The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1855-08-08

VI any NhO LudJ udSO III
to the early or ultimate completion G
this work, we would call their attentio
to the difficulties and the almost insur
mountable obstacles which have present
ed themselves to other works of a simila
character, more formidable than in an
probability can be encountered by thi
enterprise yet, these works referred t.
have finally triumphed, and their stock
holders are now reaping the benefits
not only of profitable investment, bu
advantages of line of communication
at their very doors reaching to all part!
of the Union. Besides the great ad
vantages ACQUIRING to stockholders by
way of profitable returns and convent.
ence of locomotion, transmission of mcr.
chandise and products of the farmer and
mechanic, they reap an iucalculable ben
eft in the rise of Real Estate, to an ex.
tent in some instances beyond concep
tion.
Considering the large pccuniary in.
terest invested in the enterprise, the
amount of work already done, the con-
tracts entered into for right of way and
constitution, the means allot ed for the
further prosecution of the work and vast
Importance of the early construction Of
the Road, it is deemed importan, to
call the special attention of stockholders
to these subjects. Regarding these sew
eral matters of vital Importance, the
Board of Directors proposes today be-
fore them and the public general his
tory of the undertaking, its present con-
dition and future prospects Under the
following general heads, viz:
lst. Organization ard management
of the work.
2d. The necessity and Importance OF
the enterprise, description of the route,
superior advantages over completing
lines, connecting and taibutary Reads.
Sd. Present condition aud future
prospects of the work.
4th. Finances.
OyganicafiOa RGd Management ofthe
UI0rk.
Application was made to the Legisla-
ture of the State for a charter in 1851
which was granted under the name and
style of the Franklin & Warren Rail
Road Co. by special enactment, granting
to said corporate N all. the rights and
privileges of the act entitled an act reg
ulating Bail Road Companies passed
February l1,-l848.
The charter was granted under, the
Old Constitution, when the policy of
the State was ofa more liberal eharac-
ter than has since made itself manifest.
Organizations under the New Cohstitr-
tion are subject to the will Or CAPRICE of
future Legislature, and the laws under
which they are governed are subject to
be repealed, ,.and stockholders become in
-dividually liable for the debts, of the
company, while under the organization
of>the Atlantic s. Great Western
Railroad Company the franchises are
perpetual and the rights and privileges
special and cannot be disturbed, and no
individual liability can exist. :
During the month of May following
the granting of the Charter, subscription
books were opened, and the amount nee
essary was subscribed to organize the
company and in June following, the
necessary steps were taken to complete
the organization, and on the second
Tuesday of July, thereafter, the first of
fcers were chosen and the annual meet
ings established.
Owing to the magnitude of the work
the importance aud popularity of the en-
teEprise, and the growing demand for
the stock, it was found necessary to in
crease the capital to four millions of dol
lars, the first amount FAMED in the spe-
cial act of incorporation~being- two mil
lions, or any amount not exceeding
that sum. The charter having author
lied an increase of the capitNlstock in
any sum not exceeding the amount of
the original capital, the stockholders
were solicited to make the increase,
which was readily assentcd 70, and
accordingly on tire Goth day of Decem
Der last, the necessary steps had been
taken and the papers required to secure
the additional capital stock, were duly
executed and fled with the Auditor Of
State, sothat the capital stock now
stands st EoUE MILLIONS OF DOLLARS
this, wifi the Bonds which the company
have right of issue, will more than
cover all necessary expenses attending
the completion aud furnishing tls Road
with machinery and equNPents. .
As has been stated in aprevious re-
port, a contract was made with Mr..
HENRY DooLrrrLE, for uie construction
of the work, in regard to which, it may
not be improper here to state thaA1the
several bids received werssslkferred =
the Chief Engineer then in charge of II
work, in connection with a committeAl
the Board, when after careful exami-
nation and close scrutiny, it was ascer,
tained that Mr. Doolittle's proposition
was the most favorable, the estimate Of
the Chief Engineer showing it to be
500, ,45I,7l below that of the cash bid
and s224,105,25 below the lowest stock