Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1880-03-29
ASTOUNDING DEVELOPMENTS.
The Lease Of the S. c. & o. Railroad
Procured through Fraud and
frickery.

HrEELMFAES IA.
frickery.
1. Blair In Yanktea Unear,hing
tho Fraud.
On Saturday evening, Mr.. John 1. Blair,
railroad magnate, reached Yank,on from
New Jersey, the obiec. Of his visit being to
investigate the me,hqk by which he has been
Of bis majority ownership in the s.
c. & Dakota railroad, and that thoroughfare
transferred to the Chicago, Milwaukee 4 St.
Paul company. Mr.. Blair first learned Of
the transaction last Monday, from reading
associated press dispatch in a New York
paper. Mr.. Wicker had previously notified
him that q meeting of the directors of the
road had been ordered for the purpose Of ar.
ranging for the payment Of taxes, but made
no alluSon whatever to the momentous bus
iness which was transacted when the meeting
was held. MI. Blair claims that the action
of the directors in disposing Of the road to
the Milwaukee company, wa the result of a
conspiracy TO defraud him of his rights. As
viewed by him the whole affair is shrouded
with dishonesty. 1t seems to have been the
result. Of a conspiracy, aud all the details
leading to the event give color to Mr.. Blsir's
claims and place the several conspirators IN
a very questionable attitude. Following, we
give the action Of a meeting held here Sat-
urday evening, which fully and clearly ex-
plains itself. Further developments of Mr..
Blair's plans will be awaited with interest:
At a meeting of the board of the Sioux
City and Dakota railroad company called
at the reques, Of stock holders holding a
majority Of the stock of the said company,
and held at the Office Of the said company
ut Yankton, Dakota on Saturday evening,
March the twenty seventh A. d. 1880 at
seven O'Clock r. NJ. at which meeting were
present John l. Blair, of B%lairstcwp, New
Jersey, aud Walter G. Larned of Chicago, Hi
nols, all directors and stockholders of said
company, the following proceedings were
had and resolutions unanimously adopted
On motion it was resolved to adjourn TO
the Merchants hotel, Yanktnn..
Upon meeting at the said Mere hants hotel
pursuant to adjournment it was upon mo-
ton resolved to adjourn to the office of
Gamble Bros, at said Yankton.
On meeting, pursuant to adjournment it
" IS moved and thereupon resolved that s
2. Wisner oe aud he is hereby appointed
secretary pro TEN.
On motion D. 9. Blair. vice. president OF
said company was unanimously appointed
chairman of the meeting.
The following preamble and resolutions
we're presented and upon motion of Walter
G Lsrned we're unanimously adopted.
WHEREAS. AT q meeting Of four of the
directors OF the Sioux City and Dakota
railroad company held at Ysnkton, Dakota
On the twensieth day of March A. d. 1880,
II was resolved that the entire property
real and personal of tine Sioux City and
Dakota railroad company should be leased
to the Chicago Milwaukee and ST. Paul rail.
way company for q term "f five years a, q
yearly rental Of forty (40) per cent of the
gross earnings of said Sioux City and Dsko.
ta railroad, and
WHEREAS. 1t was at said meeting farth.
er resolved that a mortgage or trust deed
should be made upon that portion of said
railroad extending from Be!oit to Sioux
Falls. y distance of about twenty-five aud
QUE half (2211a) miles to secure bonds TO
The amount VI one hundred and seventy.six
thousand dollars. and that said bonds should
ne Immediately sold at not less than hIpety
(00)cents on the dollar, and
WHEREAS, 1t was at said meeting fur
ther resolved that stock should be issued
upon said twenty-five and one half (22lh)
miles of road between Beloit and S,nnx
Falls. to the amount of one hundred and
thousand dollars, and that said
stock should Immediately he sold at not
less than twenty five (25) cents on the dol.
lar; and
WHEREAS, In purt uauce of such resolu-
said mortgage was Immediately exc
cuted and said bonds and stocks issned and
the bonds at ninety (9O) cents on the
dollar and the stock at twenty five cents on
The dollar. to the Chicago and Milwaukee
and 81. Paul Railway Company or some
party acting on behalf of said corporation.
md the said lease was Immediately ~execut- |
ID and The possession of all the property.
esl and personal, of the said Sioux Citv I
: Dakota Railroad Company was immedi. !
'tely surrendered and turned over to the |
sid Chicago. Milwaukee & ST. Paul Rail-
way Company; and
WHEREAS, The said mortgage and the
issue of bonds and stock, and the said
ease have never been authorized by the
tockho'ders of the said Sioux CITY g. Da<i
;ota Railroad Company. nor have the said
tockbolders been counselled in reference
o any of said scts and doings, and all of
he said proceedings are fraudulent and
'oid as against said stockholders; and
WHEREAS, A meeting Of the directors of
aid company has been called tn meet at the
flee of said company at Yankton on Sat-
friday evening March 9th, by request of
be holders Of q majority Of the stock of
Sioux City and Dakota Railroad COM
ANY ; and
WHEREAS, The directors now present q.
meeting, that 10 10 say, John L. Blair.
Blair and Walter G. L.rned. rem.
esent, and themselves hold. a majority of
he stock Of said COMPANY, that Is, seven
hundred and aeventy-six and seven .ep,hs