The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-18
Has n Capital of $2.5OO,OOO, Which
May he Increased $500, 900 i'm Com
mon or Preferred.
TO BE BONDED FOR $s,o00,ooo
WELL-kNOWN BOSTON SYNDICATE
TAKES ALL THE ISSUE.
TOwnsend-Reed VIII Construct the
Line to Rushviile--Meaning
of the Deal.

The Indianapolis & Northwestern Trac-
porations of the State 1t was Incorporated
last February as the Indianapolis Labanon
& Frankfort Traction Company with SIS 900
capital stock. Yesterday it notified the
secretary OF state that its name had been
changed to the Indianapolis & Northwest
ern and that it's capital stock was increased
to s.. 100000 with the privilege of increasing
this to s3.OOO.OOO by additional common or
preferred stock.
The indianapolis & Northwestern will be
popularity known the Lebanon, Craw-
fordsville & Lafayette line. 1t is now un-
der construction between here and Frank
fort and is to be i'm operation to Frankfort
by July 1. The Charlottesville branch is
to be in service by Sept. /, and by Dec.
a citizen of Indianapolis will be able to
travel in a limited palace car from here to
Lafayette. Failure to establish service on
the dates named involves a heavy penalty
The Northwestern is another Townsend
Reed creation. 1t is financed by the Tuck
er, Anthony & Co. syndicate, of Boston,
that includes in it's resources the Hearst
millions. This syndicate combined twenty
two traction lines of Massachusetts, under
the name of the Massachusetts, Electrics
with a capital of $45OOo,OO0 and with S57
miles Of roadbed.
Yesterday the details of financing were
completed by the election of the following
as directors and officers of the new road: /:
George Townsend, Indianapolis, president;
Philip l.. Saltonstall, Boston, vice presi-
dent: Winthrop Smith. Boston. secretary;
Chauncey Edridge Boston, treasurer; W.
s. Reed, Indianapolis; S. r. Anthony,
Boston, and Thomas Pettigrew, Boston.
Mr. Pettigrew will reach here in few
days for permanent residence, and will be-
come resident engineer of the system.
BOND ISSUE OF ss,OOO,OoO
In connection with the reorganization of
the road there is bond issue of 5000 OOo
This entire issue was purchased by Tucker,
Anthony & Co., and is accompanied by a
large stock bonus. The bonds are thirty
year gold fives. and will not likely be sold
by the underwriters until the most favor
able opportunity exists The consumma-
ton of this contract is an important one
at the present time because of the strin-
gent money conditions of the Eastern mar
kets. which will undoubtedly affect many
| CORPORATIONS seeking financial aid at the
| present time
! All of those named as officers and direc-
/ tors were here yesterday, except Mr. Petit
4
/ work on the line and were enthusiastic
| about the future of indianapolis as an in
| terurban center. The Eastern men left for
| their homes last night.
| Townsend. Reed & Co, who built the
| Fort Wayne. & Southwestern. the ST Louis
| * Belville and the indianapolis q South
| eastern began work on the Lebanon line
| last April. They have franchises in every
! county, city and town through which the
road passes and have private right of way
| for the entire system. Probably the most
! important advantages the company pos
/ sesses are the traffic arrangements with
| the local companies of INDIANAPOLIS and
| LAFAYETTE each of which is now a matter
/ of contract. The announcement of the
Lafayette contract is important because
| many supposed that as Edward Hawkins
who is at the head of the Consolidated
Traction Company, which includes the In
| Murdock who owns the Lafayette lines
| were business associates. that the Murdocks
would lean to the consolidated company.
| NOW LAYING TRACK
The Townsend-Reed forces are now law
| ing track between Zionsville and Lebanon
| In this stretch there were cuts of twenty
| eight feet ard fills of thrty-fve feet. and
this work has been done first. Track is
now being laid at the rate of a mile a day
and the stretch from Zionsville to Lebanon
will be done by Jan. 1. Much of the track
laying and ballasting will be done before
| the spring weather.
The firm Is now building at Lebanon It's
| power house. The contract is in the hands
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