The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1854-04-12
s. s. I. R. R.
PR REsIDENT'S REPORT.
Office of the Steubenville and In
diana Rail Road Company.

Ofhce OF the SCeuDenV1lle anu An-
diana Rail Road Company.
STEUBENv1LLE, March l2, 1854.
70hs Stockholders oftbs
tSteuJeRville and Indiana Rail Road Co.
GENrLEMEN:-Since the last regular re-
port of the late President of this Company,
its progress, condition aud prospects have
from time, to time been fully set forth IN ex-
hibits printed for the use of the Company,
that more formal report to the Stockhold-
ers has not hitherto been deemed necessary.
The advanced condition of the work, the
prospect of its very speedy completion, and
the sIeat and growing interest in our road,
both at home and abroad, require at this
time. more detailed exhibit of our affairs
than at any time previously.
The last formal report to the Stockholders
was published on the completion of the sur
yeys and location by the Engineering Corps
and while the work was about to be let for
construction. In the month of December
following the date Of the report. and from
time 10 time subsequently, the whole OF the
line from SteubenviIle to Newark. including
the Cadiz Branch, has been let, and is now
| in such progress as to warrant me in assuring
you that it will be c. c5mpleted by the tirs' OF
September next. For minute details, re
fer YOU to the able report of ISRAEL FENDER
TON. Esqr, our Chief Engineer, which is
hereto attached.
In noticing the financial affairs of our
Company, l submit the following details:
In prosecuting the work, the Company has
had at its disposal, and has expended the
following resources;
Subscriptions by Corporations
! and Individuals amounting to 81 l3l3UOo
LESS uncoliected subscriptions 225,463
| First Mortgage Bonds of com'ny l.5O0,OO0
| Realized in Second Mortgage -
! Bonds as hereafter noticed. llOOUo
Making n total of......... 1869 ,535
The expenditure Of these means, has been
made as they have been realized, by the
President, under the direction of the Board
of Directors, in the manner that was deemed
most for the interests of the Company, in
securing the right of way, gra d g g,
bridging, masonry, in the purchase and
transportation of iron, locomotives and cars,
LAYING of track, and in the purchase OF de
pot grounds, and erection OF depot buildings
\ reference to Mr.. PeMBERToN's report, will
show in detail the progress and requirements
of each part of our work.
By reference to the report of the Chief
Engineer, it will beseen that the expenditure
of an additional sum Of 1892, ll6, will be
equired to secure the com leion OF the
work, with suitable equipments to Newark.
in addition to this, there is an amount OF
DEBT owing by the Company, and payable
during thecomng season, Of $98, I95, to
which NAV be added about $50, 900 for the
balance of cur iron, which is now in New
York. and will be delivered at the opening
ofnavigation in the Spring, making In all
an aggregate of $3.50, 301. TO meet this
demand, the Company, rely on the uncol-
lected subscriptions availed as above, to the
amount of S203, 495, now in process OF col
lection, ard proceeds of Second Mortgage
Bonds of the Company, issued under the
order of the Board of Directors, at their
meeting on the 3rd of October, A. D. 1858.
Ofthe bonds thus authorized to be issued,
in pursuance of the terms of the resolution
of the Board, and for the purpose of raising
funds to meet the anticipated deficiency
bove stated, caused five hundred Sond
of one thousand dcllars each to be issued
which on the Cd day of this month, l pro
cured to be guaranteed by the Pennsylvia
niaRail Road Company. OF the proceeds
of these bonds, one hundred and ten thous
and dollars has been realized, and mosCl!
expended. The residue of The bonds is nov
in market and will be sold from time t.
time, as required, and it is supposed WI
afford means to secure the completion OF thu
road to Newark. Unless we are disappolnt
in collecting our subscriptions, the resource
provided will, in my opinion, prove SUN
cient
| have made no allusion to the earnings 0
the road which are steadily increasing, ant
which as the road advances, we have reason
to believe will increase with rapidity. NJ
. being able to fix sny definite amount as lie
liable, omit it wholly in my statemets.-
} But whatever amount that may prove,
will be surplus to our estimated resources
The proceeds OF the road, as far as now ru
2 if it is taken into consideration that there
/. no village upon the line of the road, an
IT that it has derived its bushes from the farm
!. ing neighborhood alone, are certainly yer
fattering indications of what we may expec
d when we reach tie town of Cadiz and Ne'
y Market, which will be in May.
REHABILITATION.
Cost of Road to Newark, S3,l79,s;
Already expended, S2,799o5S
Debt, $3.50
To be expendedfor iron, say 10000
| H., ri
I'iis 'H''' '0''''''''S 3,l79,s:
Amount to be provided for, as follows;
Engineers estimate, 1922, ,lll6
For iron. say. $4,000
| Debt, $3.50 .
= Out Of the following resources:
Subscriptions not collected, $293,465
Bonds endorsed by Pennsylvania
Rail Coad Co. less $4,000, 100000
Cash on hands, S,e06
Bonds of Townships unsod $500
To these may be added the current receipts Of Il
r road
The uncollected stock subscriptions col
sist Of $50, 900 taken by Jackson township
St now in gation-subscripton by contrac
ors and by contractors and by individual
st The individual subscriptions ere believe
b. to be good with few exceptions, and al
now in process of collection, and it is thoug
will mostly be collected to meet the d
mand of the Company during the comir
season.
The prospects of the road, are in my jud
H. u Z - - =