New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-02-18

Total ,37S II
The plan adopted of funding the floating debt has
not been carried out except to email extent. The
creditors of the Company in the main refused to accept
the third mortgage bonds called, and the directors,
in Justice to those who had taken them, ceased their
efforts in view Of the declining business Of the road
making it doubtful as to their ability to carry out the
scheme. The income account exhibits debit against
the Company on the business Of the year. and balance
of last year. of $226,912 90. The amount Of road
mortgage interest due on the 3lst day of December
1852 $l44 4s0 and the amount of the sinking funds
due is slO7 00O to which may lie added the mortgage
interest falling due Jan. 1860 amounting to s3S 74O
The Directors say:
Under 20 discouraging statement, it is evident
that without vigorous effort or an arrangement pre-
venting competition, revival of business the road
cannot long be retained by the stockholders, and It is
submitted you wbetheri is not advisable under the
circumstances 10 let the the Trustee of the Sinking
Fund and Second Mortgage bonds enter into the pos
session, under arrangement with the understand
ing that be shall forbear foreclosure while there s
reasonable prospect that the net earnings will pay
all the mortgage interest now due within the next
two years. The advantage of such arrangement
would probably be to prevent foreclosure, lessen the
law expenses and litigation OF creditors, and give the
Company time TO devise plan for the creditors stock
holders and third mortgage bondhoders to extrlcate
the Company from its present embarrassed condition.
If operated in harmony with the direction and stock
holders, its expenses might be reduced while the
iDgs would not be lessened. The directors are not
without hope of yet being able TO make arrangements
with competing lines TO prevent competition, which
would give better rates. and then, with slight rev-
val of business the earnings would be greatly increased
while the operating expenses would be less"
Miraukes and M.sissipi Railroad Company ia General
Dr. account, Dec. 81 1888.
Capital s.oek-Amognt paid in, intending $4,000 -.
City Bonds and S67bO0 Farm Mortgages 56Sssl2 Sc
Bond Notwithstanding bonds to wit;
Len per cent H. NJ lst ection..'.''.'. sI4Oo
Eight per cent X. 81. I'd secoD........ 64T0g
Eight per cent sinking Fund. = / 253,cc0
Less purchased by Trustee. 200. 00o-l, 100000
Ten per cent I'd Mortgage. ............. 10000
Eight per cen, $. WI. :. f.. $ssoO0
Less appropriated TO 5. Fund 1000 $4,000
Eight PEI cent Sd Mortgage LIST class. $500
Seven per cent I'd Mortgage I'd Glass;. 3O20cO
Seven Per cent Sd Mortgage 81 clsss 100 62s $50 90
Con.troction Bonds. 1850 90
Sinking Funds-Bonds held by Trustees 2O 900 90
I'd Mortgage Bond misunderstanding 1878 80
City OF Mliwankee-Lean OF Bonds 2OJo00 90
interest Ima4s Os
. ol ~ ray S5,7aO 81
materials for operating the road .......... eases Or
Que on Perrona Accounts ................ sizes 10
snd sIIants on Treasurer outstsndng.. s2lI -
Unclaimed Dividends and Div idend Certificates out
stsnding." 1884 81
Unpaid Coupons and Floating Debt Interes.. a6is 50
Unpaid Sinking Fund.- 1903 10
Total. $s,s92 SIS %
Construction ard Eqnppen. Of ROsd. 1888 II
)psrainf materials on hand, consisting of wood
oil etc. sLlss 81
Debts end Bulls receivable some Of which of
donbtini Value.. 1920 43
ann Mortgages and Stocks............... 223S0 60
Trustees Of sinking Funds. l54548 20
income account nsisnc- ................ oSi3 70
Observation-Disclosures In MS hands, 64a2 80
Total. ss6s25ls as