, 1874-01-10
Conference Between MIR. Newell md
q Council Committee.
Tho Railroads Are Willing to Pay$So0,00o
and Take aQuit"Claim Decd from
tho City.
They Will Not Pay Any More, and Will
Not Pay ANY Interest.
No Definite Conclusion Arrived ut.

Tho Council Committee on Whnrvea nnd Public
Grounds held nlocting In tue City Clcrka office yer
erlay afternoon. Aid. Cannon in tho chair. There
were prcsent AID 7. H. Bailey, Jonas, end Moorc Of
tho Committee, Aid. Pickering and President Newell,
of tho 1lino1s Central Railroad. They took up thu
resolution Of All Pickering III regard to investigating
tile matter Of selling the ukefront property between
Randolph md Monroe strccts to tho Railroad Oompa-
nicB.
rhe Chairman was asked what was to 10 dono
with It.
Aid. Moore supposed, the matter lad bocn before
tho Council and tho Legislature IL would DO best to
lear from Tho railroad representative whether the
Companies proposed TO comply with tho contract first
mudo, or submit new proposition.
Tie Chairman remarked that hc had written letters
to tho different railroads Interested. asking one os
their officers to 10 prosent and givo the Committee
formation. As they 1ycre Interested, he thought II
well to ask thcm to CONC.
hlr. Newell said that Mr. Walkor. who Represented
the Michigan Central and tho Burlington s. Quincy
Companies was out Of town, mud be presumed thae
wolu 10 no ono present to: represent thone Comsa-
Aid. Moore inquired If, As far us tic Companies
rights wero concerned, they prepared to cunpy
with tho original contract entered Into several ycars
Mr.. Newell desired to know If tho Lake Front act
Waa referred to, under which certain price Axc
Aid. Moore said shnt was what Ac 1k,ant.
THE RAILROADS READY TO PAY.
MIR. Newell stated that tho Illinois Central ready
to ray for tho land tho amount prescribed by the set
That ho had bceu advised by Mr. Walker TINT tic ottor
s20oooo having already been pai Tho exaet terms Of
payment for tho Chicago. burlington Il Quincy aud
Thy Michigan souhoru lie was not prc1arol to state.
The Illinois Central was ready to 1ay the balancs u
tho city would execute qult.caii deed mud wl,ll-
draw tho injunction and aui.a instigated aguias tho
hese conious were Complied viii, io undersaed uts
the t%9 &c c0ms% eTs IT, rea t. y y wh
to make tho payments in thu way prescribed BY ths
ac III three st3 'nd niue mo1tn1 ssen IN n caA
Aid. Jonas asked If tho Companies would be wlnc
to pay moro than *aooooo II tic property was wor!h
SIr Newell replied that they won1t not pay norc, Al
that was all they considered II worth.
AID. Jonas remarked that If that was the real ytuc
Of tne and lo was willing to let tho railroads ha9o It
Mr Newell said that, at tho simo Q. tho fire, ssocom
it regarded reasonable valuation md ut this
Time he did not think It was worth more.
Aa ss s9 9s 0r m Whit 70 Ggrsa
liz. Ncwoll thought not.
AID. Bailey wanted to know II he did not thin, tue
land was worth more now than when tile act VI.
h1r. Newell thought IT WAS worth great deal mort
money aa ~ Interval Of hTo years had elapsed, and
coua ny fos H. abN 40 per cert fG
But he considered taking tho value Of other proert,
| much now as It waR then TINT property tier,
sh5snn ~ ,ss ~ not worth rs much by
Ald 1onns desired to Know il tho Companies wor.
% r sns 5y s toy SsS aw.ys been re,a,
to make tho payment III accordance with the ac bus
the inj9nctlon interviewed and prevented. andttoy
:Sss ssfa xss Psssa ~ as;
sexe III 'sgea zig noR sy it, T was e
question which the corporation2c could ans.sor
ses nds no &c % Il
a hkerng M 4 a. t2t It, Interest y e could M MT s
$C0o,G co.,
Tho Chairman askcd:how soon tho Companies would
Ar. Newell could not say positively, but would an
swerin genera! W. The pressn; assseer st:tion
o 'tas ns M ss So
force them within resy reasonable time after they got
possession, to build depot. There wero other lea
t1reB. Applications had been made by Eastern lines
which desired to enter the city Ut the 1nois Ceral
trucks uud occupy tho depot Jointly. Ao had rail- to
repery le Would bo ready 70 uEs fs s ~
with them for joining with tho three companies III the
%ou 10 aboa 90 fest u l Ia and sp p os eag
o1nEn zISEs coMtSu ~.
Aid. Pickering asked # tho companies now had suf-
ncient g:0uuds TO hrlld ! union depot.
AIR. Newell replied that they hid no available
grounds for rasaenger;staton- than enough
Atlantic l. Great westcrn Companies Ind 1.ade
application to bccont jout ownors ~ the property.
A kera$ wasa to those w9 }
Mr Nowcl could not say, au he did not know what
WIS willing to accept them joint and
pa,ts. md give them leage Of right Of way to a
proac tho depot on tho Illinois Centrul tracks, The
t;rand Trunk tad expressed desire to H..
The peninsular Road nade application two years ago,
hut had said nothing s}ucc.
THE LaKE-yKoST ACT YET OPERATIVE.
TAc Chuirllan asked, IN case the Council did not