The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-10-18
COL. PLUMB'S SCREED.

After two or more weeks deliberation or
hesitation, Col Plumb has finally concluded
10 let his long heralded and much talked OF
reply 10 the FREE TRADERS article on his
connection with the Fox River Railroad
swindle appear almost simultaneously in
about dozen of his organs, Half the re.
ply is taken up in pointing ont few mac.
curaCies in the statement Of the FREE IRA.
DER which are of no consequence to the
real point in issue, and about which, there
fore, we had taken no special pains to be
precise Such was our statement that the
contract of O. Young the performance of
which DR. Streator had guaranteed, was TO
build the road from Woona TO Geneva,
whereas the contract was from StredtOr TO
Geneva, Young having built the road from
Wenona TO StreatOr under a separate con
tract with the Vermilion Coal Company.
We also omitted to mention that before
Young sold out his contract TO Plumb ~
Co., he had turned il over to Kellogg, No
bic IL Co., but that these parties, after doing
some work between Ottawa and StreatOr
and commencing the bridge at Ottawa,
broke down and threw the contract back on
Young. This too was wholly immaterial
because the contract was not transferred by
Kellogg g. Co. to the Plumb company, but
by Young, kellogg, Noble Il Co. having
entirely dropped out
Another inaccuracy Of the FREE TRADER
Plumb claims was the statement that after
Plumb & Co. had got the contract from
Young they offered to sell the Fox River
road to the Northwestern and Rock Island
as well as to the Burlington, but that, on
account of the fraud on the individual and
municipal stockholders the plan involved,
they declined to have anything to do with
them. Col Plumb affirms that the two for
mer roads were controlled by no such
sQleamishness. The Northwestern de-
clined to make the purchase simply be-
cause II was not In financial condition at
the time to do so; and the Rock Island
made It's offer too late. Well, we make the
correction, though we can neither see the
importance of the point involved or that it
rebounds particularly to the credit of the
Northwestern or Rock Island company.
So much for rubbish, and having brushed
that aside. we come to the only point in
issue: Did the sale of the Ottawa, Oswego
81 Fox River Valley Railroad, by Cushman,
Force and Plumb, to the c. b. Il q. Rail
road company, involve the extinguishment
of the stock that had been issued to indi.
vidual and municipal subsibers along the
line of the road9 Col Plumb desires to
say, "with all the emphasis his pen can
command, that 1t did not That stock he
claims is untouched and It's value to-day is
"far above parv and then he proceeds. in
that specious and disingenuous way with
which we were all made familiar enough
ten years ago, to argue that the contract of
Plumb IL Co. with Joy and the lease to the
Burlington road fully protect that stock.
How Why, says Col. Plumb, the Burl.
ington road by that contract is bound to
equip the road, pay all its taxes and run.
ming expenses, and as rent 40 per cent a
year of its gross earnings towards the ex-
tinguishment of the mortgage for 81 ,2G0,.
600, which the Burlington holds against the
road and after that debt is paid, 30 years
hence, then we suppose the stockholders
will be admitted TO share of the profits!
Cannon! All this talk about paying taxes,
running expenses, &c, Is fraud the lease
Is fraud, the 40 per cent. business is
fraud, the mortgage of 81 ,26O0 600 is fraud
all transparent sham and hollow pretence
The contract was a sale outright and the
mortgage of $4,000 per mile sheer de
vice to make the sale complete and TO ex-
clude all other claims against the property
A very brief and simple recital will make
this plain Under contract with Young he
was TO receive stock of the road 10 the
amount of $4,000 per mile and bonds to
the amount of $4,000 per mile as his sole
pay for building the road After long
effort, he found himself unable either by
the sale of stock or bonds, TO raise the nee
essary money to go on with the work, and
he turned the contract over TO Kellogg,
Noble d Co, who equally failed, and the
contract falling back on his hands he sold
IL to Cushman, Force u Plumb, rumor at
the time said for $4,000 These gentle
men made no attempt to raise money by
selling bonds or stock, for they had much
better scheme in view. They went to the
Burlington company and said: Here Is
one of the most promising pieces of rail
road in the country. Considerable work
has been done upon ii already, and the peo-
pie along the line have paid about $4,000
per mile towards its construction. Pay us
ga, 400 per mile and we will complete the
road and you shall own it. And President
Joy, In behalf of the burlington company,
said he'd do it, Then all the bonds of the
road issued to Young $4,000 per mile and
amounting 10 $1,5O00OO) were cancelled,
and all the stock Of the road $4,000 per