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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.
1855
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 Main
street, we see the city steadily growing and among the most prosperous and
well-to-do cities of the state. It is befitting that this event should be
commemorated in a substantial and fitting manner.
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
