i~, ~`~ Ur~r ~~ NEW ADVERTISEMENTS. JUST RECEIVED A LARGE LOT OF S 0 A P 8! From COLGATE'S, among which, a superior PALM SOAP IN BARS. PERFUMERY AND POMADES, OF ALL KINDS, AND EVERYTHING IN THE LINE FRESH. FOR SALE AT . THE DRUG AND PRE SCRIPTION STORE OF CHARLES H. SUPER, Corner of St. Clair and Penn etreete, anr27:lt Opposite the St. Clair Hotel. JAMES P. TANNER, 56 Wood slreet, Pittsburgh, Pa Invites the attention of his customers and buyers general ly, to his large stock of NEW SPRING GOODS, Bought direct from Manufacturers in Massachusetts, COMPRISING BACGANE, Ladies', Minuen' tad Ctildren'a 857gD.1.T5, FIATS and FANCY lIATe Meu, Thya aud Youth'n FA 31 LEAF, LEGIT RN, PA' , AMA. and STRAW ueZs Men, Boys and Youth's WOOL and FUR Ilia AU of rellich will b. Lund in great tiariety ire Gnat Inductmorde o&red to CASTI and protopt TIME BUYERS Ordero solicited and carefully selected . arid paclt-d rur27:dtdel--i6 China, Glass and Queensware. ;SPRING STOOK 311Lior OPENEL, if TILL' OLD ESTABLISHMENT uh 3R, IST MRL "le - x <a- 3E3 `57 1.2:4 Woad at, Pittsi , iirgtx, Pn. Who IS NOW REOEIVING Fito:11 cit., a tli,,tice tvtrtortinctit of littiCh9 in hie litin cutuprtbit4 . t, Itt,v ttua ta.tatut eltitart , e l Pearl White Stour Tea. Dining and 'ruilet Ware, 111.141 the sau4 In P Lau, Gala, Lustre Baud nuJ Nwt, ere; Ernie White Vitidled hub igen. Table %Vote, huuwu to be the ue..nt dur ji.ow in use ter heir:' aid Steainbeatn; oucb %%dun ei uaw:atylea, iu Pu:e Whlte,aud Gold. Baud, either fu aria ur slr,la pikers; Fichly Gilt and DettOrtitEttl Toilet :lab.; lint tannin and Pla•ed Owitox a; German Tea Table S,,eaun, i , nnp Ladles, etc, plated with silver; tine I% , :rY Gaildled Llarylug. Tor and Tab', graves and Feree; Tea %Vattern end Trap; hhaktr and Sea iraea Table Mat ; Jnppue,ed and Dep urated Tin 1`..3 et Set A6o, a c full io.,ortuictit of all si , ticles euiha• Lie fur th.• C 'I:INTRY RETAIL TR APE, a' prit-t1 to plu Om public, who art nepectfulty lavituf to nixmtua tili F.LOCk. 1111'27:3(lidrw FANCY Slfr.K. SCARFS AND TIES 130FIDEliEU OANitittlO A L EY.A.N.DitE 3 8 dlb i4LoV,e SEASON u N i)Elts it itTz, la chiding all at-j-1 MENT: FURNISHING GOODS Now to bt.ck, at L. lIIRSHFELn7 ct, soNts, CHICKE RING & SONS' GRAND AND 'SQUARE PIANOS. THE two magnificent Grand Pianos, used at the Concert of Thalterg end Vieux. tempi, on Thursday evening, at City are now offered far sale at the, Piano Warei room of the Entgwriber The following tea. timonlal to the merits of the Pianoa of Chickering & Son., hal beau . /nhesitetingly given by M THALBERG. P/TTEBIIEGH, March 25,185 b. Mr. Mellor:—Dear Sir—Since my arrival in America, I have constantly need the PIANOS OF CUICEILP.ING gr. SONS, and, I can only repeat to 3 ou, kilo thanking you for the Nanos you have No kindly furnished for my Concert here, that which I have an often aai I before, the instruments are the beet I bare seen in the United States, and will com• pare faverably with any I have ever known. Yours very truly, S. THALItEIitI. Pen-ons ukshing to purch•se and the public gen^rally, are reepe(tfally invited to call and t xamims rht, GRAN , PIANOE above mentioned, and also a splendid stock 01 EQUARE t lANUS from these world•retiowned makers. .10111 , 1 H. MELLOR, Eole Agent for Chickering A Eon's, For Pittsburgh and Western Pennsylvania, No R 1 Wood tort et PHOTOGRAPHY. -THIS ART HAS BEEN brought to ouch perfection taut pictures taken by •bis process have been piyonounced perfect by the scier world. They can be had in ail their beauty and arosi elegance at WALL'S PIOTURE GALLERY, on Fourth str , J nes' Building. I tur27:lw A. MASON & CO., Agts., Ara now opening• Rich Printed Jaeonet., lintdsomo Fr enz.ti Chiuttem, Fino Organdi ULM - 11D, R.lch Chant D'Llinet. miLi And other RPh Dmio rlcods WATCHES, PAINTINGS, &0.. AT AUC TION.—Ou TUESD4Y EVENING, March 80th. ut 7 o'clock, will be told at the Commtrclul Fah a Rooms, No. 64 Fifth area in the order of catalogue, a number of grid and silver open faced and bunting cased patent and detached leveis and cylinder escapement Watches, Gold Vest and Guard Chaine, with seals and Keys, One Oil Paintiuce, Sire' 'Engravings, Opera Ghsteee ' Patent Revolvers, &c., &c. Bold by order of an astern Past! token The abate artic , te will be open for examination 613 TII( F day. morning. Catalognea can be had in the office on Monday. P. M. DAVIS, mr27 Antioneer. OUSEILOLD AND KITCHEN FURNI TUItE AT AUCTION.—On TUESDAY MORNING March 80th, at 10 o'clock, at the Ba,nard House, No. Fourth street, will be sold the entire stock of Housebeh and l ,lLitahen Furniture of that extensive establishment among which aro Mahogany Hair Seat Chairs, Told( Bureax, Washstands, Iligh and Low Post Bed-teads, Femb , Beds and Bedding, Mattraases, Carpets, Gilt Frame Lookin , Glasses, Window Blinds, Fire Irons,ChinaGlass and ware, large sheet Iron Cooking Stove, Furniture Hitch,. liltaken Utensils, Ac P. M. DAVIS, mtl7 Auctioneer APPLES. -30 bbls. Green Apples receive this day and for Gale by JAS. . FETZER, mr27 Corner That and Market st, TIMOTHY SEED-10 bush. Good Timot JI. i Seed for sale by JAS. A. FETZER, un4 - 27 Cut nat. First and Market gt POTATOES.-80 sacks Red Potatoes. A 100 Ricks lialtanuock d,, I 60 Backs and 30 Gbh, du ;Reeeivad and for rate by JAR. A. FETZEtt, mr27 GA tier Rita and Market rd R FANS.---20 bbls white Beaus for sale 1, JAS. A. FETZER, Center First and Market ate IGARS. 6000 Bauuin Prluclui Cigars ; 4000 Croy tir. Sou do do 7000 Washington Regalia Cigars; 20,000 German Cigars, saaortad braudd; --For Late by RHYMER. & ANDERSON, Nu. 39 Wood dtrroi, Uppueito SC Charlea Hold VINE TOCACCU. 2J Groan Bolaco; 25 " limnlet; ' 25 " Mrs. Milken ; Just received and for sale by REY ER A. ANDERSON, NU. 38 Wood street, (iptadte Bt. °bladed Livia (IOP FISH. -10 drums extra large and tine, ), for silo by W5l. P. 8511 - TH t (.10., 111 ICE. 10 tierces prime, for tilde by WlO mr, Ti. SMITH At CO mr2e E3e ,, Jud, and 147 Flrsl stre•• LF._ hhdo. prime N. O. Sugar, just rec'd and ior CalC by WM. 11. SMITH g 1 =26 118 £econd, and 147 First stn. ts. ('TOFFEE. —2OO bap Rio Coffee, for Salo by WM. 11 SMITH h Cti. tar2B 118 Second, and 147 First h I WWINDOW'GLASS.—An assortmelit of Country Masa, I , 4*lolted sires, for rale by W3l. H. astrra mr2Bllb etg.unci, and 147 First btr,t.ta. TOBACCO ANARS.—A large as,-.ort meat of favorite brands, on baud and for salt, by W9l. H. Shirai & CO, 118 Second, and 147 First streets. iV f^- OLL BUTTER.-3 barrels renived and for tale by (mr2 6 ) lIENRY 11. COLldi!fl. BEANS. -20 bbls. small White Bcans, jnat JAI' mitred and Or mai by MOM R. COLLINS. GAITERS, OPi RA TIE 3, ETC ifitAirElte. AND UAL? UuNF No. b 3 Wi-FDd street NO. 25 FIFTH 2TBELT 118 tigcond, and 147 Ficat atft , to . A - ' ttFr r .M 2 ' I - " NEW ADVEMSES EfirM_ _ _ , Seed Potatoes. GENUINE ROUGH PURPLE CHILI POTATOEB —This Potato has the reputation of b. - tug the most productive, and the beet table Potato of all the new varieties in use. The subscriber having cultivated them largely for four years has never known them to rot, eitticr in the ground o' in afore. A limited number of bu,hrla can le bad at a moderate p. ice, by applying to FLEMSNti BROS , , No. :A Wood air , et, Pittsburgh, Pa. mr27:3wilc.:v] FUR SA LE.—One of the handsomest coun try seats along the Ohio River arid Er; F. W. & C. R. It.. twelve miles from Allegheny City, containing 70 acrid; o• we will Hell 12 acres of the front. The in provements are a largo Cottage House, Frame Stable and other autbuilding , , o young and ilariving Orchard of thu beat_ grafted frnit; a large quantity of Raspberry Flues and otherShinbbery. The lava i.i a 1 covered with Sue forest treea, which makes it a desirable place for a country residence. Will bo sold low and on easy terms. Apply to mr27:lm ISAAC JONES. 