The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1891-12-24

IsdllTOdu- luiS CHdf tci hdo
in 1854, at which time subscrip-
tions for the stock were taken. The prin-
cipal shareholders at that time were
George Reed, Benjamin Jones, Jacob
Lueps, Curtis Reed and James ID. Doty,
each owning hundred shares OF stock.
The board of directors consisted of
George Reed, Charles klingholz, Charles
Esslinger, Curtis Reed, Ben Jones, S.
4. Wood, I'll. A. Palmer, E. ID. Smith
and y. 2. Clinton. Work was begun
Oh the road as near as can be learned
in 1856, Barker & Hoes having taken
the contract. The plans were magnifi-
cent and there can be no doubt il they
were carried out at that time Manitowoc
to-day would be the metropolis of the
state. The road was to be no local affair
but a trunk line, Manitowoc to be the
lake terminus having connecting line
of boats running to some Michigan port.
In 1856 the first difficulty arose.
George Reed was then interested In the
Menasha Plank Road and some of the
directors did not seem to have full con-
fidence In his management. Lueps had
gone to Germany 10 1856 and on his re
turn three of the directors waited upon
him and requested that he accept the
presidency of the road. This he declined
to do and insisted that Reed was the
proper person to push the work. Rather
a stormy scene occurred at the meeting
of stockholders held in July 1856 but
matters were adjusted and for few weeks
there was peace. on the surface at least.
In 1857 the breach widened and there
were two boards of directors, Charles
Cain was chosen President of the Anti
Reed faction and Benjamin Jones, J. E.
Platt and S. A. Wood directors. The
two factions were at bitter emnity. An
investigating committee was appointed
which seems to have reported favorably
on Reeds management. This called out
a circular from Jones, Platt, Wood,
Beardsley, Esslinger, Doty, Turner, Pull
ing, Barker and Hoes, rejecting serious
ly on Reeds management. Reed retort-
ed with circular printed in poster style
which was extremely bitter. At this time
the road was advertised for sale for non
payment of interest on it's bonds. The
interest amounted to only S3,130. The
road was bonded for $436, 900, though but
comparatively few of the bonds were dis
posed of. A first mortgage on the road
James Horner of New York
Reed was bitterly opposed to the sale
OF the road but his opponents were In
power and had possession of the books.
A postponement of the sale was affected
however until September. In April 1853
Reed resigned the presidency and new
board of directors were chosen from both
factions. Lueps was elected President.
But the company was crippled financially
In July the assests were.
Unpaid Subscriptions. ........S $1,000.
Manitowoc Vii. Bonds not ised. $4,000
MeDasha Village Bonds not ised.. 1877 1000
Farm Mortgages ................ 4O,OOo
First Mortgage Bonds. .....,. 426,OOO
It seems that $4,000 of Manitowoc
village bonds were isseed and sold in
Germany by Lueps. Railroad bonds to
+bo o,oo,p+ Of Gin 900 ,rara rrix-ap .bo oop
tractors These together with the paid
n subscriptions furnished the means of
carrying on the work. The year 1857
was one of fiji ancial disasters and money
was hard to obtain. Work was discon-
tinued though considerable grading was
done between this place and Reedsville.
Before this, iron sufficient for 90 miles of
road had been ordered but money to
make payment on it could not be Sc
cured and the lack of harmony among
those interested in the line destroyed
their credit in New York.
April %, 1859 the road was sold for
non-paymont of interest on bonds, Jacob
Lueps bidding ii in for 100000. A new
company was then organized known as
the Lake Michigan & Mississippi River
L. r. Co., with Lueps, jones, Plat, Wood,
r. klingholz, Markham, Adams and Nor
rison as directors. The purpose to push
the road to completion was by no means
abandoned.
Railroad matters remained dormant for
some time until Joseph Villas took hold.
He was peculiarly we'll qualified for en-
terprises of this kind. Aggressive, full of
resource and with physical strength
which gave him vast powers of end1r-
ance, he threw himself into the work with
all his heart. To procure a charter was
a difficult matter as the Milwaukee Il
Northern fought the granting of a char
ter from Milwaukee to the north, while
the Wisconsin Central opposed the grant
ing of a charter to the west. The Cen
trail was given to understand that all
purpose to secure charter west from
Manitowoc was abandoned and it's sup
port for charter from Milwaukee to
Green Bay was secured. The opposition
of the Milwaukee & Northern was not
sufficient of itself to defeat the granting
of the charter for the line along the lake
shore. A charter had been obtained
some years before for road from Apple
ton TO Lake Superior. This had not
lapsed and Mr.. Villas secured it. Aid
was voted the road by counties and cities
through which it was to run to the
amount of about 100000. The railroad
election IN this county was most excit-
ing one. Opposition to extending aid to
the road was intense 10 most of the towns.
The people from the city who spoke in
the country towns in favor of the tax. in
many instances came near being mobbed.
The vote IN the city was unanimous in