The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1880-03-18

Some thing About the Organized
Companies as They Now stand.

A correspondent forwards the follow
ing statement of the total capital and
annual interest charges as it will stand
Under the scheme of reorganization. 1t
will he seen that the whole. of the rail
way, about 500 miles in length, can be
purchased at the present market prices
of the shares and bonds at about 81, 500
per mile. The earnings of the road, as
reported by the manager is 1878, were
then more than sufficient to provide
for the interest on the whole of the
Prior Lien and First Mortgage Bonds.
Under the management of Sir Henry
Tyler, or some such experienced rail-
way administer as may be appointed,
there can be little doubt of the ability
of the line to pay a very much larger
amount:
Prior Lien Bonds $3OOO.U00 at
per cent. per annum. .................. S4SO.OO0
First Mortgage Bonds 25 $50. s45at5
per cent per annum if earned
within the year. Observation-Disclosures ,263,OOO
Second Mort. Bonds II 627, SOC at
per cent. pei annum If earned
within the year. oSl ,3S3
Third Mortgage Bonds2s. 7s3 OOOat5
per cent per annuin il earned
within the year r.................. .439.l5O
Preference shares ,siO.0O 600
Common shares stimat' Il )25. 600 OW
| The capiializ overdue interest (37 per cent.
on the First Mortgage. and IL per cent; upon the
sns MSrgsge9 Is hsSs cese IN e 10 ss n
claim upon the Atlantic and Great Western
| Railroad (rcOrganized).
| Leased Lines (S73) Bonds ........... 4.50OOOO
Eight per cent. Western Extension .o
Seven per cent Western Extension
Trust Bonds. .-......-.-...-.---- l,f4S.ooo
Total. $is.4 Il. 500
The amount required to meet the in
terest on the Prior Lien and First Mort
gage Bonds as above, is 81 744 ,O32 The
, net revenue for the year 1878 reported
by Mr.. DevereuX was 81 100000, which
would be sufficient to pay the interest
on the Prior Lien and First Mortgage
Bonds and the rental of Leased Lines.
The sum of $3, 764 ,5S6, required to meet
the interest on all the bonds. Is the
amount estimated by Mr.. f. w. Oewel,
of amsterdam, of the net revenue of
the company. after payment of taxes,
rentals, renewals, and repairs, as likely
under good management, to be earned
in 1877. But if the gross revenue esti-
mated by Mr.. Oewel had been receiv-
ed, and the line worked at SO per cent,
as it fairly could he, we should then
have an income of 81 ,675 200, or q per
cent. upon the share capital, after pro-
viding for all superior engagements.
That this is now earned L have little
doubt, if the gross revenues collected
tIIc DuOlhC lC0Sh thO 4AS0ouAys
That it can be largely exceeded through
the improvements provided for by
Prior Lien Bonds. and First Mortgage
Bonds issued, or to be issued by the
Trustees, L have as little doubt. The
estimates of Mr.. Oewel were confirm
ed by Sir Morton PetO, Mr.. j. S. Forbes,
and every practical administrator who
has Investigated the position and the
earning powers of the line. The Pres
ident of the Erie Railway Company,
Mr.. p. H. Watson, when in London,
gave me an estimate of what the At
lantic and Great Western Railroad
could if closely associated with the
Cleveland, Erie and Columbus, Cincin-
natl, ti,andIndianapolis Railways, where
i'm after providing per cent. on the
bonded debt. (nOw reduced to per
cent. } he showed a dividend of 3 per
cent on the Preference Shares, and
per cent. on the Common Stock for the
year $780,"