The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-06-01

ana work necessary 10 complete Sal0 roao
to sub-grade. viz: grading, masonry, bridg-
ing, timber, trestle work, cattle guards,
undation,and of all other work not enumer =
ated. necessary to the full and entire CON-
pletion of said work." Beginning at Still
water, five miles were to be finished on or
before the 18th day of July, 1859, and the
whole of said work by the 18th day of Ju-
ly, 1860, and for which he was to be paid
$1,000 per mile.
Mr.. Frink commenced work at Saltwater,
and up to the LIST of February, 1859, he
had expended, according to the estimate Of
the chief engineer, the sum of $3,l73 %,
which sum with interest is still due and un-
paid.
When the contract was made with Mr.
Frink it was believed that the State rail.
road bonds would be disposed of and be
made available 10 the hands of the compa.
MES and their contractors, at from 95 to 100
cents on the dollar, and that So soon as they
had a market value the first mortgage bonds
OF this company might be safely offered in
the market.
All efforts, however, to make the State
bonds available having proved abortive, the
first mortgage bonds were withheld from
market, and Mr.. Frink was notified that it
would not be prudent for him to proceed
under his contract until the financial condi-
ton of the company should have materially
improved. Hence he suspended work.
The grading, bridging and mechanical
structures pertaining to the road from St.
Paul to point opposite Monticello, having
been nearly completed, and considering it
of the first importance that a portion of the
road should be put in operation at the ear
liest practicable period, the directors and
Mr.. Chamberlain, by mutual consent, on
the 18th of May, 1859, agreed to modify
his contract so that be was to complete and
equip the road from st. Paul to st. An.
thony on or before the 1st day of January.
1860, and to have 621 miles completed and
equipped by the lst day of November, 1860.
AS will appear by former report to the
Senate committee 621 miles are now ready
for receiving the cross ties and iron, and
ties are already furnished to supply the road
from St. Paul to Anoka.
The State railroad bonds loaned to this
company have been rendered unavailable to
the contractor, as he alleges, and hence his
inability to comply with his contract as
modified.
None Of these bonds have been used for
banking.
Although, considering the depressed con-
dition of the country, the company have
received very large subscription to its
capital stock, no certificates of stock have
been executed nor, of course, issued.
The condition of this company cannot
be very well more fully described.
For more detailed information in respect
to the transactions of the company, re-
ference is hereby respectfully made to copies
of the first and second annual reports of the
directors to the stockholders of the company,
and accepted by them, and to the report of
the chief engineer, copies of which are here>
with submitted; and also to the trust deed
and the supplement thereto on file in the
Office of the Secretary of State.
All of which is respectfully submitted.
EDMUND RICE,
President MINI. & P. R. R. Co.
RAMSEY COUNTY, Ss.-Edmund Rice being
duly sworn, says that he is the President of the
Minnesota and Pacific Railroad Company, and
that the foregoing statement by him subscribed
is true, according to the best Of his knowledge,
information and belief.
Sworn to and subscribed before me this 18th
day of January, 1850.
GEO. H. INGRAHAM, JR.,
[sEAL.l Notary Public.
THIRD ANNUAL REPORT.
THE MINNESOTA AND PACIFIC R. R. COMPANY.
Directors.-R. R. Nelson, Franklin Steele,
Dwight Woodbury., Henry 7. Welles, Edmund
Rice, Benjamin Thompson, John s: Prince,
j. P. Burton, Daniel Wells, jr., E. Caldwell,
VIM. B. Shute, jr., d. c. Sheppard, T. NJ. Met
calf, Joseph Chamberlain.
Oficers-Edmund Rice, President; T. NJ.
Metcalf, Secretary; E. Caldwell, Treasurer;
John. B. Brisbin, Attorney; D. c. Sheppard,
Chief Engineer.
Trustees-Hon. Elon Farnsworth, Hon. Ed
win P. Cowles: Hon. VIM. H. WEIGH.
The Third annual Report of the Directors
of the Minnesota and Pacific Railroad
Company, presented May 18th, 1860.
To THE STOCKHOLDERS Since your last
annual meeting but little progress has been
made towards putting your road in opera.
tion.
From the report of the Chief Engineer it
appears that the entire work now COM
pleted consists Of the location of the main
line of road from Saltwater to the Bots des
Sioux river, and the branch from st. An
thony to Crow Wing, and the preparation
of that portion of the road from st. Paul to
point nearly opposite Clearwater, Ia dis.
lance of a little over 6211a miles, for the
superstructure )" and, that {" the earth work
has withstood the action of the elements re-
markably we'll, and small expenditure will
place it in as good condition as when first
completed"
According to the report OF the Secretary
the unfunded and outstanding liability Of
the company at this time, amounts to
$94,8S8.55. This does not include any
claim of the State.
There have been executed by the Off
GERS, and countersigned and regis
tered by the trustees of the com.
pany, OF first mortgage bonds. -. 100000
OF these, deposited with
State Treasurer. .$625,000
Hypothetical. ............. $4,000
Sold to pay liabilities. ...... $1,000
On hand. .....'. ........... 139, O00-$9OO,O Ol
During the month of May last, the con-
tract then subsisting between the compan y
and Mr.. Chamberlain was modified by mu tua
consent. Mr.. Chamberlain agreed to put tht
road into operation from St. Paul to st
Anthony on or before the first day of Janu.
airy last, and from st. Anth my to poin
extending 621a miles from St. Paul on o.