Knoxville journal. [volume] (Knoxville, Iowa) 1874-1986, 1875-05-20
OUR RAILROAD ASSURED.
Work Begins This Week.

Ties coHlpieted the CONTRACT lof the
building of the road. 1t is made
with the G. B. & g. company direct
and is substantially similar to the
Ottumwa agreement with Mr.. Mer.
rill. 1t provides positively for the
completion of the road to Knoxville
by the lst day of January next. The
papers are all signed and sealed.
Mr.. Merriips contract with the G.
B. & @. company binds him to have
the road done by December lst, next.
If he finishes the road one month
sooner Ire is to receive a bonus OF
$5 600, and the same amount for each
month gained. If not finished by
December lst he forfeits $1,000 per
mouth.
The following is transcribed from
the official minutes Of last Thursdays $
meeting:
At tho meeting Of the Board of Dlrcc-
tors Of the Abba, Knoxville & Des
Moines Railroad Company, duly called
and held pursuant to notice 10 each Of
the Directors, at the office OF said Com
pany, at Knoxville, Iowa. on this l3u
day of May. 1875.
Hon. Samuel Merrill having presented
notifications and additions 10 the CON
tract made with him on the 9th day OF
April last, with reference to the construc-
ton of the Road. And having reduced
them to form. ii was moved by j. *.
Casey, and seconded by A. W. Collins.
that such notifications and additions be
approved, and that form of the contract
now presented be approved and adopted,
aud the officers Of this company directed
TO execute the same under the seal Of the
company in due form, TO stand in stead
of, and take the place of the first agrees
ment.
On motion off. s. Cunningham, ard
seconded by /. a. Bonsell, 1t was voted
that this company will borrow s462 600
for the purpose OF constructing the first
division OF this Road from Abba TO
Knoxville, aud for that purpose will
issue its bonds Of the date OF May l4tb,
lS7d, of $1,000 each, and bear interest after
the lat day Of July next,a the rate ofs per
cent. per annana. pas able sea,i annually.
and both principal and interest payable
in the city OF Boston, one-third OF The
amount having ten, one~third twenty
and the remaining third thirty years 10
run TO maturity, aud will secure the pay
ment Of said bonds by a trust mortgage
ON said Division of its road constructed
and to be constructed, together with aR
the rights. privileges aud franchises
connected Herewith 10 John y. Denni-
son, John n. A. Griswold and Gesrge
Tyson, Of Boston, Massachusetts, as
Trustees therein, and the officers OF this
company are hereby directed and author
lied under the name aud seal OF this
company, 10 execute said bonds in due
form. aud also the mortgage securing the
same, % the mortgage now here pro-
duced before the board is approved,
both as to form aud substance, and the
officers OF the company are directed to
execute the same accordingly.
The said Merrill having also presented
the contract catered into with the
Chicago, burlington j. Quincy Railroad
company, az Of the date OF May 9th,
whereby among other things, that com
l.. 81. nE 1inf~
sion Of the road extending from Abba TO
Knox xviIle, when he, the said Merrill
shall have the same completed.
On motion Of o. Il. Ayres, and second
ed by james Mathews, IL wzs voted that
this company approve said contract and
the terms, conditions and stipulations
therein contained, and that this CONS
pany will make lease Of the first diyi-
Zion OF this Road extending from Abba
TO Knox vile. provided for in said con
tract, and with such other provisions rs
may seem necessay to protect the rights
Of the respective parties 10 such lease ,and
that the officers OF this company are
hereby directed and authorized to exc
cute under the name and seal OF this
company the same and deliver II to said
Chicago, Burlington 4 Quincy Railroad
Company.
On motion OF II. s. knight, and second-
ed by Miles Jordan. il was voted that all
orders and resolutions beretoforeadopted
by this company In cornlict or inc"nsis-
tent with the foregoing resolutions and
orders aud the contracts aud trust deed
therein referred to be AID sameare hero
by rescinded.
The Grinnell bonds and mortgage
have been cancelled. Mr.. Merrill
promises to have the cars here In
August. The G. B. & o. company
will build the first half mile OF road
at Abba this week, and will supply
MIR. Merrill with two engines for use
in construction. The first ten miles
being already graded, will probably
be ironed within two or three weeks
The road Is to be built, ironed, stock
ed and operated as a first-class road
Iii tu,,o hoa x,y iyan--H lba. DEL