The weekly Lancaster gazette. (Lancaster, Ohio) 1852-1855, 1855-01-11
CITY or LANCASTER.
RAILROAp MEETING.

portance of the great work before the meet
ing should have secured. In point of iu-
huence the meeting was very respectable,
.ss WILLIAM McCLERY, ESQ, Of Greenfield
township was called to the Chair, when
President Corwin proceeded to make a
statement of the condition and prospects Of
the road. He stated that there had been
already expended on the construction of
the road between Lancaster and GAINESVILLE,
,adistance Of AZ miles, seven hundred thou
sand dollars. That the entire cost offn-
ishing, the road from Lancaster to the tun-
mel, twenty two miles, including grading
bridging, cross ties and track laying--in-
cluding every expense except the iron
will be twenty-five thousand dollars. That
the same from the tlinhel to GAINESVILLE,
where the work has been exceedingly
heavy, sixty-three thousand dollars; and
that if iron was on hand the track could be
laid to Lexington in six weeks from this
time, and to GAINESVILLE before the first of
June next He stated that iron had again
fallen from S75 to about $40 per ton. and
that the entire amount of money yet neces-
sary to furnish the iron and complete the
road is three hundred thousand dollars, but
that with two hundred thousand they
could go on unimbarrassed and accomplish
the SO much desired object He stated
that the track could belaid down to the in
exhaustible coal fields in Perry county in
six weeks, where that article could be OBJ
tanned in any desired quantities at themere
expense Of mining it. He stated, as an
earnest OF what that trade will be to the
Company, that the small quantities of coal
which are now being carried over the road
from Lancaster, which were brought there
on the Hooking canal and are being sent
off by a few individuals of Lancaster, would,
If continued through the year, Fay to the
Company fifty thousand dollars. And this
tooalthough the coal cars havea to be taken
back empty. a thing that would never oc-
cur if the road was open through to Zanes-
vile. II is a fact well known to every
man who is at all conversant with the pres
ent state ofttade that all of the roads in the
State leading 10 the eastern markets are,
and have for months been, crowded with
freight to their utmost capacities, and are
now several weeks behind with that bust
ness. That this road, when completed'
will have just as much business, both ways
upon it, as it will have capacity to do, and
that the people along the line of it will
have the advantage then of The eastermar-
kct for their surplus products, which they
have not now got. He stated that it was
positively certain, from what they already
know of the business of the road, that its
earnings will when completed, pay its run
ming expenses, pay the interest on its debts
and divide annually at least twelve per
cent among It's stockholders, and that ii is
the opinion OF men well yersed in the bus
mess both in Ohio and in other States that
in less than two years after the completion
of the road to GAINESVILLE, both its bonds
and its stock will be at par. .
Mr.. CoRwIN stated that as means o.
raising the amount Of money yet needed tr
complete the road, the Company have or
hands $450,o 900 ofsecond mortgage bonds
running. ten years, which owing to tho un.
usual stringency of the money market, can.
notnow be sold without great sacrifices OF
the part Of the company, which they are
not willing 10 make. That those bondsare
secured by mortgage on the whole road
and draw seven per cent. interest, to be
paid semi-annually in the city of N. York
and to be redeemed in ten years. Hi
stated that for the purpose of getting funds
to SO on speedily with the work on the
road, the Company had concluded to offel
so many ofthem as will be necessary tc
raise the sum of $500, 900 to the people a.
long the line of the road at seventy five
cents on the dollar. So that, addition tc
be drawn semi-aunually on them, thehold
ers will at the end receive premium O.
33 per cent. on the sum which they had
paid. Nor will it be necessary for those
purchasing those bonds to wait till the close
of the ten years for their money, If they
should not desire to do SO, for just so soor
as this road is completed, they can, without
doubt, dispose of them at handsome ad
vance on the present cost. These bond;
are given for $1,000 each, and, of course, i
will require the sum Of $3.50 to purchase
one ofthcm. x 81 a%
PENNsYIvANrA--0 Governors Messoge.-
VIM. D. Haster; Dem, of Berks Co., has
been elected speaker Of the Senate on the
28th ballot. 'l.' 49,
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