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[Charge Utile Magazine]Livre Rare Book

CHARGE UTILE MAGAZINE - N° 119 - Novembre 2002

[Cooke, Jay] Western Land Association of MinnesotaBiblio.com

DEED NO. 461. WESTERN LAND ASSOCIATION OF MINNESOTA. THIS INDENTURE MADE THIS SIXTH DAY OF MAY IN THE YEAR OF OUR LORD 1881 BETWEEN THE WESTERN LAND ASSOCIATION OF MINNESOTA A CORPORATION DULY CREATED BY AND EXISTING UNDER THE LAWS OF THE STATE OF MINNESOTA PARTY OF THE FIRST PART AND WILLIAM G. WILLIS OF SAINT LOUIS COUNTY MINNESOTA PARTY OF THE SECOND PART. WITNESSETH THAT THE SAID PARTY OF THE FIRST PART IN CONSIDERATION OF THE SUM OF FIFTEEN HUNDRED DOLLARS TO IT IN HAND PAID BY THE SAID PARTY OF THE SECOND PART. . .DOTH QUITCLAIM UNTO THE SAID PARTY OF THE SECOND PART . . . THE WESTERLY HALF OF LOT 41 ON WEST SUPERIOR STREET DULUTH

41384Printed folio document 10-1/4" x 15-1/2." Completed in ink manuscript. Signed by the President S. N. Felton and Secretary Chas. Hinchman of the Western Land Association. Docketed on the verso with manuscript release of portion of a mortgage from the Association. Usual folds Very Good plus.<br /> <br /> A Jay Cooke project to give him access to the lands along a Minnesota Railroad. "One of the projects growing out of Jay Cooke's connection with the Lake Superior and Mississippi Railroad was the 'Western Land Association of Minnesota.' The purpose of this company was similar to George Francis Train's Credit Foncier of America. It sought to exploit Duluth and the town sites and land privileges along the right of way of a projected railroad. The first published report of the Western Land Association was made in 1871. The company had received cash of $200000 for its shares. Its receipts consisted of $97321 for real estate sold and $21166 in interest on deferred payments and it paid out $182390 for real estate purchases. But the most important item mentioned in the report is the stock interest acquired in the company by the Northern Pacific Railroad. In return for an agreement of the Northern Pacific to fix its eastern terminus at Duluth and to connect with the Lake Superior and Mississippi Railroad the Western Land Association sold 2000 shares of its stock for $120000 to the 'Lake Superior and Puget Sound Company' the real estate subsidiary of the Northern Pacific.<br /> "The president of the company Mr. Samuel M. Felton said 'The company will soon be attacked by the Press and in the Courts as a monopoly and being the creature of the law may be subject to continual and expensive annoyance.' Moreover 'the Western<br /> Land Association has now accomplished as a holder of a large number of town lots the object for which it was organized and kept out of the hands of unprogressive speculators the property they would otherwise have held to the detriment of all large plans of improvement". Sakolski THE GREAT AMERICAN LAND BUBBLE. Harper & Brothers. 1932. Chapter 14 page 294 et seq. Reprinted 1966. unknown

David M. Lesser, Fine Antiquarian Books LLC · États-Unis450,00 $US≈ 380,75 €

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