Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-05-22

CLEVELAND 4 PfTTsBURoH RoAD.-The
American Railway Review of last week de-
votes its leading editorial column to an arti-
Gle upon the prospects of the Cleveland &
Pittsburgh Railroad, It says:
The immediate cause of the financial en-
barrassments Of the Company, grew out Of
its entapglements with the Ohio Life and
Trust Com pany, Rockwell, the former Cash
ier Of the Trust Company being President of
the road when the former failed, in August,
1857.
After period of more than two years, with
numerous meetings Of the Directors Of the
road with the assignees of the Trust Com
pany, a settlement was made by which the
loss TO the road will be comparatively small.
This has constituted one of its chief difficult
ties, owing 10 the amount Of labor required
to perfect a settlement. Another has been
the renewal of its first mortgage debt; which
became Feimbursable on the first Of March
last, amounting TO $500, 900. This, however,
has all been arranged, or nearly so, with new
sheets Of coupons preserving the mortgage
security intact, which, being upon the main
line, is only little short Of $4,000 per mile.
The interest due on this, as well as that on
the second mortgage in 1873, is promptly
paid as the coupons mature. The first mort
gage bonds are held principally in Europe,
the loan having been taken in 1851 at pre-
MUM. The interest on the third mortgage
due in 1875, has not been promptly paid since
the suspension of the Company in 1857, ow-
ing TO the large amount of wages due to en-
ployees; but these having been paid of, the
Company has recently made arrangements
that will secure hereafter the punetual pay
ment Of the interest on these bonds as it be-
comes due.
There is in circulation about 81, ,l00, 600 Of
what is denominated Fourth Mortgage bonds,
created for the ostensible object Of extending
the road from Rochester to Manchester, op-
poste Pittsburgh. But in the operations of
Rockwell with the Trust Company, nearly
the whole of this issue became pledged for
trifiing consideration to the Company, and
many of these bonds were subsequently sold
at ruinous prices to pay these advances. The
bonds in question constitute first lien on
4 n miles of road from Bridgeport to Bell-air,
and upon the Company's property in Penn
sylvania.
The Company, however, we learn, is will
ling to retire them, as well as the unsecured
bonds and such portions of the floating debt
as may be agreed upon at a fair valuation,
either by a new mortgage, or in some man
ner, except in money, satisfactory to hold
ers. The floating debt has been reduced
since November, 1858, some S40O, 900, and
all from the earnings of the road and the as
sets Of the Company not required in its oper-
ations. The business of the road, even in its
palmiest days, was never in a more prosper
Gus condition than at the present time-the
track and rolling stock being in excellent
order, the former, as well as the culverts and
bridges having been put in thorough repair
from the freshet of April last
The cost of the road, including equipment
and valuable dock property at Cleveland,
and real estate in that city, Wellsyille, ROch
ester, Manchester, Bridgeport, and New Phi
adelphia ,209 1862
Telegraph line I45 ,O56