The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1873-09-18

Connection OF the rfin DltectOr
with if.
Our attention having been directe'
TO publication appearing in the Obi
LfJer0l, published at Mansfield, Ohio
on the Cd Of September, 1873, purport
ing TO be the report of committee o
investigation, read to the Board o
Directors of the Mansfield, CoIdwatel
d Lake Michigan Railroad Company
which contains statements and draws
inferenees andeonelusions, as against
us, unvarranted by the facts, we ar,
induced to call attention to these in
accuraeies 20 far as they relate to om
Tifiin Board Of Directors. We have nc
part or lot IN the controversy tina
seems to have taken place among tbs
Directors and stockholders of ths
Mansfield, COIdwater & Lake Michi
gan Railroad Company at Mansfield
and would not have taken any notice
of the publication, but for its inac.
curacies as to the acts and doings o.
the officers of the Baltimore 4
Ohio, Toledo & Michigan Railroad
Company, We being the Directors o.
this last named company.
The Baltimore & Ohio, Toledo &
Michigan Railroad Company, referred
to in said publication, is the same now
known as the Toledo, Tiffiu & Eastern
Railroad, and extends, the northern
end Of it, from Tiffin, by way o.
WoodviIle, to Toledo, and thence to
the Michigan State line. or this
company we were the Directors dur
ing the building Of the road, all resi-
dents OF Tifin.
The Mansfield, COldwater & Lake
Michigan Railroad Company is 8
separate organization, and extends
from Mansfield, Ohio. by way of Tiff
fin, FostOria, Weston and Napoleon,
in Ohio, and Coldwater, Michigan,
connecting at Tifiin with the said
Toledo, TifIin & Eastern Railroad). All
the Ohio Directors residing at Mans.
field.
The Baltimore & Ohio, Toledo &
Michigan Railroad Company was, by
contract, connected with the Toledo &
WoodviHe Railroad Company, which
was to be built by Board of Trustees
at Toledo, with the avails Of a lot OF
bonds amounting to about $3.50, 200,
issued by the city of Toledo for that
purpose under q late act OF the Gen.
eral Assembly of the State of Ohio.
The TifIin Directors had no hope of
building and completing their rail-
road, and putting it into operation
except by making such connections
as would give them an outlet, hence
they were willing to connect with the
Mansfield, COIdwater & Lake Mich
igan Railway Company at Tiffin and
with the Pennsylvania Company at
Mansfield so as to secure an outlet to
the Atlantic seaboard, without which,
or some similar connection, their road
could not have been built.
We will be excused from any thing
more than a mere correction of those
statements which may seem 10 throw
censure upon US or other parties at
Tiffin.
The Tiffin Directors had secured
subscriptions to the capital stock of
the b. s. O., and T. & M. RR. Co., be-
fore entering into the contract here
after referred to, to the amount of
about S14S, ,000-and had hopes of Sc
curing considerable more. They there.
fore estimated that they could have
such subscriptions TO the amount of
about S120,OOO, to apply to the con-
struction of their road, and that the
SIS, 900 remaining, together with what
more they then hoped to obtain,
would be sufficient to pay for right of
way, depot grounds, engineering and
other costs and expenses necessary in
carrying forward the building of the
road. For the balance of the costs of
building and putting into operation
theiF road, they expected to rely upon
the sale of bonds, and the issue OF
other stock to contractors. ThereupOn
they entered into a contract with
Villa s. Hickox for the building Of
their road, by which, among other
things, it was agreed that $4,000 of
the stock subscription should be turn
ed over to Mr.. Hiekox, and some
$3.50, 900 certificates of capital stock
should be issued to him.
And that he should have the right
to underlet the work, and that this
company should accept of the party to
whom he might underlet, in lieu of said
Hickox, if he, said Hickox, should
provide in the contract for undertaking
that the stockholders should not lie
held Individually liable under the
constitution and laws of Ohio, beyond
the amount of stock by them sever
ally subscribed in the premises. And
such contract should be acceptable to
our Board of Directors, which contract
is on file in the office of this company,
and can be seen and examined by all
interested therein.
We believe it to be true that Mr..
Hickox did underlet the work, but
then the Tiffin Board were not solicit
ed to accept of any party in lieu of
Mr.. HickOx, or to release him from
liability in the premises, and never
attempted 50 to do until June 10th,
1872, when a new contract was en- ter
ed into, whereby he was released from
the performance of large portion OF
the work included in the original
agreement, and the same was assumed
to be performed by the Pennsylvania
company.
In the meantime, however, it had
been ascertained by the Tiffin Board
that they were unable to obtain any
other or further subscriptions to their
capital stock, and that by reason
thereof, after having paid the right of
way, depot grounds, engineering and
other costs and expenses, they did not
have subscriptions to pay over,or turn
over to said Hickox, more than
about $50, 200, and Mr.. Hickox was
anxious TO be relieved from a large
portion of the work near Toledo, in
Guiding the bridge across the Maumee.
Thereupon a new contract was en-.
tered into, dated the 10Th day of June,
A. D., 1872, by which the Pennsylva-
mia company assumed the perform
ance of the balance of Mr.. Hickox's
contract, and he was released there
from, and Mr.Hickox in consideration
thereof, thereupon executed his agree
ment to release this company from
turning over to him $4,000, the sub
scription TO which he was entitled un-
der the original agreement, and also
released the company from the issue
to him of $500, 900 ofits capital stock.