Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1855-12-13
Central Ohio Railroad.

The cmbsrrassments of this company are
generally known, but it's true position has
not been clearly defined. AS In all busi-
ness matters auspiciOn even is often fatal.
The worst should be known, that, if with.
in the reach of saving aid, it may be OBJ
taInsd
And here let Us say from an accurate
knowledge Of the resources OF the counties
it touches, and the connections it has al
ready received, sB well As these rapidly
maturing, that no rond in Ohio has bright
cr future. lG the worst comes to pass, il
the interests OF the atockholdcrs are totally
sacrificed, the road vii! still work eut all
! that its most sanguine friends ever antc-
pdted. The best cOunseis, the largest cx-
pericncc, and the most decided action, are
now necessary. 1t is not time for pa;ia-
ton. Whatever propositions are decided upon,
must be instantly carried out. Concessions
must be made, and any man or set Of men
who will sacrifice all for the sake Of wiring
ing out the full measure of their claims,
should be known. Ii is indeed the height
OF msanness as well as folly to stand alosf
in such cases for such n purpose, and we
trust the GAINESVILLE press will let us know
| il the interests Of tho stockholders and
creditors arc thus sacrificed. The measures
now in progress open cheerful assurances
that the worst has passed, if there is u
general disposition to carry them out.
1t is proposed to fund the floating debt,
not otherwise secured by converting it IN
to preferred stock, bearing 7 per cent. in
tsrest, payable sem-annualy. The amount
will be about $l,lOO,O00 The Company
has the privilege OF issuing $1,000 600 of
income bonds. The citizens of Baltimore
propose taking the difference between these
two amounts, viz: $200,00o, at par. advanc-
ing the same at once to put the road in
good order, with the requisite rolling ma
chnery to do the large business that Is
offering. Fifty thousand dollars will cancel
the pay roll, leaving liberal balance for
the purpose above named. A committee of
creditors in Xnncsvie, where large ma
jority Of this floating debt is held, is acting
IN concert with u committee &C the Board,
md the Eastern creditors generally approve
the movement.
The financial condition Of the road may
be thus stated in round uunDcrs:
Cost Of the road, SO 200 900
Stock paid in, 1000, 900
First mortgage bonds, 1000 900
Second do do 1000 900
Third, do do 1000 ,eOe
Floating debt, say, 1900 900
Perhaps one single fact will satisfy the
most incrcduluus that the "Ohio Ceutral,"
under any circumstances, will be dividend
ma 4 10.
under which the road now laburs is, that
for two or three months past, the great
tunnel has been gradully caving in. Con-
slant efforts have been made to remedy
this, but it 10 slow work. Passengers and
frcight arcitransported IN stages and wagons
around the tunnel, RAd yet the earnings
Tor October were quite forty thousand dol
lars.
Al all through freight was declined us
far as possible, these figures show the ca.
Pacitics of the road under the most ad-
verse circumstances, II was the opinion
Of Mr. Clark, the efficient Supel ntendent,
aud whose loss to the road we shall deep
ly regret, that under ordinary circumstances
these figures would have been doubled. As
1t was, the nett earning of the road, in.
GLIDING the large extra expenses for pas
sing the Mnnel, more than paid the in.
teTest on all tho bonds.
The BcSwood connection, the Wheeling
injunction being at last dissolved by the
highest legal tribunal OF Virginia, will
greatly facilitate the transportation of both
freight and passengers Let us hope that
the present discussions will result in come
harmonious and efficient movement, that
will soon release the road from its present
difficulties and insure more promising
future.--O. b. Journal.