110 U SE in good order, and lot of ground on :Monterey street, Allegheny, con he had for the email amount of $825. Terms easy. mrlel S CUITIBIPXY &JON . , 51 Marlmt st. I - 4 1 0E s6oo—two hundred-in hand, balance in one and t o secure a dwelling house and lot of ground, on Mt Washington. rnr27 S. CIII:11131.3a .1 SON, 61 Mardet at. 4 RARE CIIANC,,E to purchase a goo , dwelling lames and largo lot of ground, in Sharps burg. For price and terms. apply at our office. mr27 8. CUTHBERT & IRON, 61 Market at. TOBACCO AND CIGARS, AT AUCTION —On WEDNESDAY MORNING, March 3ltt, at 10 o'r lock, at the Commercial Salon Rooms, No. 64 Fifth street, will be sold, for account of whom it may concern, 16 boxes Brown's B's, and IA ffi. plug Tobacco; nt`o flermam Cigar. Sale positive tura P. M. DAVIS, Auctioneer. DRESERVED GINGER-1 case in Syrup just received and for bale by REYMER At ANDERSON, No 39 Wood street. 11200 boxes scaled; 200 do NO. 1, jnot roceivod and for Bale by REYMER & ANDERSON, No 39 Wood street WARY GOODS.—Those desirous of purchas ing anything in the Fancy, Staple, Foreign or Domee tio Dry Goeds line, will plemie call and examine our large and well selected etock Spring Goods, which are now be ng eold very cheap for cash. FfANBON LOVE, Formerly Love Brothers, N0..4 Marta street. /~~ ~~~/ IRON CITY COMMERCIAL COLLEGE, Pitteburgh, Pa.—Chartered, 1855. Boaid of 12 Trustees—Faculty of 14 Teachers. 300 titiM±NTE , ATTEND/NO, JanoillY, 1858. Young Men Prepared for Actual Duties of the Counting Ro on INSTRUCTION GIVEN IN SINGLE and Double-Futry, Book• Keeping. aa aur..). in 4yoi y de par iment of Bushman. Commercial, Arithmetic, Rapid Bpsh nese Writing, Mercantile Cori eapoudence, Commercial Law, Detecting Counterfeit Money, Political Economy, Elia Mimi, Phonography, and alt other subjects neeeeeary for the thor ouell education of a practical bush:wait tram J. C. SMITH, A id, Prteeeo, of Book-Reepiug iiiid Scieme of Account., J. C PORTER. Prof of Mathematics. ALEX t LEY and .4. T. BOOTH EXT, - Prohs. of P o n mansh:p—tomes iiist promiums over all cumpetitiou rot beat Pen and Int. Writing, .441 - -. AND NOT Vol. UNLIRAvi:D FUNK, - 11 XL Terms, .I.v—Full course, lime unlimited, enter at any time A•orage time, 8 to 12 Board about $2,50. &afro coet, 00 to $7O. tiratuates aßbiated ID obtaining a of in guallud writing and circulara cant free. Add ess, W.JEN1.:1!..18, tort 7 Pittsburgh, Pruu-iylvania. _ . Proposals, T ILL BE RECEIVED AT THE OFFICE rat ti,e WE6TERN I'ENITRNTIAIKY of Pouusyl vauia. until WEIJNEDAY, tla :31st irtat., fur foruiablug Block Cuel of no beet quality, and also, good and pod Fr,-311 1164 tree *back &Due 1,3 he pot in who required lu 1.11 CW4vii tnu bOLIO will to, dedflet:3.l, for ono year.frual thu 14t of April, 181;8, iu such quaulttieuti au) , he roil:IT - rd. A. BECtiLIAI, 'Warden. SPECIAL NOTICES. EXTENSION OF STAY. DRS. C. M. FITCH 4 .i. W. SYKES will i-outtuue asor uftluc at No. 191 Penn tatree. oppiituTic CLA.II, 114. Yr PriITSBURGII, l'A. TILL APRIL PIRST, 1863, Where they ►nay be consulted daily, (Sun days e coptA,) for CONS :'! 0)N. ASTHMA, BRUT! OFIITIS mud ALL OTIIE tS!.i.)NICI AFFECTIONS con rw,ct.w.l with, or prudidpoBi,g to PULMONARY DISEASE. FITI3II : . Y.FC.ES feel that they cannot to earn. tAtly ur .• • .11 - oLiaoatly udwoulsi. itivalido of the EXCEED• lisit2 kW DELAY IN PULI , 4OIIAILY DISEASE oftea si:ora no trilling ae to begot a U.:lasi vo io nakt erne while the disease le rualtilig rapid pro grew, end uesloets hiulaelf till la cure in uo L to (Alice Hottro--to n. to a P. Al No arge for conoultation. A list of que.tions Win bo sent to those wishing t copse by latter. Address DRS. 0. fd.. PITCH Si J. W. SYKES, fel2' 191 Perin street. Pittsburgh, Pu MORE CURES. PHILADELPHIA, 3d mo.,:lo,131,0. Respected Friend--I had for several years been afflicted with Dyspepsia, and occasionally a General Debility. cidentally triad thy medicine, Hoo German Bitters, in the first place upon a daughter, she having a severe spell of sickness. Thy Hootlanda German Bitters bad such ettect ripen her general debility, that I was induced to try it my self. I then got a bottle, and need it according to the dirt-o done, and it relieved me more than anything I bad b' fore used, giving general tone and strength to the stomach end system Last fall I had a very severe spell of the Diarrbi,oa, which continued for some time. My life, for a a time, was despaired of. Thy bitters again being need, acted vary hap pily upon the stomach and intestine', and soon relieved me from the great pain I suffered, and gave me generel health to the system. I consubr it, doctor, one of the most valua ble medici , ,es I ever ur ed, and shall take :great pleasure in recommending it to others. Respectfully thy friend, SAMUEL IIIITION, No. D Jennings Row, catharine, above Third To Dr. 0. Jackson, 120 Arch street, Philadelphia. "tine acivertiecruent. For sale by ELP.MINOItOI3 and Dr. Gil:. IL U:11'48101 Pittsburgh ..„%ir A RECIPE TfIAT RARELY EVER FAILS TO CURE A COLD.—Now, while winter, with its bertlien cf Colds and Coughs, is with us, we think a remedy that will relieve such visitations should be highly prized, and all who know the worth of this remedy, will do as we do—prixo It doubly. Take a double do . se of Dr. Sariforcrs Invigorator, and it will give greater roliof than any other medicine we ever tried, for wo have rarely to repeat the dose to be en tirely free from Cough, and as soon as the lungs have time to throw off the collected matter, the cure is complete. As a family medicine, for the cure of Bowel Diseases, Worms, Derangement of the Stomach and Liver, we can recommend it knowingly. OPP:Os OP THE PirrBßlolloll 0 BosTOIT ASININE' CO., i Pittsburgh, March lb, 1868. J r i r t e NOTICE TO STOOIIIIOLDERS 7 -The Stockhold ers of this Company are hereby notified that the number of sham; Into which the Capital Stock is divided, has this day been increased from 3 a Tkusand to Twenty Thousand shares, in pussuance of authority granted by the Legislature of Michigan. New certificates of stock in exchange for the old cues will be issued at the office ofthe Secretary, in the city of Pitts burgh, on and after the let day of April. No certificate will be Issued for the fraction of a share, but parties entitled to fractional shares will be credited them with on the books of the Company, and a certificate issued whenever assignments of such fractional credits are present ed to the Secretary as will amount to one or more shares. Holders of old certificates will please present Theta for ex change as early atter the let of April as may be convenient. THOS. hl. "OWE, Secretary. Pittsburgh & Boston Mining Co. mr22:3w DAILY UNICA PRAYER MEETING'S, WHICH tt Lave been held at the Central Preeb. Church, corner Sixth and Smithfield streets, will clue this morning. The ezerclees will be conducted by Rey. Dr. HOWAP.D, of the Second Preeb. Church. and Rev. 0. BYLLESBY, of St. dames Episcopal Church. Hours from 11j4 to 12% o'clock. All are Invited. Ltur22 OFFICE OF THE PiTTSBURGLI, FT. WAYNE A CHICAGO R. R. CO., Pittsburgh, March let, 1858. ff NOTICE TO STOCKHOLDERS.