Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1871-05-06
nan nosa m.a.rs.

JAMESTOWN BRANcn.--The action Of the
T.. L. q M. s. directors, at their annual meet
ing At Cleveland on Wednesday, has had a
cheering effect upon our people. II is sIgnih.
cant rs an index Of early work upon the line.
resolution endorsing a movement In this d.
recilon was passed. and committee favorable
to the enterprise, appointed to take the matter
in hand, and an item in the list Of appropria-
tions for this purpose inserted. Surveys are
and have been making with this object in
view. The movement contemplates line TO
the Harbor, and our people will have an OPP
pOrtunity 10 show their readiness for co-opcra-
ton in the work, by some definite arrange
ment for an independent right Of way, as the
company are not favorable TO any sharing or
common use with other parties, of any line
now designated. As soon as this can be
brought about and the company are enabled
to secure certain southern connections, which
they have in view, we understand they are
ready for work, and when the work Is begun,
1t will be prosecuted without let or bindrancc,
to It's completion. To the rescue, once more,
dear friends, and success is with us The cleo
ton Of Directors Of the L. s. 81 NJ. s. Co. is
the same as that of last year, with single cx-
ception-Wm D. Bishop, of Bridgeport, CT,
in place Of Alanson Robinson, OF Buffalo, de-
ceased. There was but one ticket in the field,
and 90 of the 35 millions of stock was repre-
scnted. The subsequent meeting for the cleo
ton of officers, resulted in the choice of the
same ticket as last year.
The People of Painesvile held large
lnct fnr fhu IL
Grafton of railroad matters. 1t was attended
by Messrs. FORD s. MEYER, accredited pur-
chasers and owners of the old Hudson road
bed, and it was proposed to begin work upon
the road at once if subscriptions to the amount
of 100000 could be raised in that county, in
ten days, and that nothing would be called
for in the way of dividends, faster than the
road was completed The fairness of the
overture seemed TO be admitted, but the
formidablencss of the amount seemed to have
a quieting influence upon everything like en-
thusiasm. The practicablity of the thing in
the opinions of some of the old ones we met,
on brief visit, at that place the first of the
week, led to The conclusion that dangers from
the operation of the road were not imminent.
& MEYER. us given in the Chardon Democrat,
and which is a little more explicit than that
derived by us from street talk. is annexed,
Their proposition is to go ahead and build
a road at once, upon receiving subscriptions
to the stock OF the Company to the amount of
$500 900, one-fourth of the subscription paya-
ble when the road is completed to Chardon,
and ne-iOurth on the completion of each adj
TX hp In St tp 1inn in
at Youngstown not a dollar to be paid until
the cars are running from Puinesvillc to Char
don subscribers to have the choice of taking
stock or income bonds of the Company, draw
ing seven per cent. interest, payable semi
annually. The builders of the road reserve the
the right to issue tirst-mortgage bonds To the
| amount of $4,000 per mile, and no more
These constitute the first lien upon the road
and its profits. The proposed income bonds
have the next lien upon the income or earn
ings of the road. The people of Painsville
and vicinity were asked to raise 100000 of
the amount named, and to do it within ten
days, SO that work might be commenced upon
responded to by several of the prominent men
of gainesville, who pronounced the terms fair
and reasonable, and gave assurance of theil
ability to raise the required amount. 1t is
confidently expected that the amount assigned
to Painesville will be raised during the present
week.
AT meeting of the stockholders of the
Painesvile & Youngstown Railroad held at
their Office in Panesville, on Wednesday. last
week. the following directors were elected :
JOHN II. FORD, g. MEYER, MALoN G. MARTIN
and j. NJ. HURLBUT of New York HORACE
G.. CLEAvELAND of Cleveland; HORACE
STEELE and HARVEY CRAM of Painesville.
AT a subsequent meeting of the directors, the
following officers were elected:
President HORACE G. CLEAvELAND I; Sec
retary, ALVIN l.. TINKER Treasurer, AARON
WILCOX.
We have it from what VIC deem unquestion
able authority, that the 100000 share Of the
subscription, of Painesyille, has been secured
and the contract for building the road signed
ard executed.