The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1858-08-19

to Cedar Falls, which it is hoped will be found
acceptable to all parties concerned. The COM
pany is now the owner OF over million and
quarter acres Of land, granted by Congress, in
fec-simple. The title to these lands is absolute
and perfect, go far as to enable the Company to
occupy, lease, use, or in any manner control
them ; but there is limitation against selling, ex-
cept as the road progresses. There is a condi
tion annexed to the grant that in case the road
is not completed within ten years from the 18th
day of May, 1856, the lands belonging to the
uncompleted portion of the road, shall be for
feited but this condition does not effect the
lands belonging to the completed portion of the
road. There is also condition in the grant
from the State to the Company, requiring IS
miles Of road to be completed by the lst Of De-
cember, 1859, and thirty miles year for each
year thereafter.
BY the terms Of the grant the Company is en-
titled to sell and convey 100 sections (76,S0O
acres) before the road is commenced, and the
same quantity for each twenty miles thereafter.
and the proper certificates from the Governor
executed in pursuance Of the act This gives
the Company the right to sell and convey, in
fee-simple, $50, 400 acres of land at the present
time. The title to these lands can never be de-
feated. 1t is no longer subject to any contin-
gencies, conditions or limitations whatever. OF
the 1921 town lots, very large proportion are
situated in the larger towns on the line; for in
stance there are 80 in South Dubuque, joining
the city Of Dubuque $50 in Independence,
place that is progressing rapidly notwthstand-
| ing the hard times and contains n population
estimated at 1000 also 700 lots in Cedar Falls,
and 81 in Waterloo. which last places each con-
tains about 1000 inhabitants. The price fixed
upon these lots is extremely low. n
If the proposed plan OF the Company be car
ried into effect, the stockholders will own 100
miles of road well fen ced and ballasted and
equipped with locomotives, 9passenger cars,
2 baggage cars, l02 freight cars, 80 construction
ears, hand cars, and trucks. The earnings
cfthc portion of the road now open for business
are very satisfactory, considering the scarcity
Of money, and exhibit fair increase over the
earnings of last year as will be seen by the fol-
lowing,
1867 1858
Earnings from III to 81 May,
inclusive So, no % 81 ,292 OF
for June, ..-- $6,464 46 SIS, l0S SO
Increase 1858 over 1857, for ia months, is
$2,2a5 H. ~
| The earnings so far are much larger than they
were upon the Galena & Chicago Union Rail
road, when first opened. Allowing two years
from next December to complete the road to
Cedar Falls, and admitting that the road will at
that time earn as much per mile as the Galena
d Chicago did, when it had been open the same
length of time, and allowing that it will take
fifty per cent. to pay operating expenses, the net
earnings for 100 miles would be 5000, 7l3, or
~ per cent on the stock. Admitting that the
earnings will increase per mile for two years
thereafter at the same rate as did those of the
Galena Il Chicago, the gross eai innings will be
50 $50 81 per mile allowing so per cent for
operating expenses, We would have $49s.0le
net earnings for the 100 miles, or 1913 per cent
on the cost. Considering the fertility and rapid
growth of the country, the present earnings, the
and other minerals which abound in the lands
of the Company, and on the line of the road, it
is fair to presume that the earnings of tho road
will keep pace with the progress of the road in
the same ratio as did the Galena & Chicago
/ All of the coal and mineral resources of this
road are resources unknown to the Gaelna d
Chicago The fact that this Company will
| 4 4 a /. :
which tends to fortify this belief. The absence
of competing water carriage is another circum
stance quite as important. Eight years since
the lands between Chicago and Dubuque lay
almost as an uncultivated waste now these
lands arc nearly all enclosed, and in high state
of cultivation, and are worth from % to 80 dol
lars per acre. The lands which will fall to the
bond and floating debt holders will in few
years be worth three times their present value,
and arc cheap at So per acre. 1t will be remem-
bered, however, that bond holders who hold
bonds that cost them only IS cents on the dol
lar, will get their lands at an actual ost of only
S. an acre, which would be a good Investment
to say nothing about the stock. A railroad 100
miles long capable of earning from to l2 per
cent on cost without bonded or floating debt,
would be an anomaly in the history of roilroad
management; stock in it would certainly be
desirable property.
! The altered circumstances Of the Company in
consequence Of the financial panic, have in
duced the board of directors, on mature reflec-
ton, to change the plan from credit to cash
system. Instead of looking abroad for aid, it
is believe that more reliance should be placed
ON the resources of the country If the bonded
and floating debt can be cancelled in this man
ner, it is believed that the plan viii prove
success. The hearty cooperation ofall parties
in interest is respectfully solicited.
Address
J.P. FARLEY, President.
and c. H. BOOTH, Treasurer.
Dubuque, Iowa
or NJ. K JESSUP d CO., Agents,
"A Exchange Place, New York.