The Sun.
London, England, 1870-05-26 00:00:00

INTEREST AND PRINCIPAL

PAYABLE IN GOLD.

It is proposed to issue a New First Mortgage, covering the
whole line of road from•Salamanca to Dayton, and including all
the branches and leased lines. The bonds secured by this mort-
gage shall have thirty-two (32) years to run—sinking fund accu-
mulative of one per cent.—bear seven (7) per cent. interest, pay-
able semi-annually, and shall have the power of voting, the same
as ordinary stock in other roads ; that is, one vote for every $lOO
of bonded debt represented. This mortgage shall be for
$10,000,000 Gold, and be distributed as follows, viz.
Ist Divisionals in hands of public .. $5,714,500
Four years over due Coupons .. .. 1,600,060

$7,314,560 7,314,560

Ist Divisionals in Debenture Trust .. .. $1,415,900
Four years over due Coupons .. .. 396,452

$1,812,352 1,812,352
Over due Coupons on Ist Divisionals, prior to 16th
January, 1867 .. .. .. .. .. .. 410,657
Surplus to be applied to new equipment, expenses of
reorganization, contingencies, &c., &c. .. .. 462,431

$10,000,000
NEW SECOND MORTGAGE, INTEREST AND PRINCIPAL
PAYABLE IN GOLD.
• "-

It is proposed to issue a New Second Mortgage, covering the
whole line of road from Salamanca to Dayton, and including all
the branches and leased lines. The bonds secured by this mort-
gage shall have fifty (50) years to run, bear seven (7) per cent.
interest, payable semi-annually, and shall have the power of
voting, the same as ordinary stock in other roads ; that is, one
vote for every $lOO of bonded debt represented. This mortgage
shallbe for $6,000,000 Gold, and be distributed as follows
2d Divisionals in handS of public .. $1,469,400
Four years over due Coupons 411,432

$1,880,832 1,880,832

2d Divisionsls in Debenture Trust .. .. 2,438,700
Four years over due Coupons .. .. 682,836

$3,121,536 3,121,536
Over due Coupons on Second Divisional, prior to 16th
January, 1867 328,262
Surplus to be applied to new equipment, expenses of
reorganization, contingencies, &c., &C. 669,370

$6,000,000
NEW THIRD MORTGAGE,
INTEREST AND PRINCIPAL PAYABLE IN GOLD.
It is proposed to issue a New Third Mortgage, covering the
whole line of road from Salamanca to Dayton, and including all
the branches and leased lines. The bonds secured by this mort-
gage shall have fifty years to run—bear interest at such rate, not
exceeding seven per centum per annum, as the net earnings here-
inafter defined of the said Railway, in each calendar year, may
suffice to pay, after satisfying the interest and Sinking Fund on
the First, and interest on the Second Mortgage Bonds of the said
Company, and shall have the power of voting, the same as ordi-
nary stock in other roads ; that is, one vote for eve $2OO of
bonded debt represented.
The words "net earnings," as used above, shall be construed
to mean such surplus of the earnings of the said railway as shall
remain after paying all the expenses of operating the said Rail-
way, and carrying on its business, including all taxes and assess-
ments and payments on incumbrances (being prior liens upon
specific portions of the said mortgaged property), of completing,
repairing, or replacing the said Railway, its appurtenances and
equipments, so that the same shall be in high condition, and of
providing suth additional equipment as the said Company shall
deem necessary for the business of the said Railway.
This mortgage shall be for $16,500,000 gold, and shall be dis-
tributed as follows, viz.

