The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-22

The canital stock amounts to about three millions
Of dollars. and there Is large floating debt. The
above net income is equal to only two and halt per
cent on the capital, but before any dividend can DC
maid the interest on the floating debt, at least,
must he provided for that the rate is likely to lie
considerably less than two and a half per cent. We
have no idea that the company will acknowledge its
inability T. pay larger dividend, and to cover up
liz unproductivcncss may resort to another issue OF
bonds. and squeeze ont five per cent. From Cleye-
land TO Toledo is one hundred and twelve miles. 1t
is good route for a railroad as IL is on one Of the
main lines between the East and West. road
properly laid out well built and well managed,
would undoubtedly have paid fair profit ON the
amount actually expended. The road a. it now
stands cos. too much. II has already cost in its
unfinished state, double what il should have cost
completed and fully equipped 1t has two tracks Of
different gauges, requiring the maintenance OF two
tstinct scts Of equipments. This sort of manage
men, IL visible throughout, and where fftv per cent
Of gross earnings might suffice for expenses on crdi-
nary roads Il viii require upwards Of sixty on this
There are in fact, two distinct roads to support.
The following communication has been called out
by our remarks regarding the finances Of this CON-
pany, and the writer agrees with us in the views
expressed -
CLEVELAND AND TOLEDO RAILROAD.
10 I'M yJSYOa of HERALD.
The remarks in your paper Of Tuesday, the cleye-
hand srd Toledo railroad, COOL have watched the
auctatoa= Of this stock closely, and noticed all the
tatcmC vhch from time 10 time hsve been published
in the newsparers concerning tell OF which, till the
appearance the HrAID Of the article referred TO- have
Aeon mere puts about it, present. and prospective basi-
IL the custom Of many Of railroads 10 pub
sh monthly statements of their receipts The Cleveland
and Toledo Railroad Com pany. however do even more
Iran This. When any weeks business - particularly
militant u a. lie paraed in the papers in conpari
ron Via the corresponding ~tk OF the previous rear,
sent, whilst nothing Is said about how many additional
miles me open and IN operation 10 make The earungs
larger than before When the business Ia not sufficient
" large TO boast about these weekly comparsops 10
ppear. Silence then Il the policy. tasf summer lin June
July the nesspspcrs statc!-snd probably BIZ official
uthod.y-shat the Cleveland and Toledo Railroad Com,
tany had upis In hand then really 80 pay sefnanuusi
sash DIVIDEND, in the October following ~ sve roe
repi. But did ~ When October came nothing was said
Of dividend Money tight then, being worth Two
oe three PEE csot month. Last April however scrp
dividend 81 per cen. paid as the profit. Of he
year.
nv wceis ago hartford paper, which profss.4. 10
know q treat deal shout New York stocks. bond and
finances generally Published glowing article on the
prospective business of THE road when the Wabash
galley read oren AMI connected With ~ snd wound
by saying that cash dividend u Eve per cent would
be paid in September Perhaps there viii be- money
is cheap oo~ but there has been Ike promise formerly
made and nct fe6licd AZ rate, April and October
tho dates tie Cleveland and To'cdo Company profess
40 - their dividend months, and why September should
be named This year IN which 20 par dividend u u ds
cult o. sec unless the company hss much cash
hand 10 makc- II feel anxious g. di.tribufs
.a0ccg tsu stock holders before Gs,La tim
Srtlors.r hegrvrr v e'r'hee sA.t t1e rrfcNt