The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-30
No Expense VIII De Spared TO Make
IL the Equal of Any Other Part
of the System.
THE RECEIVER IS DISCHARGED
ALL THE MIDLAND's LEGAL ENTAN-
CLEMENTS WIPED OUT.
Sale of the Road Was Made in New
York Three Weeks Ago-A
Unique History.

4.
Cleveland. Cincinnati, Chicago & st. Louis
Railroad. and Judge S. B. Coffey, Of Brazil.
counsel for the creditors of the Chicago &
Southeastern Railroad. and also for Re-
ceiver Benjamin Simpson. of the Mid
lana" as the Chicago & Southeastern is
usually known, in a long conference yes
terday in the office of Mr.. Dye. arranged
to the satisfaction of all parties the final
details of the sale of the Midland to the
Big Four.
The conference between the two attorneys
marked the end of the old Midland road
as an entity in transportation and was the
last of a series of steps by which the re-
organization of the Chicago & Southeastern
Railroad as a part of the Big Four system
was accomplished. The conference between
the legal representatives of important in
terests accomplished five things Of public
interest.
II was decided to make public the news
of the sale of the Midland to the Big Four,
which was accomplished nearly three weeks
ago in New York city. Harry Crawford of
Chicago, for more than ten years sole
owner and president of the Midland, met
in New York by special appointment NJ. E
ingalls,, president of the Big Four system,
and accepted an offer made by the latter.
1T was decided at the conference, however,
20 keep secret the amount for which Mr..
angalIs secured control of the Midland.
THOROUGH REORGANIZATION.
The conference insured. secondly, the
thorough reorganization of the road. John
IT. Dye, of this city. under the new regime.
becomes president of the Chicago & South
eastern, the meeting Of the two big attor-
neys being the first appearance of Mr.. Dye
as chief executive of the Midland 1t made
certain, also, that Joseph c. Schaff. now
general m nager of the Big Four, will serve
in the same capacity for the Chicago &
Southeastern. Mr.. Schaff will al once take
hold OF the road with view TO its thorough
upbuilding and renovation. He will, it is
authoritatively stated, together with Mr..
Dye place the road on the same standard
of perfection as the other units of the Big
Four system. New trackage will be laid.
new rolling stock secured and every detail
of construction and operation perfected.
The statement is made also with author
ity that Mr.. Dye assumes the Office OF pres
ident OF the Midland at the express request
OF President NJ. Z. Ingalls, and that Mr..
road also at the particular desire of the Big
-Four magnate. ether details of the recr-
ganization of the Chicago & Southeastern
have not been completed. Mr. Dye has not
selected his staff, ii is understood, and
there remain a number Of other minor mat
tiers TO be settled.
The reorganization of the Midland does
not imply that II will be swallowed by
the Big Four. 1t will be operated as an en-
tirely separate factor in transportation,
with its own officers and its own policy, al
though TO all intsnts and purposes a part
OF the Big Four system. 1t will retain the
name of the Chicago q Southeastern The
finances for its rebuilding and extension
for IL is proposed TO extend the road both
ways-will come from the Big Four. the big
road exercising paternal watchfuIness and
care. The fact was brought out In the con-
ference that before the sale was arranged
by Mr.. Crawford and Mr.. Ingalls, the latter
had quietly acquired the holdings of many
OF the bOndholderes and creditors and was
In position TO dictate terms to Crawford
At the time the sale was made there was a
rumor that II had been accomplished. but IL
automatically denied both by Mr.
Crawford when he came West and by Mr.
ingalls,, whose answer to INQUIRIES was
more in the nature of an evasion than a
denial
ADJUSTMENT OF CLAIMS.
The third thing that the conference
brought about was the adjustment Of the
OF claims held against the Midland
by an army of creditors. Representing Re-
ceiver Simpson and the creditors. Judge
COffey reached an agreement with Presi-
dent Dye by which all creditors will re-
ceive their dues without further legal bat
ties The claims against the Midland were
gone over In detail and although the total
amount OF debts against the road was not
given out IL is known that Judge Cofrey
secured for Creditors in Brazil alone S26 coo
In taking over the road Mr.. ingalls, ar
ranged TO cover the accounts of the roads
creditors, and il is announced that all ar
rangements for clearing the Midland of
its membranes will be made without the
agency Of the courts. An effort was made
TO secure the policy OF liquidation agreed
upon. but that is kept close secret by the
new president and the attorney for the
creditors.
The fourth result OF the conference was
the dismissal OF the receiver. BENJAMIN
Simpson relinquished control of the Mid
land yesterday. Judge Cofrey. representing
the creditors ana President Dye secured
from Judge p. o. CoIliver. or the CLAY
County Circuit Court. an order recurring
simpson 10 surrender the affairs of the
road 10 President Dye. The order was is
sued yesterday afternoon. and simpson
notified the conferring parties that he had
ebeyed- Since the adjustment of claims