Consolidated Bondi in hands
of Public ................ $18,458,000 75 per cent. $13,143,500
Coupons on ditto, prior to
16th January, 1867 ...... 1,000,000 75 ~ 825,000
Buffalo Extension Bonds (in
debenture trust) 1,382,000 par 1,382,000

$16„050,500
Surplus for contingencies and expenses of reorgani-
sation, &c. ............... .... ......... 449,500

$16,500

NEW STOCK.
The amount of New Stock to be issued under the reorganization
shall be $12,500,000, which shall be distributed as follows :-
50 per cent. of nominal amount of Deben-
tures of 1868 ($13,000,000) $6,500,000
50 per cent. of balance of Debentures,
1864 ($7,000,000) .. 3,500,000
For other creditors and contingencies .. 2,500,000

$12,500,000 $12,500,000
The Common Stock shall be issued in shares of $lOO each, but
shall have no power of voting for Directors, until the interest,
sinking fund, and all applications of moneys provided for under
the three Mortgages shall have been made.
No other Bonds than those above specified shall be created,
nor shall any debt be contracted exceeding in the aggregate at
any one time five per cent. on the par amount of the capital
stock of said Company, unless the same shall have been previously
authorised by a vote of two-thirds in interest of the stock and
bondholders, at a meeting duly held.
There shall be a sale under foreclosure of three divisions of
road from Salamanca to Dayton, and all the property belonging
to the same, and at such sale the same shall be purchased for the
benefit of the various parties coming into the foregoing arrange-
ment.
The purchasing committee shall consist of four persons, who
shall have general charge of the legal and other proceedings
necessary to carry out the plan of reorganisation, and shall
consist of the following gentlemen, who in case of vacancy shall
have power to appoint their successors
L. M. MEYER (Director Pittsburg, Fort Wayne, and Chicago
Railway Company).
C. N. JORDAN (Third National Bank).
R. C. BURLAGE (Dutch Consul-General).
H. AMY (of Messrs. H. Amy and Co).
Amsterdam, May 24th, 1870.

FORM OF MEMORANDUM,
Which will be stamped upon the Securities brought in.
This Bond is held upon and subject to the conditions of a Pro-
tocol of reorganisation bearing date the 24th May, 1870, a printed
copy of which Protocol is deposited at the London and County
Bank, Lombard-street, London, and may be seen there on appli-
cation ; and Title to this Bond can only be transferred subject to
those conditions.
FORM OF MEMORANDUM,

To be signed by each Creditor leaving Securitiesto be stamped.
The undersigned of for good and valuable con-
siderations him thereto moving, does hereby assent and agree in
respect of the several Bonds and Securities specified in the sche-
dule at foot hereof, and in respect of the Coupons belonging to such
Bonds, to the plan of reorganisation set forth in a Protocol of
reorganisation dated the 24th day of May (a printed copy of
which Protocol is deposited at the London and County Bank,
Lombard-street, London), and agrees upon notice by adver-
tisement in the " Times" London newspaper to surrender
the said Bonds and Securities, and to accept in lieu thereof
the new Bonds and Share Certificates respectively specified in
said Protocol as exchangeable therefor. And the said
does hereby authorise Lewis H. Meyer, C. N. Jordan,
Rudolf C. Burlage, and Henry Amy, all of New York City, or
the survivors or survivor of them, and any person or persons
to be named and appointed by the major part of them in the
place of any one or more of them dying, resigning, or becoming
incapable, to act as his agents, and on his behalf to carry into
execution the said plan of reorganization. And the Bonds and
Securities named in the annexed Schedule are herewith delivered
to the London and County Banking Company, to be accordingly
stamped with a Memorandum referring to the said Protocol, in
order that the title to such Bonds and Securities may hereafter
only pass subject to such Agreement.
Dated this day of One thousand eight hundred and
seventy,

(Signed)

