The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1868-09-24
Rail ROAD MEETING.
A FULL REPORT or THE PRO
CEEDINGS.
SPEECH By THE PRESIDENT OF THE
ROAD AND OTHERS.
Cost Of the First Division.
ADJOURNED TO SATURDAY EVENING

The Railroad Meeting at the Court
House on Tuesday evening was very
largely attended, and proved that our
citizens are alive to the importance of
| Railway connection between our village
and the Fox River.
The meeting was organized by the
election of Maj HENRY BETZ as Chair
man and George N. Woodin esq.,, Secre-
| tary.
The Chairman on taking the chair ex
planned the object of the meeting and
! after the reading of the proposition sub
mitted by the Rail Road Company to the
village, Mr.. Reed was called upon and
addressed the meeting On account OF
the length Of the speech we are un-
able. for want Of room, to give it en-
| tire.
Mr.. CHAIRMAN AND FELLOW CITIZENS I'm response
to your call appear before you to explain the
ing, as understood by the Railroad Company of the
proposition which has been submitted to vote of the
electors of your Village and been read by your Score
tary tonight and also to state you the present con-
You will here permit say that have reason
to congratulate each other, that after silence of
twelve years we have again met together to consult
| upon subject of more Importance than any other
that can command the attention consideration of
! the Citizens of Manitowoc
In the outset order to arrive at correct cone
SION upon the subject of the propristy and
OF submitting the proposition under consideration
viii give the estimated cash the and eouip
ment for and the preparing the road from
Manitowoc to the Fox River Menasha or Appleton
The iron and equipment for this first division of
MaDitOwOc tba
upon the road, will cost not less than 1924, $50
fHThe cost for preparing the track for thu iron and 70
accommodate the first business of the road with tho
present indebtedness OF the Company of $4,000 will
be $4,000.
aid from the several Villages and towns on the line
granted viii be 5 follows:
100000 first mortgage bonds 6 Coo SII4ONe
S430.000 Capital Stock, a soc 2l5Oo0
S200000 Village Securities, e. soc $1,000
$4,000 Cash subscriptions 10000
ss39ooo
The company by its resolutions and agreements has
established this basis thai the nominal cost of its con-
struce road shall not exceed the sum of $50 900 per
mile; that its bonds amounting to $4,000 per mile
shall contain condition that that they be used
only for the purchase of the and euuipment and
that its capital stock shall exceed 81 900 per mile
From this statement it will be that the Village
and Town aid sought by the company Will be neces-
Sary In OF to secure the completion of said first d
vision of road.
1t may be well here to consider the nominal cost of
railroads heretofore built.n the state.
The Milwaukee roads which have been consolidated
under the itle of the Milwaukee and St Paul Rail
road. in their first second and third Mortgage Bonds
and in preferred and common stock, cost nomiually
over $4,000 per mile but under the funding for
closure process their present cost represents capital
of about So 900 per mile.
The nominal cost OF the Chicago L Northwestern
Railway proper, IN the various kinds of bonds and
stock issued exceed the OF $4,000 per mile but
this cost has been SO reduced that it represents
about SAC, 600 per mile.
The first mortgage bonds of these roads have now
market value of from 50 80 cents and their stock
from 50 IS 81 the dollar their nominal mar
value. -
1t must be recollected that the PRINCIPAL norton of
the roads OF these companies built t state wer,
built before the war, and when everything entering
into their construction from fifty to one hundred
per cent below present prices and that il their affairs
had been under proper and economical, manager
their roads would not have $4,000 per IN lie:
and there can be doubt but that the stocks these
roads constructed on such economical basis would now
be worth 50 per cent above their nominal par value
ana that thousands of miles of other equally import
ant lines OF railroad would have been built in the state
These roads which were brought into existence b v
such a lavish and extrayagant expenditure of money
ana as competing lines OF road have now become
soidated under one management in fact and are as
Stunning dletatorial powers, and those companies de-
sirous of constructing competing lines of road
have to contend against fearful odds if the stocks
and bonds of these roads representing large amount
OF capital are worth their present market value there
can be 10 reasonable doubt entertained, that when
this hrst division of road is It operation
upon the proposed basis of expenditure the value of
the securities OF the company will be such
cure the early completion of the second division of
road from Menasha to Stevens Point.
