Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1873-09-26
OHIO'S CREDIT MOBuIER.

As many Of our people in this county are pc.
cuuisrily Interested in the Minsfitla, Cildwatcr
4 Lake Michigan Railroad, we should be pleased
tn publish the full repart Of the committee ar
pointed by the Stockholders in January last,
which appeared in the Mansfield LiJerh Of
recent date; but the report being too long for
our columns. we subjoin a comprehensive ept-
ONE of the repsrt from the Cincinnati C.mae,.
cid which throws considerable light on The
Credit Mnbiler of 0hio. The road has been
one of great expectations, but OF small realiz =
ton to the stockholders
The length "f the main line OF the road in
Ohm is l?2 10 miles the estimated cost S4T5,-
$50. ar 81, 800 per mile. Mansfield subscribed
81 10, ] 30 on cnu itiin that the m,in shops and
business sifices should be located ther., AMI
paid up Sll3,l3i. Tie total subscrip ions in
Ohio were about 5000, 90, ot which n uce wa
given to the Boards o. Directors OF the above
named road nd ihe Olio and Michigan Railroad
Company which n e in Coldwatcr in May 1871,
to consolidate the c"mpani0t and exchange
written statements Of their clnditnn. The
Statement Of the Mansfield, Culdwaier & Lake
VI clisnn Company alsn cnutaiuel the contract
agrccd to construct the entire Ohio line at &c.
$50 per mile. 50 600 uf which vas to be paid in
STOCK the balance in cash. Until late date
this bid was on file al,n in the M,n.fi,ld office
The report says this important statement was
subsequently, tnkVn from the Glcd papers Of the
Ohio aud Michigan Company, and the So, $50
per mile Of Swlr, Rose Cas- bid raised 10
= Il Al. .
Itappears that the bid fled in the MinsfelJ
"flice was also distracted. But the steal went
bravey on, and after the m inner the Congress
sional salary grabbers, before the cunsoila'inn
was effected. both boards nf directors coolly
voted themselves stuck "for services rendered tn
date of constitution" In this way tho dir,c
tors of the Ohio division used mp SIS 600 in the
language uf the report "Iur less than uiae
months service, aud, ia the case If snml tlirec
turR, for less Than ten DAYS service" II is but
fair tn say, however, fer the benefit of those who
think the smaller the steal the smaller the 4 r ,
| that the bonds o. the road like confederate money
| were below par being worth, as the director.
| say, only ten cents on tho dollar. So the steal in
reality was only 81 800 quite sm III for cnrpp
| ration larceny. Two of the directors rrlmptly
took their stack. and the rest let it lie either he
cause it s Of too small value. or because IL v
had some intmaliuns Of conscience that it did not
belong 10 them.
The directors of the Michigan divisirn or the
road showed equal capAciv for absorption aud
managed to soak up s7l 900, every director but
one taking his swog ou the spot.
! Under the c'ntraot with th+ Pn1sylvinid
company that road was paid All 2l0. Aud t.
u is the SAG 200 which the directors Of the two
divisions presented 10 themselves, an we find
that the directors succeeded in getting rid Of
h202 400 oi stock Inside 0f wear, Tue stock
lders of the Mansfield aud Cnldwater may br
able to understand why they failed To renlizr
IN their investment Probably some ol them
may have curiosity tO -iknuw what
became of the SIS $50 which was rcaliz,l
from tie frnudulenily raised contract
of Swan. Rose h Co. We are sorry the CON.
mltee did nat succ c'ed in tracing mp that trans
action. There are other questions which an in
ierested stoekholder mig ght press To good advan
tage, and which another installment Of the 10
port may answer. The committee make clearly
evident enough points 10 enlitle the MAnsRI
and CuldwRter tn high distinclen among the
railroad inquilies Of the day. Briefly stated
these Arei
First that The road cauld have been built rn
less than S4 500 mile with good management
SrcGnd, ihat sos 900 in stock and sTQ0 cash ne
mile, were either squandered or atnlen hy III,
! direciUrs who were in league with the conlrac
toys. What will be the next move rem lins to
be sren, VI il seems to be pretty certain lha
the lleec'd stockholders will whistle (ot ,hti
! squaudeied money,