Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-02-15
A SYNOPSIS

A SYNOPSIS
Of tie Deings Of the Aississippi d
Mssosrt Railroad Company, from
it, Organisation 70 the present time.
81 concLUDED.
It seems to me, the frat thing that
should be done by the people Of central
Iowa, IiAing within the influence Of this
road, Ito get rid of the present man
ayers and take the matter into their own
hands, before those lands arc squandered,
aud manage it and attend to it just -
they would attend to their owl private
business, and then, and not until then,
will it be in its proper channel. Several
years ago, when We first talked OF CON-
mencine roads iu Iowa, we though there
were but few men living who could
build and manage Railroads. This VIC
have learned BY sad experience il not
true. The building Of Railroad is
nearly al labor. 1t requires teams, corn,
flour, meat, timber, and men with spades
in willing hands, and with resolute will
TO do the work. If We build road un'
der our own management, and our owl
hands, it is ours when it is finished
We will have it at just the price o
labor and material, and the stock will
be worth one hundred cents on the dol
lar.
Who are tho men that compose
majority of the Directors of this Com
panya Are they men interested in thu
welfare and prosperity of the State o
Iowa? Have they invested their mean'
in any considerable portion of the stocI
of the Company Not at all. Only
two of the directors l. ave been resident,
of the State-the remaining seven living
between Chicago and New York City
A portion of them have never seen thu
State Of Iowa, and never expect to. Il
it possible for such directory to super
intend properly the building Of road
in Iowa! 1t seems to mo not. And
how il this directory elected from yea
to year! Any stockholder who has at
tended any Of those annual meeting
can answer tho question. But for thu
benefit of those who have never secu
the machinery at work, l will state tha
but small portion of the stock held il
Iowa is represented, from the fae'
that the people think they have
been swindled out of their money By
those Wall street cormorants and tha
the stock is worthless. Farnam is OF
hand with a wocket full of proxies, suffi
cient to control the election, and places
them in the hands Of man who is nov
receiving and has perhaps for years beer
receiving his bread and butter from him
and who votes according to instructions
Thus a majority of the board are select
ed by the contractors, and for the ex
pre.s purpose of carrying out thei
wishes, aud it has been done from tn
timc Farnam became contractor to thu
present day, without one single cxcep
ton.
And how, it may be asked, have thu
eastern stockholders (who were to fur
nish two-thirds by subscription to built
this road) paid for the stock which
they hold, and how has the money beer
applied first made this inquiry a
the office of the Company, in the City
of Now York. was there referred t.
the Office in Davenport-that all stool
accounts we're kept there. / afterwards
inquired of Hiram Price, the Secretary
of the Company, at Davenport, how
those eastern subscriptions had beer
paid He told me that he never knew
that their names had never appeared
upon the stock ledger in his office. Why
is it that full and clear report ha
never been made to the stockholders
At our annual meeting in June, 1858
l inquired for such report, and was tolt
by the President that no report hae
been prepared. In June, 1859, VIM
7. Smith, of Oskalooea, asked for a re-
port showing tho condition Of the Com
pany up to that time, and among Other
good reasons for SO doing stated thai
the county Of Mahsska was about taking
two hundred and fifty thousand dollar
stock in the company; and if the direc
tory were not prepared to make repor
Of their present condition, that he woule
be left entirely in the dark on that sub
ject. The President in reply said tina
no report had been prepared, although
if thought advisable, it could be forth
coming in few weeks. l rather thiul
the powers that be thought it woult
not be advisable. In my opinion, q
truthful report of all the doings OF tho
Company up to this date would moi
answer the wants of the present time
The fifteenth section of tho act o
July, 1856, requires the Company t.
make to make regular annual report
Of their proceedings at tho usual tim,
aud place Of elccting their officers, OK.
hibiting detailed statement, as far a,
practicable, of the amount of their ex
penditures. liabilities, &c, a copy o
which shall be filed in the Office of tho
Secretary Of State. understand tina,
a copy has been fled annually with tn,
Secretary, although the original hal
never been made to the stockholders
SIS it not strange %
Now, in my opinion, there is not
member upon the board who has an,
idea of what the road has cost per mile.
Whom Mr.. Addison Day was Superin.
tendent Of tho road, he told mo that be
had informed himself "a we'll as be could
upon that subject, and that the road b &C
cost the stockholders over 5000 pc,
mile. understand from the director,
in the Chicago, Iowa and Nebraska Rail