Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1879-04-04

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Aeeting with the Directors report.
The plan referred to consisted of an
agreement between the creditors and
stockholders of the Ashtabula, YOungS-
town and Pittsburgh r. r. Co. for the
sale of the road and Reorganization of
the Company, which agreement bore
date of May 18th, 1878.
The Committee of Trustees and
Agents created by that agreement pro-
ceeded to carry out plan of re-Organi-
zatiOn by procuring from the Court of
Common Pleas of Mahoning county,
Ohio, decree of sale, dated June 9th,
1873, under which decree the railroad
and other property of the Ashtabula,
Youngstown and Pittsburgh Il. r. Co.
was sold at public sale by Special Mas
ter Commissioner appointed by the
Court for that purpose, on the 2lst day
OF August, 1878; and said railroad and
property were bought in by the Com
mittee aforesaid, as agents and trustees
for the bOndhOlders and stockholders of
said Company.
The sale by the Master Commissioner
was confirmed by the Court of Common
Pleas of MahOning county, Ohio, and
an order made by said Court directing
the Special Master Commissioner to con-
vey the railroad property and franchises
to the said purchasers as agents and
trustees as aforesaid.
Pursuant to the agreement of May
18th, 1873, and as authorized by the
laws of Ohio, new Company was or
ganized by a meeting of the stOckhOld-
ers and creditors of the Ashtabula,
Youngstown and Pittsburg Railroad
Company, called for that purpose and
held in the city of Youngstown, Ohio.
on Sept. 25th, 1873, at which meeting
the present Board of Directors were
elected; and by deed dated October 3lst,
1878, the railroad property and fran
chises purchased by said Committee of
Trustees and Agents were by them con-
veved to the Ashtabula and Pittsburgh
Railway Company. Said deed hav-
ing since been recorded, and the nee
essary mortgage to secure the bonds
of the new Company provided for
in the agreement having been also eX-
ecuted and recorded, the railroad
property and franchises formerly be-
longing to the AshIabula, YOungs-
town and Pittsburgh R. R. Co. became
vested I'm the Ashtsbula and Pittsburgh
Railway Company.
In further pursuance of the said agree
ment of May 18th. 1878, the bonds
outstanding of the AShtahula, GOungs-
town and Pittsburgh Il. r. Co. have
been exchanged for the new bonds of
the Ashtabula and Pittsburgh R'y Co,
with the exception of some three or
four bonds which have not been pre-
sented for exchange.
The floating debt of the Ashtabula,
Youngstown and Pittsburgh K. K. Co.
has been liquidated as provided for in
the agreement, and the stock OF the A.
Y. & P r. r. Co. has been exchanged
for the stock of the Ashtabnla and Pitts
burgh R'y Co. when and as the same
has been presented at the office OF the
Assistant Secretary for such exchange,
upon the terms provided in the said
agreement.
Your Board desires to state to the
stockholders that in its opinion the re-
duced amount of stock in the Ashtabula
and Pittsburgh R'y Co., to which they
are entitled under the agreement atore-
said. is more valuable by reason OF the
floating debt having been retired (the
new lease being more favorable than the
old than was the greater amount OF
stock previously held by them; and
| your Board further desires to call spe-
] Clal attention Ol SuCl stuthhOthNAS 40
have not exchanged their stock, to the
fact that under the laws of Ohio the
time within which such exchange can be
required of the Company tciH expire on
Sept. 25th, 1879, and that all Of the old
stock sOhich has not been exchanged by
that date DiH be UGLueless an the hands Of
| its holders.
The annual report made to the stock
holders of the Ashtabula, Youngstown
and Pittsburgh r. II. Co. at their last
annual meeting gave the results OF the
operations of the road to the end of the
fiscal year. April lst, 1878.
The Ashtahula and Pittsburgh R'y
| Co. took possession of the road on
August lst. 1878; and the earnings. ex-
penses and net earnings from April lst
to July 3lst. 1878. were as follows:
Earnings for months, ending July slst, 1913.
| Passenger Enrnings----..S 1856 81
| Merchandise and Ore 81, 4,3ni2
| Goa. l.---.--------- .--.-.-- y ,USb.SS
| transportation Of Mail 9l9S8
| Express freight 13l?.h
! miscellaneous -- 5GS 81
! for A