Pine Bluff daily graphic., 1912-02-08
NEW PROPOSITION
 IS SUBMIT I'D Altheimer and Allen Com plete Offer to Extend An derson & Saline Road.
THE BOND ISSUE SAFE
Chamber of Commerce. Will DiSp0S of S3O0,00O Worth of Bonds
 In This City.

Ben J. Altheimer and James II. Allen, officials of the new Virgin Timber Company, yesterday eub mitted an amended proposition to the Pine Bluff Chamber of Commerce whereby after it's acceptance by that body and the citizens of this city they agree to build Ire line to this city, from a Rock Island connection either at I-eola CT Carthage. The amended proposition is in accordance meeting of the Chamber of Com merce trustees several nights ago, at which time ii was stated the Cham Der of Comm2rce would undertake to dispose of $300000 worth of bonds is sued fer the construction Of the new line, rather than ask the people Of this city to subscribe for preferred stock. The business men generally favor this last idea. as there is ab- SolultlS HO 'Ndy III N'il5ll III HNNS eo. . could suffer financial losses if they purchase first mortgage bonds.
 The amended proposition follows
 Clio, Arkansas, Feb. z. Chamber of Commerce,
 City.
 Gentlemen-Referrin to our pro position to build a railroad from Pine Bluff to the eastern end of the An derson and Saline River Railroad and from the western end of said railroad to some point on the Rock Island railroad at or near Carthage or Leola, being approximately 25 miles of new work, terminals, right of way and equipments:
 Cur engineers estimate that in order to build such new road, ac- quire the IA miles of direct line own ed by the Anderson and Saline River Railway Company, and equip the same, it will cost between $450,- 900 and $5O0,0O0.
 In order to raise this sum, we desire to place bond issue upon the new road and of so much of the road as it purchased from the An derson and Saline River Railroad Co to raise 60 per cent of the cost o3 such new work, and the cost of ac- quiring the IA miles of the Anderson and Saline River Railway and equip ping same, also the cost of terminals, depots, right of way, etc, but in no event to exceed total bond issue of $300,000, which is to be secured by first mortgage lien upon the proper ties of the new road, whether built or purchased-said bonds to be pur- chased by the citizens and. property owners of Pine Bluff at par, and are to be paid for at the fate of Ger cent per month by the subscribers and the same to be paid over to us upon proper showing of expenditures and fulfillment of contracts hereaft- CT to be entered into between your committee and ourselves.
 The terms of such contract and safeguards to be thrown around sai( bond issue to be hereafter agreed upon between your committee nnd ourselves.
 We, of course, are to pay the re- maining 40 Der cent of the cost o the new work and the purchase o the property, as same is incurred and any additional sum over $500, 900 that the construction of said ro26 and the requirement of the propertia, above referred to amount to. o In addition, the citizens of Pin Bluff shall donate right Of way fro T ! the western city limits as far eas as Mulberry street and shall assis in securing proper ordinances iron the city authorizing the building 0 said track upon such streets as ma, | be necessary, either to reach thei l terminals or to reach the propose bridge across the Arkansas river.
 A contract shall be made with tn commissioners of said bridge givin to this railroad the same rights a the most favored user of said bridges
 (All bonuses and sums received Ou,