The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1881-04-23

telest on It's bonds or to advance its constru
ton Finally, Aug. 12. 1876, by an arrang
ment (of which William Window was II
chief engineer) between the "a shareholde
= and the creditors of whom Cooke had DO
= rowed $3l 100000, decree was entered in Ii
. l. 5. Circuit Court for Southern New Yor
. under which the road, with all its propert,
. franchises, &c, was sold to the bondholdel
G Tor 100000 TO cover costs, &C., and an agre
, ment was entered into between the bondhol,
Q ers and a committee of the "a shareholders c
! which Window was the head, whereby it wa
stipulated that in lieu of their 1871 100000 AM
! accrued interest for four years, the bondhod
, ers should receive $5l,0OO,OOO of preferre,
/ stock, this stock to draw dividends after Jul,
|, 1878; also to be convertible into the land
OF the company at any time at par, and also t,
draw dividend of per cent. per annum at
ter the completion Of the road before any div
idend should be paid on the remaining $40,
100000 of the common" stock of the compa
ny.
Thus comfortably provided for, the bond
holders felt more complacent and agreed to
inject new life into the enterprise by making
further advances. Work on the road was re-
sumed, and the management having some
months ago succeeded in disposing 6f $50.
ooo,oOO or more Of the company's bonds at par,
the road is being rapidly prosecuted to COM
pletlon, over 1000 miles being already butt
and most of the balance under contract
And now comes in the occasion for the new
litigation and unearthing the swindling histo
ry OF the whole concern. 1t will be remem.
oered that under the charter not dollar of the
stock of the company could be issued until $40
on each share of 500 were paid down and
said stock to be regularly assessed thereafter
until all was paid up or the road completed.
1t will also be remembered that the "a share.
holders above mentioned divided this stock
among themselves to the amount of S3l OOO,
OOO without paying one cent for it, litcrally
stole 1t in violation Of the charter,) so that al
ter converting by the arrangement with the
bondholdcrs SOL 100000 (of the 500, 100000
original stock of the company into preferred
stock, there still remained SlSOOO,OOO of the
stock undisposcd OF. These S1s,OO0,OOO the
present management of the company-a con.
OF the old ring of 81 stockholders
recently decided also to divide among the q
although the swindling contract itself. by
Which this division is pretended TO be author.
zed, provided itself that the stock could ONLY
'e issued to the "a at given rate on every
completion of % miles of the road, so that,
we're that contract even lawful, or ANYTHING
'ut an outrageous piece of robbery, the last
'lSOO0,OeO could under no legal view of the
ase be issued to the "a thieves until the entire
Dad Is completed. OF course an injunction c
viii issue now that the matter has got into t
ne courts, to stop the robbery; and while the d
'A' SOW ''s.' - D... "'' e s 20"
stolen and divided among "a as arfant free
hooters as the world ever saw.
A disgraceful feature Of the business is that
one of these thieves is William Window, Gar.
fields secretary Of the treasury, who received
as his share of the $1s000,000 t2,146 shares,
($2l4,6O0), which he forthwith sold in Wall
street at AZ cts. on the dollar, but was obliged
to buy back when this last litigation to annul
that issue was commenced. A more disgrace.
fu feature still of the business is that this man
Window, now in charge of the strong box OF
the nation, was cognzant Of, and from the be.
ginning and all the time had himself big
hand IN this giant steal and as member OF
the house OF representatives, at Washington
tor years, and afterwards of the United States
senate, not only sedulously covered over and
concealed the gigantic fraud that was going
on, but was the right hand Of the ring in for.
warding and procuring constant legislation by
congress to render possible, facilitate and pro-
mote the fraud Is such a man fit to have
charge of the financial affairs of the nation!
Is such man fit to hold the second highest
and most honorable position in the nations
cablnet9 Talk Of Garfed's little 1929 Credit
Mobilier THEFT Here is man who has been
party TO a theft Of hundred millions