—The first aunna meeting of the Stockholders of the Pittsburgh, /lir . Wayne and Chicago Railroad annpany will be held at the Rooms of the Board of Trade in the city of Pittsburgh, on TUESDAY, the 30th day of March, at 2 o'clock, P which time the Report i f the Directors and Officers, of the operation of the Company, for the first seventeen moo fhs of the consolidation, will be presented and read. The election for a new Board of Dirootors n ill be had at the same place, on WEDNESDAY, the 31st i et , between the hours of9e.ffi.and a P.tt. • 'Stockholders, and toe representatives of counties holding stock, e , lll receive special FAZE tickets to and from Pitts. burgh, for the occasion, on application to the different Sta. tiou Agents. Blank forms of proxies may be obtained at the General Office in Pittsburgh, or at the (ace in New York, No 87 William street. Stockholders of either of the three Companloi now merged by the consolidation, who may not have converted their stock, will not be entitled to any votes at thealiove election The tranalcr books will be closed from the 20th inst. to Ist prox. [curl] T. D. MESSLER, Secretary. SPRING FASHIONS.A -.- TUE SPRING STYLE SILK IIAT, IS now ready, at O. U. PAULSON'S, mr24.3w No. 73 Wood street. IY BUILDING - LOTS, on Overhill stre© $.lOO, each—fur sale by B. CLITH9I:4B.T /a ri^N, 61 Marl , DRY - _ APPLE bble. bright Dry Ap pled, received a nd for sale, by mr2'A MINDS IL C,II.LINEI ORANGES. -100 boxes Messina Sweet Or angee, Just received and for sale, by RBVIER * A.NlikatSON, N 0.132 Wood street. 11=1=Mid nir2.6 12t1 is yp. 1111,11_ , %., cli,tair and Propristnr. 1- , ';"4 - IS£3l-IRot4t 'SATURDAY MORNING MARCH 27, 185 DEMOCRATIC STATE NOMINATIONS FOR MIME= JUDGE, WI L LIAM Ao PORTER, OF P 111 LAD ELPHIA FOR CANAL CORIEISBLORER, WESLEY FROST, OF FAYETTE COUNTY THE PITTSBURGH, FORT WAYNE Cc CHICAGO RAILROAD. We have been favored with the advance sheets of the first report of the Directors of this company since the consolidation, which will be presented to the stockholders at their meeting on the 30th inst. We have carefully examined it, and it is no undue meed of praise when we say that we look upon it as a model document of the kind. Heretofore it has been too much the custom of the Directors of Railroad Enterprises,in mak ing their public reports, to present only the fair side of the gaeation,keeping back from the public and the shareholders a certain class of -facts which they had a right to know, bat which if known, in the opinion of the Directors were like to lead to embarrassing investigations. The result has been on increased distrust in 112tailroad matters generally, and an antipathy against them on the part of individuals who have believed themselves purposely deceived by Railroad officials . The report before us is not of this character. In our judgment it is a full, fair and manly exposition of the Financial affairs and condition of the road, its prospects and its necessities. It has not been made with a view to flatter the shareholders, but to give them all possible information upon the e,hapi acter and condition of their property. It is in a word just such a report WI the public had a right to expect from the high intelligence commercial knowledge and moral uprightness of the gentlemen who have had charge of the affairs of the company since the consolidation took place. It is evident that the general good of all who are interested in this great improvement has been consulted by those en trusted with the management of its affairs, and that individual apecialities have not influ enced them in their action. The immense importance of this railroad, it being in point of capital the fifth in the country, end espeisially its importance to the State of Pennsylvania, has induced no to lay before our readers entire, the report of Geo W. Case, Esq., the President of lb company it is an admirable document, of the kind, mid cannot fail to give the most complete satistactioo to the shares holders, bondholders and other creditors of the road, as well as to the public generally. In itself it is a complete history of the road, and its suggestione, for the future management of its affairs are the result of the wiseet expe rience—the most thorough examination of all the facts aad statistics connected with it, and the moat profound judgment unbiassed by per sonal interests of any nature whatsoever. The reasons for the difficulties under which the road has labored, are boldly, fairly, and truly set forth, nod the means of remedy plainly suggested. The leagtle of Mr. Case's Report should not prevent any business man from reading every word of it, for the information which it gives is of a character to enlarge and correct any man's business experience and knowledge. We might enlarge upon the great impoir, tance of this improvement, which is the main artery between Pennsylvania and the Great West, but upon this subject the report of Mr. GeSti speaks as fully and more powerfully than we could do. The following is the • 4IRECTORS' RERORT. To the Stockholders of the Pittsburgh, Fort Wayne Chicago Railroad Company : On the let day of August, 1856, you be came associated together under the corporate title by which we now address you ; and in the following pages we submit to you the first Annu al Report, covering a period of seventeen months, in which is rendered a full account of the opera tions of the finished portion of the Road, the state of the unfinished work, and the financial condition of your affairs. it is proper also that the genet-tat ,condition at the date of the consolidation of thel three taatte ral corporatioue which were merged into one cor poration, should be stated So you, which will be done in a few words, and with a few figures. The Ohio and Pennsylvania Railroad Compa ny bad so far completed its road, as to be able to operate the same since April, 1858, between Al legheny City and Crestline. This company still had a large expenditure to make, not only to comply with its charter and with its contract with the Pennsylvania Railroad Company, but at the same time to prepare to maintain itself in successful competition with new lines of road since that time almoat daily opening for traffic. The amount thus required had been estimated at $400,000, which the stockholdera of the company, at their last meeting preceding the consolidation, agreed should be raised by a spe cial issue of $250,000 bonds, secured by a mort gage on the bridge and road east of Federal Street station, and by retaining all the net eat la Mtge of the road to the exclusion of iiyideuda. The betide were issued and only six thousand dollars cold ; although a large amount of woi k had been done in anticipation of sales, which to that extent has increased the floating debt, - There was on the whole line a dencieney of shops, tools, water and wool etatioue, which called for a further immediate outlay, :,o enable the transpor tation department to work the road with ecou my. The equipment was not sufficent, without being over taxed, to earn interest on the capital invested and to be invested to complete the road. The south western trade (after the local,) was, previous to the consolidation, the main reliance of this corporation (the Ohio and Pennsylvania), and has since the year 1854 been from year to year diverted iuto other channels, completed and opened since that date, and the pregnable point with this company was the fact that its two main exte neions, west and ectuth-weet, were control led by interests not in harmony with the Ohio and Pennsylvania Railroad Company, and the earnings of this road were doubtless at the max imum in 1854, so long as Creetline remain'd the terminus; and only upon the completion o f the whole line to Chicago, which was the origi nal design, (as stated in the Annual Report of of the President in January, 1851, ) could a lar ger income be anticipated. The floating debt of the company (Ohio and Pennsylvania,) at the date of the consolidation, is now ascertained to have beau nearly ao fat- lows, viz Bills payable Accounts payable. Construction °Wats asstanctl since August Ist, 1856 91,317 87 Trusportation claiws" " " 126,122 91 Total floating debt $713,947 i3l From this amount, however, there should bo deducted— let. Acceptances given the. Ohio and In dian a Company, a few days before con solidation, to enable it to pay pressing debts $15,000 2d. Notes issued for the benefit of the Fort Wayne and Chicago . 