Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1858-06-25

The net earnings for tho last year are as
follows:
Gross earnings for year ending April So 1858 $3.50 252
Deduct running expenses for the same period 400 4e2 Of
Not earnings for year ending April 30 1885, At
Tho policy Of abandoning that portion Of
the Northern Division between Saudusky
and Clay Junction is advertcd to. Ere.
quont damages to the track in that vicinity
have caused great expense, while the re-
ceipts have been small.
There are upon the road 32 locomotives
and AZ passenger cars. The track and
stock are represented as being in excellent
condition.
The amount of the floating debt at the
time Of the last years Report, June /, 1857,
was:
Bills payable at New York Office $3.50 800 10
do at Cleveland Office ............- 2O,s0S II
Total -sIlo.2o1 81
On Sept. lst, 1857, at the timo of the
resignation Of the late Treasurer, it was found
that the floating debt had increased at the
New York office to $4s9,1 9,1S447, the
amount in Cleveland remaining nearly the
same as in June prcvious-$22, ,72l.s9, total
S5l2,506.36.
To this amount should be added nj that
'time sundry credits op the books of the Com
pany, and sundry bills and pay rolls that
were unpaid, which swelled the floating debt
in reality to about 100000.
To provide for this debt it was decided to
authorize tho issue of 900 of the Company's
Coupon Bonds, of s 900 each, due in 1870.
OF these, 476 Bonds have been negotiated
at fifty cents on the dollar. The financial
difficulties Of tho country make it extremely
difficult to negotiate the Bonds, and under
the circumstances the result was favorable
one. The pressing liabilities have becn
mot, tho securities preserved, and the credit
of tho Company fully maintained The
Company's paper, its interest Coupons, and
other liabilities, have boon promptly met at
maturity.
Tho total amount of the outstanding notes
of tho Company, Juno l, 1858, is $685.
1889. These notes extend to different
periods, some as late as into February, 1859,
;and the interest is paid on them to their
maturity. There are sundry credits of un-
paid bills, dividends and interest not called
for and accounts, amounting to $50, ,202sl
making the total floating debt, $685.
.922.70.
Proper offsets towards the reduction of
this amount are:
Cash. New York and Cleveland. ....- .s2s os4 4s
Cash due from the Post cGce Department for
Cash, balance due from other Co.'S, isSso Ss 81
Bills Receivable estimated good ----..--- $4,000 90
Total. ..--,..-.,-...-. ............ sil2, ass 30
Leaving the floating debt 81, ,434 10
The amount of the Sinking Fund received
md invested by tho Commissioners is S4s,-
2sl,s5, and the Bonds of the Company
purchased by thom with tho acquisition
thereon, amount to S69, ,666.17.
The outstanding stock of the Company as reg
The outstanding Bonded debt s,siie55 90
From the Supcrintendant's Report we {
learn that 345,725 passengers, and l42, 1861 i
tons of freight were carried during the past
year. |,
A resolution was introduced by John
Gardiner, ESQ.,, authorizing the Directors to
abandon that portion of the Northern Di-
vision lying between Sandusky and Clay {
Junction, whenever they deem it expedient
SO to do, and if necessary to take legal steps ,
to remove the Western TERMINUS of that {
Division to Sandusky, Clyde, or Fremont.
Thc resolution was adopted-Ayes 1920 !
shares, nays 492 shares Leader.
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