The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1871-06-17
About Soothing Syrup.

va Republican about Soothing Syrup" has
done in bringing to light the modns operandi
by which the tewn of Ottawa aud other towns
and counties along the line of the Fox River
Valley railroad have been euchred out of
about half million of dollars worth of stock
IN that road, we are not surprised that he is
somewhat indignant at the apparent recon-
mendation of an editorial IN our last issue
that our people should make the best of it,
and keep on the right side of the Burlington
road as our safest reliance for receiving future
fair treatment and benefits from the road.
The editorial was written hastily on our re-
turn home after an absence of week and
when we had but few hours time to prepare
our editorials for last weeks issue, and was
based on the report of the committee mot hav-
ing had time to read the accompanying pa
pers,) from which we draw the inference that
the committee regarded our stock as irretric.
vably lost, and that they recommended no
further action to save their constituents from
what they seemed to regard as a pretty obvi-
Gus swindc or steal. If our stock was ire
trIevably lost, and our $l50,000 were to be
regarded simply in the light of bonus !; it
struck us that il gave us pretty strong claim
on the Burlington folks for good treatment,
at least, if they owed us nothing else ; yet we
did intimate that If the towns interested had
any legal redress, a point We are not lawyer
enough to decide, such redress ought to be
sought.
SO much for Mr.. L. and his Soothing
Syrup" Since our last issue, however, we
have read the committees report and the &C.
companying papers with SEINE care, and con-
fess that their study has gone largely to in.
spire us with some of Mr.. LIS indignation in
regard to the transactions which they disclose.
The history of the matter may be briefly sum.
marised thus:
Jan. 90, 1869, Q. Young enters into con.
tract with the O., o. & F. r. v. r. r. Co. to
build said road in good substantial man.
ner' from Streator to Geneva, for $4,000 per
mile, $4,000 to be paid in stock and 1000
in the bonds of the company. The stock
subscribed along the line of the road was 10
be taken out Of the stock, and in lieu of it Mr..
Young was to have the bonds, notes, &C., Civ
en- for stock subscribed by the towns, coun.
ties, or private individuals, so that the total
issue of stock was limited to $4,000 per mile
and no more, or 81 100, 900 in all.
Oct. 81, 1869, o. Young assigned this con.
tract to Cushman. Force & Plumb, who
thcnceiorth took Mr. Young's place as con-
tractors. ...t.. .. b,
July 1, 1870, Cushman, Force & Plumb,
finding themselves unable to raise the necessa-
~ means to build the road out Of the local
subscriptions and sale of stock and bonds of
the road, enter into a contract with Jas +. Joy,
President OF the Burlington road, by which
they agree to transfer all the stock of the road
Except about 100000 issued, or to be issued
to towns, individuals, &C., to said Joy, and
also to cause the Company to issue new first
mortgage bonds on the road, (the old bonds
to be taken up and cancelled,) to the amount
of $4,000 per mile, (the increase of $1,000
W
ably because the subscriptions along the road
fell short OF the $3.50 900 named in the Young
contract,) said Joy agreeing to negotiate said
bonds, chat is, the Burlington road agreeing
to take SAID bonds at soc. on the dollar. q,
does not appear that Mr.. Joy, or the Burling
ton road, agreed to pay anything for the stock.
In this WAY ('ushman Force az 20 pot ,Lop,
$4,000 a mile Of Mr.. JOY, adding to which
about 5000 from town bonds, &C., they got il
all about Sl9,00oa mile for building a road bee
and track for which the company was hello
for $33 600 per mile.
This extraordinary agreement with James
+. Joy contains some other remarkable pro
visions. Cushman, Force Il Co., in considera
ton OF the burlington road making these adj
vanccs and further engaging to stock and rur
the road, agree that, on its completion by SAFE
contractors, the Burlington shall have u per
petua lease of the road, lin other words, the,
shall own it, and in return for this property
which by this time has cost the Burlington
road about 81 COS, 900 ,nei advance to Cush
man. Force II Co., but which IN reality i,
worth at least S2,oouooo, ,,,,v are to n.uk,
these extraordinary peymrnt> n --eyv
4 ..::jMnsss, ::::..:Ss,
u Shs ss at 81 for Disease: Ct Hs
DIX. II. OLIN,
Chicago, uemsrly Of This plase) will visit Ottawa at CC