The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-30
SALE OF MIDLAND.

CONCLUDED FROM FIRST PAGE)
place in charge of the roads affairs men
who will make it the equal OF any part of
the Big Four system. The first steps in
the reorganization have been taken. John
T. Dye. of indianapolis, has been made
president, his administration beginning to-
day with the abdication of authority by
order of the court OF Receiver Benjamin
Simpson, Judge Collver, of the Clay county
court, issued the order to-day. 1 can say
also that there will be no more legal bat
ties. The Chicago & Southeastern is out
of the courts for good and all suits now
pending will be arranged on a basis salts
factory to everybody. 1 represent many
creditors of the Chicago g. Southeastern
and the conference 1 had with President
Dye to-day insures their obtaining their
claims against the road. They are satisfied
with the arrangement 1 have made L am
not thoroughly familiar with the complete
details of the reorganization and l do not
think that President ingalls,, OF the Big
Four, and President Dye, of the Chicago
& Southeastern. are quite ready to make
them public. The ink is hardly dry on the
contract of sale and a railroad cannot be
bought and recognized with the same ex-
petition that horse trade can be arranged.
L know. however, that Joseph c Schan.
now general manager Of the Big -Four, VIII
take hold of the Chicago & Southeastern
and completely reit it, The road will be
rebuilt in places, it will be furnished new
rolling stock, passenger stations VIII be
erected and no expense spared to rescue 1t
from the evil conditions in which by
variety of unfortunate circumstances IL
had fallen"
JUDGE COFFEY PLEASED.
Judge Coffey, who is thoroughly familiar
with the affairs of the old Midland. ex-
pressed himself as pleased with the pur-
chase of the road by Big Four interests,
and declared that the new regime will GER
tainly be a benefit to Indiana. The Mid
land he said, running as IL does through
the heart of the coal country of Indiana
and passing through many of the impor-
tant live towns, should be one of the best
paying of the smaller roads. That ii has
not been such in the past is the result par
TALLY of the constant harassment % which
the Crawford management was subjected
by creditors and the lack of confidence
that existed. Now that the control has
passed into the hands of a gigantic cor
poration fully able financially 10 shoulder
burdens far more onerous than the debt of
the Chicago & Southeastern there is no
doubt that confidence in the road will he
restored and that it's business will increase.
The acquisition of the Midland by the
Big Four enables that system to tap the
great coal fields of Indiana by means
of line that runs practically straight
across the State. 1t gives the big
system a traffic feeder into important
and populous sections of the State that it
has never been able TO reach with salts
faction before. There is a belief existing
among railroad men that the purchase of
the Midland is a counter movement made
by the Big Four to meet the coup of the
Cincinnati, Hamilton & Dayton in buying
the Glover Leaf, which crosses Indiana
to the north of the Midland and taps about
the same territory. AS part of the Big
Four system the Midland will be a factor
in freight transportation of transcendent
importance.