BLACKWELL FAMILY Henry B. Blackwell Financial PapersOFFICE of LUDLOW PATTON & CO.
BANKERS AND BROKERS
Post Office Box 812   No. 6 Wall-Street
New York, June 1 1870
Total Stock issued by St. Croix & Lake Superior RR.
Co  2525 shares fullpaid   $252,500.
The Co. has made a mortgage for
L1300000. Sterling 7% 1st Mortgage interest & principal payable in London
Land grand Bonds due Jan 1st 1900
of which
32 Bonds of L200 each are sold  say $32000.
$65000 of indebtedness secured by
the hypothecation of 94 of the above
named Bonds -      65000  97000.
Floating debt unsecured say $18000

Credits
1 In the City Bank of London say $500
2 Bonds endorsed by the Farmer's Loan & T Co.
17 sold - 33 Hypothecated as above stated
Amount of Cash paid in $11,150.
3 in hands of Jay Cady ....    1100
4 Money from trespassers estimated
by our attornies and agent  30000.
5 Ties on lines of road (originally 40M) - say 20 M - probably half stolen



6. 1st 20 miles from Hudson North about graded
will probably cost $25000 to complete the grading
clean the ditches and finish up the banks
7 Location carefully made through of main line
from Hudson to Superior including maps, profiles etc.
[By protecting the secured indebtedness [?]
The above property cannot be]
8. 153600 acres of land granted to the Co. in advance of
work and by the Co. conveyed to secure bonds issued.
9. Claim to the land grant and control of the mortgages and 
Bonds which constitute a prima facie Incumbrance upon it. 
By purchasing a majority of the above stock say $127000.
and by paying the $65000 of Indebtedness the
purchasers get control of the Co. and a property
which has cost $500000. and will save the new
Co. $250000. and [probably] one year's time in
the construction of their Road -
the old stock to be paid for in new stock representing
say one fourth of the whole stock of the new Co.s
the Indebtedness say $65000. to be paid for by new
first mortgage Bonds of the new Co - say 70 Bonds of $1000. each -


In case there is no opposition made to our
getting the land grant formerly owned and
now claimed by the St Croix and Lake Superior 
RR Co. we hereby agree to purchase of [H.B.] Ludlow
[Blackwell] Patton 1270 shares of St Croix and Lake
Superior Railroad stock being a majority of the
whole and paying therefor new full paid
stock amounting to one fourth of the whole
stock in the new Companies and also
to pay 70 1st Mortgage 7% Bonds of $1000.
each of new Companies in settlement of the indebtedness
of St Croix and Lake Superior Railroad Co.
to Ludlow Patton and Jno. C. Campbell -
in accordance with memorandum upon
the previous page - It is also understood
that the new Companies are to protect the
32 Bonds [already] sold by the St. Croix
and Lake Superior Railroad Co.[*HBB about stock in V
RR 1870*]

Mem of Ag. made this   day of     between
H.B.B party of the first part and J.C. party of the 2nd part Wit
For & in consid of the transfer of 1270 shares
of stock in the St C & L S Co. to be made by the party of the 1st part the undersigned
party of the 2nd part hereby agrees to pay to the said B. his heirs or
assigns              shares of stock in the         RR. 
Cos and to [issue Bonds 1%] pay heirs 70 first Mort
bonds in settlement of the indebtedness of the St C.
& L S. R. Co. to Ludlow Patton and John C. Campbell -