Peoria and Bureau Valley Railroad Co. Issued to C.W. Durant Estate - Railway Stock Certificate

Stock issued to C.W. Durant Estate.

Written in the New York Times July 18, 1885: Charles W. Durant was declared some time before his death to be of unsound mind and incapable of taking care of himself or his property. He was worth $1,287,000 from which accrued an annual income of $60,000. Mr. Durant, in his will, dated June 22, 1883, left $60,000 to his granddaughter Adele and $40,000 to his grandson Victor, the remainder of the estate being divided equally among his three sons, Frederick C., Charles W. and Howard M. Durant, and his daughter, Mrs. Estelle Bowers. Mr. Durant added a codicil to his will on Feb. 16, 1884 which gave his granddaughter only $10,000 and his grandson $1,000. The grandchildren and Mrs. Bowers contested the codicil on the ground of mental incapacity and undue influence.

Owing to the fact that a compromise has been effected, the will and codicil were yesterday admitted to probate. A petition offered by Victor Durant, by his special and general guardians, John D. Townsend and Adelaide Durant, states that in order to avoid family differences and prevent further litigation the surviving children of the testator have promised to pay Adele Durant $61,000 in place of the $10,000 bequeathed to her by the codicil and to Victor Durant $41,000 in place of the $1,000 upon the understanding that of this sum $30,000 should be held in trust for him so that he could receive the annual income during life, but with power to dispose of it by will.

It is also understood that the children shall be released by him from all further obligations imposed upon them, and that the objections to the probate of the codicil shall be withdrawn. Of the amount received by Adele Durant, $50.00 is to be placed in trust for her during life with the Farmers' Loan and Trust Company. An order was signed by Surrogate Rollins yesterday allowing the compromise to be made, appointing the Farmers' Loan and Trust Company general guardian of the property, and directing that letters testamentary should issue to that company.

John D. Townsend receives $1,000 for costs and disbursement; Mrs. Adele Durant $300, which she spent in educating Victor, and the remainder of the $41,000 is to be invested and its annual income, during Victor's minority, paid to his mother for his support and education. Following the signing of the order, Carlisle Norwood, Edwin W. Coggeshall, and John Walker, witnesses to the will and codicil, testified to Mr. Beckett, the Probate Clerk, that both papers had been signed and executed by the tesator in their presence. They had known him for several years and were of the opinion that he was of sound mind when he signed the documents.

The Peoria and Bureau Valley was incorporated in Illinois under special act of the General Assembly approved February 12, 1853, granting it a perpetual charter and authority to "construct a railway from the City of Peoria, Ill., to a point in Illinois below Indiantown in the valley of Bureau River." The charter was amended on February 27, 1854, to allow the terminus in the Bureau River Valley to be fixed at any place most advantageous. The line of the Peoria and Bureau Valley was constructed under contract dated May 27, 1853, by Sheffield, Farman and Company, and opened for operation on February 1, 1855, on which date it was turned over to the Chicago and Rock Island Rail Road Company, predecessor of the carrier, for operation. It has since been operated by the carrier or predecessors of the carrier, being leased to the carrier in perpetuity under an agreement entered into with the Chicago and Rock Island Rail Road Company on April 14, 1854.

The railroad of the Peoria and Bureau Valley is a single-track, standard-gauge, steam railroad, located entirely in Illinois, and extending from Bureau to Peoria, 46.946 miles. The Peoria and Bureau Valley also owns 21.571 miles of other tracks, making 68.517 miles of all tracks.

All of the property of the Peoria and Bureau Valley is leased to the carrier for sole operation, in perpetuity, under an agreement dated April 14, 1854, with the Chicago and Rock Island Rail Road Company. Under this lease the carrier pays an annual cash rental of $125,000 and all taxes and assessments. The lease also provides that the lessee may make any additions and betterments to the property necessary, at its own expense.

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