The weekly Lancaster gazette. (Lancaster, Ohio) 1852-1855, 1854-06-15

w ~ 1900
been very politely furnished us by FRANK
CoRw1N, Esq. We subjcin the following
interesting facts from the Presi-
dents report:
On the 18th day of May, 1851, your
Company vas organized, by the election of
a Board of Directors. under an Act of in
corporation, passed on the 4th of%February
of the same year, which invest in the Com
pany all the rights, privileges and franchis-
es Of the Act to Regulate Railroad Compa-
mics, passedd February 18th, 1913, and the
Act ~amendatory thereof. The powers and
franchises, thus conferred, are ample for
the prosecution of the objects of your or
ganization, and the security of the rights of
stockholders.
Notwithstanding the subscriptions TO the
capital stock of the Company, at that time,
amounted to about $430,000, the Board
had strong confidence that the great i'm
portance of the projected road, not only in
the magnitude Of the local interests involv-
ed, but as an imposing link in the great
lines Of railroad between the West and the
East, would command large additional sub
scriptions. TWAS also believed, that the
best interests Of the Company, and the pub
lie, required its prompt construction.
An efficient Engineer corps, was, there
fore, Immediately placed in the field, and
after thorough explorations and surveys, in.
November of the same year, the division of
the road between Morrow, the point of in
tersection, with the Little Miami Road, and
Lancaster, a distance Of 80 10 miles was
located, and contract for its construction
entered into with A. DeGraf, a well known
and efficient contractor. By this contract
the Company were to furnish iron, chairs
and spikes, and locomotive power for the
distribution of materials. The contractor
TO furnish all other materials, and con-
struct and fully complete the road from
Morrow to Lancaster, by the LIST of Sep
TENDER, 1853. The road to be construct
ed, in all respects, as a first class road
The company to pay the contractor there
fore 81, 100 per mile, with a reasonable
compensation for rock excavation. The
contractor to receive ten per cent. of his
compensation in the stock of the Compa-
ny, and 80 per cent. in County bonds at
par.
Subsequently contracts were made for
nine thousand tons %ofiron, to be delivered
at New York and New Orleans, at $3.50
per on-8, 400 tons Of which were deliver
ed; and two hundred tons Of spikes, to be
delivered at Cincinnati at 81 cents per
pound-all of Which have been received.
The chairs were purchased at Cincinnati,
at a. cents per pound.
Soon after the contract with Mr.. DeGraf
was entered into, grave doubts were ex-
cited as to the legality of County subscrip-
lions to railroad companies. A large por-
ton of the subscriptions to u stock hav-
ing been made by counties, the commence
ment Of the work was delayed until thai
question was decided by the Supreme
Court, in the spring Of 1852. From that
period the work has been prosecuted with
great energy and industry, and the entire
} division SO farcompleted, that regular trains
} for the transportation If passengers and
l freight commepced running,between Ian
. caster and Morrow, on tho 18th day o
I April. A detailed statement of the pro.
gress Of construction, and the present con.
dition of the road, will be found in the Su.
perintendent's Rcpot, which is herewith
submitted. And, although the road was no
open as soon as had originally been expect
ed, yet when the very heavy character o
/ the work on portions Of the road, and thu
, obstacles which will ever be presented il
; the accomplishment of so large an amour
of work is considered, it's only a matter o
> surprise and congratulation that the delay
was not much greater.
! A full equipment Of Locomotives an,
! Cars of the best quality hasbeen purchased
! and is now upon the road. 1t is believed
t that all our machinery, in power, durability
finish, and elegance, may challenge com
parison with the equipment of any othe
n road.
7 For the purpose Of providing money t.
: meet these contracts, the Board authorized
= the issue of first mortgage bonds to the a
mount of 81 300, 900, payable ten years af
; ter date, These bonds bear seven per cent
interest, payable s%cmi-annually in the Cit,
" Of New York. One hundred and twenty
y five thousand dollars of the bonds were dis
= posed of at par in the purchase Of machine
= ry, and the residue at uinoty per cent. Oh
: their par value.
. To secure to our road its fair and legit
innate proportion of business, its completiol
: to GAINESVILLE was deemed to be indispensa
$ bly, necessary, and the subscriptions to on
stock in the counties of Perry and Mus
I kingum having been largely increased il
the fall of 1852, although not to the amour
: required to prepare the road from Lancas
!, ter to GAINESVILLE, a distance of 40 miles, 70
! the iron, it was believed that the interest O
t the Company demanded its early construc
ton. 1t was accordingly placed unde
I contract. The twenty-five miles immedi
ately east of Lancaster was awarded to A
! DcGraff, at the sum of S2)0,O 900, ten pc
cent, of which is payable in the stock of III,
| Company at par. This contract, like tn,
former one with Mr.. DeGraG, requires hin
, to furnish all materials, except iron, chairs
| and spikes, and to construct and entircl,
complete that portion of the road. TIL,
c next twenty miles, extending to the ives
4 bank of the Muskingum river, on which
d there is a tunnel of 1900 feet in length, n
!, well as other very heavy sections, was a
warded to 5. Chamberlain, an efficient anC
u reliable contractor, at the sum of $3.50,
ooo' and a reasonable compensation fol