Wisconsin herald. [volume] (Lancaster, Wis.) 1846-1849, 1848-06-17
REPORT
Of the President of The Board Of Directors
of the Gatena and Chicago Rail Road.

We have received, in pamphlet, the Re-
ports of the President, Engineer and Secre-
tary, of the Galena and Chicago Rail Road,
the former of blch we lay before our read
ers this week. The statements therein
made cannot fail TO interest every reader.
Since the annual election of Directors on
the 9TH of April, 1S47, the Board have
closed the contract with -Messrs. Townsend
s. Mather, for the stock of lands of the
company, held by them, by issuing to them
100 shares of the full paid stock of the
Company, mot bearing interest. however,)
for the 1000 acres of land on the Des Plain
es river, and by agreeing on certain condi-
tons, TO issue to them another 100 shares OF
the full paid stock of the Company, on the
completion of the road to Fox River.
This arrangement placed the stock and
charter entirely in the hands of the Direc-
tors. and secured to the Company about
1000 acres Ga good portion of it tinlber,) of
valuable land on the Des PLANES River,
situated about the point where the road
crosses the river.
The timber on portions of this land, it is
believed, will prove of much value to the
company for purposes of constructions, and
in supplying the engines with fuel, it being
situated Just where il is wanted, and timber
being scarce in the vicinity.
After concluding this arrangement with
C. Mat hon obs 10
.heinr then removed, the Board were pre-
pared for decisive action, but, before open
ing their books for Subscription to the stock
of the Gaena and Chicago Road, it was
thought best to await the decision of the
Michigan Central Railroad Company, as TO
the western terminus of their road, whether
at St Joseph or at New Buffalo.
Negotiations were opened with that Com
panv, favoring a terminus at New Butfalo;
and steps were taken 10 secure the charter
of the Buffalo and Mississippi Rail Road
Company, for the purpose, by means of H.,
and the right of this company to extend a
branch to the Indiana line, of connecting the
Michigan Central Rail Road with Chicago
The Michigan Central Rail Road Conn
panv decided IN terminate their road at
New Buffalo in ,lnly last, and steps were ta-
ken preparing the way for an extension of
their road to Chicago about the same time.
Upon this, your Directors proceeded M once,
To announce their intention of opening
books of subscription To stock. for the ex-
tension of this continuous line of railroad
from Chicago, westward to Galena.
Books were accordingly opened ut Chica-
90 and Galena, and mt the towns intermedi-
ate on the 10Th day of August last, and n
bout $250,000 of stock were then subscrib-
ed.
The first expectation Of the Board was to
obtain a general subscription from the citi-
zens of Northern Illinois and Southern
Wisconsin, residing along the line of the con
templated road, and in lis vicinity, as indie
Htve Of their faith in the profitable char
acter of the road wher constructed, aud of
the general interest Of the people in it, CON
sfruciion; and, with the aid of this subscrip-
ton, to ore negotiations with, and solicit
other subscriptions or loans from eastern
capitalists, sufficient in amount to justify
the commencement of the work.
The amount subscribed, however, on the
opening of the books, was 50 liberal, and
the feeling manifested along the line, so ar
dent, and So universal, that it was quite APP
parent the country and the people imnedia-
tely interested in the construction of the
road, were able to, aud would increase their
subscriptions to an amount sufficient, in con-
nectinn with credits on iron and engines
then offered us. to build the road from Chi
cago to Elgin at once, and own it them
selves.
Experienced parties at the East, largely
interested IN Rail Road stock, and decided
" friendly to the success of the Galena and
Chicago road, were consulted, and made
acquainted with the particulars ofour posi-
ton at this juncture, and with the proposed
plan for obtaining the additional means at
the East, necessary TO secure the compile
ton Of the road to Fox river.
They were clearly and decidedly of the
opinion, that the wisest and sureust way to
accomplish the speedy extension and com
pletion of the entire route 10 Galena, was,
for the inhabitants along the line of the
road, to raise the means themselves, for its
commencement and completion TO the Fox
river and Elgin, al miles. when there was
everything to assure US that the compara-
lively small cost of construction and ex-
IRENE productiveness of the country tribu-
fary to the road, would secure such large
fElhEtf~ rs Nhitu us W tDtfiHhfNi
capital from any quarter, nn loans or in
creased subscriptions To- stock for the extern
sion OF The road to Rock River, and to Ca
lena. without delay.
This course was adopted, the object ex-
planned and approved 10y subscribers, and
further subscriptions -nlicited and obtained
on this basis of operation, 10 IN extent ex-
ceeding altogeiher, the sum of s35O,009 o.
bout $4,000 nf stock subscriptions have
since been added and the work wascon-
nenced IN earnest.
a corps of Engineers was then (Sepiem-
Der la>i) Immediately employed to survey
and locate the line from Chicago To fhs
Fox River, and prepare il Tor letting. The
time 0ccupied in doing 80, has sOmewh tt
axreedsd ,vha. was AZ first sunnosed IN he