Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1878-08-08
A StOckhOIder of the D & s. e r. r..
Asks s0me Questions and Makes some
Suggestions
From Che sciOto Gazette.

1 q NIT uAo 10 az 3GuFOuSu Tile HleuIuuI Vi
your paper, some questions of the Presi-
dent and Directors of the Dayton and
Southeastern Railroad, which, in duty to
the powers that created them, they are
under obligations to answer. Allow me
to preface what I may say with the re-
mark that this article is intended for the
best interests of the road, and in no sense
to gratify disposition to criticise or find
fault with the past or present manage
ment, much as they deserve it,
In report to the stockholders, made
by President Mead, June 9Th, 1873, we
are Informed among other items, that the
company's resources at that date consist
ed of hundred and sixty-three thou
sand dollars of uncollected stock sub
scriptions, a considerable amount of
which was due the company from Ross
county, together with one hundred and
thirty thousand dollars of first mortgage
bonds still remaining in the company's
vaults. In the same report, and from
other sources as we'll, we learn that the
road, as at present operated, is earning
from too to three thousand dollars per
month over and above operating ex-
penses. If this showing be correct, as we
presume it is, why not proceed with the
work, at least as far as Chillicothe, where
the business of the road would be largely
increased, and its net earnings proper
.tionately augmented? Why can't the
Board hypothecate 5000 of bonds per
mile on the ten miles of road between
Musselman's and Chillicothe, at seventy
five cents ,and borrow $37 800? Out of this
amount $40, 900 dollars will buy the iron,
and even at the most extravagant estimate,
81 900 will pay the unsecured right of
way. We have good authority for saying
that there are ties enough on the road,
and paid for, to tie the line to Chillicothe,
leaving balance of $13, 800 cash, which,
with the addition of small balance of
H1Nhite horse'' (made redeemable in stock,
passenger fares, or freights, or payable
in cash, at the option of the holder, at
the expiration of twelve months), would
secure the grading. Meanwhile, prose-
cute the few GROWERS along the line, and
particularly those in Ross county, who
neglect or refuse to pay, to the fullest ex-
tent of the law, and show them that they
can't at pleasure ignore a contract of this
kind, made in good faith, and thereby i'm
peril the ultimate completion ef the road,
as well as the value of every other stock
holders interest along the entire line
That they are liable and can be made to
pay, there can be no question of doubt
This continued procrastination and neg
lect to prosecute all such men is ridicu-
lously unbusiness-like on the part of the
management. We who, out of our limited
means, have paid our stock as agreed, nat
uraIly feel that the company is making a
distinction very disastrous to the road s
best interests, by allowing the stock sub
scribers of more wealth to go unwhipped
of justice, and escape the fulfillment of
their contract, by pleading the baby act,
and claiming to have been deceived. Any
one with modicum of brains can readi-
ly see that the boot is on the other leg
they are the deceiVers and we the de-
ceived; and 1 but reflect the true senti-
ment of all paid-up stockholders when [
state that the directory of the road will
charlatans if they neglect to compel the
men of means to come to the front and
take their medicine.
Now, as I have above intimated, the
means could and should be procured in
this way to go on with the road to COM
pletion; and by a similar process the line
could then easily be completed from Chill
49, 4o1 ell
this city would come to the rescue like
Spartans if once the road reached this
place; their paramount interest is in the
east end. The people of the west end are
loud-mOuthed in their denunciations Of
Ross county, because she will not expen {
her money west of this city, and yet tn,
citizens of Dayton take precisely the same
ground with regard to aiding the peopl,
west of them to reach Dayton in quest O
coal. AS an instance of the truth of what
1 state, 1 would ask: ''What is Dayton
doing to aid COvington, Versailles anC
Delphos to build the Still Water Vale,
road ?'' Answer: AS a community or cor
poration she is doing absolutely nothing
But for an individual here and there, VIII
has some local ''ax to grind" Daytol
would not help that enterprise to dolla
of stock.
Hist! Somebody at the other end of tn
line says: "Your plan is all right. Nov
will you bushwhackers down in Ross tax
these bonds you talk so glibly about a
collateral, and loan us the money yo
claim they ought to PRODUCER We an
swer, No. And our reasons are legiti
mate, and as follows:
1. The present management was organ
lied and elected with definite idea AM
expressed purpose that Dayton, as dis
tributing point for coal-with Dayto
man at the helm-must and should tax
and hold control of the road. To accom-
plish this, schemes were resorted to b
the friends OF those prominent in til
movement, which need only to be allude
to for the purposes of this article, bu
whose foul stains can neither be erased
time or eternity, because they were opel
Iy and wilfully perpetrated on the da
tardly theory that ''might makes right
+ I'd. Now that Dayton has the contr
OF the road, and one of Dayton's fina
cial representatives sits upon the throne
'to give financial strength to it'-why {
not her citizens, her president and h
wealthy directors set the example to Of
e men of capital, and loan the company
few thousands, and take bonds as cola
eral at seventy-five cents? 1t does appe
, to US that such a course would be mo
a likely to inspire confidence. If the 1
rectOry of the S. j. & P. road could fiji
it to their advantage to take the bonds
q that road and furnish the money to bui
: it, how much better the investment i'll t
K bonds of the d. & S. E., which dc
Il promise some return when built. WI
n has become of Dayton's boasted entt
II prise? If the plan herein suggested C
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