The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1869-06-10
st. L. & G. r. Railroad.

st. L. & G. r. Railroad.
The annual meeting Of the Stock
holders Of the st. Louis and Coda
Rapids Railway, at the Court House
this Sd day of June, 1869, was vel
attended.
| The house was called to order BY
Judge Il. II. Trimble.
James Hawley was chosen Pres
ident, and J. 7. Hackworth Sccrcta
ry Of the meeting.
/ The following report of H.. II
Trimble, President OF the Board ol
Directors, was then read, and order.
cd to be placed upon tho records Of
the Company:
To THE STOCKHOLDERS OF THE ST..
Louis & CEDAR RAPIDS RAILWAY:
Gentlemen
The undersigned, on be-
half of the Directory, bcgs leave to
submit the following Report:
Since the last annual meeting, the
work on our road has progressed
quite successfully, especially in Davis
and Wapello counties. In Septem-
Der, 1869, the undersigned, acting in
conjunction with other gentlemen Of
Keokuk and Wapello counties, open
ed negotiations with VIM. NJ. Nc
Pherson and Barton Bates, Of st.
Louis, No., representing the capital
lists of that city and the North Mis-
souri, RR. Co., for the sale of bonds
of our Company on that portion of
our road between the Iowa and Mis-
souri, State line and the depot grounds
in the city Of ottumwa, being dis
tance OF forty-three miles in length.
We succeeded in closing contracts
with these gentlemen in substance
following:
The parties in st. Louis agreed to
take our bonds, being GAS seven per
cent. twenty year bonds, issued on
the torty-three miles of road, secured
by a, first mortgage on that part Of
the line, at gu cents on the dollar
And agreed that the proceeds Of the
same should be applied to the pur.
chase of iron, imbedding spikes and
joints, in laying track, building bridge
across the Des Moinos River, includ-
ing approaches, and construction of
water tanks. The balance to be ap-
piled in payment of FIRST installment
Of interest falling due on the bonds.
Also, agreed to lease our road for .
term of twenty years, and furnish the
rolling stock, operate the road, keep
it in repair, and pay for it's Use 80
per cent. of the gross earnings, pay.
able scmi-annually. Also, agreed to
advance forty thousand dollars to aid
in preparing the road bed ready for
the iron.
We agreed, on our part, to furnish
the st. Louis parties satisfactory
guaranty that we would collect out
Of our assets sufficient funds, less the
$40, 900, to complete tho road bed
ready for the iron on the line above
described; would SO prepare the road
bed; would issue and deliver the
bonds, mortgage and lease proposed.
Accordingly the bonds and mort
gage were executed and delivered to
VIM. NJ. Mcpherson and Solon Hum
phreys, trustees, mutually agreed
upon by the parties. The lease was
executed; the iron was purchased,
and track Trying commenced at the
State line Junction of the track of
the n. Mo. RR., and our own track,
about the Goth Nov. 1868, and reach
cd Bloomfield about the goth Febru-
ary, 1869. Regular daily trains are
now running on that portion of the
line.
The earth work north Of Bloom
field, in Davis county, has been de-
layed since tho opening Of Spring,
much to the regret of the friends of
| the enterprise in Davis county
This delay is attributable to two
causes: 1st, A want of funds, grow
ing out Of temporary exhaustion in
| consequence OF exertions made while
the track was being laid, and because
Of a failure to get money from sour
ces where we had expected it. and en-
whicn we had confidently relied
I'd. Because when we had made such
financial arrangements as gave US
the right to demand that the work
should commence, the sub-contractor,
Smith. refused to commence. Mess.
Wolf, Carpenter 4 Co. were advised
of the conduct Of the sub contractor,
and have gwen positive assurances
that other parties would be put on
the work who would push it as rapid
ly as possible. As yet no such mea.
sures have been adopted. l think it
however, due to Wolf, Carpenter &
Co., to say that | doubt not, had
they not been absent most OF the
time, the promise given would have
been fulfilled.
There has been a large amount Of
bridge, cattlo-guard, culvert timber
and ties delivered in Davis county
north Of Bloomfield. Tho earth
work IN Wapello county is steadily
progressing, and will be completed
ia few weeks.
| Tho bridge across the Des Moine'
river is also progressing as rapidly a
tho stage of the water in the rive
| ..;li ,Ir,;t fybn y hufioapt nm th