The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-27
FINANCIAL AND CONNER GAL.
MONDAY, Dec. 20, 1859.

MONDAY, Dec. 70, 1862
This day being kept as Christmas day, there
thing done Wall street, and banks and other financial
institutions, and merchants offices, were closed.
We have received copy Of circular from the Hudson
River Railroad Company, detailing the plan for the
tension and ultimate extinction Of the second mortgage
bonds. The Committee consisting of Messrs. Boorman,
sloan Wolfe, Jones and Miller, say
The steady actual working of the road satisfies the
mttee that for the grad tai reduction OF the
and that this object best be attained by arrange
with the holders Of the second class Of bon Is for
the extension Of their payment 70 future PERIOD under
the establishment Of sinking fund for their gradual
demption
The committee find that such an arrangement can b.
made preserving to the holders Of the second class all
their present rights un.er the mortgage securing
pay ment as will he seen oy copy, hereto annexed, of
anopnion from Daniel Lord Esq (ander whose supsr,
vision the mortgages Of the company executed
and wh advantage " the holders OF the third class OF
bouas the period for the payment Of the second is
not extended deferred Of meeting them exist
but the issue and negotiation Of like amount OF tue bonds
payable in 1875, for which provision u male ia the third
Of this class on the market, while the other
hand the proposed extension Of the second will limit the
further amount which the company have to issue
under third mortgage 10 81 68 0O0 in addition the
81 reserved for exchange for the like amount Of
convertible bonds" now outstanding, when the holders
and the company may mutually agree on terms for such
exchange.
The committee believe that further argun,ont Ia
cessary the decided general vantage the
rangement suggested, that required
advantages of the estabishme of sinking
extngushment of the second mortgage bondsa process
which, 10 the working Of the railroads Of this country,
experience has rendered evident will have 10 be adopted
very generally meeting the bonded debts incurred for
the construction OF these works
sec. 2-In consideration Of the premises the Hudson
River Railroad Company agree on their part
l. That they will pay the Commissioners herein after
named, tho 10th of December 1850, the sum OF
$3.50 o00) thirty thousand dollars, and the
nuay thereafter. until aud including the year 1884 for
the purpose Of being used and applied by such Commits
sioncfs as sinking fund for tho men, and extiugush
ment In the manuer hereinafter prescribed OF the
cpa Of the bonds issued under the mortgage afore all.
The said company engage that the sums so paid TO
the said Commissioners shall he applied by them, with
all convenient despatch after receipt, TO the purchase
Of the bonds secured by the mortgage aforesaid aui
that the bonds thus purchased sha together with the
unpaid coupons, be forthwith cancelled by CELEBRATING
the signatures thereto; but they shall remain posses
sion OF the Commissioners, evieD e of the obigaIc
Of the company to pay interest the the sinking
und until the whole OF the bonds issued under the
gage aforesaid shall have been purchased by them
have been other wise paid discharged by the company
3. And the company engage thar they will pay the
Commissioners annually each 10th Of December after
the 1862 interest at per per the
amount Of the bonds which have been purchased
The interest thus received by the Commissioners shall be
applied by them to the purchase OF the outstanding bonds
under the SAID mortgage In the manner above
provided for the application Of the annual payments OF
$30, 900.
The following isr Lords opinion referred to above:-
have examined the plan for the extension Of the
second mortgage bonds Of the company with tho Consent
Of the holders OF these bonds providing sinking
| fund, &c.
The plan, carried ont will not impair the validity Of
the bonds take away their rank the order OF lien
and neither the company its creditors, whether by
prior pOsteror mortgages unsecurei avoid
Obligation OF the bonds when extended, for che full
amount Of principal AMI interest which shall
NKw YoRK, Dec 10, 1852 DANIEL LORD.
/ Tho form IF ala 10 folIo