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

actively compete, through the very facilities
afforded by this transportation company, is
o conclusive reason with me to favor con.
necticn which their interests induces them
to condemn
SO much for the transportation business
over this road, sul ject which can only be
glanced at, in the limits within which | pro
pose o bring this communication
| now invite your att 'ution to the inan
cial situation of the company and the rtmc-
dy tvr our cmbarraSsments, which seem to
lie the only one open to us. The Cause Of
them are patent to every one who has had
any knowledge of the road The ielDy in
opening the through connections, so much
beyond all expectations; the tnorw Gus cost
Of all machinery and material during the
war; the disability in law which prevented a
corresponding increase OF rates; the want,
because our line was incomplete aud depen-
dent, Of that business Of the Government
which compensated other lines for enor-
nous expenses; and the fact that as soon as
the line was opened, the use of machinery
heavy enough to draw the trains crushed
the old rails and the rctting superstructure
beneath them, ought to be, if they are not,
known to all.
sylvania Railroad Company il would have
been impossible to improve the road to its
present condition, or indeed to have operat
ed it at all, and without an Increase Of that
assistance it is yet Impossible to put the
western part Of it, which because Of straight
lines, small embankments, and low grades
was left 10 the last, in as good condition as
the eastern part, and without which the
road wlthstanding its increased business,
canuot he protitahly operated.
Increased machinery must also be obtain
cd. ior it is exceedingly expensive TO hire 1t
at Mileage rates, and IT, overtask 1t as at
present, is so expensive as to he only excus
ed by the absolute necessity which compels
It,
Neither can be accomplished without
money, and money can no longer be OBJ
tanned without security. as the necessity for
n large amount is so immediate that re ort
to expensive temporary loans is not to be
thought Of, even If tn re were possibility
Of obtaining money in that way. Nor can
| it be procured in the ordinary way Of mort
| cages upon the line, for If third mortgage
were issued it would sell for little, and il
the amount Of the present morteageot and
! the debts contracted by the Receiver and
necessarily TO he contracted to complete the
| line. were included in new first mortgage
the amount would be so great per mile al
to leave lit e hope for realizing on the bonds
I Il fl in the possession Of the Company, ever
! if the assent of the holders cf the preRen
mortgages could he rTccnrcd to such an ar
rangemt Mt. and Of this there could he no e&
pcctaton The plan winch has leen alrca
dy communicated to all the corporation
ard other large stockholders was then sub
mirtcd 10 tic Pennsylvania Rail Road Com
/ parY:
1T The conversion into preferred stock
| of an amount Of the second mortgage anc
Receivers debt, not to exceed $500, 900
with dividends guaranteed, not exceeding
seven per centum.
2d. A consolidated mortgage upon the
| Whole line from the River Bridge to Col.
umbus, not exceeding $5,0O0,O00, at per
cent to ahsorE'
1st. r present first mortgage. $1,000, 900
2nd. The mortgage on the line
from Newark 10 Columbus, now
seven per cent. .................- If5,oUU
2rd. To procure money TO COM
plete and equipthe road, and re-
sidue Of the Receivers debit. ,2a5, 900
S5,0O0,000
This plan, and the surrender Of the road
10 the purchasers, seemed to my mind the
only alternatives. Prottrring that which
afforded at least hope for the future, ne
gotiations were commenced with the PTaSi-
dent Of the Pennsylvania Company I'M
mediatey on his return from Europe. As
it seemed to meet the approval Of Mr..
Thomson and his fiuance Committee, | ven
turcd to submit it to the stockholders Of
this Company, who alone, by a vote Of two
thlds, can authorize it's adoption aud its
presentaticn in legal and binding form to
the Pennsylvania Company.
| believe if adapted by YOU it will be ac-
c2pted by them, and | conclude by advising
YOU publicly. as I have stockholders pri-
vately, that the best interests of the credi-
tors, Of the stock holders; Of the road itself,
and of the county through which it passes,
will be suhserved h. its adoption.
1t is with pleasure | acknowledge the
ability, industry aud fidelity of the several
Heads of Departments in the discharge Of
their respective duties; and my Obligations
are especially due to J. e. Morris, ESQ.,,
the Secretary and the Treasurer of the Com
rany, who has so well perftrmed the du
ties of Cashier to the Receiver, as entities
him to this special acknowledgment of my
obligations. -
THOMAS j. JEWETT,
President q Receivcr.
february u, 1857.
L1eport Of The Commissioners appointed ~
the Conrt of Common Fleos Of Harrison
County, Ohio, OctoLcr tc,n, 1866.
l,,.enant IN =. orri.sr nf thia raurt ,ucae