New-York daily tribune., 1854-09-06


10 reimbu rsc the si5OO of ConYersble Bonds nov
selling at sI The above result yields about col. II.
therefore the new Bonds were certain to be sustained
at or above rs the Convertible Bonds holder would be
in better condition than now, and the financial diff
cutes Of the Company would be removed. There
is no doubt that the very accomplishment Of ssch
an arrangement thus relieving the Company from the
Income Bond incubus, would Immediately influence
all the securities of the Company and the now Bonds
would be current at 50 or s5. The road would then
have mortgage debt Of twenty millions secured By
property which has cost thirty.6ve millions, and tho
payment of the interest secured by revenue OF ave
and half millions, TO be increased probably to six
millions next year Such Bond in ordinary times
should command par. II thought advisable 10 add 4
sinking fund to this scheme IL would make the pro-
iect SO much more acceptable to the parties interested
and materially assist in maintaining the market prios
of the new Bonds. We don't know that the above
is the best suggestion which be made TO solve
the Income Bond problem, but il certainly has so no
appearance of feasibility aboutit.
ERIE RAILROAD.
The continued depression of the securities and stock
of the Erie Railroad consequent upon the dstrus felt
AS 10 their rdiue the great feature In the stock mar
ket The effect of this depression extends tar beyond
the loss involved in the decline that has been or b
likely 10 be suffered, should the whole invest
ment in the road turn out to be entirely ga!ueess.
Erie securietes cannot seriously decline without
corresponding decline OF all Others Look at Il as wa
may the OF is road must and will be fesarded to
very considerable extent test Of the prodnctyeness and
route and ito favorable both ecoDocs
on working been believed 20 be Tho
on Of the two THINGS either that railroads be mads
interest their cost or what practically amounts to
be made do In Consequence Of corrupt or
ucupetent management The degree Of sueoe,s Of The Edo
Railroad therefore will be taken a. test ct the probable sue
of the
been confidently ciaimsa upon grounds thai appeared to
be ncoDtoverhe Is ne Is the usht direction s route
not only exceedingly favorable bat for s local traffic
tirty es om the fear OF composition For this local
traffic II enjoys monopoly Of most mssnaesot domain
Resting uron the commercial metropolis of the Coatinent n
extends by unbroksn line TO the great interior wAe upon
which floats second only 70 that OF The ocean, aud
upon the shore of which pringng into existence ewns
hst are .t rVaps IN business s5a Popu.os and trade our
the Erie fail confidence will withdraw fron oeys Tie
Vii be cooked upon IS an unenabe one and
OF system resting upon unsound aud insecure osss
corseefed the success the Erie Railroad what every in
dvdus the United sndyast numbers outside Of hsm.
the sNOICOtt0 OF s7C0 600 which they have eo lost
fhey be made productive Of the isrcs hopes
CONDITION is tigbted II system ia the main be sound
yet tho Erie Railroad does not succeed thoash ,s,
the effects have described VIII
temporarily be experienced because tho pubic eanpot ana
l not dcrminate between the accidental ard the real,
the exception aud the rule. Ii fail therefore without
eutauE he dsssous consequences not only apon hs
City the whole country IL must not be allowed 70 sve
way unless have weakness WHICH win render
semits IL impossible. II POssess the elements Of
success though under temporary cloud Il ~sf be sss
tanned 1he business community Of foTh can1ot ssoa
to let sDgusn In Tor an distant ISis 90
hayiIg hity thousand dollais 10 mioea seeeHs ou'
could better sacrifice Sl00 90 than 10 have Ene AIsAd pro-
