The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-02-27

Inc expenses Cpflng thn same pcriOa
an ounted to 81. 3SG. 2G9.T6.
In the hitler sum is included extrsog3t.
4 nary EXPENSES, On account OF Lew iron.
equipment and otter matters tending per
mancntiy TO improve the road, amounting
to $9l3,S79 s.. and which have been dis
tributed ON. the books ct the Auditors
office.
In addition to this amount of s9l3,8T0,-
| 95. the receiver has dbyrsed for like ezra
ordinary and other expenses the sum Of
$ST5.eTS,79
Ordinary expenses. IS, az, 399, 81
| T., treOrdinary expenses
distributed. S9l5, ,679,95
/ Not distributed" Ss76,677,7s sl,7s9, ,5S7,74
Total IS, 20, ,e46, so
Total earnings 4,l54, ,94S, 60
I The large excess OF money disbursed by
the Receiver, over and above the earnings
OF the Road, was realized to he fraud, uron
the personal credit and efforts of the Re-
ceivcr by the purchase Of supplies and the
borrowing OF money, and was expended by
him for the Improvement and advancement
! of the Road, and for payment of sundry
preferred liabilities incurred by the Steu-
benville and Indiana rail road company
prior to the appointment of the Receiver
and designated in the order OF his appoint
ment. .r...
We have very fully considered the extra
ordinary expenditures made by the Receiy-
er. and are we'll satisfied thst such expeD-
dltures were made in pursuance of the or
der appointing the Receiver, and were not
only judicious and proper, but necessary for
the preser' atioD of the existence Of the
road and to secure the objects of it's projec,
ticn and construction, and without which.
exrenditure it would have been impossible
to have operated or maintained the road.
The Company 10 which the original fan
chi,c or right to construct and operate the
road was granted, exhausted its resources
by its effort to carry out the purposes Of its
Incorporation, and was without the ability
; to protract its credit orpreserve its property
! and this court interyened and appointed
! ! the Receiver
When the property OF the Company came
{ into the hands Of the Receiver, the road
:, was very insufhcient]y provided with rolling
= stock and other equipment; its iron was
: wearing out the bridges were insecure, the
u tunnels needed arching, ard its PROPERTY
II was generally in poor condition; it was de.
pendent upon other and li>al roads for its
: connections East and West, and iie traffic
l, over it was carried on with great difficulty
. anc at great expense. If let alone bY it,
; creditors its earnings could have sustained
: it but short time. and if forced to a sale
the proceeds would have fallen far shor, Of
) cschargipg its liabilities. We find that
= since the appointment OF the Receiver. the
:, right to equal use with the Central Ohio
, Railroad Company, Of the road from New
ark 70 Columbus has been secured, and hy
means of the bridge over the Ohio hiver at
Steuhenville, and Of 'he Pittsburgh and
Steubenville Rail Roud, connection has
been made at Pittsburgh with the roads
terminating at that point; and that such
connections were vitally requisite for the
operations Of the road of the Stcubenyie
and Indiana Rail Road Company. 1t ap-
pears from the tcstimonoy taken by us, that
J the road has been for a great part of it's dis
tanco relad with new irOr, its bridges have
been rebuilt, and tunnels repaired, rev
shops and water stations have been erected,
new machine y acquired and the whole char
setter of the road and its capacity for use and
profit enlarged. We believe that the prop
erty entrusted to his charge has bepn ad-
ninstered by the Receiver with economy
and prudence and to the best advantage for
for the interest OF all parties concerned.
We are further satisfied from the testmo-
ny taken by us, that if it had not tcen for
the personal efforts Of the Receiver in pro-
curing the connections at Steubenvilc and
|, Newark. the road entrusted to his care
woulu have been at this day enly run as
local road and without profit to any one;
and that until the completion Of these con
nections, and in the firm expectation and
belief that they would be accomplished, the
road was operated not only without rroft,
but al loss by reason of the high rates re
quired of the said Receiver from the roads
connecting with his road, and the want of
such accommodations as would afford promrt
f facilities for the traffic carried on SAID road.
s The alternative presented to the Receiver,
wa either to incur these responsibilities or
: else to suspend its running and thus deprive
/ the public of the facilities TO secure which
the franchises were granted by the State.
We have before us tho order appointing
said Receiver and We find that he hrs eth
er paid or adjusted oil the preferred claims
directed to le paid by the said orCiyr except
the taxes which have heen prnYi+ed for in
the decree OF + + cltsle ctts.ed in this
= cause. The amount Of these preferred
, claims so paid by the r ceiver is 1925, ,026,-
50 The Receiver has paid in redemption
of Coupons 1898. .754.l3. rE
y The amcunt ofliabjlities outstand.
ing against the Receiver Ianua-
fyl, 1867 upon bills payable is 29o5 ~, 10
Upon opon accounts, ,.............. $55s, ,842, II
! Outstanding claims for payrolis g
and voucher S...... ...,........ S200, ,260, ,O3
These amounts include S&G3 / 81 ST being
the amaunt due January /, 1867 to the
= Pennsylvania Railroad Company from the
t Receiver uuat
We append to this report and make n
] part thereof, the sworn statements OF the
g following persons. viz: Spencer I. ScuH,
6 John Durand, James Means, John ", Rem
{ ncr, Thomas Denmead. jacob Blickensdcr.
fer Jr., Justin 6, Morris.
| We find that the Receiver las devote !
S his whole time and attention to the bus-
: ness Of the said railroad and has been COM
PEELED to travel on the said business almost
/ daily. The travelling expenses of the Re.
: cciper have been defrsyed iiy himself and
9 have not been charged by him in his ac-
count, and We believe that the expenses in
! curred by him in that behalf have been at
e least So. 600 a year. For about five years
8 and three months the Receiver performed
t the duties If General Superintendent and
: thus saved the fund, at least five Thousand
il. dollars a year. He has been credited with
$4,000 dollars a year which is the same
) compensation be received as Vice pie,i.
/, dent, and President Of the Company Lefore
= bis appointment as Receiver. We also end
r that the Receiver has from time to time
t advanced money, procured advances on his
S personal responsibility and personally en-.
doreed the paper of lle Receiver, without
compensation; and that he isnow personally
: responsible for debts incurred TO nearly QUO
hundred and Fifty thousand dollars. All
= the money thus procured and advanced
r was absolutely necessary for the road, ard
we are Of opinion, that without the ezertions
and energy exhibited blythe Receiver The