New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-06-04

Win the Erie There vss little o, % prem. q
pates upon either fr,ish, or pss,ensen- Au .a,
,v,in ,n,niny a. ire rate OF - mixes POI N.",
"a A. s,,o.irg ,r,ek vss Only allowed 10 eooe.t NJ
n. ATE Of two csnts mile. Aro'ber ctuse Oh 10
cresse OF receipts woch was bow lev gov o-s ~
Ieduc ION Of tolls Cd the canals, our t"ls oeo'1
AID "a. rb,rk would be Of long duration. f'eHSue
,,s,.n ,,.filn xss A., would be more and more over
,aij,os,l. notwithstanding the occsaopai in@.tup-
tisrs MI Moran called their attention ~ "a, nc -
C Injected with the loan proposed lac, Fail "hen 10
v,,t.d London scarcely dollar had been SUD-
.c,ted 20 !. rrcono i,iorslly. notwithstanding the
publicity Given in every svsiaole ~sy ID tle enVos
SID details of this csn bat lev Understood Inis olo
version Of unsecured boLds rtto mortgage ooaV
tie advantage. TreIe was no aouo' ~ AZ a" ~
10 owns secured than an unsecured pohG' WIZ
SLIGHT Modification an arrangement. nad been msce ny
bim which was satisfactory 70 Engisn oondnoleers'
They considered that the rg1t oil cohVer5lon Vi uu
secured bonds into Fourth Mortgage Bonds was not
fusicien. irducsmeut They desired that u tney hsa
$40 100 in unsecured bonds and they shoud purchase
five bouseLd Of the new bonds, they snoua haye vac
right 20 convert half Of their unsecured oolds ln'o
Fifth Mortgage bonds. To IBIS ne hsd Gs.eneo, DC.
csuse il was only renewal Of the 1862 loan without
any expenle 10 the CJn paUy, and pToongeu zoe ioV
loan. Lat Fail these " secured bonds c9u!d nave
been bought, ard were bought, Tor ~ Lac co-t OF
tie same NUN her Of ne mortgage bonds bsias par
made the Of two secured bonds % eacn ana tosse
rod as high as IS short time slnce. w hen an onei
vas made for the three million loan there were yio
eco 0C0cf the unsecured bonds. Three millions OF 'hee
ard with three miliOps Of tle 1879 mortgage oJnds
would leave s. 600 600 Of unsecured bonds 70 bear
the b. urt OF future Contingencies. Mr. Moran was not
Il arul for the future but if things were allowed 70
rem,in as they were the delay woao con h
the Company. The mortgage bonds were good, De,
yono ell pefsdveDture The cost OF the Ere ROAD ana
It's property WISE S3S 600 COO and its mortgaged deb;
vas Only $40 90 O00 The iDteres, OF this was only
81 $50 900 ard taking the estimate Of the past :wO
years of reoepts-S6 JOO OOO-srd the coz. Of running
tie road al IS cent, it would leave 81 800 OU ret
revenue. These bonds could lot long remsln below
so If they rode present difficulties. And while tae
secured bond was good II the roso wen, lnto oank'
iuptcy, the unsecured not. The holder Of an un-
secured bond could &c, Judgment only, and by dong
80 cou.d throw the road in the hands OF receiver,
which would not only prove disastrous 10 himself out
H. lure othefs. The holder OF the secured oono, ne
cid not get his interest paid, could get the Court 10
decree sale Of the road, with al tie ffanchises.
A GENT. mon asked what security the Fourth Nor
,see Borcholders had for their investment, II the
Secord Mortgage Bones were foreeI9sed.
NJ Moran ssid that nothing could be better Tor the
Fourth Morg gage Bondhoders than 70 have II fore,
closed -Four millions of dollars could easily DC raised
TO paythe Second Mortgage.
An inquiry was also made as 10 WHAT We PfoPoeeo
for the stockholders.
Mr.. Moran said he would answer by 81 illustration.
Let stakeholder owning 20O shares oil STOCK Duy
$4,000 in bones paying one nan 10 unsecured ponus
6ouglt At present rates acd the cost of the ne se-
cured box os would be from % to 40. Let all the
stockholders buy at these rates and they could eel
their bonds two days afterward at OIL ana tue loss
upon the bonds would not equal = share upon each
OF their shares of stock while the result. weud be, by
reevipgthe Compsny ofits difficulties, ths the stock,
now selling at Is ard 20,iwould go up to 80. The
ere rumor that ne had succeeded IN getting the loan
in Great Britain had caused rise IN the STOCK 20 ID
stme time snce.
The gentleman inquired if the stock could not be
taken for secured bonds.
Mr. Morsn said that such would be Illegal.
The gentle man sad that such had been done by the
Michigan Southern and Northern lndiana.
Mr. Moran said that he was swsre of that, but there
vss rot Court in the country which would not pyo-
against the Legality of such an &C.. comoi-
nation of circumstances had thro the road into lts
pYes. NJ embarrassing situation. The strike Of lS56
had resulted in loss of million Of donars TO the
road and, than eli, the resort OF the Directors
TO chsttel mortgage to raise money. Thi, caused a
wbdraw8 Of Ifience in the soundness OF the road
After some further nterrogatiOns and ans Ters, in
which Mr.. Morsn reassured the meeting OF his conf
derce in the OF the Company in the future, the
adjourned.