Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-02-28

10 CnicagO was only saved as an in
vestment, after the failure of the cred
it Of that Company, by much labor
and large additional outlays by this
Company to secure its completion
These efforts were crowned with en-.
tire success, and the enterprise. both
financially and as a feeder of your
main line, has met our most sanguine
expectations
The line to Cplumbus-which also
afforded an equally good connection
with Cincinnati IS that via Marietta,
though leaving large district of coun-
try tributary 20 ar0ther railway--ai.
ter long delays grc=s.s:-s r.saiAiss oat
of failure to procure adequate legis-
lation in Virginia, has recently been
brought into efficient use, and promi-
ses satisfactory results. The Penn
sylvania Railroad Company will own,
as preferred shareholder, more than
half the capital stock of this line.
The eastern end of this line, known
as the Pittsburgh and Steubenville
Railroad, extending from Pittsburgh
TO the Virginia State line, was com
menced under the patronage of the
City Of Pittsburgh and Allegheny
County, but owing to the absence Of
any legal right to extend its road to
the Steu5enville and Indiana Railroad
across Virginia, it failed to obtain
credit that would justify any respons-
ible individuals in undertaking lis con-
struction. A further increase Of its
capital stock was therefore iripracti-
cable.
A contract was entered intD by the
Pittsburgh and Steubenvile Railroad
Company, with parties Of insufficient
capital, for the completion Of this line.
which, as might have been expected,
only resulted in still further embar-
RAISING the condition of the Company
by a disproportionate increase Of its
Indebtedness, compared with the work
done. After further efforts TO secure
other parties TO build the road, . con-
tract was entered into with the West
ern Transportation Company for that
object-a corporation in which this
Company became the chief sharehold-
ers-and through its instrumentality
n concession was obtained from West
ern Virgin ia, permitting the construc-
tion of railroad across that State
From this period the work was push
ed with as much vigor us the condition
Of the labor market would permit,
notwithstanding the extraordinary
advance that had taken place in every
element that entered into the cost Of
constructing railways. Under this
contract, the work has been opened
for use for more than year. In
view Of the expenditures that had
been made upon the line, and those
directed TO be made under the com
mutation act, IL was, ai the time.
deemed best TO advance the means
required TO complete this line but, in
consequence Of the Unexpectedly large
amount required, il would have prob
ably been better TO have permitted
the road 10 have been sold, and thus
divested it Of the complications sur
rounding it and which now render
such a sale essential to ascertain the
relation Of its creditors. There is
much work still to be done, TO COM
plete this road in a manner that will
enable il to meet the demands Of its
traffic.
The Marietta line, which had enlist
ed the warmest support from the
shareholders and merchants of this
city, of either of the lines mentioned,
became so hopelessly involved that
the funds advanced by this Company, |
for the construction Of that part of
the road between Marietta and Wheel
ing, were taken without our assent,
to meet its debts incurred upon the
line west ofthat point In consequence
of this misapplication of the means
furnished by this Company, and the
immense sums that would have been |
absorbed in carrying out the original
plan, il was not deemed prudent to
make any attempt TO save the amount
invested in the enterprise, under your
instructions. This amount was ac-
cordingy charged TO profit and loss,
and its stock no longer appears among
your assets.
The interest Of the Company in the
Chicago line has nearly all been dis
posed Of at a profit TO this Company
fully equal to its loss upon tho Mari |
eta line. But for the timely aid af-
forded by this Company, il would have
proved, as an Investment, nearly as
unproductive.
The completion Of the Columbus
route having, in consequence Of want |
Of legal authority in Virginia, been
thrown into a period OF inflated pri-
ces, its cost has so far exceeded our
anticipations that it will require a long 1
time for it TO repay this Company in |
direct returns for the ontlays incurred |
For these expenditures it has received |
various securities some Of which have |
been disposed Of and on the remain
der thoro will probably be no loss cx-
cept a few years Of interest, for which .
the indirect advantages gained by the /
Company must be its compensation.
The shareholders will perceive, from
this resume Of the operations Of the I
Company, the extent Of the means
required, and the labor and response
biiiy incurred 10 save the original I
investments made under your rinslruc-
tons, to build mp lines to connect |
yours with the trade centres of the |
West-expondtures that were neccs-
sary TO the success Of your own work,
but which a few years earlier CON-
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