Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1876-05-31

fthis surplus sho~ld be divided among stock
holders it would give them further dividend 81
~ per cent ftialf of II, 1t would give further
dividend of 5-6 per cent. So that on the basis
OF this estimate the interest and sinking fund OF
the bond would be paid, and the stockholders re-
cei,e dividends eqa, to IN or at least IS SO per
tired, the dividends would be 40 to 50 per cent
II Is not claimed that these estimates are any
tfing more than speculatons, but the facts upon
which they are based cannot be questioned, and
every one can determine for himself the accuracy
Of the estimates
But it will be observed that there is wide mar
GIN for errors of judgement IN tie estimate be.
tweea the gross earnings as estimated and those
necessary to make the investment safe.
~ the gross earnings should be bnt s20i 900
which y but about 50 per cent four ftlls of the
amount as estimated. one-third Of the amount
would be sufficient 70 pay the interest and sink
ing fund Of the bonds, ana make stock dv-
dend OF 70 per cent. per aiinuin on an Investment
or II the gross EARNINGS should not exceed s2ol =
opl which IS less than Sc per cent of our estimate
beng reduction of nearly one-half; one third Of
this sum would be adequate 10 paving the interest
aud sinking fund. which would retire the bonds
IN 30 years after which the entire rental would go
10 the stockholders
The distrust which attends estimates Of this
character ~ fiily appreciated and II il due in u
large degree 10 the utter Worthcssness OF invest
ments heretofore made In railroad stock in many
cases. This win be found generally To have re-
{ business . give rennneFauve returns upon the
real cost Of the road And the returns Of nearly
~ the railroads in Wisconsin show business
sufficient 10 pay good interest ilpou the honest ne
! thal c9sF of the road. The Mineral Point railroad
~ no execution 10 this statement and the reports
oi uiat company show a sufficient amount of earn
lhgs TO pay at least 10 per cent upon what would
| be the actual cash cost Of constructing the road
Il It had now 20 be built anew
Htllen the facts which have now been presented
sifaH he considered without prejudice, it would
Stltfr -
them must be convinced that the construction Of
This road must yield a remunerative return upon
the money invested In It, If honestly and ulic
iously expended aud the road so operated as to
give the largest possible returns.
But the problem stl remains whether the sum
OF s39o,e59 can be obtained a stock basis This
looks IKE large sum to raise in this community,
and so II would be If il were ALL or the principal
part OF Il was 10 be raised by the citizens of any
one locality. II mnst be constantly remembered
that the distance from Warren 10 Portage City Is
about 100 miles. and that the people all along that
route feel lively Interest III the proposed abroad
connection. The old motto ''in union there Is
strength Is still true and II all who ore interested
IN this road viii make united effort the means
FOR Its construction can be raised and the road
can be built They must discard the old and
prevalent notion Tint the rond can only be built
ny some o,her railroad company. on receipt Of
bonuses and largcsses from the people: and must
pnt their own shoulders 20 the wheel and build
TIE rond themselves and own il themselves acting
~ the time on the theory and in the faith that
Is only loaned upon good interest and good Sc.
curity
In this way, and with his feeling ifeach local
ny VIII raise such a proportionate part Of this
sum of $500 600 as in view Of lis ability and the
al yantagcs II would derive from the road would
hie ~ fair share, there can be serious doubt
thnt me agEfeghle subscriptions Of all the differ
eht localities VIII amount to as much as the sum
named
II Is not proposed to indicate the amount which
ought to be raised IN cach town but for The bur.
showing mi In al
among those interested, without imposing a bur.
den upon any too grelfous to be borne the fol.
contributed by each
Mineral Point town and city ............s 30 ono
niecNlit so 900
RidgeWuy and Arena ........... On ooo
Portage City 4 Caledonia lin Columbia CO.. rs 06O
Darlington ana 50 600
$500 600
Something could nlso he raised at warren and
perhaps little az cahmine. Belmont and Plat.
Nltt ana mere y reason @ suppose thata cOnsid.
cradle sum could be obtained az Milwaukee
Il cNdent rom this apportionmcnt of the
stock, mat II each town would raise the amount
assigned 70 H. the whole would be obtained and
no one town would have imposed upon it burden
beyond is ability TO bear
The question hat coufrouts MS to-day Il whether
we are prepared 90 subscribe for $40 shares Of the
stock, ana pay one dollar ON each share,, Until
this question (. answered u thC ALTERNATIVES thcrn
Is an absolute ana msupcralle obstacle Ia INV
progress whatever. The present directors have no
power under The charter 10 take any step toward
the construction Of the road They can make no
contract with any other railroad company nor
even employ ~ engineer TO make preliminary
Survey, II Ibis number of shares shah bc sub
S'rtbed. directors can De elected With ample
power "a folio" such a line of policy as has been
indicated, or such uthcra. they shall think more
wise IL not the enterprise viii have died at ts
blfth. aut the hopes Of It's most ardent friends
Viii be most sadly Disappointed
The present directors desire 10 give tN the sub.
SctiherS 20 the first SOD shares ofSock sat.
assurance that II they pay the hi amount Of their
sock subscriptions the road will surely be huilt
aud o that end they have inserted IN tie contract
OF subscriptions aS an essential part of II tliat
ONLY one dollar IS Ia hc paid each share until Il
sufficient amount Of resources have been secured
or guaranteed 70 construct u railroad of the Stah
dari gnuge from Mineral pnmt to Portage CITY So
as tn admit Of the running of the on the same
the entire distance.
Consequently TO person can in any contingency
lose more than one dollar on each share ii the
road should not be hunt, and 1t Is hoped. that IL
has been satisfactorily demonstrated that II Ii Is
bHilt the subscribers to the stock viii have lost
nothing but on The contrary viii have made a
valuable aud rtmuuSrNtiye investment
have detained Yuu longer than intended nnd
may have iailcd 10 produce The convictions had
hnped But have ut least convinced myself aud
wish WAS able 90 take moro stock than am hut
am unable "a subscribe more than twenty shares
aud within tiWt limit Will Subscribe as much as
ANY other man.