The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1861-01-09
From the Steubeuville Herald.
SteubenviIle and Indiana Rail-
ROad.

From the steubeuville Herald.
SteubenvIIle and Indiana Rail-
Road.
A proposition for a compromise between al
the parties interested in the StsubeaYiIle and
Indiana Railroad has been devised. and is nov
presented to.all parties for their consideration
aud approval or rejection.
Who are the parties interested? ~
They are LIST, the Stockholders, constituting
in the aggregate thl Corporation or Company
Thev undertook to construct the Road, and
paid in and expended upon it the amount o
their subscriptions.
, Their hinds proved insufficient TO complete the
undertaking. I'd. The Company borrowed
one million Eve hundred thousand dollars, and
to secure its repayment with interest at per
cent, executed a mortgage on the Road and all
its sppurtenances., ......--. 49,. 4. ,...-
Sd. This proving insufficient, the Company
executed second mortgage on the Road and
It's appurtenances for nine hundred thousand
dollars, on which five hundred thousand dollars
was borrowed, further secured to the lenders
by the guarantee Of the Pennsylvania Railroad
Company. The residue of this mortgage was
applied to secure to Robert Garrett & Sons, o.
Baltimore, certain advances made by them.
In addition, two hundred and fifty thousand
dollars was borrowed from the Pennsylvania
Railroad Company to equip the Road. AL
these loads bear an annual interest of seven per
cent per annum, PAYABLE semi annually, ,r
4th. There are sundry other current expen'
ses and claims due from the road, tn he liqui-
dated and provided for in the proposition now
submitted, hut which It is agreed, shall not, to-
gether with The amount du Robert Garrett Z
Sons, exceed eight hundred thousand dollars
There are some arrears ofinterest due on thest
claims up to 1861 The amounts due Garrett
& Sons, and on the fourth item above stated
may exceed $8oOOO0 Ifso. anv surplus to be
cancelled (should it be less) the Stockholders
to have the benefit Of it, It is estimated t
exceed that amount. ,..,..s.,. al. sg .sssg
All OF this Indebtedness bears interest at tht
t . . ID
rate of seven per cent per annum. t.e .,g,sa
Now, how stand the prospects Of a Stock
holder in the Road under the present state 9
things: -e.. e,..s.. aF, sf-.... .sa,
a.. .a qasea DEBTS .aas r.
!, 1st Mortgage 'r#- - slttSo0tU S00 ~
Sd, Pcnna R. R. and ncidentals say 100000
Total ,sg -g .sg-. $4,000 oe
Annual interest at percent &. S252UO
There are, besides, unliqnidated sums du
the Pennsylvania Railroad Company, not pro
vided for, which are to be cancelled, as a par
of the arrangement fcarried out, All this
now due, and the m ,rtgages may be forecloSe'
at any time. t. ..., .s..r, .., ,..,s ,..t s,ss
1st. In the practical operations of The Road
the first thing to he provided for, is the curren
expenses ofthe Road, including, in addition t
wages and salaries, the repairs Of the. Rlai ap'
rolling stock, and the substitution Of new 70
old, so FAR as necessary to keep mp the eff1ciepc
and the addition Of new to meet any increase
amount Of business. ...f5 .,ss ~ nae.
2i. To provide for the above interest on tb
debt. -.-.-..,.,.... SAB ..... sa..sg .astssaf
Sd. To provide for the extinguishment Of Ii
debt. az ga l
4th. Dividends to the Stockholders. ea.
Let us look it square in th" face and see ho
it looks For the year 1859 the business an
income Of the Road was as follows; ,s,,4 .s.
Current expenses 275 5G0.s5
Net applicable tointerest, 3. S27s7s1, Is
| Deficiency to meet the interest, 225.2l8.85 4
Every one can see th,tthe present lisa hope
less condition. even il we cheer ourselves wit
the hope that the business NAV be more activ
in future, The stock 1t mast be apparent !
the dallest intellect is worth nothing, Can
be made worth anything? 9Letus look candid
/ ly at it and, see..s era ,ss ugg f4s5 70 ra
| s "A proposition has been made, which. hagree
tn by the Stockholders, can be carried out, an
whatever of benefit may come from it, may b
real zed. F- The plan is this: sa gaaat .a5a
1st,s Any interest unpaid to creditors up
1861 to be taken in stock at so percent. on il
nominal value.5 saa,Ia 8n3 %aa i5H@
{ 3D.. The interest on the ,first and secon
mortgages. exceptt the G,rrett1claim. AZ seve
per cent. up to October 1st, 1862 to be adde
t, the principal constituting the first lien,
mounting to 81, $50 o00 the interest at six p'
cent, paving mi-annuallv, the first paymel
January,l 1863. $l35,ooo, to cover inoidenta
to be added: gsl3a sal 5ta ,<alGsGs aais7
Cd. The sum due Robert Garrett g. Sons
c,n titute second lien, tn bear interest at 81
percent. from August lst, 1859, the first sem
aenpel payment ofinterest to be January Is
1858. All in.ere 4 due by to Augusta, 1ss
is relinquished, The principal ofall the abov
PAYABLE, January /, 1888 an 1884 ae5 sdj g
| 4h. Allother claims against the Cempan
to, constitute a third class, allinterest up to j.
Ily l., 1862 being relinqaished, sui to be funde
in ire Ieem ,hle bonds interest at six per een'
payable April, and October 1st, after July il
j 1862. whenever the unds are earned. sta
i The 81 and 81 cassesof CLAIMS not in u
aggregate to exceed $4,000, Any excess o
er this sum t. be relinqalshedqsslaa1 I'd spaa
1 The Pennsylvania Railroad Company to n
4 linqnisht all It's claims except what are iabo
lptovided tor.s 10 2So 5aa 's9,gayag .gsas
1 Tha matt EARNINGS nj tha r. ,ad hafDra, ipte