The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-06
d. Nayina. chairman.


There will probably be majority and minority
port upon the question. At present the result is very
doubtful Both parties very strong and very san
nine of The opinion Of outsiders in the street.
appears to be favorable to the receivers.
Part of the bonds Of the Erie Railroad Company have
written upon them convertible into stock" viii le 9TH
ers have The whole amount outstanding is $780,
000 The original number Of shares Of the company
$1,000, which has been reduced to 1900, by
rendering two shares Of the old, and receiving
share. These 1880 shares received for the $4,000
old. endorsed, and known consolidated stock
The contracts in dispute made for consolida
ted stock and consolidated stock the receivers demand
thousand dollar bond convertible into stock previous
TO the 4th Of would have received ten shares
Of the old stock, which would have been consolidated
or before the l4th of November, or forfeited Tag
ing il for granted that II would have been consolidated
the holder would have received only Eve shares Of
sodaed stock for his thousand dollar bond each share
costing provided he paid par the bond hundred
dollars II would be just for bonds converted after
the stipulated time. - be converted upon any better
than those converted before. Tho bonds should
either Be converted stock the consolidated
not be converted at all II ten shares Of old stock
given for thousand dollar bond previous to the
l4th Of November, similar bond should only be
entitled TO Ave shares Of consolidated stock This 10
the only conclusion disintsrsssd mind can arrive
dependent Of the points At between the contracting
parties The settlement of what constitutes legal and
Just conversion Of the bonds Of the Company stock
would decide what would BE- legal tender to the re-
ceivers
This q very important matter. and may prove to be
very advantageous the stockholders in the Erie
Railroad Compsny The dinicultes and misunderstand'
pgs among the bulls and bears Of Wall street may result
a relieving the Erie Railroad Company Of Its outsarl
ng bonds, upon the most favorable terms. The Com
pany may cancel it, bonds BY delivering stock, for
which they will receive nearly two hundred dollars per
share.
The question turns upon whether the Company have
right 10 issue consolidated stock their bonds
par-whether they have right to issue consolidated
stock at sll-and whether any stock they may de-
liver consolidated not would be lawful tender &C.
cordng to the understanding expressed implied when
the contracts were made.
The Bank Of Commerce has declared a dividend Of
three per cent payable demand
The New York Insurance Company has declared
regular dividend Of ave and extra dividend of two
and-shah per cent, payable the 18th inst The
Company give notice that commission Of ten per cant
will be paid the LIST of February to Dealers on the
amount Of premiums paid BY them risks which ter.
minated prior to the lt inst
The American Insurance Company have declared a
dividend OF eight per cent for last six menths pay.
able on the 9Th inst
The Bank Of Utics has declared dividend Of three
and ahalf per cent, payable demand
The additional assessment made this year to the taxa
BILE property Of the city Of Baltimore isito the amount
si,6oo0O0 on fourteen hundred and nnetynins nav
houses erected within the past year. This will cause
reduction Of taxes and aid the State In providing for
resumption of the payment of interest the public
debt.
The monthly receipts of the Harlem Railroad Compa-
Hrxs~ H. - 49,
will be observed that there an increase In every
month Of is4s, compared with 1914.