Mr. HOWARD. such is not the fact. The lands upon the route marked upon the map have not been reserved at the Dept of the Interior, as I have been informed, and I think that the company have made no progress whatever in regard tot is road. Whet or they have made an actual survey of the route marked down on the may ismore than I am able to say. Iap rehen, however, that they have not. Possiblyt cy may have surveyed a portion of the route, but I apprehend they have not surveyed it all. In this connection I begleave to be indulged in one further remark: the statute of Iowa authorizing the establishment of corporations of this description, which are called in the stat ute “associations, ” requires that the articles of association whichstaud as the charter of the company, taken in connection with the neml not, should set forth the conditions an times on which the stock of the company is to be paid in a very important provision as I regard it the object of the statute being to require the actual payment in, at certain times to be fixd by the articles of association, of the capital of the company. The Sioux City company, in their articles of association, seem to have overlooked that very important clause in the general stat ute of Iowa, and in their articles they say: “The capital stock of said company shall be $6, 0(IMXXw), hich shall bedivided into sharesof $1“) each and may be taken by individuals and corpo rations, to be mud in such installments ussaid company may require, and undersuch rules, regulations and restrictionsas may be provided by the board of directors.” Leaving the whole matter of the payment of tock by e stockholders discretionary with the board of directors, who may call it in or omit to call it in, asthey choose. They may call it in at one time or another time, as they may choose. There being no time fixed in the articles of association for calling in the ca ital stock, it would seem that if the board of rectors were so disposed, they might omit entirely to require the aylnent of any cash capital by any stock hol or of the company, which certainly, as I think, would be a violation of the general act of Iowa to which I have referred. Whether they could construct this road out of the subsidy and the lands, I do not know; butimust confess, looking at the articles of association, it appears tome very much as if that were their purpose, not intending on their part to make anyivery liberal contributions in cash.