The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-04-11
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a,,apstc, Hfsslssippi and Ohio
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6ccessar3? %
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- afiarstc, NMsisstPpa "aSA OnsV
sat,road Cempany-Is n Hseeavsf
Necessary %&
y is assumed that interest rpen all the
,,.:.;o,., :: - bends, (wbich,sre held almost ex.
en',vI en;,.,Iv hx Ameriears,) hss been paid in full
"3 a,,. This i. probably true except IS 70
70 "a ;.w ncrsens who for friendship or
',sn, ,Sn- nnn,isera,iou, have forborne TO demand
v.. rv.-smp.oyly payment OF their coupons; un.
IL. the bsrks which have been aoseltisso as
y. ~. for the presentation Of those thai nave
.,1 ,,yer in. sill bold the coupons IS col
H,srsI security for moneys lent to the COM
IrY ,, .,,., f., ;nf.-ast on the
-..i;t,,sd deb, OF sS,470, 900 held by Eu.
oa..rs 60. the Atlantic, Mississippi and Ohio
p.,i.a2t COMPANY is in defaul. for one halt
- ins,alnen.s, and for the whole OF two
s.Isr irstslneuts- making altogether ten
"a I hail Der eu,ur1 N0}l, and amounting
:, .ba spua of s574 $50 tn gold, payable In
r,ndon. kdd,us fer premium and exchange
i.n-,.c1 ,.r- nsrcfu,pn, this default is equal to
SsI 80 ia Uni,ed States currency.
nm the f-s, day of July next, lwithin
uss ,b,u ninety dsys,) there will be due for
;-,.re,, on lhs divisional debt, IN American
b,nds the further sum of Sl76, 239.lS ;
,nb,.b added 10 the above sum OF S6S4, T59
~ interest now past due, presents the sum
" $50 COS Is as the amount OF money
1,n,pd to psy interest upon funded debts
,,on,-|esyirg z out the discounts which must,
80 nsssIty Of protests, be paid currently
49,, q O-6. 5.54 O! e 'a.ipg debt, and the
,1-ssr, Of about S200, 900 due - the opera
uTe. on The road.
1 The ctaueerr suit Of Skiddy and Others,
,,,,,pss, now pendiug 10 the United States
Circuit Court, was Instituted on the 13.h
d.7 Of March. 1876. and the local credit OF
lie road va. instantly psralyzed. The gross
re5rrue 0, the Atlantic, Mississippi and Ohio
p.;lyosd Company for the months Of March,
ApriI, Nav. and June OF last year, was 1851,
s5la. The gross revenue for the whole Of
"a; ,ssr ga, sl,7S2 ,453.43, and the current
expenses were s1,l0S,S4T.66; go that the
rs.io OF current expenses to gross revenue
cpon this road is little more than 62 1-5
~ cent. 1t may therefore be assumed, (es-
recisy in 7ey OF the unusual demands
necessarily growing out Of litIgatiop,) that at
least s3342, ,737 62 will be absorbed by the cur
REQ, expenses of the months Of March,
April. May, and Jupe, 1916, II the present
rsnscenest shall continue, and the receipts
fx thia year equal those of the last. This
will leave oaly $20S 287.50 OF money from
revenue, at the disposal Of the president and
directors between this date and the LIST day
d July next
s. Whx, can they do with 1t? Even il
he<e gentlemen shall postpone the payment
d the notes upon which they are personally
bound IS endorsers for the company, anC
n. epploy&, upon the restoration Of pay
mems Of current wages, shall forbear tt
demand the arrears due them, it is proba5l.
tia. their sacrifices to duty and affection
would 10 urayailing. The banks and Other
holders OF the floating debt, and the various
t,sseS of eoupon.bolders, aliens to such mo
avss, viii hardly be propitiated by the dis
tribpton Of so little among 80 many. 1t Ii
scarcely possible that loans can be negotiated
10 meet aIIears Of interest.
s. Moreover, It is SHOWN that en- the Isl
day OF October next QST6) the Atlantic
Mississippi and Ohio Railroad Company, By
he terms OF its mortgage, will be bound To
pay in Europe another instalment of interest
coupons, amousting 10 $l91, ,450. and also to
redeem sl09400 Of consolidated bonds
both payable 10 gold. And further, on the
!a day Of the following January t1S77
AS3,OOO Of the first mortgage bonds of tn.
as'tolk and Petersburg division will fall dut
aud become payable.
I. On the - day Of March Major G.
SIinslellov, as counsel for the company
sAlea 10 The judges in open court, that unde
he circumstances the appointment Of re
eaVet had become necessary, and would b
oest for all interests concerned. The fact
and figures fully Justify the statement.
ArrI 10, 1876. CoNsoLIpArIos1sr.