New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-11-28


Rivers navieable for long distances and many lesser
streams. affordipg hydraulic power, 50 generally dig
but. az to serve the purposes of the whole country
and afford numerous village sites, which will be speed.
ly occupied by an enterprisIg people. Some valua-
HE iron mines are also found this region Of country,
which will be brought early into use, and no doubt
geological survey will develop extensive mineral re-
sonrces Of great value. None of these lands viii be
offered fol sale until the road shall be completed to St.
Croix. and been operated year which will be about
fonr or five years from this time. But in the mean
time the lands remaining to the Government
will all have been purchased and settled upon
throughout the whole distance, and the coun-
,rv generally progressing in improvements.
We think. however, the true poi,y of the Company
rouh be to make sales of the lands at once as in the
case Of the Illinois Central road thus settling the coun-
try and building up traffic as early as possible.
Sf ould the proceeds of the lands be az estimated,
Ala Coo he Comps ny state that it will be sufficient
% Iouidae the eight million issue of bones proposed,
and also the entire indebtedness OF the present road
which is a. 2eg o. 0, making aggregate OF slO 99
coo leaving 400 TO be divided nong the stock
holders The annexed extract from the Circular shows
how tie benefits of the land grant are to be realized
by the stockholders:
1.-THE stockholders will be the beneticiaries In this
pan of operations and in the end will receive In the
shape of stock dividends the full amount for when
The land shall be odd TO effec, this 90 tina, Gil par
ts NAV derive equal bene. from the Gales as they are
made fcu wear 10 We ar, often the Trustees snail
sell any ton OF TIE land and deposit the proceeds 10
the credit OF the Sinking Fund, and thereby cancel or
nroyiee for the payment # the same amount OF the
C,mpsny's bonds stock dividend will be made to the
san aggregate amount among the stockholders a, the
time being pro ra,s to the smount o. snares ne1 oy
each Ali that the land might sell for over and 40 I'VE
snftt o Ton
A sum TO be divided among the stockholders; ana ~
might well be- and have bat little doubt the tact Will
be So that in addition u DIVISION OF STOCK shares
equal TO the Indebtedness of the Company an amount
over and above viii be received sufficient TO reimburse
the holders of the stock to the amount paid for the
shares originally purchased before such DIVIDENDS were
made If such result should be realized, each orgi,
nal holder Of share will be the posse OF three li
shares and in addition thereto, will be reimbursed tue
amount paid for the original share. But &C any rate,
whether such surplus remains to be divided or not,
whenever the bones of the Company are paid, every
hocer of an original share must be the holder OF three
shares so that at the most though he paid par for the
original share yet the three shares canno have cost
bu; 80 v cent of their par value. In the mean time,
while the road is being buif and this process OF qi
daton going the holder OF each share OF inc general
stock of The Company will be in tae regular receipt OF
dividends from the rnings, while the holders OF
division stock or stock on the unfinished divisions,
will be equally in receipt of interest on Its par value al
the rate of ~ y cent per annum pa able IN tle STOCK
N
after subscribed will be dirsion and It the general
stock of the Company until those divisions are sew
orally completed and coDse que nty not entitled 10 DIV
idend of ed nngs until then, but will be entitled to IN
y cent per snnum interest, In the mean time
The building of the new road does not interfere with
the rights of the general present stockholders the
road having been divided into five divisions fol-
lows:
81. The Eastern Division shall embrace the road
from Milwaukee. by way of Scheisingervile, to POr
tsge City.
S2. The Western Division shall embrace the road
from Portage City to l., Crosse.
az The Wafertown Division shall embrace the lad
from Milwaukee by way of Wafertown to Portage City
- The Northwestern Division shall embrace the
road f Portage City to the point Of inter with
the road from St. CrOi1 River or Lake to the west end
OF Lake Superior.
IS. The Portage Division shall embrace the road
from Madsc n TO Forage City.
"The stock Of each Division shall De separate and
distinct from every other Division, until such Division
shall be complete d. so as to be operated throughout
and until the first dividend day after such Division
shall be so completed when it shall no longer be kept
but become part Of the general stock OF tue
Company. The stock of the Eastern Division shall DE
gen, stock of the Company from and alter the last
day Of June, 1856"
By this the stockholders of the present
road will receive their full dividends as usual until the
new divisions are completed, and contributing to the
earnings while the stock in the unfinished divisions
will receive an interest dividend of 10 y cent v
annum, payable in stock.
The present road is 81 miles in length from Mllwau
kee to Beaver DAM and the earnings thus far exceed
the estimates, and are probably larger than ever made
by any road Of the distance in the first year after
its opening They have been for ten months as fol-
lows: