Smyrna times., 1867-04-24
Railroad Breakdowns In England,

John Bull is conservative parsonage, and
IS ordinarily understood to keep tight hold of
his purse strings but he has been singularlv
loose IN his railroad and joint stock enterpris-
es. Many years ago, under the famous rail
road king, Hudson, all Britain went crazy on
these constructions, and then went to eyerlast-
ing smash, sinking untold sums of capital
Within the past few years there has been a
general rush into joint stock companies for
every conceivable purpose. These operations
have eliminated, during the last season, in one
OF the severest financial crises that has been
known In England for quarter of n century
On the heel OF this disaster, there now comes
two more vast railroad explosions. The Lon
don, Dover, and Chatham Railroad Comnanv.
after expending some S40,000,0 900 in constitute.
ton, has gone to grief on its bonds. And what
IS worse, some OF the holders ofits debentnres,
hnding stray portions Of its property living
around loose, to the amount Of a million or
more, selzed upon 1T in satisfaction of their
claims. The case was carried to court. and the
late attorney of the Rebels in the Alexandr;a
case, now Lord Justice Cairns, gave a LEGAL de-.
clslon which may be of importance on both
sides OF the Atlantic. 1t was to the effect that
the bonds of railroad company do not run
against the property of the company, but only
against its earnings. The bondholders were
thus turned out OF court, and the property they
seized reverted to the possessioc of the com.
pany.
The second case of disaster is that of the
Atlantic and Great Western Railway, an En-.
glish enterprise in this country, which, theo
retically at least, extends from New York tC
st. Louis. Large portions Of this road were
built during she war, and many compliment,
have been lavished upon the magnificence oI
the enterprise and the magnifcence of the
BRITISH managers thereof Our readers will
remember the visit of Sir Morton Peto, Mr.
James Mcaenry, and other gentlemen to thil
country lew years ago, and the comet-likC
trail they left behind them; which visit anC
corruscation was in the interest of the Allan
tlc and Great Western Railroad aforesaid.
dinner OF lnconeeivable dimensions and cos
was given by these gentlemen, at Delmonico' s
70 large number of American magnates
where many fiattering things were said, ant
many patronIzlng promises made of the deter
mnation OF British capitalists to set railroa,
things straight on this continent. Having
made this display, and given this banquet to
company Of some $50 gentlemen, at q cost O
S25, 600 or $3.50, ,000-we do not precisely re
member which-Sir Morton and his friends re
turned home. Now the whole concern has ex
ploded, after the manner In which such tire
mendoq: things generally do explode. ANON
other things done at the time of this triumnh
al visit was the execution of most wonderfu
mortgage by this Company, which paid th
most wonderful and unheard of stamp tax eve
known on this continent, exceeding, we believe
the sum which George the lid aimed to col
lect from the American Colonies in the wav Z
q stamp tax, and which brought on the Amer
can Revolution. So that, on the whole, ther
has never been anything in the railroad worl
of the United States like unto the stupendou
career and end of the promoters and manager
! of the Atlantic and Great Western Railwa
Csmpany, from its inception to its final fai