The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-28
Pittsburgh and Steubenville
-. Railroad Leased.

We are glad to learn, as we do, from the
Pittsburgh papers of yesterday that the
Pittsburgh and Steubenvile Railaoad has
been leased to John S. King. of Geneva,
Orange county. New York, and Ambrose
W. Thompson ofthe city Of New York
The lease was assented u unanimously by
tbs councils Of Pittsburgh. and received the
sanction of the Commissioners Of Allegheny
county. The lease is binding upon the leas-
ors from date, and upon the leassees in six
ty days. unless they shall give notice within
that time that they decline to comply with
lis provisions, or tina: they require fur.
ther period OF thirty days to make compli
ance.
The capital stock of the company is to be
increased $4,000, 900 and 81 SOC, GOO o.
coupon mortgage bonds are to be issued
which stock and bonds are to be delivered
to the leassees--the leassees agreeing to ap
/ ply esproceeds, first to the payment o
contractors and otlIe creditors ofthc compa
ny to an amount not exceeding $350,ooG
and secondly to the completion Of the road
The lease is to run 90 years. with condi.
ton for its renewal fer 90 years more -
The leassees ply the interest on The Mort
gage Bonds, and also pay 4 per cent or
81, 500, 900 stock TO the stcckholders-=if re
newed for 20 years they pay six percent tt
the stockholders. The leasse-s bind them
selves to huiId two bridges and make clos,
/ connection with the Pennsylvania Centre
and the Steubeuville and Indiana Rail roads
within l8 months after the completion Of tht
track from river to river. #4 >saF.
| OF the ability of,he leassees to prosecute
their undertaking the officers Of the roat
have no doubt. Gen, Morehead. who visit
ed New York and was one Of the par,ie
who negotiated the lease gave gratifying as
surances on their part, to the Stockholder
at their meeting held to ratfy the arrange
i menL. y he saluI Ea GHEI .ssH 30 p A.'Fn
"Prompt action was necessary. One o
I the leassees had his arrangements made tt
sail for Europe immediately, to buy th'
iron. He was assured that, although ,ths
lease did not bind the leases 10 comm anct
1 Operations within sixty days, Mr King ant
Mr. Latham would leave New York tha
same day. Mr. King is very large con
traetor having been concerned in mani
rords. He would come on at once ant
commence work. Early action by tn
meeting was therefore very desirable. 0
the ability of these gentlemen To fulfil thei
contract he was fully satistie,h5 They ar
large operators, welded great infuenc,
ia the money circles, and they by their &C
lion in this matter would inspire faith il
capitalist. Mr. King is a nephew of Nose
Ketchum, Of the firm Of Rogers. Ketchur
az Groeeanor, very extensive bankers i
New York. The house was also extensive
~ engaged in tbes manufacture of locomo
tives in New Jersey. Mr. ketehum ha
slyays backed his nephew, and he wa
worth several millions Of dollars. Nj
Thompson was also large operator, Thi
contract was safe, because noahlrg was civ
J en- until earned. The contract also covere
,,-.hat no other lease or contemplated less
bsd o;sae--the construction OF bI,dges Il
connect viii. the Steubenville and Indian
and ibe Central ro:sds. This Discriminate
By, Mr.. King inspired the speaker WIN y mor .,
confidence in him than alMas! any ome
iact. Mr.. King wished the road Hos 70
ISOLATED at the mercy Of other roads. g
then il would not.be productive. The cor
necilon must be. made to .nake road inde
pendent. Nothing could be done. withou
bridges. These built, the route would b
The, short and great route The eiessees ais
wished The mortgage bonds convertible int
stock, and foS that Eesolutions were intro
dpeei To increase the capital stock SO as
J include the conversion" 5.... .,... ..;l. .:s
This all seems satisfactory, enough, an
ws venture to congratulate this connunit
who arc 80 deeply interested, upon NJ
: prospect rof the early completion ofourrai
3 road connection with Pittsbaegh. Steu. 4
mL LknoHABLE.-- -Hatton denying In his la
!, paper that tbe Republicans II this Sta,
have adopted . platform favoring negro 50
!; lifage; and nyIhs same paper Publishing III
! proof that they have done 50. See Il
/. third oolumn of second page cf last week
! ltepublicsn.