, 1862-06-19

and Nebraska road met at Clinton On
Thursday and appointed committee Of
five, to meet the directors of the Galena
Company and agree on terms as far as they
could, and submit the matters about which
they differed for adjustment to any referee
that might be selected High respect for
Capt Swift was expressed and perfect con
fdence in him, but the Nebraska stock
holders were mwillingto commit all their
interests into the hands Of any one man,
however great his wisdom and his expert
ence in railway matters might be. We
hare learned from leading gentlemen IN
the management Of the Ghena road that
the modification will not prevent them
from making an equitable adjustment o1
the whole matter, as the essential requisites
of the arrangement under which 1t was
nroposed to make the contract can be car
ried out in the pending negotiations,
From what We learned in Iowa last
week and from leading gentlemen con-
nectcd with the Galena road here, we judge
| that probably the greatest obstacle to be
overcome III making the contract, viii he
the ability, OF rather inability Of the direc-
tors Of the Nebraska road to give reliable
title to the property. On this the Galena
road will be likely to insist, and the matter
must he disposed Of in some way before
the lease can be made. The affairs Of the
Nebraska road stand something ID this
wise. In round numbers there are five
| hundred thousand dollars Of stock, eight
hundred thousand dollars Of ten per cent
first mortgage bonds, seven hundred thou-
sand dollars Of seven per cent second
mortgage bonds, and some thirty or forty
thousand dollars Of preferred stock, be-
sides floating debt Of three or four hun
dred thousand dollars. The simple fact
is, that the road has cost half million Of
mere above what it is worth but this extra
cost has accumulated mainly in interest
and discounts on bonds. The ten per cent
bonds we're mainly if not entirely taken
by the directors at sixty to eighty
cents on the dollar, probablJ
by most of them at about seventy cents
II is not at all probable that the road ca,
he leased for enough to pay the interest OF
its bonds. The question for the public
who are interested in the extension Of tn
, road, and especially for the stockholders
t is what is to be done? VIM. B. Ogden, ]
". Brooks and J. Edgar Thompson, il au
, tho1ized to do so, would settle that matte
in days time, justly and in the best pos
! eible manner for all parties. They Woul
, do as has been done in many similar case:
VIZ, razec the bonds, stock, and all claim!
down to what they arc worth On equitabl
r terms, and issue new stock OF voucher
J. each man for his proporionate interest
J. the road. This course would be the be:
# even for the ten per cent. first nlortSSag
: bondholders, for we are assured that the
n collection will be contested in every 20
j. sihle manner; and besides, they ca7
> not afford by foreclosure
If unite the whole State Of Iowa bitter
= sgainst them. The Galena road will |
very likely to be enjoined from paying ov
g. any moneys under any lease that may
u made till some such adjustment is effecte
re- ITO this complexion must it come at last
h and for all the interests involved there Ct
p scarcely be doubt that the sooner it com
H. 1bc better. Neither the stock nor Il
Of bond holders can afford to have it stand
e. the way Of a fair and equitable lease to t
to Galcna road for single month.
ii The public have deep interest in the
" matters in view Of the carly completi
be Of the line to the Missouri Whatcy
stands in the way Of that, every busin'
as man in the city should strive by all t
", means in his power to remove. If
as Galena company obtains control Of t
or line, strength enough can be concentrat
lat upon it to complete it to the Missouri wi
all in the next two years. The business N
OF Of Chicago are two shrewd and far-seei
ch not to appreciate the immense value
.w such q thoroughfare to the prosperity
Ia the city. Hence we shall take -carc
.ss, keep them advised as to whatever II
ues delay or will secure so desirable an end
IL THE WAR In THE SHENANDOA
NJ 'ne Our Washington correspondent, in