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CEDAR FALLS AND MINNESOTA RAILROAD: Difference between revisions

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[[File:cfmm.gif|300px|thumb|left|]]CEDAR FALLS AND MINNESOTA RAILROAD. In 1861 the [[DUBUQUE AND SIOUX CITY RAILROAD]], connecting with the [[ILLINOIS CENTRAL RAILROAD]] and Galena and Chicago Union Roads, was nearing completion to Cedar Falls, Iowa. At this point the Cedar Falls and Minnesota Railroad, from Cedar Falls to the State line of Minnesota, was under contract to Erastus Edgerton and Company of New-York, for the sum of $1,025,000. This road was seventy-five miles long to end at Otranto, at the State line of Minnesota. There it connected with the "Cedar Valley and Minneapolis" Road, (108 miles,) extending to St. Paul. The grading on the Cedar Falls and Minnesota Road has been completed to Waverly, a distance of fifteen miles, and a bridge, spanning the Cedar River was nearly finished. The ground was so level that not a cut or filling of more than ten feet was required.  
[[File:cfmm.gif|300px|thumb|left|]]
[[File:CFRR.jpg|300px|thumb|left|]]CEDAR FALLS AND MINNESOTA RAILROAD. The Cedar Falls and Minnesota Railroad was incorporated in on April 16, 1858 under the laws of Iowa and was controlled by [[SMITH, Platt|Platt SMITH]], Colonel R. B. Mason of the Illinois Central, and others associated with the [[DUBUQUE AND SIOUX CITY RAILROAD]]. (1) Its purpose was to construct a railroad from a point on the Dubuque and Sioux City Railroad through Waverly and Charles City to the Minnesota border. (2) There it was connected with the "Cedar Valley and Minneapolis" Road, (108 miles,) extending to St. Paul. The ground was so level that not a cut or filling of more than ten feet was required. (3)


The Company paid the contractors in the following manner: $600,000 of their first mortgage 7% Bonds; $40,000 Mitchell County 10% Bonds; $60,000 Floyd County 10% Bonds; $50,000 in lands, deeded along the line of road; $100,000 in cash, and $175,000 in stock and subscriptions to stock -- in all $1,025,000. The Company was to issue $650,000 of first mortgage 7% bonds, $50,000 of which was for their own account. This created a bonded debt of about $8,500 per mile.  
Work on the Cedar Falls to Waverly section was completed during the [[CIVIL WAR]]. (4) The first train left Waverly for Dubuque on March 13, 1865.  Charles City was reached on October 18, 1868 and the Minnesota state line at Mona on May 1, 1870. (5)


Seeing the great importance of this road, and the increased amount of traffic that must result from it, the Illinois Central, Galena and Chicago Union, and the Dubuque and Sioux City roads created a sinking fund for the cancellation of these bonds, by paying to the trustees of the Company bonds referred to, (for five years,) 15% of all the gross earnings from business passing to and from all points upon the Cedar Falls and Minnesota Railroad over the roads of the above-named companies. This gave these bonds an increased value.
At a heated stockholders meeting begun in Dubuque on February 14, 1887, the Illinois Central was able to buy the Dubuque and Sioux City Railroad by paying $80.00 per share. This was the first battle between Edward H. Harriman of the Illinois Central and the famous banker, J. P. Morgan with Harriman the winner. (6)
 
The 1868 ''Guide, Gazetteer and Directory of the Dubuque & Soux (sic) City Railroad'' stated that the office of this business was located at the corner of Locust and 5th.  


In 1861 the Cedar Valley and Minneapolis Road was graded sixty-five miles. It had passed into the hands of the State of Minnesota, and the work had been suspended for some time. Strong incentives were offered to any responsible parties who woud resume and finish the work. (1)


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1. "New Railways in Iowa," ''The New York Times'', March 4, 1861, Online: http://www.nytimes.com/1861/03/04/news/new-railways-in-iowa.html
1. "Iowa and the Illinois Central," '''Illinois Central Magazine''', November 1927, p. 5
 
2. Desty, Robert; Goodwin, James Wells Goodwin; Boyle, Peyton. '''The Federal Reporter'''. West Publishing Company, 1891, p. 485
 
3. "New Railways in Iowa," ''The New York Times'', March 4, 1861, Online: http://www.nytimes.com/1861/03/04/news/new-railways-in-iowa.html
 
4. Stover, John F. '''History of the Illinois Central Railroad, ''' New York: Macmillan Publishing Company, Inc., 1975, p. 131
 
5. Donovan, Frank P. Jr. '''Iowa Railroads''' Iowa City: University of Iowa Press, 2000, p. 211
 
6. Donovan, p. 114






The 1868 ''Guide, Gazetteer and Directory of the Dubuque & Soux (sic) City Railroad'' stated that the office of this business was located at the corner of Locust and 5th.


[[Category: Railroad]]
[[Category: Railroad]]

Latest revision as of 16:02, 18 November 2016

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CEDAR FALLS AND MINNESOTA RAILROAD. The Cedar Falls and Minnesota Railroad was incorporated in on April 16, 1858 under the laws of Iowa and was controlled by Platt SMITH, Colonel R. B. Mason of the Illinois Central, and others associated with the DUBUQUE AND SIOUX CITY RAILROAD. (1) Its purpose was to construct a railroad from a point on the Dubuque and Sioux City Railroad through Waverly and Charles City to the Minnesota border. (2) There it was connected with the "Cedar Valley and Minneapolis" Road, (108 miles,) extending to St. Paul. The ground was so level that not a cut or filling of more than ten feet was required. (3)

Work on the Cedar Falls to Waverly section was completed during the CIVIL WAR. (4) The first train left Waverly for Dubuque on March 13, 1865. Charles City was reached on October 18, 1868 and the Minnesota state line at Mona on May 1, 1870. (5)

At a heated stockholders meeting begun in Dubuque on February 14, 1887, the Illinois Central was able to buy the Dubuque and Sioux City Railroad by paying $80.00 per share. This was the first battle between Edward H. Harriman of the Illinois Central and the famous banker, J. P. Morgan with Harriman the winner. (6)

The 1868 Guide, Gazetteer and Directory of the Dubuque & Soux (sic) City Railroad stated that the office of this business was located at the corner of Locust and 5th.


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Source:

1. "Iowa and the Illinois Central," Illinois Central Magazine, November 1927, p. 5

2. Desty, Robert; Goodwin, James Wells Goodwin; Boyle, Peyton. The Federal Reporter. West Publishing Company, 1891, p. 485

3. "New Railways in Iowa," The New York Times, March 4, 1861, Online: http://www.nytimes.com/1861/03/04/news/new-railways-in-iowa.html

4. Stover, John F. History of the Illinois Central Railroad, New York: Macmillan Publishing Company, Inc., 1975, p. 131

5. Donovan, Frank P. Jr. Iowa Railroads Iowa City: University of Iowa Press, 2000, p. 211

6. Donovan, p. 114

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