Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-07-17

The Railroad Bond Situation.

The Chicago 4 Tomah r. r.
Company's proposition by which it
proposes to build certain extensions
and asks the release of S21 900. 90 or
one-half the Lancaster bonds, is as
follows:
The Chicago & Tomah Railroad Company,
company duly organized under and by yIr-
tue of the laws of the State OF Wisconsin,
proposes to the town OF Lancaster, Grant
County, Wisconsin, to subscribe for forty
two thousand dollars Ct the first mortgage
bonds of said company, described as follows: :
The said bonds to be secured by mortgage
trust deed of that part of the Chicago & fo-
nah Railroad from Tomah, IN Monroe Coun-
ty, to the south line of the State, in Lafayette
County. and branch to Lancaster, and to the
south line of the State, in Rock County, and
branch to Madison, in Dane County; the
whole distance of said line in Wisconsin, as
near as may be estimated, being $50 miles in
the State of Wisconsin; and said bonds to
bear six per cent. interest, the interest 10 be
paid semi annually and the principal TO be
paid in the year 1909, both principal and in
terest to be paid in the gold coin of the Unit
ed States OF America, or in the sterling mon
ey of Great Britain-the issue Of bonds to be
limited to six thousand dollars per mile of
constructed railroad in operation, as follows:
Upon the acceptance of this proposition by
the said town of Lancaster, the forty~two
thousand dollars of railroad bonds of the
Chicago & Tomah Railroad Company with
the unpaid coupons attached, which said town
received from said railroad company in pay
ment for aiG 10 said railroad, said bonds bear
ing eight per cent interest, payable in ten
years and secured by mortgage trust deed of
the part of said railroad from Woodman to
the south line of the State and branch to Lam
caster, shall be delivered by said town to
George w. Ryland, of Lancaster, Wiscon-
sin, trustee of said bonds, to be- Cancelled by
him; and the said railroad company shall at
the same time deliver TO the chairman of said
town of Lancaster, iorty-two thousand dol
lars of the railroad bonds subscribed for by
said town in accordance with this PROPOSE
ton, said bonds bearing SIX per cent. inter-
est, and principal payable in thirty years.
And In further consideration of the delivery
of said six per cent. bonds TO said to Vn, the
said town of Lancaster shall deliver to said
railroad company twenty-one thousand doll
lars OF the six per cent. railroad bonds re-
ceived by said town, in accordance with this
proposition, from said railroad company.
"hcu soiu an odu COmpdIJ has COUpeIeQ
its road continuously, and operated the same
with locomotives and cars, from the Dankeff
junction, by way of Wingville, to a connec-
ton with the Calamine branch of the Min
eral Point Railroad, and has paid the debts
owed for cars and engines now used on the
Chicago & Tomah Railroad, and released the
same from chattel mortgage encumbrance,
and has built a good depot 10 the city Of
Lancaster, and also has furnished satisfactory
evidence to the chairman of the town Of Lam
caster that ell floating debts of said company.
which were due or contracted by said com.
pany previous to the lst of March, 1879, with
any citizens of Grant County has been paid
or satisfactorily arranged, and that said rails
road extension, as above specified, shall be
made as aforesaid, within eighteen months
from the date of the acceptance of this prop
osition by the said town of Lancaster.
The Chicago & Tomah Railroad Company
proposes 10 fix and establish its maximum
rates of transportation and freight in accord-
ance with resolution of the Board of DIs
rectors Of the Chicago & Tomah Railroad
Company; said rates TO be as fixed by Chap
ter 273 of the Laws of 1874, commonly known
as the Potter Law, and amendments thereto
Chicago & Tomah Railroad Company by
w. F. FUTILE, D.. w. WILLIAMS.
Secretary, President.