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Milwaukee and Watertown Railroad
Watertown Chronicle, 07 06 1853; republishing of a
Milwaukee Wisconsin article
Beginning
This enterprise is one which must
and will command the attention of capitalists.
The country on the line of this road is one of the most productive portions
of the state - which is a guarantee to the road, not only of a highly
remunerative, but an exceedingly lucrative business. The business of this road to Watertown will
be entirely a local business, and not exposed to reduction from
competition. The heavy receipts of the
Watertown plank road are a sufficient indication of the value of this
enterprise as an investment. But,
however valuable this enterprise may be as an investment, it is much more
valuable to the city of Milwaukee, as it secures a railroad communication with
Watertown, which is one of the most important of our interior cities, and with
the fertile section of country along its line - and were not the road secured
to be built, Watertown would have sought an outlet via the Rock River Valley
railroad and Janesville, to Chicago, instead of Milwaukee.
The road to Watertown is now secured
to be built. The company has now between
3 and $400,000 of stock subscribed, and eighty thousand dollars of Watertown
city bonds, as a basis for their own first mortgage bonds. These means will be much increased by
additional stock subscriptions here and along the line, and it is hoped by its
friends, by the aid of this city. The
entire road to Watertown is under contract to Messrs. Bishop, Stewart & Co.,
of Bridgeport, Conn., whose reputation as strong railroad men is sufficient to
place the construction of the road beyond any contingency. The sub-contractors are at work on the line,
and about one-half of the road will be completed ready for running of the cars,
in time to do a large business this fall, and the contractors expect that the
whole line to Watertown will be completed in the spring.
Negotiations for a portion of the Watertown city bonds have already been made at
par, and it is probable that they will rise to a premium, as they bear eight
per cent interest, payable semi-annually in New York, and are the only
indebtedness of the city of Watertown.
The first mortgage bonds of this
company will have a basis of at least two dollars for every one issued, and at
eight per cent interest cannot fail to be a premium security in the eastern
market. In short, few railroad
companies, either at the east or west, have ever before commenced the
construction of a railroad under as favorable auspices, or with so reliable
means for its necessary expenditures, as does the Milwaukee and Watertown
railroad company.
1854
Salah Post Webb, physician
and lawyer. The family settled near
Oconomowoc, his father having a subcontract for the construction of the
railroad between Watertown and
Oconomowoc. That was in 1854.
The Milwaukee and Watertown railroad
was completed to Watertown in 1855.
Later, the railroad was purchased by
the Chicago, Milwaukee and St. Paul Co.
1905
June 30 - At a recent meeting of the
council Mayor Wertheimer communicated to the council that the last payment of
the railroad and railroad bonds indebtedness of the city would be paid off July
15, thus releasing the city from all railroad bond indebtedness which has hung
over the city for almost half a century. He said it was a day of which all
citizens should be proud, as it marks the payment of a debt which many people
though the city could or would not pay. The railroad bonds have hung for many
years like a millstone about the necks of the people and officials, but the
city was equal to the occasion and have paid every farthing which the courts
decided it was liable for. Instead of the day coming as once predicted years
ago, when potatoes would be planted in
July 29 - Now that the bond question
has been settled and the financial cloud lifted that the sun of prosperity may shine
upon the city, it is time that the Advancement Association of Watertown should
get busy and begin systematic and active work for the industrial advancement of
the city. There are many manufacturing industries looking for advantageous
localities in which to locate their factories. But few cities in the country
have more inducements to offer than Watertown. It possesses rail road
facilities that make it a desirable point, there is a splendid water power and
a volume of water sufficient to furnish the motive power for many mills and
factories; there is an abundance of labor and the taxes are low, the people
being conservative in their municipal expenditures. Now is the time to reach
out for industries and it can be down to the best advantage by the association
which should move in the matter at the earliest possible moment.
Cross-References:
No 1: Theodore Prentiss,
Watertown’s first mayor: Involvement in
first railroad
No 2:
1868, city served with writ of mandamus, railroad bond issue
