Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1854-09-20
To the Stockholders of the Mineral Point Raj
Road Company.
J. L. Y. Thomas, } G.
DdUid .Atlcood. &c

IN the present eXIgency OF the Company. the
Directors feel called upon to present TO you brief
statement of the progress and prospects of the
Road
In speaking of its progress they will go no
farther back than the 10th day of October last
when they entered into contract with the Hi
nols Central. and the Galena and Chicago Union
Rail Road Co.'S, by the terms of which contract
this Company agreed to construct their Road from
Mineral Point to the Illinois Central Railroad near
Warren within two years from that date. and -
far they can legally DO to throw all their bust
ness on TO the roads of those two Companies In
consideration of this agreement those two Conpa-
MES, Jointly agree that for the period of twenty
years. they VIII guaranty to our Company, a net
income of eight per cent on the cost of the Road
provided the cost shall not exceed seven hundred
thousand dollars and if it exceed seven hundred
thousand dollars, then eight per cent. on that sum-
Thus securing to the Company in any event net
annual income of fifty-six thousand dollars with
all the chances of the Road itself earning more
/ than that sum. The Directors have always be
| leved and still believe and have so assured the
public IN their published estimates, that the net
earnings of the Road would, after it was fairly in
operation, amount to more than one hundred
| thousand dollars. Nevertheless the guaranty of
the ILLINOIS Companies possessed great value in the
security it afforded to those who should furnish
means to aid in the construction of the Road that
in any event the Road would be able to meet all
its obligations.
Having made this contract with the Companies
referred to, the Company succeeded on the 10th
| of December last, in making a contract with
Messrs X. q q. l.. SCHUYLER, of New York by
which they agreed to assume and paw all the la
btiities OF the Company, carry out all lis then
existing contracts and complete and equip the
Road by the 1st day of January 1855 for the
sum of one million of dollars one-half to be
paid in the first mortgage bonds of the Railroad
company, and one-half in the Stock of the Com
pany, with this modification in reference TO the
Stock that all persons who had subscribed for
Stock might be at liberty to pay the same at the
rate of sixty dollars per share of one hundred
dollars, and that all payments thus made should
be received by them in lieu of the same number
OF shares of Stock. 1t was also stipulated in the
contract, that the Company should loan to the
Messrs. ScHUYLERs, during the progress of the
work, $4,000, of Iowa County Bonds which
they were at liberty to pledge or hypothecate but
not to sell, and which they were TO return the
completion of the work. The mode provided by
the contract for raising money to carry on the
work, was by drafts drawn by the President of
the Company, at four months, on r & G. l..
SCHUYLER, and accepted by them which drafts
the Company procured TO be discounted general
ly, at New England Banks. and applied the pro-
ceeds IN the construction of the Road
The whole amount of drafts thus accented and
upon which the Company has realized the pro-
ceeds. IS $4,000
o. which there have been paid by
MeSsrs Schuylers, $4,000
Secured by attachment of their prop
erty, and to be paid by them $1,000
Unpaid, and to be provided for by the
Company, 100000
$4,000
The Messrs. Schuylers have made an assign
ment of all their effects for the benefit of their
creditors
The Company have recently made settlement
with the assguces, the substance of which is that
the contract is abrogate4.~ Jhe Company re-
leased from all claim for the $1,000 which the
Schuylers have paid and are liable to pay, as al
ready stated,-and the Company surrender 10 the
assigneeS $4,000 of bonds, which Messrs Sch ~
ers had already appropriated TO their own use |
VIZ: $4,000 in Iowa County Bonds, and $4,000
IN Railroad lst Mortgage Bonds, and all the
securities are surrendered up to the Company be
ing $4,000 of Iowa County Bonds, and $3.50. |
900 OF Railroad lst Mortgage Bonds-and the |
Company assume the payment of the outstanding |
unpaid acceptances, amounting TO 100000.
he whole amount of expenditure by the COM |
picny up TO this time amount in round numbers |
10 about the sum of $4,000, which includes En- |
glneering, right of way, grading, bridging, ma |
sonry ties, plank, salaries printing, interest dis |
count commissions. and incidental expenses
The funds to meet these expenditures have been |
provided as follows:
Stock subscriptions. about $4,000
Schuylers acceptanees, $4,000
Unliquidated floating debt about $4,000 |
$4,000
he present debt of the company is about S75,-
po0-of which $4,000 consists of the unpaid /
aecep'ances of the II & G l.. Schuyler and the /
balance say $4,000 In the unliquidated horne
debt OF the company
1t Is estimated that about $4,000, will now
complete the grading N isonry and bridging OF
the road and place it in a condition to receive the
superstructure
There has been subscribed 10 the capital stock
Of the company 1lOl shares, upon all OF which
partial payments have been made, upon some on
y 30 per share, and upon others much as $50 |
per share Ii this stock all to be paid in