The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-09-08
Surviving Member of Board of
Directors of Richmond &
New Castle Line.
LOCAL MEN INTERESTED.
WERE STOCKHOLDERS AND oI
REcToRs-RoADN NOW PART OF
PANHANDLE HAD INTERESTING
STRUGGLE FOR EXISTENCE.

A recent interview with Judge Mar
tin. L. Bundy, the grand old man
of New Castle, recalls the fact that
he was one of that sturdy band of
Henry and Wayne county pioneers
who built that section Of the Rich
mond division of the Panhandle be-
tween Richmond and New Castle. AS
ISOLATED with him in this enterprise
we're three we'll known Richmond BUSH
ness men, the late John w. Grubbs,
the late j. H. Scott and the late ]. II.
Hutton.
The Hon. Martin L. Bundy, New
Castles grand old man. whose
prominent part in the political and
civil history of the state is well
known, is the only surviving member
of the first board of directors that
built the Richmond & New Castle
railroad, now part of the great
Pennsylvania system. The board as
at first organized, not only built the
Richmond & New Castle road. but al
so the extension for the two divisions
Judge Bundy is now 81 years of age
In 184S, when he was treasurer OF
Henry county, there was not rail-
road within thirty miles of New Cas-
tie. Richmond was the northern ter
minus of the c., Fl. & D., and with
these advantages in a short time out
stripped her sister town. New Castle.
This condition aroused the progress
sive citizens of this latter place and
n
toward securing a railroad west from
Richmond. A charter was secured
from the legislature and a company
formed, consisting of George Gillespie
and Mark C.. Reaves of Hagerstown:
John Powell, Jacob Elliott, Elijah
Stout, Robert Boyd and Moses Robert
son, of Henry county and j. II. Scott
and J. Fl. Hutton of Wayne county.
The company was authorized to build
and operate the Richmond e New
Castle railroad, with a capital stock Of
$250,000. In conjunction with these
men were Joshua Holland, J. T. Ell
lott, M. l.. Bundy and Colonel Miles
Murphy, al of whom were well known
early r GERS of Henry county and
whose ,.yscendants are now among
that city's prominent citizens. J. r.
Elliott was president of the company,
John w. Grubbs secretary and Mr..
Bundy was general attorney. The
board served during the work of con-
struction and for some years after
ward.
Books Are Opened.
Subscription books We're Immediate
ly opened and the responses were
very generous. The company was lit
orally swamped with money before a
spadeful of earth had been turned in
construction. This condition of af-
fairs unfortunately did not continue,
as when the work was nearly COM
pleted the bonds of the company were
disposed of with difficulty at fifty
cents on the dollar. These financial
difficulties caused the directors of the
road to resort to many expedients,
and we'll does Mr.. Bundy remember
what calls were made upon him dur
ing that trying period. Before the
road was finished the directors had
personally assumed an Indebtedness
of 100000 The bonds of the COM
pany remained below par, and there
was danger that every member of the
company would be insolvent through
obligations assumed. Colonel Miles
Murphy, whose name is linked with
the early history of Henry county was
the only man on the board who might
be termed as wealthy at that time,
and with his wealth he was barely
able to discharge the obligations as
sumed by him. All of the others were
heavily involved. and but for the able
management of Judge Bundy might
have remained insolvent the balance
of their lives. Judge Bundy consid-
cred himself too young a man to set
tie down into insolvency without a
struggle. and, to free himself and asso-
ciates. he set about to reorganize the
company. The directors owed Rich
mond bankers, Morrison, Blanchard &;
Co, $4,000. and John Shillito and AL
phonss Taft, of Cincinnati, large sums
also. These We're the heaviest credi-
tors and Mr.. Bundy succeeded in read
justing their claims by a partial pay
ment in money and the balance in
stock in the road. After much effort
all claims were settled and the CON-
pany again placed upon its feet.
Line Extended to Anderson.
When the line was completed into
this city there was an immediate de-
mand for its extension to Anderson to
connect with a line that had been sur.
veyed to Chicago. This project was
taken up, and, when finished, gave a
continuous line from Chicago to Gin.
cinnat. The extension west ON
New Castle was built by the 81 di
rectors which planned and cons lct
ed the Richmond & New Castle line
The entire line later became known
as the Chicago & Great Eastern rail
way. When big banquet was held
In Chicago to celebrate the compile
ton of the entire line. Judge Bundy
was present and the spirits of all were
dampened by news of the defeat O.
the Union army at Bull Run. AT this
banquet Lyman ]. Gage, as Mr.. Bundy
remembers, made a speech in which
he depicted the gloomy outlook foI
railroads in the United States. Deyel
opments since have proven how fa
naey he -, IL