A(mbrose) E. Burnside Major General
Item #: 21108
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A(mbrose) E. Burnside Major General Letter signed
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.
Yours very truly, A. E. Burnside
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 29thIns. 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 through line 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 new paper signed embracing 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 /write me upon receipt of this. I congratulate you upon your success 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
Shipping Weight:
0.25 lb
$275.00 USD
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