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Toledo, Ann Arbor And Northern Railroad

Toledo, Ann Arbor And Northern Railroad image
Parent Issue
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OCR Text

The Directo oi the Toledo, Aon Arbor rad Nortliern Ratlroad Üotepanji submlt the followlng report to thu confldenrtlonof the atockholdere : In entering opon the discharge of tHelr dutlès, the Board of Directora deemed It important t make i careful analysl ofthe coiiditton of the flair of the compftny. Xbe truiurer roported a cash balance In hls bands of ten'doll'ars ; tlie original as■eumeiiton the prellmlnary subscriptlona of Btock, nf Ove per cent., havinjr been gnbRtanllally rxpcnded lu the preliminar? BurvtyH ml ottier aeceasary expensen Unpald claims amonntlng to the snm of fl, 986.21, huve alu beeu preüeated for Bsrvlees rendtred onder the Busplce of the fprmer board. No aaseminent tías been made for the payment of these claims for th renson ihat we duslred to complete tlie stook subscriitioi!M before makiag au asHessmeub A. carefu! exaniinatloii of mattere pertniiiiiiii to the stoek subscriptlous rerealud thefacl tlmt there were uuttttaodlng contracts to take stock at Ann Arbor and its linmediate vlclnity ainouutlng toover tlilrty tliousiuul dollar, that had nevar been fonneily transferred. Tlie Board romedlutely engaged the services of Mr. Leonard to perfect these ■ntwcrlptloni. Under his supervisión all the full share snbscriptlons, have been perl'ected, except of two or tln-ee partles who, for somc ucexplained reuson, refuge to raake gooil their agreements. Tlie Directora n-lll eltherhave to enloree coinpllancc by leal nieasures or strike thelr iiames (rom the list. Jostice to othcr stockhold ers would clearly (Iemand the former course. The fractlonal share agreeoaenta wlll bc collected in their present forin. Tlie subcriptlons soutli of Ann Arbor, Inclaslve of ïose óï Üie riglit of woy cannot be comleted till the line is fixed, whlch w hope 'ill be done at uu eurly day. Haring thus obtatned an Instght into th alu:ible assets of tlie comp-.uiy, a Connnit ee of the Director, in conjiiiictioü wit ie Trustees of the Toledo Fuiid and tli fficers ol the Tiilin and Toledo ftaltróa Cüinpany, procceded to tlje City o( Kalt more to confer wilh the President of th B:illiinore and ühio Kailroad Coinpaiiy, t MertalD deflnitel; opon vrhát terms tl icans conld be procured f rom that corport tion for the complctlon, equlpment and operatiniT ot a road from Tiilin, Oliio, throngb Toledo to Ani Arbor. President Ciitrrett rereived us with great cordlality, mil alter a freo conversation touchinr tlie nterests of all partits coneemed, stgnlfied lis wllllngnew t enter into an agreetnent 0 subscribe to tlie stock of the proposed ne oue hundred thousand dollars proviil;d au addttlonal amount shall have been ïbtalned (the $100,000 Inclusive) to one ïalf bullil the road from Tillln to Ann Arbor. He also agreed to furuish a market lor the bouds of the roads stilllcient for their conipletlon, and when completed he agreed to furnish all necessary rolling stock, and opérate the roads at the usual rate per cent. on the earolagS. To comply witl; this exceedingly fiivorii ble proposittonr of on ï of the inost wealthy reeponelble and entrprlBing corporations on this continent involvcs AD additiona Bubscriplionof an amount at present esti matcd at one hundred and üfty thousam dollars betweeu Ann Arbor and the State line. This amount contemplates a roac equal In all respecta to ihc best roads o the country. The Directora therefore make tliis tlieir llnal appcal to the people on the route, and ask them to place in the hands of the IJoard the means that shall euable them to secure the incalculable benefit thui open to the country. The Uoard bej, properly holder in Wushlenaw and .Moiiroc count'.es : First, In takingthe amountof stock con templuted tho control or the rood is lei nubstantially in the hands of our OWn peo pie, and if the business of the road gboal: ever approximate to the most carefull; made estimates there i.s no probability o our ever belng "solil out" or "gob!led op' bythose holding our bonds however de■Ignlng tliey may be. We f;el confiden the Btock will wUl be reasonably remuntra tivc. Second, We are dealing with no "mere men of straw" bat with a wealthy, respect able and honorable Corporation, that lui never had a repulatloQ lor oupresslon, bu ia all ts extensions (in valne over $2, 000,000) lias a reputation for honorable fai dealing. Ihird, We are dealing with a corpora tion distlnguishcd for an economy of man ageineut that has enabled It tu traospor freight at a l(?ss price than any road in the country. It is a well knowa iaet that the dift'erence in the cost of fuel alone betweei tliis road and those more nortlierly Ís sul Itclent to yield a fair dividend to ttae stockholders. tourlti, ïhis comnmnication opens to us the most valuable conl flelds of Ohio Pennaylvanlu and West Virginia ; to whieJ if we would prosper we must have access at 110 vcry distant dy. ■ Fiflh, It opens to as a inarket at the South and East and above all the greai center of all our most marketable procíucts, viz: Europe, and over a line of conimunication cheaper than any other in the country. The Directors when in Baltimore were shovvn the recent Improvements oí the (Jompauy iu sliippiug f'acitiUes :nnl one ofa linc of Iron Steamships recently constructed by this Company ; and were Mcnrod tliat thc Baltjraore aud Ohio Railroad were prepared to COOtr&ct and were contractlng todeliver produce in Europe at tile same rate tliat other lluea of' coininuiiicatioii would dellver New York or Phlladelpbla. Thns it Is susceptible of demonstraron tliat the farmer in Michigan or the produce dealer wlio ships lil wheat say five huudrcd bnshels via. Baltimore and Oliio Railroad is tlie actual gainer of at least seventy-flve dollars -on the single shlpmcnt. Were tliere no other conslderatiou, as the advance in the price of' real estáte, the opening of a Southern iniuket, tlie valué of the stock subscrlbed, etc., etc., this alone should entibie every farmer who produces Uve hundred bushels ol wheat to subscribe at least serón hundred and flfty. dollars. Jle would simply inake a ten per cent. investii]''iit. To illuslniii' the economy vvith whlcb tliosu gteamsblps were transporting freifjht, the Coinmlltee were shown imported goods in (juiintity that were beinjf discharged from them destined for both JJoston and New York, and Immense quantities of imported goods sre daily sold in both of those cities tliat uever saw or never will sce tliem. The rapid growlh of Baltimore is no marvel. The Directors could enlarge upon the ad vantages of this road to the people of Washtenaw and JIonroe counties. But they forbear. Ifthere is a single citizeti who cinnot be made to appreeiiile hit) luty to himsclf by such faets as the above, further argument is useless. lie inus be possessed ofa hearl so narrow, contracted, aud hard as nol to be impressed by any coiiBideration short oí the dollar actually wlthín lila elutehes. The Directors desln: to makc thls last appeal to all partles In.ervsted. Let therc be one united effort to complete tliis SQbscrlptlon. Let every citlen a.ik the quetion, not wliat my iclghbor has done, but wbatcan I allbrd to lo ? What does rny individual Interest denand of me? By thus dolng thls great ind Inestimable good is secured to ns all. Jy refusiují or neglectiug to do thus U;is nterprise fails, and who can say wheu H íT 111 be agaiu preseuted in a feasible form 'í


Old News
Michigan Argus