The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-20
NV YoRr STATE cAs.L'-AxOvsr or TOLl..

Tho aggregate continues In excess Of any previous
except 1877 The prospect at present u.s. that the
total receipts for the will be equal TO that Of last
year. Much depends upon the period of navigation.
For the purpose Of cleaning out the water has been
drawn OF nom the Chesapeake and Ohio Canal and
navigation will be suspended II until about the first
Of August
The income Of the worcester and Providence Rail.
road Company derived from transportation Of psssen-
gers and freight in the month Of June 1s4o $40
1s The increase Of passenger and freight receipts for
the ak months ending 3oth June, 1s4e, from that Of
the same sir months in ls4s was $3.50 90.
To give pretty correct idea Of the credit Of the New
York and Erie Railroad Company IL is only necessary
TO refer to the daily sales OF the bonds In this market
The hrst mortgage bonds command only three per cent
premium, and the second mortgage bonds have been
negotiated at ten and fifteen per cent discount This
IL the fact when six per cent stocks selling at six
teen and seventeen per cent premium. The first
mortgage bonds Of this company, amounting to
saoooooo secured mp to this time by two hundred
and forty miles Of railroad and property which has
cost from twelve to tfteen millions Of dollars; aud
every sale Of the several mortgage bonds and every
dollar expended on the road, IL 90 much additional
security for the payment Of these bonds and yet they
only command prenum Of three per cent for q
per cent investment
The second mortgage bonds, amounting 10 four
millions Of dollars have been negotiated at IS TO 20
per cent and have the second lien upon the property
Of the concern These bonds draw per cent Ia
terest, and nov selling at to per cent dis
count. The certificate bends are bonds given for
the evidences Of debt contracted by the old CON-
pspy, and have Eve years 10 run, from the Let Of
January last They amount 10 about 100000. Hold
Of Of the cid certificates have suits against the
company for psyn upon the ground that there
agreement 10 receive bonds for the certificates when
they reached maturity They argue that the ecrtid-
Gates deferred claims against the company having
eertsn time TO run, which payable, at maturity,
In each; and the position taken by the company,
that ~ had right 20 redeem them by issue Of Eve
year bonds, vas against all Law and equity. These
bonds draw seven per cent interest and selling at
t~enfy p,r discot t the opinion Of Of
best lawyers that these bonds have claims upon the
property Of the company superior to the nr mortgage
bonds.
The three classes Of bonds represent indebtness
Of 81 100000 bearing interest at the rate Of
per cent per snnum. This indebtedness, and all that
may be hereafter contracted upon any terms. takes
precedence Of every issue Of stock; notwithstsnd-
ing which, we find the third class Of bonds selling
at price. only twenty per cent higher than the stock
sertineste bonds are worth stssst par This fes-
ture peculiar TO railroad securities in this country and
We cannot account for II satisfactorily We recollect
that for time previous 20 the memorable erplo-
sion in the Affairs Of the Residing Railroad Company
the stock selling In this market at prices ranging
within ten Va fifteen per OF those for the
mortgage bonds. We frequently alluded TO the cir
oumstsnse at the time, and repeatedly ssusoned