Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-02-15
THE NARROW GAUGE.
Meeting of the Stock and Bond
holders Of the Road.
A Resolution Favoring the Extention
of the Line of Wingville Adopted.
From tho Galsna Gazette.

the purpose of deyisjng WAYS and
means for extending the line to Wing.
vile, during the coming Summer.
Prominent among those present were
the following named business men
and capitalists of the city Messrs.
Jas. M. Ryan, ID. Smith Harris, John
Lorrain, Geo. II. Melvill, Dennis
Rockford, John III. Hellman, J. A.
Burrichter, FL. III. Chandler, B. +.
Felt, Q. S. Norris, Il. Barrett, VIM,
Blewett, A. G. Melyiil, G. H. Mars, J.
Nagle, D. +. Loveland, d. A.. Bar
rows, Barney Martin and several
others.
The meeting was called to order by
r. Barrett, President of tie Company,
on whose nomination, Mr.. r. S. Nor
ris was elected Chairman.
On motion of j. NJ. Ryan, Esq, G.
w. Perrigo was elected Secretary.
The Chairman explained the object
of the meeting, and called upon r.
Barrett, Esq. to more fully set forth
the plans and necessities OF the Com
pany.
In response, the gentleman referred
to the movement inaugurated last
summer to insure the extension of.
the Road, and the July flood and 9th
er discouragements which rendered
all efforts to carry out the enterprise.
entirely frultless that season. That
they had availed themselves of the
first favorable opportunity to agitatc
the matter again, and that the finan-
cial success of the Road depended
upon the proposed extension to
Wingville. Mr.. Barrett spoke of the
advantages to be gained by building
the Road this year. That if the work
was deferred. the town aid already
voted would not be available, as there
is prospect of its being diverted in
aid of Road to Fennimore. already
projected by parties North, He re-
ferred to the advantages the Company
had already lost by delay in neglect
ing TO form the Dodgeville connec.
ton, and claimed that unlimited sums
of money could be raised to extend
the Road in any direction, should the
line be completed to Wingvile. The
gentleman predicted that within a
year and half, should the project be
successfully carried out, the stock of
the Road could not be bought at par.
Then the time for investment will
have gone by, and those who fail to
PCT their money into the enterprise
now, will seriously regret their want
| of confidence in its ultimate success.
MIR. Barrett submitted an interesting
statement of the earnings of the Road
in 1915, and an estimate of the prob.
able receipts should the extension be
built. The amount received for
freight and passenger business during
the last six full months, was $l3,474.-
l3. AT this rate the receipts would
| reach 26. 984.26 per annum. It was
fair to presume that the earnings
would be four times greater North Of
Platteyille, making the total earnings
of the entire line from Galena to Wing
vile, $4,000. The cost of operating
and maintaining the Road was esti-
mated at $4,000; interest on 400
bonds, 81 900 each, $4,000 leaving
an amount to pay dividends on stock,
of $4,000, which would pay an inter-
est of 81 otens per annum on all the
stock issued or to be issued. The
gentleman compared the earnings of
the Mineral Point Road with the
probable income of the G. d S. w. r.
r., should the extension be carried
out, and presented figures 10 prove
the assertion that the earnings of the
Road would not be less than $2,723,.
q per mile.
Mr.. Barrett was followed by Thos.
Laird, Esq, an influential citizen of
Grant County, residing at Wingville.
The gentleman made lengthy and
enthusiastic speech in favor of tho
extension project, the main points of
which appear in his letter published
in late issue of the GAZETTE. Mr.
Laird drew map Of the townships
bordering on the proposed route, ex-
planning the topography of the ooun-
try, its products, etc. The remarks
of the gentleman were well received.
and had the effect to inspire perfect
confidence on the part of his hearers,
in the financial success of the Road.
Mr.. Laird was followed by John
Lorrain, Esq, who presented figures
proving TIE rare value of the stock
and bonds of the Road as financial
investment, beyond the possibility OF
doubt The gentleman estimated she
gross earnings ofthe Road at 800, 700
per year cost of operating S2l 900,
net proceeds $s7 500. With the limit
of S480,00o in bonds made available,
the interest on which would be $685.
600, and the payment of ten per cent
on Sl77 900 stock would make a tota
of $50, 100, which amount, taken from
the net proceeds, would leave a sur
plus Of $3l, 720. The SUM Of 81 900
appropriated for salaries would still
leave balance of s25, 720. This
amount, added to the $l7,70o interest
On stuUh, Tess @4Tzo fOt nofoenEaIs
would leave surplus OF $37, 200 to
divide among stock holders upwards
of 81 per cent. on $177,000 which 10.
day is considered worthless.
At the conclusion of Mr. Lorrain's
remarks, the following resolution was
offered by II. Barrett, and unanimous
ly adopted ResolUed, That believing
as we do, that the building OF the ex-
tension of the Galena and Southern
Wisconsin Railroad to WingvilIe, will
make the bonds and stocks Of the
Company very valuable property, we
hereby pledge ourselves to do all that
is in our power to accomplish that
end.
On motion, Messrs. ]. NJ. Ryan, r.
Barrett, VIM. Blewett; John Lorrain
and John ii. Hellman, were appointed
a committee to sell 100 bonds at IS
cents on the dollar, the avails to be
set apart and used in defraying the
expense of extending the Road to
Wingville.
/ On ranfzau nf p Parrn,k al ~.o.