The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-03
Increase. s4,e33 o5 s4.7s7 "a
S9.43O 30


The directors in their report state that the outfit of
the company 10 complete, time
road has been in operation and that further expend
lures need be charged to that account They further
state that on the completion Of the embankment
place the temporary wooden bridges the construction
account may be forever closed The road is all laid
with heavy iron and is in fine order and all its ma.
cbinery and appliances in excellent condition.
There appears to be some trouble about the semi
annual interest the debt the State of Ohio due on
the 1st Of July The Cincinnati Gazette of the 31st Of
May. says -" 1t is ascertaincd that the General
Assembly adjourned without making specific appropra-
ton for the interest the State debt which due
July next The constitution, in direct and plain terms
prohibits the drawing Of any money from the treasury
except in pursuance of specific appropriation made by
law. Now, as no such appropriation has been made
how Is the money to be drawn and the interest paid
The treasurer has taken oath to support the consttu
ton-so have the Fund Commissioners. How, then, can
the commissioners draw this money how can the
treasurer pay without violating their oaths 1t is gene
rally reported and believed that the auditor refuses
unite in any requon for the money and would have the
interest unpaid while the favor Of paying
appropriation appropriation" In this condition of
things the STATE Journal Of Friday "a draft of the
Fund Commissioners the treasurer, for the July in
terest, we learn is protested
The Court in Bank. Of Ohio its last session APP
pointed commssioner-Judge Iitchcock-to make the
annual examination of the Ohio Life and Trust Company
Of Cincinnati. After thorough investigation Of the
affairs of the institution the Commissioner has reported
1t appears by this report that the trust department Of
the company had 81 90 of the capital stock loaned
bonds and mortgages upon real estate, valued at
s533Ss33. to 692 individuals, residing in "A different
counties in the sate and held Of real estate purchased
debts S240s9 90 The loans in that department
invested in stocks in notes with personal security, and
secured by mortgages and county bonds S22 1866 91al
Of which have been prudenty and safely made that
the banking department is conducted with fidelity pru-
dence and safety and the standing rules relation to
it well Observed The active debts due that depart
ment of the company, in October last amounted to
81 201 oee SO In addition the due bills receivable Sc
cured by mortgages and suspended debts and judgments
amounted to s1449l4 49, Much of this suspended debt
will be realized.
The Commissioner closes his report with the following
general remarks
The Ohio Life Insurance and Trust Company was in
corpoated y act of the General Assembly Of Ohio on the
oath Of February 1884 At that time 1t was fiji that
there lack Of capital in the State for the
ton Of the business of the community audit believed
the amount Of capital might be increased by Of
Of this corporation Nor this expectation disap.
pointed Most Of the stock subscribed by resi-
dents den q fr tme state ana fapa , WAS intro
took the stock had particularly in view the public in
tercst The object with them was to make safe and pro-
ftable investment Of their capital.
Hitherto the investment has been safe and the profits
have been reasonable still the stock has not been pro-
ductiye as IL genosay supposed probably
tcipated. Dividends, when made made semi. annu-
ally in January and July They have not however been
uniformly made Losses have been sustained. which
have prevented it. The highest semi annual dividend
made at any time Is per cent-the lowest three
per cent. The company commenced its operations in
January 1853 and in January last had been in operation
seventeen years The entire amount Of dividends de-
cared including that Of January last had been 1861 per
cent. On average of less than Ga per annum. The
earnings Of the company, s affairs conduct
ed may be fairly estimated at eight per cent Its actual
earnings would probably be something than this;
but prudence would dictate that than this
should he divided On the dividends declared the COM
pany has uniformly paid tax Of five per cent to the
state
by an act Of The General Assembly Of the 2st of March,
iol TAX levied upon this institution nearly equal to
thiee times the amount IL has heretofore paid upon its
mVloehos ana by the tax law lately enacted and
In force TINS tax viii be very much increased The COM
pany has declined 20 pay the levied under the law Of
1901 and Will decline TO pay that which may be levied
under the existing law until its legal liability 10 make
such payment shall have been ascertaned by judicial de-
termination.
II claims that by the terms Of its charter II ia ieoa,v
protected from such payment The 18th section Of ia act
Of incorporation provides that no higher taxes shall he
levied the capital stock dividends of The comnanv
than are or may be levied the capital stock or iiyi
dends Of incorporated banking institutions In this state
II claims that aside from It's charter Is protected nv
express contract.
This company by its act of Incorporation had bank
rig powers. aud w~s ~u.ucf'.ev " ss,s AL