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HE2791 .8222 1858""' '""'"'' "*''i?iiiiiimiii!i«iiifiiSi;.'fte''^«''s o" •'•e condit ^,.^ 3 1924 030 115 434 Digitized by Microsoft® This book was digitized by Microsoft Corporation in cooperation witli Cornell University Libraries, 2007. You may use and print this copy in limited quantity for your personal purposes, but may not distribute or provide access to it (or modified or partial versions of it) for revenue-generating or other commercial purposes. Digitized by Microsoft® R^-w.>T>Jt- ' L^-ej^M^k REPORT STOCKHOLDERS I 1 HAD RIVER & LAKE ERIE RAILROAD COMPANY, •« CONDITION OF THEIR ROAD, Jebruarg 1, 1854. SALEM: PRINTED AT THE OBSERVER OI'TICE. 1854. 51 Digitized by Microsoft® Cornell University Library The original of tliis book is in tlie Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive..Qra/details/cu31924030115434 ■^ Digitizia by Microsoft® R E P R T STOCKHOLDERS IAD EIVER & LAKE ERIE RAILROAD COMPANY, CONDITION OF THEIR ROAD, lebntarg 1, 185-5. SALEM: PRINTED AT THE 0BSER71R OmCE. Digitized hv. Microsoft® Digitized by Microsoft® To the Stockholders of the Mud River ^ Lake Erie Rail Road Company: The position of the Mad Kiver and Lake Erie Kail Road, has been found to be such, as to require the adoption of measures, for ensuring a greater efficiency of action, by the Board of Directors, and a more direct responsibility in conducting its operations. In consequence of the residence of some members of the Board in diiferent towns in the state of Ohio, and of others in Boston, and New York, it has seldom been found possible to obtain a quorum for the transaction of business. The President, having engagements incompatible with a strict devotion of his time to the duties of his office, has never been willing to assume the executive control, which it would have been the wish of the Directors to confide to him. In consequence of this, the close super- vision which the Superintendent was desirous to hold over the details of the business, has been in some degree interrupted by attention to matters of a more general, but of a very important character. Under these circumstances, it was determined to commit the whole executive authority, for a limited period, to a Committee of three Directors, whose large interest in the stock has induced them to consent to devote a certain portion of their time to this service, and will, it is presumed, be a sufficient guarantee for a faithful discharge of its duties. The road, it is well known, was originally constructed in the cheap- est manner, with simply a strap rail, small equipment, and but little wharf or depot accommodations. Its early business corresponded with its mode of construction and extent of equipment. It however traversed a country that was rapidly improving in population and wealth. Its northern terminus was located on one of the best harbors on the great lakes. It became connected by two Railway routes with the Ohio river, at Cincinnati, and, by an extension of 34 miles, with Dayton, one of the most flourishing cities in the State. At this and at other points, by a connection or intersection with other railroads, it became the outlet of a great extent of highly cultivated country. A large accession of business has been the result and much more is promised. This required a thorough renovation of its road bed, the substitution of a heavy T rail, for the flat apology for a track that had been in use in the early age of railways, the construction of wharves, grain depots, warehouses, machine shops, and engine houses and a large increase of the rolling stock. All this has been done, but of course, at a heavy expenditure. The cer- tainty of a lucrative local business that no competition could affect, seemed to make it clearly for the interest of the stockholders to obtain the means of defraying i£J/^zsrf igsftftoo^sDilfflds rather than of Stock, and that course was resorted to. Hence a large part of the present t'uiideJ debt, which, when contracted, was supposed sufficient to meet all the claims upon the Company. But the demands for shipping and ware- house facilities, for motive power, and carrying equipment, have exceeded the most careful estimates, and have absorbed all the earnings of the Road for the last eighteen months. The amount of these, it is but just and proper, should be handed over to the Stockholders in some substan- tial form. It will be seen by the statements hereto appended that the large floating debt is represented and secured by an equal amount of property, some portions of which, it may be for the interest of the Company to hold, at least for the present, but another, and much the larger part, can no doubt, be converted into cash, and thus used to reduce its liabilities of this description. Even this however will require some time. The condition of the money market is not favorable to immediate sales of any thing in the form of Stocks or Bonds. Neither is it easy to negociate new loans. Under