The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1872-02-22
Atlantic { Lake Erie Railroad.
To the Stockholders Of the Atlantic
& Lake Erie RGjlWdy Company:

Atlantic & Lake Erie Railroad.
To the Stockholders Of the AHantic
& Lake Erie RGillCdy Company:
GENTLEMEN: Since your last an
nual meeting such progress has been
made in pushing forward the great
/ enterprise in which we are engaged
that the directors avail themselves
Of this opportunity 20 congratulate
I you upon its success and the pros
poets for the early completion Of the
Road.
/ Among the first things that engag-
/ ed the attention of the Board, was the
improvement Of the line and its gra-
dients, as presented by the the Chief
/ Engineer IN his report of the survey
( for the purpose of location. Great
difficulties were encountered at sew
eral points on the proposed route by
reason Of the heavy grades and grest
cost o. construction, among them
| that portion of the line between New
Lexington and Newark. A recon-
noissance was made through Fair
! field eOunty-a district of country
rich in all the elements of agricultural
production, thiekly populated, and in
every respect favorable to the con-
struction of a railroad.
/ A survey was made, leaving the
/ preliminary line at New Lexington
and passing westward down the val
! ley OF Rush Creek, along the line of
I the Cincinnati & Muskingum Valley
Railroad, to a point in Fairfield eoun-
ty, and thence up another branch of
Rush Creek Ujd. the villages of
Rushyille, Pleasantville, Millersport
and Hebron, crossing the Central
Ohio Railroad between Newark and
Union Station, to the vicinity of
Granville, where the original survey
ed line was intersected.
1t was found that the alignmentsi
and gradients (matters of great i'm
pOrtance in the construction of roads
designed for the transportation of
heavy freights) were materially i'm
proved. The grades were reduced
from $3.50 to 40 feet per mile; two
formidable tunnels entirely avoided,
and the cost of construction reduced
more than two hundred thousand dol |
lars whilst the increase in distance
was less than one-half mile. Fair |
field county not being named in the
certificate of Incorporation of the |
Com pany, additional legislation was
required to enable the COMPANY to |
construct its Road through that coun- |
ty, which was obtained through the
General Assembly of the State, then
in session, and the Road located |
through said county, on the new line. |
The early part of the year was
mainly devoted to the presentation |
of the Importance of the work to the |
citizens of the line closing up the |
subscriptions to the capital stock, to |
which large additions were secured,
and in making surveys and locating |
the Road.
In the month of June the work of |
construction was commenced on the /
Lake Division, extending from Bucy-
rus to Toledo, and shortly thereafter |
in Licking and Fairfield counties, and
at this time about seven miles of the
Road bed is substantially graded, and |
the bridging, trestle work, &C., being
prepared.
To complete, iron and equip the
Road, it was determined by the Board |
at meeting held July the 9th, 1871,
to borrow the sum of five million /
dollars, and to secure the payment of |
the same with interest by a mortgage
of the franchises and property Of the /
Company. Bonds to the amount of
five millions dollars, bearing date Ju-
ly the 18th, 1871, payable thirty years
after date, with semi-annual interest,
at the rate of seven per cent. per an
mum, payable on the 18th days of jan
uary and July in each year, free of
government tax, were accordingly
prepared. Both interest and principal
and interest of the bonds are payable
in gold coin, of the United States, at
the Agency of the Company, in the
city of New York, and are secured by
a first mortgage to the ifUnIon Trust
Company of New York" as Trustee.
The entire amount Of the loan, SUBJ
ject to verificatiOn of the statement
of facts accompanying its presenta-
ton, was disposed of in Germany,
through Col. r. W. Jones, of the city
of Philadelphia, and the firm of ia
cob r. Shipherd & Co., of the city of
New York.
By the terms of the Mortgage as of
ten as a section of five miles of the
Road is completed and in running or.
der the Company is authorized to
draw from the Trustee, a rateable
portion Of of the proceeds of the loan,
and under the sale of the bonds as
above stated the Company will be
supplied with funds TO complete the
superstructUre and provide equip
ment as fast as the Road can possibly
be prepared.
Subscribers to the capital stock will
readily see the necessity and impor-
tance Of prompt payment of the sew
eral instruments as they become due.
Every stock subscriber must be at
once satisfied that an enterprise of
such magnitude can not be success
fully prosecuted without bringing in
to requisition every dollar of reliable ,
and so long as he neg
leets or refuses to pay the INSTALL
ments on the subscription he has vol S
made, he embarrasses the
operations of the Company, and to :
that extent endangers the success
he pretends to be anxious for. In .
view of the enviable position in
which the Board has succeeded in :
placing the affairs Of the Company, il
is hoped that every one will cheerful
ly and promptly respond to the calls
upon him for payment, and thereby
render the Company the assistance he
has agreed to, and which it has a
right to expect.
With prompt payment on the part
Of stockholders we have every reason
to believe a connection can be made
from the city of Toledo with the
Columbus, Cincinnati &
indianapolis Railroad, in Mornw 4
county, by the 1st of July or August a
lt farthest, and the Road extendedto b
the coal fields by the first of Noven- Il
Der next. 4
Contracts have been made for tie
delivery Of ties on the Lake Division, -
Turing the months February, Marth !
and April, and large numbers of pG-
sons are engaged in getting them On
he line of the Road. No cause of d.
ay is apprehended from want of
,uficient number to lay the track Is
asst as the rOad-bed can be prepared.
On the 9TH of October last, the then
Chief Engineer of the Road having T
his position, left the seW- i
ce of the Company. Mr.. nabTt y
an Engineer of large, .slJ o
R,Sjndvq6pa5ye0l" as Chief EngiDtesesr
lie Is now carefully revising the bea-
ion and estimated cost of the work. IT
md will shortly have the mster =
eady to lay before you. In view of
his the Board deems it unnecessary
o present statement of the Wort of 9
evisiOn until the whole has been ~
'''" VI
All of which is respectfully submit n,
I'd IN behalf of the Board of Direct L.
rs. r,
4