Friday, March 25, 2011

The Chicago and Burlington Railroad

At the special meeting of the shareholders of the Chicago, Burlington and Quincy Railroad, held in Boston last Saturday, it was resolved to build a separate track from Aurora into Chicago, and an issue of one million of bonds authorized for this purpose.  The meeting, which was composed for the most part of the Directors and other parties largely interested against the settlement of the controversy with the Peoria Road, voted down the following preamble and resolution:

WHEREAS, The officers of this Company have, without the sanction of the stockholders of this Company, made certain contracts with the lessees of the Western Division of the Peoria and Oquawka Railroad Company, incurring liabilities to a very large extent and that they propose to make certain issues of bonds for the purpose of extending this road from Aurora to Chicago.

Resolved, That it is the opinion of this meeting that such liabilities and expenditures were entirely without authority of the stockholders of this company, and greatly to their injury, and that the officers of this Company are expressly prohibited from making further expenditures on account of the above named contracts or from issuing any more bonds, until all matters in relation thereto, and the contracts made with the above mentioned parties, are submitted to the stockholders at their next annual meeting, and until the decision in the controversy now pending between the Peoria and Oquawka Railroad Company and this Company may be decided.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, May 31, 1862, p. 1

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