these circumstances the Directors have felt it expedient to make the Dividend in Stock, and to delay declaring it until, by a full and accurate estimate of the Road, equipment and property as they are, they were convinced that they exceeded in value all the other obligations of the Company, by at least the sum to be divided. Being satisfied on that point, as will be fully shown by the statements herewith submitted, a dividend often per cent, or five dollars per share, has been declared, payable in stock to holders on the 31st day of March current. Certificates of the same will be issued at Sandusky, New York, and Boston, as soon after that date as the necessary formalities can be arranged in Ohio. This issue will increase the capital stock paid in to 53,936 shares of fifty dollars each. This dividend amounts to about ^2,280 more than the amount credited to Profit and Loss, as shown by statements at end, which sum will be a charge upon the income of the next year. The improvements and accessions of working apparatus are now nearly completed. The road is in fact, a new work, with an old established business. It has therefore been judged to be a favorable time to make an entirely new appraisal of the railway, furniture, lands and property. It is satisfactory to find that this appraisal is fully justified by the current income, or in other words, that, at the valuation made, the net earnings prove it to be a fair investment, having been for the past year 8f per cent on the capital stock paid in. The course adopted and the results arrived at, are shown by the following statements attached to this Report: Statement A Exhibiting in detail the appraisement of the Road at the present cost of materials and labor, and the deduction made for depreciation. B5 Showing the location and valuation of the several station grounds and buildings, and the actual cost of the exten- sive improvements at Sandusky, just now completed, and tools and materials on hand. C A schedule of the locomotives and rolling stock, valued after a thorough examination of their actual condition. & Indicating the nature and amount of the property on hand notDi^ipkAdi/dW/dhBaftg) of the road and balances of accounts due. Statement Wj Income, expenditures, and net proceeds of operating account, for each month of the year ending Jan. 31, 1854. F Statement of gross income since the Road has been in full operation. CJr General accounts — capital stock — construction — property — January 31, 1854. From the facts and details disclosed in these statements, and by the valuations annexed, every stockholder may judge for himself of the condi- tion of the. assets and the justness of the appraisal, and may calculate the true value of his shares. He will also be enabled to form a judgment of its merits as an investment as compared with other and well known stocks of a similar character. No one of them stands higher in public estimation than the New York Central Railroad, and none more justly. It is now worth-, and richly worth, $110 for 100 par value, but no one anticipates more than ten per cent annual dividends. It is laid wjth T rail and double track, and stands with its equipment at nearly g70,000 per mile. That part of the M. R. & L. E. Railroad, laid with T rail, and on a single track, without equipmennt is valued at less than ^23,000 per mile. Adding for equipment $4000 and for second track $10,000 per mile, the comparative cost of the two roads as shown by the books would be as 70 to 37. The New York Central divided for the nine months ending Jan'y 31, 5 per cent ; the M. R, & L. E. Railroad during the same months earned over 8 per cent, on the capital stock paid in, as is shown by statement E. In doing this, the former had all the advantages of being located in a thickly settled country, with all its con- nections made, and all its arrangements complete, while the latter can only anticipate them. That it has a right to do this, will be admitted on an inspection of statement F. showing an increase in its business of one hundred per cent in four years, though retarded during that time by the opening of a rival and very successful parallel road. It must however be admitted that this circumstance was of less importance, as the M. R. and L. E. Railroad depends almost entirely on a local business, that may always be retained at remunerative prices and which in a new country is always increasing. This Report, in consequence of the anxiety of the Stockholders to receive'it without further delay, has been drawn up in some haste and may therefore possibly contain some unimportant errors of calculation or misapprehension of some not material facts. The valuations that are not based on general information respecting the cost of constructing roads at this time, have been made on the spot by impartial experts and are believed to be such as could at once be realized. At any rate an effort has been made to place before those interested a just and definite state- ment of