New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-05-11


very favoraby The amount added to-day 5000 600,
making the aggregate subscription 81 67s 000 Among
the subscriptions to-day were: J. Knower, Albany,
500 shares; Vim. L. Marcy, 100 shares T. c. Durant,
500 shares; l.. D. Conan, 200 shares; Leather Man
ufacturers' Bank 100 shares; Commercial Exchange
Bank, 400 shares; f. w. Durham, 400 shares; Chas.
Gould, 800 shares; ELEPHANT & Co., 600 shares; K.
II. King 200 shares Joel RathbOne 200 shares
Aqulor g. Stout, 80 shares; Henry Keep, 500 addi-
tiona; II. j. Redfed, 800 shares additional, &c
There is no doubt that the whole amount will be
subscribed for as the circulars have reached
the interior stockholders. One per cent was offered
to-day for a stockholders privilege Of subscribing.
The following is a copy of Geographic dispatch
from Albany received this morning:
ALBANY May ell o'clock A. NJ
So far can learn there are no serious obstruc
tions TO canal navigation. Our boats are moving
freely, and there have been arrivals from beyond
Utica"
Communications received at the Canal Department
dated Dansville May 6, announce two serious breaks
in the Genesee Valley Canal
The Controller, Mr.. Flagg having succeeded in
selling q considerable amount of Revenue Bonds the
city has resumed payment. We trust some measures
will be adopted to prevent the recurrence of such
dsgraceul state Of thing has obtained for the past
month. The city deposits should be placed in the
banks that have the ability and influence to maintain
the city credit with any needed amount of advances
The consolidation Of the two roads between Chicago
and Milwaukee goes into effect the Doth inst, after
which they will be worked corporation. The
terms of consolidation left to Mr. Hubby Of Cleve-
land Columbus and Cincinnati Road, Mr.. WOrhen,
formerly Of the New-Haven Road and Mr.. Harris of
Springfield.
The statement of the New-Albany and Salem Road,
just published gives the boating debt at $3.50 600,
which they have means to pay. The business OF
the wear has fallen short sl5600 of the estimate and
TIE Company asks further indulgence from the bond
holders The earnings for the six months ending 3ls
December were Sioco %
Expenses &c <%'o'4 %
Net earnings for six months. sls 5jl 10
This is on general account of over sSOOO,OOO
The capital stock is :? 267 100 and the debt is $3.50
lC4. The net earrings above have been used up in
repairs and paying floating debt. The interest on the
bonded debt is in default The first mortgage of
So GOO 900 does not according to the report the
rolling stock. The President makes the annexed sug
gestions in regard to relieving the road from its en-
banassments
If the mortgages should forecOse their mortgage
on the road, they have machinery or anything to
work them with unless they purchase the interest OF
the mortgages which come after them.
Under these circumstances three courses are left for
the bondhOlders.
The first is TO agree that the road should remain
it H. and work itself out of its difficulties, which 1t
would do perhaps so as to be able to resume on the
10 y cent bonds on the Let OF October next and on
the T. cent by May, 1858.
Or if the bondhoiders feel indisposed TO leave the
road under the circumstances, in the hands OF the
stockholders the Board will agree TO deliver 1t up to
trustee or trustees, 10 be worked say from hve 10
seven years The first earnings to be paid over to the
fist mortgage bonds. The other bonds coming in In
the order OF their claims, provided the money is I'D,
yapced 10 pay the debt named above. And 1t shall
be understood that when all the arrearages shall be
paid up, that the rad shall again be delivered up to
the stockholders
The last-named arrangement would give to the hold
ers Of the first mortgage all the advantage OF their
prior lien and also the of the rolling stock, &c,
which belong to the other bondholders.
The second md third mortgage and income bonds
would have the advantage of making their claims
good by yielding up temporarily the clslm they now
have on the machinery, &c.
third proposition is 10 allow, by amicabe suit,
the first mortgage to be foreclOsed making the second
ard third mortgage and income bonds into new stock
upon such terms may be agreed upon provided the
first mortgage will subscribe enough additional stock
10 paw of the debt named Either of these PROPOSE
tons think would be agreed upon by the Directors
Of the Company.
vent the creditors from realizing their claims; and they
feel confident that the property Of the road ls more
than sufficient TO do that
But they would not consent to have the first mort
gage bondhOlders sacrifice the road to the exclusion
of the mortgages that come after them ana the o'het
creditors OF the road.
We do not exactly zee the equity of the decision
expressed in the last paragraph Of the above extract
II first mortgage bondholders cannot take possession
of road to the exclusion Of the mortgages coming
after them then the distinction between mortgages is
only imaginary and first mortgage bond is worth no
more than third or fifth mortgage bond.
OF course the very intention Of q first mortgage
is to give priority of en and the first mortgage bond
holders if disposed to press their claims to fore
closure would scarcely, We presume ask the consent
| Of the Company to their action.
The Philadelphia Ledger says:
The Anthracite Coal trade for the past week has
not been large as was generally expected IN cOnse-
ouence of the recent freshet in the Schuykll. The
Reading Railroad brought down for the week ending
on Thursday 80 $40 tuns and for the season, 34
against 65 ~ to corresponding time last year show
| ing falling off of 70 i63 tuns. The Sehuyl-
Kill Navigation brought down for the week ending on
Thursday only 20 9 tuns and for the season, li2 400
against i3 3i3 tuns 10 corresponding date last year.
From the Schuykil region the total quantity is - 1893
tuns less than TO the time last year. notwithstand
ing the Canal opened three weeks earlier this
wear and the tunnage of the Reading Company at
one time about 20 900 uns ahead of last year. The coal
tunnage of the Lehgh Canal to May = is l3 s44 tuns
less than last year while that of the Lehgh Valley
Road is 90, GA tuns in excess. OF this quantity
| more than 1900 tuns was transported before
the opening of navigation, and very large proportion
Of il consumed the line. Previous TO the open
ing Of that road large supplies of coal had to be &C
/ -. ELL g., ta NIsufar