The T., A. A. And N. R.

We takc pleasure In presenting OUr rendéis witli the followlog olHcial stutement of the progresa and present condltlon of tlis Toledo, Aun Arbor and Northern Kail'oad. It should convlnce cvery subscriber to tbe stock and every ctttzen In uny way nterested that the Board ol Dlrectors have been pushiug the work as fast as the incana placed in thelr hands wonld warrant, and that tliere is no such word as faiiure, de■pite the gloomy predictlous of the eroitkers : 'lo the Stockholders of tlie Toledo, Ann Arbor and Northern Baüroad Company: In ordering an assessineut of the last 50 per cent. of the capital stock ol' this Company, the Üirectors deern lt advisuble to present to tlio stockholdera the followlng statement oí the present status of the Company : For Uu: purpose of delraying the expenses ol the Üompmiy in locating the rond from Ann Arbor to the Oblo state line, and meeting other expensea prellmlnary to the construcción of tlie road, an assessment of ton per cent, apon the capital stock was ordured, to take effoct on tlie lst ui November, 1871. The line was locateil durlag tiie autumn and winter, and early in March a further aasessment ot torty pi c cent. was made, and wus payable 011 the lst days of April, .Muy, Juiut and July, respectlvely. About the same time the contract lor gradlug tlie road wus let to Messrs. Oraue ft Thomson, wlio begsn tho earthwurk betweeo the above named polnts In April. At the present time about 30 miké of the road bed are coinpleted, and the balance of the work is being done as rapldly as the ünanceg of the Company permlt. Contracta for building the bfldgea and tsul verta have been let, and two ot the Miree largc and MTen ot the smaller pile brldges are completad ; the tlmber has been purcliased and dellvert-d lor nearly all of the remalnlng brldgea ; the piles are belng driven, and the en tire work will be completed at an early day. A largo portion of tlie tlmber for the culverts Isdellvored and paid for, and thelr construction A'ell under wuy. Contracts for building the entile gualda have also been let, and the work will begin immediately. About 50,000 lies are purchaaed, ntatiy all paid for, and dellvejrcd alonir the line. Over 88 miks of rlght of way have been secured, a large proportion of whtch has been paid lor in of the roaO. The re raalnlng rlght of way Is lu-tu lecured by purchase at reaaonable prlces, coö lm.1 !)■ legal proceSs, ;is tlie hiii'.N iiru w..i:i eil for tht cocsti'uctlon tif tlio roacl. btatiun gi'oiiiKl have been glveo to ihe Coinpimy In York, Mllan, Kceves, Ddndee [da and Bertford, and liberal piopoaltlonf fot the sumí: have boen mide uy several gentlemen In the city of Ann Jcrbur. 4rranseinents havo been effected witli the city o; Tolttdu wheteby ihe O'no port on of tlie roüil la to be Inimedlately built, ml ilie use of the l&rge bridge nero--; tin' Miiuiuee und ihe great Linon Depot igguarttniènd tb the Ooinpany, on a pro ruta batí wll ohl railroad cotnpanlea ; hIbo the usb o;' Lhe nl :ni(i prospectivo trucks of one oí the iitrst iim's 111 rnat, ctiy, witn utucjr v;wuu'.nv francblses. The Directore have bpared uo reaeonable or ecoüouilcal agencies tlmt would cuntribute to tlie early'-completlon ofthis roafi. At the einicst iiid constaut st ofstuckholdere ïhe work has been pmhcd iis rapldl; on ihe assessments rtould warrant, and conalclerably more so thau collectlons have justiÜRd, tbe contractora bavlug made liberal ndvauces each month. In thus urglng ii:i' work Uw Directora Imve relied apon llie busloess integrity, houor and promptness of the suiiscribers to sn:iport the project whose success they ho inncli desire I, tin It only Becurity belng the ful Ui and Credit of these ubsci'lbers. Wiiile ocarly nli ol t:a's.' pledgeü have been met at niatnvity by llie stookbol in u prompt i.uil manlf .u;irii, a ft-vv subii ril ra ii.ive iiot responded to the Bssessiiii-Mts ca lied as pfumptly as the Board bad reason to cxpect vvhcu the cootradts were let. I ti view of the preaslng wants of the Company, ihn Directora liuve ordercd a -ment of the last 50 per cent, oí its capita) stock, payaljle iti tive monthly In stallrnttits, na per encloaed uotlce. It :s confldently expeeted that delinqnent sub acriben vtlH meet th ov r-dueatw BsraeritB v.ith ImraeOiate payinentj and that every stocl;li:)l(lcr wilt pay the :emalnlni; assefj ments as they becorae due. CTothing sUoit e: tms win eüüDie ene uirr-ctors to preparo tlic sun-structurc tor the Iron at au early day, ns la po niucli deaired. In order to insure t!ie eurly complution ol the 40 miles dow nnder constructioii, and in response to the expresa demand of the promfctly paylng snbscrlMl's, the Din-, tors have fbund it necess:iry, in some calles, to tafcc legal moasure! to s.'cure tlie payment of ovor-d uc asscss:neuts, hoping, however, that bereaiter they slmll have no c.iuso lor tion. Tlie Directora nre stlll In ïicgotlution tli different partlea for the Iron lor the i'oad, and have assurancea wlilch leave tliem no reasou to doubt that they shall be able to perfect arninirements satisHictory to the Btockhoiders, n'hlch shall secure the Ironlng and eqolpmeot when the road-bed la ready lor It. As soon is tho wcífc now In progreso hall be complete] the extensión ot' the road north stiall recelve the prompt attentiori of the Directora. Jiy order of tito Board S. H. DOUGLASS, President. We Wltl only adel that In our judgment there Is not the shaclow of an excuse for anv subserlber to neglect prompt payraent o'a=sessmeuta made aud to become duo on the flrst day of encli month - except a want of funds : and prompt pcyment will lusure an early coinpletlon 3f the vvork, and put is lu conuection witU Toledo and its syst:iu of l'ods.