Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1877-02-17

thing for myself in the matter. as the
road had not a cent to pay even a salary
with. but for the interest of Lafayette
county, and keeping hat steadily IN
view | commenced negotiations with the
bondholders. and succeeded even better
than | had hoped for. ANY conclusion
on the part of the bondholders to secure
possession of the road would have been
entirely superiluous, as. being prIrl!"g-
ed to pay tor the Dad i'll their bonds,
other parties having to pay cash, 1t they
desired to buy the road, it cannot be
conceived that there could be any com
petition, as no one would pay nine hun
dred thousand dollars in money tor II,
| approached the bondholders III this
way | told them that the Dad was u
good one that it passed through u very
rich and productive country that IL
could earn more than its local traffic, rs
it WAS entitled 10 rs pro rata on All
through treightS that il might be leased
sdvantageously AS three railroads might
compete for it; that it WAS to their IN
tere.t to have the good will OF the PEG
pie who must %patronlZe ii; that IN other
words, it would be better for it to pass
through II friends than an enemy's
country, and ON these representations
| succeeded in getting them to agree TO
give to the ountIe one half the stock,
less a share or two to give them the con-
troll IN the board. as the management of
the road has been So bad that they We're
not willing to relinIuish tins. and 10
reduce the amount ot the first mortgage
10 seven hundred thousand dollars, and
reduce the interest for the first wear
To three pei cent. the second year TO
four per cent. and after that To six per
less with II mortgage of seventeen hun
drcd thousand dollars upon it, arranged
IN this way it should be worth soule-
thing and earn 4 dividend. beside paving
the interest on the bonds We have
now laid before II readers both sides
of this question, and DO not propose t"
make an argument here on either side.
We agree fully with MIR. Wiusor. that 1t
would be vorv detrimental to the inter
to 90 into any other hands than
those OF the Missouri Pacific: and
we are very friendly to the LeNing-
ton coal company, As it employs Il great
many honest. hard working men but the
bulldoZing course OF the Pacific railroa!
does not alarm us rs much rs il seems
TO do him, AS it is evidently done either
for the purpose Of chespening the road
that they may buy it At what the bond
holders Will be willing to take for IL in
cash. or to Sscur Il favorable lease by
showing that they are independent Of It
and can do without 1t. That the bond
holder, know its value is. of course, to
be taken for granted, and we are inc!in-
cd to think that the number of extra
trains which it was found necessary To run
upon it in the freight season, and which
We're mentioned in this paper. Will
render the people of the county a little
careful how they will reject the oppor-
tunity OF securing halt the stock in the
road. even through burdencd with =
mortgage. especially when they see no
shance Of taking i, out OF the contro! OF
the bondholders III any event, as with
honest management it might be made to
help pay the tax which created il.