Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1872-03-21
P. K. & P. r. r. Co.

this week, by permission lay before our readers ex.
tracts of recent litter from S. 7. Hanna, ESQ. of
Fort Wayne, TO gentleman in Illinois, the
| present difficulties, which throws light upon the
other side eff the question: and also copy of a let
| ter from John G. Cushman, Esq, oJames McGrew,
which not only explains itself. but gives a GEAR
marathon Of the recent attempt of the President and
/ his party, to get possession of the books of the
company and remove them from here to KankaLee.
Extract from letter of Samuel T. Hanna, ESQ:
| FT. WAYNE IND, March 9th, II.
EUGENE r. STEVENS, ESQ. Dwight, Ill.
Dear Sir:-Yours of the 9Th inst, asking for in
formation in regard b the present quarrel between
the Stockholders and management of the P. &
T. h t. Co.. is received.
There are many others better posted than myself
upon the merits of the controversy but you having
applied to me for information, give you the
During the asst summer absent most of the
time and paid bat little attention to the road I
learned IN a general way that work was progress
sing favorably. and supposed all was going we'll
/ During the season Mr.. Boyles the company's land
| appraiser, wrote me requesting to make anotb-
er large subscription of lands and Offering rea-
| son that the compay were somewhat IN debt, and
had not got sufficient means to complete the road
bed IN illinois, and cash subscrip ton being out of
1 the question, they anxious TO obtain all the
lands they could, which as basis of credit they
could borrow the means to complete the road bed
At first declined; but he kept writing me on the
subject until began to give the matter some con-
| sideration.
| 1t then occurred to me that I had already got
large amount in the road that I'm ess the road bed
was completed, must lose what had in IT, and to
avoid that had better venture Consequent-
| ~ subscribed lands in Ohio and Indiana, to the
amount of about $4,000 more, at about S25
| per acre. Now, right here wish to dwell mo-
ment- My motives have been questioned in making
TINS subscription have been charged with per-
petfating swindle, ard attempt TO get control
OF the road Allow me to to say that getting con
troll OF the road had not entered my mind for one
| moment.
No one who knows me would believe that would
make an effort to get control Oh company in the
condition of this, when the manageme nt of those
lar more desirable has been declined.
il stead of seeking for more business, l have
sought relief from cares already upon me The
subscription made by me, foI myself aud 9TH
ers whom represent, in the best of faith for the
sole purpose of helping the road onto it's feet and
the land was put in at a fair price
Fifteen years ago, he same lands were put into
the Pittsburgh Fort Wayne Chicago Rail Road
Co., at an average price of about dollars per acre
on cash valuation. Taxes have since been paid
upon them, and who say with truth. that with
in fifteen years, lands have not advanced hun
dred and fifty per cent. The lands not what
are generally termed swamp lands, By any cans;
but are valuable lands. much of them being heavily
timbered. Now l fail TO whore tie company
have been swindled, any injustice done to any
one, except it be myself my clients
The lands form valuable basis which to Dor
row the moneyto complete the road. 1t was by
the same means that the Pittsburgh. Fort WAYNE
Chicago Rail Road was built, with which my
father was so long connected; and by this means
alone this line be completed.
-FOUR Chlet Engineer nled a report at the late
meeting of the Directors at Chicago, in which he
estimates the amount required to complete the road
bed in Illinois, at S439,544, 90. l ask you where
you going to meet thai deficiency without more
subscriptions, and liberal ones at that.
But l go back Soon after ] made my last sub
scrptlon, l made some enquiries in regard to the
affairs of the company, and was most disagreeably
surprised at the result found detailed contract
had recently heen closed with Mr.. Barnes by the
President lin which many radical changes had been
made not originally contemplated One of the
INN e forta
Bond TO be issued besides the first gage bonds
the interest on which must be proyiGed for ahead
OF stock, and which IN effect, wipes The stock
entirely 1t was an unnecessary provision, b-caHs
the equipment had been otherwise provided .or;
but il is a cunnis.. device of which few shl eWd
operators will al Ill Themselves, and through which
they Will ABSORB all the net earnings Of the road
leaving Stockholders at TIER mercy.
