Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1858-04-01
RilrOad Affairs.

Cincinnati Commercial; and present the
following synopsis of the affairs of the
Pittsburgh, Fit. Wayne & Chicago Rail
Road, to our readers:
PITTSBURGH, FIT. WAYNE & CHICAGO r. r.
Seventeen months have passed since the
consolidation of the roads of which the
Pittsburgh, Fit. Wayne and Chicago rail
road is made up, and the forthcoming re-
port, from which the "scheme" published
yesterday was extracted. covers that period.
The Ohio and Pennsylvania Railroad, at
the period of it's consolidation, was in full
operation to Crestline, but, to main tain it
self successfully. and to fulfil the terms Of
its charter, an outlay of 100000 was re-
CURED. There was deficiency of shops,
tools, water &C., along the whole road, and
the equipment was not sufficient TO earn tie
interest on TIE capital INFESTED and to be IN
vested to complete the road. The floating
debt Of the Company, at the date of the
consolidation was S665. 537,6l. With
such load to carry, and the expenditure
(S400, OO0) necessary TO complete the
road to its terminus, in Pittsburgh, and
no other resource to meet the same but
$3.50, 900. the bridge bonds, and the accru-
ing revenues of the road. Mr.. Cass coll
tends that by no possibility could the COM
pany have been able to meet the disas-
trous times 70 which the consolidation road
was compelled to succumb.
The Ohio and Indiana Railroad, at the
4 4
its entire track from Crestine to Fort
Wayne. 1t commenced operations in 1854
and up to the period of union. had realized
no profit Its track was in such Il bad
condition that it was dangerous to run
trains over it at any other than a low speed
while the fact that it was wholly dependent
on its local traffic for its revenue, and yet
ran through country but just beginning
to be developed, made it apparent that
consolidation was the last and only hope of
saving anything to the stockholders: Is
floating debt ut the time was S454, TAG, 25,
which with S688, 664 the sum necessary TO
complete and equip the road. gave sl.l73-
$50 90 to be protected by the Pittsburgh,
Fort Wayne and Chicago Company.
The Fort Wayne ard Chicago Company
had completed its road 20 miles west of
Fort Wayne, and had operated the same
since 1853 but it was losing speculation,
and promised to continue SO until great
err length of the road was completed, and
the whole line worked in harmony from
his city. The company had enough iron
IN bond n ,ay t...Air track to Plymouth, a
distance of as miles, but entertained but
orly shadowy hope ofbeiGs able. unaia-
ed, to complete thiS distance, and a ta'n.-'
hope still Of being able to complete the
road 10 its terminus at Chicago. The
floating debt of the road was 1884, 3l2,-
22.
The total floating debt of the three roads
at the time of consolidation was then, ac
ccrdng to Mr.. Cass, 1885, GAG 08, while
the assets, On the same authority. were
but 346. 224,77, of which the Ohio and
Pennsylvania road furnished l79.8 1896 %.
the Ohio and Indiana. 1895 Sc, and the
Fort Wayne aud Chicago 23,052 Co.
This was the condition of the three roads
in August, 1856, and Mr.. Cass has given
US abundant proof that, Notwithstanding
all that has been previously said and writ
ten about each. and the promises they gave
of becoming highly profitable enterprises.
not one of them was capable of sustaining
itself or making anything like a return for
the immense outlay expended in Its con-
struciion.
The work on the line beyond Plymouth
80 miles east of Chicago. we are told, Is
advancing steadily. Tie grading and
Bridging are far advanced toward compile
ZION, and on the sections west of Ply
mouth The road bed is rea1y for the track
70 complete the work, about 100000 in
cash is wanted, and $500 tons of rail,
with chairs and spikes sufficient for the 90
miles.
The President states that 81. Edgar
Thompson was elected on the fifth of jan
nary, Chief Engineer of the Company, with
full power to contract for the completion of
the road, and had placed in his hands
means to that end. Under the authority
thus given, and the means thus set aside,
arrangements are being mode with parties
to furnish the cash capital, and complete
the road INTO Cnicago Dy OcPteinoer heAt,
which. if they receive the sanction Of the
stockholders, will at once be perfected, and
thus secure a permanent value to their
shares, which otherwise are in very great
jeopardy"
The earnings Of the road for the seven
teen months were 2,456,O a., or thir-
teen per cent below the estimate made pre-
vious to the consolidation. The estimate
for 1853 is 100000. The transporta-
ton expenses for the seventeen months
were 1,9O8,345 96. The actual net earn
ings of the road are put at $467, 1927. or7t
per cent on the paid up capaital stock.
The President. after looking at these
facts, assures the stock holders that their
investment is not lost, and that if The road
be finished into Chicago in September. and
the floating debt funded into construction