, 1859-05-05
THE ST. L0U1g, ALTON AND t:III-
CAGO RAILROAD AND ITS GRE.
6KNT STATUS.

1hN AAAA9Ns
The two Tor thrce) yeats' wa7 for the pos
session Of the St. Lcu}s, Alton and Chicago,
formerly the Chicago and Mississippi Railroad.
has terminated, 30 far as ANYTHING eau DC said
to have terr1dnated which has been buried
miles deep il chancery, sodded all over with
iniunctions aud cross bills, and fenced in by
thicket Of mortgages, liens, judgments, leases
salcs charters and strikes. On the l4th Of
March last Mr. John 7. Stuart Of Springfield,
on behalf Of Gov. Mattteson, entered into ne
eo.iations with Messrs J. c. B. Davis and
John Clcayeland, counsel for the first, second
and third mortgage bondholders, in New York
City, for the purpose Of settling the terms Of
a surrender of the road to the latter claimants
Tic negotiations were continued until the 7th
Of April when the terms Of the surrender were
agreed upon so Ctr US Mr.. Stuart was cmpow~
cred to act They were subsequently modified
III slight degree By Aatteson and the inod'-
lcations were accepted by tile bondholders Ill
the following resolution adopted at meeting
in New York u few dnys since:
>~o'rr Ttat the Attorneys far .he bond holder tein
shs, Ii. aoa!desioa i" .iv arce1acnt nar s.ua!t
accepted On the condition 'ta1 e % ptonp
auee'e5 y to CONF @ to Scx iore or .cai da aLoTze
for the purpose fc1ecutns thu requisite tsrunen's
aid cnnycyaucT-.
The terms Of the surrender as settled By
Mr.. Stuart and the bond~LoldcTs wero in sub
stance rs follows;
I. That Gov Matteson shall deliver to
committee Of ,linc bond-l1olders, three rcprc-
scntativcs Of each mortgage) actual possession
Of the road, with all its real: personal and mort
gagged property, and shall guarantee the said
committee against any interference or lctri-
mcnt Under Or by virtue Of the ''Slnuccr
Lease He will also transfer to the commit
tee all Of his own interest i'll the charter oi the
St. Louis, Alton l. Chicago Railroad, and will
endcavor to have the whole cl!arecr So trans
fcrrcd.
II. The committee do not assume or recog-
uizc in any way any agreements existing be-
tween the road or Gov. Il. and tho Joliet and
Chicago r. R. Co. Or Aessrs. Mitchell and
Buckmaster.
ILL., The bond-l4olders assume to pay the
arrearages due to the employees to the amount
OF Sl54 0oo-S25.0oo to Ike paid when the
road is placed in their hands, and the remain
der to tie satisfactorily secured Ia them out Of
the first net earnings. Cor. Matteson is to
pay all arrcarases accruins since Dec: !. 1858.
II. The hond-holdcrs agree to apply thc
next net earnings Of the road to the payment
Of Slsl, SOC CC. said to be due to Brown, Broth
ers To-, Clurk, Dodge & Co., the Ocean Bank,
y. T., John Anderson l. Co., st. Louis, and
tue Bank Of Bloomington. Ill, on account Of
said road, fon investigation the said liabilities
arc found to bc bona 1de.
Y. Tie fifth and sixth points provide for
the payment out Of the net earnings, Of
SGs,445GG due for wood, and Sll,55474 for
materials and supplies.
VII. The bond-holders agree to pay to Nat
teson tie balance claimed l,y him for advances
to tile road over and above the amounts re-
rciycd By him from the road-said amount to
he ascertalued by referees. aud not in any
event to exceed 100000.
These points constitute the basis Of the
contract shortly to he entered into between
Gov NJ and tile bondholdcrs. The latter agree
among themselves to apply tile earnings If the
road after disc!larging the above indebtedness.
to the payment Of the accrued interest on the
three classes Of bonds in the order Of their
precedence The first mortgage was made
October ], 1852, ihr the sum Of S2,00000o;
the second June !, 1853, for Sl.5oo.0oo: tile
third .Iarch l. 1854. for $l.0oo,ooo. The to-
tal amount Of accrued interest is about $780,