New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-29

the Central issued S1OO.OOO.OOO of gold bonds,
bearing 31a per cent interest. These bonds
were exchanged for stock at the ratio Of five
shares Of stock for one bond. or at 5000 share
for the stock.
While the Big Four has always been regarded
as nominally a Vanderbilt road, the real owner
ship of a majority of the stock until recently
has never actually been in Vanderbilt hands.
The stock has been exceptionally active of late.
and made substantial gains in value. 1t is de-
clared that Vanderbilt interests have been
heavy purchasers of it until now the actual con-
troll lies in the hands of New-York Central in
terests. J. Pierpont Morgan is a heavy holder
of Big Four stock. but he is interested in the
plan of merger. and his stock is credited as part
of the Vanderbilt combination.
GREAT IMPROVEMENT RECENTLY
There has been great Improvement recently in
the physical condition of the Big Four. 1t has
also entered upon a new era Of prosperity. Last
March dividends were resumed upon the
mon stock. One and One-half per cent were paid
for the six months ending December 81. 1899.
1t is indicated that at the October meeting the
dividend rate may be raised on the common TO
per cent. 1t has not paid per cent since
1890 In 1891 1892 and 1898 the dividend was
at the rate of 3 per cent on the common, and
then no dividends paid until last March.
when
is entitled to ) per cent. non-cumulative. It
has paid this dividend ever since 1890 with the
exception Of 1897, when the rate was 21a.
Just what the plan Of exchange will be Is not
known yet but it was said that it would be at
the rate of - for the common and 125 for the
preferred. The annual meeting of the company.
when it is believed the plan OF merger will be
placed before the directors of the Big Four,
takes place on the last Wednesday in October
Melville f. ingalls, is president Of the Big
Four system. Mr.. ingalls, president of the
Chesapeake and Ohio Railroad. but when the
PENNSYLVANIA New York Central combination
acquired that property Mr.. ingalls, retired 1t
was said at that time he would retire also from
the Big Four Mr. ingalls, personally ex-
pressed a desire at the time to get out, but was
prevailed upon to remain. He has not paid so
much attention to the operation of the road OF
late having been in Europe for great part of
the summer Since his return he has been here
in almost daily consultation with Mr.. Morgan
and Mr. Vanderbilt 1t was said Yesterday that
he was only waiting until plan Of merger could
be effected before resigning, and that his con-
ferences with Mr.. Morgan and Mr. Vanderbilt
were relative to this proposed consolidation
EXTENT OF THE SYSTEM.
The Cleveland Cincinnati. Chicago and st.
Louis Railway Company operates extensive
system of roads radating from Indianapolis
westward and northward to Chicago. Peoria.
Cairo. Ill; Benton Harbor, Mich. and st. Louis;
eastward to Cleveland, Sandusky, Columbus and
Cincinnati. and southwark to louisville. with
various branches. The total mileage Of the sys-
tenn at a recent date 223i. The company
has outstanding 27.9S7.S33 common stock and
S1O.000000 preferred stock. It's total bonded
obligations amount 10 S5I59S I2l.