New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-29
che Company, in the Corn Exchange Bank for 81 O5O

was uacrified BY street rumor into eeroue matter.
The City Of Peru, II appears, subscribed for
400 shores Of Rock leland stock and ssue1 its bonds
for $40 600 in payment. The Company, at toe time,
guaranteed the bonds and held the stock, which was
not transferable In 1857 when the Rock Island
stopped paying dvidends, the City Of Peru suffered
default upon its interest which the bondholderS at
tempt Intellectually 10 collect of the Rock Island road,
without exbaus'ing their remedy with tho City of
Peru. TIE amount Of interest at issue is only 900
per sDnum, Ct which, at per cent, tha dividends OH
the sock pay S2,4CO.
The most inveterate grumbler about Railway secur-
ties must acknowledge that within few weeks
remarkable change has taken place in public sentiment
TO The value of Rail way bonds. The strides in the
market prices of the Delaware, Lackawauns and
Western, Erie, Michigan Sluthern and other bonds we
could name, show concusvely that people are waking
up 10 the fact that the elements of recovery are at
work, and that many of the bonds which have been
kicked about the stock market at nominal prices since
1851 are destined TO become safe and productive In
y6siments again. The sill king fund pIincpe. which
is fast becoming a settled policy in bond renewals and
extensions, ia 10 have an important influence IN re-
storing confidence, and in every reconstruction OF debt
certificates, the adoption of the principle should be
strongly urged. 1t is the way out of trouble. The
WesttIn Ralroa1 of MASSACHUSETTS has now sinking
fund Of about SO 600 O00 which is rolling up from year
u year without interference with dividends, and con-
tues safe provision for the DEBT TO the State. To
this sinking fund mainly that stock owes its CREST
popularity as 8n investment the shares now sell
ing readily at 11ll, The Illinois Central bonds
have the ssme principle Of liquidation in the land
ssios, which cancel annually large amount. The
Galena Company has $37l 900 to the credit
Of ils sinking fund in bonds purchased, and the
Rock leland has recently commenced with an appro-
pration Of $40 600 per The Michigan Central,
with bnt two years operation uncer the sinking fdnd,
has 1854 to its credit already, and before the year
expires, will have $250,0OO. The wisdom Of these
measures, which are designed to extinguisb, within
tenn Of years, the great incubus upon the Railway
system of the country will be acknowledged through
out the community the principle which goes to the
root of Railway trouble, by furnishing means for the
removal of debt operating at the same time 50 gradu-
ally that in times Of ordinary prosperity, there will be
TO serious interference with dividends Within five
yeare, the annual purchases Of the Trustees of the
Michigan Central sinking fund will absorb the floating
bonds, to extent viii IN must carry prices above the
par vaus-the accumulation during the time rolling up
TO an amount ediDg 500 0OOand within ten years
the absorption will reach not far from 81 6OO0 OO
The second mortgage bonds Of the Galena Road will
be absorbed in the way, and the Rock Island
sdbe,ing to the same policy will extnguish its
-, 4OO,0 600 A few years since, Railway companies
were doing their ut most to get into debt. Now, the
great anxiety appears to be to get out of It.
The Committee appointed by the Louisville Railroad
Convention came Esst on Saturday morning. with the
view of meeting the NewYork committee at Butfalo.
The Tere Hsute and Indianapolis Railrosd has paid
to is stockholders in dividends frsctiOn tne full
amount Of their original subscriptions
The Cincinnati Enquirer learns from letter from
Sir Dootle, contractor for the Atlantic and Great
Wettern Read, tlat lie bas now about ole thousand
men, with one hundred carts at work. and that he de-
sgns to have the road con pleted from its junction with
the New-Yo1 and Erie, 10 Akron, in one year. The
financial affairs of The company are encouraging.
A charter las been granted by the Legislature of
Virginia to extend the Steubenvile Railroad across
the Panhandle. 1t is designed to urge forward the
work as fast as and means can carry it.
The various parties interested in the direction OF
Freights from Cincinnati had meeting on Saturday
and agreed upon lew tariff which the agents gener-
ally unite in representing likely to be observed. The
,ovO rstes az ADDICTED on Saturday are: