New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-07-24

dale grade aHceOQinE tA'rtdc - w. hn'J
any serious engineering obstacles, az high nils or large
MYERS, may be said to exist 49,. 8,
Tie estimated cost OF reconstructing the Old Inc anu
extending IL Chicago, with rail OF so lbs. per yar
and q moderate equipment, wss 5000 600. This III
Guided the $500 600 Of purchase money 10 the State.
The gross earnings were put az 81 ,bs3, $50.
The fr-t 20 miles of the road w., of Monroe h.d
beeL constructed by the STE of Michigan at cost Of
shout 81 800. oeO. me work however done IN
very l1r &C, manner the road being laid with flt
AR rail In ls4s il was Offered for sale and pure chased
hv lumber of persons principally residents of the
Slate. Finding the reconstruction of the old line,
which then very much out of repair, and the ex-
tension of the road further westward 20 be rather more
than their mesns enabled them 10 accomplish large
uortion Of TIE stock offered for sale in the early
isrt Of 1919 and purchased principally 10 this city.
The next step was 10 secure the EIie and Kalamazoo
lne which VS. done by leasing Il at an arngsl rent
amounting now 10 nine per cent This securedto the
Company the Harbor of 10l,do one OF the best on
Lake Erie. In August new Board OF Directors OF
the southern Michigan Road vas chosen, OF whom
Gemge Bliss was elected President, Edwin L. Lltch-
field Treasurer. and John b. Jervis, E1gineer.
In July, 1881, Mr. Blss was succeeded as President
bv John Is Jervis, who continued IN office until Apr
1855 when, upon the consolidation of all the lnes, ne
WE cceeded by John Wilkinson. Mr.. Litchreid
has col tinued Treasurer of the Michigan southern
and of the Northern Indiana Road until the present
time, ard now holds that ofiise in the Consolidated
Company.
In December, 1919, contract made for the
construction of the new line far as Coldwaer,
tweuty-'wo miles, 70 be frshed By the following Au-
gust. Early in 1850 the work, as far as sturgs, was
put under contract and duog the Summer the greater
pant of the line within the limits OF Indiana. Later IN
The season the reconstruction of the old lne was be
gun, the work on which was finished III time Tor the
opening Of the road.
The first 20 miles put in operation in September,
1880 In March 1851 il was completed far Stur-
eis In July it was opened to White Pigeon, % miles
from Hi sdale; and in December 10 La Porte. In
February ls52, cars were run between chicago ana
Ns1If. nd
whole lire was formally opened, having occupied but
little two years in lis construction During the
winter season Of 1s5l-2 although one of the severest
experienced for many years the contractors never re-
laxeo operations for instant In Indiana - mles
were completed within Ia months from the time OF
bn aEiDg ground.
From tie commencement until short time ago the
two companies distinct organizations, acung to-
eether however by agreement, they had no author
ify 10 cOnsOli late their interests into corporation.
This Arrangement provided for the same general super
tendence in construc ion and operating and the same
rete of dividends TO be declared by b0n companies,
according TO tie paidn capital of each. In 1850 the
Michigan southern Company made an effort TO IN
crease their stock subscriptions but the general DIS
trust in which securities of this description were held,
renoCfed the measure for the time nearly imperative
This was followed by issue of per cent mortgage
bonds, pay able in 1860, 10 the amount OF slOOJOOO.
Ii. Northern Indiana Company in the following year,
also made siuiilar issue, but falling due IN l-6l.
Tlese were followed by issues OF Income and other
Bonds PAYABLE at various dates for finishing the main
line and the different branches in course of con-
struction.
Southern Company obliged to finish the Tecum-
sch Branch TO Jackson. Already abou; ten miles
were in operation which had been constructed with
fa; bar rail. The Company, however, thought better
TO proceed with the work the main line first and
ple,e the branch afterward. In the Summer of
ls2 after the opening of the main line, the necessary
suryeys were commenced; and The work of construc-
ton tar as Jackson 81 miles, IN addition 10 the ten
n -.l.o pla aadu Ia
provide The necessary means for finishing this, new
stock was created 10 the extent OF S350,00O and an
issue OF bonds made secured by this branch to the
amount of s50J,000. These sums were considered
sufficient to complete it. The bonds were made TO
bear seven per cent Interest and payable in 1865. No
provision made for the conversion of these or any
Other bonds iuto stock the managers considering their
property too valuable for granting such privilege
After putting the above under way, the Board com
uenced SURVEYS on the southern branch extending IN
ycry direct line from Toledo westward 70 its inter
section With the main line, near Goshen in lndiIns.
Tie charter granted by the State of Ohio in March,
1853, authorized the Northern Indiana Company, with
a capital Of $780, 900 which might be increased TO
81 600 0OO in shan of 500 each, to construct rail-
road from the City Of Toledo by the most direct and
practicable route 10 the State line of Indiana 70
"iom continuous line from the ate line of Illinois,
near Chicago 10 Toledo; and also TO construct a rail-
road from the City of Toledo nouhwari in the direc-
ton of Monroe, 10 connect with any railroad from
the direction Of Detroit TO the City of Toledo" The
Railroad Law of ls4s were granted, with the right 10
borrow money and TO connect aud consolidate with
any other road IN Indiana or Michigan.
The right of constructing this line had been previ
ously secured 10 the Northern Indiana Company by
consolidation of he road in Ohio with the line in ln
diana The result of the surveys the selection of
a route highly favorable throughout varying in length
between s terini not over two per cent from an air
hne the bend in the line being TO the southwark aud
thus inuing less the local business OF the Michigan
lire. The total length of this branch lie l22 miles
There are but iis whole rouie, and one OF
the taugents IL 20 miles in length The maximum
grade going 20 feet and TO the east only 10 feet
per mile. The estimated cost, including equipment,
was go 500 co., or less than $50 900 per mile. The
new iue will make the distance between Chicago and
Toledo only 23l miles.
Seventy miles west of Toledo were put under con-
tract in the early part of 1883 and the remainder IN
the following September The contract for construe-
ton required its completion by the close OF 1884.
To secure the necessary means To finish this work,
an additional issue OF stock made 10 the amount
of 81 $50 600 and distributed among the stockholders
Nor gage Bonds secured by this branch to the amount
Of 81 SEQ 0O0 also prepared and offered for SALE
but tie financial depression Of last year prevented the
sale Of these az such rates the Company felt willing
TO accept. In consequence Of this second issue OF
new stock was created 20 the extent OF % g cent on
the old stocks of both Companies which was also dis
tributed among the stockholders at par.
The earnings Of the road for the year ending June
30, 1853, were:
From Freight. ACKNOWLEDGEMENTS. S4f5
From Mails, Se..............'...s...s.'S $500
Making total of..................sl- o0s2
The operating expenses, including rent and taxes,
were 1919 635; 10 which adding 1912 POS for interest
end $34,357 for boat connections on the lakes make