The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-16
TRACTION DEAL CLOSED
INDIANAPOLIS, sHELBYVILLE &
SOUTHEASTERN STOCK SOLD.
DIR. II. c. Light and Fletcher Hines
Talk of Their Plans-Chicago, In
diana & Michigan Company.

The indianapolis. Shelbyville & South
eastern Traction Company will this morn
ing pass into the ownership and control Of
DIR. r. c. Light and Fletcher S. Hines. both
Of Indianapolis. Negotiations for the sale
of the road to the new purchasers have
been conducted in a quiet manner for sew
eral weeks, w. N. Harding acting for the
former owners. and the deal was COM
pleted last evening. The transfer will be
made this morning.
DR.. Light and Mr.. Hines recently secured
four and one-half of the sixteen interests
representing the stock of the company, and
it has required two weeks to secure the
consent of the other stockholders to a sale
of their holdings. DR.. Light and Mr.. Hines
have purchased the entire stock, and are
equal owners of the road.
Mr.. Harding gave out the information of
the sale last night. and DR.. Light con-
firmed It, In speaking of the sale Mr..
Harding said:
1.-The stock of the Indianapolis, Shelby
vile & Southeastern Traction Company
was to-day sold to DR.. Light and Mr.. Hines
for between 90 and 10 cents on the dollar
they paid in the neighborhod of 100000 for
the stock. The sale price was nearer 20
cents on the dollar tndn ~, and the former
owners of the stock will receive about 81
for every dollar they put into the company.
THE company was organized about three
years ago. those interested in the forma-
, ton of the company being Alfred r. Ho-
vey, Charles NJ. Miller and myself, of In
dianapolis. and Edward K. Adams. j. NJ
Messick. Edward Goodrich and Bert De-
prez of Shelbyville. The capitalization of
the company is 100000 divided into sixteen
interests. The company was bonded for
100000, and the bonds are still outstanding.
he oil ofnn Ill nl1 fia1 NTH
the price they secured for their holdings"
LENGTH OF THE LINE.
The Indianapolis, Shelbyville & South
eastern line at present runs between In
dianapolis and Shelbyville, a distance OF
twenty-seven miles. 1t was opened fol-
traffic on Sept. IL, 1902, work on it having
been begun in the fall of 1901. Mr.. Harding
said he understood the new owners would
extend the line to Greensburg this summer
and later to Cincinnati.
DIR. Light, in confirming the sale last
night, said he did not care to give the
exact price of the stock, but corroboratec
the figures given by Mr.. Harding.
Surveys have already been made for ar
extension of the line to Greensburg, dis
lance of eighteen miles, and we expect &c
have cars running to Greensburg by next
fall said DR.. Light. There will be nc
time lost in rushing the work on the line
We expect to begin operations before long
on a further extension of the road from
Greensburg TO Cincinnati, and IL is oul
present purpose to have a through line
from Indianapolis to Cincinnati in opera.
ton by fall of 1904 or by the first of 1885,
Mr.. Hines was out of the city yesterday
but will return this morning: DR.. Light
said he and Mr.. Hines will hold meeting
this morning, after the transfer of stock i:
recorded. when the plan of reorganization
will be considered.
'Of course, it will be necessary to reor.
ganize. to include other gentlemen &c
constitute a board of directors, but they
will be nothing but 'figureheads,' as Mr.
Hines and / own the entire stock. 1t has
not been determined who will be included
in the new directorate, or who the officers
will be-