The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-10-15
Railroad Assignments,

Saturday was day of more than ordinary
finencial darkness in NV York city. The
Illinois Central RAILROAD, the most extensive
single railway improvement in the country
has been compelled to make an assignment
The following gentlemen are assignees o.
the company: Frederick Schuchart, JOSEPH
w. Alsop, Lotrop L. sturges, Edward Coop
er, J. Newton Perkins.
In their circular they say:-.
The existing arrangement in the fnanca
affairs of the country surprised the compa
ny with large floating debt, incurred fol
the completion and equipment of the road
To provide for its payment when the usus
credits became unavailable, an assessment
of ten dollars per share was promptly made,
and upon this side Of the Atlantic, largely
paid in advance, enabling the company I'd
meet the engagements in September. The
nstalments upon the stock held abroad ha, g
been in rapid progress Of payment, but the
negotion o: the bill Of exchange drawn
against them, difficult at first, has at last be-.
come impossible.
All other and usual modes OF raising mo.
ney are well known to be entirely uRavaila.
Bile. 1t would be in vain at this time to ca
in another nstalment on the stock, as the
same difficulties which prevent the realizing
OF the proceeds of the one already called in
season to meet the accruing obligations OF
the company, would attach to any further as.
sessment.
The directors have therefore yielded to
the stern necessity of the case reluctantly
but with clear conviction that the trne in
terests of both creditors and stockholders
would be promoted by legal steps which, un.
der the advice of legal counsel, have taker
to secure their respective rights.
The coupons due on the Construction
Bonds, October LIST, have been paid to
large extent, and provision has been made
to receive the balance outstanding In pay
ment of unpaid instalmehts, if desired by the
holder, no serious Inconvenience vii! proba
bly, result thereIrom.
! As this has not arisen from shy Difficult
| ties intrinsic in the enterprise, but from th,
extraordinary condition Of the money mark ct
the directors see therein no cause to abat
the confidence they have heretofore felt an,
expressed In the value oil the road and tn
lands of the company:
The New York & Erie Railroad has ais
been forced to suspend. Its circular says:
The event we have dreaded and forshad
owed to you at the two meetings held on tn
23d Of September and on the I'd inst, has q
last occurred.
This company has been forced to allow il
engagements falling due yesterday to be pre-
tested, Notwithstanding the sternuous effort
of its officers, who, unaided by you, found
impossible to obtain temporary loans, althc
they showed from the receipts OF ihe compa
ny.
1t now becomes imperativefy necessar
that you should come promptly forward I
relieve this Company, SO as to lt..vent you
valuable property from passin.. INTO othe
hands, and the risk of being wasted ava
into litigation between the parties in interest
Il A prompt and united effort on your parl
| will avert any injurious cons iences frof
the present unfortunate emb. ssssment,-
A very moderate amount rec lved in cas-
will enable this company to resume it's pay
ments at once, and the balance OF the sub
scriptions could be made very gradual an
easy, without danger to this company.