The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-01-03
MUST REFUND BONDS
Ohio Traction COmpanyFaceS
Financial Obstacle.
BIG STOCK AND BOND DEBT
Earnings of Trolley Lines Well
Maintained, but Fixed Charges
Between Akron, Canton, and other
OBSERVATION-DISCLOSURES Franchises.

Considerable refunding must be done by
the Northern Ohio Traction and Light
Company in the near future. II has $6e0,-
coo per cent notes and $4,000 Canton
Akron Railway zone Of its subsidiaries)
second gold IS falling due next year. Be
SIDES these bonds and notes, It has &c.,
600 TuscaTaWas Electric Company ian
other OF its subsidiaries) first gold 5s fall
ing due early in 1910.
4 director OF the Northern Ohio Trac-
ton and Light Company IS quoted as say
ing that the company will have no diff
Guilty in refUnGing these obligations, and
that securities are held in its treasury
amounting 10 S2.01S.o0O par value available
for the necessary financing. The securi-
ties mentioned are: $1.04o.00o Northern
Ohio Traction and Light IS, s7sS,0oo Can
ton-Akron Consolidated Railway IS, and
$4,000 Akron, BarbertOn and Western
first IS
This statement IS somewhat at variance
with the company's last balance sheet,
which shows s.. 1900 bonds in the treas
ury not trusted and SS35.Oo0 bonds
pledged as security to collateral trust
notes, making a total Of S2S75.0oo avail
able for the purpose Of raising new funds,
as in case OF payment Of the notes the
collateral BY which they are secured
would be liberated.
Bonds Secure Notes.
The bonds deposited as security for the
notes are S460e10 Northern Ohio Traction
and Light IS. SS35 90 CantOn-Akron Con-
soHdated Railway IS. and $2o0o0O Akron.
Barberton and Western IS. However. the
apparent difference is comparatively
small; and, so far as securities held are
concerned. the company is in a comfort
able position % do its financing
The company was organized in Novem-
her. 1902 IN 1866 it acquired the entire
. 6. $4,000 stock Of the Canton-Akron Con
s0lidated Railway which had previously
absorbed the Cantou-Akron Railway. the
I Canton-New Philadelphia Railway, and
the Tuscarawas Traction Company II also
owns the entire capital stock Of the Akron,
Wadsworth and Western Railway. The
company operates a line from Cleveland
-h ~ IS f1FNiS -if 40 80 N-'--i
East Akron. and 20 Kent and Ravenna
I It's track IS Of standard gauge and totals
% miles. OF which fifty-one miles are on
private right Of way The company also
/ operates an electric light plant IN Akron
and Barhsrtcn and Owls l.G1 acres -
coal lands In Noble County, Ohio II
also owns two parks. one IN Akron and
the other in Canton. The franchises have
fifteen years TO run. The company serves
a population estimated az about three
quarters OF q million
Has SIO,OOO,OOO Capital.
The authorized capital stock OF the
Northern Ohio Traction and Light Com
panv IS NGmoC co. OF which 1856. so is
issued. on which dividends OF ? per cent
are being paid. It's outstanding bonded
( debt consists Of
5000 Ak Bid & Cseve st gold - o.;
s. -0c fo0 80 o. II. %. - cons sold as------s--
S1s1e SO No. o. T. K L - coas- - snd 5s-----lE
S5101 CoL t-1s- g. CUupul ls-
$1,000 Ak Wad- * west- st 5s------------.--ls 5
The foregoing list is exclusive OF the
| bonded debt Of the Canton-Akron ConsOli-
dated Railway and its subsidiaries Since
T its organization. the earnings Of the COM
/ pany have ste ably Increased. as is fairly
Z Illustrated by the following COMPARISON