The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-04


natl, Hamilton & Dayton line and OF the
Indiana, Decatur & Western, which In
cludes the river division. who has been In
this vicinity for two or three days inspect
ing the properties in which he is interested,
spent the greater part of yesterday In the
city. returning 10 Cincinnati in the even
ing. In the forenoon he visited the shops
Of the Indiana. Decatur & Western. and his
visit may lead to an enlargement of the
shops. Recently some new machinery has
been put in, and no better work is done
than at these shops. The after part Of the
day he spent In examining the new termi-
nal improvements of the Cincinnati, Ham
ilton & Dayton at indianapolis. which In
clude an extensive yard with lengthy bulk
tracks. convenient To the business part Of
the city, and the new freight depot.
Mr.. Woodford stated that the record Of
the Cincinnati, Hamilton & Dayton in 1899
was one of the best in volume of traffic
and in earnings in the history of the road,
and had the company had more cars the
earnings would have been even more salts
factory. At no time in the last ten months
of 1893 could the company furnish enough
cars to carry the business offered Coal
traffic. especially, was heavy beyond pre-
cedent, and passenger business was hand
somely in excess of 1893. The gross earn
ings Of 1899 will be about 100000 In excess
of those of 1885, which, he thought, was
a very good increase for a road OF the mile
age of the c., III. & d. During the year, he
said. the road was operated very econom-
ically and with great exemption from acct
dents
General Manager Waldo. of the c.. III. &c
D.. was with him on his trip. He takes ex-
ceptions to an interview published on
Wednesday morning In which IL was stated
that Mr.. Woodford was disappointed in the
earnings of the river division. which about
a year ago came into control of the In
To-, Ilnoa frrr p %
pany. He said he was agreeably disap-
pointed; that the earnings are highly salts
factory and the condition Of the property
much better than he expected to find. al
though he knew that considerable sums or
money had been spent the last few months
in improving the roadbed.
Shippers VIII Continue Their Fight.
Railroads belonging ITO the Eastern trunk
line pool have put in active operation the
new freight tariffs, involving an advance Of
20 TO Is per cent. In rates. Merchants Of
New York not discouraged by the refusal
of Attorney General Griggs to institute
injunction proceedings to prevent the in
PRODUCTION Of the new rates are determined
to continue their opposition. They will
first apply TO the railroads themselves and
try to get hearing before the classical
ton committee which drew up the higher
rates. They propose to show that the rates
will not only be serious discrimination
against small shippers. since the advance
on less than carload lots is greater rnan on
carload lots, but that the new tariff Is
likely to drive away business from New
York. Some of the trunk lines have re-
ceived complaints from business men in
the interior to the effect that IL the new
rates stand they will be compelled to
ship by Baltimore, Charleston, Newport
News, New Orleans. and other Southern
ports. since the narrow margin on which
they do business will not admit of any
profit whatever under the new tariH. If
no other plan works, 1t is understood the
shippers Will take steps against the rail-
roads on the ground that the new agre p
ment concerning rates is made by iroa-
clad pool. which is, in all respects, as muc.l
a violation Of the antitrust law as II 1t
were operating as an association.
Receivers for Chicago & Grand Trunk
A bill was filed yesterday in the United
States Circuit Court at Detroit by the
Mercantile Trust. of New York. as trus-
tee, to foreclose the senior mortgage on
the Chicago & Grand Trunk Railway Com
pany for the principal of the bonded debt
Of the company, s6O00,OOo which matured
Jan. /. E. w. Meddaugh and Henry B..
Joy. of this city. have been appointed re-
ceivers of the road. which extends from
Port Huron to Chicago. lie first mortgage
was made twenty years ago. A second
mortgage, also for s6,0O0.000, was placed on
the property two years later. A scheme of
liquidation and reorganization has been
submitted by the company to the bond
holders and majority of the bonds under
each mortgage have been deposited with
the trustees appointed for that purpose.
The Grand Trunk Railway of Canada is
a large shareholder and creditor and has
under its traffic agreement with the Chi
cago & Grand Trunk contributed TO pay
interest on the latter roads mortgaged in
debtedness. and in consideration of the
scaling down OF the interest and reduction
Of the principal of the second mortgage
has sign!hed it's willingness to enter into
agreements which practically guarantee
the interest on the proposed new bond
issue. 1t is believed that the duration Of
the receivership will not extend beyond
the necessary statutory period required for
the sale Of property under mortgage fore
closure.