The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-07-03

Bspsrs
| OF the Board OF Directors Of tho Keokuk,
Mt. Pleasant 4 Mascatins Railroad:
~ ~ ssocAAoiItv' Of - 1ssksA. ~. rissssM cad
Msseaitns Railroad csMpesy:
0sKrLsxRH In aeeoedanoo With ~ shee.
- Of your Company, - Aave Again ssseGl.
bled in order that the Board with whom you
have entrusted the management Of your in
terests for the past year, may report the pro.
gress Of the work under their control. The
published report Of last January gaze . de-
tailed statement Of The Drogrsss Of The work
up TO that tims--ths financial condition Of
the Company-and the prospect Of sspsedy
completion Of the road. 10 the main fea-
lures Of that report your Board hsvs little to
| add.
Al the preceding annual meeting, it was
confidently entertained that by midsummer
the cars would be running regularly over the
first division from Keokuk te Montrose, and
that before the expiration Of the year the
road would have been stretching into tho Vi
cinity Of Mt. Pleasant. The financial oondi.
ton and prospects Of the Company the an
ticipations Of An easy money msrket-and
the Importance Of the road, warranted this
opinion. Unforeseen dilicultiss, and una.
voidable il they had been forsssn, have in
terrupted the rapid progress Of the work
Among these wss the low stage Of water in
the Ohio river, which delayed the shipment
of the iron contracted for the division. The
river fell 10 an unusually low stage and re-
mainsd so, not only during the summer sea-
son, but until navigation was totally SUE
pended by reason OF ice. Your Board made
quantity ofiron, in addition to what had d.
Montrose. But with IN evident willingness
on the part of railroad companies applied to
to oblige-in each instance their iron Was In
. condition to render the application unavai..
ing, and with . steady belief that the Ohio
would soon bs in stage Of water sufficient
for shippers to resume their labors, the sum-
mef and winter passed away without the full
Gil ment Of tho 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 proprissy be
called the greatest embarrassment attending
any great work requiring capital and indus-
try, was the continually incr easing stringen-
cy Of the money market. All the great en-
terprises OF the day look to the great com
msrcial cities OF the Eastern States for aid
aud while every section Of the country has
enlisted il energies IN the construction Of
works Of public improvement with capital
greatly short Of their demands applics-
tions Tor aid in the purchase Of municipal
bonds, are numerous, argent, and heavy
Many, interested in producing alarm, with
systematic skill, endsavor TO bring about
what 10 usually denominated "pecaniary
crisis" Capital, always tin,id, easily takes
the alarm-suspicion are entertained Of >
wild spirit Of speculation throughout the
West, and predictions made of . general
break down. Unhsppily, 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 ssl6sh TO de-
press their valus-ths naseSsmsnt. Of the
oshe bond-holders TO take precedence or rule
out all that stand on the Same basis-the
superabundance Of like securities in the mar
kst-the fears Of the tinid, and tho suspi-
cions Of the distrustful. Your Board were
not, however, altogether, unsuccessful in
their operations. Notwithstanding the many
difficulties attending the bond market, ar
rangemsnts wsrs made for the sxtirs com.
pletion Of the 6rst division OF the road-the
liquidation Of oil claims against the compa-
ny-and assurances Of al possible aid in the
prosecution Of the work. Our friends 1t
home have not been idle. Confident In the
success and importance Of the enterprise, the
city Of Ksokuk has voted IN additional tax
Of $75 900, payable in one, two, and three
years. II 10 reasonably expected that other
points Of the line, with IN equal faith 10 the
project, will, according to their ability, do
likewise.
The iron 50 long delay cd has been partially
received and laid. A shipment Of 1911 bars
made in April, was sunk il tho Ohio river
near Pomeroy, short distance below the
mouth Of the Kanaha. The iron having been
fully insured in The Keokuk Marine Insurance
whole matter vas ct once 70.
ferred to the action Of tho Insurance Com.
pany, who have At this time IN agent en-
ployed in raisingit. The agent reports dif-
fculties attending the raising Of the iron,
which were not anticipsted--more particu-
larly in the position in which the bass are
found to DO thrown, and in the depth Of wa
tar-but the strong probabilities are that suf-
heient will b raised and forwarded 1t the
present time to finish the road to Montsose,
and it remsins for subsequent board to dc.
termine upon tina policy to be pursued with
the Insurance Company in regard 10 the iron
still sunk.
The road at this timc 10 in hns running
order TO point above the rapids, whore
cars and steamboats, 1t al stages Of water
during navigation, may run in connsction.
The contractors now having the road in
charge, purpose running : regular train to
this point, and further ~ the road progress
o., from and after this week.
Under tho instructions Of your Board, the
Chief Engineer Of the Company made sur
yey OF the route from Minnesota to Mt.
Pleasant last November and December, run.
ming number OF lines in order to detsrniae
upou the most feasibls route, and submitted
prodles and estimatss Of the Same. A pre-
llminary survey was also made to Columbus
City.
Your Board At it, last meeting held May
Ioth, IN accordance with . contract made
With Msssre. Sullivan and Tsnplin, Of keo-
kuk, located and 6xsd the line NJ. Pleasant,
on what they deemed s'the most direct and
fea.'ole route" and arrangements have been
1t the earliest practicable period.
At . meeting Of the Board Of Direetors
held in the earlier part Of May, proposals
were received from Mssrs. Sullivan and Tam.
lin; Of keokak, to contract for the entire
road from keSknk to Mt. Pleasant. Their
oder received favorable hearing from the
Board. and on the 18th Of May contract
Was signed with them to build and eouip the
road % Mt. Pleasant BY the 3lst Of Dsesm-
Der, 1859.
The following tables present in con-
densed form the total cost Of constr uction
the liabilities Of the Company, and their a.
sets: