Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-04
RAILROAD.
Seizure Of R,IIraad for Taxsa.

Seizure OF Rlilread for Taxes.
ST.. LOUIS, August 3.-The person
al property OF the Iron Mountain rail-
road was seized by County Oollec-
tor Mcguire for the nonpayment of
taxes, consisting of thirteen locomo-
tives, two passenger and one baggage
car. It will be sCld Tuesday, August
18th, to satisfy demand of $33, 900. A
similar action in relation to the Mis-
souri, and Pacific road Is delayed until
the return to tho city Of President
Brown.
Important Railroad Suit.
CINCINNATI, August 3.-On the
first of July, the Little Miama rail-
road, now under the management of
the Pennsylvania Central, changed
the system of Communication to subur-
ban residences, from quarterly COM
mutation tickets to monthly tickets,
emitting holders to specify the mum.
ber of rides, the ticket providing that
it could not be used save during the
month. Last evening, General Thos.
Powell presented a July ticket con-
tanning the number OF rides unused,
claiming that they were yet good and
declining to pay additionally. He
was put of two trains that he board
ed. o-day he commenced a suit for
go, 900 damages, beside actions of as
sault and battery against the conduc-
tors and brakesDlen. This suit will
bring up an important legal question
to railroads.
Railroad Suit.
ST. LOUIS, August IA petition
for an injunction was filed in the
United States Circuit Court to-day by
the Board of County Commissioners
of Montgomery county, Kansas, to
restrain Howard NJ. Holden from
transferring or dispOsing of 5000, 900 in
bonds of the LeaVenwOrth, Lawrence
and Galveston railroad. The petition
states that the vote OF Montgomery
county, under which these bonds
were issued, was Illegal, and that the
conditions agreed to by the railroad
company were not complied with. 1t
is further stated that the road is under
heavy mortgage, and its solvency
was doubtful. An Injunction has been
granted in Kansas and the same is
asked for here, ss several officers of
the road are residents of this State,
and an order prayed for placing the
bonds in the hands of the court and
allowing them to be cancelled.
cOnso idation.
CINCINNATI, August 3.-The Off
GERS OF the Cincinnati, Hamilton,
Dayton and Indianapolis Junction
railroad, have, with the concurrence
of their respective boards. concluded
a contract, which, when ratified by
the stockholders, viii give the Gin
cinnati, Hamilton and Dayton road
complete control over the other road,
ninety miles in length, TO Indianap-
oils Junction. The road equipment
is estimated at $500, 900, which is in
numbered by firss mortgage of $780,
600; 500, 900 second mortgage; $780,
600, third mortgage; yet to be issued,
$500 600; has about 81, 900, 900 floating
debt, and has issued over one million
dollars of preferred stock. The contract
provides that the junction road shall
transfer to G. II. d ID. as the absolute
owner of a majority of its common
stock, and five hundred thousand dol.
lars of the preferred stock, thus giving
the latter road the central of Organi-
ganzation and property, and
enabling it to operate the junction
road in connection with the owner.
The G. II. and d. road advances its
notes for $500, 900, payable in equal
yearly instalmenti, the last falling
due in five years, bearing seven per
cent interest, as a loan, with which
assistance the function company
will be able to retire and extin-
guish its entire 1oating debt be-
fore the contract takes effect;
this loan to be repaid, principal ard
interest, from the ruad's net earnings,
after payment of interest on first and
second mortgage bonds of the entire
issue; the third mortgage bonds to
pass into the custody of the G. II.
& d. as collateral security. Cou-
pOns on six hundred thousand dol.
lars of second mortgage bonds, up
to and including September 1st,
1874, are to be cancelled, so that until
March /, 1875, no payments on the &C
count or interest on the bonds will
have to be made beyond S96, 900 year
ly. The Cincinnati, Hamilton and
Dayton railroad in no way assumes
any liability of the Junction road nor
guarantees the payments of any of its
obligations, principal or interest.
This arrangement t:Onsumated gives
another continuous line from Oncin-
natl to Indianapolis:
About two hundred persons left to-
night over the Erie road for the
Turner meeting In New York. Part
being from Louisville. Five hundred
tickets have been sold here for this Oc-
casion.
This morning, the first fast through
freight, from Baltimore to st. Louis,
went over the Baltimore, Ohio, Mari
eta, Cincinnati and Ohio and Missis-
sippi roads, and, reaching here, pro-
ceeded hence to st. Louis. Time to
st. Louis, eighty.fOur hours.