New-York daily tribune., 1859-07-01


prior 10 cop-oli1A;ion, akirg them - fund he coz
pors f,lir due for Is months commencing with July
|, 1859, in cent sinking fun bond, payable in
Eve years, doze on former ccc as'D, az FOL
lows:
Conpop, doc July !, 1859, and Jar. sDd July /,
1850 af Mortgage Bond. of Ohio ami Pennsy ylsania
aud Fori W,ybe and Chicago Railroad Compares;
Coupons due Ang. ], lsJ9, AID Feo. All Aug. l.
!soO. Il Fin: Mortgage Bonds Of Ohio acd lniaaa
COUPON. due Str[. !, 1859, ana March ard Sept. l,
Is6o, Of Third Mortgage Bcnds Of Ohio ard i1aiana
Railroad Company;
lsc0. ef leone or Second Mortgage Bon5s o. Ono
AID PeLnsylvauis Railroad Company. of Second Mort
gsg- Bonds Of Ohio an Indiana Rallros COMPANY,
al Real Estate Mortgage BOnis of Fort Wayne and
Chicago Railroa1 Company. The ssgrega,e amount
propo-ed TO be funded beng e %.
Mr.. Thompson in bis circular, gives sonrI reasons,
growing out of the great falling Of IN ne ba.i-
res- cf the last year ard other operating csusss,
Why the sane esunot Tow b. met; bG. be s2-
psren,y shows good ground Tor believing that the
proposed extension OF Is months on the debt will
relieve the Company from lis old hos'ing debt AMI
place J; fir aDcialS on s9unl basis. Tne bOnlhold-
rs are 10 retain oil the security they Eow hsye uDer
their several mortgages VII SeI ~ cent t1r tls
money thus oarel to the Company, While he benefit
conferred BY the extension Of time on the coupons 0ra
year ard bali will b. iull equivalent 10 the Cjm
psny for the interest they pay The Directors have
resolved to pay promptly 50 far as the resources Of
the Company will adn1it, al interest and Sinking
Fund, aturng Jay s:, nent, and thereafter IN the
ten per cent. sinking Fund Bonds aud on the General
Mortgage Construction Bonds of the issue dssed
January lst, 1857.
The circular Of the President says:
II has heretofore beer estimated ths, the re- inc lne
ofihe Road for 1859 would s920 V00. Thus far the
busness oi tie year giyes promise Of that result
re. revenue f. tie wear Of from 100000 - SsOoW
will be tne utmos, that be hopes for, To the
present prospects, OF trade. Of tha income, a. eas.
$500 eco have alreacy been expended, or anhcipa7d,
sni il viii require about fj Ou0 more ot be an.cpaf-
ed to pay wbs; o the interest ari Sinking Fund due on
ls July II IS proposed 20 pay ..,..
]. is believed that net income oi at least Z, ,VTo
in $50 msy be relied OF.
The entire funded debt OF the Company st Jan1sy,
1853, was $9029 100 including $40, 10 Of lo cent
Sinking Fund Bonds, issued to fnrd Coupons. The
preseht funded deb msy be stated AZ sls0,ooo entail
inz an annual charge of interest and Sinking fnnd Tor
1850 Of about Ss0 000 10 be increased ID 1860, with
the increase Of funded deb, soi obligations for Sinking
FgLd to probably s9O0,O00 and to larger amount II
6 msioriy ofibe floating deb. ia funded.
The entire fostns debt, as shown BY the Audi,or - .
on Is, June iD,; sa ~ ~
Leaving balance Of g1]6s 90
ysnis Railroad Con psiy Tor iron furnished 20 CON
p,e the cad 20 Cbicsso IN 1853, and not before - ~,
sised IN ;he amount Of Aoans debt, vz.'.' 1891 ~
Leaving Of aoatins debt: beside the se5; to Penn.
sylyania Railroad Company fJr Iron. l'99H 6'
OF the issue of 500 900 Of Construction BOnls the
Company still owns $2,2,0, ,000-there having been
sod s go COO. II also owns SJ0,0O0 N amount of
Rea Estate Bonds.
OF the Bonds unsod, S2,O240OO of Construction
Bonds and the 10000 Of Real Estate Bonds, are held
as cOa'era curiy ont Of the COmpanys possession,
81 l09 0A being in the possession OF the Pennsylvania
Railroad Company security for the iron deb, and
cash advances. - -.
In this a. 900 of Construction Bonds and $50 600
Of Real Estate Bonds rests the main hope of relief
from the floating debt. The Bonds, If disposed OF st
their value are adequate to the purpose and Their
protection for that purpose creates the inevitable
sty of using paIt of the net income OF the
road until the credit Of The Company can be go re-
stored AS to make market for the Bonds. The want
of that market has hitherto prevented the fonilng oil
the floating debt.
BY the funding of the Coupons a. proposed, the
Company aims the use, during the next i've years OF
t72 9g5 at the semi annual ntere, at the rate Of lo
y cen. y annam and the monthly Sinking Fund to
be paid
As an equiv aent for this loan from the boDdholters,
il proposed 10 advance the price Of the Construction
Bonds 10 all unsecured holders OF the floating debt, to
par.
With the cordial cooperation ofthe bondholders, ard
other creditors in the plan now proposed il IL believed
that before the close of 1860 tho Company be ey
treated from all its financial difficulties. II s 20 be
embraced in the funding arrangement of 1858. The
necessity of il was then unforeseen.
The following are the earnings OF the Michigan Cen.