The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1871-07-29

vered and drawn up twenty-feur hours
IUterward, more dead than alive
OUR RAIL ROAD.
lease of the Cincinnati, Richmond
yand Fort Wayne Railroad to the
iGrand Rapids and Indiana Railroad
Company.
FORT WAYNE, IND. July 2l.--A contract
RS been arranged, to which the two COM
rknies above named and the Cincinnati Ham,
Jon and Dayton Railroad Company, and the
onsylvania Company nov operating the
l1ttsburg, Fort Wayne and Chicago Ra ,road
arts the proposed parties, for the lease of the
Richmond road to the Grand Rapids and In.
d na Accompany, for ninety -nine years; the
Richmond road, when ironed, to be equipped
A. the joint expense of the Grand Rapids and
lhiiana, the Cincinnati, Hamilton and Dayton,
d the Pennsylvania Conpa MES, and ope-
rtted in their interests the net earnings of
tls operations of the road, after paying all
expenses Of operation, maintenance ana re-
sirs, to be paid to the Richmond Company,
OF used for its benefit, SO far as necessary for
the payment Of it's bend interest, ten per cent,
i'll crest per anuum, on the cost Of the equip
npnt furnished being reserved for the benefit
Of the three companies furnishing it.
is understood that this arrangement al.
ady has the sanction of tho Cincinnati
II milton and Dayton Company, ard Penn.
stlvania Company, and il was submitted to
)e stockholders Of the Grand Rapids and In
lana Company at their late meeting at Stur-
fIs, on the 10th inst, and approved by large
iI'jority of the stockholders. The effect Of
10 arrangement will be to make continu-
s through line between Cincinnati and Lit
Traverse Bay, via Richmond aud Fort
Wayne, . distance of nearly Eve hundred
les, with preference to the Cincinnati Ham.
on and Dayton Company to the Richmond,
IT Wayne and Grand Ripids route, for bust
IS TO all points on the line, with . corre-
onding preference in favor of the Cincinnati
smilton and Dayton Road to Cincinnati and
ii ,srmediste points. Another stipulation i.
1t these companies are to guarantee the in
rest on 100000 Of the bonds Of the Rich.
,nd road, to the extent of any deficiency q
earnings of the leased road to pay any
stallment of interest. The Richmond road
III being pushed to completion a. rapidly as
ISssible, and in . short time final papers will
dDubtlsss be sigued,-[Herald.
For the Palladium.
~ the President and Directors OF
Fit. Wayne Railroad Company.
DEAR EDIToR:-With your per-
lesion I will ask the gentlemen
,ntroling this undertaking that
as we'll nigh ruined US, ipdividu
Il ly and collectively, if it is their
Il tention to dispose of it in the
amer and form reported as above,
ithout consulting the Stockhold.
'fs9
Second. I would respectfully
biggest that while having twenty
We miles of road virtually paid
n. eight moro miles in process OIL
completion, our city can control i,
II her interest with the connec.
lions it has, and it could be extend
Id at q future time without sacri
icing our means, and giving or
(ss management to q great monop:
lily, which will, in the nature O
things, pervert the object and pur
pose We had in view, when our late
hxtravagant contributions wer,
made.
Third. The short time which
this road has been running ha
demonstrated that, with the com
petition afforded, VIC are realizing
some benefits that would in tim
reconcile the advantage taken b.
the Company of q tax-levy, whic
was not generally known to on
people and voted mainly by non
tax payers.
Again, the provision made b
tho proposed contract as publish
ed, requires the issue of q large
amount of bonds than was requi
ed on the whole line, and the al
plication Of the receipts Of Il
Road to the payment Of intere
} before any money is paid by Il
! indorsing parties. Yet they u
permitted to manage and run Il
Road by ignoring the condition
: on which subscriptions were mad
! Now, my impression is, that &
/. Tax, when paid, will so far relic
i the Road OF any debt that can pc
8 sibly trammel or disturb US,
would be better TO hold on to