The north Iowa times. [volume] (M'Gregor [i.e. McGregor], Iowa) 1856-1857, 1857-07-17
Proceedings Of the McG. st. p. & Mo.
River r. r. Co,

We arc authorized to make up the fol-
lowing condensation from the proceed
ings Of the company at its late meeting
at this place, July 9th, 9th, and 10th,
1857:
On motion, ]. Brown was directed to
obtain the right of way for certain
portion Of the Road, beginning at the
levee at McGregor. |
The Engineer submitted report
which was received and placed on file.
Col. Walker of Milwaukee offered a
Resolution authorizing the construction
of the first 81 miles SO soon as means
can be provided for the same. 'a5'
Messrs. Walker, Clinton and Mack
were appointed a committee to mature
and report land scheme to the Board
Oh tomorrow morning.
.as July 9th, 10 o'clock.
Board met. The Committee SUBJ
mitted a report of which the following
is the substance. The report was dis
cussed, considered and adopted.
Let the books of the company be
opened at McGregor for the subscription
of stock for the construction of Road
from McGregor to some point on the
Missouri River.
The committee suggest that said Road
will pass through one of the most in
viting portions of Iowa, and that or the
Western end of the line large amounts
of excellent lands are still in the hands
of the General Government, and can be
purchased at low rates. "
| ARTICLE list.
The committc propose: That one half
of all the stock subscribed and paid in
be invested in Government lands and in
such other low priced farming lands as
may be selected by the Agents Of the
Company, subject at all times to the ap-
proval of the board and all to be located
along the line of the contemplated Road
or as near to itas practicable. and all to be
Of the first quality of farming lands.
ARTICLE End. ..e..... ..r.
Let the other half of said stock sc
paid in be expended in the construction
of said load. t..
Article 3rd. ....
! Let the lands so purchased be held BY
the Co. and be brought into market from
time to time for the benefit of the stock
holders and sold under the direction o
said board. -..a.., ..:....
ARTICLE 9TH. .......
Let the lands when brought into mar
ket first be appraised by three appraiser
who shall be annually elected by tn
stockholders of said company, which
appraisal shall determine the minimum
price of said lands in separate tracts O.
portions. After such appraisal the salt
J lands or such portions thereof as til
: board shall deem proper, shall first b
J offered at public sale (ata price not les
tan the appraised value) due notice 9
, which shall be given. After the land
haYe been offered at public sale, let wha
! remains be offered at private sale at tn
appraised value.
ARTICLE 9Th.
Every stakeholder owning more thar
a one share of stock shall have the priv
lege of surrendcring one half the amour
= of his stock to the company at any tim
a after the appraisal of the company
a lands, and when the lands are offere,
t for sale said subscriber shall have tn
$ privilege of purchasing said lands AM
paying for the same in the stock SO SUI
rendered at par value, and from the I'm
sold portion of said lands that have beel
offered at public sale the said subscribe
shall have the privilege of selecting an
: paying for the same in the same name
b as at public sale. .4:@.
ARTICLE 9th. #a
All monies received by the compan
from the sales of lands shall be divide
g among the stockholders pro-rata, on til
f surrender Of like amount of stock t
: the company by such stockholder, 9
n the company will permit the said stocl
It holder to receive for any dividend du
J, him a dividend certificate therefor as til
!, individual shall elect.
" The above plan will, it is con6dentl
y believed be the most liberal to the stocl
holders and by judicious management
d will enable them to quadruple their orig
q nal stock in an incredibly short space
y time. ~
q The rapid advance Of real estate
n present is incredible and how niue
larger must be the ratio when line
Rail Road will render the interior easi'
. of access than were the river towns
: lew years since. The above systel
, has the sanction of our best fnancier
and the company have ION this basis
: promises from heavy Eastern Capitals
= Of their assistance in pushing alon
y the work.