Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1868-01-16

we are now speaking OF the aggre
gate wealth added to the country by
the completion of the Road, I'm
der the old corporate organization
the affairs of the Company had cul,
minated 70 point where it became
a question whether the Road could
continde to operate its trains. We
speak in contra distinction to that
condition of affairs, when we say
that il were better to loose every
dollar of stock and have the Road
continue its trains, than that the
stockholders should hold the Road,
and be compelled to cease operating
it.
True, it would have been far more
desirable if the management could
have remained with the original
stockholders, and the revenue made
to pay the current expenses and the
interest on stock and the bonded
debt. But the fatal policy some
where prevailed that precluded the
possibility Of this result.
Before passing from the question
of stock we will 60 further and add
That all parties along the line, in
cluding counties, owning stock, can
make the best investment that it is
possible to make with their stock
by donating it toward building the
Road into Cincinnati, provided such
donation will be an inducement to
parties to finish into the city Still
better, let those who have not here
tofore contributed, but who have
received and are receiving the ben
eft, give an additional bonus as a
free offering to assist in the com
pletion of the great work.
Mr.. Gest operated the Road, as
Receiver, from March lst 1857, un-
til May 1st, 1854 period of twen-
ty-six months. We have before us
his report filed with the United
States Circuit Court, May 1st, 1853,
showing the receipts of the Road
during that period to have been
S4S5, I'll SO, and the expenses
$405,376 85, leaving balance of
$89,334 IA. Wisely, this surplus
was expended in improving and in
creasing the equipment Of the Road,
in purchasing real estate for depot
machine shops, engine
houses, water stations, &c,, and in
ballasting the track and widening
the road bed. Here for the first
time, under judicious management,
the Road became self-supporting I;
and in addition actually added $780,
900 to its capital account. This ia
vorable result, too, arose under the
most adverse circumstances. The
country was just then passing thro'
and suffering from the effects OF the
terrible financial disasters f'57, '5S.
Besides, the Road, which at one
time had a portion Of the through
trade and travel, was then reduced
by the exclusive policy Of her con-
Meeting lines, to depend wholly up
on her local trade for existence.
Col. VIM. Key Bond succeeded
Mr. Gest as Receiver May 1st 1859.
Mr. Bond having engaged in the
practice of law during the greater
portion of his life, was in no sense,
q practical Railroad man. Manag-
ing Railroads is a speciality-is a
science-perhaps in a greater de-
gree than that of law. A Railroad
is not toy that any man can han
die, simply because he has been a
lawyer. Colonel Bonds relation to
the Road, however, was simply that
of fiduciary, managing the prop
erty as an officer of the Court, not
as, neither claiming to be, an expe-
rienced or practical Railroad man.
Railway property never stands still,
it either improves or deteriorates.
To improve requires the most scru-
care and management, as
well as an accurate and precise
knowledge of the technical details
Of the various departments and du-
ties; to decay only requires that
management which may be describ-
ed as making all the money possible
out Of running the trains without
using the surplus to keep up the
of the Road, Col. Bonds.
management of about four and a
lalf years, resulted in a surplus of
lbout $4,000 over and above the
expenses OF operating the Line, but
his was greatly at the sacrifice of
he value of the property. At the
:ime of the sale of the Road in Oc-
,ober, 1868, the estimated deprecia-
ion of the property was $l9S,6S9.
The machinery and rolling stock,
such as engines, cars, &c, had so
ar declined in their efficiency that
Vt the re. organization of the Com
lany in March, 1864, the engines
we're in such bad repair as to very
impede the necessary
of trains. In short, the
condition of the motive power and
'olling stock was at low ebb. Let
is be understood in saying that
Col. Bonds management was not
management in the financial de-
but in that branch was a
success, in so far as the earnings
exceeded the operating expenses by
lbout $S0,C00, for the period of 4
years. But being untitled by edu-
cation or experience in that peeu-
lar skill requisite for successful
,oi ,ynt, t,,ononop bo NOT only fnilnH