the condition and capabilities of their property, and the directors trust, that with the efforts now making to develope the resources and restrict the expenditures of this Road, satisfactory results may hereafter be attained. In behalf of the Directors, D. A. NEAL, ) Executive SAM'L HENSHAW, f Mecuiive B.DPi^B^ft*aiA«®ERLAlN, j committee. SuiDCSKT to Tiffin, Est'd Cost. Sl'ATEMENT (A) Valuation of ESailway. Strap rail 33 lbs. per lineal yard. Valuation new Road, Grading, bridging and masonry Right of way Superstructure, continuous bearing Spikes, 1760 lbs. at 6 cts delivered Kail 3520 yds— 116,660 lbs at 4c Laying superstructure, $1 per rod per milo |4000 00 " " 1500 00 " 750 00 '< 105 60 4666 40 320 00 11,342 00 Engineering & contingent expenses 10 pr ct 1,134 00 Present cost 12,476 00 Depreciation. Superstructure - $750 00 Laying do. - 320 00 Engineering & cont'g't exp. 1134 00 Loss on spikes 3 cts per lb. 52 80 " " Hails li cts per lb. 1749 90 " " grading, &c., 1469 30 5476 00 Present value. 37i miles at $7000 Side tracks 2| miles at 7000 00 $260,750 00 pr m 20,000 00 PrNBLATP Branch. 15J miles at Turnouts fer mile 108,500 00 2,000 00 $280,750 110,500 Tiffin to Springiteld, T Rail 54 lbs. per yard — new track in 1852. Valuation. Grading, bridging and masonry. Right of Way, Ties 2100 per. M at 30 Chairs 5000 lbs at 6c Spikes 5000 lbs at 6c - Rails 541bs p yd, 3520 yds-84 8-10 tons at 1 Laying track $1 per rod Fencing, 75 cts per rod per mile $10,000 ti a 1,500 (t it 630 n It 300 li a 300 ons at $75 6,360 320 - 480 Engineering and contingent expenses 97 miles at 21,879 per mile 3 1-8 miles turnouts at $12,000 Estimated cost Deduct Decay of bridges Fencing not com. 20 m. Gravelling do. 20 m. Wear of rails 2J per. ct. $8,000 9,600 6,000 15,423 19,890 1,989 $21,879 32,122,263 37,500 $2,159,763 39,023 Carried up, 2,120,740 $2,511,990 Digitized by Microsoft® STATEMENT (A. Continued.) Brought up, 83,511,990 SpBDjanELD to Dayton, — ^T Kail, 60 lbs. per yard, — new track in 1851. Cost of road from Tiffin to Springfield per mile $19,890 add Increased weight of rails 9 4-10 tons at $75 705 Extra cost of right of way • ■ 500 " " grading - 2,000 23,095 Engineering and contingencies 2,309 $25,404 24 miles - - - $609,696 Deduct deterioration of iron 5 per cent 9,000 600,696 Add for turnouts, side tracks, &c. 14,500 615,196 $3,127,186 STATEMENT (B) Stations. Lands. Buildings. Sandusky City Lot 1 Fulton street $1,500 $1,150 57 & 58 Water street 4,000 2,900 4 Lawrence street 1,200 2 do. do. 1-3 400 101 to 110 water lots and wharf 70,000 26 Market street 5 acres 25,000 94 to 97 in Wharf and buildings 30,000 28 & 29 Tiffin avenue 6J acres 10,000 111 to 120 Water lots 50,000 20,000 98 to 100 do. 50,000 25 to 27 N. of Tiffin avenue 11 acres 30,000 50,000 Bellevue 98 to 101, & 106 to 117 in Huron Co. 670 Lewisville 64 to 66 in Seneca County 200 4,500 Lodi 23, 36 to 38 do. 200 400 Republic 35 to 37 and 147 to 149 do. 500 600 128 to 130 do. 1,800 195 to 197 do. 1,000 6,000 New Fort Ball 351 to 358 do. 3,500 2,500 Berwick 22 to 27 do. 120 300 Carey 44 to 46, 142, 61 & 93 Wyandott Co. 625 47 do. 200 2,000 Amount carried up, 1280,915 $90,350 Digitized by Microsoft® STATEMENT (B. Continued.) Amount brought up, Kenton 3 i acre outlot Hardin County 4 1 acre do. do. 2, 7, 12, 14 & lia. on Taylors Creek BeUeoentre 4 500 by 400 feet Himtsville 4 acres Bellefontaine 8 to 14 Logan County 3-8 of an acre front of Depot W. Liberty 100 by 400 feet 2 a. in W* SBi Sec. 31 T 4, R 14 Urbana 9 to 12 Champagne County Springfield 6 acres Mound lot ( 20 by 206 extension of W. St. ^ I 8, 11. & 12 Springman's addition J 4 north of R. R. track, ) 9 108 feet front of V and another parcel ) 5 and 6 Osborn.. Dayton.. Vanlue.. Findlay., part 114 acres NEJ Section 17, 3 Passenger and Freight Depots 2 acres 9 acres 3 acres Warehouses Lands. ,915 500 500 1415 500 240 2,500 375 1,200 72 5,600 2,946 10,000 10,800 2,200 450 900 300 392 500 20,000 200 Buildings. ft90,350 $600 1,000 200 900 105 3,300 2,700 500 1,200 7,000 500 400 500 4,000 10,000 4,000 8,000 Value of Lands " " Buildings Cost of New Dock at Sandusky " " Engine House and Machine Shop Value of Materials for construction on hand " " Tools in Machine Shops $342,505 $135,255 $342,505 00 135,255 00 150,509 47 63,145 92 10,430 00 14,150 00 $715,995 39 Digitized by Microsoft® STATEMENT (C.) Equipnteiit. ENGINES. No- of Diameter Name of Engine Purchased By whom built. Drivers of Driver Value. SENECA 1841 R. K. & G. Patterson, N. J. 2 4 6 $1000 WYANDOTT 1841 do 4 4 6 4000 ERIE 1846 do 2 5 4000 HARDIN 1846 do 4 4 6 5500 LOGAN 1847 do 4 4 5000 CLARK 1847 do 4 4 6 6000 CHAMPAIGN 1847 do 4 4 6 5500 URBANA 1847 Harkness & Company, Cin'ti, 4 4 6 5000 BELLEFONTAINE 1847 do 4 3 8 4000 KENTON 1848 R. K. & G. Patterson, N. J. 4 5 6000 FINDLAY 1848 do 4 4 6000 HANCOCK 1848 do 4 5 6000 TIFFIN 1848 do 4 5 6000 REPUBLIC 1849 do 4 5 6000 BELLEVUE 1849 do 4 6 6000 CAREY 1849 do 4 5 6000 LODI 1849 do 4 5 6000 SPRINGFIELD 1849 Hatkness & Company, Cin'ti, 4 5 5500 PORTLAND 1849 Portland Company, Me., 4 4 6 6000 OREGON 1849 do 4 4 6 6000 HUNTSVILLE 1851 do 6 3 8 7500 WEST LIBERTY.. ..1851 do 4 4 9 7000 RICHLAND 1851 do 4 4 9 7000 SANDUSKY 1851 do 6 3 8 7500 BELLE CENTER.. ..1852 H. & F. Blandy, Zanesville, 4 4 6 7500 TREMONT 1852 do 4 4 6 7500 HURON 1852 do 4 4 6 7500 CASTALIA 1853 R. K. & G. Patterson, N. J. 4 4 6 8000 CLYDE 1853 do 4 4 6 8000 BERWICK .1853 do , 4 5 6 8000 PATTERSON 1853 do 4 5 6 8000 GREENE 1853 do 4 4 6 8000 MONTGOMERY 1853 do 4 4 6 8000 ENON 1853 do 4 5 6 8000 DAYTON 1853 do '4 5 6 8000 NIAGARA s 1853 Lowell M. Shop, 4 5 6 8000 HUDSON 1853 do 4 5 6 8000 MISSISSIPPI 1853 do 4 5 6 8000 ST. LAWRENCE.... 