The north Iowa times. [volume] (M'Gregor [i.e. McGregor], Iowa) 1856-1857, 1857-04-03
RAIL ROAD MEETING.

pressed desire to be informed Of the
progress of the &C. St. p. & Mo- r. r.
Road. Public Getting was called on
Saturday last TO take place the same
evening at American Hall. At an early
hour: the large Hall was filed with the
voters Of the town and vicinity. Allen
/ L. Wanzer was called to preside, and as
Z was previously understood, Judge Brown
the Secretary Of the Company. proceeded
to address the meeting. We do no. re-
member to have heard before, so clear a
statement of the affairs of any corpora ion
or so argumentative an appeal to the peo-
rle in favor Of III immediate effort, BY all
ways known to law and prudence, to take
hold of this enterprise. We can give but
few Of the points in tho judges speech
bu, we will endeavor to make them under
stood By those of our realers who lal
not tie good for.une to be present.
An impression prevails to som, OK en-.
thu: this company has not used as much
activity in the prosecution Of the work as
was advisable, and it has also been eur
rensly reported that the Milwaukee and
Mississippi Road had made a rrofler Of
assistance to this company which prefer
had been CONTEMPORARY declined OF the
part of the MEG, Company To set
these two objections at rest the Judge re-
la.ed with some minu eness the ACTON OF
the Company since lis organization in
June last. The result Of their apathy has
been, the completion of an available sur
vAy 40 miles into the interior az an ex-
pense of less than 5000, all OF which.
or nearly So, is paid +; an amount Of Stock
cqua! TO near 100000 has been taken in
cash, farm mortgages. and county loans,
an! the whole line Of the roa ! to Clear
Lake is under contract on terms extraor.
dinarily favorable. The statement rcla
tive to the Milwaukee Company was dissi-
pa.ed by reference to aa interview had
with delegation from that Co. and b.
Al exhibition of letters expressing entire
confidence in this CO.. from gentlemen
con!cssedly at the heal Of the other
The letters referred to. or extracts from
them, will be found in the Repor. Of the
McGregor l. St. Peters Road, this day
published in the columns OF the Times.
This Judge Was fortunate in removing frora
the minds Of all presen', every vessiye of
toubt as to the integrity of the McGresor
Com. and we are persuaded tina no man
who may hear him in this explanation will
credit for moment the report that has
been SO unjustly circulated rela i've to
rupture with tie company across tie
River. On the contrary the utmost cor
diali!y exists between them, and the cx-
hibision of any thing like a wholesome
interest on our part in this enterprise will
bring them to our assistance with all the
energies they possess.
The arguments in vor Of the County
t,king the loan Of $500, 600 Stock and
executing her bonds for the amount pay
able III % years. were presented witt.
such force as to satisfy all present Of the
financial policy of tie plan. An impress
ion prevails that tie bonds are execu ed
and delivered to tie Company with as littl'.
regard to the ultimate safety of the Coun',
as ii said bonds were never to be paid,
but such is not the case. ..l#
Before issuing the Bonds a. all the
County Judge is required to demand and
receive satisfactory security that the in
terest on them will be promp y NE, by
the Company, tina. the road will be com
raetsd within aspecited time I'VE have
torgotten the ,ime.) When ills is done.
the Company is required to issue to the
County the amount Of Stock certti ca es
equal to the Bonds voted. Each 500.
share entities the holder to vote for Di-
rectors. This Cosn'y would have 1000
votes. BY the articles Of Incorporation
one .toarsh Of tie Stockholders can call Il
meeting. turn the Directors out of Office
adproceea to till their places with better
maa.- The Bonds are not taken to Wall
Street and sold ''for song" bu: they
are handed over to the parties who advance
the noney, with. the special siipula ion
tina. they are deposited only as collateyui
tac Company becoming exhausted of
":iec.s before the County caa be legally
liable.
La less than three years the Road will
pay dividend to the County above the
amount Of intercs. on lis bonds. and il i
10; 9; all improbable tia. at the end OF
twenty years the County VII have re.
ssissd Eisi!cpds exceedin. the a1a> unt ..
.rpsaeH i. @hsa sIa y