Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1870-12-09
MEETINa on TOWN COUNCIL.
CoUSoIL RooNs, Perrysburg. or

OOuncli met IN pursuance Ot special call oil The
Mayor.
Presently Mayor, Clerk, and Councilmen Cook,
Crook, Cranker, Robertson. Roach and Westcott.
Minutes of last meeting read and approved
Asher Cook, Chairman OF the Special Com
mittee appointed by this body at the meeting
held Nov. 10, 1870, TO- visit Cincinnati for the
purpose Of negotiating sale Of the stock Of the
b. / NJ. R. n. Co., held and owasd BY the VIZ
lage of Perrysburg, made the following repevt
To he Council of&e Incorporated Village of Per- !,
rVsbury, Ohio.
GENTLEMEN: The undersigned, committee ap- |
pointed by you at the meeting Of the Cuncil held
Nov. 10, 1870, with authority t0 dispose OF the
stock, owned by the Village. in the Dayton u
Michigan Railroad Company, in exchange for
the bonds of said Village, issued in the year
1853 to enable said company TO complete its
road and on which we have been paying several
per cent interest per annum since the 18th day
of Nav A. ID. 1883, now submit for your consid-
Grafton the following report:
In accordance with the resolution OF their ap-
pointment, your committee proceeded to Cincin'
natl on Wednesday the 10th inst, and on Thurs
day following met the Board of Directors Of the
Cincinnati Hamilton h Dayton Railroad Com
pany who held $l1 900 Of our Village bonds, is
sued as aforesaid, and from whom they obtained
proposition to exchange the Sll 200 OF BONDS
held by the said Company for stock oil the Day
ton and Michigan Railroad Company at forty
two and one half cents on the dollar, includlng
the annual interest and the interest to accrue to
the first OF October 1871, al which time the div--
| idend wi commence to run, which Is guaran-
| tied by the Cincinnati, Hamilton Dayton Rail-
road Co., to-wit: dividend Of SH per cent on
| the stock of the Dayton h Michigan Railroad 20.
After a somewhat protracted session, your
| committee hoping 10 do better, asked Tor ana
| obtained an adj urnmcnt OF the meeting uhui
o'clock p. NJ to give them time to see other
psrties and ascertain what could be done WITH
| them, as we'll as to see II the remainder OF the
bonds could not be taken up on the sane terms
| in case they concluded to accept the proposlli n
made by the Cincinnati, Hamilton & Dayton
| Railroad Co.
During the interval members Of the committee
| waited upon parties holding the balance Except
| ing two thousand dollars) OF your oonuS, out
| were unable TO make any acceptable arrange
nent with them. The best offer they were able
to obtain from other parties for the remainder OF
the stock was thirty cents ON the dollar.
Having failed " do better, and believing Il to
be for the interest Of the ia x.payers, with whom
| Vour committee are deeply interested, they ac-
cep'ed the proposition Of tho aforesaid Directors
| made in the morning, and transferred to them
| S2905O of the stock owned by the town as afore-
| said in exchange for the S1l 600 in bonds and
the annual interest and the interest to &C.
crue TO October, 1871, when the dividend VIII
begin to run as above stated. The Bonds win
| tho unpaid Coupons are herewith surrendered "
duly cancelled for your consideration.
| That YOU NAV feel entirely free TO approve or
disapprove the action Of the committee, they
have the pleasure Of stating that the matter was
so closely adjusted that the Board OF Director:
have given them the option Of returning the
bonds and they will cheerfully cancel the trans
fer of stock, and receive back the bonds, having
been actuated less by desire to make money
out Of the transaction, than to cultivate th'
friendly relations between the road which they
represent and the town whose interests IN th'
future are to be closely identified.
After havIug consumated the above excnang'
YOUR committee endeavored to induce said BoarC
of Directors to buy up the on, anding bonds 0
the Village and exchange them tor stock on tue
same terms, but this they were unable to accom-
plish. The Directors were, indeed, willing TO
take the stock, but as they would have to pay
for 1t in cash or its equivalent, they were unwil
ing TO give more than it could be pui chased fol
in open market; and as the stock is now selling
nomiually for only thirty cents on the dollar
your committee refused to dispose of it at tina
price.