11.1.ilroad Compiny to• enable that Company to expedite the work of construction 50,000 3d. Notes issued to recusant stock. holders, who had to be paid be fore the consolidation could be perfected ....... 83,710 - 14 1 710 00 Actual floating debt $565,237 131 With a floating debt of this magnitude, and the absolute necessity of a further expenditure of capital to the amount of more than four hun dred thousand dollars, to complete the road to its terminus in tho city of Pittsburgh, with no other resource to meet the same than the $260,- 000 of bridge bonds and the accruing revenues of the road, it must be self-evident, that by no possibility could the company have been in a condition to meet the disastrous times to which wo have been compelled to succumb. In this • -. ...N. , 1fg - : ,. .t_ 7 , , 'i5r,"--z , t1.31i1& u -,1,-,..-:.,,,,,,:?..A.,:. :•i t V.. 4- ii.tii s ..-Zr!- - i..,V;Rili : : - .:F "•::•:.',--,-:..1.?..N.. ' 4,- ; ,-,4 .. i .•: , :i.g t. :i'; -! ' ,. :7f,1''' . •:.,': .- z...,',- i . „'":; , ,':;••• , ; - ri-.. -,- .•'::.".i..i. , ,sAi::: . , •-...,. - •,.t'-:•11f...f..5,J5,.,r , : - .-, , it , L', - , $487,784 28 . 8,720 55 witfiCS• '4 "ft connection it lo important to retnemb:;. , ihe effcct of the stage of Water in the Ohio iihr upon the business of the road, and that for eleven months in the year 1857 the navigation was uninterrupted by ice or low water, and the rates of freight upon the river in consequence below all precedent. This would have materially affected the freight upon the Ohio and Pennsylvania Railroad. The Ohio and Indiana Railroad Company had completed its track throughout its entire length from Crestline to Fart Wayne. It commenced operating the same in November, 1864, without any profit, it is believed, from that day until the date of consolidation. At the latter date but a very small portion of track had been ballasted, and for a great portion of the time, was in so bid condition from defective drainage, and the absence of ballast, as to render it dangerous to run trains after night, or even in tbo day time, at any other than a very low speed. Having no connection or outlet west of Fort Wayne and the Ohio and Pennsylvania Company being governed in arranging time tables and other points of policy with reference to other, and, to that Company, at the time more important coffee tious, the Ohio and Indiana Company was left in an isolated position, and entirely dependent upon the local traffic of a district of country just beginning to be developed. To this Com pany the consolidation was the last and only,bope of saving anything to its stockholders. On the first of August, 1858, the flo%ting debt of this Company was, as has since been ascer tained, as follows : Bills payable, Due bills, Accounts payable, Construction dahlia equated since Aug. Ist, 1856, 44,220 31 Transportation claims " " " 110,352 32 Floating debt, $489,788 26 To which should be added acceptances received from 0. et. P. R. R. Co., 15,000 00 Actual boating debt, The estimated amount require& at the date I consolidation, to complete and equip this road as a first class road, was $688,664, which, with au floating debt, make an'aggregate of $1,173,450 28 to be protested by the new company. The Fort Wayne and Chicago Railroad Com pany had completed its road to Columbia City, twenty miles west of Fort Wayne, and operated the same since Febrr....ry, 185.5; but, of enure-,, the very limited businz:ts on E. uoli a piece of roa;1, promised nothing but aa.c, until a greater length could be brought into and the whose line worked in harmony from Vittai - airgh• The com pany had in bond sufficient iron to lay its trao to Plymouth, and the grading so far advanced on that forty-nve miles, as to render it certain that with means the whole lino from Pittsburgh to Plymouth could be brought into use a few months after the consolidation. The company had, however, no immediate prospect, and only a very shadowy hope, of being able, unaided, to corupl4lg thisrorty-five miles,and of course a more remote prospect and more ,7aipt hope of being able to finish the road to Chicago, unless it ;:oittil be effected by the strength and unity of purpose to be created by the consolidation. The floating debt, at the date of consolidation, has bzen escertained to be as follows, viz. Bills payab1e,11 1 .3,8: 4 7 36 Accounts sayable 87,588 58 CeAstruation claims allowed since Aug. Ist, 1856, 52,586 28 • :284,312 22 To this eh ouid be added the note roceiveo; from the Ohio Pann'a Co., 50,000 thl Total floating debt, The Accounting Department furnishes the fol lowing statement of the liabilities and assets (excinsive o' liouds and land,) of the three sev eral oompanies—tt Which yonr atte , 4tion is espe cially directed. The assets of the three coLiPa- Dies, whilst acknowledged to be of the value here reprethmted, were iu no wise applicable, or rai..ce available, to paying off the floating debt. They represent just that amount of capital necessary for conducting the business of the r.oad, and no railway, equal in importance or amount of busi ness, can be carried on successfiply with lees. By reference to the "General Exhibit" in the Auditor's Report, page 2, it will be seen that the same class of assets of this company amounted to $804,45 16, ou the 81st of December last ; so that instead of being agile to apply this class of assets to liquidate the boating dej.:4, h:!,s been increased by $n8,601 38, to conduct the increased business of the company. Liabilities of 0. d P., 0. d I. oral P. jr7. :1-‘ C. R. R. c*.,s paid and assumed P, P. W. of C R. R. fa. 1-3 A :;... to .-3 92 4 , .. 17 RI .4 H 0 t , a i gi .i . it §■ ; g g ri fi RE 22 a ... .7 0 -4,.. .. i . i 5. g :-.._v45 sa\ P t , 0 4 r. 74- f ., s- " g r,..1.-44 0 S . a. s - . 0 t— 0 4 ._ g z'''' .0 g• c,!'4. E - ~ , ,g•E, .0 0 ~,7 40 g.O 4,, ,, (°® * 0 .ctc-i•••• 'EI a ' 0 ‘ li d, Ci n - a . .4 CI P', - rz ~1 ~,t r. 5. it t. tt. .90' er . . - a .. : 0 2 v : ."- co - „.., • ' E 'a - 2,d- 2 - 1:4 il . ..... _ . :4 Fs . ; I -0 - t ,--"'l, : ,''' 5 -' L. C. 