1853 do 4^6 8000 CAES. $253,000 21 First Class Passenger Cars, - $34,000 8 Second Class " " - - 5,000 12 Eight Wheeled Baggage Cars, - 7,500 240 Eight Wheeled Freight Cars, - 144,000 140 Four Wheeled Freight Cars, 35,000 60 Platform Cars, Four Wheeled, 12,000 120 Platform Cars, Eight Wheeled, - 66,000 80 Gravel Cars, Digitized by Microsoft® . 22,000 75 Hand Cars, - 3,000 328,500 10 STATEMENT (D) Froperty. Lands that may be dispensed with Slocks and Bonds. 200 bonds S. 0. & Ind. R. E. secured by mortgage 1 " Logan County on demand 1 " Hardin do. do. 1269 Shares Cleveland & Toledo R.R. 18 Shares Telegraph Company $10,048 00 $200,000 00 2,000 00 400 00 202,400 00 63,450 00 1,800 00 267,050 00 Bills receivable — all good Agents and Clerks monthly balances, (since settled) S. 0. & Ind. R. R. Company — balance of account 135,026 80 Am'tpaidN. Nick, their aco't 14,665 44 Ford & Otis, balance due for scrap iron W. W. Wetherell do. - Barney & Gregg, commissioners township of Portland H. 4" F- Blandy, sundries sold them Steam Boats Mississippi and St. Lawrence, balance accounts B. & J. Corwin, collections for account of Company Cleveland & Toledo Railroad Company Duryee & Torsyth, balance of accounts Indiana Central Railroad Company, transportation of rails Coal on hand for sale ... E. B. Litchfield, balance (since settled) J. Martin due on account of land sold him Michigan Southern Railroad Company, balance of accounts N. H. Moore & Co., old account being gradually paid Springfield & Delaware Railroad Company, freighting iron A. S. Winslow, balance of account Wheeler & Co., Findlay, balance of accounts Mail, amount due from Department, February Judgments, with stock as collateral, due on 140 shares Assessments due on 34 shares held as collateral — estimated at E. Lane & Son, balance of account L. W. Lewis, balance of account (since mostly paid) Steamer Albany, to be oflset by account of steamer Saratoga Iron account, net value of quantity on hand per statement* Interest account, accrued on notes receivable, & disc't on bills payable Income of 1854 — Stock on hand Ohio Life and Trust Company, balance Cash - . - 17,125 53 34,235 56 149,692 24 943 24 1,302 52 822 49 1,853 38 65,186 60 447 45 11,089 20 9 24 5,417 ir'S 2,367 70 27,000 00 135 68 13,851 45 186 78 3,984 70 414 39 784 00 5,990 00 4,793 98 1,100 00 67 40 2,344 70 4,502 68 80,015 74 9,787 92 91,552 00 61 70 29,021 00 *lron Account. At Brady's Bend 1658 tons on road estimated 124 " 1782 tons Borrowed of other roads 572 " 1210 tons at $70 Flat and broken T Rail 684 1. 3 cwt. qr. 16 lb, at $5C ' Less am't chg'd to this aoc't for expen. transportation Cost of manufacture Petty Expenses Digitized by Microsoft® $842,785 21 84,700 00 34,207 07 9,800 53 29,050 00 118,907 07 38,850 53 80,056 54 40 80 £80,015 74 11 99 >, U iS s s if) s I ^ SB S ■d ii oio r :; S> 00 oi Ol CO SIS Oi C3J O) (N to CD (N as to ^ 00. ^_& I> (M J O ^ CO :i - «^ ^ ^ T i 52 5? S3 i crj 1— CO. 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JUL"^ 1, 1858. SADfDUSKY": STEAM PRKSS Oir H. D. OOOICIfl & CO., 1^58. Digitized by Microsoft® Digitized by Microsoft® REPOUT STOCK AND BOND HOLDERS OF THE [late mad river and lake Erie] Rail Road Oompany. JULY 1, 1858. SANDUSKY : steam: prisss ob- h. n. cooke o ifi i'^. ^ ^i 3 J Tons. Feet In. In. Erie, 1846 10 2 5 104 18 Eodg., Ketch. & Grog., Patterson, N. J. Hardin, 12 4 ii 12 18 do. Logan, 1847 12 4 4 11 22 do. Clark, J, 12 4 4i 12 18 do. Champaign, „ 12 4 ik 12 18 do. Urban a, J 12 4 ih 12 18 Harkness & Co., Cincinnati. Bellefontaine, '„ 14 4 3S 12 18 do. Kenton, 1S48 16 4 5 13 20 Eodg., Ketch. & Grog., Patterson, N. J. Pindlay, ,, 16 4 4 13 20 do. Hancock, 16 4 5 13 20 do. Tiffin, ", 16 4 5 13 20 do. Republic, 1849 16 4 5 12 20 do. Bellevue, " 16 4 5 12 20 do. Carey, 16 4 5 12 20 do. Lodi, 16 4 5 12 20 do. Springfield, 'I 16 4 5 12 18 Harkness & Co., Cincinnati. Portland, " 16 4 44 13 20 Portland Co., Maine. Oregon, 16 4 4J 13 20 do. Hiintsville, 1851 24 6 3S 14 22 do. Sandusky, „ 24 6 31 14 22 do. West Liberty, „ 23 4 41 13 24 do. EicMand, 23 4 4J 13 24 do. Bellecentre, 1852 22 4 4J 15 20 H. & P. Blandy, Zanesville, Tremont, ,, 22 4 4i 15 20 do. Huron, 22 4 4i 15 20 do. Castalia, j^ 24 4 44 14 24 Eodg., Ketch. & Gros., Patterson, N. J. Clyde, 24 4 44 14 24 do. Green, 