St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-09-23
McGregOr Railroad.


building of this road has ever been
the subject of extreme solicitude on
the part of the citizens along the line,
and particularly those of Floyd coun-
ty, and it was therefore highly pleas
ing to meet Mr.. Thompson, the Presi-
dent; Z. d. Clinton, the General Agent;
and H. p. Clinton, the Secretary of
the Company, and learn from them the
true state of affairs concerning the
road at the present time. From facts
gathered from these gentlemen it ap-
pears that the Company have a relia-
bic stock subscription of over three
hundred and twenty-five thousand dol
lars, upon which from n third to
one half would be now due by assess
ment. Of this amount a large ma
jority, owing to the stringency of the
times, is unpaid. There has been ex-
pended upon the line about seventy
five thousand dollars of which amount,
as appears from the Engineers esti-
mate, sixty-four thousand eight hun
drcd and seventy-six and a half dol-
lars is the amount of the cost of the
Road bed-that is, the grading, cul-
verts and bridges upon the first nine
miles of the Road. This work has
thus far been prosecuted at an aver
age cost of twenty per cent. less than
the original estimate of the Engineer
to construct the portion of the line al
ready graded, and the company be-
lieve that fifty thousand dollars in any
available funds, such as beef cattle,
horses, goods or produce, that q be
turned out to the contractors in pay
ment for the amount of work still to
be done, will complete the line, ready
to receive the ties, through the bluffs
up to a point where the average cost
of the grade cannot exceed, for the
next twenty miles, six thousand dol
lars per mile. This amount, (ifty
thousand dollars with a proper effort
on the part of the Stockholders, can
easily be raised, and the Board of Di.
rectors have assurances that they can
exchange low priced farming lands at
a fair cash valuation for goods. Every
at all conversant with the Eastern
market can but admit that there is at
time a large surplus of goods
which will be sold or exchanged for
something. The company believe that
they can procure for these lands, which
they receive from Stockholders, at a
cash valuation, what goods they may
need to prosecute the work.
To insure the immediate progress
and speedy completion of the first ten
miles of the road, all must see at a
glance, is Of vital Importance. For if
the first ten miles Of the Road can be
graded by the first of March next, suf-
to complete twenty miles more of Road
in M year from this date.
The location of the line, by Resolu-
ton of the Board Of Directors, passed
June Sd, 1858, is to be submitted to a
vote Of the Stockholders called at
West Union on Wednesday, the 9th of
October next at which time every
Stakeholder will be entitled to vote
upon his stock paid in. That is, upon
every share of stock fully paid as per
agreement, in land or otherwise, he
will have a vote as to which line shall
be adopted for the first fifty miles west
rom McGregor. This policy the COM
'any have adopted, believing that the
rue principle of representation is to
ct those men who pay their money,
produce, goods Or lands, say how,
when and where their means shall be
expended. The stock subscriptions
aiken through the country were taken
II good faith, and in pursuance of the
blowing preamble and resolution, viz:
Whereas, This Board regards it of
'ital importance to the interest of the
Road that the best possible line from
icGregor west be selected, therefore
Resolred, That the Engineer be in
tructed to examine with care and
nlnutcness the projected Northern,
and Southern routes to some
Common point west, and report to this
at as early a day as convenient.
The Chief Engineer will, at West
jnion, submit to the Stockholders pro-
lies of the projected lines, showing
he relative cost of each. Let there
&c a good delegation present from
lloyd county.
Mr.. NJ. A. Searle, of this place, met
With a serious accident, one day last
week, while saving shingles in Mr..