Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-02-17
AsHrABULA C n. LISBON R. R..
REPORT

Last year we made pretty full report,
and it will not be necessary torepeat what
was then said. The principal object is
10 show what has been done up TO the
present time, and TO make an exhibit Of
the present condition of the company;
but before doing this. few general re
marks may be deemed advisable. Your
Directors from the first. have adopted
such means as in their opinion would en-
sure economy in expenditures apd ena.
ble the Company to own the road when
built At the time your road was pro-
ijected The country was in the full tide
OF p:osperity-Rail Roads were projected
and built. as by magic. Men thought
NJ, so much Of building cheap Roads
aud owing them. as of the accomplish
ment OF their plans, by any means in
their power. This policy led to a sys
tenn o. gambling in Rail Road Stock, and
bonds which has had the fleet for the
time being-to throw discredit upon all
enterprises of the kind. Rail Roads
are fixed fact" an institution Of
the country. and their managers and
owners will learn experience from past
follies. They will acquire an economi-
cal value in proportion 10 the amount OF
business done upon them. The plan
adopted by your Directors of grading
the road from the domestic stock of the
Company, the failure of the crops for the
last 4 years. and the unparalleled ie-
vulsion in the monetary affairs of this
country and in fact the great CONNER
cial world. has had the effect to retard
our operations We believe, however,
that the policy adopted by your direc-
tors will be approved whs it is consider,
ed that other roads, under less cautious
directory by the sale of Bonds. at ruin
ous discount, and the payment of ex
travagaut rates of interest to procure
funds TO urge forward their work. have
become hopslessly in debt. and their f.
nal completion has been of necessity in
definitely postponed, if not utterly de-
feated. The prospects and reputation of
our road are now better, we believe,
than any former period, from the fact
that we have been able to continue our
work and sustain the confidence of the
Stockholders. while people generally
have been loosing confidence in them
selves and in their plans and projects.
MINERAL RESOURCES.
There has recently been erected large
and extensive Iron Works at Austintown,
upon the line of our Road. by Messrs.
VIM. Porter 4, Co., who are using large
quantity of coal and iron ore, which we
have referred to in former report. 1t
is now estimated that iron can be mlde
about 90 per cent. cheaper in the valley
of the Meander. than in the valley of the
Mahoning. These iron works are situa.
ted Immediately upon the line of our
Road, 5 miles south Of its junction with
the Cleveland & Mahoning Rail Road,
and miles from the Mahoning River
and Canal. 1t is built in the mos. thor.
ough manner, with all the modern i'm
provements and Appliances for the max
ing of iron. The coal and ore used in this
Establishment are taken from The BLACK
Band vein." favorably noticed by Prof
J. S. Newberry, in his report upon the
minerals of the southern portion of your
line of R. Road, made under the direc.
ton of your board in 1851 The ore is
taken or wheeled dilectly from the mine
to the furnace, after having been roasted
at the mouth of the pit. thus saving in
the aggregate large amount in the
transit of these materials. Other ores.
the Kidney" the Rock" and the
"Blue Ores" with lime stone, and all
the materials necessary for making Iron,
7 are here found in close proximity, and
a proper mixture of Lake Superior and
Lake Champlain ores-which will find
their way over your road when pu. in
operatioE-it is believed that every var
iety of Iron may be manufactured upon
the line of your road. This furnace has
been in operation but short time. It's
product is now 10 tons per day, but when
to its full capacity. its yield would be at
least 90 tons per day. This is the p;o-
neer establishment Of the kind upon the
line of our road, south of the Mahoning,
and the complete success of its enterpris-
ing proprietors, will result in the con
struction of other furnaces, and thus
create an absolute demand for the COM
plelion Of your road. We think an ad-
ditional Iron Works would have been
built, the past season. at Washington
vile, had not extraordinary commercial
difficulties existed. The coal OF this To-
cality is chaiacterized by Prof. Newber-
ry. as the purest upon the line OF the
Road. A wealthy company are now en-
gagged in opening their mine which is
upon our road, and Il miles north from
its intersection with p. c. & G. r. Road.
This Company have made propositions
TO use this portion of our road, to ena-
bic them TO form connection with the
Aforesaid Rail Road, and thus avail them