The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-07-31
IMPORTANT RAILROAD MEET
ING
In the Interest Off the Wheeling &
Lake Erie Railroad Company.


In the Interest off the Wheeling &
Lake Erie Railroad Company.
Agreeably to notice previously given the
Officers and Directors of the above named
road assembled at Norwalk on the 22d, d,togeth-
er with number of representatives from the
different towns along the different proposed
routes between Lodi and Milan. On the eve
ming OF the 22d, and on the morning Of the 2Sd
business meetings of the Directors were held
in which important interests relating to the
road were discussed, snd in the afternoon of
the 23d public meeting was held in the
Court House, at 2 o'clock.
At the appointed hour Judge Pennewell
called the meeting to order, and remarked
that it was not generally understood whether
the meeting was to be under the auspices of
the officers of the road or whether it was to be
under the auspices of the people of NOrwalk,
but in order that there should be no occasion
for local fault finding, and to Allay any feel
ing of local jealousy or rivalry,he would move
that Mr.. Joel Wood, President of the road, be
called to the chair, which motion was adopt
ed.
On taking the chair President Wood said
the position was an unexpected one. But
since the meeting had been placed under the
auspices of the board he would state briefly
the position Of affairs. They were aware that
under the Beosel law decision, the company
had been deprived Of between four and Eve
hundred thousand dollars of voted aid west Of
Lodi. East of that point the stock had been
mainly in individual subscriptions. The
Company deprived of this aid had located the
road as far as Lodi, and the work to that
point was all under contract for construction
and equipment, and awaited the necessary To-
cal aid before locating farther. They had
surveyed several lines, one from Lodi to New
London, Norwalk, Milan and Sandusky, one
by Wellington, Clarksfeld and Norwalk to
Milan, and one by Wellington and Wakeman
to Milan. This meeting had been called in con-
nection with the Directors meeting to hear
reports from the various localities in regard
to their progress in obtaining subscriptions Of
stock, and to aid them in determining the To-
cation. They wanted to know not only what
had been done, but what they were able to
do. Some might prefer more private man
ner They could take their own course. The
Board would be pleased to hear from all.
Judge Penneweu, arose and remarked that
some one would doubtless be called upon to
explain that portion of the bonds relating to
liability of stockholders for any amount be-
yond that nominated in the bond. In other
words, whether in case Of indebtedness arising
under these bonds, stockholders would be IL
able to double the amOunt,-whether there
could be double. liability. He therefore moved
that Judge Cochrane state his views in rela-
ton thereto. Carried.
Judge Cochrane, of Wheeling, thus appealed
to arose. He thought it was rather delicate
matter to ask a West Virginian to expound the
laws of Ohio,b but as he had been born and bro't
up in this State and had begun the study Of
law here, he knew something of it. The con-
tract for the building and equipment of the
road from first to last, provided that Mr. Shan
ley should receive s22, 800 in stock not prefer
red, S22, 500 in bonds, and $4,000 in local sub
scription-tOtal $4,000 per mile. Bonds had
been issued and a mortgage securing the same
had been recorded in the several counties the
road passes through. The entire bond is reci-
ted in the mortgage. They had been met by
this question Of individual liability all along,
and had, in the preparation Of their bonds en-
deaYored to avoid it, and he believed that the
clause relating thereto would exempt the hol-
der from any double liability. How the Su-
preme court might decide the question he cod |
not tell any more than he could have told how |
they did decide the Boesel law unconstitution- |
al after affirming the constitutionslity of the |
Cincinnati law. There was one thing hoWev- |
er they could rely on, Mr. Stanley assumes |
four-ffths of all the risk, as he would hold that
proportion of the stock. Did not believe there |
was any danger. Had never known an instance /
of the kind. Judge PenneweIl cited case
where proceedings in chancery were institut-
ed His (Cochrane's) opinion was that moth
ing more could be collected than the amount
subscribed. He was, however, but human and
might err.
He would challenge an examination of their
line, its agricultural and mineral resources and
if they would go over the line they would re-
turn as did the queen Of Sheba, and exclaim
"the half hath not been told" The line ran
through bed Of coal for 81 miles; embracing
five or six veins of as many different varieties
From Orville to the river coal was mined and
over great part of the way coal was deliver
ed upon the track from hillsides, down double
tramways, by its own gravity. The Pan Han
die road traversed but small proportion, and
The P. Ft W & G Road only touched this vast 6
field at MassiIlon. They could furnish coal 6
'heaper than any other line, and as they wan '
ed the ores Of Superior, and lumber and fish )
If the North, they wanted to supply your mar 5
Iets with the coal and other products in which l
hey abounded. They now got their supplies 6
mainly by Cleveland, but the completion Of t
his road would bring them 20 miles nearer
o Superior than Cleveland was. Believed the d
Dad would pay in five years and regretted it
vas not already in operation. They had beds
# band ore, fire clay, &C., and their route Law c
through the very garden spot of Ohio, which q
lad as yet no railroad outlet. In every par q
ocular the country is better than that along a
he line Of the C. & P. R. B., which, although 81
t had once been in a receivers hands for a b
ew years, now paid dividends on stock wa g
cred from $l.00 to SLAP, and was leased for a 81
'eriOd of 80 years to the Pennsylvania Com e.
ANY, at the rate Of per cent. on the watered Il
'asis He challenged investigation by intelli- 81
.ent and impartial minded men. InYestiRa-
ion win prove conviction. Win relieve YOU n
+ the panic by not only expending your own 81
money among you. but plenty of other peo- 81
les money, even though the grangers should b
uarrel with US some about the cost of trans ol
ortation.
DR.. Skillenger, of New London. moved a oi
all of the different places, in alphabetical a,
rider. Motion carried.
Ashland was called and a Mr.. Chase, respon- 81
ed saying they were about to build a line,
trough their county and hoped to connect tc
nth this at New London, which was their lii
esrest point of approach. They were char &C
sred, organized, had the capital, and were "
sady for work, and If the road was located 70
} as to accommodate them they would have W
leir road built as fast as men and money 81
,uId build it and be ready for connection hs
ith yOn. su
Mr.. Lewis, of Ciarksfeld, said they had ".
iissd $4,000. Would be able to raise about th
1000. to
Mr. Meeter, from Huron. said they were Lin