Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1859-02-19
Ashtabula & New Lisbon Rail- Road.

Ashtabula g. New Lisbon Rail Road.
The report OF the Directors of this Company
which it would seem more business like to have
published few weeks previous to the Annual
Meeting Of the Stockholders, in order that mey
might have tie benefit of Information therein
embodied, to aid them in their deliberations,
and qualify them to make judicious suggestions,
has finally made its appearance. Its dimensions
are sufficient to warrant the idea, that it CON
tains full exhibit Of the present condition and
prospects of the company, and full statement
of all that has been done during the past year,
and what yet remains to be done, to complete
the enterprise. The estimated amount yet to
be paid for right of way, for engineering, tor ac-
tual labor for salaries, aud expenses OF officers;
and also of the amount Of means now available,
and the amount which can be made available
and can be applied to construction during the
coming or current year; Of the amount which
cannot be made available within two or three
years; Of the amount not payable until cars are
running on the road, and the amount reported
as meaus which are absolutely worthless. A
perusa Of the document, however shows ifnot
q meaere, at least an economical exhibit OF these
| facts, but makes a rich and eloquent mot to say
stereotyped) display of the vast natural advan-
iages possessed by this enterprise. and tie
splendid results that will attend and follow
its completion, which, were it not for the
source from which it eminates, and the impor-
tance Of the subject connected Herewith, would
be more clearly and emphatcally described, by
the old fashioned common sense phrace of
"counting chickens before they are hatched.'
The Importance of having the road completed,
| and at an early day and OF its intrensic merits
and advantages have been well canyasSed, and
are fully. understood by the the public, who
by their liberal subscriptions to its stock have
given the best evidence that they understood
and properly appreciated its merits. aud all the
beue6ts that could result from it. Indeed,
arguments are not necessary TO prove it to be a
feasible, and if properly managed, profitable
undertaking. Several items Of the report are
peculiarly worthy of note and commeut 1t will
seen that it has required only S6O50 to pay the
salaries of the officers l. e. President, Directors
Secretary, and Treasurer, exclusive OF their ex
penses bot it must be remembered that the
past was peculiarly year for practicing econo'
my, and TO that end Resolutions were reported
10y a committee, composed Of two directors
and one outsider) at the Annual Meeting al
Bloomfield at the commencement Of the past
: year. and unanimously adopted by said meeting
in Substance, that but two directors, and the
President be ia the service Of tbs Company, or
draw pay for ensuing year, unless they were
specially called into service by the President
aud if so serving. should receive So per day
while actually serving, &theirexpenses when froH
home, that The most rigid economy eOnsisten
with justice and efficiency, be practiced in al
faithfully carried out by the officers has doubtless
kept their compensation at so low 6gure-lov
when compared with the amount paid for labor
which it will be seen in another item Of thei
report, was S25.775. The officers receiving on
, ly about one fourth as much for their arduou
services as those who did the labor and rurnisl
4 ed the materials, and something less than on
fifth of the entire collections Of last year froI
} subscriptions, &C., which is about $4,000
J., Quite an improvement for up to the first c
r January 1857, the relative proportion was q
o about one to three.
S Another fact mentioned in the report wi
e further show the value Of these reductions
7 officers salaries 1t is "Tbat large deduction
s must be made from reported means of the cOu
{ pany for subscriptions, worthless when mad
y and others which have become bad by dealt
+ insolvency, removals, &c,' to which may
y added conditions attached to subscriptions I
e what is known as the $4,000 stock, maxim
d some Of it unavailable for years, and some D,
: payable until cars are running, and some payab
g in every conceivable kind of personal prepert
e and even some of that payable from TO
t years from time of subscription, and also qui
+ large amount in real estate, little of whiC
e can be made available for present purposes, e
c, tending the term Of collecting aud applying
u beyond the present or even the coming year.
nc it not magnanimous in the officers to redu
All their salaries from one third to one fouth d
We amount expended from year to year ID the a
e tuai labor Of constructing the road / shi
III not stop here 10 estimate the amount Of g lar
be deductions mentioned in the report, nor the
I'D mount actually available for the present or col
ing year. But in view Of these facts and al
ID OF the fact that tkey are deeply to be effect
ID by the fate of this enterprise, as any of Il
er shareholders And also another fact, that II
n- officers have already received large amou
d. in the aggregate Of the compouy's funds, s
wn some $4,000, will humbly suggest to the boa
ol Of Directors the propriety Of still further red
md ing their salaries, and submit that at an ca
ter meeting Of the Board Of Directors, a resOlut
wo or bylaw be passed by them, to the eff
fs that until the road is completed, the salary
nd the President shall be $500 per year, and 4
ars the Directors be paid their expenses when
nd broad on business Of the Company. That
IRE Secretary be paid $500. and the Treasurer 8
We per year, and that als other necessary agents
all paid in proportionabIe ntie VIII II
oia pretend that the Company cannot Be serve,