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NI c.,..: e .s e 4 NOTE —hi adverting to the relativaludettedtuotto of We ye:: rim' Companies at the purled of consolidation, it is proper to remark that the Ohio end Pennsylvania Railroad Com pany had at the time invested In the Ohio and Indiana Rail• road Company, $.106,000, which had aided In increasing the liabilities of the former Company far the benefit.of the let. ter Company. In like manner the Ohio and Indiana Ito ll road Company had $218,650 invested iu the stock of he , Fort Wayne and Chicago Railrcad Company, paid for in land e, which diversion of means Increased the nobilities of the former Company for the benefit of the latter C mpauy, It was, perhaps, wise thai the building of the lino of railway from Pittsburgh to Chicago should, at the inception, have been committed to three several corporations; for In this way local interests could, to a much greater extent, be brought into.egeotiva operation, a greater num ber of parties enlisted in the enterprixe, and a more vigorous, active and persevering policy iu, angurated, than could be effeotqd by a single corporation, with only such means at its disposal as those upon which reliance had to be placed to carry on end complete this work. Before the consummation of the work, anti whilst a portion of the line was necessarily worked with reference to other interests, it be came apparent that the time had arrived when a concentration of effort, means and purpose, was necessary to complete the line, and could no longer be delayed without risk of the ultimate safety of the capital invested in each of the sec tions or companies; furthermore, it was no lees evident that when completed, no management that was not guided and directed by one corpora tion or head for the entire interest—could prove effective, and that these objects essential to their very existence could be accomplished but in one Way : by red,ucing three corporations into one— hence the consolidation. The Board of Directors now rendering to you an account of their stewardship, on assuming the management of your company's affairs, found 888 miles of road in use between Allegheny city .$231,465 68 . 29,052 16 54,695 id $484,48, Yo $3:34,312 22 ... W .... IV 5 t 08 P... 0 P... 00 -4 giB OOA. .0 0 CC. C 0 -. 1.. , 10 ... CZ. --I Co 1 0 0. CO --/ •••• 0. 0 Co V. /60 p•-• -a V. cv 1..: .•-• CO C, cv .... (..., -.1 5,... r i ". .I G. ; & t: 4 CU V" •-i C., ".. 4... CO•-• P-• 1 , .. g andiCojunihia city; for - their management, with reference to a revenue to be derived therefrom. They also found imposed upon them the impera tive duty of— let. Completing the road from Columbia to Plymouth, a distance of forty-five miles. 2d. Completing the road from Federal street station, Allegheny City, to the depot of the Penn sylvania Railroad Company, in the pity of Pitts burgh. 3d. Ballasting and otherwise improving the truck of the Ohio and Indiana portion of the road 4th. Equipping the whole line with additional engines, passenger, freight and other cars, to an extent equal to the business reasonably to be expected. sth. Completing the road from Plymouth to Chicago. 1. After the organization of the Board, no time was lost in procuring a large and efficient force, to push forward the work between Co lumbia and Plymouth, so as to bring the whole line into use at the earliest day possible. They wore enabled to procure the necessary means to effect the object, through a loan of credit by the Pennsylvania and the Harrisburgand Lancaster Railroad Companies, to the extent of $250,000, which those companies granted in view of the importance to them of having an extension of the line through to Chicago, by which their roads would form a portion of the shortest and most direct route between New York and Philadelphia and the North-west. The then Chief Engineer of the company, J. L. Williams, Esq., by his energy and sound judgment, as well as precaution in having everything in the right place and at the proper time, completed the grading, bridging and track-laying of this forty-five miles in about ninety days. The first passenger train passed over this portion of the road on the 10th day of November following the consolidation, and a few days after that the Superintendent took posses sion of the road, for the regular passenger and freight business of the company. Until the let of December, this business was carried over the Cincinnati, Peru and Chicago and the Michigan Southern Roads, without any definite arrange ment ; but subsequent to that date, and up to the present time, under a written contract with each of those companies -The Board regret to have to inform yen that their expectations in reference to the extent of business and the profits to be derived from the same, through the means of this indirect route to Chicago, have not been realized, in consequence of the very high rate charged by each of the companies on the busi ness of this company, and of the ingeffeetent ac commodations and facilities granted ter the basi -1 nese of this company, as well as the delay, an noyance and expense of transferring ail freight and passengers at Plymouth ; which is rendered necessary by the difference in the width of track of the two roads. The masonry of the Allegheny River Bridge was nearly completed, and thesuperstructure under contract, and some work done, at the date of consolidation. Work was continued ou both of these expeu sive nonteacis; wieleciut the toes of 4 day, but not pressed, in consequence of the great difficulty in procuring means to keep men steadily at work, and of the continued upposition of the Counolie of Allegheny city to allowing the oeinpany to carry its track through the city beyond its then terminus. 4yithout having realieed, from the sale of Bridge buf tibout $30.000, the bridge was completed in September, 1857, at an aggregate oost of $154,000, (exclusive of track,) add we take pleasure in assuring the stockholders of the oompaoy, tintt a mere permanent ( wood au perstruetteie) work, or one more faithfully ere outed on the part of the contractors, is not to he found in this country. Henderson and Alison were the contractors for the masonry, and Stone, Quigley and Company for the superstructure. The whole work was planned and built under the supervision of Solomon W. Roberts, Req , dhieCEnginper of the ph;o and Pennsylvania Railroad Company. After long delay, and much negotiation, a ciontraot was- signed with the au thorities of Allegheny oily op the list day of April, 1857, by which the company sectired the right of way through that city, and although the contract is onerous upon the company, it was deemed better to acoept the terms than to con tinue the ooetreversy. As soon as this agree ment was signed, the contracture on the whole lino through the city were put to work and urged forward as fast as the nature of the work and the restricted means of the company would allow pa the 221 day of September, 1857, the track was completed to the eompany's property on Penn street, in the city of Pittsburgh, and the same day the passenger trains were carried to that point, and have since continued to arrive and depart from Pittsburgh instead of Allegheny city. The portion of the hue between the " turn out" in Allegheny 04 and Penn street, in the city of Pittsburgh, is the moat expetisieic of all the nompaoy's work in proportion to its length, which, from the t` Luria out" in 4.llegheny city to the south end of the bridge in Pittsburgh, is 4016 feet, or seven eights of a mile, and the en tire distance is made up of the most substantial trestle-work on stone foundations, one iron plate bridge and four arch bridges of ten spans, of an aggregate length of arch of 1340 feet. The whole is laid with double track, was-planned by and built under the direction of G. W. Leuffer, psq , the ,chief Engineer of the company, in a manner superior Vo buy Work of the 4iud Knows to your Board. The cost of the road, from the " turn out" in 41Iegheny city to Penn street, in the pity of Pittsburgh, a aiscaricie of 5241 i feet, has been ottani, as follows : Allegheny River Bridge $154,000 00 ruing. otter 4ridees, Trestle Work and Track hingineering.. Right of way over private property in Allegheny City—. 