The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-07-09

mePers
or - Board Of Directors OF tho Ksokuk,
NJ. 4lssAnt& Musostins Railroad: 81.
ztl6s aa1sAAoj1w "a Of II. Keoksk, M. sFissssM 81
Elssos,lIS r. nd Cempany. a
III OxHszsses In accordaaes thh - shasx
- % jour hpaDy, we have UoAif ssesls
Ft1nd il OF That the Board viii = 80
have 0ussusted the management ef ysov ill.,
tsrests for tho past year, may rep04S pro-
gress Of the work under their control. The
Published report d last January gave . de-
tailed ssntsmsQt & thapeogSVs Of the wotk
up . chat dme-<tke 1h6noiA condition 81
tho Compsny-and the prospect Of speedy
scnplaaias sf fths road IL The nAin fse-
lures Of thatsspcst your Bsas1 Asvs little to
"A A. ~ pssotdlIx snallsi III va.
confidently entertained that By nid.sumnss
the cars would be running regularly over the
6rst division frop kcokuk u NonSrose, and
that bsfors BE expiration ~ az year the
road woat1 A&gl AeGo o. 16t6 no vi
cinisy Of Mt. Pleasant. The Anancial condi-
ticn and prospects Of the Company ~ ~
ticipations Of IN easy money sarket-and
the impor lance Of the road, wasrantsd this
opiuion. Unforeseen dimeultiss, and una
voidable IL they had been forssssn, hare in
| sCINuPtcu SuO InRt4 RtUkIVoV VI t00 WVE9.~-
Among these was the low stage Of water In
the Ohio river, which delayed The shipment
Of the iron, contracted for the let division. The
river fell 10 ~ unusuAliy low stage and re-
manned so, not only during the summer sea-
son, but until navigation wss locally Gus.
pended by reason OF ice. Your Board made
nunbct Of efforts to obtain . sufficient
quantity ofiron, in addition to what had al.
ready been yseaivsd, to c0uplete the 70 ID TO
Montrose. But with an evident willingness
on the part 81 railroad companies applied to
TO oblige--in each instance their iron vas in
. condition 20 render the application unavai'-
ing, and with q steady belief that the Ohio
would soon be in . stage Of water sufficient
for shippers to resume their labors, the sum-
MGR and winter passed away without the full
| 6llment Of the predictions and hopes Of the
friends Of the road in securing railway
around the rapids in the full tide Of success.
Another. and which might with propriety be
called the greatest embarrassment attending
any great work requiring capital and indus
try, VAS the continually increasing stringen-
| cy OF the money market. All the great On.
terprises OF the day look to the great COM
rnercial cities Of the Eastern States for aid
and while every section OF the country has
enlisted its energies in the construction Of
works of public improvement with . capital
greatly short of their demnuds-the applica-
tons for mid in the purchase Of municipal
bonds, are numerous, urgent, and heavy
Many, interested in producing alarm, with
1 systematic skill, endeavor to bring shout
what is usually dcnominated 1specuniary
crisis Capital, always tin,id, easily takes
the ularm--suspicions are entertained Of .
wild spirit Of speculation throughout the
West, and predictions made OF . general
break down. Unhapply, this feeling receives
encouragement from the partial failure Of
crops during the past season. Railroad
bonds brought into market have continually
to force their way against the schemes Of the
selfish to dcpress their value; the management
/ Of other bond-holders to take precedence or
rule out all that stnnd on the same basis --the
snpcrabundsnce Of like securities in the mar
/ ket--thc fears Of the timid, and the suspi.
cions Of the dissrsstful. Your Board were
not, however, altogether unsuccessful in
their operations. Notwithstanding the mnny
difficulties attending the bond market, ar
rangements we're made for the entire CON-
/ pletion of the 6rst division of the road--ihe
/ liquidation Of oil claims against the compa-
n.y. and assurances Of all possible aid in the
prosecution Of tho work. Our friends at
home have not been idle. Confident in the
success and importance o. the enterprise, the
CITY OF X eokuk has voted IN additional tar
OF SO, 600, payable in one, two, and three
years. II is reasonably expected that other
points Of the line, with an equsi faith 10 the
projs., viii, according to their ability, do
| likewise.
The iron 20 long delayed has been partially
| received and laid. A shipment Of 1911 bars
made in April, wss sunk in the Ohio river
/ p IL - AaIn -
mouth pf the kanawha. The iron having been
fully insured in the Keokuk Marine Insurance
Company - tn, whole matter was at ouce 70.
fcrred 70 the action of tho Insurance Com
panv, Who have Mt this time an agent en-
p.oyed in raisingit. The agent reports dif-
fcultles attending the raising Of the iron,
which were not anticipated particu-
larly in the position in which the bars are
found to be thrown, and in the depth Of WA
ter--Lut the strong probabilities are that suf-
fcient will be raised and forwarded At the
present time to finish the road to Montrose,
and il remains for > subsequent hoard to de-
termine upon the policy to be pursued with
the insurance. Company in rsgardto the iron
still sunk.
The road at this time Is ID Ane running
| order to point above the rapids, whore
cars and steamboats, at all stages Of water
during navigation, may run 10 connection.
The contractors now having the road In
charge, purpose running regular train TO
this point, and further a. the road rrogress-
CO. from and after this week.
| Under the instructions Of your Board, the
Chief Engineer OF the Company made sur.
vey Of the route from Iontrose to Mt.
Pleasant last November and Decsmbss, run
aing number OF lines 10 order to determine
upon the most feasible route, and submitted
profiles and estimates Of the Same. pre-.
liminary survey was also made to Columbus
City.
Your Board q its last meeting held May
Goth, in accordance with = contract made
with Messrs. Sullivan and Templin, Of kco-
knk located and fixed the line to lit. Pleasant,
on what they deemed s.tho most direct AID
feasible ronte," and arrangements have been
made to put force at work st proper points
1t the earliest practicable period.
At u meeting OF the Board Of Directors
held in the esrlier part Of May, proposals
were received from Mcsrs. Sullivan and Tsm-
lin; of keokuk, TO contract FOR the entire
road from Keokuk 10 At. Pleasant. Their
Offer received favorable hearing from the
Board, and Oh thu. 18th Of May contract
was signed with them to build and equip the
road to Mt. Pleasant BY the 3lst Of Decem-
Der, 1859.
The following tables present il : con-
densed form the total cost Of oonstsaction---
the liabilities Of the Company, snd shsir ~.
sets:
Herewith is shown the cost Of the road:
Engineering 1898 So
Supsrstruoture $3.50 So
Missionary and Bridging tsxtra 8l458
Grading 39,l73 ~
rs~e 2 Goa -