Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-03-03
Atlantic G. Great Western Rail Road.

Atlantic q TREAT western Rail ROAD.
In an article upon Railway Matters in
the Cincinnati Commercial of the Goth
ult. we find the following. The Com
,~asrci0l says:
The portion of the public, and we may
as well confess ourselves among the
number. i~ncredulous as TO the building
of the Atlantic & Great Western Rail
road-the six foot guage line that is to
connect the New York 81 Erie Railroad,
above Olean, with the Ohio & Mississip
pi road in this ciiy-is being convinced
that the new basis Of the Company is
Sound. and hat the road will actually
be built within the next year. or two
years at the farthest The iron for those
sections that are already graded and
bridged. is awaiting shipment at Liver
pool, and. we are credibly informed. the
first iustalment of the money agreed to
be raised in Europe has already been re-
ceived by the Directors in this State and
New York.
In connection with the prospects OF
this work we find the following in the
proceedings of an important meeting oil
capitalists interested in the n. Y. & Erie
Co, held in London week bel; re last
Chas. Moran, President of that Com
pany. bad developed his financial scheme
10 the London capitalisiS. and wa fJllow.
ed by n Of the latter class, Mr.. Hal
lett, who said:
He fully endorsed all that his friend
Mr.. Moran had stared. Indeed. he
thought he had placed before the meet
ing the worst side of the picture of the
New York aud Erie Railroad. (Hear,
hear.) They in New York looked upon
it as The great continental trunk line.
and when the facilities as the developing
of traffic became known. and the charac
ter OF the enterprise was clearly under
stood, he could assur Il EN- they would
not go begging for capital out of the city
of New York. There was one important
point which be wished 10 impress upon
the meeting. America looked upon the
New York and Erie Railroad as a ma
tionsi line of communication. 1t would
go from New York. 415 miles 10 the
commencement of the Allegany river;
from thence il would diverge to Cincin
natl, 343 miles farther; and from thence
there was a line which would go on to
St. Louis, 341 miles in addition.
Alter speaking OF the time necessary
to finish the road, Mr.. Moran said:
There would be a six feet line Of rail
road, without break Of guage. all the
way from New York to ST. Louis. There
was now but one link of this line of com
munication to be completed, and ,ha;
was the link through the central part Of
Ohio, which was under contract, and
would be completed within the time he
had mentioned. 1t had been remarked
by Mr.. Moran hat the difficulties in the
water communication for three months
in the year would equalizc the traffic on
the railroads, and it was an important
point where the New York and Erie, Ais
miles above New York, came 10 the AL
legheny river and reached the level be-
tween that and the mountains, it had not
more than a forty feet gradient.
The meeting in London alluded to
above, concluded with the adoption of
the following resolution:
That this meeting having heard the
statement made BY Charles Moran, Esq +,
President of the New York and Erie
Railroad, desire 10 impress on their tel
low bondhOlders the importance Of CO.
operating with that gentleman in his eff
forts TO rescue the road from its present
temporary difficulties, and that with this
view 1t is of the utmost importance that
all the bondholders join in completing
the subscription to the new loan propos-
ed 10 be raised by the company.
II is agreed that all persons subscrih
ing 10 the fourth mortgage shall be al
lowed to subscribe al par to a fifth mort
gage u sum equal to half t cir subscrip
tons to the fourth mortgage, and thai
such subscriptions be received entirely
in unsecured bonds.
Ii is further understood that the fifth
mortgage is not To exceed So. 900 900 in
the whole, Of which SO. 90, 90 are to
be reserved for the future wants of the
company, and paid in cash or its equiv
alent.
That with a view of Affirming the above
result. parties are earnestly recommend
ed 10 send in their subscriptions 10 the
committee within the next ten days. so
as 10 enable Mr.. Moran before his depar-
ture, to make the necessary financial ar
engagements for the estimate of the com
pany.
That subscribers to the new, or fourth
mortgage loan, shall have precedence in
the order of their application.
Thanks were then voted to Mr.. Moran
for his able exposition of the present
state and future prospects Of the New
York and Erie Railway Company, and
the usual compliment 10 the chairman
concluded the proceeding.
Penitentiary Ssampede-sharp Practice!