Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1878-02-07
d. To the Public:

stockholders and bondholders in the
Green Bay and Minnesota Railroad
Company, that with the close of the
year 1871 | intended to retire from
the management of their road, a..d
on the 2Sth of December last my sue
cessor relieved me Of my duties as
General Manager, and assumed the
management Of the said company and
its road.
when l left the service of the
Company its financial affairs were in
better shape than at any previous
time during the last four years; its
property was in good repair and pro-
i per condition for business: a smaller
amount was due on account of Labor
than at any other time during 1877;
there was but S23, 209,05 in scrip
and mercantile paper to mature in the
future. and there was no overdue scrip
or paper in the hands of any person
living in Wisconsin.
" The business prospects of the
road for the future were promising also,
and it was certain that a large traffic
would be enjoyed during the present
winter than during the winters of
167G-'77 Of the S23, 2O9,O5 of
scrip and paper to mature at the time
| ceased to control the Company's
affairs, S12, 125 rs was to become due
in January, S2.S17 81 in February.
81, 173 IS in March, S2,691 60 in
April and S400 81 in May.
The liabilities of the Company
outside of the state were not pressing,
and were of a nature to admit Of favor
able compromise, and long time could
have been obtained in which to make
settlements Since Dec. 2Sth last,
the gross earnings of the road have
averaged $1,000 for each working day,
and with good roads in the country
would exceed ST. per day for the
balance of the season. The pay rolls
amount about $1,000 per month, and
the balance of the usual monthly oper-
ating expenses might have been car
ried along by giving 90 day paper, as
had been tie custom with the company
for years.
" In fact that the financial condition
Of the Company, and its prospects for
the future, were far better and more
encouraging in Dee, 1877, than in
the same month Of 1916.
a felt jutl6ed, therefore, in ex-
pectinng and believing when | lett the
/ service of the Company that the new
management would have no trouble in
paying the $23, 200 05 of scrip and
paper as it matured, and that this
would be done without any question.
Since the first of the present
month | have been repeatedly assured
that this scrip and paper would
be promptly paid, and when some Of
the paper went to protest | was in
formed that the failure to meet it was
caused by the delay necessarily incid-
/ en-. to the transfer Of the books and
accounts of the company to New York,
and that all would be made right in a
few days; and under date of the 18th
inst, the present General Manager, by
letter stated to me that he intended
to pay on the 23d inst, the $1,000 in
scrip which would H. ature then.
'On Thurday Of this week I re-
ceived telegram from this city in
forming me that a receiver had been
appointed for the road. and at that
time and in that way | received nv
first int'mation that there was any
disposition in any quarter to take this
stsp.
On my return hers last evening |
learned, to my great surprise, that the
$4,000 Of scrip had not been paid on
| the 23d inst, and that no provision
had been made to take care Of the bal
ancc of the S23,2 09 e5 Of the scrip
and paper which was yet to mature
when ceased to be the General Man
ager Of the Company.
'Whilc | am not now connected
with the Railroad Company in any
manner, except as the owner of a con-
siderable amount Of stock (having re.
signed as directory. and while | cam
not speak with any authority ia the
premises. and while | am not confident
that the thing can be accomplished,
shall yet make il my business to en-
deayor to get the owners of the road
to make prompt and full proslsion for
the payment of the scrip and paper
which has already become due, and
that which has yet to mature. and |
have considerable hope that an ar