St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1861-08-01
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RAILROAD REPORT.
To Tie Honorable board of Supervisors

To Tie Honorable board Of Supervisors
Of Mitchell County:
Being empowered and authorized by
your Honorable Board, TO act in all
matters relating to the interests of
Mitchell county in the Cedar Falls 4
Minnesota Railroad Company, l
thought proper to do so at as early a
day as practicable, and on the 18th
day of February last, proceeded to
Cedar Falls for the purpose of inquir-
ing into the financial affairs and cir
cumstances of said c. L. & NJ Rail
road Co.
found that the amount Of stock
subscribed was 100000, which in
cludes the Bonds of Mitchell and Floyd
counties, amounting to 100000. OF
the remaining stock, or 81 900, q large
amount was provisional that is, it
would be paid on condition that the
said company would run, or build the
said railroad through certain towns
and sections of land situated along
both sides Of Cedar river. AS the
books of the Company had not been
properly kept by the Treasurer and
Secretary, | was unable to learn the
exact amount of this provisional
stock.
Learning that the Mitchell county
Bonds were not in the hands of tn,
Treasurer of the company, but said t,
be within the reach and control o
said railroad company, and believing
that the said Bonds should properly
be in the hands of said Treasurer,
informed him that he must immediate.
ly get possession Of said Bonds, and
not allow them to pass out Of his hands
or be expended, except on such condi,
tions and for such purposes only as
would be in accordance with the con.
tract and agreement entered into by
and between the county of Mitchell
and Cedar Falls and Minnesota Rail
road Company.
The interest on the Mitchell county
Bonds for the years 1859 and go had
been paid according to agreement
Demanding the Coupons, the Treasu,
rer refused to give them to me, on the
ground that he had no such power,
until so authorized by the Board OF
Directors.
On the 9th of May last, an annual
meeting Of the Stockholders of the
c. f. Il NJ. railroad company, was held
in the village of Cedar Falls. The
most important business before said
meeting was the election of six Dircc
tors for term of two years each.
According to the Articles of Incor
poration of said railroad company
none but stockholders are qualified fol
the office of Director. Mitchell coun.
ty, in its corporate capacity, is stock
holder, and SO is the county Of Floyd
but there is nothing in said articles
of incorporation, that makes corpo
rate body owning stock, eligible to
the Office of Director, but the counties
of Mitchell and Floyd, owning m0tc
Sll9, 800 worth of stock, and having
1893 shares in said company, are not
and could not be eligible to any suci
Office, according to the aforesaid arti
clcs of Incorporation, notwithstanding
) the fact, that the said counties are the
owners of much more than one-half o.
all the stock of the said company
even after admitting all the bogus
stock to an equal footing with the rea
and actual stock Taking this view
of the matter, and being under the i'm
preston that the parties most inter
estcd-the parties owning more thar
a majority of the stock, namely tn,
counties of Floyd and Mitchcll-sheu't
: be eligible to the Office of Director
and have, not only a representative il
the meetings Of the stockholders bu
also voice in the Board of Directors
| offered the following resolution
Rssorcea, That the representatives Of Floy,
county and Mitchell county, be each permit
ted to present the names of six citizens G
those counties respectively, who shall be pc.
mitted to occupy seats in the meetings of tn
stockholders and he entitled to all the priv
legcs of members, including eligibility to tn
Office of Director-but shall not be permitte
, TO vote upon any question which shall be de
termined by vote of stock-shares unlcs
specially authorized by the aforesaid countie
, respectively"
This resolution met with much oppo
position from lesser stockholders, an,
after some discussion, both for an,
against it, it was finally lost by rir1
roee vote, according to the decision 0
5 the President
, Looking over the Articles of Incor
poration and the BYLAWS Of the saic
railroad company | found that all vote
taken by stockholders shall be by bal
: lot, and on such ballot shall be writ
ten the name of the stockholder tn
, number of votes by whom cast.
then offered the following :
, Resolred That the following Article be at
ded 10 the Articles of Incorporation, and thu
they are hereby amended as follows, namely
' ARTICLE 23d. Any county owning stock i
its corporate capacity, shall have the power I
I nominate any citizen of such county to tn
: Office of Director in this company: and an
person SO nominated by the representatives ,
d such county, shall be eligible to said office.