The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-13

The Railroad Journal On the WiscOn.
sim Railroad Thirves-The Allies Of
the NfinnesOsa Mailroaa Oincsrs.
The gentleman in Milwaukee to whom We
have heretofore been indebted 10. hints Con
corning the rascals who have plnndered the
Milwaukee and La Crosse Rad who are in
allia, &C with the officials and managers Of
our Minnesota Roads; sends his correspond
snt in st. Paul the following:
MILWAUKEE, March 3, 1858.
DEAR SIR :-Inclsoed is the article spoke
to you about yesterday. Perhaps it would
be we'll if you would have it published in the
st. Paul papers. 1t will show your people
something Of the character of the people they
have got in bed with.
In haste, yours truly.
LA CROSSE AND MILWAUKEE RAILROAD.
We give in another column the substance
of the Sixth Annual Report Of this Compa-
ny, bearing date February 9th, 1898.
From this report it appears that the total
liabilities of the Company, including the cap
ital stock, are Sl5,9s0,7O8 81. 10 this are
to be added $l,5OO,OOO OF land grant bonds.
to be issued to complete the road to La
Crosse-making total liability Of VII ,4SO,-
7OS 63. For this sum the Company will
have 200 miles Of road, costing $S7 ,4O3 "a
per mile.
To show what has been lost, we may
state that the road could have been built and
equipped for 5000 per mile, o. S., 600, 900.
This is large estimate. At least $l2,0OO,-
600 have been lost, stolen or squandered in
one manner and another. Abortion of this
sum is made up by sales of stock, at depreci-
ted value. 1t is fair, however, to estimate
that the Company have been robbed Of
from S., OOO, 900 to $lO,OOO,O00 by the par
ties who have been the legal custOdians OF
its property.
The report of 1857 stated the whole
amount Of liabilities in January of that
year to be S5,453,OS5. To this was to be
added $2,lSl,0O0, the amount estimated as
necessary to complete the road to La Crosse,
then under contract-making q total OF
81, 724,O85 against SIT ,4SO, 7OS, showing an
increase of nearly $lOOOO,O0o over the estl-
mate Of 1857, during which 81 miles only
have been opened.
Its needless to say that the report of 1857
was false in many of its particulars. The
liabilities were incorrectly stated. The
amount of earnings were falsely reported,
and greatly exaggerated; and as a means of
sustaining the credit of the Company, and of
keeping up the price of its stock, SO late
nc July last, semi-annual dividend of six
per cent was paid ont Of the pretended iett
earnings for the half year. We stated at
the time that the dividend paid hal never
been earne !, and that it Was fraud declared
merely as blind to the public.
In ths 'shols hi>tory Of Railscap frauds, there
IS no pn,al Il to those b.,ane us. Those of Schuy
l~r, Rudsoa. Rdpah end Grkt sin, into IT.
>iynfcahce IN com,'nrisoa NTH them. Yet the
mr,,et,nfors Of u porion f Mem-in fut the
,.ortis chiefy eul~,th-hove The imp'uience to
,rtpm hir places IN Tie direction, and expect
p dro''ty 10 e'3oy entire immunUy for their
crimes.
w. hare had de'aHed 10 as the manner in
xhih q l,o,tim Of these f0uis hare BEEN perps
hMted. We learn tint the nep members qohO
hare recently gone into the board, are ac'ictly
.nyayed in prosecuting their Investigations, an :
that they profess t. be d-,ei mined to probe
The ast management of the Company to the
"ottom, and proceed gai'st all deI'rquents
III Whatever manner the law may warrant
They hope at least to make those acho haze stol-
rm the most restore a portion of their iN-go,ts'.
.,iunder. We should hare liked 1t much better
had the directors gi;en a simple narration Of
The frawds that haze thus far come to their
knoaoeledge. They assign reasons for not doino
50 for The present, ,ohich, perhaps, should be con-
sidered satisfactory.
With regard to the future they have prob
ably taken the best and perhaps the only
course left. If they have secured the com
pletion of the work to La Crosse, they will
be enabled doubtless to make good the land
grant, and the first mortgage bonds in the
Eastern division, amounting to about 81 ,OOO,-
OOO-RaHrOad Journal.