The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-31
OUTLOOK in OHIO
IS STAGGERING
Problem of Refinancing Is Ire
nendous One That State
Must Face.
LOSS PERHAPS s5o,ooo,ooo
transportation Companies Have
Been Given Terrible Blow
by Water.
Especial to Tho Times Dispatch. ]

lSpcclal to The Times Dispatch.1
| Toledo, Ohio. March SO-Ohio faces
tie largest problem of reconstruction
and refinancing that has ever present
ed itself in the State. PUBLIC service
corporations have been hit hard. Many
counties have sustained staggering
losses and municipalities have thci,
burdens doubled or Quadrupled.
Indicative of the situation. Franklin
County. in Southern Ohio has lost
forty-six bridges that it will cost
! ton exists in every other county. diff
ferine only in degree. This does not
include the damage to highways, small
culverts and little bridges.
1t is estimated it will require $780,
100000 to restore the bridges claimed
ships and districts must shoulder that
load.
Bonds Slow Sale.
municipalities have tho burden #
caring for the unfortunate and the
more extensive problem of rebuilding
win greatly reduced tax. Duplicate
bonds Will have to be sold to raise
the funds. There is no other way of
financing. Bonds arc slow sale in
ONO. with public ownership of utili-
ties home rule and franchise revoca :
ton all open problems to bond BUYERS.
investors take no chances. The prob
- a. Sc - .t.sus>,rn:,. t,,r..,n
doubly serious.
Tonight there is talk that an
amendment to the State Constitution.
e%empting from taxation municipal
ponds VIII he submitted 10 the LeGis-
iaturc next week. Members of that
pody claim such n provision is manda-
.orS ana that financing cannot reason
aolE be done without it,
Lieut. t-GOycrnor Nicbol, ~, \
to-day that in his opinion nearly half
the damage done by the food will fall
upon the railroads. y high official of
me pennsylvania Railroad. which ha
had a corps OF engineers in the State
Tor Two days. is quoted as having said
tndt IL VIII require an expenditure of
s9'ooo'ooo TO restore bridges on the
pennsylvania system IN Ohio. and that
norman transportation facilities need
not be looked for until late in summer
or fall Besides bridges however. the
railroads OF Ohio have lost whole ter
"iihai systems III the cities inunda ted
along with communication.
The Baltimore and Ohio. along with
other lines. has suffered in proportion.
Ihcse losses must be financed Every
piece of material for piling. bridges
and quick construction OF the roads
called for In four States has been
bought and loaded for shipment into
d.
Lines Cut I'm Bits
Traction lines in the State have bec,
cut In bits. Bridges are gone. tracks
washed out. ana enormous damage
done These losses also have to be
financed. II will test the fibre and
foundation OF large and small corpora-
lions.
1t looks now as if the estimate OF
Governor Cox. that the Ohio property
loss would exceed that caused bv tho
san Francisco earthquake. will prove
70 nave been modest. To-day the best
hgures are that the State will lose
not less than 100000. COO from the
flood
Another feature of the loss is that
so little OF it is insured Most build :
lhSs are insured only against fire. aud
except IN Dayton, the loss by fire was
.ncohsequcntial. so far as known at
TINS TIME, The state, the eiehty-eirht
counties and the cities are face to
race with discouraging problem. in
winch the one ray of hope is the ira
ditional capacity OF the American neo-
PIE 10 surmount all obstacles.