MEDHURST & CO.
Fine Images and Documents
Email: medhurstmd@aol.com
Phone: 913-851-8462
Fine Images and Documents
Email: medhurstmd@aol.com
Phone: 913-851-8462
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A(mbrose) E. Burnside Major General Letter signed
$335.00
LS, 3pp, 4to, Office of Cincinnati & Martinsville R.R. Co., New
York, Nov. 15, 1871. From A. E. Burnside to M. E. Ingalls, Esq.,
Receiver, Ind., Cin. & Laf. R.R. Co., Cincinnati, O.
My Dear Sir, I am compelled to leave for Europe on the 29th Ins.
and will be absent about five weeks. I have arranged for the
negotiation of the C & M bonds and the road will be built
immediately. In fact, contracts are now being prepared for its
completion by the 1st qtr. next. The holders of the C. & M
securities are very uneasy, and in view of the proceedings lately
taken by you people in Indpls, I do not now what to say to them. I
have returned to say this, however, that all the rental due the C
& M will be paid the same as any other debt, in your income
bonds, up to the time of reorganization. ? from and after that
time you will undertake to pay interest on the bonds and allow the
stock to take care of itself, under a contract which gives you 60%
for running the Road – so that if any one year 40% of the gross
earnings shall exceed the interest on the bonds, then the surplus
shall go to pay a dividend on the stock, and that you will so
arrange the contract as to relieve us from the pro rata principle
when applied to freight received at Stations near Fairland – that
is, that a reasonable drawback will be given. Am I right in this?
You have heard, no doubt, that we have made a traffic contract
which makes the C & M Road a portion of the ? from Cairo to
Cincinnati – so that if we continue to run in connection with your
Road, you will reap all the benefit from that traffic. As you know,
it is my disposition to still continue our connection, and I hope
something can be done that will enable me to give a definite
circular to our security holders who have certainly been very
quiet for a long time. Can we not arrange to have a ? the
above conditions, which can be framed into a permanent contract
after your reorganization? What arrangement has been made
with reference to the $50,000 cash loan, that I made to the Co. or
the $90,000 C & M stock. I suppose it will be fair for me to
receive $50,000, and interest in the income bonds, and return to
your Co. the stock. Please telegraph ? upon receipt of this. I
congratulate you upon your ? reorganizing and am satisfied that
you have done the best that could be done under the
circumstances. I would go out to Cinci. and meet you but am
very much driven with work here. It is very important to all of us
that all papers and contracts be connected with my negotiations
of the C & M bonds, should be closed up as early as possible so
that I can get back to London, and get the money.
Yours very truly, A. E. Burnside
$335.00
LS, 3pp, 4to, Office of Cincinnati & Martinsville R.R. Co., New
York, Nov. 15, 1871. From A. E. Burnside to M. E. Ingalls, Esq.,
Receiver, Ind., Cin. & Laf. R.R. Co., Cincinnati, O.
My Dear Sir, I am compelled to leave for Europe on the 29th Ins.
and will be absent about five weeks. I have arranged for the
negotiation of the C & M bonds and the road will be built
immediately. In fact, contracts are now being prepared for its
completion by the 1st qtr. next. The holders of the C. & M
securities are very uneasy, and in view of the proceedings lately
taken by you people in Indpls, I do not now what to say to them. I
have returned to say this, however, that all the rental due the C
& M will be paid the same as any other debt, in your income
bonds, up to the time of reorganization. ? from and after that
time you will undertake to pay interest on the bonds and allow the
stock to take care of itself, under a contract which gives you 60%
for running the Road – so that if any one year 40% of the gross
earnings shall exceed the interest on the bonds, then the surplus
shall go to pay a dividend on the stock, and that you will so
arrange the contract as to relieve us from the pro rata principle
when applied to freight received at Stations near Fairland – that
is, that a reasonable drawback will be given. Am I right in this?
You have heard, no doubt, that we have made a traffic contract
which makes the C & M Road a portion of the ? from Cairo to
Cincinnati – so that if we continue to run in connection with your
Road, you will reap all the benefit from that traffic. As you know,
it is my disposition to still continue our connection, and I hope
something can be done that will enable me to give a definite
circular to our security holders who have certainly been very
quiet for a long time. Can we not arrange to have a ? the
above conditions, which can be framed into a permanent contract
after your reorganization? What arrangement has been made
with reference to the $50,000 cash loan, that I made to the Co. or
the $90,000 C & M stock. I suppose it will be fair for me to
receive $50,000, and interest in the income bonds, and return to
your Co. the stock. Please telegraph ? upon receipt of this. I
congratulate you upon your ? reorganizing and am satisfied that
you have done the best that could be done under the
circumstances. I would go out to Cinci. and meet you but am
very much driven with work here. It is very important to all of us
that all papers and contracts be connected with my negotiations
of the C & M bonds, should be closed up as early as possible so
that I can get back to London, and get the money.
Yours very truly, A. E. Burnside