The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1903-03-20
MONEY is FORTHCOMING
FOR Mr.. FRENCA'S RAILWAY
A Combination Of Cleveland Banks Has
Undorwritten His Bonds 10
Amount Of 100000.
THE CONSTRUCTION IS NOW ASSURED

IA combination of Cleveland banks
has underwritten bonds of the French
railway lines for, upwards of $4,000
600, says the Cleveland Leader today.
asSft Is understood that the total
amount of Cleveland money in these
railroads will approach $3.OO0.OOO.
1.-The transaction came to light yes
terday afternoon. The rate OF inter-
est is not definitely stated although 1t
Is understood that the securities VIII
net about per cent. 1t Is understood
that one large trust company Is the
central. figure in the movement, sew"
efal other concerns participating
This gives tone of certainty to the
French lines that seems to put them
beyond the possibility of a failure.
1t Is understood that the money OBJ
teined from the Cleyeland companies
will be applied at once to the con-
struction of the road from Sandusky
toward the Ohio river. This seems
to. be the first railroad that will be
built The rights of way are now be-
ing obtained, and several cities have
become so much interested in the rail-
roads that they have undertaken the
task of purchasing for the French in
terests the desired rights. The line
is to proceed from Sandusky harbor
southwest through Ohio to East Liv'
erpool. and then on to Beaver, where
connection will be made with the
Pittsburg & Lake Erie for the de-
sired entrance into Pittsburg. THIS
will et once put the French lines In
position to handle lake and river coal,
and also ore from the lakes to the
furnaces of the Mahoning valley and
the Pittsburg district.
about the relations between this line
about he relations between this line
and the Pittsburg C Lake Erie. A
statement made by General ManagerJ. ].
M. Schoonmaker, of the Pittsburg e
Lake Erie railroad. is interesting. He
saws: "If the Pennsylvania company
completes its double-tracked low
grade road: if the French lines COM
plete their four tracks from Youngs.
town to Cleveland; IL the Erie rail-
road completes it's four tracks. and II
the Lake Shore continues its improve
ment to the harbor of Ashtabula
there will be business enough out ol
ft1 Pittsburg territory in the next tel
years to keep all of these lines busy
and then keep the Lake Erie road IN
a congested condition"
He makes the statement that the
French line to Beaver is an absolute
essential together with the other I'M
prcvements that are beng contemp.at'
ed. This line will he used to prevent
the congestion in and about the Pitts
burg territory. 1t is learned that th'
French roads have no immediate in
tention Of peJetrating Pittsburg.
After the line from Sandusky u
Beaver has been completed plans viii
be made to connect up, the French
lines east and west with the Nlcke
Plate and the Pittsburg & Lake Erie
thus forming another road from Pitts
burg to Chicago. 1t is said that this
will not interfere in any way will
the existing contract between th'
Pittsburg & Lake Erie and the Eri'
railroad. The money obtained from
the Cleveland banks will assist in thu
development of these projects. al
Though 1t will by no means complies
the work under contemplation.
It was learned from high officia
OF the French lines yesterday after
uOtu ludL tuC tiiP VI ~. W. rAShsA ~
the Pacific coast in the private ca
chartered last week Is not pleasure
trip. He will have with him mum
ber of followers of the French syndi
cate. 1t is learned that the intention
is 10 visit al mber of prominent rail
road financie, who are spending tn
winter and spring on the Pacific coas
in southern California.
Mr.. French and his party will b
gone about. three weeks. Mr.. Frencl
refused to talk about this part of hi
visit yesterday. He would neithe
confirm nor deny the statement. 1t |
understood, however, that other inter
ests are to be persuaded to Inves
money In the French lines, with tn
possibility of western connection q
Importance being made. Just who
behind this movement or what is In
tended Is not stated at this time.