TELEGRAPHIC NEWS.—The Proprietor of the.
lL CENTRAL PRESS furnishes Telegraphic News to Newspapt r
1-roprie,ors, to the Ma,ni.gers of clubs, Exchanges, News Rooms,
Readincr Rooms, and Hotels.
GENE tiA L NEWS.—Four services are supplied daily. The
first service will ive all the news becoming known between 2 a.m.
and 8 a.m., including extracts from the London M _ruing Journals.
Tile second service will include all news from 8 a.m. to 2 p.m
The third service all news from 2 p.m. to 8 p,m. The fourth all
ws from -• p.m. to 2 a. •ri. This last message is intenued for
districts who re a Morning Paper is net obtainable, and it will be
de,p itched at 6 a.m. One Telegram will always be forwarded
during each service, and additional Telegrams whenever impor-
tant news becomes known
COMMERCIAL NEWS —At 7 a.m. a telegram will be for-
warded, giving all the Commercial News which appears in the
I ondon Morning Papers. At 11.3 t the opening prices of the Stock
Exchange. At .2.30, the London Corn, Cattle, and Produce
Markets. At 3.30 closing prices of the Stock Exchange and
report.
PARLIAMENTARY NEWS at 6 p.m.
COST. —For each daily service, or for each daily Telegram, the
charge will be 2s. per week; or for each service or Telegram once
a week, ls., including the cost of transmission.
TO PRIVATE P ER- ONS, MERCHANTS, OR BANKERS.—
Telegrams regularly forwarded for a charge of 2s each, in-
cluding the cost of transmission. By using a carefully-
prepared Share List and Code, the quotations of 2,/ shares or
81 oils. and the tone f the market respecting each, can be for-
warded in 2 , words. Special Telegrams to non-,ubsceibers, 3s.
each. Prepayment essential. In no cake can a subscription for
less than a month be received.
CENTRAL PRESS, 112, Strand, W.C.,
and Telegraph-street. E.C.
Ifgtr News tat, be torwarced to the Proprietprs of Hotels on
the same terms as to Clubs and Exchanges, i.e., 3s. per week for
each daily service.

MISCELLANEOUS TOPICS.

The Welsh Church.

It is noticeable that all the leading Liberal papers
resist the motion of Mr. Watkin Williams to dis-
establish the Church in Wales on the ground, not that
it is desirable to have such a Church, but that it is
inexpedient to deal with the English and the Welsh
establishments separately. Says the Times, " Eng-
land and Wales are absolutely one ; the Church
is one throughout the island south of the
Tweed, and it is impossible to legislate
with respect to it in departments. The sub-
ject must be taken as a whole." The Daily
News is more outspoken, and declares that the
Church of England is only in a legal sense the
Church of Wales. It is not the religious home of
the people, and its ministers are not their teachers and
guides. The Telegraph declares that Dissent is the su-
preme power in the Principality, and it has steadily
gathered strength down to our time ; until, by Mr.
Gladstone, its adherents are computed to be now four
times as many as those of the Church—by Mr.
Williams to be six times—and by other students of

the subject to be eight or nine times. It would be
futile to conceal the gravity of this fact; but still the
subject cannot be dealt with piecemeal. If the
Church in Wales be disestablished there is no reason
why the Church in Cornwall should not follow.

The Division. '
Scotchmen, Welshmen, Irishmen, and Radicals
generally joined together to promote the disesta-
blishment of the Church in Wales. Alas ! they
mustered only 45, and tellers, against 209 ; but
there were many stout hearts amongst
them. For, instance, Mr. Whalley is in favour
of disestablishment, so is Mr. Taylor, the im-
placable White, and Fawcett of Brighton, Mr. T. B.
Potter, and Mr. Jacob Bright. Mr. Candlish, and
Mr. Cave, of Barnstaple, voted in favour of Mr.
Watkin Williams. On the other side was a vast

array of Liberals and Conservatives combined. Mr,
Miall did not take part in the division.
The Laws of Horse Racing.

In the division which followed Mr. Hughes's
motion to amend the laws of horse racing,
in the House of Commons on Tuesday evening,
132 members voted in favour of the measure,
while the Noes only numbered 44. Several
prominent Conservatives, including Lord Claud
Hamilton, Mr. S. R. Graves, Mr. Assheton Cross,
Captain Archdall, and Mr. John Hardy, supported
Mr. Hughes, while in the opposition list the names
of Mr. Barclay, the Right Hon. Wm. Cogan, Mr.
John Locke, Colonel Kingscote, Mr. Alfred Seymour,
and Mr. Seely, appear.