Encyclopedia Dubuque
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DUBUQUE CENTRAL IMPROVEMENT COMPANY: Difference between revisions
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DUBUQUE CENTRAL IMPROVEMENT COMPANY. The Central Improvement Company was organized January 23, 1857, with a capital of $2,100,000. The corporators were Jesse P. Farley, | DUBUQUE CENTRAL IMPROVEMENT COMPANY (The). The Duuque Central Improvement Company was organized January 23, 1857, with a capital of $2,100,000. The corporators were Jesse P. Farley, Franklin V. Goodrich, Austin J. Goss, Robert C. Waples, Christopher Pelan, Robert M. Walmsley, Alexander Anderson and Frederick E. Bissell. (1) | ||
Franklin V. Goodrich, Austin J. Goss, Robert C. Waples, Christopher Pelan, Robert M. Walmsley, Alexander Anderson and Frederick E. Bissell. The company became the owner of two islands with a total of twenty-eight acres and enough shallows to make a total of sixty acres when filled in. Its boundaries extended from the line of the Harbor Company on the south to the line of the Harbor Improvement Company on the north. ( | |||
The company became the owner of two islands with a total of twenty-eight acres and enough shallows to make a total of sixty acres when filled in. Its boundaries extended from the line of the Harbor Company on the south to the line of the Harbor Improvement Company on the north. (2) | |||
The company's plan was to make a levee the entire length of their property, to fill all the intervening lands and sloughs and to run First, Second, Third and Fourth | The company's plan was to make a levee the entire length of their property, to fill all the intervening lands and sloughs and to run First, Second, Third and Fourth | ||
streets to the [[MISSISSIPPI RIVER]]. ( | streets to the [[MISSISSIPPI RIVER]]. (3) | ||
Notes printed were Wellstood, Hay, Whiting, New York and Chicago, were hand dated from December 9, 1857 to February 10, 1858. Signatures included F.V. Goodrich, president and Rob't M. Walmsley, secretary. Notes are also countersigned by H.A. Littleton, register. There was an engraved '18' for the date. All stockholders were liable for payment of notes and their names were printed on the back of each note. Serial numbers went up to 9558 on $1 and 8364 on $3. Notes payable at different times and bore ten percent interest. ( | Notes printed were Wellstood, Hay, Whiting, New York and Chicago, were hand dated from December 9, 1857 to February 10, 1858. Signatures included F.V. Goodrich, president and Rob't M. Walmsley, secretary. Notes are also countersigned by H.A. Littleton, register. There was an engraved '18' for the date. All stockholders were liable for payment of notes and their names were printed on the back of each note. Serial numbers went up to 9558 on $1 and 8364 on $3. Notes payable at different times and bore ten percent interest. (4) The notes failed in 1858. (5) | ||
The city held $80,000 of the Central Improvement Company bonds in December, 1857. ( | The city held $80,000 of the Central Improvement Company bonds in December, 1857. (6) | ||
When the Central Island Company bought the islands, they assumed two loans totalling $120,000 and agreed to pay the city $80,000 in ten years with 10 per cent interest. The company in 1858 notified the council that it would be unable to meet the interest on the bonds. The city held a mortgage on the property for $80,000, leaving $120,000 not provided for by mortgage. Against the proposition for the city to take back the property of the Central Improvement Company, 400 citizens demonstrated. The company, it was claimed, had failed and was seeking a way out of its troubles. ( | When the Central Island Company bought the islands, they assumed two loans totalling $120,000 and agreed to pay the city $80,000 in ten years with 10 per cent interest. The company in 1858 notified the council that it would be unable to meet the interest on the bonds. The city held a mortgage on the property for $80,000, leaving $120,000 not provided for by mortgage. Against the proposition for the city to take back the property of the Central Improvement Company, 400 citizens demonstrated. The company, it was claimed, had failed and was seeking a way out of its troubles. (7) | ||
In August, 1874, the Dubuque Central Improvement Company sued the city for $550,000. To obtain its land the company in 1857 had assumed debts of about $200,000; later the city took back this debt providing the company would make certain specified improvements. ( | In August, 1874, the Dubuque Central Improvement Company sued the city for $550,000. To obtain its land the company in 1857 had assumed debts of about $200,000; later the city took back this debt providing the company would make certain specified improvements. (8) | ||
[[Image:back.jpg|left|thumb|350px|The investors' name are listed on the back|]] | [[Image:back.jpg|left|thumb|350px|The investors' name are listed on the back|]] | ||
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2. Ibid. | 2. Ibid. | ||
3. Oakes, Dean G. ''Iowa: Obsolete Notes and Scrip'' | 3. Ibid. | ||
4. Oakes, Dean G. ''Iowa: Obsolete Notes and Scrip'' | |||
5. | |||
6. Oldt. p. 19 | |||
7. Ibid. | |||
8. Ibid. | |||
[[Category: Obsolete Currency]] | [[Category: Obsolete Currency]] | ||
Revision as of 19:53, 15 September 2013
This article is being edited and revised.
DUBUQUE CENTRAL IMPROVEMENT COMPANY (The). The Duuque Central Improvement Company was organized January 23, 1857, with a capital of $2,100,000. The corporators were Jesse P. Farley, Franklin V. Goodrich, Austin J. Goss, Robert C. Waples, Christopher Pelan, Robert M. Walmsley, Alexander Anderson and Frederick E. Bissell. (1)
The company became the owner of two islands with a total of twenty-eight acres and enough shallows to make a total of sixty acres when filled in. Its boundaries extended from the line of the Harbor Company on the south to the line of the Harbor Improvement Company on the north. (2)
The company's plan was to make a levee the entire length of their property, to fill all the intervening lands and sloughs and to run First, Second, Third and Fourth streets to the MISSISSIPPI RIVER. (3)
Notes printed were Wellstood, Hay, Whiting, New York and Chicago, were hand dated from December 9, 1857 to February 10, 1858. Signatures included F.V. Goodrich, president and Rob't M. Walmsley, secretary. Notes are also countersigned by H.A. Littleton, register. There was an engraved '18' for the date. All stockholders were liable for payment of notes and their names were printed on the back of each note. Serial numbers went up to 9558 on $1 and 8364 on $3. Notes payable at different times and bore ten percent interest. (4) The notes failed in 1858. (5)
The city held $80,000 of the Central Improvement Company bonds in December, 1857. (6)
When the Central Island Company bought the islands, they assumed two loans totalling $120,000 and agreed to pay the city $80,000 in ten years with 10 per cent interest. The company in 1858 notified the council that it would be unable to meet the interest on the bonds. The city held a mortgage on the property for $80,000, leaving $120,000 not provided for by mortgage. Against the proposition for the city to take back the property of the Central Improvement Company, 400 citizens demonstrated. The company, it was claimed, had failed and was seeking a way out of its troubles. (7)
In August, 1874, the Dubuque Central Improvement Company sued the city for $550,000. To obtain its land the company in 1857 had assumed debts of about $200,000; later the city took back this debt providing the company would make certain specified improvements. (8)
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Source:
1. 1. Oldt, Franklin T. History of Dubuque County. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-19-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml
2. Ibid.
3. Ibid.
4. Oakes, Dean G. Iowa: Obsolete Notes and Scrip
5.
6. Oldt. p. 19
7. Ibid.
8. Ibid.