This alone is sufficient TO justify the stockholders
IN dlsmlssing management. who would thus
rifce their interest l have not only gone into the
company in good faith on assurance that TO ok hold
ers should be protected but have induced Others
to do likewise; and here is contract that robs
Of every cent invested. The citizens of towns and
counties VIII have voted aid, may look at this in
different light. not placing much weight upon the
valGe of stock; but individuals who invest thoir
Means, it is a matter Of great importance and
there is no reason why, with the proper manage
ment, this line shonld not have been Paving one
ior tockhoiaers. Instead of being sacrificed the
selfish purpose Of few; but worse than ALI the
ffesiueht himself does NOT hesitate to that
sfncs Is not worth Ave cents dollar TINS ac-
nowledging the results of his Inisman agemeut
And IN face Of the fact thai to complete the Rad.
We nnst ash for more subscriptions. With what
kind OF face he go ont aud solicit thern7
But on investigation found the company in debt.
its bonds hypothecated here and there over the !
country, an expensive and reckless man ayaD,.n,
who were not governed by rules of business or
common integrity. ! found matters in greaf coo
fusion generally aud became nced that to save
IN company. change necessary. CHARGES NJ
gross corruption have been freely made against Mr..
MeGrew, and some of them to his face Al the iats
Directors meeting; hut with those do nor propose
TO NEEDLE. His acknowledgement "a su firi.nt
ground, IN my mind, Tor change. de was private
~ requested to resign, and thereby save the pub-
llelty and disgrace of dismissal. But this he de.
clhed He was willing to permit any arrangement
10 De made, regardless of the paDys interest so
that be was lett the head the COMPANY; bu he
refused to surrender the position he has so en been
abusing Therefore believing the salvation of the
road depended upon his removal, meeting of the
stockholders has been called to remove him and
such Directors as sustain him. l not seeking
Tor position, or fer anything but the general inter-
ests OF the Stockholders. The interests of the
Stockholders in this matter are mutual, and they
ought TO all work together, what is for the good
OF one is for all. l have local interest on the
line but look only for the general good in which
OF course am selfish, as whatever tends to benefit
! the whole road benefits me.
When the Directors met at Chicago under the in.
huenoe of Mr. McGTew, and their preiudices caused
by his Misrepresentation regarding nv land sinh
scriptioH, they took foolish and hasty course
which, L think, some OF them will live to resent
Ahcy ielnofeu MT NtSuma1, secretary al
General Agent, who had been most faithful and
efficient officer, and wise responsible for INV
subscription, having only issued the stock in ex.
change, as it was his duty to do and under protest
at that, he being opposed to receiving it,
They also removed Mr.. Boyles as Land Apprais
er. who had also worked hard and faithfully for
the company. Removed, attempted to- the Sec,
retary's office from Plymouth to Kankakee and
then passed resolution issue S175 of stock to
Mr.. Barnes, TO be voted at the coming stockhoId,
ers meeIilg, in face OF the fact that Mr. Barnes
has not expended one cent on his contract as vet
and has not filed any bond security that he will
fulfil it. Yet these Gentlemen voted him the stock
and attempted to have it issued when the courts of
Indiana interfered bv issuing Injunction res |
straining the stock from being iss led the removal
of the books and records OF the cempany Iom lIiy.
mouth, the new contracts, or the carving out Of
the Barnes contract, until the Sth of April " zen
the court will investigate the affairs OF the com.
pany.
Is we stand to>day under an Injunction frsm
the courts TO prevent the contamination of frand
with empty Treasury, road bed uncom, I
pleted requiring, in the opinion of the Chief En-
gineer halt million dollars to complete il
without foot of trick laid, os0nlg one pound Of
iron, MIR. Mcli1ews assurances to the contrary NOT
outstanding, with our credit impaired our prom- |
Uses broken, our company in debt, and our Presi-
dent seeking 10 rain If he rstIe ousr u.s.
So the situation dattering one /? Does il indi |
cate good management? Can succeed by GOING
in such leadership? LII 90, then keep Mr. Mc1,rew
and his friends in power. But if you desire to save
the company from total ban kruptcy and ruin anv
good railroad man, or business mrn, will tell Won
there mnst be change of management.
do not desire TO injure Mr.. McGrew or any one
aIaa 4 hoya lxrift fbfaSa A.