Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1872-02-17
Rail Road Matters.


A. Y. % Notcc was given last week In
our advertising columns, OF NE laying Of AN
other installucnt upon the stock Of the A. v.
| " r. Company, Of 10 per cent making 90 per
cent upon its subscribed capital thus far call
cd In. Another notice is given this week,
which the aocklIoSIcrs wjl regard with more
than ordinary pleasure, calling a meeting To
pass upon and approve the action Of the di
TeetoTs in leasing their road TO the Pennsyb-
yania Company. by the terms agreed upon
at II meeting vt YOungs own on the 9th inst,
the Pa. Company propose W take Tive subscrip-
lions amounting To some 100000, and build
and equip the road to the Harborof Ashtabula
complete with docks, stations, etc, by the list
day of July, 1873, and to make return 70 the
stockholders Of per cent. interest bearing
bonds, in lieu of their stock, which shall take
precedence of any distribution Of profits to
the Pennsylvania Company. In carrying out
this arrangement it is proposed to give this
line the influence and patronage oi the Giant
Pennsylvania organization in good faith and
earneStness The proposition, so Tar as il has
been canvassed, meets with general favor and
there can be no reason for doubts, that the
stockholders will promptly vote 10 ratify and
confirm the action of the directors. The ad.
Vantages Of this arrangement can hardly be
anticipated. With the J.. S. & NJ. 5. road
running 10 our IIarOor on the east side, and
the Pennsylvania Company on the west, each
holding large areas Of territory, both fronting
on the lake ard the lIarbor and creek, and
both bent upon-aS we are encouraged to be-
lieve-the putting of this area to extensive and
important use for the furthcrence of enterprises
that may suggest themselves and grow out of
the meeting at this point Of the coal and man
uhcturers of Pittsburgh and the Mahoning
Valley, the crude oil of Pennsylvania, and the
ores OF Lake Superior and other mitlng regions,
cannot but have an effect to make our lllrbOr
one of the liveiest places upon the south
shore. The rivalry OF two such powerful cor
pOratiOnS leaves us much to hope for and con
tidently expect What they fail to do Tor the
building up of profitable industries and the in
crease OF transportation and traffic upon their
respective lines, may perhaps be eaked out by
individual enterprise and less concentrated
power and wealth. The star of AshtaJula is
in the ascendant.
n correspondent writes TO the Warren
Chronicle in reference TO this matter as follows
AT a meeting of the Directors of this
Co., heldat Youngstown OF the 9th inst,
a proposition was presented by some of
the most reliable capitalists in Penusyl-
vania, TO assume the construction and
completion of their entire line of road, .,
including station houses, shops, coal
| .slN h,. 4 all
provided for by the RANDALL con
tract, and subject to it, materially i'll
creasing the expense OF construction,
coupled with a proposition from the
Pennsylvania railroad co. TO lease, equip
and run the same for ninety-nine years.
This proposition was tavorably received
by the Board of Directors aud accepted
with an agreement to submit the question
to vote of the stockholders on the goth
of March.
10 give equity to present stockholders,
OH account tf increased expenses of con-
slructon under the new contract, and to
relieve them Of personal liability under
the laws Of Ohio, the Board has provid-
ed tor a per cent. income bond, con
vertable into per cent. preferred stock
at the pleasure Of the holder. The
Board was fully satisfied that this ar
rangement would secure much earlier
completion Of the road, and give, in lieu
Of slock,an equally if not more reliable i'll
vestment, free from personal liability y,and
with an advantageous running arrange
memt, or lease, very important to the sue
cess Of the road and business prospects
of the country.
A quiet calm still prevails over the work on
| the =. & Y. railroad. The weather is such Us
to etfeclually stop all work, and nothing is
left TO do except 10 wait until thc spring shall
have opened up sufficiently TO allow IL rcSump
tive ol active operations. On Wednesday /
number OF citizens from Youngstown were
here upon business connected with the road.
So says the Paincsville AdUertiser.
Some six miles or less, only remain for clos
ing up and connecting the rail on the james
town Branch, and the lies are all distributed
and the iron on hand for this. Ballasling up
now, is the work that remains TO be done.
LETTERS FROM ABROAD.
| FLORENCE, Oct, III.