Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-03

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III O9
Corresponding week of last year $685. 76i
increase ...".".~......S 4JoZl Jz5
CINCINNATI, RICHMOND & CHICAGO RAIL
RoAD-A POWERFUL CONVERSATION OF INTER-
Esrs.-The name of the Eaton & Hamilton
Railroad has been changed to that of the
Cincinnati, Richmond / Chicago Railroad.
Recently the creditors of the road capital
lied their several claims, and under a de-
cree of Court the whole property was sold,
by consent of parties, and a single mort
gage was issued securing Z per cent. bonds
to the amount of S450,00O. This now con-
stitutes the entire funded debt of the Com
pany. There is no floating debt. The Di-
rectors of the Cincinnati, Hamilton & Day
ton Railroad Company purchased q major
ity of the stock at twenty-five cents on the
dollar, and yesterday the management Of
the road passed into the hands of the latter.
The old Board of Directors met at Eaton
and closed up the business of the Company.
The stock and b~ondholders met at the same
place subsequently, and elected as directors
the Hamilton & Dayton board, with the ex-
ception of Geo. 7. S;eadman, in whose
place E. ". Mcclure, the efficient secretary
of the late Eaton & Hamilton Co. was chosen.
The new Board organized by electing S.
S. L'Hommedieu, President; John ".
Hartwell, Vice President; D. McLaren,
General superintendent; S. c.. Conover,
Assistant superintendent; and f. c, Short,
Treasurer. E. ". Mcclure was appointed
agent of the company at Eaton. The
ownership Of the road is in the hands of
the directors of the c., Il. & D. R. R. indi-
vidually; but it has been secured for the
company, subject to the approval of the
stockholders. The latter will of course ac-
cept the purchase, as it is unquestionably
an arrangement that will yield a large
profit. The road will thus become. in fact.
part Of the Cincinnati, Hamilton 4 Dayton
company, and must prove one Of the most
important and profitable feeders of this now
great trunk line. 1t is q link in the line to
Chicago, AID the route as far as Richmond
being now in the hands OF a powerful and
wealthy corporation, the "Air Line" as it
is called, will undergo a favorable change,
aud grow in popularity witk the business
and travelling public.
Mr.. L'Hommedieu is now President of
four roads, viz: c. II. & D.. Dayton L Michi-
gan, Atlantic & Great Western, and Cincin-
natl, Richmond & Chicago. These roads all
run into the trunk line, and are in part, ae-
tually, and in whole, so far as business in
teresus are concerned, connected closely
with the Cincinnati, Hamilton 4 Dayton
road. The combined interest is a powerful
one, n as regards capital and miles of
road, Is greater han those over which any
one man in the United States, or in the
world, presides. The duties of the position
might therefore, at first sight, seem too
great for one mind; but owing to the perfect
system organized by Mr.. LHommedieu. and
the able corps of assistants, from Vice Pres
idents down, his work is really less than he
would be required to perform if he should
attend to the details Of single line. His
position, in fact, corresponds to that of a
General in the field directing the move
ments of different corps Of one great army.
He exercises q general supervision, indi-
Gates the general policy, and his Vice Pres
idents superintends, and Assistant Super
intendents attend to details in their re-
spective divisions and departments. The
plan has not been tried before in this coun-
try, but it is plain to see that the combined
interests can be, land experience proves
that they are being worked moro efficient
ly and economically under this one head
than if managed by distinct organizations.
There is no clashing of interests; no disa-
~greements about running arrangements or
division of earnings, or rates of charges ;
but from Salamanca, Toledo and Richmond
to Cincinnati, these vast lines are worked
with perfect ease and entire harmony and
their business is developed as it could not
be under separate organizations.