'50 . . r FEDERAL nsrowrnu. ·
standard gauge by relaying the narrow-gauge rails, which areold, rap-
t ` idly wearing out, and of too light weight for use with heavy freight en-
gines; trestles need strengthening, and generally the track is in so bad a
jconditiou as to be unsafe. Other particulars relating to the condition
.of the road will be referred to in considering the receiver’s petition. _
The receiver itemizes his petition as follows: (1) $111,904 to meet
theexpense of purchasing andlaying steel rails of sufficient weight, of
changing six miles of narrow gauge to standard gauge, and of strength-
ening trestles, between Idlewild and Sardinia. (2) $35,000 for rails and
ties, and for laying the track between Sciotoville and Portsmouth. All
the other work, including grading and bridging, has been done at an ex-
pense of $49,000. Unless completed, the right of way of this portion
‘ of the line will be forfeited, and the labor and material already expended
will be lost to the company; whereas upon its completion the company
will receive, under an arrangement already made, $3,000 per annum
from the Scioto Valley Railroad Company, for its joint use. and will
have free access to certain fire-brick works, from which the company now
. derives a. large share of its business, but is compelled to pay 40 per cent.
of its freight rate from Sciotovillc to Cincinnati for use of track between
y Sciotoville and Portsmouth, and from $2to $2.50 switching charges per
` car for all business out of Portsmouth proper. (3) The receiver asks for
‘ $47,243. 18 wherewith to cash a list of unpaid vouchers for claims against
the company,»none of which are liens upon the road. ` Twentythousand
dollars of these claims are timber and ties furnished the company by
parties who were induced by promises of payment to omit the steps nec-
essary to secure statutory liens. The residue of the claims are in large
part in favor of regularfshippers, whose good—will is valuable, whose
’ hostility would be injurious to the road. (4). $20,000 to reimburse
‘ large bondholders, who advanced that sum to meet arrearages of wages
to empl0yes,·.·in December, 1887, and January, 1888, when a strike was
threatened, and immediate payment was an absolute necessity. · (5)
$100,000 for the purchase of the locomotives and cars now used by the
· · receiver in operating the road, and constitutingits entire equipment.
The annual rental of this equipment is $28,800. - Allowing 6 per cent.
interest on theipurchase price, which is actual cost andinterest, the sav-
ing to the company would be $22,800 per annum. The lessors arewill—
ing also to cancel their claims for unpaid rentals amounting, approxi-
mately, to $7,000. (6) $4,000 to cover the cost of relaying on theline
of the Columbus & Maysville Railroad, which gives tothe Ohio & North-
y western-at connection with and traiiic from Hillsboro, the perfect 42-
pound rail taken up from the track of the Ohio & Northwestern., The
result will be to cancel a debt of $8,000 due to the Columbus & Mays-
ville Company, and give the Ohio & Northwestern Railroad Company
enough additional business to pay the cost of the work in three months.
(7) $29,430, the price of a piece of landat Red Bank, on theline of de- ·
rfendant company’s road, six miles from Idlewild, purchased by the com-
pany; the cash payment of $9,810 for which was advanced to the com-
· pany, and its note therefor taken. -· The company’s line passes over this