New-York daily tribune., 1858-07-10


A meeting of the First Mortgage B,ndhoIders of the
Steutenvlle and Indiana Railroad held to-day 10
the office of Cummings, Alexander 4 Greene. Toe
First Mortgage Bopdhoders agreed to fund $2lO,O ,OOO
being two years interest their bonds, amounting to
81 500 000 receiving therefor income bonds bear
ing7 2 cent interest, over haf payable in five years
from the lst of January next and the the balance in III
years from the same date; the interest on them to be
paid sem-annusly the same as the other bonds pro-
vided the remainder of all the floating debts of the
Company can be funded by similar bonds, payable in
10 years from the lst Of January next. The interest
due on the Firs. Mortgage Bonds coupons up to the
let Of January next s to be paid in money on that
day. The sccruing interest on other floating debt up
to that time will also probably have to be paid then in
money. This will clear the Company of all debts up
TO that date, except the Second Mortgage Bonds,
amounting $500 900 iLdorsed by the Pennsy lvsnia
Central Railroad Company which will have to wait
until the FJst Mortgage csius and the present float
irg debt of $3.50 900 are wiped out. Committee was
appointed to cooperate with the Trustees, with powers
TO act with the in ef.ctirg this arrangement. 1t is
believed that if this plan is carried out the Company
will be able to go prosperously and meet all Of its
liabinties.
Tire following Act passed at the late May
Session Of the Connecticut Legislature. IL gives
needed aci les TO holders of railroad mortgage bonds
in Of default in the payment Of principal or inter-
es cue thereon in reaching their remedy by giving to
the trustee under mortgage loans speedy possession Of
the property, &c thereby avoiding the depreciation
which sure be the effect Of long ltgated FORE
closure suits.
This act is very commendsble step in the right
dire cton and hope the example of the old mother
of the Western States will be speedily followed by
their respective Legislatures.
An Acr relativ. to Mortgages OF Railroad Companes
BE enacted by the Senate and House Of Represeatatir in
General fssemtty oonreaet
srcIIos l. Thn whenever any Rsrnad Cooperation hath
morssse convey IN trust s railroad or rr I'D property or
ether cr.dor security boui
holders te aud 'hi have made default In the psyn'n.
such creditor apply the Superior Court M county
In which 'uoh rsrosd any part tne.o ssd setting forth
srch praying hs, tn. trustees for the b-ne6, Of such
bonehods creditors. may be pssd IN the Possession Of .uca
ton shall be heard ard isterunsd the rt term Of the Court
10 which reurL atlr, l9ess continued or ressonabo
cause sle 1s'S uea '.sa ga . PEE '.S S .isa coIi
Directors thereof under suitable penalty. 10 surrender slch
noas,d ory u the trustees or NOR azee' for the benefit
sEc such shall taken possession Of
of the n section Il h. sct oi u pausnc. Of .ny authority
eonisiI.d IN th-f mo,se deed Of trust they h. take
chaiie Of and operate railroad rsed property FOX the
bnet ol the creditors for whom such created and
,hty ,s n o. PIsons liable 'or any cas-, OF injury .n'i5s
Xc for their ~lAu mismAnszement for
made by them such but s such railroad
shall be liable for the aud edrgs q: uen uss
The execution Of their us 70 the xent Of the interest OF the
trustees Of the bondhces creditors for whose benefit such
u,,es sc and seton Other proceeding for the
poe Of sanx the said property liable shA be bugh, against
such Trustees. d.scnbrs them Sc such
Eskc Tie trustees taxing s-ssion OF such property
into their the sta be Known % tne
and shall lodge The for record IN the Office Of
the Secretary Of State and ether property sna from time
TO time be discovered by hsm they shall Ike
tory under osth .odse The for record Aforesaid
sIc l. The trustees shall, from time time, while
operating such rcd render their account qgsst-y nso
the ofo- Of the Secretary Of State, Of al moneys
ceived disb sTsed By them In the Of their
sssDcy They also poeset :, their dscIe.ion in
Superior Court ed IN The frat section Of this
close the said RAic sd Company snd al
fer The Of The boIdholdes other creditors FOR
thy ard srch Supe or Couit limit the time for
esmPon Of the perry IN the ordinary proceed
u Tor The foreclosure ci IRA pfOpsrty
SEC II such ras.ees shal ths dates
tsy delay 10 pefto The creditor represented by
trustees sppy Superior sfsr-ssd
r.uov, CT such trustees which spfcaol ses Be heard The
hrst term OF ssid Court srd such bns fund
others in their and the Superior
also upon the sppha of bJocholdx cred
iior. remove trustee and { th- v.csney
SEC. 8. Nokire IL this shall affect
ien The proerty oielosed which prior the
i-r under which said
bu, for al such
der Ibis foreclosure kewsa
or rocs diDe BY usssqu-n, incunbrsocers their
SIC The Ct opezns srch railroad oher prop
ery including rer3s and s other reasonable
while In he execution Of sid and ali By
any DorffAses ncuI brAnce whi-h shall
ass and psys- before durins
!asu 49, and .so eompensson 70 Be Allowed