Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1860-12-29
COVTN&TON NEWS.

CovIEaToN AND CINCINNATI BRIDGE OoM-
PANY.-The following Is the report Of the
special committee, appointed on the goth
inst., to examine into the condition OF the
bridge, and TO devise means t9r It's compile
ton: ..f,...
"Tbe Committee find that the av Nilable as
sets Of the company are not sufficient 70 pay
liabilities now due, and maturing wit hin the
next four or six months. They believe That,
unless some plau can be dsvisedto raise fu odsi
a sale of the franchise and property Of l'he
company must take place within the perio d
stated. The Committee suggest as the only
plan, of the many that have been presented,
that subscriptions for new stock be opened,
for the sum of $500, 900 and that the new
stock thus subscribed shall be preferred over
that now subscribed, to the extent of fifteen
per cent, per annum; that is, the new stock
thus taken shall be entitled to dividend of
fifteen per cent. per annum before the old
stock shall receive any dividend whatever
the object being to pledge to the new stock
all the revenues of the company until the
holders of such new stock shall have been
paid annually dividend of fifteen per cont,
the remaining revenues to be divided pro
rata among the present stockholders.
1T will be remembered that the charter
limits the maximum dividend TO fifteen per
cent. per annum. 1t is not doubted by those
familiar with the business that must be done
by the bridge when completed, that the rev.
enues will pay fifteen per cent upon the
whole cost of the work, estimating that cost
at 81, 100000. The proposition now submit
ted does net contemplate reduction of the
capital stock of the company, in relin-
quishment by the present holders of stock of
any part or portion of the stock now held
by them, but simply as an inducement to
further subscriptions; but agree to defer their
claim for dividends until the dividend of the
new stock shall have reached the maximum,
to-wit, of fifteen per cent. But in order to
make such contract with new stockholders
legal and obligatory, it becomes necessary to
obtain the written consent of the present
stockholders thereto, and to that end your
committee recommend that steps be taken to
present this proposition to the present stock
holders for their approval.
Your Committee, while they have the
fullest confidence in the value of the work
when completed; while they entertain no
doubt whatever that the proposition sug-
gested merits the attention of capitalists are
by no means sure that in the present dis
tracted condition of the financial world,
new subscriptions can be had but they are
encouraged to hope that if there shalf be a
restoration of quiet and confidence at an
early day, that the scheme now presented
may be successfully carried out. If the
stockholders should consent to the arrange
AuOht PiOpOSCu Al bulS ISpOIJ1 tutu JD6 SA-
elusive privilege of subscribing to the new
stock should be reserved to the present
stockholders for some definite period, say
three months. WIN. ERNST, Chairman.
On motion of Mr.. Ernst, the following
resolutions were adopted:
"ResoLUed; Tha: no subscription to the new
stock shall be binding until the sum of $4OO- :
900 shall be subscribed, and that when that
sum shall be secured, the Directors are hereby
instructed to recommence the work and
prosecute it with vigor.
'ReSolUed: That the Secretary be directed
to call on the present owners of stock, and
procure their signatures of assent to the eon-
ditions of the preferred subscription to the
new stock, to the extent of fifteen per cent,
as the recommendation of the Committee"
After the reading of the report, the thanks
of the company were returned to the Board
for the successful performance Of their du-
ties.
ATTEMPT AT SUIcIDE.-On Thursday last, a
young man named James Tucker came in
from his residence at Dry Bridge, near Well
erstein, and stopped with some of his
friends. From some of his actions, they
thought him little deranged, and they
watched him. Hs eontrived to give them
the slip, and in the evening, he plunged into
the Ohio RiveP near the ferry-foat, to drown
himself. He was taken out by Captain
Kintley, and sent to his friends, who, yester-
| day morning, took him home.