New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-01


cent in the Banks and at cent. 10 the street
for first class paper The larger houses still refuse to
borrow at 9 p cent on call Call loans in State-st.
vary from TO l2 v cent. Business is very dull in
all its branches.
At New Orleans Sterling was scarce, at the latest
dates, at sasI p ct. Francs and Northern bills
plenty. The demand for Exchange was good. Sight
bills on the North al p ct discount. The rivers
still continue low, and produce comes in slowly.
correspondence has been published between a
Committee of the Common Council of Rochester and
Mr.. Freeman Clarke, relative to the difficulties which
have ari.en between those parties in the matter of the
cont act for the construction Of the Geoesee Valley
Railroad Mr.. Clarkes proposition is thus stated in
one Of his notes:
81 am willing at once TO take Of the bonds and
stock Of the Railroad Company, sufficient amount
TO pay of its indebtedness and relieve the Company
from lite embarrassment. The bonds to be taken at
80 cents and cancel the contract for the sale OF 1000
shares of stock by being paid the amount due me
from the city.
" You were also charged to confer with me in re-
ference to the Of completing the road. will
here also again repeat that willing to furnish the
necessary means to complete the road TO Avon, and
be reimbursed from the first receipts of the road.
You of course aware, that the mode, manner and
time of &C citing the road, must depend upon the
action of the Board Of Directors. Those are matters
that l cannot individually control"
The Committee say:
owe cannot recommend the acceptance of Mr..
Clarke proposition. BY that proposition, as we IN
derstand IT, be substantially assumes no new 0bga-
ton and incurs no new liabilities except the advance
Of any monies which may be needed for the compile
ton Of the road, if the earnings should prove in.
sufficient. Mr. Clarke has expressed to US his belief
that no such advances will be needed, 6s In his OPT
MON, the earnings of the road will be amply sufficient
for that purpose Your Committee cannot therefore
perceive any sufficient reason or nducement for the
rescsson OF the contract on account OF anything con-
| tanned in Mr.. Clarke proposition
The Committee are of opinion that the present
means of the Company, if faithfully and judicously
| applied will extIicate il from its embarrassments.
They say:
"Those means consist Of 70 bonds Of the Company
| Of 81 900 each, and Is mortgage bonds of the Con-
hoctOn Company, each of the same amount. together
with such sums az are due on their subscription list
| Your Committee have not been able to ascertain very
accurately what can be realized from this latter
source, though they have reason to believe it will be
very considerable"
to the Company beyond Avon is MT included, be-
cause it is lot probable that this property will be sold
uness great delay in the construction OF that part
OF the road should render its disposition expedien
"Of the amount due Mr.. Clark, reported your
| Committee have been informed aud believe that
s25 900 for interest dividends That 81 600 more Of
the reported Indebtedness is for interest dividends to
other stockholders. we do not consider tins amount
i
| the Committee believe that any application OF its
present means to its payment would be an Illegal ap
! plication Of its fund.
We are also informed that the other portion of
Mr.. Clarks demand being abou. 900, is for mo-
ney which he has paid under the agreement to take
$4,000 Of the stock of the company-thus making
his stock equal to Mr.. Wsdswort g. Under this vie~
of the subject we believe that the whole Of esq.,,
600 ought to be stricken from the estimate Of the
present indebtedness of the Company.
So far the claims for interest dividends are con-
| cerned it il just and proper as between the stock.
holders that 1t should be paid out Of the earnings OF
| the Company, not wanted for the payment OF debts
| The stockholders are the Company, and it il quite
| evident that the creditors Of the Company ought TO
be paid before the Company paws ITSELF II the other
sum Of $50 900 unpaid by Mr.. Clark for stock is can
| be easily adjusted by the issue Of stock.
." their views of the indebtedness of the Company
are correct, and we see no reason to believe them
0tberwfe its present amount will fall below the value
| Of the seventy elk bonds. .
| "The Committee have been informed that indl-
| viduals have offered to loan to the Company 20
| cent on these bonds, and hold them as collateral
This appears TO q very ready and obvious way Oh
relieving the Company from its present embarrass
| ments. We think this ought to be taken IN.
less the bonds be sold at 90 cents. The Company
will thus be enabled to pay all just claims, and pre-
vent all suits except such as may be necessary to
ascertain disputed demands
The Committee suggest that the Common Council
,hall request that meeting of the Directors of the
Railroad Company be held for the purpose of sub
hitting to them the proposition to borrow money on
their bonds to relieve the present embarrassment Of
the Company.