New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-06-09

The current business Of the Erie Road very favor.
able May, when settled up promising to show about
100000 net increasc over the sae month Of 1852 Its
CONDITION IN other respects IT, however, less sssfac
tory, and the plan CT reorganization meets with So
ions embarrassment in the unfortunate maturity of the
second mortgage bonds. We stated some time ain.e
that the parties who declined to accept the terms of
., tension had commenced suit of foreclosure This
,uit being pressed with energy, and Mr.. Cambre-
LING las h. EN- appointed by the Court referee to de-
eide VIA. pro- erty is covered by the mortgage. When
this point ia ses led, the b'ndholders will press for
decree Of SALE vllc there is no doubt they will OBJ
TAIN In is case, The roaa will be sod subject to the
fret mortgage Of three millions and the purchasers will
be obliged to furnish four millions ID cash to pay cfthe
second mortgage and as rDteh more to make up the
purchase -money us could not be otherwise arranged
with the third and fourth aud fifth mortgages The
entire mortgage debt is about sic 600 OO0 and in case
Of sale under the Cd mortgage it necessary
for the holders of the junior and unsecured bonds to
combine for Tie protection Of their interests, and these
parties must he ready TO contribute in cash the four
millions for the reimbursement of the second mortgage
holders II is full time that the parties in interest
should be moving in this matter for unless snch
combination Is organized and prepared to bid, the
property may be sold away from them, and will not
probably bring sufficient to cover the fifth mort
gage TO say nothing of the unsecured bonds and stock
1t very evideIt that if the road should 60 to sale
without proper organization to protect the interests
of ALL the property will be slaughtered and the stock
ard portion if not all the unsecured debt will be wiped
out. This state Of things is doubt the OF the
recent decline in the stock and unsecured bonds
Meanwhile it is the paramount duty of the Directors of
the Company 10 endeavor at once TO obvate the mecca
sity of a sale 10y making arrangement for stend
ing, if possible the Second Mortgage bonds, by Offering
q fair bonus to the holders Such as this
would be much to the advantage of the minor
securities than to allow the read to 20 TO sale. The
necessity for action is the imperative'
the counsel of the Company has stated that no legal
title 10 the road be given under the plan of reor
ganization until this Second Mortgage is arranged.
meeting was held this afternoon, at the Office of
Messrs Foster & Thompson, of portion of the hold
err of the low numbers Of La Crosse and Milwaukee
Railroad Company Land-Grant Bonds the first
=, 500, 600, of which Mr.. Gapin chairman
resolution was offered, to the effect that discriiniaa-
ton between the different numbers be recognized.
This was opposed by apparently large majority of
those present, and, as a substitute resolution
passed that the Chairman appoint Committee Of seven
TO consult with the Committee Of General BondholdcrS
Of which Mr.. jackson was chairman, to devise such
course of action shall be for the benefit of all the
bondhoder. The meeting failed to indicate that the
division Of interests was either desirable or Just.
RcsoIred That Committee Of including the Chairman
and Secretary be appointed by the Chair 10 confer with like
number from the Committee OF which j. H. Jackson il chair
man. fer the purpose Of dgetng plan for the benefit Of oil the
bondhoders
The following constitute the Committee: Horace
GalIin Orville Oddie, John Nicholson. VIM. Could
Francis Randall, Francis Vose, and VIM. A. Kobbe
We annex comparative statement of the imports
of foreign Dry Goods at York for the week. and
slice Jan. |