The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1860-08-14
Important Railroad Transaction /!
GOOD NEWS FOR DUBUQUE.


For some time negotiations have been in pro-
gress between the Directors of the Dubuque d
Pacific Railroad Company and the creditors of
the corporation for some adjustment of the debt
OF the company, whereby iorcble foreclosure
and sale OF It's property would be avoided and
provision be made for an extension of the road
to Cedar Falls during the present fall These
negotiations have finally ended in an amicable
arrangement, and we now have the satisfaction
of announcing that by virtue OF it the road will
be unincumbered of debt and extended to the
Cedar River in less than one hundred DAYS,
with the prospect of further extension next
year TO Iowa Falls The following is in brief,
statement OF the facts connected with the ar
angement
As is probably pretty generally known, the
Dubuque and Pacific Railroad Company have
for some time been unable to pay the interest
on its bonds Many of the holders of these OBJ
legations being themselves stock holders have
been anxious to avoid the necessity of bringing
the property of the road to forced sale, and have
therefore extended all the lenity in their power
to the Company. They were finally compelled
however, to insist upon their dues, and a COM
pul5ory foreclosure would have been the result
had not a compromise been effected. The Bond
Holders, Trustees, and Directors had meeti NO
for consultation on Monday and Tuesday, and
an agreement was entered into Of which the
following are the outlines The owners of
bonds in place of that species of obligations
agree to take preferred stock, and in lieu Of in
terest consent to receive the dividends from the
earnings OF the Road The Directors on their
part consent to a surrender of the organization,
property and franchises of the Dubuque d Pa
citc Company, and a transfer of the same to-
gether with the stock Of the Company to new
corporation 10 be known as the Dubuque and
Sioux City Railroad Company, whose capital
stock shall be $4,000 900, and the issue OF
bonds limited to 81 900 900. Until the annual
election for the choice of Directors, which will
be on the 18th of February next, the new cor
porsltion will be under the control of Board
Of Provisional Directors, consisting of Messrs
Hermann Gelpeke, Plat Smith, w. W. Hamil-
ton and NJ. X. Jesup--the gentlemen cornpos-
ing the present Board of Trustees of the Dnbu-
que d. Pacific Company. The effect of this ar
rangement upon the stock holders of the old
company Will be the removal Of about 81 500 900
OF Understanding Indebtedness, the restriction
of the power OF the officers TO an issue of bonds
three -fourths less than that formerly permitted
and the immediate Extension of the Road TWEEN
ty miles towards the Missouri. The money
necessary to complete the Road to Cedar Fails
was furnished by four the preferred stock. hol
ders on terms extremely favorable to the Com
pany, and on Monday morning next the con
! tractors will commence their work.
In view of all the facts, we think this solu.
ton of the embarrassments Of the Dubuque and
Pacific Road will be entirely satisfactory to the
stock holders and bond holders of the old com
pany. All parties TO the contract were those
having the deepest pecuniary interest in the
success OF Dubuque and the country lying be
tween this point and the Missouri River, and
the sole aim OF the contracting parties was to
guard as zealously as possible the interests OF
ali persons concerned.