forthcoming report will tend greatly to promote a general reform in respect of accounts and reports among the railway companies of the country. Again thanking you for your great kindness and courtesy, I have the honor to remain, With great respect, ALBERT FINK, Esq., Vice-President. JOHN W. HOYT, Commissioner. Albert Fink to Commissioner Hoyt. OFFICE LOUISVILLE, N. & G. S. R. R. Co., DEAR SIR: I have mailed you the last anual report of this company, and wish to call your special attention to that portion of it referring to railroad accounts, and to bespeak for it a close examination. Nothing could be more desirable than to have a uniform system of railway accounts, and if the Railway Commissioners of the several States would agree upon such a system, they would do much to bring about such a result. You have no doubt experienced great difficulty in getting satisfactory information from railway reports. The greater portion of the information that we find condensed in these reports is of no value, unless it be accompanied by other information, and without which no deductions can be drawn. The first thing should be to ascertain what we really desire to know, and then have the details of such informaeion fully presented. Another difficulty that presents itself in most railway reports is to make any use of them, without expending considerable time and labor. I would call your attention to table one in the report, which I think contains everything to be known in the operating expenses of a road, and the results of such operation. With a few additional items showing the capital stock, bonded debt, and other matters bearing upon the financial status, the table would be complete, and if the several roads in the State were to have their accounts condensed into a similar table as the roads op erated by the Louisville & Nashville now have their accounts presented, the result would be that all desired information could be gathered at a glance, and a comparison be readily instituted. I would be glad to aid you in any manner to bring about a perfect uniform system of accounts for the railways of the country. Yours, very truly, ALBERT FINK, J. W. HOYT, Esq. SALE OF MILWAUKEE AND LAKE SHORE AND WESTERN RAILROAD UNDER FORECLOSURE. The Commissioners to Gen. C. S. Hamilton. OFFICE OF RAILROAD COMMISSIONERS, MADISON, December 1, 1875. DEAR SIR:-Noticing in the newspapers the recent sale of Milwaukee, Lake Shore & Western and Manitowoc & Green Bay Railroads by your office, I write by the direction of the Railroad Commissioners to request copies of the proceedings in the case, if in your power to furnish them, and any facts covering such foreclosure you may deem essential to a history of the case. On receipt of the same here, all legal charges will be paid under the provisions of the statutes of the State in such cases provided. If you have not the records at command, will you please refer us to the proper parties from whom they can be obtained? I am, very truly, yours, GEN. C. S. HAMILTON. H. A. TENNEY, Clerk Board Commissioners. Gen. C. S. Hamilton to Commissioners. GENTLEMEN: In the pressure of business in my office I have found time only to make the accompanying brief abstract of proceedings, but as they cover all leading points, they give you a history of the cases; but only in the briefest manner. For any closer report, you will have to apply to the clerk for copies of papers and process. Complaint in above case, filed in circuit court for east district Wisconsin, August 14, 1875, alleging that the company executed 2,500 bonds of $1000 each, dated July 1, 1871, principal payable in 1891, bearing gold interest at seven per cent. payable July 1, and January 1, of each year, and mortgage or trust-deed as security therefor, bearing same date, to trustee, covering road from Milwaukee to Manitowoc and Two-Rivers, and to Green Bay, with all tolls and property. etc., etc. Mortgage on record with Secretary of State, Madison, volume 3, Railroad Mortgages, pages 62 and 71. Condition of bonds if default is made in payment of any interest, or in payment of sums to be set aside for sinking fund; and said default continues for 90 days, then the whole principal to become due. No part of interest has ever been paid-or sums paid for sinking fund. The railroad barely pays operating expenses, and is insolvent; prays for appointment of receiver and decree of foreclosure and sale. Sept. 13, 1875.-Order of court appointing F. W. Rhinelander, Racine, with authority to issue certificates of indebtedness to the amount of $40,000 to settle suits and claims and otherwise protect the interest of bondholders. Receiver's bond filed Oct. 1, 1875. Decree of foreclosure and sale issued Oct. 12, 1875. Sale took place Dec. 10, 1875. Railroad bid in by committee of bondholders for sum of $2,509, 478.20, of which $2,500,000 was paid in bonds at face-balance in cash. UNION TRUST CO., vs. MIL. M. & G. B. R'Y Co., MIL., LAKE SHORE As one corporation. & W. R. R. Co., Appleton & New Lon don R'y Co. Similar complaints were filed at same time; same process issued at same dates; sale to same parties, at same time, for sum of $1, 222,988.70, of which $1,213.000 was paid in bonds, balance in cash. CONDITION OF CHICAGO & NORTHWESTERN. Commissioner Hoyt to President Keep. OFFICE OF RAILROAD COMMISSIONERS, DEAR SIR: I understand that you have published an official statement contradicting the damaging reports recently made and widely circulated concerning the management and financial condition of your road. If you have communicated anything to the public on this subject, will you not favor us with a copy, or acquaint us with the publication and issue in which it appeared. I remain, very respectfully, yours, JOHN W. HOYT, Commissioner. President Keep to Commissioner Hoyt, in reply. OFFICE OF C. &. N. W. R. R. Co., CHICAGO, December 22, 1875. DEAR SIR:-Referring to your fovor of the 21st, I would say that you have been misinformed as to the publication of any formal official statement in regard to the condition of our company. The true state of the case is as follows: Our morning papers published some "special dispatches" from New York, attacking the credit of the company, as well as the condition of the road and its equipment; and representatives from the papers publishing the dispatches called at my office when I verbally stated to them that the reports were untrue-the financial affairs of the company being easy, and the condition of the road and its equipments being excellent. I also vouched for the correctness of the statement contained in our annual report (to which I referred them for information,) which was given to the public in August last. The substance of my denial was published in our daily press, though with some inacuracy. This is all there is of that matter. I have noticed with some regret a disposition on the part of some parties in the State of Wisconsin to make any statement as published a ground of assertion that our company was so prosperous, as not to need any relief from the restrictions of the "Potter-law." I think it will be apparent to you, and to any candid person, that while we have been able to preserve the credit of the company, it does not follow that we are receiving a fair compensation for our business in the State of Wisconsin, because this has been done at the expense of our stockholders who have not, in the last two years, received a dollar of income from their very large investment in the stocks of our road; and I believe this statement holds good as to every road in the State of Wisconsin. It should also be remembered that less than one third of the lines of road operated by this company are located in your State. Yours, truly, ALBERT KEEP, President. RATES ON THE WEST WISCONSIN R. R. DEAR SIR: Commissioner Hoyt to President Porter. OFFICE OF RAILROAD COMMISSIONERS, MADISON, December 17, 1875. to adjust the matter of rates with the people on the West Wisconsin Railroad so far successful that they were induced to declare their acquiescence in the charges made? We are receiving no complaints now, and I would be glad to know whether it is because of a general acceptance of the representations made to them by you, and by circular, or for other reasons. Very respectfully, in person H. H. PORTER, Esq., President. 20 R R C-II JOHN W. HOYT, Commissioner. (Doc. 15.) |