Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1872-01-31

year, of the first MahOning bonds SO
600, and of the Hubbard Branch Ma
honing 1888, 500, in all SI0S, 500, have
been purchased by the company fol
retirement and have been cancelled.
The attached report of the Treasur-
er will exhibit the present condition
of the accounts of the company.
The report of the trustee of the sink
ing fund, also attached, will show the
condition at this time of the funds.
In September last MI. James Nc
Henry, of London, made o~vertures for
the purchase of a controlling interest
in the stock of this company. And
after considerable correspondence and
exhibits furnished to him of our f.
naucial condition and prospects, a
proposition was submitted to Mr..
McHenry, by me, providing for the
sale to him of the entire stock of the
company, so far as the several share
holders should elect to accept the
same +; and the 9th of the present
month was fixed as the date on or be-
fore whichEotice of the ullacceptRnce
on his part of the provision Of the
proposition, should reach me here.
This proposition has been duly ac-
cepted on the part of Mr.. McHenry,
and it is now open for the acceptance
of such of our stockholders as shall
so elect.
The arrangement, as it now stands,
is a follows :
Nj. McHenry has agreed to pur-
chase all of the stock of this company
which shall be presented and trans
ferred to him on the 18th day Of April
next, provided it shall include a ma
jority of the stock. Messrs. Duncan,
Sherman Go, of New York, have
agreed to act as his agents and receive
and pay for the stock. according to
the provisions of the proposition.
The price of the stock to be, for every
two share or 500 of the same, $40 in
currency, with interest thereon at the
rate ofseven per cent. per annum from
the date Of the last dividend to the
day on which the stock shall be de-
livered.
The proposition is, I think, too
plain to require any explanation or
comment.
Each shareholder will, of course,
decide for himself whether he will ae-
cept or decline the proposition thus
open to all on equal terms.
The Directors personally expect to
accept the proposition, and offer their
own stock on the terms proposed.
And they have concluded to sug-
gest for the benefit of the entire list of
stockholders, the following plan for
carrying out the arrangement.
The plan they deem convenient,
and also safe, as it retains the entire
a.-M-.T ~ H. ufnrlr in N nUn no ndn
until its entire consumption
The plan is as follows:
Each stakeholder who desires to
sell his stock on the terms proposed to
send his certificates of stock to this
office accompanied with a Power of
Attorney authorizing Joseph Perkins,
Trustee, to transfer the same.
The Trustee will return a receipt
for the certificates of stock, stating
the conditions upon which they are
received and held, and the price at
which the stock is to be sold. And,
if for any reason, the sale shall fail to
be consumated, the Power of Attor-
neg is to be cancelled and the certifi-
cate returned to the owner.
Those certificates should all reach
this Office on or before the first day Of
April next, to give the trustee time
sufficient to perfect his arrangements
for the final transfer, and for receiv-
ing payments for the stock on the 18th
of the same month. If on that date
the sale should be consumated, as plo-
posed, the trustee will Immediately
mail to each stakeholder a check for
the amount which he may be entitled
to receive for his stock sold.
A circular will at once be prepared
and sent to each stakeholder, giving
details, directions and forms of power
of attorney, and for the transaction
Of like business.
If this sale be consumated, and all
or 2 majority of our stock thus pass
into other hands, the present directors
will not again solicit your suffrages,
and they would only wish in thus clos
ing their official relations with you,
that your reinvestmentof the funds re-
ceived, may prove as advantageous to
the business interests of the country,
and as safe and satisfactory to the
owners, as have OBSERVATION-DISCLOSURES
in the stock ofthe Cleveland and Ma
honing Railroad Company.
Respectfully submitted.
oSEPH PERKINS, PRESIDENT.
The transfer books will be closed
from the first of February to the 18th
of April next inclusive.
The following officers were elected
for the ensuing year.
President-Joseph Perkins
Secretary and Treasurer-Charles
Pease.
Directors-Joseph Perkins of Cleve-
lOnd, Frederick Kinsman OF Warren,
Charles Smith of Warren, H. B. Per-
kins Of Warren, Reuben Hitchcock Of
Painsville, Dudley Baldwin Cleve-
and, John Tod Cleveland, James
Mayee Philadelphia, B. w. Cunning
ham New Castle Pa,