Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1879-01-09
THE So. s. P. RAILROAD.
That Statement To stockholders


herewith submit the following report /
of the condition of this Company on the |
lst day of December. 1873:
The present Board of Directors began |
the management of this Company's affairs |
on the 5th day of Novemb ber, 1877. On
the third day of November, 1877, by res
ignations, and vacancies filed, the fol-
lowing persons were directors, and it WAS
found necessary to move the General Of
fee 10 Springfield:
Fl. L. Chapman, jackson. o.
W. w. Bell, Greenfield, O.
Jane PurselI, Washington, o.
B. Fl. Warder. Springfield. 0.
Amos Whiteley, Springfield, o.
John Foos, Springfield, o.
VIM. n. Whffeley, Springfield, o.
At that time the line from Jackson to
Waverly, distance of % miles, was IN
operation, and the ballasting nearly COM
pleted; but there were no tracks extended
into the coal fields, and whatever coal was
then transported was hauled out from the
mine In wagons. Upon that portion of
the road was one locomotive, two passen-
ger cars, six box and twenty-four plat
form cars.
On the line from Waverly to Balm bridge,
distance of twenty-five miles, about FIVE
miles of Right of Way had been procured
and graded, but no bridging or trestling
had been erected on any portion of the
same.
From Bainbridge to Greenfield, dis
tance of eleven miles, there were about
eight miles graded, but no bridges or
trestles erected.
From Greenfield to Washington, dis
tanee of fourteen miles, about one mile of
Right of Wav had been procured, and
grading done, but no bridging or trestling
had been put upon it.
From Washington to Charleston, dis
tance of twenty-three miles, about eight
cen miles had been graded, and the bridg-
ing and trestling built.
From Charleston to Springfield, dis
| tance of twelve miles, the grading had
been done, and the iron laid, but not bal
lasted. No switches or terminal arFang-
ments had been made, and one locomotive
was upon that portion of the line, making
/ in all, thirty-seven miles of the line
irOned, and twenty-five miles in opera
ton.
| The cost of the work had thus far
reached over 5000, 900, including real es-
tate purchased; over $400, 900 had been
collected upon the Stock subscriptions,
and the Company had an aseertained in
debtedness of 1920, 900, the larger amount
of which was past due and very pressing,
besides an additional amount, not aseer-
tanned, due to contractors, and for work,
| and for materials, and of the $2I9 800 of
Bonds that could be issued on the Iron
laid, all had been hypothecated at fifty
(50) cents on the dollar, except $48, 600;
and most of the Bills Receivable and Real
Estate taken on Stock subscriptions had
| been hypothecated with the Columbus
Rolling Mill Company for Iron.
The original amount of the subscription
was about $825 900, but owing to the de-
lay in collecting the same, and the fnan-
eial embarrassment of many of the sub.
scribers, had shrunk nearly $200, ,006-ir
other words, on the 9th day of Novem'
Der, 1877, the Springfield, jackson 6 Pom.
eroy Railroad Company had expended
its entire capital, leaving seventv-siz
miles of the road to be built, and th'
equipment to be put upon the entire line
On the 9th day of Janaary, 1873, at {
meeting of the Stockholders, held a
Springfield, Ohio, the present Board o.
Directors, viz:
H. L. Chapman. jackson, o.
: w. w. Bell, Greenfield, o.
James Pursell, Washington, 0.
B. FL. Warder, Springfield, o.
Amos Whitley, Springfield, O.
John Foos, Springfield, O.
VIM. N. Whibeley, Springfield, o.
Were duly elected and entered upol
their duties accordingly.
From the 9th day of November, 1871
, to the 9th day of January, 1873, the boar
I of management had contracted by neN
2 ADIIEGGIS anu continuance OA OA0 OllCs
the entire work on the line; and upon tn
9th day of January, 1873, considerabl
amount of 2. aiding and trestling betWee
Waverly and Balm badge had been done
: and Right of Way secured. No work ha
| been done between Bainbridge and Green
, | field. A considerable amount of wor
had been done between Greenfield an
Washington, in procuring Right of Way
grading and timber work.
: Between Washington and Charlesto
: seventeen miles of iron had been laid, ez
tending from Charleston to four mile
south of Jeffersonville; and part of tn
: road had been ballasted from Charlesto
d to Springfield.
q One new locomotive had been pr
e cured, and twenty fat cars, for tn
. Springfield end of the line.
From the 9th day of November, 1877
10 the lSt day of December, 1873, the TO
9 lowing work has been accomplished:
i There have been $178 ,076. .32 of the StoC
+ subscriptions settled in various ways, b
/, cash, scrip, notes, transfers and compr'
+ misses with insolvent subscribers; $4Ol
n 806. 10 borrowed, upon the hyp0thecatio
II of the bonds of the road, at fifty cents c
e the dollar, and $l76, ,760.50 worth of iro
l. purchased, by the hypothecation of bon'
at fifty cents on the dollar, to secure tt
II payment thereof.
d Upon an examination of the Company
d affairs, it was ascertained that, to con
d plete the line from Springfield to the co
A fields in Jackson county, it would co
IF about$ 81 ,400, 600. The original Stock sul
5. scription was $500, 600, but shrank
e. 100000, and that having been expendt
d previous to the present management, lie
e a deficiency of 100000, all to be raise
is from other resources than that of tt
Stock subscriptions of the Company.
The amount of Bonded Indebtedne
s. previously authorized on the first day
?. January, 1877, was $500, 900, and as tt
- previous Board of management hi
/. deemed it wise to borrow money and pu
s. chase Iron, by hypothecating the sa
le Bonds in security therefor, at fly cen
IS on the dollar, the present Board of Ma
d agement deemed it prudent to follow
e their footsteps, after having made eve
m effort to procure money otherwise, wit
to out snccess.
90 The amount thus raised would rea,
Sc $500 900, which was found would be i
y sufficient to complete the wor
ne Therefore, on the 5th day of Februar
Id 1873, by a resolution of the Board of [
Mt rectors, it was decided to cancel the tn
fv existing Mortgage of 100000, and wit
= draw the said Bonds from the mark
h and issue in lieu thereof First Mo
gage of 5000, 900, which bonds were
pothecated at the rate of fifty cents on t
dollar, for money borrowed and Iron pit
= chased.
ay The amount thus raised was aga
81 found insufieientto complete the wol
Vt VI and Second Mortgage of $3.50, 900 "
81 decided upon by the Board, and issued
~ the first day of October, 1873, and mon
% borrowed by pledging the Bonds at fiji
u cents on the dollar as security for t
a. payment thereof, in order to compl,
~ the work.
" The total amount of money borrow
x by this company, and the payment there
ne secured by the 1st and I'd mortgage boi
tr of the Company at fifty cents on the d
We lar to December 1st, 1873, is $4O1, ,806.
Nv and il secured by $500, 900 1@t and
. inortg lge bonds, as follows: $532 800
@ So- and $268. 300 I'd.