The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-26

which act was passed by the Legislature.
approved March ?. 1871. [Sec acts of 1871,
Page isl Many of our best citizens OPP
posed the city lending its credit to the road,
but a majority favored it. The petition.
signed by a majority of the citizens. was
secured only after a faithful and energetic
.canvassing for two or three weeks Of the
whole city by committees from the various
wards. and the validating act of the Legis-
lature was secured after quite a struggle
before the members and committees of the
Legislature. by those in favor n those
against the project But it was finally
passed by a large majority of both houses.
Mr.. Justus c. Adams. with other legislators
from our county, was active in the support
of the project. and perhaps more credit is
due Mr.. Adams han any one person in the
Legislature that year for having secured
the passage of the act.
Under the ordinance contract the agree
ment between the Union Railroad Transfer
and S~tockyards Company and the city of
Indianapolis. recorded in the recorders Of
fee Oct. 20. 1877. in Mortgage Record S5.
Page 5l4. the city agreed to lend its credit
in the way of issuing the city bonds to the
amount of $500, 900. The Council passed the
ordinance Oct. 1s, 1876. for the issuance of
the city bonds. payable in twenty years. to
be dated Jan. /. 1877. the Belt Railroad
bonds TO be given to the city to secure il
against the aymen of the bonds so issued
by the city. dated Dec. l, 1876. The ex-
change of these bonds was to be made in
accordance with said agreement. The mort
gag securing the bonds so executed by
the railroad company to the city was re-
corded in Mortgage Record 81. Page 81. The
Bet Railroad Company having paid off the
bonds so issued by the city, the mortgage
executed by the Belt Railroad and Stock
yards Company to the city was released
July %, 1858.
RIGHT OF WAY.
BY a warranty deed of June 5. 1877. the
McCarty heirs conveyed TO the Union Rail-
road, Transfer and Stockyards Company a
strip of ground 100 feet in width, runring
through their land from a point near the
vandalia Railroad to White river. and
about 1G5 acres for the site of the stock
yards. The track was very soon laid, and
the buildings of the s~tockyards erected and
inclosed. and business began at once.
Afterwards the name of the Union Rail
way and Stockyards Company was changed
to that of the Belt Railroad and Stock
yards Company, and on the 18th day of
October the Belt Railroad proper was
leased from the Belt Railroad and Stock
yards Company by the Indianapolis Union
Railway Company for a term of 800 years,
beginning on the 1st day of May, 1884.
a 500 " Il -ztl -
conveyed to James Cunning 29h acres adj
joining the old stockyards by deed record
ed in Land Record 30. Page II. Afterwards,
by successive conveyances, this same land
was conveyed to the Farmers and Drovers'
Stockyard Company, a corporation organ
lied under the avs Of Indiana.
This corporation was formed in opposi-
ton, it was supposed, to the Belt Railroad
and Stockyards Company, and. after pro-
oeedinS to make some little improvements,
1t and Kingan & Co.. who were supposed
to be at the back of it, effected a settle
ment with the Belt Railroad and Stock
yards Company, and conveyed to 1T the
above 291s acres Oct. 16. 1895, recorded in
Land Record so, Page 100. So the two COM
panies were consolidated, and by the set
Element Kingan & Co. leased the porkhouse
belonging to the old company and made a
contract with the old company TO continue
to do their business with it, where they
Kingap &ICo.) have contributed so large
ly TO its success. This 2915 acres, so con-
veyed, added to the los acres, and the 20
acre strip of land above mentioned, make
1872 acres all together which the Belt Rail
road and Stockyards Company now owns.
In the organization of the Belt Railroad
and S~tockyards Company w. Riley Nc
Keen, Horace Scott, f. F.. C~laypool. w. G.
Holmes, NJ. A. Downing and others We're
prominent, and after the organization OF
the same w. r. McKeen, Horace Scott, Nj.
A. Downing and E. F. Claypool were The
active managers of the company. Mr..
Claypool, as secretary and treasurer of the
company, managed the financial operations
OF the company with great skill. and per-
haps no one is more entitled to credit for
carrying the company through and placing
it upon a solid foundation than he.
OBSTACLES ENCOUNTERED.
The struggle of the company began with
the city credit of 5000 00. A petition was
signed by a majority of all the citizens
requesting that the loan be made, and even
then the ordinance was duly passed by the
Council by a bare majority of one. This
shows how strong was the opposition
against the measure. And. after tnis ii
was declared that the bonds issued by the
Council were invalid, and that ii was nee
essary to procure an act of Legislature to
secure their validity; which was done by
an act approved March 2. 1877 (acts of 1877
p. 116). Despite the opposition the measure
passed both houses Of the Legislature by
a large majority. The greatest difficulties
seemed to nave been surmounted, and the
work of construction was begun. The com
pany continued the work until June 1
when il was interrupted, at a most In.
opportune time, in the midst of serious
labor troubles and when work was almost
impossible to be found; and when mer
were depressed and desperate.
1t seems that certain lands owners were
not satisfied with the amount of money
awarded to them for the right of way
and a contest in court ensued. This threw
many men out of employment, and a deci'
sion OF the courts would probably delay
the work for months. In the meantime