New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-02-15

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I pa p.sste. and Rib: Of way "a soc
Ssh Cb.mt.'1n'' Judgment '''''''' 100 %
Fr.isbt and Quite, Iron 70 Ay DE o "a -. ,;e al
~ % TomAh ...........,.... 2"e "-l<t@N "a
ro..i s4hSs3 10 -
1nSeS II, the above are $ol7 90 o: stock and bonds
issued a. coaterals In September, tie manager nor
der 10 secuSe the continuance OF WORK upon inc "' "
~. land Grant Road and the payment OF arrears 10
the contractor over si1 hundred thousand uoHA'sb
a,,or.od ieo.. Of The road 70 him. aud permitted
:1.,, fr the ,rrears 10 BE- entered. In December
contract wa. made with Mr. Chamberlain TO compete
n. Road from New.LisbOn 10 the Junction, ny "hch
301 200 acres Of land would be secured Oh tins amount
the Company have already received rom the Govern
or n certificate for 80, 400 The Land Grant
TINS. h,s been reduced TO 81 100000, including the
road between Portage and the ssissippi RIVER atu
Hollands. The lease 70 Mr.. Chamberlain psovides
.bs. the ear nps of the road shall fret 70 70 pay the
iperes, on the mortgage debt and for the sinking luna
of the Eastern Division say in all sls99eO. The sur
Mus apples upon his Judgment The earnings upon
n. road Wes, of Portage 20 be applied IN the mrs
case 10 The interest the Land Grant Bonds ana tne
surplus 10 the Judgment. This, says the report
Il, will ne seen leaves the Company without d1lar
of , r. 10 meet the interest the Farm Mortgage
Bonds the unsecured bonds, the maturing obhgaohs
of the Conpanyor even the current necessary expenses
~ he cent
81 cessary TO the work No resources for these 90
i.cts are now left except what may be saved from
the securities pledged as collateIals ana rom sucn
claims as may be established upon securities anu
rroperty now beyond the control of the board. ihe
earnings of the road although not equal to the san
puipe anticpatons heretofore laid before the puoc
are still indicative of ample returns upon the CaP'
il sh0uld have cost. We do not entirely eoh'u ~ .S
sapeure estimates of the value Of the lande dona'ed
for this work which have been set forth IN the FORMER
but while this is the case, have entire 1hdeuce
that when the road is completed these lands WA he
found most important element IN giving se;Ir,y ~
the bondhOlders and remuneration Ia me STOCK oues
for their sacrifices in accomplishing this result
The net earnings Of the road for the year ending Joth
June 1857 were 1902 23 90 10 be applied TO interest
The net earnings for the six months ending 3ls Dec,
1857 were $lii,95l 40. The report says:
Thee results though not so favorable as previous
estmses afford ample assurances that when The ROAD
caches the Mississippi and thus bee ones the on let
of the whole Northwest ia friends viii BE- dis
appointed in their confident assertions, that i must
prove Of the most productive, per mile OF any IN
| the United States.'
The entire length of completed road is l''s miles,
leaving ~ miles 70 be finished TO the Mississippi. The
report says;
"n referring to the causes that have produced the
present embansssments OF the Company, i. cannot be
disguised that the Land Grant itself, eagerly
sought has by the expenses of the contest for it, pos
session, contributed very largely 10 the result Ofthe
liabilities incurred, the following may be traced IL
rectly to this source:
l. Construction Bonds OF 1862 issaed for chsr.ereN
cpp.mciion Bond. Of 1857 issued fox the Irrhs.
Of ibe s. croix tad Lase superior Ralrcsd CO.. 100000
g. Stock charter expenses Msdson... 5000
y. Raiiosd Company aad for service IN AID ,,..
In aud wsteItcwn Railroad. ,.......:....... 5000
| cent pay ,he debts of the Wa'"rown RhFosd ,....
in makDg provision for the dividend Of July /,
lSJ7-or the interest upon the Construction Bonds OF
1902 and for the interest upon the Land Grant Bonds
# Aug. |, ls57-thc subscribers 10 tie Land Grant
Boz ds having 10 large extent failed % NEE their in
s,amenrs more than 81 100 Geo of the stock and
cu.itics Of the Company pledged for loans falling
due in November, December and January Last, and
we're sacrificed by the inability If the Company 20
meet these loans NJ maturity. The pressing wants Of
the Company have also led TO other sacrifices, which
rohng but the salvation of the Company flon IT,
IRENE peril could Justify. But these sacrifices
now ended, and we cannot msgne state Of thiugst TO
arise which justify renewal Of these expedeuts.
Tie Board have taken steps to recover the million
of bonds Issued to the ST. Croix and Lake Superior
Company and also two hundred thousand dollars
Of bonds loaIed to the Mnne.oa and Pacific Railroad
Company, which never reached the treasury of that
Company In conclusion tie managers say:
THAI. having undertaken the task ~ attempting
t. save the property O the Company ~ the solica-
tion of the friends Of the road IN the hope, their
part, that might succeed in carrying the work TO
lie river AZ La Crosse. we have gone forward with
those objects only in view. so far The Eastern
members Of the Board concerned, they entered
the direction entirely uDcommitted - any line of
policy with pledges to protect favor any in
,erest or one set of creditors, bndhOlders stock
holders more than another bit TO be guided s)ely by
their convictions of what mi ht be bes; for all inter-
es:s when the conditions and wants of the Company
were thoroughly understood. Ii We have failed in
protecting the interests Of the Company whose agents
ard pr.sentaves made, the time is al hand
when the stockholders will have an opportunity 20
give Us leave 10 retire from their service"
Markets...CARETuLLY REPORTED FOR THE " Y TslsuNE.
SATURDAY Feb. Is, 1853
ASHES The demand continues and the make; letter
Pearls unchanged sai-- 0fl0 bb 70 ~ rs 25
Pots and 30 for Pearls she a,,er held higher
Sseratus j. steady At g.. cash
COrTONThe business has been moderate paie preferrng
wait further foreign advices per Niagara due;
Of 600 bales at annexed Quotations:
sssIrIcsrroN
CpandA Florida MOBILE. N. o. and Tex
S sIi$5iss .i;;;ii::::::..ii3st +. q Is
fAF.................slS
COPFEE-Ro firm, with fair denaud sale O 500 beEs a.
tGc. The stock Offering 1000 bas 81 held in -st
hard Of Rio Is IS 0o bags Oher kinds hmi sales 0. 80
hat bales Mocha a. lie.
COPPF R-Sew Sheohing and Yellow N-ts quiet BIT
steady &c the former and 2d21, six mouths for the
aeT Refined Ingot has been improved demand aud prices
sEain advsrd ses Of 22jeo LAKE superior p