DUBUQUE CENTRAL IMPROVEMENT COMPANY

DUBUQUE CENTRAL IMPROVEMENT COMPANY. The Dubuque Cenral Improvement Company was organized in January 1857 with capital of $2,100,000. The company owned two islands with a total of 28 acres and shallows to make a total of sixty acres.

The copany wanted to build a levee across their property and run 1st and 4th STREETS to the edge of the MISSISSIPPI RIVER. Post notes issued in December, 1857 were made payable at different times and bore ten percent interest. The notes failed in 1858.

Notes were hand dated from December 9, 1857 to February 10, 1858. Signatures are by F.V. Goodrich, president and Rob't M. Walmsley, secretary. Notes are also countersigned by H.A. Littleton, register. There is an engraved '18' for the date. All stockholders were liable for payment of notes and their names were printed on the backs of each note. Serial numbers went up to 9558 on $1 and 8364 on $3. Printers were Wellstood, Hay, Whiting, New York and Chicago.

The notes failed in 1858.

In August, 1874, the Dubuque Central Improvement Company sued the city for $550,000. To obtain its land the company in 1857 had assumed the Corcoran and Jesup debts of about $200,000; later the city took back this debt providing the company would make certain specified improvements. (1)

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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

Oakes, Dean G. Iowa: Obsolete Notes and Scrip