Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-13
The Ohio Central.

TOLEDO, o., Sept. 12.-At meeting of
the Ohio Central stockholders, held in this
city to-day, about one-half of the $4,000
600 stock in the company was represented.
The old board of directors made very
full report of the operations of the com
pany and it's present condition. Up to
$1,077,1 1887; all expenses S727.32S; net
earnings $S47,7S5.57. The total floating
debt is 1913, 1926; cash items on hand,
$349, 96621; bonds in the treasury, cost
$1,250,000, worth $1,599, 1861. If the
treasury securities were all sold the sur
plus over the debt would be $SO0,9O3.95.
The total first mortgage debt on all
divisions is $9,023,000; income bonds,
$1,000, 600; car trust certificates, $212,00O;
fixed charges to pay on mortgage bonds,
$541,3SO; car trust interest, $169,600;
taxes and rentals, $50, 900. Total fixed
charges $29O,98O, mileage 342 miles main
line, forty-nine miles sidings; equipment,
forty seven engines, 4,57S freight cars,
twelve passenger cars, thirtysix miscel-
laneous cars. The company owns the Ohio
river bridge that has cost about $1,000,000
and 10000 acres of coal land in West Vir-
ginia and has expended 100000 on the
new river division south of Charleston.
The company has failed to pay the river
division mortgages only; all other claims
have been met and will be so long as the
property remains under the present man
agement. The car trust trustees have
taken possession of their property and ar
ranged to take wheelage instead of regu-
lar payments until an arrangement can be
odd fba aho1I
The report goes into detail as to
the causes that have led to the present con-
dition of officers, and says that the great
decline in the price of coal and the amount
consumed, beginning over year ago with
the suspension and decline of the iron
business and the reduced products of man
ufactured goods, have caused the receipts
of the company to fall over forty cents per
ton below the estimate of the most conser-
vative coal operators made eighteen months
ago. This has made a difference to the
company on 100000 tons of coal mined
and shipped last year of $4,000. The
damage by the floods last year and this
spring to the extent of $4,000, and the
delay arising from the same cause in
finishing the river division, which is not
yet in running order, has added to the
difficulties. The contractors are behind in
the completion of the Ohio river bridge,
and will not complete it until Novem-
Der 1. The company has secured no
benefit from earnings of the 1876 miles of
the new line, from the causes named.
Four new directors were elected represent
ing large portion of the river division
mortgages. j. s. Stanto, broker, New
York; Brayton Ives, formerly president of
the New York stock exchange; Geo. M .
Moon, president of the West Side bank,
New York; A. F. Goodnow, New York, of
the board; j. E. Martin, vice president
and general manager; G. s. Bruce and
Samuel Thomas we're reelected. 1t is
understood the new board will meet in
New York next week to
organize, when two more members
will be selected to fill vacancies
in the board from the mortgage security
hol1ers, if desired. The board recommends
the funding of coupons on the part of the
River division bondholders for time, and
suggests that the stockholders might pay
small assessment if coupon holders
would fund their coupons, and by this
means place the company on firm basis.
No matters are pressing at this time, and
the property is being we'll and safely
managed, with better outlook for the
fall and winter business than ever before.
Duluth d Iron Range Rail,voy Bond issue.
Ckarlemange Tower, president, I. 2.
Beck, secretary, and George g. Stone,
treasurer, of the Duluth & Iron Range rail-
road company, recorded first mortgage
to the Philadelphia Fidelity Trust and Safe
Deposit company yesterday to secure a
loan of $2,50O,OOO. The railroad has is
sued its bonds to the number of $4,000 in
amount of $1,000 each, being 6 per cent.
interest payable seni-annually, the prin-
cipal becoming due in May 1908.
ConteSttng q Crossing.
Co-& Tho Tab;~b Uo11ov