MI.
Vanderbilt. and SO. 100000 used for the pur-
chase of additional rolling stock The Cen
trail stockholders will save about $500, 900 a
year in interest on the new stock. The in
terest on the SIC, 00O.O eco to be used for the
purchase of new equipment. computed at
per cent. will be 500. 900. which. in the opin-
ion of Vanderbilt officials will be earned by
the increased facilities. A stockholders
meeting to ratify the increase will be called
in a few days.
THE report of the Central system for the
quarter ending Sept 80 shows hat the bal
ance available last year for the parallel
quarter was 1.52 per cent. This year ii Is
stated to be 2.56 per cent. If the increase Is
sustained the amount available for divi-
dends will be in excess of 10 per cent. a
year. The increase in mileage over the
same quarter last year is given as 23 miles,
making a total of 2.S2S.04. The earnings
from operations during the quarter were
$14, 14. 1853. The net income was 81, 643, 737,
and the amount available for dividends 81,
II 5S9 2-0