Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1916-10-04
Report Based Upon Thorough
Canvass of Work Done Up
To the Present Time.
COMMITTEE COMPOSED OF
REPRESENTATIVE MEN.

At a special meeting of the board
of directors of the Wisconsin, Illinois
Railroad Company held in their offices
last week a resolution was adopted di-
recting the president to select a COM
mittee of prominent business men of
the various towns to be served by the
proposed line of road from the city
of Lancaster to the village of Mt
Hope.
There has been a good deal of spec
ulatiOn as to what has been accom-
plished during the summer months.
1t was thought wise by the directors
to invite an independent citizens COM
mittee to check up and report on what
progress had been made. Bankers,
merchants, and farmers met at Bloom
ingtOn and with the records Of the
company at their disposal carefully
canyassed the different kinds of work
accomplished during the last few
months. The following is the report:
To the Board Of Directors, Wisconsin
and Illinois Railroad Company.
Gentlemen:-
GAduIuG
and look into the status of affairs of
your company with the object of CIV
ing the public unbiased information
has been complied with, and we beg to
submit the following as the result of
our Investigations:
We find that by direction of a ma
jOrity of the stockholders of the for
hn in nd
linois Railroad Company a new cor
pOration was organized under Chap
ter 81 of the Wisconsin Statutes and
patent was issued for the Wisconsin
and Illinois Railroad Company, De-
cember %, 1915
We find that the capital stock was
divided in common and preferred
100000 common, and $350000 was
made 4 per cent preferred, a total of
$65O,OOO.
We find the organizing stockholders
met in their first session December
"a, 1915, and organized by electing
VIM. Mccormick president and Alex.
Robertson Of Patch Grove, and Geo.
w. Shepherd of Platteville, vice pres
idents; G. S. Moore, treasurer, and
Fred ?. Barnett, secretary.
We find that on the 5th day Of Jan
uary, 1916, a written proposition was
made by Arsemos R. Burkdoll of Chi
cagO, in behalf Of himself and assoc
iates Offering to enter into a contract
for the construction and equipment of
the road from Lancaster to Mt. Hope,
as per profile acquired from the old
company. This proposition was ac-
copied and contract agreed to and
authorized.
The contract was for the road COM
pleted and equipped with two 6O-foot
motor cars for passenger service and
two trailers; and two locomotives for
freight hauling. All gasoline motor
driven. The consideration was as fol-
lows: 100000 municipal bonds, cash
or bankable notes, 100000, 100000
first mortgage bonds and 100000 COM
mon stock, total OF $630,000 in cash
stocks and bonds. This contract pro-
vided that any excess of yardage or
stone above engineers estimate should
be paid for extra. The total yardage
was put at 246,000. We are informed
was made for discount on the stock
and bond payments.
We find that according to the terms
Of this contract the Railroad Company
was to proceed at once to secure and
deposit the Municipal Bonds and
stock subscriptions On his part Burk-
doll was to cause a surety bond to be
filed guaranteeing the construction
and to complete the work by Novem-
Der /, 1916 providing of course the
Company was able to do as agreed.
We find a proposition to the various
Municipalities along the survey was
made i'll the months of January, Feb
ruary and March with the result that
the following bonds were authorized
City of Lancaster ---$50 900
Town Of BeetOWn -- $4,000
Town Of Patch Grove ---- 33, 900
Town Of Little Grant --- 10000
Town of Mt. Hope ----------- $4,000
Village Of Bloomington -- $4,000
Town of Bloomington -- 10000
The last named being determined by
the petition method. The work of Sc
curing these Aid subscriptions requir-
ed a great deal more time than was
at first expected.
We are informed that owing to the
great care required to make sure of
the correct legal proceedings and pro-
tect the marketing value of the munich
pal bonds very close supervision was
REQUIRED. The same condition was
fo,,,d nocaCCarU i'm tho DrpDar9tiOO and
printing of the various bonds. This