Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-02-25
OUR EASTERN RAHM4 z

Vernon, would address the people o
Delaware in reference to our contem
plated eastern railway connections.
The meeting was organized by the ap
pointment Of Judge Powell as Chairman
and J. Hyatt as Secretary. Judge Hurc
then, upon invitation, proceeded to SPEAK
in reference to the condition. prospect:
and needs Of the Cleveland. Mount Yer
non and Delaware Railway. Of which he
is the President.
| The speaker first addressed himself tC
a brief resume of the history of the en-
terprise and its progress since his las
visit to Delaware, and his remarks were
throughout singularly direct. clear and
dispassionate. He stated that the trans
fer from the Pennsylvania Central to the
Company he represented, of the Millers-
burg and Hudson Branch of the Fori
1 Wayne road, had. since the time of his
previous visit, been fully completed
This Branch, including its extension fouI
miles south of Millersburg. cost for its
construction and equipment the sum OF
! S1,7z8, 900. The Cleveland, Mt. Vernon
and Delaware Company has obtained a
fee simple title to it for 81, 1000, to be
i paid not in, bonds but in stock. The
total stock of the road for the entire line
is 81. 100000. The stipulations with the
Pennsylvania Central Company required
absolutely that before the completion Of
the road from Millersburg to Mt. Yer
non should be undertaken subscriptions
to the amount of $4,000 should be
raised within Knox county, 1t is ike
wise a part of the agreement that $780,
600 shall be raised by this county prior
to its extension to Delaware. Knox has
raised her proportion and has secured
the construction Of the road to Mt Yer
non. When this county raises its pro-
portion it will as certainly secure the road
to Delaware. There viii be balance
Of $4,000 to raise. but this viii properly
fall to the western section of Knox coun-
! ty, and can be easily secured.
The new company will get the old
road bed between here and Mt. Vernon
for $4,000 stock, which will be held by
the parties now owning the improvement.
The new company title to the Millers-
burg Branch is guaranteed by both the
Fort Wayne and Pennsylvania Central
companies and is therefore perfectly Sc
cure. The Branch has no encumbrance
excepting sI43, 1000, which the road. with
its present business, will have no diff
Guilty in paying. In security for the pay
ment of this encumhrance $4,000 Of
bonds are deposited with the PennsyIya-
MIA Company, and 100000 more eas
indemnity for the purchase Of iron and
equipments, leaving S3oo,oootobe invest
ed in improvements,
The business of that part of the road
now in operation, the speaker stated, is
not only good but improving. The road
has six engines and runs two or three
extra trains almost daily. The earnings
Of the road for December last were 81
800 more than for the December next
previous. Its total net earnings for the
present year will amount to Oyer S2oQ.-
600, which would more than pay the in
terest (s4 ,ooo per annum) of its entire
indebtedness, The Company now has
in bank over $4,000 of cash net profits.
The road passes through region rich
in deposits of coal, the quality Of which
had been tested by the speaker and 9TH
er competent parties and pronounced
equal if not superior to that Of the mines
at Briar Hill, Wooster or MassillOn. One
! vein had been discovered having seven
feet of pure coal. These mines viii
furnish a permanent and paying business
to the road, and must be of great value
to the towns, including Delaware, which
i It will put IN connection with them,
That part Of the road now completed
has, besides, the advantage of a branch
connection with Massillon. This branch,
of which the Cleveland, Mt. Vernon and
Delaware Company are lessees, leaves
the main line at Clinton, IA miles south
Of Akron, and passes through some Of
the best coal beds in that pan Of the
State.
The road is likely to secure another
advantage by means of proposed ex-
tension Of the Wilmington and Zanes-
vile road, (which the Pennsylvania Cen
trail has purchased), from Coshocton te
Oxford, a point on that part of the Cleve-
land, Mi. NeEnon apd Delaware road
not yet completed. This extension you'd
put the business of six additional coun-
lies upon the new road and make it, II
part, a connecting link Of a through linz
from Cleveland to Cincinnati The road
; now built from Hudson to Cleveland was
originally intended to be part of such
through line.
The speaker stated that work will bs
commenced on the unfinished part o
the road north Of Mt. Vernon some TINS
ia April, bit only such portion viii b
put under contract as the company shal
be able to pay for. and progress VIII b
made IN exact proportion 70 the com
/ pany's means.
The conditions upon which subScYiD
tons to the road have been made Il
Knox, and may be made here, the speak
er stated to be substantially as follows
1 l, FhRt the road shall be completet
to Delaware. lo7
: 2, That one-half the amount sub
!, scribed shall be paid when the rails ar,
e laid to the boundary Of the subscriber
! township, and the other half ninety day:
q dIter inc nrSt locomotive shall have
! passed over the line to Delaware.
~ 3. That any other conditions not in
Consistent with the foregoing may be at
= ttached to Subscription7.
! A.. That any subscriber, after havln,
made bis first payment, may convert hi
Z !, subscriptions into stock if he SO desires
Iii The speaker suggested that wheneve
Z the amount required of this county shout,
! be subscribed sone one might be desig
Z mated by the subscribers to repsess1
. their Interests ii the Board of Director.
E He concluded BY proposing that a
e 3active and enterprising rsfnmitte