In rejecting the offer Of thirty cents for the re
mainder of the stock, the committee were not X
norant of the fact that many OF the taxpayer
who have long groaned under the burden Of tax
alton imposed by this debt would have cheerful
i ly sanctioned the course Of the committee in 81
doing nevertheless it was the opinion OF the com
mittee that much more can be realized Tor tn
stock By sittle delay and judcious manage
ment. The arrangement is now perfected b
which the Cincinnati, Hamilton & Dayton Rail
road Company guarantee to pay DIVIDEND
three and one-half per cent per annum on III
stock of the Dayton L Michigan Road; the hrs
payment of one and three-quarters per cent. VII
, be paid on the first day Of April, A. d. 1872 th
other on the first day Of October following. Un
der this positive arrangement it was the epinio
of the committee that it is better TO hold the bal
ance of the stock than to sell below forty cents
BY holding it the Village will have only on
years additional interest to pay until an lneom
can be realized on the stock, and although th
interest of the 4ssr 1871 will fall gusqR the frs
tie semi annual dividend Of one and three-fourth
per cent on the first OF April, 1872, and anothe
on .he same amount in October following. Thes
dividends may be so anticipated as to meet tn
| payment OF interest in part, leaving only th
balance of interest to be raised by taxation, thu
materially reducing the rate OF taxation on a
5 property within the Corporation after the yea
5 1871.
But your committee indulge the hope that be
fore the time alluded to for the payment of divi
dends, the return to specie payments, and th
. improvement Of the financial condition OF tn
4 country, will so relieve the pressure on the mon
ey market that the remaining stock can be dis
posed Of on much more favorable terms than ar
now offered. But whether this be fully rea!
. lied or not the large reduction of the debt al
ready made, and with the stock still on hand
puts it within the power of the Village to dis
embarrass itself from this incubus which has S
I long paralyZed every energy and cOunteracte
every effort to improve its material interests
whenever the Council, governed by wise pol
cy, dsem it advisable to make the effort.
Already $22, 400 of the $50 900 Of bonds hav
{ been taken up without resorting to taxation
leaving only S27,6 500 remaining to be paid, an
to meet which the town still holds $40 $50 o
It's STOCK IN the Dag - Michigan Rairna
: Company, which ia more like % be worth NOR
J than less tnan forty cents on the dollar. In ad
dition TO this there will be in the Treasury, o
the first of January next, $40, the int rest whie
would have been payable on the 81 900 re
deemed, as the interest was paid in stock instea
OF money.
When the debt shall have been further re
duced by this sum, the difference between the in
come from dividends on stock after April, 1877:
and the interest on the outstanding bonds vii
be 428 75. This difference will have to be me
by taxation in case the bonds cannot be take
up By exchange, as is contemplated.
At present you are levying twelve mills o
the dollar valution, to pay the interest on thi
dSbt, while in the future, to make up the differ
ence as above stated, levy Of less than tw
mills will be sufficient.
All of which is respectfully submitted.
JAMES R. TYLER, F. r. MILLER,
s. ID. WgsTCOTr. A. ROACH,
ASHER Cook.
On motion of WIN. Crook, said report wa
received and adopted and ordered to be recorded
Ca: ried, all the members voting yea.
On motion of VIM. Crook, it was ordered tina
an order fsr $40, payable out OF railroad fund
in Corporation treasury, be drawn to the Orde
each Of James r. Tyler, S. D.. Westcott, f. X
Miller, A. Roach aud Asher Cook, the member
Ofthe committee who visited Cincinnati, for ex
penses, &c.--Carried, all the members voting
yea.
On motion, it was ordered that an order b.
drawn on the Corporation treasury, payable t.
, James w. Ross, or bearer. out OF the railroat
funds for the sum of Si90, in payment of raIl
road coupons.-C Carried, all members voting yea
On motion of VIM. Crook, it is ordered tina
the Clerk draw an order on the Corporation
treasury for the sum of sl4, payable to W. V
Way or bearer, out of the railroad funds to pal
f railroad coupons. Carried, all the members
voting yea.
On motion of Wa. Crook, by a unanimous
vote Of the Council a vote of thanks is rendered
to the President and Executive Committee of thu
Cincinnati, Hamilton Dayton and Dayton {
Michigan Railroads Companies for the kindness
and courtesy extended to the Special Comnitte,
OF this body while at Cincinnati, and for tn,