58,718 Id Right of way to the city, ($3,000 a year,) 50,000 00 Right of way in Pittsburgh 11,250 00 pratioD of the right of way has been condemned, but the value not yet fixed by the jury, and which may amount on all the parcels to. 44i4 to this the coat of the depot prop,. orty on Penn otreet $506,1)39 37 And we have the whole cost of the road and depot ground Reath of uud fronting on Penn street. A lot of 30 feet front on Penn street, for right of way, has been purchased at a cost V.,- 000; and a lot of 80 feet front on Liberty street has yet to be purchased for $14,000, to wake the connection with the Pennsylvania Rail Road. Depot building for the t•eightiog business, side track and other improvements, must be made on the Penn street property to au extent which will bring the whole coat by the close of this year, east of the " turn out" in Allegheny City, up to $550,000. The depot grounds of the company oil Penp street contain nearly five acres, and is the most desirable property for the purpose within the limits of the city. Fur the property purchased in Pittsburgh, payments were made to the extent of $135,000 in the bonds of the company at par; and of the right of way purohased of Allegheny City, payments ware made to the extent of $l4, 000, also in bonds at par. The hostility of the outmode of the city of Pittsburgh to the company arryiug its track across Penn street, was most unfortunate iu the effect it had in diminishing their business, in creasing the expense in transacting what they had, and au absolute bar to the further sate their Bridge bonds. From February, 1857, to February, 1858, every proper effort was made to agree with councils, but failed ; when finally the company hat to appeal to the Courts to re strain the city authorities from interfering with them iu putting down their tracks. On the 10Lh instant the Court issued a preliminary injunc tion Ep prayed for, and the came day the track was laid'ilewu and the passenger trains com menced running regularly into the passenger sta tion of the Pennsylvania ltail Road Company.— No detluite contract has yet been made with the Pennsylvania Rail Road Company for the use of its passenger depot by this company, yet it has always been expected by the MaLagers of the respective Companies that the passenger bu-i• nuts of all the roads coming in from the west would be transacted in the grounds of the Penn sylvania Rail Road Campany. The exchange of freight between the companies will, it is presum ed, be made upon the grounds of the company. The bringing together of the passenger - business and the freight busniesa of the two companies will have the effect to largely increase the traf fic of the roads, greatly simplify the manner of doing the business, and reduce very materially the expenses of conducting the same. 8. The work of ballasting the portion of the road between Crestline and Fort Wayne was commenc ed a few weeks before and in anticipation of the consolidation, so important was it to get the track in a condition to be need at even moderato rate of speed, and that the machinery might be run over it with reasonable economy. The cress ties upon this portion of the road were both too small and too far apart, and the Board made a special order to put in an additional cross tie to each length of rail, the extra tie to be mu^h larger than those in use, and to be placed under the joints of the rails. During the summer and fall 0f..1856 some ten miles of track were ballast ed, the road-bed drained, and the track at other points adjusted, without gravel, so that by the Ist of January, 1867, trains could be run at a Fast rate of speed, and with only ordinary wear and tear of inathiaery and etook.. During the year 1857 the putting in of extra areas ties and ballasting was eoutinned to the talent that the means and credit of the company would admit, The wlade liue iceat mee, t,, ia,:e..go, and which resulting in ballasting so meal of the distaste of 82 milee, we put un ire , .• .et, eat on Road as to now leave 50 miles (of th e 181) yet the ast of May, 1853, by the Fort Wayne and to be ballasted. Between Fort Wayne and Ply• . Chicago Railroad Company, but owing to the mouth the ballasting was commenced soon after suspension of the work at two several periods, the track layers had completed each section, most of the conircotors, at the date of oonsoli and continued until interrupted by winter. In dation, had abandoned their pontracts. The por -1857 the ballasting on this portion of the road tions thus abandoned were re-let by this company was resumed and a small force kept at work un- on the 80th of January, 1867, at fair rates and til the Ist of November. This portion of the most favorable terms of payment, to Mr. Lewis road is now in good order, excepting about 30 Broad, of Chicago, a very able, efficient and • miles yet to be ballasted. The whole amount trustworthy contractor. Soon after, Mr. Broad expended for ballasting by this company, between t and other contractors on` the line commenced Crestline and Fort Wayne, is $48,471,47; and, work, and have steadily continued their opera west of Fort Wayne, $42,600. , Lions ever since. The Board have been enabled, 4. The equipment of the several roads at the I under a very heavy weight and most discouraging • date of consolidation, and on hand at the time of circumstances, to thus persevere with the work opening the line to Chicago, via La perte, on the without drawing upon the treasury of the cora 10th of November, 1856, was as follows pany for but a very small amount of money. 70 Locomotives, Their main dependence has been in the real 47 First Class Passenger Cara, tate (referred to in another part of this Report ) 7 Second " 64 of the company, and "material aid" furnishc d 17 Baggage Cars, by the public-spirited citizens of Porter al 487 House and Stook Cars, Lake counties, Indiana, who have long and earl.- 145 Platform Cars, I estly labored for the completion of this their fa -233 Gravel Cars. o v rite road; and we trust their hope, so longOf this equipment, the six locomotives reoeiv- deferred, may eoon be realized. The past sae ed from the Fort Wayne and Chicago Company months has been one of those periods unusually had been but a short time in use. They were propitious for doing a large quantity of we' k built by the Boston Locomotive Company, and with a small amount of cash means • atd by were of a weight and capacity well suited for the seizing upon the opportunity, the Board bt en able to avail itself of legitimate means, 'tot road. The first class engines received from the Ohio and Pennsylvania Company were generally money, to keep at work through the fall co d in good order, but among the engines of this winter just passed; a force of about four how , company were quite a number pretty well word, dred men and sixty head •of horses. and several too small to be of much service, in The grading and bridging are far adieu et d• either the passenger or freight business of this towards completion, and on the sections ita‘t company. The engines received from the Ohio west of Plymouth the road-bed•is ready for the and, Indiana Company were not in good order. track Should the track layers commence N. s, k The passenger and freight cars received from the soon after the first of April, the road-bed at ; h o Ohio and Pennsylvania Company were in good entire line can be made ready for them as fa• t .ts order, excepting such as were defective in their. the track can be laid down, and this withc Ut a original construction, and they needed expensive very large increase of the force now at work u repairs before they were fit for service. The the grading. To complete the work, there i, passenger and freight care received from