The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-03-11
RAILROAD MEETING
Madison Citizens at the Com
mercial Club in Large
Number

The sentiment of the people %
Madison in regard to securing the Luce
Electric Short Line railway to this city
WAS apparent last evening at the Com
mercial Club meeting. The meeting
was called for the purpose of hearing
read the report of the standing rail
road committee of the club which
last week visited Minneapolis to in
vestigate the financial standing and
reliability of the Luce company. The
club rooms were filled to their capacity,
extra chairs being provided FIR the
unusually large gathering.
The committee presented its report
which was read and discussed. The
report practically included informa-
ton which mas been published in
thu SO columns from time to time since
it became known that the road could
be secured 70 Madison Oh the estab
lished conditions which are being ac-
copied by towns along the proposed
line west from Minneapolis, The re.
port covered the V liable terminal
! proper ties in Minneapolis owned exclu-
sively by the Luces comprising 1877
acres reaching from the city limits tC
| the business center of the city; ter
miles of the load is in operation will
grading and track laying in progress
and forty miles it is expected will bt
completed not later than July /; righr
of a agents are in the field securing
right of way as far west as Brookings
The Luces have not at this time con
tracted bonded indebtedness either CT
the terminal properties or. the complet
ed road. but will bond the road upol
the completion of the first forty mile
for the purpose of securing money tt
continue the line west, B~rookings b
ing the first objective point in South
Dakota. Thence the road would ex
tended to Madison.
Wherever the members OF the com
mittee went in Minneapolis-amonl
bankers, wholesalers and retailer
and business men generally-the,
found the most substantial reports O
the Luces who are promoting tn
company. This report was so uni
l ftISd1 bhhb luC IOIuDiIblfS U6CduI
fully satisfied on this score OF thei
mission.
The proposition which the official
made to the committee for the extern
sion of the road from Brookings (
Madison, is that the people of Madi
son purchase SEQ, 900 worth of th
stock Of the company. The share
are placed mt 800 each, preferre,
stock. and the purchaser will be Civ
Ell with their purchase $50 of comIao
stock as a bonus. The proceeds fror
this sale of stock will be used in tn
construction of the first forty miles G
the line which will be bonded whe
completed and the extension continued
The officials require that the stock b
sold and the money available on or bt
fore April 20. No other requiremer
is made so far as the city is concerned
the company securing the right {
way between Madison and Brooking.
In order to negotiate their bonds afte
the completion of the first forty mile
the company does not specitcall
name q date for the completion of tn
road to this city. The same tern
were proposed to Brookings whic
were accepted by that city and bond
in the sum of $40, 900 purchased. Tt
officials state that the sale of bono
: would be hampered if specific dat,
for the completion of the line wei
guaranteed. Many contingenci,
might arise whereby the contra
could not be fulfilled on the exact dat
) named which might ca use difficulties
arise which bond buyers are incline
to guard against encountering. BIZ
the company verbally agrees to con
plete the line at as early date as pc
8 sihle, setting forth that their inte