Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1855-02-07
MINERAL POINT RAILROAD.

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W. learn that one thousand shares of the Stock
Of this Company have been taken upon the new
inclusive of former subscriptions
which have been re subscribed, that by the terms
of the subscription ten per cent. is now payable
The Treasurer has notified the stockholders TO
paw the first instament by the 18th inst, SO that
q new Boa I'd of Directors may be at selects
ed in pursuance OF a resolution of the present
Board, adopted in December last, and that they
may proceed to make contracts for the compile
ton o.: the road.
This subscription of one thousand shares. will
amount 10 the sum of 100000
OF which there has been already paid
in and expended by the company,
the OF 2l,loo
leaving applicable to future work
the sum of 7ss,5oo
1t appears from statement of the President OF
the Company, IN his circular letter addressed TO
Messrs Billings, IIic kcox, & Joiner, that the ex
penditures of the Company under all the different
heads amount to Sl6O,674 so
or which there has been received from
loans and discounts, 139,524 30
From stock subscriptions, 24,o55,
Less refunded stock, 2,9p5,
2I,l3o 90
sl6o674 so
The President also states that it will cost to
finish the grading of the road about 100000
He states the floating unliquidated
debt at about $4,000
Total to grade the road and pay home
debt s74,oo9
The liquidated debt of the company,
due mostly 10 eastern banks, and
for which $4,000 of Iowa
county bonds are pledged collat-
eral security. is stated at $4,000
1t is also stated that the remaining
county bonds amounting 10 $4,000
can be taken IN for $4,000
Making a total sum of sI55O00
which will finish the grading of the road, pay all
the existing debts of the company, and take up all
the county bonds.
The President of the company states in the
circular letter spoken Of that responsible parties
are willing to enter into contracts to finish and
equip the road in all respects, and have it in ope
ration in one yea and take their pay exclusively
in stock and bonds of the company, provided the
company will furnish the cash means to pay its
outstanding liabilities and finish the grading of
the road As already stated, this viii require
about $4,000
OF which The new subscription OF one
thousand shares will give 10 the
company, the sum of 1850
And leave the sun necessary 10 be
raised, S76.l50
1t would seem that there ought 10 be diff
Guilty in raising in this county and along the line
of the road an additional of 200 shares
when so small sum will secure the completion
OF a road which will confer SO much benefit on
the community and at the same time relieve the
county from the heavy debt which is hanging
over il.
We understand that the Directors, unless DIFF
ferent policy should be adopted by new board
intend if they receive 10 more subscriptions, to
make arrangements, if they can to get an exten-
sion of their lqudated debt of $4,000. until it
| can be paid from the earnings Of the road, and
apply the proceeds of the present subscription to
the grading of the road and discharging the
liquidated home debt and the accruing interest on
the liquidated debt; and secure contract for the
superstructure md equipment, payable in stock
and bonds, and apply all future Subscriptions TO
pay the liquda'ed deot. This course as it will
involve the payment of heavy interest and Will
still leave the county bonds outstanding as they
viii be required as collateral secury, they hope
they will not be compelled to adopt bnt if they
are, it is certainly preferable to an abandonment
of the enterprise. In any event we feel safe in
assuring our readers that in one way the
other the work will soon be speedily commenced
and prosecuted TO completion during the present
year.