the Ohio quired about two hundred and fifty thousand a t• and Indiana Company were, partly from use over tars in cash, sixty-five hundred tons of raile, •el a very rough track, and partly from inferior the chairs and spikes sufficient for the 82 u build, in need of repair. In view of the condi- On the 6th of January; the Board elected ). tion of the equipment, of the additional length Edgar Thomson, E.q , Chief Engineer of rho of road brought into use, and of the anticipated company, with full power to contract for ho increase of business, the Superintendent soon completion of the road, and placed in his heads after the consolidation, made a requisition neen means to that end. Under the authority ti us the Board for a largely increased number of en- given, and meana thus set aside, arrangemer. is ginee, and of passenger and freight ears. Tee are being made with parties to furnish the c...h Board, after having fully considered the whole capital, and complete the road into Chicago by question, ordered the purchase of additional September next; which, if they receive yk ut equipment, which was done to the following ex- sanction on the 30th inet., will at once be pee tent, viz , feoted, and thus secure a permanent 'wattle to your shares which otherwise arc In very great jeopardy. A contract was entered into on the 14th of Oc tober, 1857, with the Joliet and Chicago Railroad Company, for the sale to that company of a p don of depot grounds and right of way of Ode company in the city of 'Chicago, for the joint use 1 by the two companies; and the road, with te lain improvements in Chicago, was to be made at the joint expense of both companies. .ailni-e• this contract, the track is now being laid down in Chicago, and the bridge over the Chicago river will be completed early, in May. The company has in the States of Ohio, In diana, and Illinois, a large body of lands, cou sistlng in part of valuable farms, but • mostly en unimproved lands of a character greatly to a p and development of the country. The cash ealge preclude in value with the increase of popalgtieg . of the whole of these lands at the date of con solidation, was estimated at $971,521,59, These lands were reoeivod as part of the el sato of the Fort Wayne and Chicago Reilroftl Company, and by that company received from its stockholders in payment of their steel, sub. scriptions. The Fort Wayne and Chicago Com pany had inoumbered a portion of the lands by a mortgage of $500,000, and had issued halide secured by the mortgage to an amount of $40e.,- 000, the proceeds of which went into taae ees etruction of their road. Qn the ft . rst of ileee h .,. bur, 1866, with a view of obtaining money, by using this property as a basis of credit, a con veyance in trust, or mortgage, was executed by this company to Hugh M'Cullooh, Esq., P:eeident of the State Bank of Indiana, on certain of the real estate, valued at $363,855, to secure an issue of $350,000 of bonds, which issue was made in March following. Of these bonds, $57,500 have been sold, and the balance of the issue specially pledged to the completion of the road west of Plymouth, and set aside for that purpose by formal resolution of the Board of Directors. A favorable feature if these bonds for the purchaser, and one in no way detrimental to the iaterest of the company, is a provision making them receivable for included in the mortgage. The Trustee reports, that to the :list of De cember, 1857, he had sold of the lands moil gaged in the deed of trust, executed by this com pany, to the amount of $34,009, and had ye• ceived pay for the same as follows; Cash,, • $ 1,135 Notes secured by mortgage 4,480 Bonds issued under the mortgage... 28,394 25 Past Class Locomotives, 12 first Class Passenger Oars 16 Emigrant Cars. 2 Express Cars 100 Stock Care, 135 Box freight Cars, 54 Platform Cars. Of the above loolmotives, 12 were purchased from the Boston Locomotive Company; 1 from Norris & Son; .1 from Baldwin & Co. and 2 (Norris & Son, builders,) from the Pennsylvania Railroad Company. The 12 purchased of the Boston Locomotive Works ere of the same class as those received from the Fort Wayne and Chicago Company, and fur weight, capacity for speed and draught, economy of fuel and repairs, are fully equal to tiLy and far superior to meet of the locomotives belonging to the Company. All of the cars of the several classes purchased are believed to be of the best quality, and some of superior plan and build. Of tho box freight oars, 100 were put on the road by Leech & Co. (now Clarke & Co.l as their property, and t,14,12r a contract to sell and deliver - to - the company at any time at the option of the company, and uton terms•fixed in the contract; until paid for,h6w ever, they are to receive a monthly rent for the use of them by the Company. The cost of the additional equipment has been as follows Locomotives $260,437 91 Cars—Passenger, a . ,0 " Freight Total °oat $448,083 SiE which, with the value of oars placed upon the road by Leech Co., make the total value of the equipment placed upon the road since the date of consolidation, $511,162 55. The equipment now upon the road, if kept iti good repair, (and true economy requires that this should be done,) will be sufficient for all the business it is reasonable to hope for, until some time after the completion of this road to Chicago. 5. The ICith of the Articles of Consolidation re quires that " the said consolidated company shall, as soon as its resources will permit, and so soon as the same can economically be done, proceed with the construction of the entire road of the said Fort Wayne and Chicago Railroad Company, and complete the same into the city of Chicago." Without this requirement of the fund amental law of the corporation, the Board felt charged by the general sense and wish of all the stockholders in the least degree familiar with the position, necessities and prospects of the com pany, to spare no effort in urging the road for ward to its terminus in the city of Chicago ; their own judgment of the vital necessity to the shareholders of such a policy, also impelled them in the same direction. As the several unconsoli dated roads were too weak to contend with the powerful competition springing up in every direction, so the consolidated road needed to reach its full stature to insure its safety. When that growth is attained, We have entire confidence that it will be in a position to cotnmand business, defy competition, and remunerate all the capital invested. The assets which passed into the bands of your present Board as means to accomplish this great end, as also the other objeots devolved upon them, above recited, were $244,000 Allegheny River Bridge bonds; $534,000 First Mortgage bonds of the Ft. Wayne and Chicago Railroad Company ; lees than $400,000 in value of real acme, amt the income of the road. The immediate assets, as it will be seen, were less in nominal value than $1,168,000, and the floating debt near $1,500,000, but at the time supposed to be $1,052,136. To provide for this deficiency and to accomplish the work assigned them, the Board resorted to what it believed to be a solid, reliable and ample resource—one that 'would the end respond to every demand Upon it, to ric oemphsh the work which we had in hand --tL a accruing net revenue of the Road. This they decided to reach by an issue of $8,500,000 Q 2,028 21 3,285 00 $360,189 37 Loud Do -. 