24 4 44 14 24 do. Montgomery, ,j 24 4 44 14 24 do. Berwick, 1853 24 4 54 14 20 do. Enon, 24 4 54 14 20 do. Dayton, "^ 24 4 64 14 20 do. Niagara, » 24 4 54 14 20 Lowel Machine Shop. Hudson, 24 4 5i 14 20 do. Mississippi, ", 24 4 54 14 20 do. St. Lawrence, jj 24 4 54 14 20 do. E. P. Osborn, 1855 28 4 54 15 20 S. D. & C. R. R. Co. E. E. Runkle, 1856 28 4 54 15 20 do. ^tna, 1857 28 6 44 16 22 Breeze &, Kneeland, Patterson, N. J. CARS. 19 First Class Passenger Cars. 2 Second Class Passenger Cars. 6 Baggage Cars. 175 Eight-wheel Box Freight Cars. 37 Fonr-wheel Box Freight Cars. 44 Stock Cars. 63 Platform Cars. 46 Hand Cars, Digitized by Microsoft® PAY-ROLL. OOOnPATIOK. ° a Amount. Occupation. •Sri Amount. President, 250.00 Kenton Telegraph, 1 21.97 Superintendent, 150.00 do. Eepairing Bails, 5 159.75 do. Clerk, 60.00 Huntsville Agent, - 1 15.00 Treasurer, 166.66 do. Men, 1 23.00 do. Clerks, 100.00 Bellefontaine Agent, 1 141.66 Eastern Freight Agent, 333.34 do. Telegraph, 1 14.17 Local do. do. 160.00 West Liberty do. 1 75.00 Auditor of Freight Acots., 66.66 Urbana do. 1 14.14 General Ticket Agent, 66.66 do. Agent, 1 60.00 Ticket and Freight Clerks, 20.00 do. Men, 6 157.00 Sandusky Freight Master, 83.33 Springfield Agent, 1 83.33 do. do. Clerks, 380.00 do. Men, 12 303.25 do. do. Labor, ) 20 601.79 do. Telegraph, 1 31.46 do. Gr'n House do. J do. Eepair'g Rails, 3 97.50 do. Station Master, 60.00 Osboru Agent, 1 50.00 do. do. Men, - 202.00 Dayton Agent, 1 83.33 do. Shop Master, 83.33 do. Clerks, 3 135.00 do. do. Clerk, 50.00 do. Men, 6 138.00 do. do. Men, 65 2,454.59 do. Shop,- 14 633.89 do. Laborers, - 18 460.75 do. Laborers, 11 309.25 do. Telegraph do. 88.00 do. Telegraph, 1 13.05 do. Office Porter, 30.00 do. Engine Men, - 3 107.50 Clyde Agent, 25.00 Engine Men, 26 1,648.50 do. Men, 55.60 Firemen, 31 980.31 do. , Telegraph, - 17.44 Conductors, 13 610.00 Tiffin Agent, 200.00 Baggage, - 5 150.00 do. Watchman, 10.33 Brakemen, 10 300.00 do. Telegraph, 14.27 Wood Train Foreman, 1 50.00 Carey Agent, 50.00 do. Men, 20 324.50 do. Men, 81.00 do. Board, 271.87 Piudlay Agent, 50.00 Eoad and Wood Master, 1 166.66 Whartonsburgh Agent, 6.00 do. Foreman, 10 420.00 Forest Agent, 66.66 do. Repairers, 176 4,030.34 do. Men, 96.00 Wood and Watermen ) g 218.50 do. Telegraph, 20.35 along the Line, \ Kenton Agent, 100.00 do. Men, 3 108.92 537 18,485.51 For same Month last year, 625]22,982.94 Digitized by Microsoft® 17 APPENDIX. PROCEEDINGS OF MEETING OF BONDHOLDERS AT BOSTON. At a Meeting of persons interested in the Mad Iliver and Lake Erie Railroad Company, held at the Revere House, in Boston, on Thursday, the fourth day of February, 1858, to meet a Committee of the Board of Directors, (consisting of the President, and Mr. Follett, one of the Direc- tors on the part of the State of Ohio,) and to take into consideration the pecuniary position of the Company, — the meeting was organized by the choice of Hon. Nathaniel Silsbee, of Salem, as Chairman, and Theodore A, Neal, of Salem, as Secretary. After remarks from the President, Mr. Follett, and others, the following Resolution was passed. Resolved, That a Committee of three be appointed by the Chair, to consider the different propositions which, may have been or may be sug- gested for the rehef of the Road, and to report such one as they may deem most for the interest of all parties concerned therein, at an ad- journed meeting to be held on Monday next. The Chair appointed on the above-named Committee, Mr. Follett, of Ohio ; Mr. Spelman, of Boston ; Mr. Howes, of Salem. The meeting was then adjourned to meet at the Revere House on the ensuing Monday at 10 A. M. NATHANIEL SILSBEE, Chairman. THEODORE A. NEAL, Secretary. At the adjourned meeting, on Monday, February 8, 1858, — the meet- ing was called to order by the Chairman, and a report of the proceed- ings of the previous meeting was read by the Secretary. Mr. Follett, on behalf of the Committee appointed at a previous meeting, then read the following REPORT: The Committee appointed by a meeting of Bondholders, convened at the Revere House, Boston, Thursday, February 4, 1858, called to con- sider the affaii-s of the Mad River and Lake Erie Railroad Company, — Report as follows : Digitized by Microsoft® 18 To adjust the conflicting claims of the diflferent classes of Bondhold- ei-s and other Creditors of the M. E. and L. E. R. R. Company, with- out the necessity of having recourse to litigation, and the appointment of a Receiver, the Committee unanimously propose the following ar- rangement : *The holders of the following named securities, in consideration of the premises, to surrender two coupons, for which they shall receive at par six per cent. Bonds of the Company, due in twenty years, with in- terest payable semi-annually ; the bonds to bear interest from the end of the year, and said surrender to commence with the coupons due in De- cember, 1857. That of the coupons faUing due on the same securities in the three succeeding years the holders may receive one-half the amount in money each year, viz : by passing the first coupon each year and payment of the second in full on surrender of the two ; or at the election of the Bondholder he may receive the full amount of his cou- pons for these three years by taking it in the six per cent. Bonds above mentioned, the election to be made for each year at the end of the first six months thereof. The securities indicated are as follows, to wit : 1,000,000 Bonds, due 1866, 1 coupon, $35,000 700,000 Bonds, due 1875, 1 " 24,500 224,000 Dividend Bonds, 1 " 7,000 256,000 S. C. & Indiana R. R. Bonds 1 " 9,000 256,000 S. C.