The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-24
From a Wall Street Correspondent.

WALL STREET, Feb. %, 1850.
The adjourned meeting of the bondholders creditors
and stockholders of the Chicago St. Paul and Foud du Lac
Railroad, held at the company's Office yesterday,
J. H. Ransom in the chair. There large attendance,
representing majority of each interest. The committee
appointed at the first meeting, on Friday last submitted
their report plan the completion of the road
the adjustment of all its affairs, which had been, after
full and thorough discussion in the committee unanimous
ly agreed upon The meeting after hearing the report,
and after full discussion and slight amendments,
passed the following resolution unanimously :'Voted,
that the general plan Of adjustment and pro
posed by the committee in their report as submitted at
this meeting and amended be- and hereby cordially
approved and adopted and recommended TO the favorable
consideration and prompt acceptance Of all parties in in
terest."
The details Of the pe adopted is substantially as fol
lows
l. new first mortgage seven per cent 10 be issued for
SEQ 600, the entire line of road from Chicago to
point twenty miles north of Fond du Lac. Of this issue
million dollars set apart TO provide the cash
$500 000 required to finish the road and pay other
cash liabilities resting the equipment and depot
grounds Of the company. For the payment of this mil
lion dollars sinking fund is provided The balance OF
the issue of 81 800 600 10 take up the existing first
mortgage of So 600 and coupons due and to fall due
up TO LIST August 1860.
q The existing eight per cent land grant mortgage bonds
amounting to So 600 oOo with part due coupons since No
vember 1857 to be provided for by issue of second
mortgage bonds for So 0o bearing per cent interest
from and after the LIST of November $780, and the ba
lance principal 81 600 o00 and all interest due up ls
November $780, to be paid by the application OF tue LAND
covered by the mortgage amounting 1853 500 acres, for
which land stock" TO be issued convertible into sad>
land which will ente the holders TO vote at stockholders
meetings the regular stockholders, without being
entitled to dividends.
To provide The 100000 cash required 10 finish
the road the holders Of both classes Of existing ousani
Ing bonds required to advance ten per cent cash
the of their bonds for which they will receive
first mortgage sinking fund bonds, part OF the issue,
81 0Oo mentioned above The general and unsecured
creditors Of the company receive IS per cent Of the
amount que TO them in the stock of the company.
The stockholders receive 60 per cent Of the amount
now held by them in the new ss1e.
Tor the purposeof securing to the bondhoders fair
the election OF directors, bond stock" Is to be
issued them accompany the bonus, equal TO so per
cent OF the face Of their bonds which STOCK like the land
stock, shall not share in the dividends
This is a very novel feature--the giving bondhoIdcrs q
stockholders power, and s worthy Of imitation By other
COMPLAINTS This, we believe is the hrst Instance OF the
kind.
The compauys liabilities will then esand.--
First mortgage bonds per cent 81 100000
second DO. per cent. ................... 2cooOO0
Total.................... ........... So 100000
CAPITAL STOCK.
To old stockholders. ......... !........Sl 100000
New stock for creditors. 10000
To,al................................s - 500, 200
Means providing the completion Of the road are
THUG obtained, and no party is sacrificed.
The second boudhoders receive valuable consideration
tor 81 0ooo0 Of their bonds 70 be cancelled ana for the
sacrlhcc OF per cent OF their interest
The committee Of twelve was continued to superntcd
he carrying out Of the pan and to act With the President
and Treasurer power being given IN full TO sell the road
and do all things necessary to reduce the plan 10 prac
| uoe
The stock market was completely bear market to day
There commission orders, and tho inside j0bbers
anuEe themselves with each other. Il little better
| tban swapping Jackets The Western Railroad receIps
are coming badly for the month"; and little expectation
Of any improvement is entertained until the fall Of the
year. 10 Northern Illinois they have to receive gram
for their pton from the southern part, and
have none 20 send forward There Is some little tfallc
also in groceries, which arrive BY the Mississippi and arc
carried across the alae Ou nere stl want ol leBht
IN the Western railroads compared with the number Of
competitors for by rival lines. Freight 10 being drawn
away from the Rock Island road By ITS rivals eapecay
Tie attempted speculation ID Wall street fails ior te
present though The Rock Island clique are still hopeful
| 1hlF stock declined to-day Is.
| the cotton movement Is OF considerable importance
just now The receipts have already reached 900
blcsbeng increase Of nearly million OF bales over
last year up 70 this time Tho weekly receipts keep up
but the exports only hall what they were 10 the cor
responding week Of last year The total exported for the
season 900 bales, or about seventy millions
Of dollars while the stock on hand 003,000 bales, or
about City millions Of dollars value q which the greater
part NUT qua ~ market ia Europe Of some PRICE or
lho Atlantic Bank Of Brooklyn, which has suntained
heavy loss from the deiacatsn Of It's paying teller II
chartered safety fund bank, with capital Of $500 600
Ia profits 10 December last accumulated 70 sl06223, IN
! divided.
our banking system ia being discussed Ia shc legislative
hail. 10 bank parofs ana la social circ.ss There Is
deep feeling abroad that something wfong-hat our
Guauca sysem works against the best ntefosts OF The
county-that, in expanding, Il flvors the importation