The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-02-06

q, .ne road 70 the struction OF the extension
from Snrpyeei southw srdy in the d'rectis OF tbs
Asusdast have declared ne DIVIDENDS 10 the saarenod
ers the stock, but has. tn' mel ior
The purpose of extending their roac
since making last annual report 70 the legislature
vhe com papy expended same N BALLAST
s and fencing the ro,d and in ts erection OF conveni
vrt freight and passenger houses wood sh-us, snsine
and car houses alter tanks and other fixtures neoes,
Sc tbs alton OF The puac aod the convsnicrt
working OF the road. The whole amount expended en-
the road owned BY the compAn, aud it, apesadsses
mr. 10 FIRST day OF JAursry 1854 il secs 262 81
will fully appear BY the eport OF tho treasurer OF
the company.
Having been advised that dou Dts were entertased
to the r'sat OF the company TO exead t4er railroad
from Erie tie OHIO State line urtccs han the point
most suitsb for dvesnx from the L.te shore division
for the purpore Of ceeng towards the sue 'uct,
and desiring con6ns their operations 70 grouna wht,n
by their charter, they have clearly right 10 ocsueJ,
the company, in October 1852 accepted yroposiu "a
for rslinqushug that part of their ~ork. Aooa' bH
miles In length extending rom ssd point OK dvirgeoce
ct the welt bark Of Crooked Creek to III. Ohio state
lne receiving from the purchaser the monsy
thereon. Tee sum thu e1pencet was rsineo M
refunded to the pan,, aud release :xs.mssd ~
the company to the puroha in June last The Lake
shore division Of the road and owned BY
the company extsuds from the city OF re 70 ns sest
bank OF Cooked Greek, IN the twnsnip OF spriognso'
By resolution Of the board of directors adopted
the second day Sspteber LIST the company directed
that : Anal location Of . division Of their road
Vending souhwArdy from sons suitable poot ON their
present road in Springfield tosrrhiP snoud d nsd ana
portion of the work put uuder contract Osiog now-
ever to The engage ents OF the engineer on ~hom
the company e'ed t, supcrintsad ihe location and
consirustion OF this division q their road until
late in the autumn aud their inability to procas any
9TH tho requise sk and experience but Ii tie pro
Sre-s has preparing tins division isttiag
H. however hoped and expected tina part Of the line
will be prepared for contsc early in thu ensuig sorng
After the fsi urs Of the bill ~sich had passed the
house OF and peuding in tbs S-nAte
1t the adj OF the las. sessi of tbs Leg
BY which the right OF the company to ADD tbs
railroad BY them constructed from Erie the Oao Safe
Inc, subject to the Of certain TO the
monweAith, the compsny pro posed voluntarily t, oAy
tax supposed 70 be equivalent to the rsd the
BILL win the uodsrstaa that tho pADy shouli be
pernite quietly to emily their ros until the aloss OF
the present session ano at the suggestion OF the Govern
or an official proposal sign by the President All 'ore
ry the company, 10 gay tas tax, wAs ads out snd
forwarded to him On this propose. however ns scliaed
TO xct for Of legal authority und rsood ~
the company. Afsr~ard, the company cslisi on
by sgent OF tho Aucitor 9sner to make return to
tina, officer OF the amount ard value o. THAR o.p,ta
stocs conformity % the rrqur emsnts Of tas la tax
ing banks and other corporsuons ras Was 'ns, ana
the levied amouutt to fifteen hundred dollars, and
paid into the treasury OF the commonwealth All OF
JOHN GALBaAIrH, President
Afr ned and subscribed before me- . Jastios Of he
ar, A D 1884 WILSON LAIRD, J r
In connection With the above the report of the
treasurer Of the company was also as Fol-
IT, the Honorable the Senate and House OF Representa-
tyes Of the Co nmon wealth Of Prnsaylvauia:-
The Treasurer Of Franklin G .aa Company rsspsst
The have expended that portion OF their
ucpg the city OF Erie to the west bank Of Crooked
Creek in springfield townst ip dis Of about t~en
HUNDRED and dollars and AT, cents, (602
49, 81 This includes coat Of bAas,ing add fens
ing the road and station buildings.
The gross esrpinxs Of aid oompany'a road for
ono year from tbs first day OF December,
1861 asd ending ON the nrss day OF Deesn
b.r 1853 amounted to tue lm Of. size 9o6 81
Deoust running expenses and re-
Interest on rolling steer on tn.
road. taxes $500 900 capital
stock, intsr.s st on $50, coo bonds
issued BY ,he company and In
terest on $50, 262 81 due the C
p and RR Co...............A,2 H So "a 646 IS
L.virs net earnings as footed. SIS $50 81
From this .um should deducted the estins,s OF
nuAl dereriprAu n such part Of the oompAnys 20
and fixtures liable d-stros ioa BY time
forth in tbs report OF the directors Of said
company Of this date namely, annual detori prson ST.
500 leaving ss 600 g. net earnings to pay dividends
9S0Oc00 he capital stock OF the company fraction
over u per cent.
rns COMPANY have issued $50, 600 boads secured by
noreag. on The road, and which still outstanding.
AshtabuA RAlrea al Company for Dash advanced, $780,,
$50 and mahig the entrs indebtedness Of the compa
All Of which is respect ully submitted
WI LANE Treasurer
Dwsrn to snd subscribed b.fors me, Ju.tioe OF the
Ps,os in and for the ey Of Erie, this 2ssn January 1854
WILSON LAIRD !
The two reports disclose these facts The net
earnings Of the road for the year ending December
and actual cost that pars Of the road OF $602
252 81. 1t will be noticed that they speak Of
their road as extending from the city Of Erie to the
west bank of Crooked Creek in Springfield to wnship,
distance of about twenty miles," and that ia DC.
tober 1852 they accepted proposition for the pur
chase, and In June last executed release to the
purchasers, Of the remainder of their roadabout s.
Understanding from the west bank Of Crooked
Creek to the Ohio State liue. The reason for this
transfer is stated to be that they hal been advised
that doubts were entertained as to the right of the
the point most suitable for dyerging from the Lake
Shore division" towards the Aqueduct, from which
and Lake Erie their road was to rum This transfer
is Of itself, admission that the company thought
theDhad no legal right to build the road tn ~ con-
sr@ bed, and was dishonest but unavang effort to
shelter themselves from accountability for their acts.
The name Of the purchaser is not stated but that
Is unimportant The company could give no more
right or title than it had; and as by its own confess
SIGN, 1t had none the purchaser is insecure in his
possession.
The report presents little else which is espe cially
worthy OF notice. except the hypocritical sincerity
ing to build their road from the lake south ward to the
aqueduct, and Of their anxiety last summer to pay
tax supposed TO be equivalent to the tax required
In the BILL $3.50 ,000-that being the sum named in
the BILL which fortunately did not have time to be
passed in both houses) with the understanding that
the company should be permitted quietly to enjoy
their road until the close of the present session.
Those who know the double dealing uniformly prac
tiCed by this company ,arcey fail to be indig
nant at the seeming fairness of the first suggeston
nor can they who know the beraty with which they
labored to have their illegal acts legalized last win
ter, fail to be amused at their desire to effect
Outstanding with the State at the low price of $50 000
Unfortunately for all their calculation, the arm of
outraged Commonwealth has been interposed between
them and their gains, and in the coDfssation of
their property they have been w,rthily rewarded
for their contempt and defiance Of its authority and
their treschsrous hostility to its interests.
PENEsYLv ANA.
Our Boaton CORES pondenca