CHICAGO, DUBUQUE AND MINNESOTA RAILROAD
On June 1, 1871 the company delivered the deed of trust to John A. Burnham, Jas. H. Blake, and Stephen V.R. Thayer conveying to them all the property of the company. On the same day the CHICAGO, CLINTON, AND DUBUQUE RAILROAD executed a mortgage to John M. Dennison and Stephen V.R. Thayer, as trustees, conveying the property of that railroad to secure bonds in the amount of $1.5 million. James F. Joy, Sidney Bartlett, Nathaniel Thayer, the trustees of the mortgages, and some Boston investors, were elected directors of the companies.
The main line of the Chicago, Dubuque and Minnesota Road was completed from Dubuque to La Crescent and the Turkey River Branch was partially completed from the mouth of the Turkey River to Wadena. The Chicago, Clinton and Dubuque was completed from Dubuque to Sabula where it obtained trackage arrangements over the Sabula, Ackley, and Dakota Road for about five miles and constructed its own road from that point to an intersection with the Midland Road, owned and controlled by the North-Western. In a like manner, trackage arrangements had been made to Clinton.
The Panic of 1873 along with high construction costs left the line in receivership. In 1878 the Chicago, Dubuque and Minnesota was joined with the Chicago, Clinton and Dubuque Railroad to form the Chicago, Clinton, Dubuque and Minnesota Rail Road.
Donovan, Frank P. Jr. Iowa Railroads Iowa City: University of Iowa Press, p. 212