The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1872-05-11

fs@ e--- -
IL -T-T7TJ TT - Is ri
o." lgsa 81 s. 9...y..s.s e,.., !,
vif~--,
8w WheleNaaber, a
nei4S. 7's as De
= = - nsusu6u.n i
and perhaps some others and
were going to have ell the freight
drayed to and from sAis city and
Fort Wayne, TO the respectiy . de-
pots; they we're going 70 carry
freight 50 cheap that shippers ana
others could afford to pay the
drayage; and then make ,nsnsy %
They we're going ito make the
stock in this road worth ITO per
cent. premium, and the bonds Of
the company worth $50 per cent.
premium. Th<g were going to psy
the stockholders 10 per cent. di-s :
vidends every 90 days; they were
going to build q switch across the
river, on an iron bridge, at the
lanyard; thence down WashinR-
ton street to the new Court House,
to run trains each way every fIve
minutes. They we're going 70 pay
OF the city debt. bnild water works.
and street railroads. In fact this
..railroad ring'' was going TO
eclipse all the coup d ssass OF Jay
Could snd the late Jim Fisk.#s sls
Much is being said about the
deprcci Ation Of the old stock. Now
let us look at this. The Law of
Indiana requires th, township As
SCISSOR to furnish each taxpayer
with . blank list to be filled up by
him. No. IL on said list requires
the owners of all stock, including
railroad stock, to put it down at
its cash value. Now venture the
sssersion, without fear Of CONTRA
diction, that there is not q .etock-
holder of the c. r. & Fl. Wayne
r. R. Co who has filled out his
tax list, that has not Only stated
that this stock was not worth any
thing, but has absolutely swors or
affirmed to the samo. You may
examine the lists for years. even
including 1871, when eve had a
railroad all of our own without
ballast. station -house or shops all
finished, and out Of debt, and
plenty OF money to pay all debts.
buy rolling stock, build shops, and
pay dividends" Does any person
believe that the stock is worth
either more Or less now than il
has been for years past
Mr.. !. X Edgerton. of Fl. Wayne,
formerly the President Of the
Grand Rapids 4 Indiana railroad
seems to be . member OF tho Rail-
road Ring recently formed here
and takes a lively :ntercst in ths
affairs Of our road, for . gentle
man who is not stockholtler il
our company. He seems to sym
pathize with our company, and de
plores It's condition lover the left J
thinks eve have been swindiet
and badly gohbled up" Now le
> US see which has been the wors
'gobbled up the Grand Rapids 4
Indiana r R Co. or our own.
The Grand Rapids 4 Indiana I
: r Co had capital Of stock sub
scription of 81 900. 900 and Iant
G grant of $4,000 900, making
total capital of $13, ,OOO, 600; q larg
portion of these lands aboundin,
in the finest pine timber in Americs
; others containing plaster paris de
> posi.s. When.in 1867, he contract
/. ed with the Contincr sal Improve
= ment Company to bu,ld his road
9 about 200 miles in length, he CAV
: them all these lands he says wort
: 812 200. 900 and 8l,000,000 q
g stock, and the use oil the .oad fo
= five years, { it might as we'll hav
8 been fifty years The stock nus
9 have been bogus stock,' for it ws
g the same kind our company issue
. to our contractors, which he says
bogus Now reduce tho stoc
y issued to. their contractors to on
= dollar per share, say $50, ,000.0
, and land grant ct cash Ya!u
o 812.000,000 90, making total CO,
y 0l2. .O2O. 900 divided by 200 make
:, his rosd cost $50, ,000, 90 per mil
. exclusive of its o,igional stock.
g To End the cost Of our road 90
e cash value OF amount turned ov,
e to our contractors and amount pai
'e BY him.
+ To which add the
p amt previously paid
- on the roaf, say -. S45O, ,OOO, {
i s1.S6S $50
which amount doubled by q
nt length of our road, 90 miies, IN ak
,e a cost Of S20.3l2 per mile, on
st about one third az much per mi
8. as his road cost.
o. Much has been salt about d
sudden termination of the ele
Al tion on the Oath ult. The raiiro.
"a "a ring had the legal right to pr
. cure the restraining order pr
ec vided they complied with the !.
., in fling the sequired affidavit q
bond. There beirg . majority
interest Of the sock OF the comp
Q, ny present, they had the same i