New-York daily tribune., 1862-04-25


April H. 1854 Aptiisl, 1852 April 25 ~ issl .ls
Loans s6I ,Ss9es peltls3s5 80 ~ ~
so5.i,..:.. aisSeis sS:SSs issoe9e
Circulston..... 6,iD.3dJ 5.sNS S''JE,SH
The abatement of the present week. as compared
with the preceding elbows decresss Of s5J, lS2 in
the ilom. Of loans and d,couns $2i5 Az in eiIcula-
lion, IS, ,2i7 iu specie, and M increase OF SOL ,oO7
u deposits.
Tie bear interest has been much disturbed on The
declaration of the dividend which the Cleveland snd
Toledo Railroad Company will pay in this city TO-
morrow There ia no pretense that the money has
not been earned nor that for tue year tho net Ia
come of the Road has not equsled fully v cent on
The share capital; but the early maturity Of come of
the bonds Of the old Junction Company ss well ss its
own bonds bss been urged agans. tue dividend, and
has unqnesliousbly had al Influence TO cause de-
cline in the market value Of the shares Of the Com
pany. Tie Cleveland snd Toledo, Ike other West
eru lines. built BY sections, made up OF consol
dated interests has outstanding several casses Of
bonds. For tie purpose Of consolidation, all these
pa. inIo common security, payable at distant
day, the Company, come yesrs ago. created "hat Is
termed the sinking fluid mortgage, which PROVIDED
for an issue OF bonds equal in amount 70 Tue various
cla.ses Outstanding. Tlis mortgage 10 subject ~
only one incumbrance--s fret mortgage 70 secnfe
bonds 10 the amount of 100000 There are none
of the first bonds on the market. ibey Wouo
probably command par, ss there is no better security
oftbe kind The sinking funds are also commanding
a hiyh price, g., and will nnquesiio commano
par when they take their place as irs! mortgage.
Tho q alena ssd Chicago Railroad Company is now
adjusting its fret mortgage bonds al par by Issuing
II, a ,bee,s Of coupons 10 the holders Of tue bonds,
or y paying them or when the money wanted
by a re.ale Of the bonds through an intermediary.
such an arrangement did not pjure the vaue oil lts
stock. The Cleveland und Toledo will really be in
more favorable POSITION, as 1t can go into tie mar
ke, with first mortgage bonds for sale as fast az The
previous one paid off and the present price OF the
sinhng iuLds gives every assurlnce that they WILL
wi he gradual appreciation OF fst-clsss securitieS
which is steadily going on, ire very nearly 10 par
before they are wsnled FOR the purpose named. VI
,le nnaecured bonds of the old Junction Company,
si2 OoO fail due in June, end $3.50 100 second mort
y,pe in November next. The second mortgages are
now being converted into sinking funds, which bear
much higher price in the market rendering 1t for
The interest Of the holders Of the laiIer 10 make
snch conversion. No doubt 10 entertained that
tbe whole will be converted and retired
in this manner. IL is no part OF the pohcy
of the Cleveland & Toledo, nor is il thst OF any
other well-mapsged road, 10 retire cspttl, except
by the operation of spkingfuud, 70 gradual IN its
opehton, that il shall not materially interfere with
u reasonable division of ts prciiis among its shaTe-
holders. A Railroad Company caDnot, like bank,
wind up and distribute s os ital. This IS now seen
TO be impossible by bondholders ne well as stock
holders No Difficult is found, consequently, in ex-
tending bonds, or in an equitable adjustment of con-
ficinx interests provided q road 6e ably and hoA-
estly managed and provided it earns enough 70 pay
the interest promptly on all iis obligations. Bond
holG.s DO not expect the money for their bonds
when they fall due. They could get It If they did
The Toledo Company anticipates 10 embarrassment
whatever from the maturity Of ts funded deOt, as It
has ia iis Sinking Fund bones, ample means for i,s
adjustment or payment. The first mortgage of the
MchigAn Southern Railroad s overdue and wholly :
unpaid; yet the holders, by receiving their interest
regularly, seem 70 be entirely content We do not
hesr hst ,his fact il urged sgains the value Of The
stock Of this company. With regard TO the Cleye-
land and Toledo Railroad, tbsrs are few roads in the
Wesl ia better financial condition. few better man
oged aud few with better prospects. Ii has assets
ample for the payment OF s floating deb as !, falls
due. For any bonds 10 mature within the year, 1t
hns something moro valuable to offer. There is no
preense that the road is not earning fully per cent
ON ia share capital. No line II managed With more
ltconguy or ability, and no line 40 the West has a
, better geographical positon. From Toledo east 1t
forms The t1uns for The Michigan Southern, Toledo,
! Wabash and Western, and Detroit ard Milwaukee.
South.eas,. i viii soon have what il so much needs,
A, new oute. IL tho Atlantic g0d Grsa. Western Il.
T.. which, BY November next, wili be completed to
iuuct,ou with the Cleveland and Mahoning r. K.
Such a connection the past Winter would have been
worth sl0O 000 10 tie Toledo Company. IL isc, tho
Cleveland and Toledo r. r., si.or several years OF
ami ston % ia uet earnings TO The payment Of 100
aoaiiug liabilities, has at last deseryedy taken .s
place among our dyidend-poying fcsis.
We stated Yesterday tie result Of me Bank meet
rs IA c.sfl 70 deposits al the SlO-r,ossuTy. Tie
olicisl resolutions are 10 follows.
R.ois.d Cha. h, .moant OF he Uoii-a Slate, Tfr,.ury
demand sy dspO.ed SKA the AsbstAn tg.s-
ait q ba.nass Ito Ciotnas cuse niied b. no
acate Of tho meeting 81 Nsroa ith2 90 et0peroV b, 90.
rea.d % $1,000 provided tst he csflLcatcs received
r sah depos 5-as htccs, g. lse oot less Ihan hgt pe
crt af sou a.d tia. any bank may deposit AZ is orioa
lati h, a,Girgaa os shall sach tv sam % tino@o
The following resolution, o'leroa by NJ. Williams,
10 adopted:
golr. That IN, bsnss may pay in 'semen o. balances
Al ho (sru House el h.l tho ctrlcaUs for The don0nI
Of lie Ul,ei States dsnaad uoss IN te notes 'hoo'
.elgss.
On motion Of SIR. COe, IL was
Rs.o.ssd Vhsi wl-s Ito dsusad nces te psa 60 the
Ctauuz touis they be sent la onTeiops unSer hs
he bank IN round Of ons ~ aore thousand dor
lrr ~
~ no nj ne ring the SAME and The date VI tho pay
men "a tho Isa llou.e aud the amount dssilctly