Encyclopedia Dubuque
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
DUBUQUE AND MUSCATINE RAILROAD
DUBUQUE AND MUSCATINE RAILROAD. On February 24, 1880 the temporary incorporators of the proposed railroad and others interested in the project met in Clinton. Attending from Dubuque were Benjamin Billings RICHARDS, Jesse P. FARLEY, and David S. WILSON. Farley chaired the meeting.
Farley made opening remarks in which he stated he could not continue in a leadership position due to the amount of work it would entail. He would, however, offer advice and encouragement believing that Dubuque needed more railroad business. He went on to state that if the project proved possible Dubuque would give $100,000 to ensure its success.
Statements were made that the Cleveland (Ohio) Company, a major rail manufacturer who backed bondholders of the St. Louis and Keokuk Railroad, found their investment so profitable that it was anxious to extend their business northward. It was thought this company would want a partner in such an extension to grant the right-of-way, grade the land, and lay the ties for a new rail line.
When asked for his opinion of the railroad, B. B. Richards stated his welcome of any rail line to Dubuque, but that the road under consideration would not be his first choice. He preferred lines running to the northwest. If, however, the prospects for the project proved promising he would give it "liberal assistance." He stated that his fellow influential Dubuque residents now realized they should have encouraged more railroad development earlier. They were now concerned with being "Galenaized" (referring to how that city had been left behind when Senator George Wallace JONES had made Dubuque the first railroad terminal).
The articles of incorporation were approved. The capital stock of the company was set at two million dollars with power to increase to five million dollars. Shares were priced at $100.00 each.
Despite his reluctance at the age of 76, Farley was elected president; D. S. Wilson, vice president; P. D. Swigart, secretary; and S. G. Stine, treasurer.
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Source:
"The Muscatine & Dubuque," Dubuque Herald, February 25, 1880, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18800225&printsec=frontpage&hl=en