Page:History of Richland County, Ohio.djvu/323

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��HISTOKY OF EICHLAND COUNTY

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��which cannot ])c violated with impunity. A common vehicle on the road cannot be made wider or narrower than that in common vise, without detracting from its usefulness. Ever since the Atlantic & Great Western has been in operation, there has been continual talk of reducing the gauge to the ordinar}^ width, and over a great portion of the road between New York and St. Louis, this has been accomplished. All the new cars and machinery manufactured for the road are, and have been for years, made with a view to this narrowing of the track. That portion of the track now in Ohio still retains the broad gauge, with slight exceptions, and upon this part, therefore are concentrated that part of the material and machinery first constructed for the broad gauge. A few years more will, with- out doubt, see the road cut down to the ordinar}^ width, from New York to St. Louis. From Day- ton to Cincinnati it is already cut down. When the passenger on the Atlantic arrives at Day- ton, he finds the car in which he is seated being hoisted by machinery, using steam power ; the trucks are quickly changed, and the train pro- ceeds on its way with the loss of but a few minutes' time. The road was sold at the in- stance of the foreign bondholders, January 6, 1880, and the name changed to the New York, Pennsylvania & Ohio Railroad. Under the new regime, the entire track is to be narrowed to the standard gauge. A large amount of foreign capital was used in the construction of this road, and much of its stock is yet held by London capitalists.

The Mansfield, Coldwater & Lake Michigan Railroad Compau}-, the fourth and last, to date, of the railroads passing through or entering Mansfield, filed its certificate of incorporation with the Secretary of State May 20, 1870, to build a railroad from Mansfield to a point on the State line lietween Ohio and Michigan, eighteen miles from the northwest corner of Ohio, 123 miles in lenath.

��By articles liearing date December 28, 1870, ratified and taking effect May 19, 1871. the Mansfield, Coldwater & Lake Michigan, and the Ohio & Michigan Railroad Companies were consolidated, taking the name of the Mansfield, Coldwater & Lake Michigan Railroad Company. Capital stock, #4,000,000 ; I'oad to extend from Mansfield, Ohio, via Tiffin, to Alle- gan, Mich., 223 miles.

This railroad was projected and pushed through principally by citizens of Mansfield, who thought to advance the interest of the city by connecting themselves with the rich country northwest, which seemed to lack railroad facili- ties. The road was built, but not as at first intended, and the result was a disappointment.

A contract was entered into (unfortunately, perhaps) July 20, 1871, by which the Pennsyl- vania Company' was, after the road-bed was graded, bridged and tied, to iron the same, build all depots, machine-shops and everything necessary to a first-class road ; and to receive for the same, $4,460,000 of 7 per cent, first- mortgage gold bonds and $5,000 of common stock in excess of all stock issued to all other parties — the subscription stock to be preferred, and to receive a dividend equal to 7 per cent, after expenses and interest on bonds are paid, and a reasonable amount reserved as a sinking- fund for the redemption of said l)onds, prior to any di^'idends on common stock ; the Pennsyl- vania to equip the road, but to pqy the cost from the earnings.

By this contract, the road practically passed into the hands of the Pennsylvania Company, and the original object for which the road was projected was ignored. By this conti-act, Mans- field lost the road she intended to build and received another in its stead. To obtain stock subscriptions from the people of Mansfield, it was announced that the Pennsylvania Companj^ had agreed to locate the shops of the railroad at Mansfield. With this understanding, a large amount of stock was subscribed, and. when

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