The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-10-02
OHIO CENTRAL ROAD.
THE CAUSES OF THE DEFAULT
or ths Interest on the Birsr DI,I,lon Bonas-Tho
"Seney Syndicate " and It's Ultimate objects.
The Inside History Of the Road aad It's
Relations to the KAnaWhs Valley.

CLEVELAND, October LA correspondent
, writing to the Cleveland Herald answer
some reflections on the seney Syndicate
operating the Ohio Central railroad. Ii
his reply he gives as reasons for the de
fault Of the river division Of the road ol
its interest the following: The failure b!
the Ohio Central Railroad Company Il
pay the interest due September ], on ii
verdivision bonds was the moving caus'
for the attacks upon the management o
the road, to which l have referred. i
seems important therefore to in iutre lit
tie into the inception and history ot this
enterprise that we may determine how tal
the allegations mads are correct, and how
much there is TO justify the several crit
cisms which lave been offered. As the
Richmond & Allegheny Railroad was ap'
preaching completion, extending IRON
Richmond, Va, 2S0 miles along the James
River & Kanawha Canal, southwest to q
point in the Allegheny mountains, called
"Clifton Forge" an, interview YVES had be-
tween the directors Of that road and those
OF the Ohio Central with view to union
OF the two interests by the construction of
line between the termini OF the two
roads, and thus forming a through line
from the great lakes at Toledo, to the sea-
board at Richmond. 1t would make q
Rhorter line to the sea than by the Lake
Shore and New York, and it was believed
by all parties that such union ol interests
would largely augment the productiveness
and value OF both properties.
TIE SCHEME DECIDED on.
After much DISCUSSION, basis was agreed
upon, and contract for consolidation was
signed, to bs consummated when the Rich.
mond & Allegheny Company had secured
the removal OF certain legal obstacles to
the union, which it was stated they would
be able to do as soon as the Legislature
should meet. This contract was subse-
quently Submitted to the stockholders OF
each company at meetings duly called for
that purpose and by them ratified, the
ratification by the Ohio Central Com.
pany being by an unanimous vote. n ac-
cordance with the arrangement thus made
the Ohio Central Company was to construct
line otlroad from Corning, its southeastern
terminus, to the 0lio River, build a
Substantial bridge across it, and &C.
quire the rights Of company which
had already secured tea thousand acres
OF valuable coke lands near the Kanawha
River, and bad obtained charter to build
road from Charleston to the Ohio River
and completed 10 Charleston a line Of road
which the last named company had COM
meuced. The parties interested in the
Richmond & Allegheny and Ohio Central
companies were then 10 unite and build q
road l70 miles long, from Charleston to
Clifton Forge, thus completing the line
from Toledo to Richmond. The Ohio Cen.
tral company at once op pened subscriptions
for the construction Of the road from Corn
ing to Charleston, including the bridge
across the Ohio, Offering it first to the
stockholders OF the company, who sub
ecribed very generally TO the enterprisei
The road and bridge were both put under
contract and pushed vigorously forward.
WHO PAILED.
When the time arrived for the consum-
nation Of the contract for consolidation,
the Richmond L Allegheny Company
found themselves utterly unable to fulfil
their part Of the contract, and it was, after
reasonable delay, cancelled, leaving the
River division subscribers with an expen-
sive road, 100 miles long, and very costly
bridge party built, with materials bought
and contracts made for both bridge and
road 10 be completed, and nothing to con-
meet with when finished. have never
been over the line Of the River d.
vision, and know nothing OF it from
personal observation; indeed, beyond
having been an unfortunate subscriber TO
considerable amount toward the fund for
building 1t, know very little OF the man.
agement OF it, sut l am informed BY parties
who have means OF accurate knowledge,
that when the bridge is done very con.
siderable local business can be deyeloped
on tue road, and with the opening OF mines
on the coke landa belonging to the COM
pany, tho revenue OF the road will be
greatly increased, bWlte cbIf O6ject, 10 Mcurs
irhichi il iras bull, wds Eh0liy detected with
the inability OF the Richmond & Allegheny
Railroad to comply with It's contract.
IN SPITE OF DIFFICULTIES. .
Notwithstanding this disappointment,
the work OF construction has been pushed
on, though repeated foods and other dis
asters have caused great delays and added
very largely to the cost OF the work. The
maturlngof the second coupons OF the first
mortgage bonds Of this River division on
September 1st, added to the causes above
named, before the road was in condition to
add dollar 10 the revenue Of the com.
pany, compelled TO psss its September in
terest. Outside Of the River division the
properly OF the Ohio Central Railroad
Company is, In my opinion, by far the
most valuable coal aud railroad property
in the State OF Ohio.
PROPERTY IN WEST VIRGINIA.
When 1t is understood that the company
owns 10000 acres OF valuable coke lands
in West Virginia, a bridge across the Ohio
river which has cost over 81, 100000 and
will be source Of revenue through its use
by other railroads than its own, that it has
lO,5OO acres Of coal in Ohio lying along its
track, Of very great value, so great that its
entire road was projected and built almost
solely to transport it3 product to market,
that its improvements on this property are
worth 81, l,000 coo more, aud that II owns
terminal facilities in Toledo far in excess
OF It's wants, aRd adequate TO supply the
need Of every railroad centering there, the
unfairuess OF the indicator will be Rppa-
rent, when, after presenting an array OF all
the securities issued by the company, OF
every nature it 6ayE: "All on q road OF
lets than 400 miles" f
SPEAKER or rEE HOUSE.