The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-07

Railroad Company" approved Jan. %
lS4I and declaring an emergency.
Be II enacted by the General Assembly of
the State of Indiana:
Section l. That Section % of the above
entitled act be amended 10 read as follows:
Section 23. That when the aggregate
amount OF dividends declared or earnings
received In excess of the operating ex-
penses of said road shall amount, shall
nave amounted to the fun sum invested In
the construction of said road. with 10 per
cent interest per annum thereon, the Gen
eral Assembly may so regulate the tolls
and freights that not more than Is per
centum per annum upon the amount in
vested I'm the construction of said road shall
be divided on the capital so invested In
such construction. but the corporation
shall not be compelled by law to reduce
the tolls and freights so that a dividend OF
10 per centum per annum upon the actual
capital that has been invested in said road
shall not be made; and ii shall be the duty
OF the corporation TO furnish the General
Assembly from time TO time. whenever re-
CURED, with correct statements OF the
amount or expenditures not only IN the con-
SlructlOn or said road, but also In the OPP
GRAFTON thereof. and the amount of profits
after deducting all operating expenses,
which statements shall be made under the
oath of the officer or officers whose duty
1t shall be TO make the same and at all
times after the aggregate amount OF the
dividends declared shall amount or shall
have amounted to the sum used in the
construction of said road and 10 per centum
per annum thereon. the surplus profits
after reserving for division or after making
dividends at the rate of 10 per centum per
annum. and after reserving such reasona-
BILE proportion may be necessary to pro-
vide for future contingencies. shall be semi
annually, on the first Monday in July and
December of each year: paid over to the
treasurer OF state for the use of common
schools. And the General Assembly may
from time 10 time, as il may deem eXpedi-
ent, take such steps as it may deem neces-
sary to compel said railroad company to
comply with the provisions OF this section
as herein amended, and to account for and
pay over said moneys and said excess of
he
use of said schools. and whenever said
General Assembly shall require an account
ing from said railroad company, such ac-
counting shall cover the entire period COW
cred by the operation of said road from its
acceptance of its charter up to and includ-
ing the period when said railroad company
may have accepted the provisions of the
general railroad law of the State and the
rights of the State upon any such inquiry
or upon any suit that may be authorized to
compel such accounting, shall be the same
as though this amendment had been orig
inally part of the charter of said rail-
road, and as though suit TO enforce such
accounting had been prosecuted prior to
the acceptance by said railroad company
of the general railroad law of the State.
Provided. however, That nothing in this
act contained shall be in anywise construed
as lessening, impairing or releasing in any
manner any right of or any liability to the
State of Indiana by reason Of anything con-
tanned in said original charter. all of which
rights and liabilities are expressly RESERVED
to said State as fully as though this section
had not been amended.
Sec. 2. Whereas An emergency exists
for the immediate taking effect of this act,
the same shall be in full force and effect
from and after its passage.
AUTHORIZING A SUIT.
The third bill authorizes the attorney
general TO demand an accounting and TO
bring suit to recover the claim, and pro-
vides a contingent fee for that officer and
such assistants as he may employ for pros
ecuting the suit. 1t reads as follows:
bill for an act to require the Terre Haute
d indianapolis Railroad Company TO ac-
count to the attorney general for the
amounts due and owing to the treasurer
OF state for the use of common schools,
by reason of the excess of its receipts
over its expenditures, under the provi-
sions OF its charter. authorizing demand
Tor such accounting and suit to enforce
the same. the employment OF additional
counsel and providing for the expenses
of SUCH litigation. and the compensation
therefor, creating a board of audit, au-
thorizing compromise and settlement of
the claim and appropriating the amounts
due the State from the Terre Haute &
Richmond Railroad Company and the
Terre Haute * Indianapolis Railroad
Company for the use of common schools,
and declaring an emergency.
Whereas. On the 28th day of January, 1S47
the General Assembly of tSe State of In
diana granted a special charter TO the pres
ldent and directors of the Terre Haute &
Richmond Railroad Company for the pur-
pose of constructing and operating a rail-
road commencing at some point on the
running eastwardly through Terre Haute.
Greencastle and Indianapolis to the city of
Richmond; and,
Whereas, Said railroad was constructed
from certain point on the western line of
Indiana, eastwardly through Terre Haute
and Greencastle to Indianapolis, under the
privileges granted by said charter; and
Whereas, By the terms of an act APP
proved March g. 1865. the name of said
company was changed TO that of the Terre
Haute q Indianapolis Railroad Company
and by said act all the contracts. obliga-
tions and liabilities heretofore existing un-
der the name of the president and direc-
tors of the Terre Haute * Richmond Rail-
road Company were continued in full force
Notwithstanding the change in the cor
porate name: and,
Whereas. BY the terms and conditions of
such charter, said corporation, among other
things, was required TO pay to the treas
urer of the State of Indiana for the use of
its common schools certain of its surplus
profits and
Whereas. By the terms and conditions of
said charter it became and was the duty
of said company 10 make and keep COM
plete records OF the expense of building
and repairing said roads, and each section
thereto, together with its incidental ex-
penSes. and also an account of the tolls and
earnings thereof: and,
Whereas, No statement or report what
ever has ever been made by said corpora
ton, or its successor or successors. To the
General Assembly. or TO any officer of the
State, of the amount of expenditures
earnings, or the amount of profits after
deductlng the expenses, or of the conduct
therefor has been duly made upon said
company and it's successors, under the au-
thority and by the direction of the Gen.
eral Assembly: and.
Whereas. There is now due from said
company TO the treasurer of state for the
use of the common schools of the State, a
large sum of money by reason of the eX-
cess of earnings over expenses under the
terms and provisions of said charter. both
as ii originally existed and as it has been
subsequently amended, but the exact
amount thereof is not now known to the
General Assembly. and said corporation
and it's successors refuses to make the
sembly; now. therefore
Be il enacted by the General Assembly of
the State of Indiana:
Section l. That all the surplus profits over
and above % per centum per annum on the
capital employed which were received by
said Terre Haute d Richmond Railroad
Company and said Terre Haute e. Indian
apolis Railroad Company. after the date
when said corporation had earned and re-
ceived profits in its business. from which il
could and should. Il duty bound under
said act. have declared dividends equal i'm
| the aggregate 10 the amount of the full
| sum invested. and the 10 per cent. per an
mum thereon. after paying such expenses
| and reSerVing such proportion as was nee
essary for future contingencies be and the
same are hereafter declared to be due and
payable to the treasurer of state for the
use of common schools and are hereby
appropriated to that purpose.
| Sec. :. That the Terro Haute & Indian
apoliS Railroad Company be and is hereby
required to forthwith account to the attor-
| ney general of the state for the amounts
| due and owing to the treasurer of state for
the use OF common schools, by reason of
| the excess of its receipts over and above