The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-18
AFFAIRS OF THE RAILWAYS.
Who Wrecked the T., c. & st. LA
Road with no Bonded Debt.
she Erie to Weigh Ali Through Cars-Ihe
Arbitrator of the Colorado Pool
Ready to Report.
The Connection of General COrse and MIR
BaIlou with Its Construction.

The Connection of General COrse and Mr.
BaIlou with Its Construction.
In the journal of August certain statements
were made concerning the connection OIL cen
sral John NJ. Corse and George W, Balou WIN
the construction Of the Toledo, Cincinnati q ST.
Louis Narrow-gauge. Mr.. ]. c. Cabot, OF Bos-
ton. takes exceptions to these statements ana
in the course of long letter to the editor OF the
Journal says:
1.-The only construction company ever con,
eoncern ned in building the T, C. & st. L., or any OF
lts branches, during the administration OF Oorse
and BallOu the Western CONSTRUCTION LON
pany, of which General Corse was pres,9eennt
and Remington treasurer. In March, 1857,
General Corse and Mr.. Ballou were succeeded IN
Il control and management of the T., c. q St
tain Which Synq tooF the he na SnsSA of the
SDelphos Trust and to this syndicate the west
ern Construction Company mad5 over all 1ts as
sets, of every name and nature, as we'll as It's ma
bilites Before the syndicate took possession it
appointed an able committee OF it5 own 10 IN
vestigate the affairs ana condition of the (then)
Toledo, DelPhes & Burlington road, the Western
Construction Company and the banking house OF
George William Balleu & Co. in its relations TO
said companies. An exhaustive examination
was made, followed by a report which was emil
neDtly satisfactory 1t vas found that every
dollar expended on the road was duly yonened
for and that every dollar of securities, whether
bonds or stocks, which had been issued was in
the treasury OF the Construction Company, ex-
Dept those securities which had been disposed
as appeared by the books and vouchers Of the
treasurer of the road. In passing. will remark
that this investigation disclosed the fact that
the road was in debt to the fiscal agents, George
VIM. Ballou l. Co., in the sum of $4,000, for
actual cash advances, and that the syndicate
Rgraed to pay and have since paid this amount
10 Ballou & Co. AS to General Corse, he devoted
three years OF hard work to this enterprise,
period, let me remind you, which Gov
cred the great "boom," when men In
his position were expected to grow rich.
ms matter of course. And what was
his reward2 The Boston syndicate, one OF tue
strongest ever formed In New England, con-
Owed the idea that General Corse WAS not up to
their high standard as a railroad man, and TO rhe
surprise OF State street they paid off the
General with a complimentary resolution and
pur in his place who, with 81, 100000
cash in hand, made ducks and brakes of the
whole concern within nine months. The synti-
Gates president succeeded by Mr.. Il. B.
Phillips, with a. salary of $4,000 year, and
after six months trial Mr.. Phillips has landed
the enterprise in the hands of a receiver. What
claim for General COpse is chat he received less
for his services than either of his successors;
that he exhibited more economy, energy and
ability than those who succeeded him, and that
tt Ia the opinion of most men familiar with the
history pncuding a majority of the present
board of direotors) that had General Corse been
continued president Of the company the T., G. Il
st. L. would now be completed and successful
road successful at least to the extent of earning
the interest on its first mortgage bonds"