& Indiana 8 fl ct. Stock 1 " 1 0,000 150,000 Springfield & Col. guaranteed Bonds 1 " 6,000 90,500 Multiphed by two, the number of coupons to be surrendered, $181,000 Amount surrendered on half payment of interest for three years, 271,500 Total amount surrendered by Bondholders 452,500 By enabling the Company to control its pledged securities, this pro- cess will place at the disposal of the Company, the following means, viz : Amount of Coupons surrendered as above $452,500 Bonds of 1876, held as collateral, at par, 302,000 Sandusky City and Ind. Railroad Bonds, at par, 94,000 ♦This paragraph substituted for the original at meeting on the 17th February, as reported below. Digitized by Microsoft® 19 Sandtisky City 8 ^ cent, guaranteed Stock, at par, 44,000 Applicable to the extinguisliinemt of the following liabilities : Passed due 1st mortgage Bonds, not including interest $218,000 Floating Debt 600,000 Boat Debt, 182,000 Interest on new 6 per cent. Bonds issued for cou- pons, agreeably to vote of meeting on February l7th, 32,580 $892,500 $1,032,580 The difference between this sum and the amount of debt to be extin- guished, is expected to be realized by a reduction to be made by the holders of the Floating Debt, having regard to the amount of security held by each creditor for his claim. [Paragraph in relation to Stock omitted according to vote of meeting on the 17th.] The permanent change, upon the income of the Road will be as fol- lows, to wit : Interest on 2,000,000 Mortgage Bonds, 1140,000 Interest on Dividend Bonds, 14,000 Interest on Indiana Y per cents 24,500 Dividend on Indiana 8 per cent. Stock, 24,000 Interest on S. & Col. guaranteed Bonds, 10,500 $213,000 To which must be added a small amount of interest on Bonds issued for coupons. As a condition upon which the foregoing concessions shall go into ef- fect, and become binding upon the Bondholders, it is understood and re- quired that a compromise and settlement, to be made satisfactory to a Committee constituted for that, purpose, shall be assented to by the hold- ers of the different classes of Floating Debt. And that the holders of Dividend Bonds, falling due in 1860-62, shall exchange them for new Bonds having a long time to run — and that no interest whatever be paid upon, any of said Bonds until they are so exchanged. And it is recom- mended that the Committee to which the adjustment of said floating debt and Dividend Bonds be referred, shall be named by this meeting of Bond-holders, by resolution,, with powers to act finally. Digitized by Microsoft® 20 The above plan, or some modification of it, it is believed by your Committee, vfill be promotive of tbe future interests of all parties concerned to a greater extent than any plan which shall look to a resort either to the Courts or to the Legislature for relief. The prominent and controlling reasons which have operated on the minds of the Committee are briefly these : — It disturbs none of the ultimate legal rights of the parties to the arrangement: It is more certain in its operation, and is cheaper and simpler than any other mode suggested: Above all, it saves to the Corporation privileges that might not be left undisturbed should the charter be submitted to the Legislature for amendment. The Committee is aware that the proposed concessions are large: But they carry with them assurance, that, under reasonable skill and in- tegrity in the future management of the Road, the means of prompt payment of interest to Bond-holders are secured — thus giving value to what is now nearly valueless to all parties in interest. 0. FOLLETT, 1. M. SPELMAN, WM. B. HOWES. The Report was accepted by the meeting, and the following supple- mentary instructions to the Committee named in the Report, and as such assented to by the Committee making the Report, were moved by Mr. Spelman, and adopted by the meeting. In addition to the condition of the Report, to wit: That the holders of the Floating Debt shaU make such abatements from their demands, as shall appear in the aggregate to a Committee, appointed by the Bond- holders themselves, in reasonable and just proportions to the concessions made by the Bond-holders — THE FOLLOWING CONDITIONS : 1. The Directors of the Mad River & Lake Erie Railroad Company shall every month furnish a statement of the affairs of the Company, which shall embrace the Treasurer's Monthly Trial Balance ; a list of Bills Payable and Receivable ; the gross Income, enumerating from what sources; the Operating Expenses, in detail; the amount of the Pay Rolls, and number of men employed ; and such other schedules as shall be necessary to the fuU understanding of the operations of the month, and shall cause this Monthly Statement to be sent to Boston, and to be deposited in some place where it may be open to the Bond and Stock- holders for inspection and examination. 