The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1868-01-30

The consIruction Of tue Road. The
facilities for trade, the greatly en-. |
BANGED value Of land, the develop. |
ment Of the country, are all con.
elusive and sclf-evlient proofs Of
this truth. No doubt thsre were !
individual cases OF serious oss, but
We are now speaking Of the aggrc.
gate wealth added 10 the country
by the completion Of the Road. d.-I
Under the old corporate organiza.
ton, the affairs Of the Company
had eliminated TO point where it
became question whether the
Road could continue to operate its
trains. We speak in contra dis.
tinction 20 that condition Of affairs,
when VIC say that il we're better 10
lose every dollar Of stock and
have the Road continue It's trains,
than that the stockholders should
hold the Road. and be compelled
10 cease operating it.
Truc, il would have. been far
moro desirable If the management
could have remained with the orig
inal stock holders, and the revc-
nue made 10 pay the current ex-
penscs and the interest on stock
and tho bonded debt. But the ia.
tai policy somewhere prevailed
that precIuded the possibility Of
this result.
Before passing from the question
of stock We viii 60 further and
add: That all parties along the
line, including counties, owning
stock, can make tho best invest.
ment that il is possible TO make
with their stock by donating i. to.
ward building the Road into Gin.
cinnati, provided such donation
will be an inducement 10 parties 10
finish it into the city. Still better,
let those who have not heretofore
contributed, bul who have received
and are receiving the boneft, give
an additional bonus as free offer
ing to assist in the completion Of
the great work.
Mr. Gest operated the Road. as
Receiver, from March 4th, 1851,
until May lst, 1859, u period of
twenty six months. We have be
tore US his report filed with the
United States Circdit Court, May
LIST. 1859, showing the receipts Of
the Road during that period, to
have been S4S5,7l1 SO, and The ex-
penses, S4O5 ,37G So, leaving u bal.
ance of sSO,334 Il Wisely, ibis
surplus WAS expended in improv-
ing and increasing the equipment
of the Road. in purchasing real
estate for depot purposes. machine
shops, engine houses, water STA !
tions, &c, and in balIasting the
track and widening the road.bed
Hero for the first time, under ju.
dicious management, the Road be-
came sclf.supporting; aud in addi
tion actually added $4,000 TO its
capital account. This favorable
result, too, arose under the most
adverse circumstances. The coun.
try was just then passing through
and suffering from the effects Of
the terrible financial disasters of
'57, '5S. Besides, the Road, which
at one time had portion of the
through trade and travel, was then
reduced by tho exclusive policy of
her connecting lines, to depend
wholly upon her local trade Tor
existcnce.
Col. Wm. Koy Bond succeeded
Mr.. GeSt us Receiver, May 1st, SO.
Mr.. Bond having engaged in the
practice OF law during the greater
portion Of his life, was in no sense,
u practical Railroad man. Manag-
ing Railroads is a speciaIily-is .
science-perhaps in a greater de.
gree than that of the law. 4 Rail-
road is not toy that any man can
haudle, simply because he has been
Il lawyer. Col. Bonds relation %
the Road, however, was simply
that Of tiduciary, managing the
property as an officer of the Court,
not as, neither claiming to be, an
experienced, or practical Railroad
man. Railway property never
stands still, it either improves or
dctcriorates. Ioimprove requires
the most scrutinlzing care and man
Ggement, as well rs an accurate and
precise knowledge Of the technical
details of the various departments
and duties; to decay only requires
that management which may be dc.
scribed as making all the money
possible out of running the trains
without using tho surplus 10 keep
up the condition Of the Road. Col.
Bonds management of about four
and a halt years, resulted in q sur
plus of about $4,000 over and
above the expenses of operat,ag
the Line, but this was greatly at
the sacrifice of the valuo OF the
property. At the time Of the
sale OF the Road in October,
1863, the estimated depreciation
Of the property was Sl0S,6S9-
The machinery and rolling stock
such as engines, cars, &C., had so
far declined in their efficiency that
at the re organization of the Com
pany in March, 1864, tho engines
were in such bad repair as to very
materially impede tho necessary
movement OF trains. In short the
condition OF the motive power and
rolling stock was at a low ebb.
Let US DO understood in saying
that Colonel Bonds management
y was not mismanagcment in the
financial department, but in that
branch was Il success, in so Iarpas