honorable body to grant such aid to said company, as in the wisdom of the legislature, may be conducive to the prosperity of the important section of the state through which the road passes, and to the interest of Michigan generally. The annexed exhibit shows the value of the road and the inability of the company to iron it, and provide facilities for business, so as to render the original investment profitable; also, the unavoidable failure of the company, during the past year, to pay the interest on the state bonds issued by act of legislature for the benefit of said company. In view of these considerations, the stockholders, at their last annual meeting, authorized the directors to propose the surrendering the road to the state, for the purpose of making it tributary to the Southern railroad, whereby the business of that road would be so far increased as to render it a source of income to the state. Or, in case the legislature declined purchasing the road, the board was further authorized to solicit the taking of stock by the state, with the object above expressed, sufficient to relieve the company from embarrassment, and also to provide for the completion of the road, and for facilities for doing the increasing business of the country; the stockholders retaining their paid up stock, as a joint interest with the state. Should your honorable body be favorably impressed with the views of your petitioners, the stockholders are desirous of entering into an arrangement which may be alike advantageous and honorable to the state and to themselves. Report of the Palmyra and Jacksonburg railroad company. Statment showing the cost of the road, without iron, from Palmyra to Clinton, its present termination, sixteen miles, together with the assets and liabilities of the company; also, the receipts and disbursements of the same, from its opening, to wit: the 11th day of August, 1838, to the 31st day of December, 1840. The cost of the road from Palmyra to Clinton, six teen miles, without iron, including all expenses, for surveys, engineering, releases, construction, &c., &c., $78,812 75 Amount of capital stock subscribed, 105,850 00 Amount received on stock, including Stickney's bond and mortgage of $28,784 88, 63,216 42 Balance due on stock,* 42,633 58 The liabilities of the company are as follows, to wit: Amount of loans from the state, and interest due, Amount due to other creditors, $21,400 00 22,380 71 $43,780 71 $42.633 58 Stickney's bond and mortgage, exclusive of interest,† 28,784 88 $71,418 46 Deduct state loan and other debts of company, 43,780 71 Leaving this balance of resources, if available, $27,637 75 *The treasurer of the company has commenced suits against the delinquent stockholders, but fears are entertained that on the issue of executions, but few of the stockholders will be able to pay. The company have not been able to negotiate the bond and mortgage for funds to iron the road, as originally anticipated. The security is only valuable to liquidate the stock for which it was given by major Stickney, of Toledo. ber 31, 1838, Receipts and disbursements of the Palmyra and Jacksonburg railroad company, from August 11, 1838, to December 31, 1840. Up freight from August 11, to Decem do from January 1, to December 31, $2,508 74 Expense account, accrued and paid from August $23,503 91 $14,064 77 9,439 14 $23,503 91 (*Shows a great disproportion between the receipts of 1839 and 1840, for passenger fare, occasioned by the worn and rough condition of the top rails, which rendered traveling in the passenger cars uncomfortable, which induced the board of directors to withdraw them from the road; after a short experiment. A statement showing the amount of up freight for 1839. A statement showing the amount of down freight for the year 23,167 barrels flour.* 810 bushels of wheat, 1840. * More than one half the quantity of flour, which has gone over either the Central or Erie and Kalamazoo railroad within the past year, notwithstanding the want of facilities for business and imperfect condition of the road. 708 do of corn, 407 barrels whisky, 704 do pork, 1,140 hides, 118,370 pounds potashes, 187,412 do merchandize, lard, nuts, butter, fresh pork, furniture, &c., &c., &c. State of Michigan, County of Lenawee, ss: Charles Chandler, of the village of Clinton, in said county, being duly sworn, deposes and says, that the above statement of receipts and disbursements of the Palmyra and Jacksonburg railroad, are true and correct according to his knowledge and belief, and further says not. CHARLES CHANDLER, Treas. P. and J. R. R. C. Sworn and subscribed before me, this 25th day of January, A. D. 1841. C. A. STACY, Jus. Peace. The undersigned, forwarding merchants at Tecumseh and Clinton, hereby certify that the business of the Palmyra and Jacksonburg railroad company, would have been doubled during the year 1840, had the company possessed facilities for transportation. At no period, had the company ability to transport the whole of the produce or merchandize consigned to our care, either up from, or down the lake. SPAFFORD & SMITH, Statement of David Smith, late engineer on the Palmyra and Jacksonburg railroad, relative to the condition of said road. To the president and directors of the Palmyra and Jacksonburg railroad company: GENTLEMEN-In accordance with your request, I present you the following report: Which gives a statement of the present condition of the Palmyra and Jacksonburg railroad; also, an estimate of the expense of preparing the superstructure for the reception of iron. It is now upwards of two years since the road went into operation, during which time, 'no repairs of any consequence have been made to the foundation of the road, it being solid throughout; great care having been taken to insure stability and firmness, when it was first laid. It is different, however, with the superstructure. There being no iron to preserve the rails from the heavy friction of the cars, they have been so much injured as to make them unfit for any further use. From Palmyra to Tecumseh, new rails will be required for nearly the whole distance. From Tecumseh to Clinton, it will only be necessary to dress the tops of the rails, so that they will present a regular and uniform surface, The bridges are all in good order and require no repairs of any consequence. The excavations and embankments need but little repairing except the "deep cut," as it is usually called, which requires widening and clearing away of sand that has been washed down by heavy rain. The following is the estimate of the probable amount necessary to prepare the road for iron, to wit: do 74,000 feet (B. M.) 3 by 4 inch ribbon, at $7 per M., $518 00 115,00 do 5 by 7 inch rails, Taking up the old ribbon at $50 per mile, Laying 7 miles of ribbon at $60 do Taking up and relaying 3 miles of rails, Dressing the rails between Tecumseh and Clinton, 5 miles, Contingencies, Total amount, 805 00 350 00 420 00 450 00 200 00 500 00 $3,243 00 It is unnecessary for me here to say any thing of the importance of having the road ironed, and a sufficient number of locomotives, cars and buildings prepared, as soon as possible, because it has been shown sufficiently clear by your agent's report last year, that the business done upon this road, would have proved a source of considerable revenue to the company had it not been for the great expense incident to running cars upon an unironed road, and using horse power instead of locomotives. It is ascertained from positive data, that it requires two horses to draw a load, and in the present condition of the road, four horses could not draw a load with so much ease, as one horse could, if the road was ironed. It is also ascertained |