The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-17
The Bond Issue VIII Garry with Id
RecapitalizatiOn of the
Company.
PHILADELPHIA INVESTORS HERE
THE LINE AND ITS TER
RITORY YESTERDAY.
Extension to Columbus Will Be in
Operation About June 1.-The
Roads History.

A number of Pennsylvania capitalists,
travelling in private car. visited lndianap-
oils yesterday and inspected the line Of the
Indianapolis, Franklin & Columbus Trac-
ton Company. The party was concluding
tour OF cities where they expect to make
interurban traction investments and in
which they are already financially inter-
ested. The party left Philadelphia last
Thursday and has inspected properties at
Detroit. Grand Rapids and Chicago. con-
cluding it's trip with the Greenwood line.
operating between this city and Columbus.
The party was organized by Chandler Bros.
& Co., of Philadelphia, who have under
written a proposed issue of bonds by the
Greenwood company.
The party was in charge of j. Clark
Moore, jr., of Philadelphia, and included
]. II. Andrews, of New York; j. Blair Mac
Afee, of Philadelphia; Mr.. Lilly. of Phila-
delphia; Mr.. Chapman, of New York; Mr..
Zuck of Lancaster, Pa; Mr.. Rick. of Read
ing, Pa, and Mr.. Alliston, of Scranton.
They are all heads of large corporations,
but are not associated with the Widener-
Elkins syndicate, which owns the Indianap-
oils company and the Union Traction Com
pany. They were received here by w. G.
Irwin president. and Hugh Th. Miller, sec
retary of the Greenwood line. and were
taken over the property in special car,
on their return being entertained at the
Columbia Club. The visit, from express
sions by members of the party, was satis-
factory.
The Greenwood line will. early in the
coming year, effect complete reorganiza-
ton of its financial status. The present
capital stock s2S5, ,OOO will be increased,
but the extent of the recapitalization is
not announced. The immediate interest of
the visiting party was in the physical con-
dition of the road, it's tributary territory
and its economy of operation. This inter-
est came because the party is expected 10
invest in the first mortgage bonds which
will accompany the recapitalization. This
will be an authorized issue of $1,000,000 5
per cent gold bonds. which were provided
for by the action of the directors of the
company last June, at which time the un-
derwriting contract was made with Chand-
Ter Bros. & Co. 1t is not announced at
what price these bonds will be offered on
the market or whether the syndicate will
take the whole issue and pool Ii during
certain term.
TO COLUMBUS IN JUNE.
The Greenwood line is the second inter-
urban line that was begun in the city. 1t
has been in operation nearly four years.
Its original destination was Franklin and
service TO that point has been given for
over two years. Last summer an extension
of the line to Columbus was decided upon
and work Immediately begun. The road
bed is completed almost TO Columbus and
early in the spring the construction of the
tracks with seventy-pound rails will begin
1t is expected that through service to CO.
lumbus will begin about June / and with
IL the plans of the company for the present
will be complete.
The Greenwood line is now building and
equipping at Edinburg. which is about mid
way between Franklin and Columbus,
central power station of 900 horse power
capacity which is to operate the entire
system.
When in operation between Indianapolis
and Columbus the road will have forty
miles of track entirely over private right
of way and will use for its traffic sixteen
cars.
The policy of the owners of the Green
wood line has been 10 build the road out OF
their private capital and provide for its
completion before fixing any debt upon IL.
IL Is for this reason that the capitalization
has been kept at minimum. The business
OF the company has shown a constant in
crease from the time the road was first
opened as far as Greenwood and while the
present net earnings are not made public