Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-06-17
CITY & NEWS ITEMS.
bdg- For City News see third page
For Market Reports and Marine News see fourth

18th inst President wARINe submitted the fol
lowing t
REPORT or THE DIRECTORS or THE CLEVELAND
TOLEDO RAILROAD TO THE STOCKHOLDERS.
The Directors herewith submit the annual state
ment OF the affairs of the Company. The reports
Of the Superintendent aud Treasurer are annexed
hereto; the tabular statements being made for the
year ending April 80, 1859.
EARNINGS AND RIPRNsEs.
The gross earnings for the year ending April 30,
1859, are
For Passengers. ,...............S Sass, ,537 as
For Freight, Mails &c, ,....."... 3l2,6l8 20
7ss,l5s 6s
Running expenses for the same period, ss369o 70
Nett earnings. ...,.,........S4 S4l4, ASS %
The earnings are sl92O96sl less than for the pre-.
ceedlng year.
A reduction of the rnnning expenses has been
gradually persisted in and are Sll2,762 % less
than for the year previous At the present time
they are less than the average for the past year.
1t will be seen by the report Of Che Supefintend-
ent that the numbers Of passengers carried to all
points on the road is 66 500 less than for the year
previous while the freight tonnage exceeds that Of
the previous year about $500 tons.
The large falling of in the receipts of the Road,
oocasioned by the general depression of the West
ern business, has prevented the Company from
ACSlAk lh7Sh VI It's huatlAH uent,
FINANCIAL CONDITION.
The financial position of the Company, as will
be seen by the Treasnrers report has not materi-
ally changed since the last annual statement. The
interest on the bonded debt has been paid. and
the obligations of the Company, have been met
as they became due,
The total amount of the outstanding notes of
the Company June /, 1859, is S35s, SOS "a.
The earnings for the past year have fallen short
| nyuf fnu y.naN
1857, the sum of S344 652 80, and should the bus
lness oil the Road again revive with the general
business Oh the country, remuneratve dividends
may be expected by the stockholders
CONDITION OF THE ROAD.
The track upon the entire Southern Division o
the road, and upon the Northern Division betweer
Berea and Sandusky, is In good working condi
ton, considerable amount Of re-rollod iron will
be required, as usual, during the season, Will
which to replace the worn cut rails The Com
pany mas sutnolent surplus Of iron to use in thI
process of transfer.
W NoRTHRRN DIVISION.
Owing to the bad condition Of the track on tn
Northern Division west Of Sanduslxy, and the de
pressed state OF the business, and the urgent ne
cesslty OF curtaiment Of expenses, the train
we're discontinued on that line west of Port CEp
ton on the Goth of June, 1858, aud west Of Sandus
, KY on the 3lst of December, 1883. The Director
have felt the importance OF accommodating an
encouraging the growing business on the line {
the Northern Division betWeen CLEVELAND an,
sandusky, aud at the time Of the discontinuanc
OF the trains west of Sandusky, made au earnes
effort TO effect an arrangement with the Mad Rive
and Lake Erie Railroad Co., by which one Of ou
: Express passenger trains could run each wa.
lally' over that Company's road between Sal
dnsky and Clyde, and a sum that was consIdert
liberal and renumeratiVe was offered for that pu
, pose disagreement however, arose betweC
made,
The rolling stock Of the Company, as q Who'll
is 10 good order, for the particulars conOernin
which refer you to the Report Of the Superb
. tendent.
CONSTRUCTION ACCOUNT
} The Construction Account, as reported by Il
Treasurer, has been increased mainly by the Sc
tlement and transfer Of old accounts standing u
on the books of the Company There has been e
pended during the past year. applicable TO this 9
count, for excayatlng aud filling upon the Mide
Grounds OF Toledo, for bridge at Elmore, and I
grading, ballasting, &C., in all about $4,000.
o, The filling Of the passenger tracks on the Midd
~ Grounds at Toledo 10 completed. There H. hoy
=. ever, considerable amount Of filling necessary
- complete the freight tracks at that point, whi
y will be required to be done during the next II
~ years. Three small bridges of permanent CHI
s acter will be reqired the Southern Division dI
4, ing tina present season, 10 replace the timber a
io trestle structures which have become too old a
weak to he relied upon for safety The estmat
IL cost OF these bridges including the necessary "
sonry is about $4,000.
SINKING FUND.
sL There has been appropriated to the Sinking Flu
- by the Company, during the past year the sum
- Sl2,2S5 SO, and there has been purchased by I
Commissioners 1926, 705 90 of the bonds Of the Co
- papy, making the total amount Of the Compan
- bonds purchased for the account and benefit OF
Sinking Fund to this date, So 800, ia addition
which the Commissioners hold the Company'su n
on demand for $4,74l 10 for coupons due and 3
rendered.
There is On arrearage due from tho Compa
January |, 1859, of $25,524 80, on the Sink
y Fund account.
A gradual exchange OF the outstanding BOZ
ofthe Company, for the Sinking Fund MOrtgl
Bonds, has been going on during the year, 80 I
Atthe present time, the outstanding bonded d.
includes $640,0O0 of said bonds.
Sinking Fund Mortgage BondshAve been plal
IN the hands OF hessrs. Carpenter Nermll
New York TO exchange for any other Of the Q
standing bonds OF the Company
BONDED pRRF,
The Bonded debt of the Company IL the 81
In amount aE ct the last Annual Report, with
addition OF one Bond OF 81 600 appropriated
the Trustee ofthe Sinking Fund Mortgage gu
difference OF Ss5 received In the exchange 0
N Sinking Fund Bond for S7l5 OF Bonds and
~ idend Certificates Of the Company
The outstanding Bonds Ofthe Company amo
to 9,s42, 100
The Board take pleasure In referring 10
economy and efficiency ofthe various departm
Of service connected with the Road.
Respectfully submitted by order Of the Bo
j. b. WARING, Pres
Cleveland, June 10, 1859,
The number Of Directors was Increased
Line to thirteen, and tho following Board Gle
-" without opposition, the number Of shares vote
being 44,794, out Of the whole number of 90,
J. b. Waring; Clevslaudi 7. P. Handy, Cl
land; Amhsa Stone, Jr., Cleveland; John Gard
NorWalk; W. Durbln, sandusky, Warren Colb
Toledo; Samuel NJ. Young, Maumee City G
Olyphant, New York W. NJ. Virmilye New Y
a Henry Keep, New York Dean Richmond, But
VIM. Williams, Bnhslo, A. N Ramsdell, New
. dom Conn.
- The Board subsequently re elected the old
I. erS as follows
j. B. Warng, President l.. D. Ruekee, su
intendenti II. @. Lucas, Secretary and Treas
DO b. Sheldon. Cashier and Paymaster.