Second. The railroad company would then return to the city $90,000.00 worth of the city bonds already issued together with all coupons on the balance, leaving in the hands of the company $10,000.00 worth with all coupons cut off to date. This surrendering of bonds to in no way affect the legality of the bonds retained, the legal points to be settled later.
At the meeting of the council Alderman Bever introduced a resolution covering all the points made in the report of the committee that the city surrender the stock and that the railroad company return the $90,000.00 worth of bonds, leaving outstanding and in the hands of the railroad company $10,000.00 worth of city bonds.
On the yeas and nays being called the following aldermen voted yea: Bever, Denlinger, Holland and Slonaker, and in the negative, Alderman McClelland, and the resolution was declared adopted.
Alderman McClelland then at once offered his resignation as alderman from the Third ward and his resignation was as promptly accepted and Wm. Richmond elected as his successor.
Nothing more appears in the records of the city council bearing on this question of railroad bonds until June 29, 1866, when Alderman Adams of the Third ward introduced a resolution that a committee of one consisting of Alderman Snouffer be appointed to confer and negotiate with Horace Williams, agent of the Chicago, Iowa & Nebraska railroad, for the surrender of the outstanding bonds, and he was authorized to release and exonerate the railroad company from performing certain acts they had previously agreed to do. One was the grading of Jefferson street and another was the grading of the North city park and the building a fence of oak posts around said park, both of which they had failed to do. These agreements of the railroad company the city would relinquish, provided the railroad company would return the balance of the city bonds in their hands, amounting to $10,000.00.
It is presumed that Alderman Snouffer failed to make these negotiations with Horace Williams as instructed by the city council, at least there is nothing in the records to show that this committee of one ever made any report on this subject to the city council.
At the meeting of the city council held May 15, 1868, another committee was appointed to investigate and try to induce the railroad company to relinquish and return these outstanding city bonds and it is fair to presume that the committee accomplished something in that direction as at a subsequent meeting held June 26, 1868, Alderman Leach moved that the city treasurer be authorized to receive the city bonds now in the possession of the Chicago & Northwestern railroad and receipt for same. This is the last record to be found in the proceedings of the city council bearing on this subject of city bonds.
Going back to the time the railroad was built into Cedar Rapids it will be remembered that little value was placed on the stock. People subscribed for the stock and paid their subscriptions as called for more to encourage the building of the road than for an investment. Nearly every citizen had some few shares of the stock. They had all done their share in getting the road here according to each one's means and financial ability, and held their stock in the road. It was then that men of means with confidence in the rapid growth and advancement of this great state of Iowa began in a private way gathering up this stock of the Chicago, Iowa & Nebraska R. R., buying up from the small holders their stock at prices from 25 to 35 cents on the dollar of the par value and in a few years the small holders had parted with their holdings and in 1865 there was little or no stock of the Chicago, Iowa & Nebraska R. R. to be had and in the latter part of that year the road was merged into the Chicago & Northwestern system. At what price per share the Chicago, Iowa & Nebraska went into the Northwestern is not positively known, but it is generally supposed that one share of the Chicago, Iowa & Nebraska R. R. was good for about three shares of the new consolidated Chicago & Northwestern.
SOME OF THE EARLY BRICK HOUSES IN CEDAR RAPIDS
Charles Weare used to say that there was a brick building on the Y. M. C. A. corner which was torn down many years ago, and which was supposed to be one of the first brick buildings in Cedar Rapids; it was occupied by Ingham Wood as a store building. Porter Earle erected one of the first, if not the first, brick building at the corner of First avenue and Second street where the Union Block is now standing, which was one of the most commodious buildings of its kind in the city for many years. The Michael Bryan family erected one of the first dwelling houses of brick about where N. E. Brown's home now stands in 1849 or 1850, and for many years it was one of the best equipped houses in the city and the west. This house had an open fire place in every room, and consisted of eight rooms. The house was built according to the southern style of architecture. Another member of the Bryan family erected a stone and cement house about the same time at the corner of Third avenue and Second street, which building was later occupied by the family of William Greene.