Tov | PRIVATE ATUTIETIES,

685

ty headquarters at Chicago, taking its course right through 1858.
the centre of the rich valley of the Mississippi, and joining Zit. 64.
the great river itself at Saint Louis, Cairo, and New Orleans.
Very large tracts of the finest alluvial soil in Illinois were
Ceded to the company on each side of the line. The company
therefore had two sources of profit, one arising from the sale
of the lands, the other from the traffic on the line itself
“hich in grain was very large and daily increasing. Such
Property was clearly a legitimate investment to persons who,
more capital were called up than was at first anticipated,
tuld afford to meet the calls upon their shares without
Weonvenience? With a man in Cobden’s position the case
"as different. In this matter, however, he was not disposed
% listen to the advice of his friends, who recommended
hing only to hold bonds or paid-up shares. “I recollect,”
Says Mr. W. S. Lindsay, “ having many conversaticns with
Cobden on this subject. I agreed with him entirely as to the
Prospects of the line, but we differed as to the time when
the large prospective profits of the undertaking could be
*ealized, He thought they were close af hand; I, on the
Sontrary, held the opinion that, while all the land would in
ime fing purchasers, they would rather belong to the next
%Deration than to our own. In this instance my views
ame tpye, The land found purchasers, but not to the
Stent nor with the rapidity anticipated. The directors had
“aleulated that the proceeds from the sale of the lands would
*hable them to complete the line, and consequently render
further calls upon the shareholders unnecessary. In this
hey were mistaken.”
_ “Cobden,” Mr. Lindsay goes on to say, “ viewed his
vestments in an entirely different light from that in which
they would be seen by an ordinary man of business. He

' The 100 dollar ordinary shares were lately at 150, and are now 188,