Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-09-15
The Atlantic and Great Western Rail
Road.

- 0ldus
Tbs road is receiving considerable
!. attention from the press within the las
h Few days, and various opinions respect
: ing its future prospects are given. Ths
which has particularly attracted thi
. notice al The present time, is The follow
ing despatch from New York to ih'
Cincinnati Commercial, published las
b week.
, B. Fallet and other parties who nego
tia;ed the loan Of three millions of dol
: lars in Europe, for the Atlantic and
: Great Western Railroad Co., with bonds
arrived in the Fallon. Five hundred
, ihausand dollars $500, o0o) were sub
scribed in London. two hundred thousand
pounds lone million of dollars)by aSpan.
ish House in Paris, and the balance in
iron-thirty-one thousand (3l ,000) tons,
being subject 10 the shipping orders Of
the Company.
The New York Tribune Of the 9Th
throws cold water upon this, and says:
The loan Of three millions, recently
negotiated in London, it is stated ia rath-
er a mysterious way, is for the construc-
ton of a broad gauge of line of road
from the Erie at-Olean or Little Valley,
through Pennsylvania and Ohio, to con-
meet at Cincinnati with the broad guage
Ohio and Mississippi road 10 81. L"uis.--
We have no reason for doubling the ac-
curancy of the staten snt, except on the
general superstition that English cIPital-
lists are not al present much inclined TO
make new investments in America rail-
way schemes. Possibly this negotiation,
when fully explained, mey be n ''barter
trade" for iron, which would change lis
character as an item of financial news
materially. We Can hardly believe that
John Bull has opened his pockets in his
liberal and confident way in aid Of an
extension Of railway enterprise, in a
country where has been 20 much over
done al his expense already.
The Cleveland Herald has the follow
ing d;sparaging comments.
Supposing those amount of bonds have
been negotiated, ills improbsbleihai more
than iwo-ihirds The o have been
realised in cash, and that would moi car
ry out so gigantic n scheme. About the
prospects of such a road, if built, proving
a good investment, there seems 10 be but
one opinion. We have never heard a
railroad man, nor seen a paper know
ing anything of railway matters, that
advances the slightest argument in favor
of the road being other than a loosing
speculation.
The N. Y. Tribune OF the sih has the
following.
la reference 10 the negotiation Of the
three millions of dollars by the Atlantic
and Great Western Railroad Company,
in Europe, as reported by the Fulton's dis
patches, and to which WI alluded yesief-
day. We learn upon good authority that
the statement as at frs, given is subsian-
TALLY correct, although, as We surmised
a purchase of railroad iron is included
in the negotiation. An amount off2O0,-
900 was taken in Paris by a prominent
Spanish banking house, and about $780,.
0O0 was subscribed in London by various
parties. The iron purchase was for 81
900 tons, which makes up the sum total
10 upwards of $4,000. 900 as reported
The parties vino have been engaged in
the negotiation arrived by the Fulton,
and bring n portion of the money sub
scribed with them. in the shape of Sierl-
ing Exchange. The expectations Of the
managers are that the line will be com
pleted within eighteen months. The
shipments of iron will be commenced
this month, and the road will be pushed
as rapidly as possible. Tee cost OF the
road is estimated at about $4,000 per
mile.
Thus it seems there is no longer any
doubt but that the means are iu readiness
TO push this important undertaking to
completion.
We cannot see why an arrange ment
BY which the A. &. G. W. R. R. Co.
procures iron for their bonds. may not be
just as advantageous 10 all parties con.
cerned as il the company had first sold
their bonds for money and then paid the
money for iron. The result is precisely
the same, and the sheer Of the Tribune,
about barter trade for iron is in very bad
taste. Perhaps the fact tina, the New
York Central Rail Road, being now al
bitter rivalry with the New York and
Erie Rail Road, and The A. &. G. w. R.
K. when flushed will prove of immense
advantage 10 the N. Y. &. E. Road, may
afford a key 10 the remarks of the 7rb
uns. The A. &. G. w. will connect
with the n. Y. &. E. al Little Valley, is
of The same guage, and will form the
nearest route between New York City
and Cincinnati, ST. Louis, and The Great
West.
Il is no, strange that the Cleveland
papers should fail 10 see any good in the
project. The A. &. G.. w. will tap the
New York & Erie, take the lions share
of its immense travel and freight away
from tina, pet of Cleveland, RS, the Lake
Shore Road, and carry il some thirty
miles south of Cleveland, by way of
jamestown, Meadville, Pa, Warren, Ra-
venna, Akron, Mansf Id, Dayton, &c.
to Cincinnati, e. ST.. Louis, the far south
and west.
1t is asking two much of human ma
ture, to suppose that the Cleveland press,
or people will favor the construction of a
rail road WHICH will do this. |
We believe this statement as well as
a similar one in the Cleveland Leader Of
the l4h ara written by parties interested
in d defeating The Road, and are not to be
relied upon.
Mr.. Coleman. President OF the Road was