In view OF the facts which L have presented. Won
VIII see the necessity of extending the liberal aid
to proptiate capitalists and means to build the
road from here to the Fox River, and you may re st
assured when this Is accomplished the company wiz
De aoie 10 push Its ROAD rapidly to completion to St
Paul.
1t may he well hers to give brief history of this
the nfst division of our road in order that You may
more fully understand the present condition and
prospects of this Important enterprise.
In the year 1906 Manitowoc and Menasha each
voted Si5o000 of their bonds aid the construc-
ton of this first orty-one miles of road and work
progressed upon it until the rncpal portion of the
grading on the whole line done, the bridges built
and ties furnished and the value property of
the company came to be then worth from $3.50 900
population of our village and towns on the line were
rapidly increasing until the summer of 1857 when
work on the road was suspended the surprise and
regret of every
What causes led to this unfortunate result and so
suddenly checked the upward progress of Manitowoc
and surrounding country shall not here discuss
1t Is my purpose and the purpose of friends and
believe 1t to be the purpose of those who Uttered
from us TO let hy-gones, be bygones to leIthe dead
bury their dead
When the work on the road was suspended the two
villages were each out of pocket only 1900 in bonds
Menasha has already funded its Indebtedness and il is
now principally hello by those who contributed large
iy OF their private in the prosecution of the
railroad enterprise Manitowoc has pd the Interest
on Its bonds, but this small indebted no cause
of complaint the part of our cit iZens for if tie
bonds had not been voted, Manitowoc would not now
have one half of its present population and wealth
Since 1887 sIsmodic efforts have from wear to year
been made to revive this enterprise but with no other
in
citizens and prevent many of them from leaving for
some other more enterprising place.
In the year 1865, Benz. Jones' J. E. PIatt s A Wood
Jacob Leups myself and others of Manitowoc and
II. Hewitt, r. NJ Scott, Curtis Reed and others of
Menasha who had contributed largely of their private
money towards the prosecution of this enterprise and
owned or represented large real estate interests in
their respective villages, and in view of the altered
condition in the financial affairs of the country re-
eoSniznS the necessity of the unusual induce
mens topitaists to take hold of this work
20 contract by which each promised to surrender
ne mao invested and to vote for propositions
der winch the Village of Mantowoc should give a
bonus OF 100000 and the Village of Menasha $50 600
in aid OF the road between the said villages
In pursuance OF this agreement procured the char
ter Tor a new company to which has been sold and
transferred ali the property of the old company sub
Ject to the payment of only $4,000 and on bcbaIf IF
this company the proposition under consideration ;s
submitted to a vote of the electors of Manitowoc
The simple question presented is will Nar;tc,xoo
bonus of SfO0eGG payable in eouaI animal in
stalments of $4,000, with interest Tram the date of
completion of road to the Fox river.
If this sum be voted by You. the company will an
ply to other towns and villages the line of the
of first division, TO vote an equal sum, and nivid
uals to raise by subscription $4,000 more
With these sums secured, L have doubt that the
company with its other will able TO secure
the completion of this section within the coming year
Mr.. Reed here presented the advantages which
would result to the people from the construction of
this road but regret that for want of space we are
unable to give his speech at length which was ex-
haustive of the subject and received and ap
plaudcd by the large audience preseut.-Eps. PRIB
Upon the conclusion of Mr.. Reed 5 A
Wood, Esq asked some questions in re-
gard to the payment of interest, the issu-
ing of the orders, &C., Mr. Reed replied
that the company understood the propo-
sltion to mean that after the completion
OF the road $4,000 was to be paid one
year after that time $4,000 more and
one years interest; the I'd year after the
completion of the road $4,000 and two