Year: 1876

the day before, and concluded new con
tract for. the construction of their road.


Our many readers who have felt anc
still feel al interest in this enterprise
will be interested in the following infor
nation, gathered yesterday, from the
officers OF the company: Since February
last, when the compsny determined tt
construct a narrow gauge, the officer:
have been preparing estimates, and in
viting and receiving proposals fol
work and materials Over eighty
bids were received, and from
the mass the present contract has
resulted.


Blythe terms of the contract the CON-
pany furnishes the right of way, the ties
and iron for the track; the contractors
are to furnish all other materials and the
tools, and build the road in first class
manner, under the directions and TO the
satisfaction oil the company's engineer
ready for the transact on of business,
For the whole work, including mile OF
tunnel and first class bridging and
work and materials of AL kinds,
they receive on the nnal
estimates six thousand dollars per mile,
one-half of which is payable in cash OF
current funds, the other half in the first
mortgage bonds OF the company at par.
On this basis for the whole cost, u sched-
ule of rates for all kinds of work and
material is agreed upon, according to
which monthly estimates are made and
paid for work actually done, reserving n
percentage until the final payment, on
final estimates. The work on the
road from the Lake to the coal
fields is very light, and at the
schedule of rates will cost not exceed
ing $1,000 per mile, according to the es'
Inmates of the engineer. Onc-half OF this
amount in cash will be $500 per mile,
and leaves the company balance OF
stock subscriptions on that part OF the
line, more than enough to buy for cash
the ties and rails. All this is based on
quantities estimated for first class
work and material, but the
company reserves the right tt
cheaper all kinds OF work in order
to leave them still larger share of the
cash avails from local subscriptions fol
the purpose extending the road further
in the direction OF the river.


The theory Of the company is to have
the money to pay for their rails if they
can get them only for cash; and to pay 6
portion in bonds if they can so arrange
Favorable propositions are already
made, and negotiations are now pending
for the iron tor so miles of the road from
the Lake 10 the coal fields.


The contractors are experienced mer
in railroad construction of the standard
and narrow gauge, they come well recon-
mended and express with great conf
dence their entire ability to carry on,
their part of the contract. By its term'
they agree to complete the eighty miles
in ten months, and the whole line from
here to Sandusky on or beforeJuly l, 1878
The bond and stock issues are limited
to safe margin, and no stock issues ex-
cept to tie subscribers on the line
which leaves the ownership of the
road to the people along the line
While the work on the eighty miles be-
tween Sandusky and Dalton is to be
pushed through in ten months, work i:
also to proceed between Dalton and
Wheeling, in order to complete the
whole in the outside time named.


1t Is estimated that if the completed
line costs ten thousand dollars per mile
of cash and bonds from here to the lake
being a distance Of l59 miles) that the
let earnings the first year will exceed
Sill, 800 per mile, which will pay 7per
cent on the total cost, including interest
on bonds and per cent dividend on the
stock. The company has been very
deliberate in forming the contract
and seems in other respects to
be feeling its way cautiously. We have
not given the matter very careful re-
Election, but it looks to us rs though the
course of the company is prudential, and
that the policy inaugurated, If vigorously
pressed, will result in the cheap and early
construction of the line If SO, the result
will be q gratifying vindicstion of the
wisdom of the officers in outstanding
their resources until now when all
prices are at the lowest; and
As sll will join us in commencing
the pluck which this company has shown
in trusting to the merits of the line into
and through the panic, and in holding
on in the face of the many discouraging
circumstances they have been called
upon TO provide against


Our bes, words and wishes now, as in
former times, are that the friends of the
road may have the grand success that
their faith and energies deserve.


Dr. Htldreth for school Commits