2. The Directors shall also make annually a Report of the doings of Digitized by Microsoft® 21 the past year, agreeably to the usual form of such EaUroad Reports, giving full statements of all matters of interest to the Bond and Stock- holders ; and sha,ll cause this Report to be printed and circulated in the usual manner, at least one week previous to the calling of a meeting preparatory to the annual meeting. 3. A preparatory meeting of Bond and Stock-holders shall be called by the Directors of the Mad River & Lake Erie Railroad Company, in the city of Boston, at least twenty days previous to the annual meeting in August of each year, at which meeting the Annual Export shall be presented, and the President of the Company, or some person or persons duly authorized by the Board of Directors, shall be present to give such information as may be required, to the end that Stock and Bond-holders may be instructed as to the exact position and prospects of the Compa- ny; and that Stock-holders may be able, by proxy or otherwise, to vote intelligently at the Annual Meeting. On motion of Mr. Healey, it was Voted, that the Report and supple- ment be printed. On motion of Mr. D. A. Neal, it was Voted, that the Committee pro- vided for consist of three persons, Messrs. FoUet, Spelman and Howes, being the committee who drew up the Report. On motion of Mr. SaltonstaD, it was Voted, that the Committee now appointed have full power to perfect the arrangements with all classes of the Creditors of the Road, which are embodied in the Report. The meeting was then dissolved. NATHANIEL SILSBEE, Chairman. THEODORE A. NEAL, Secretary. On the lYth of February, 1858, at ten A. M., a meeting of parties interested in the M. R. & L. E. R. R. Company, residing in Boston and the vicinity was held at the Revere House, to confer with a committee appointed by the New York Bond-holders, consisting of Messrs. E. B. Litchfield, Edward R. Boyle, and Henry G. Chadwick. The meeting- was organized by the choice of Hon. Samuel H. Walley as Chairman, and Theodore A. Neal as Secretary. Mr. Litchfield having read the following resolution passed at the New York meeting, " Resolved, that this meeting decline acceding to the rec- ommendation of the Report of the Boston Committee, and that a com- mittee be appointed to confer with Boston Bond and Stock-holders, and be requested to report at a meeting to be called by said commitee." On motion of N. J. Lord, Esq., it was resolved, that the whole sub- ject be recommitted to the committee appointed at the meeting held on the 4tb inst., with instructions to them to confer with the committee ap- Digitized by Microsoft® pointed by tltei Niaw York meeting, and to report the result of their con- ference at an adjournment of this meeting. The meeting was then adjourned until I If A.M., when Mr.. Litchfield, on behalf of the Joint Committee, reported that they had agi-eed upon the following amendments to the Report made by the Boston Committee on the 8th of this month. 1st.- To strike out the third paragraph of said Report and substitute the following; " The holders of the following named securities, (fee," see paragraph substituted in original Report. 2d. To strike out the jiroposition on the second page of said Report relating to the reduction of the Stock, and the calculation based thereon. E. B. LITCHFIELD, EDWARD; R; BOYLE, HENRY e. GHADWICK, L M, SPELMAN, WM. B. HOWES. This Report was unanimously accepted by the meeting. On motion of Mr; Boyle, it was resolved ; That a Committee of three be appointed by the Chair, to examine intb the condition of the Road and effects of the Company, audits resources and prospects; and report thereon to the Stock and Bond-holders, with all convenient speed; and that- such Report shall embrace an abstract of the several mortgages, and a description of the property covered by each, and au estimate of of the value thereof. The Chair appointed on the above Committee, Messrs. Edward R. Boyle, of ISFew York, and H. Wildman, and J. S. Gardner, of Ohio. The meeting was then adjourned until called' together by either Com- mittee. SAMUEL H, WALLEY, .Chairman. THEODORE A. NEAL, Secretary. FORM OF AGREEMENT SIGNED^ BY BONDHOLDERS. TVhereas, The Mad Eiver and Lake Erie Rail Egad Company, duly organised, under the laws of Ohio, is embarrassed with a large float- ing debt, which it is entirely unable to pay ; And Whereas, the First Mortgage Bonds upon the property of the said Company, amounting to $218,000, are