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 CENTRAL IMPROVEMENT COMPANY
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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, 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. (1)
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. (2)
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. (2) The notes failed in 1858. (3)
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
2. Ibid.
3. Oakes, Dean G. Iowa: Obsolete Notes and Scrip