RAILROAD BONDS COMMISSION
An Inventory of Its Records and Related Materials at the Minnesota Historical Society
Government Records
OVERVIEW
| Creator: | Minnesota. Railroad Bonds Commission. | |
| Title: | Records and related materials. | |
| Dates: | 1858-1902. | |
| Language: | Materials in English. | |
| Abstract: | Commission's minutes and final report, and bondholders' letters and depositions. Also claims files originating in the State Auditor's Office and a sample of the original $1000 bonds issued by the railroads. | |
| Quantity: | 1.3 cubic feet (1 box, 2 partial boxes). | |
| Location: | See Detailed Description for shelf location. |
HISTORICAL NOTE
The Railroad Bonds Commission was created by the Minnesota Legislature on February 28, 1866 [Laws 1866 c5] to find a solution to the redemption of the 7% Minnesota State Railroad Bonds. The bonds had been issued in the late 1850s to help four railroads build rail lines within the state. The railroads, all bankrupt in 1866, were the Minneapolis and Cedar Valley Railroad, the Transit Railroad Company, the Minnesota and Pacific Railroad, and the Southern Minnesota Railroad. The bonds were commonly known as the Five Million Dollar Loan. The Commission was to ascertain and report the names of the bondholders, the amount due each, and the amount originally paid for the bonds by each. The Commission issued its report on January 8, 1867, alphabetically listing the bondholders, the number of bonds owned by each, the date of issue, and the railroad name. It made no recommendation on how to end the state's indebtedness for the bonds. Redemption of the bonds did not occur until 1881.
SCOPE AND CONTENTS
The bondholders' letters and depositions provide information on the bond holdings of those who testified before the Commission and the terms of surrender the holders were willing to accept, while the files that originated in the State Auditor’s Office relate to the settlement of claims on behalf of the Minneapolis and Cedar Valley, Transit, Minnesota and Pacific, and Root River and Southern Minnesota railroads and a nonrelated claim against the St. Paul and Pacific Railroad. Also a sample of the original $1000 bonds issued by the railroads, originally held in the State Treasurer’s Office.
ADMINISTRATIVE INFORMATION
Availability:
The collection is open for research use.
Preferred Citation:
[Indicate the cited item and/or series here]. Minnesota. Railroad Bonds Commission. Records and Related Materials. Minnesota Historical Society.
See the Chicago Manual of Style for additional examples.
Accession Information:
Accession number(s): None; 985-142
Processing Information:
Catalog ID number: 001704181
DETAILED DESCRIPTION
COMMISSION RECORDS
| 107.F.16.3B | Journal, April 1866-January 1867. 1 volume. | ||||||||||||
| Contains minutes, a report of estimated expenses for railroad construction, and the Commission's final report. The minutes include names and addresses of bondholders who appeared before the Commission, their bond number(s) and date of issuance, the railroad involved, and terms of surrender to which the bondholder would be agreeable. Many entries refer to the depositions listed below. The final report lists all bondholders who appeared before the Commission in alphabetical order by surname. | |||||||||||||
| Correspondence and depositions, March-December 1866. 2 folders. | |||||||||||||
| These materials are arranged chronologically. | |||||||||||||
AUDITOR'S CLAIM FILES
Originating in the State Auditor’s Office, these files relate to the settlement of claims on behalf of the Minneapolis and Cedar Valley, Transit, Minnesota and Pacific, and Root River and Southern Minnesota railroads and a nonrelated settlement against the St. Paul and Pacific Railroad by Charles DeGraff.
| 106.K.11.6F | Bond adjustments papers, circa 1858-1882. 2 folders. | ||||||||||||
| Information recorded includes name and address of the bondholder, bond number(s) of the bond(s) redeemed, railroad for which the bonds had been issued, number of interest coupons redeemed, bond number(s) of the adjustment bond(s) issued, and cash received. | |||||||||||||
| Notice to claimants, November 4, 1881. | |||||||||||||
| Claims against the railroads, circa 1858-1882. 13 folders. | |||||||||||||
| Includes name of the claimants, description of the work or provisions supplied or other debt on which the claim is based, amount of the claim, and time and place that the debt was incurred. | |||||||||||||
| Transit Railroad Company. 7 folders. | |||||||||||||
| Minneapolis and Cedar Valley Railroad Company. 4 folders. | |||||||||||||
| Minnesota and Pacific Railroad Company. | |||||||||||||
| Southern Minnesota Railroad Company. | |||||||||||||
| Disallowed claims, circa 1870s-1880s. | |||||||||||||
| Claims that were disallowed by the commission. | |||||||||||||
| Releases and receipts, 1882. 2 folders. | |||||||||||||
| Printed forms acknowledging settlement of the claim; listing name of the claimant, amount of the claim, and the amount paid on the claim. Some of the petitions of individual bondholders or claimants include additional affidavits, pay orders, receipts, transcripts of testimony, or other documentation. | |||||||||||||
| DeGraff Settlement affidavits and correspondence, 1878-1902. | |||||||||||||
| Concerning claims against the land grant of the St. Paul and Pacific by Charles DeGraff and others for debts incurred during construction of portions of the railroad’s line. The relief of these claimants was provided for in two legislative enactments: Special Laws, 1874, Chapter 105, and 1877, Chapter 201. | |||||||||||||
TREASURER’S RAILROAD BONDS
Originally held by the State Treasurer’s Office, these are a sample of the original $1000 bonds issued by the railroads. The bonds were issued with 50 coupons, each coupon in the amount of $35, attached to the bond. Forty-nine coupons remain attached to each bond.
| 112.C.2.3 | The Minnesota and Pacific Railroad Company, Nos. 22 (reverse dated December 6, 1858), 159, 188, 197, 333 (reverse dated February 2, 1859), and 575 (reverse dated December 6, 1858), July 31, 1858. 6 items in 1 oversize folder | ||||||||||||
| Signed by Edmund Rice, President; James W. Taylor, Secretary; and E. Farnsworth, Edward P. Cowles, and William H. Welch, trustees. | |||||||||||||
| The Minneapolis and Cedar Valley Railroad Company, Nos. 85, 161, 297, 446, 455, and 526, September 1, 1858. 6 items in 1 oversize folder. | |||||||||||||
| Signed by J. W. North, President; E. Abbott, Treasurer; and W. R. Marshall and J. G. Farley, trustees. Bond Nos. 526 signed by J. A. Shields, President, and Geo. Loomis, Treasurer. | |||||||||||||
| Transit Railroad Company, Nos. 109, 198, 276, 311, 391, and 405, October 1, 1858. 6 items in 1 oversize folder. | |||||||||||||
| Signed by H. H. Johnson, President; L. D. Smith or N. P. (Bemus?), secretaries; and William Windom and J. H. Harmon, trustees. | |||||||||||||
CATALOG HEADINGS
This collection is indexed under the following headings in the catalog of the Minnesota Historical Society. Researchers desiring materials about related topics, persons or places should search the catalog using these headings.
- Topics:
- Railroads -- Minnesota -- Finance.
- State bonds -- Minnesota.
- Organizations:
- Minneapolis and Cedar Valley Railroad Company.
- Minnesota and Pacific Railroad Company.
- Minnesota. State Auditor.
- Minnesota. Treasurer's Office.
- Southern Minnesota Railroad Company.
- St. Paul and Pacific Railroad Company.
- Transit Railroad Company.
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