The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1902-05-06
THEN SOLD OUT At
PRICE BELOW PAR
Story OF An Interesting Trans
action in History Of County
Which Gave Canton Its
First Real Start.

securing the Pennsylvania railway
through this section. In order to help
the industry along and secure the
road, away back in May 16, 1S49,
when men who are now gray-headed
were boys the county commissioners
purchased 1900 shares of preferred
stock in the road. and in order to pay
the first instalment $4,000 in bonds
were ordered issued the railway COM
pany having the option of taking the
bonds or the cash.
This plan was the popular thing at
that time, and there is little doubt in
the minds of the people that it was
perhaps the best investment that the
county ever made. Certainly it meant
much for Canton, as at that time the
canal towns were running away from
their inland sisters.
The bonds were at first issued in de-
nominations of 800 each so that they
could lie readily negotiated, but later
the values were increased. it being
found that larger bonds were better
sale in the east, where the most of
them went.
Payments became due from time to
time, as the road progressed and addi-
tional bonds were issued until finally
the full amount had been paid into the
hands OF the company. The company
took the bonds and held them. real
izing upon them when money was
needed.
THE THREE JACOBS.
jacob Galatin, Jacob Sshlott and ia
cob B. Hoover were the county COM
missioners at the time the stock was
subscribed for. They all bore the
name of the Jewish patriarch, and
subsequent developments showed that
in the way of securing great benefits
for so small an outlay they were equal
to Jacob of old. who got birthright
for a mess of bean porridge, or other
tempting Wand.
The face value of the stock at the
time was $150,000. While the records
at the auditors office are not complete,
it is thought that the full face value
was paid for it,
The company was then called the
Ohio & Pennsylvania Railroad COM
pany. 1t subsequently became the
Pittsburg. Ft. Wayne & Chicago Rail
road company. and later the railroad"
in the name was changed to rail
way" which is the present title.
The interests of the county had to
be looked after, and Arnold Lyncn was
sent to Pittsburg to attend the annual
meeting of the directors and stock
holders. with instructions to cast
Starks 1.500 votes "yoonanimously
for himself" as Nasty would say.
IL he was too modest to vote for him
self. then the stock was to be voted
for Hiram Crisswold, or some other
Canton man who had a chance to win.
NEW BONDS ISSUED.
In May, 1850. the 800 bonds were
ordered cancelled and new bonds of
the denomination of $1,000 each were
issued to take their places. This re-
quired less coupon clipping and was
more convenient. In June of that
year. 10000 additional was paid the
company by the county, the progress
Of the work warranting it.
About this time the commissioners
began 10 get suspicious Of the COM
pany. and December, 1854, Commits
sioner Alexander was ordered to at
tend the annual meeting and inves-
tigate and find out IL it were true that
the railway company was withhold
ing about $1,000 in dividends that
were due the county on its stock.
They concluded that they would
take snap judgment on the company,
the railway people had taken the
bonds and negotiated the sale of them.
at same time guaranteeing the interest
to the parties who had purchased
them, that it could take Stark county's
share of the dividends and pay the
interest. 1t was figured that this
would save the county the interest and
secure her her dividends.
The result of this investigation and
plan never got on the records. but 1t
was shown that the county still kept
paying the interest right along. Later
there we're substantial dividends re-
ceived. at one time as much as $13.-
600 being in the county treasury cred
tied to the fund arising from this
source.
AN EXTENSION OF TIME.
In 1857 the bonds began falling due.
and there had to be an extension of
the time for maturity. This was cas-
fly arranged. In 1860. the county got
tired paying interest and wanted to
redeem the bonds before they fell due.
They were selling above par, or held
for more than their face value. at this
6frpno and A. was hard IN sec,,ra them