New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-10-24
PLAN OF REORGAS1ZING THE DEBTS OF DEFAULT
ING RAILWAY COMPANIES, WHERE THERE ARE

ING RAILWAY COMPANIES, WHERE THERE ARE
MORE THAN ONE CLASS OF CREDITORS.
To lh> Edfo- If ThsN e. Tribvas
Sir: Much has bsen written, and more ssid during
the past ~ three years respecting ,he existing de
precision in the railway investments of this country;
While the price of nesry every description # property
hs. fallen during the same period this peculiar nv.st
ment seems TO have been srgied out and prescribed
by capitalists. Why is this Have not investments
made 10 Western lads and the various otner enter.
prises of the osy been equally unprot active Sacb
believe u the general experience. Those who hsve
maize investments during this period have mostly paid
too " dear for the whstle'-hsyipg been drawn ioto
b lori credits and promises Of large iaere. their
Nancy Ths hiss particularly tie e,se with zoe investors In
II th.se ~oik. he'd ell been boil, upon sound stock basis
amounting 10 tvohds a, least one hst Of the coo; n the
otihe oorriy utt ana b., few wou; then have ed 70
pay dividends
con panic. been sid fto 81 down II
value vers In the dc-ua thus allowed mary taer
whole stock b-s arc in pssIces Fresty exceeding it
the deb Ct he company ty ih' mean ins inside 70
they IN osrng money real esta'- ba's Of s5u; - =
of sctus value n The property offered security q. the
S;ssS could have been obtained = cen. bonds a:
They ,urrd Themselves however b, reduced BY promises
Of ksh interest. foard & va, By m puuesna payne Of
the principal sc LONG $. II lasted, aud sit,rwaid shs money
In urus their upon this basis. the
ol assumes lie character Of coeci. cU.os il which
the parties their money ur0n ooaing-ucis add .1pc
'o,Fpy hs rules in sccs,ins heir claims CUSTOMARY
assin't ordiDNy commercial Dc otors 49,
e,ruo: be t. h- properly oea:sd avenues, BY which the
oisl r-rs between different
otts ,lea eoit y, 10 no~ s<, NhoD carried o. VII ao'
srcd fair profits upu az Of ;h- tst- cPiis y-s,m-n IL
iaose ~e.f- The sioubc.d 's2 ID. OF Nofta-rn ara o-
yesn capitalists as 70 the ssy Ct Hrir investments H. Slave
fc,s TIA: w,sTn onp,ns hsye been led into BY facility
oP,Ocurrt through he and simple pi.n Of uius
~'re eagerly scurs after by Feisn Agencies without each
txsuans;ioS Into tn,ir inertia
hat.
sbuous of interest country where railroad caAi,ers
Re % easily Obtained
Ar.o,r,acr q tie fr.nci. b.s CT he companies
hav ,d 70 rre' ssr coupons oss . ia' "a .. system Of
e'ers On n.sursr' uaeH ne oors BOXERS 'fe BOZ f'.
vel hos Ct the a-sshoceis present ;res- securities Af-
So,bp, bSt ioS. ud expta. .s. 70 .scaTs Ii, cs. sa
as bot i,w cisoossc % Incur tbs r,k.
Tbs 'fsrira;oI seems % ne cano1J De due y up
oct ell si.is rorirss-s wterr there NOR taAn oHe
pse4rs In; uo<2s- or Len upon the to4c and
- suocEt ;h't Tie company ran q; al 51es ieA1J ps
fnT.s' &c. ees,sng bali o! the cost OF nc P'
TIE Sor q. ueS uue. this b.. pr sec. tnerss
psystIe nu,y Al The bouas Of The hiss os -
Si . u . he t. ei... . Be pIso-a r.
be converted into securities -, ..-.I co..
Of g.. Io.s a1s outfit Be ao-s,i sya oa pr
cen, ocl h.ch sLsl b. represented L ne Bears q
sa,nl. ct Ii. scck hol6en % nee: .ss
ip,.e., rnc.u.-y -Pon the preference 'aaIe' no" INC "
5.sr 20 el- tie Board Of Director,
~ = :, - 80 .esr ,h.ir interests.
W. tkr Of ne Conps-y s1a exceed a@ amount
rec,.ry 10 u~. lie eosds ankins unt %
b s.sS.s-a fot ,xiltuhnea; Of sc Coup.nys des
:, a. is trce5ee-essl aud
sivs~or o. be p-,f-rreo s.cksy e c--- 'b
ocE-ti Shareholders ss.ie ec- their ard Of
prec,ors -. before 1; cu- 81 teis1t II ue-g the
.ro-vt Il the civ.deLd ca TIE pErfrriec sha--s-
I~ou Wi required 70 his pan. end there
wi pob~bly difficulty IL eE-ctins Sat, tsoosh The
.s-.cy ~ es-fes .ppor.eo BY hifr and dr.er-r1
,sus, hes can b r--si, o'.reors TIE rsosd property
Of cc,ptTy taen again Re psoec apon slbsaas os
AID b- berenc.l ssecs CT AS rse;Icr,aon a. -s
upnf al lssi.lra.,e snterpxis>a
lie Preferred SHARES Issued ur6er ;h.s plao would bu
hsks- value b st~ei scocg substantial csp
as The ove' Of boats for which they sub
TIE boxer Ct sgch stock wosId ooutrul 20.
rrpYes.y L .rpf.r eXs. he uc.d b. rleTcd