now overdue and unpaid; And WTiereasi there are other liens by mortgage upon the Boad^ belonging to the Company, Digitized by Microsoft® 23 or parts thereof, and its Rolliog Stock, wMoh create intricate and complicated claims; And Whereas, it is for the interest of all the Bondholders and other creditors of said Company to avoid if possible litigation, by having recourse to mutual concession and compromise : N'ow, Therefore, "We, undesigned Bondholders and Stockholders as hereinafter described, severally holding the interests set opposite our re- spective names, for and in consideration of the promises and stipulations herein contained, mutually made by the undersigned to each other, and and to the said Mad River and Lake Erie Rail Road Company, do hereby promise to comply with, and on our respective parts perform, the following stipulations and agreements : First. — Such of us as hold the Second Mortgage Bonds of the Mad River and Lake Erie Rail Road Company due in 1866; and such of us as hold the Third Mortgage Bonds of the said Company due in 1875; and such as hold the Dividend Bonds of the said Company due in 1860 and 1862 ; and such as hold the Mortgage Bonds of the Sandusky City and Indiana Rail Road Company, guaranteed by the Mad River and Lake Erie Rail Road Company ; and such as hold the Mortgage Bonds of the Springfield and Columbus Rail Road Company, guaranteed by the M. R. and L. E. R. R. Company ; agree to surrender to the said "M. R. and L. E. R. R. Company, both the Coupons upon all the above described classes of Bonds which fall due during the year commencing on the 1st day of January last, receiving therefor new six per cent. Bonds of the said M. R. and L. E. R. R. Company at par, due in twentp years, with interest payable semi-annually, the Bonds to bear interest from the end of the year, and said surrender to commence with the Coupons due in Februaiy, 1858; and do further agree during the three following years to surrender to the said M. R. & L. E. R. R. Company, the first of the Coupons falling due in each year, upon the payment of the second : Thus surrendering to be cancelled five Coupons in all during the four years, and receiving Bonds at par for two of them. Second. — Such of us as hold the above-mentioned Dividend Bonds of the M. R. and L. E. R. E. Company, do hereby agree to exchange them at par for new Bonds bearing the same rate of interest, and paya- ble in twenty years from the first day of February current. Third. — Such of us as hold the eight per cent. Stock of the Sandus- ky City and Indiana Rail Road Company, guaranteed by the M. R. and L. E. E. R. Company, agree to receive the above described new six per cent. Bonds of the M. R. and L. E. R. R. Company at par, for two Dividends, viz : The Dividend which fell due upon the first day of De- Digitized by Microsoft® 24 cember last, and that to become due on the first day of June next, and do further agree to discharge the M. R. and L. E. R. R. Company fi-om the payment of the three Dividends upon the said guaranteed Stock which will fall due upon the first day of December in the current year, and the years 1859 and 1860; provided, the dividends on the first day of June, during each of the years 1859, 1860 and 1861, are punctually paid. Fourth. — Ths holders of all the above securities may at their elec- tion receive the full amount of interest and dividends due to them for the three last of the four years embraced in this agreement, by taking the above described new six per cent. Bonds in payment thereof — ^the election for each year to be made at the end of the first six months thereof. Fifth. — The Mad River and Lake Erie Rail Road Company agrees on its part to do and perform all the acts hereinbefore or hereinafter sjDCcified on its part to be done and performed. Provided, That this agreement shall not be binding upon the parties thereto, unless the Committee appointed by the Bondholders at their meeting held at the Revere House, in Boston, on the 8th day of Febru- ary current, shall be able to make such a compromise with the holders of the Floating Debt as shall enable the said M. R. and L. E. R. R. Company, with a reasonable certainty, besides paying ofi" the $218,000 of overdue Bonds, to settle the whole Floating Debt within four years from this date; and unless the said M. R. and L. E. R. R. Company shall on their part comply with all the conditions adopted by the Bond- holders at the said meeting ; which conditions are expressed in the re- port of the proceedings of said meeting, which is hereto annexed. And moreover, Provided, That this Agreement shall not be binding upon the parties thereto, unless the same can and shall be carried out by the general consent of the parties interested, or by the aid of a Court of Law, should it become necessary to invoke the aid of such Court. Digitized by Microsoft® Digitized by Microsoft® Digitized by Microsoft® Digitized by Microsoft® Digitized by Microsoft® Digitized by Microsoft®