New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-01

between the northern r rnIs1sa amt INTO on
Nay Nay ,. 1850. the terms Of which were
forth in the report Of President to 70" at yof
%ns n Ts rtl h in po o OF % es 1n
Chicago and making that your Eastern iermh'u Mns
Officers and directors In favor OF tns pna;
was also The nnanlm"s opinion :" YOUR , promoi"d
by permanent lease Of he Wisconsin, Crnra pasgr
sna nG"n OF The % lease ana WS ~ nr
nous authority of your directors executed on April l.
$500 II publicly rccorded EnC r aGr",5n
with its icrm, il va, finally submitted and read ID
at your animal meeting In oc|Gr ~ ~, n IN"
stock present. G20.G19 Sharrs. As II was known uma,
meeting for ratification The fact Tint no share OF stock
was voted against indicated that yomr approval ."
The lcasn was practically TnSnors anc pro
Of morc than two years and until the pnDnra.on VI
the committees report Under sucn CIRCUMSTANCES y;
oven II I'm the opinion of the committee the policy OF
leasing The Wisconsin Central and TIE Chicago ana
NORTHERN Pacific was wronG or & terms y % . or rhc
action Of your directors subject TO crnsurc; YOUR
ratification places the lease and III" action "' your
!, the Wisconsin Contra, Lines be c,n,ldcrcdca "a, as
they really ardl.nci from ne er ,hrIr orero"n
shows net profit to YOU from The dat" 81 me ,c,s
to December 81 1892 q 81 The H., eS an,sc
system. II has not been so charged on the com,
ranys books, and therefore apnGn' on 'r bcn %
Scaco ,crmn,,, show MT profit these advances
will be repaid - yorr company inr a' ,,'n -;
pcnsc Of these terminals Is charged solely agains.
The Wisconsin Central division ana not against INV
At the time OF the execution OF the lease of INC
Wisconsin Central no one OF yonr onIrcro or "pra
was an officer director ~ the WISCONSIN 'e''f"
Company or any OF its allied lines.
CHICAGO AND NORTHERN PACIFIC n. II. co.
When your company determined 10 come 10 Gnu
nst.nnn tn Cont
system there were no terminals available IN chicago
except those Of the Chicago and Northern Pacific
These terminals were at that time controlled by The
Wisconsin Central Company. and consisted OF prop
criy formerly owned by the Chicago ana "r'ai
Western Railroad Company. the Chicago. Harlem ana
Batavia Railway Company. and the bridgeport ana
South Chicago Railroad Company. since III" exc
cuion OF the lease It has acquired the property OF
tho Chicago Central Railway Company and the en-
Gag, and Southwestern Railroad Company. ~ inc
request Of the committee the president Of the Chicago
and Northern Pacific Railroad Company snbmiten
a detailed statement OF the Chicago and Northern
Pacific Railroad Companys property ana the POSI-
bllitics OF It's future development. .
present condition OF the Chicago and Northern Pacific
e SS'eas s to
cago and Great Western property. All these figures
9nred from the other railroads above mcntlnei AZ
an illustration Of the errors into which the committee
m i Of the chsaS" dnd Northern Pacific
IS lO7 miles, whereas the present mileage Of that
rsn nf sy hd Committee n !" a." AR
are erroneous and subject TO similar corrections.
ce cen ca IL nS e. hddan S &c ne
from The Bridgeport and south Chicago r. r. Co.; tne
Ss@e n, @ cnnnecon M other 4, ps
of the property. To establish this connection would
ro large suns and inySve proSd ana eS sS cn
he used in coInsc'o win ali part. q 'hc raso
iap 6f H.
sivc or any other ii'ie,'ion. Before the committee
saS BEEN . ' ass aS Sa Sons 2a
transportation FOR It's car, to ard from This property
The criticism on page % Of the report OF The com
mtt-e, upon IN" shape ana availability ot the station
prop,Ty Of ,h chicago ana Nor'4 T r,cne ~ -"
10 Is not cansd ny the shape Of The lnnd nor ~ any
want Of land on asI SIDE Of 'hS ryI Sa, BY I'll:
the Chicago River on a doubletrack bridge. The diff
entities II any arise through he location Of The chicago
necessary Of u four track bridge the COMPANY has
abundant property both sides Of the river Tor the
wish to state that the crossing o. the rver at THIS
point and tn" location Of the passenger station OF THIS
is known the South Division Of the city Of Chicago
l. OF inestlmabc advantage 10 the passenger and freight
the centre OF the city, without liability " detention by
the highway bridges and within two blocks Of the
suburban passenger. Local freight houses are con
struced east Of the river within few blocks OF The
whole sale district " the city. and easily accessible
without delays arising from the necessity Of crossing
The highway bridge over The riv"r. ,,.
Northern Pacific r. H.. Co.. on the 3ist day u Oc-
iob,r. 1892. was indebted 10 The Northern Pacific
between June :0th and that date the accounts be-
tween the companies had been adjusted. and tho
settled and Is included In the bonded debt gwen on
page D.. The total sum then due from the Chcael
81 for which your company holds ample collateral
The committee has nearly trebled the amount OF this
Indebtedness In Its statement.
On page 80 The committee crlticlses the valuation
placed upon the Chicago and Northern Pnchc property
square foot placed by the company npon inrts Of The
property and valuations made by certain real estate
PROPERTY by the ' company Is not too hrh IF such
Valuation 10 considered In connection with ia" fact
system which could not be duplicated nj any price. and
Is located where the policy OF the municipal govern
franchises for the construction Of snrfac" roads II
the valuation OF the property gwen b, ~" company !"
leaves such valuation from ~ 300 900 10 80 800 900 IL
excess Of the present funded debt.
The chicago and Northern Pacific now owns r-ten
sve terminal, In the heart - the city, accommodating
yOur company the Kansas Ciiy Company aud The ial'i
LIore and Chic Company. II has room Tor a. lea
four tenants aud has i'S main llnr extending u
The westerly ouherly and son,hwrs'"rly limits ~ h,
city. giving direct access for roads seeking terminal
facilities from any direction.
The franchise rights. the vau" Of Which the com
mir"e states as regarded a. prob"mnticai 10y dis
Interested parties" consist ~ IA" right 10 arpliT'
property In fee simple Instead Of for rallr ad piir
poses only. and In advantageous mnni'l"l lrpls"o'
embodied ia more than thirty Ordinance, from W.
city OF Chicago and other municipalities \, "" have
above intimatrd the policy Of the municipal govern
mcnt viii prohibit the obtaining of similar ordinance
In the future by my new railroad company.
Your company now OWNS over .ll,TW,ooO Oi IN
capital stock Of the Chicago and Northern Pacih'
Eaoad Company. which. at current prices. IS worth
nearly - 100000 In cash. THIS stock was not r.
fcrrcd 10 By the committee as IN asset Of your com
pany A.,
The committee has charged the entire outstanding
bonds Of the Chicago and Northern Pacific In IL
statement of the funded debt against the Northern
I. ifc but II has failed 10 credit O tho earnings
Of tine Chicago and Northern Pacific 10 your company
CHICAGO AND CALUMET TERMINAL RAILWAY
COMPANY.
When your company determined TO make Chicago ~
eastern terminus the only available terminal fncilit-
were those owned by the Chicago and Northern Pacific
r. r. Co. After The acquisition ~ these terminals. h'
management adopted the l0lcy VI plncng this property
in the best possible condition for the accommodation
Il -