Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-11-20
The Baltimore 81 Ohio Road and
the Panic.

the Panic.
Amidst all the complaints that have
been made gainst the Baltimore road,
and their name IS legion, their is one
thing that can be said to the everlast-
ing credit of its managers, and that
is that they have never perverted its
operations to promote specu.atiOns in
the stock. In other words, they have
never made fancy stock out Of it, but
have held it up in the market higher
and higher on its merits as a sound
dividends paying investment.
The result ofsuCh policy are very
apparent in the present panic. There
is no material shrinkage III the price
OF Baltimore q Ohio shares. They
have sold within week at fprty-five
per cent premium, While the Penn
sylvania road has. recently sold down
TO so cents on the dollar and has been
abliged 10 pass its regular semi-annual
dividend. There is 10 suspicion that
the Baltimore road will fill to pay any
OF its maturing obligations. Its credit
is strictly tirst-class in all the markets
of the world The LONDON holder OF
its stock or bonds feels just as conf
dent of the solvency of the Company
as he does of the ''debentures" of the
| leading English lines. And whatever
comes of the pauic, whether "Vander-
bilt stocks" go up to pay or down out
of sight, he expects to see but q very
| light variasion in the shares of the
| Baltimore Company. He congratu-
| lates himself that it is not like Erie, or
| New York Central, or even Pennsyl.
vania Central, for that matter, almost
aay other prominent American rail-
/ road. He believes, in other words,
that he has something reliable and sub
stantial even if the panic results In
/ specie payments and still further
shrinkage in all securities.
/ And speaking of this favorable Opin-
! ion towards the baltimore road in for
eign markets, we understand that the
Barings, of London, through whom
| the company negotiated their last loan
of $1,000, ,000-at So, sent over their
agents this summer prior to placing
| the loan on the market and made a
| thorough reconnaissance of the main
! line and all its brsnche5 and connec-
! tions. and satisfied themselves that as
a great property it could be relied on
under eli emeI gencies to dc an i'm
mense and paying business. Thelr
agents spent weeks in making thelr
! examination and as the result of 1t re-
commended the loan to the English
| capitalists and in consequence it was
promptly placed at 96 in sterling mon
ey, which would be something like
one seventeen in our currency.
The Baltimore Company has there.
fore this good credit at home and
abroad to fail back on when twItted
with Il want of proper enterprise in ex-
tending their connections to important
points East and West. We think 1t
/ possible enough that they might have
| had lust as good credit and been decid'
edly more enterprising than they have
been, but rs between being slow ano
sure On the one hand land fast, and IN
secure on the other, like peahapS On'
or two of their rivals, they have Ger
tainly chosen the better part. At al
| events thcy can console themselves
! +.tat although tue Pennsylvania roao
bav completely headed them Off al
Phaso ipLia. at Pittsburgh, and al
! f,nJ,,n,s,,,.. and even tunneied undel
| fhan, at baltimore and snppianteC
fhnm s9uth nte Washington, that nc
,,.'nar 80. ring tha endorsement OF th'
President. Vic64r resident and Direction
and the Baitirn9Fe road has gone U
drotest. and that the Company have
not been compelled TO pay its STOCK
holders in scrip payable a year or elgh
teen months after e.--Iiaettt5te7sceI'