tested dollar The thing Is not 10 be thought OF unles
W. are willing TO see the whole which people have
boftd lOug and at such cost 10 erect fan with efsh 70
orindseson Tbs crisis must be met demands II Ehs
be erIisyaby st then have good ground for apPrehsa
fr success. Il should be- vigorously and efficiently sasfsiasd
~ s,tcrt nnd~T nch 20 weaken confidence In
il
rst great would be 20 burn bock 81 DHaas $40
The parties engaged such neaogs business WIN no other
Lsn thst 70 make by running the road should be
rpsaded precisely the same light as the inesndlny who
,h ihe fame for the opportunity Of " 'N'
To SHSsard the present poon OF Erie brief review Of
ss scf Of Justice to soufaern tier Of e0uns" aud
70 secured to the Central part Of tho
stste by ths Eds Canal IL first suggested a. act Of
jssoe ahe< than opportunity OI means of me ponsbs
t inprnf rsqusits economics al administration Of s
s6srs slibs OF personal interest responsibility tho
bsn he invest and upenfend the expenditure Of
ts mobey snd wnn ne ooiset iAsy sec %
oie the msnsse u E In the construction OF the road 70
I Aet the eoI,irut.on Of the sssrn Railroad Of Mssss
ebUses aud the tmprOSefns nis Of other sase n 70
BE- Bsesssry the maintenance Of ths commercial
suprtnaey OF this Cty which tended confirm the feeling
the eonses o the rosd ouiwezhsd the question Of m
tbsn tie ssS, by which Il was seeouphed. We do not
esf Of his BY Of eensure-Ooly 'astsr Of history
e,r th.ir year. without enPnssos. And labor
with ihst patience ard assouty they display IN their own A.
Es II would be natural for the Dreoror. Of Enc 70 81
"Whsteyer msy b. the cost Of the ad the pubic vii oe
vastly the by s constucton and the pabe expect
10 build II by frdaetorfng they nst pay iof y Inc
road built BY masery anu successive strokes hn.nce
nz and not exrayszzn: loses far rassfg money
It's Eeeunfies under the fc2nstsnecs os
fair price The COMPANY did not sufeT 90 maeh rom TINS
quarter FROM the lax sentiment OF responseuhy eHs &C
countabiy which gradually worked taef INTO ne msIsss
q il aesi and which prevailed We may .mSs. az.
from the eG ploye IN the most responsible Pos9I y @
est Addd to ibis the Company never numbered e se',
Of Drsenirent ability, 10 direct sDd guido saas eo'
without whom eutsrpnse q ever efnnepty p.sp-,.o.
The Con PaBy suffered exceedingly TOR the Sa1t -
chief Of the engineering department - pss y -
uuofrrity 20 the estuates and expsndfues NO pOpe
seems ever have been formed Of the es. 2. W
the WORK bar estinae ser ensts Of - |se cos sypen
o. k.ve h,er rsse IN m the Of the demands s9@<
din,dy pgefing urCn The cOnPaLy. -. - -
srey between the statement, nsee so go ~ 49, 10 10 20
,,.T sSysntsssoas Eight aud which has contrlbated
a. yeb ~ esksa present position before the pablo
W. l ,roksn Of psst history OF The road iof the pur
- that certain snoss Of lo-ses and abses Ia
r. Of the company, the Inevitable resort
- H. ~ Under which IVES e0nstfnetse
.nd po a. u lyog et the not aones vel
gentlemen ssk from other basin - ss
rrI,v woud have done bot which notvtbr aDdirz
he csppspy cpeo 10 stack. sDe which are us psl.
,le carse for position road holds 10 p0ruH
Thst tie read hes vastly more than we
of sef syioenee ttst ha cost 100 .sa a. ,ss,sisns
en- hrsced cr poyoAs Of the items o. eess' ~ - -.
doubt Ls he road eou have been built Tor neeh s sS
h, rrs a csuiss ara wOs1 have esen hAd ne p.I.,L
baili Il ezpfnIed their own Money. ~. ~ A
- ~. s.rrins. On read may b DsSe 20
a. he ro-yspy ooe.e-s extraordinary sdy.nisses
may po,w.t.as. the rs ss Ss,ss tss rssss Il sh.s
s.Isspss "a ish, b.vs besp much pestsr viii more
c.. si ? % ~ II The bu.ps capacity Of the ress o. -
~, ssIrosS . found IN tz es~ss~ss Bss wssss -. Re-
s.rss - "a sssscn.ns yv,ors h eco rssdrJ -