The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-31

With q disposition to do justice 10 both sides
the questi n, we gave place yesterday to a comma
nicaton relative to the affairs Of the Cleveland an
Toledo Railroad. The writer is interested as stock
holder and bondholder. and is therefore likely u
give more favorable view Of the future than exist
ing circumstances warrant.
His estimates for this year and next are extrava
CANT. For 1866 he calculates upon 81 100000. Th@
first seven months Of this year, the official retun
show gross earnings amounting to $4sS,9l6s Thd
earnings for August are estimated at $50 900; Sept
TENDER, s65 900; October, sos 600; November
500 600; December, $85 .000-total for the year|
1878 ,9l5 This is very liberal estimate and yet il
falls about s375 900 below that Of the writer Of th
communication. His estimate for 1856 is still wideI
Of the mark. The road from Monroe to Detroit eon|
Meeting with the Michigan Southern rca d, now
in process Of construction and to be completed with
in twelve MONTHS will divert more travel from the
Cleveland and Toledo than the Wabash Valley ano
all other connections can give them. The New YORK
Central Railroad Company throws most Of III
through travel over the Western Canada road K
Detroit. When the connection between Monrot
and Detroit is completed, larger portion Of the
through travel will take what is called the uppe,
route and the competition win of course be greater
ard more spirited Passengers coming east over
the Michigan Southern Railroad, will have the
choice of three routesvia Toledo, via the lake, and
via Detroit. Competition will ultimately ruin one
half of the Western railroads and the geographic
position of the Cleveland and Toledo makes Il par
ticulaily subject to rivalry. Eight months in thu
year the lake boats are powerful rivals and the re
manning FIVE is not the season Of pleasure travel.
It is admitted that the floating debt Of the com.
psny on the LIST Of July was 1882 900: Now, it is
we'll known that about the month of March last,
bonds were issued, and privately parceed out among
the directors and their friends, at sixty per cent
and under the proceeds of which were for the pay.
mept OF the floating debt. These bonds were pr
vatey taken at such low rates that the floating debt
was not entirely extingIished. for we find In less
than three months after. an acknowledged floating
Indebtedness of $780, 900. 1t is, therefore, fair k
presume that it is much larger now. Within the
past ten days the company have denied the existence
Of any loatirg debt. Now It acknowledges 1892 OOC
was the amount the LIST of July last. The " cash
and asgets' on hand are put down by the writer Of
the communication referred to- at $24l 900, and a
"surplus OF sos 000," making cash and perfectly
sound assets S3l9,000." This kind Of figuring W.
do not understand. According To the companys
circular, dated the 18th Of March, 1865, there was
only surplus Of $5lsl3 49, after including the
surplus Of April l. 1864. The financial operstions
Of the company for the year ending April I, 1856
were actually as follows =
CIEvMAsD AND ToED ACKNOWLEDGMENT RETURNS.
Gross earnings from April !, 1854, to March
81 1855, official. S722, 563 G.
Operating and running expenses,
including taxes, taaries, &C..
cff!ci0l. S339, 2S6 81
Interest on bonds and floating
debt, ofIcisl ................ 20, 115 II
Dividend declared payable April
z, omciaI.. ............"..... No,olS U