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 .
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•,.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.
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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
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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