Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1873-06-07
ANNUAL nEpoRT oV ran a. n. kP.
HAILH0AD co.

Il
GkNTLEMAN-sinc the last annual meeting
your board have to report the. completion OF
your line Of Road from youngstown TO Lake
Erie, With a large portion Of the docks finish.
ed In the st manner, for the reception Of ore,
coal, &C The first regular through train
passed over II on the first day Of May, and
since that time the trains have run regularly
through from the south to the city Of Asbta.
bula, and aro now readylto 00'tO the harJor.
But for the horse disease last fall, which
greatly retarded the work, and also trouble.
some litigation at Youngstown, the road
might have been running since last January.
The contractors, through their able Chief
Engineer, r. Slataper, ESQ., and with abundant
means at their disposai. have pushed the work
rapidly forward and In manner highly salts
factory to your board neither the unpr ce-
denedly high price OF iron, and scarcity, and
Consequently high price of labor together
with the stringency in The money markets, Of
this country aud Europe, appeared TO delay
the work in the least, and when othrr expend-
itnrrs, beyond the ability of our Company to
meet, became necessary, they were always
ready to meet any necessity OF our company,
by promptly ordering the work done or prop.
erty bought and ms promptly paying for the
same, until such time as the Company can re-
imburse them. But for this, the expense Of
dredging the harbor and preparing IL for busl-
ness, the present season, could not have been
done, as the Government signally failed TO
carry out their promises to us.
The settlement Of the difficulties at Youngs-
town has resulted in loss 10 our Company Of
some twenty thousand dollars ($20 000) more
or less. The dredging of the harbor will prob.
ably cost as much. The high price exactcd in
some places fer depot grounds, &c, and the
inability ot the Company to collect from its
subscrb, rs the full amount promised, and
some other extraordinary expenses which cam
not be fully estimated until the contract with
the Granite Impr0v, ment Co. is terminated
and the accounts settled, will have TO be pro-
vided for Ivy our Company. AS an offset 10
this we have sold the undivided third (N OF
the Youngstown depot and ground to the
lawrence r. X. Co, for thirty thousand dol
lars $3.50 1000 which will, TO that extent, 20 to
pay this debt
Much remains yet TO be done 10 fully de-
veope the business of your road. Branches
must be built Ia coal and iron works Trade
must TO some extent, be- divcr;ed from the old
channels, and new trade created; all of which
will require time and patience on the part oi
its Stockholders
lii the hands of the Penn. Co, with the
thorough organization and long experience
together with the strict integrity and fair dea
Ing, which has always characterized that Co.
your board believe that success is chrtIn. 1t
must not, however, be forgotten, that the Ma
honing Valley has strong competing lines, ana
to, many Cf hem and SOM of them with I0cal
advantages and influences which must serious
ly divide the trade with us. On the Other
hand, our road is, practicaliy, n through lint
to Pittsburgh, and all the eastern cities, II!
well as most of the important western points
which must prove strong inducenent to ship
pers to patrnnize our line in preference to di
viding the trade with lines with no such ad
vantages.
Your Company are, to-day, free from any
serious law suits, and see no reason why any
luther trouble, in any way, should arse Ii
conclusion, the board will take this Opportuni
~ to thank you for the confidence you hav'
placed in them, and the MD you have alway
given. hut Tor which the road could not hav
: been built.
Hoping that your road may prove q lasiinI
u benefit of great value 10 this growing ant
beautiful little city, rs well rs The whole mag
nifccnt country through which il passes
doubling many times its present value and b
n perpetual bond OF union between you ant
h" gr' at iron metropolis of Pennsylvania
D where some of us reside, we remain,
Yours, WM MCCREERY.
RAILROAD MEETING The annual mceiin
: of the a. Y. & p. took place on W"d nsda
lest-L. TYLER being elected Chairman, an
GNo. c. HUBBARD, Secretary. The attend
]. ance WAS full. The stock represented wa
81 .415 shares. President MCCREERY, c.
j. Wick, and others of the Pittsburgh dir cinr
as well as those along The line, were presen
The annual report was read by The Prrsidrn
s. which we give in its order. or course, til
y financial status is not changed from last yea
y "a no settlement has yet been had with I'll
y Granite Improyrm, nj Co., by whom the roa
has been built. The view taken of the pre-
gress. and business of the opening, is chce
iul and encouraging one. This filling seen
ed To take possession of the STOCKHOLDERS, an
was shown in the p'rf ct unanimity of a
'e proceedings of the meeting.
" The new Board of Directors was the san
as he old with the single exception of NJ
IL Messlcr-the last on the list. They stand
'o follows:
., II. Hubbard, VIM. Harbaugh,
Id IL. l. Morrison, VIM. p Shnn,
to A. G. Fisk. A. l.. Crawford,
w f. Harrington, VIM. McCre"ry,
II. G. Newell, w. s. Bissell,
~ Ii. b rkins. Thos. g. McssleF,
G. B Wick.
AT a suhsI quent meeting of the Board, Il
same officers were reelected.
Our Village and Harbnr was honorcd by q
presence of numerous railroad magnatC
ny On Wednesday Tn A. Y. & p. now rxtrndil
n its iron bands to The beach on the west side vi
-p It's switches To The docks, which are so lar COZ
le- pleied rs To he in readiness for beginning bu
'rt in IS, passed under The survey OF Preside
McCreery and several of The direclors-A
On Newell of Orwell. Harrington Of Morga
De and others.
as
he On The same day, Prealdent CLARK, oft
L. 5. & NJ. s, Mr.. Sciell and Others counec
ep- with the manag enent. with Chief Engine
10 Collins passed over The Harbor Division, {
hirl'v nve Xi,Ny nf the Line that t,rmin uI