138,750 00 Construction bonds, which they secured by mortgage upon the road and its income, bearig date January let, 1857, executed in complis.o, e with the laws of the several States of Penney' vacua, Ohio, Indiana add Illinois. These bonds are of the denomination of $l,OOO east, beer date January Ist, 1857, principal payable iu New York, January let, 1887, and interest payable also in New York half yearly on the tiret days r January and July, at the rate of seven per cent per annum. These betide were placed in the market a yet .r ago, both in this country and with Messrs Ruh err Benson Sr. Co., the company's agents in Lot don, with confident hope, confirmed by the un• biassed judgment of men familiar with the value of railway securities, that a large amount c.f. these bonds tionid be sold during the year; wi;l4 funds thus to be derived and the surplus ear c. Mgt! of the road to Chicago via Laporte, a like hope was eutertaiaed that we Wald he pile to surrender our trust anti a finished real at your first annual meeting. The expectatious in regal d to the sale of Construction bonds were realized a very limited extent, not at all adequate LI) the end desired. as the whole amount sold to Decem ber 31st, was but 388,000, of which $220,0t,t1 were sold for cash by the agents in London. To this disappoints ent was added the further one of being able to sell only $67,000 of Allegheny River Bridge bonds; the hostility of the citi, of Allegheny and Pittsburgh to the conneoth n with the Pennsylvania Railroad having renderil them unsaleable The Board; while creating 11 additional debt by mortgage of $3,500,000, were not unmindfal that there was already a jar mortgage debt, a portion of which would run to maturity within a few years. They decided to provide now and in the present mortgage, a Es cavity with which to retire, at or before muE'• rity, the whole mortgage debt, created by tht4 Ohio and Pennsylvania, Ohio and Indiana, and the Fort Wayne and Chicago ,Railroad Compa nies. The mortgage of January let, 1857, cre ates a lien to an amount of Ten Milliona of DO dare, as a first, and intended to be an only lieu, upon the road and property of this Company. It secures the $8,600,000 Construction bonds, and also $6,500,000 Redemption bonds, which latter are similar in every particular to the Constrt;ctiutt bonds, but are distinguishable in the mode in which they are issued, Which manner of issuing is very carefully guarded in the mortgage. The Con struotion bonds are at thabsolute disposal of the. Board of Directors, for the purpose of finishing the road and paying the floating debt, whereas the Redemption bonds are held by the Trustees, and are only delivered to the Board of Directors in sums of $lOO,OOO, to be by them used in re tiring the old bonds, and they must return to the Trustees $lOO,OOO of the old bonds, canceled, before they can receive a second $lOO,OOO of the Redemption bonds. By this precaution it is im possible that more than $lOO,OOO of bonds out of the whole $6,600,000 to be issued, could ha misdirected from the purpose for which they were issued without collusion between the officers of the company and the Trustees. None of the Redemption bonds have yet been issued, al though an application has been made for a few thousand to replace bonds issued by the Ohio and Pennsylvania ftailroad Coropsny, which the party , -08 /oat. "+ 3 P , 0 3 ....... 57,257 3 Total 34,009 That the company's bonds received in payment by him had been canceled and deposited in the vault of the branch bank of the State Bat h of Indiana at Fort Wayne. That the amount thus canceled was $28,500, the difference betv{m..-. this sum and $28,894 being in the form of outstanding obligation of SIOG, to be received payment of lauds when presented. The redemp. tion by the Trustees, leaves now but $321,400 of Deal gstate bonds in the hands of pur chasers 'and the company. Although these bonds gave ten years td run from their date, there is now every reason to believe that all, or nearly all, will be retired by the sale of lands long before their maturity, and the com pany thereby relieved from the payment of, in terest on them much earlier than was anticipated. The operation of the finished line of road you will find very fully detailed in the reports of th Superintendent and Auditor herewith ant milled. The tables accompanying the reports of these Officers are made np with great care and accu racy, and contain much Naluabla informatics to you and useful information to the officers at 41 Directors in managing the bpsiness of )ov..r road. The' earnings to: the seventeen 62,onti:a have been—' From Freight, $1,059,701 45 From Passengers, 1,313,221 03 For Mails, 73,878 28 For Rents, 7,087 91 From Miscellaneous sources,. 2,115 37 The earnings have fallen short of the estimate made previous to the innsolidnttion about thir teen per cent.; but, instead of disappon:tment at this result, there is good reason for congratula-. flea by stockholders at so favorable an exhibit of the strength of the line in its unfinished condi tion, and of the assurance now made roanifest, that the earnings of the finished line will be ful ly equal to the highest estimate ever made. As already ;stated, the earnings for the first seven teen months were diminished by reason of 'the very unusual navigable condition of the girt river, and of the high rates charged and li - oftetd facilities given to tile business of this compan:l, by the Cincinnati, Peru and Chicago, and the Michigan Southern Sail Read Companies. An other cause for the diminished receipts, and one applicable to alt Railway Companies for the last els months of 1857, is found in the sudden and universal prostration of trade. As the letter cause still continues, Its effects will be carried far into the business of the ourrentyear, .and deed may continue to its close, unless the coun try is in the meaninite blessed with another abuu dant harvest. A third cause for the receipts fall ing below the estimate, was the very low rates of transportation upon much of the freight carried from points within the range of competition created by the four leading east and west lines. So low were freights reduced from some points during the year, by this cause, that it was deem ed praforablo to retire from the particular .llelt.l of contest, rather than' follow competing lines down to non•oompensating rates. The local rates upon the Pittsburgh, Fort Wayne and Chi cago Road for both freight and passel:quiet, are below the limit at which tl.e company is author izei to charge by its Act of incorporation, audit may yet be deemed necessary in some instances to advance the rates on freight. For all that can be seen at present, it is not safe to estimate the gross earning of the road for the year 18A, at more than $1,700,000. The transportation expenses for the eeventeeu months have been as follows ; Station gximees Wood and Water Station attendance.... Fuel for Engines ' Oil and waste... Conductors, Brakemen anu Baggage Men, Passenger Trains Do. Freight Trains Engineers and Firemen, passenger Trains Do. Freight Trains Engine and Car Cleaners, Passenger Trains 11,681 10 Do. Freight Trains 9,471 62 General klxpenses ... 159,1.85 40 Repairs of Maohinory and Work done in Shopi.. Maintenance of Way and renewals of Track Repairs of Structures Total $1,308,445 9d Equal to 53i , per cent. of the receipts. This cannot be otherwise regarded than qs a most favorable result, when all the adyerpe cir- Ournatanoes are oostaidered wader which the 0.1,4. ~~ ~ ~~ ~. ~"&T~'#~ ' ~ ' ~~T -C kf $2,456,004 - $ 158, 2 / 5 13 33,351 129,390 88 40,823 94 48,857 30 30,618 10 40,321 92 45,463 23 283,625 85 297,519 39 41,126 13
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