The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1874-08-06
NEW YORK.
Two Defaulting Railway Companies
The Corners In Corn and Oats.
RAILWAYS M DErArLT.


| RAILWAYS IN DEFArLT.
New YORK. August 1.-The Evening
Post will publish the following tins after
noon: 'The Columbus, Chicago Il lndi-
ana Central Railroad Company, is to-day
in default on interest due August lst, on
the general second mortgage bonds, ameun-
ting to 5000, ,000 This road is leased
fer 90 years by the Pennsylvania Railroad
Company, which gives the c., c. & l. c..
/ 80 per cent. Of tie gross receipts Of the
road, fand guarantees that the Company
I shall have enough in excess of so per cent,
| if that is insufficient to pay The interest
on the SIS, $40, 600 6rst and second special
mortgage bonds of the c. C. & I.C The
Pennsy lyanla Railroad Co. does not guaran
tee interest on general second mortgages
| on which there is 10 dag default, although
IN past years they have always furnished
tie money Necessary for The interest on
these bonds. The errn Of the genera
second mortgage permits a lapse of six
months Interest payment before legal pro
ceedngs to foreclose that mortgage can be
taken. The Pennsylvania r ,ilroad Com
Iany, according 10 their last statement,
owned about $4,000, ,O00 of the general
mortgage. They can either tuY or control
enough of these bonds to fcrccl0se TIE mort
gage at the end Of six months, which would
give them possession of the road, and would
keep out all junior securities, or they can
pay interest aud continue to operate the
road under the lease as at present.
The International and Great Western
Company of Texas has been compelled to
defer the payment Of coupons on the con
vertible bonds due TO day. The principal
reason assigned is that the company haYe
not been able to procure the two million
dolla.s and upwards Of bonds due from the
state of Texas, which it was expected
would have been received long ago. The
Supreme Court Of the state, in the case Of
the mandamus to compel the Comptroller
of the state to sign aud register the bonds,
ha sc decided that they have 40 jurisdiction,
and this sends the question back to the
Legislature.
SUICIDE.
New loRT. August l.-August Van
Etten, who has been in Hudson county
IN. J.,) Ill for the past few days awaiting
transfer to San Francisco on a charge CT
passing forged bond on the California
Bark Of that city, took laudanum last night
and will probably die from the effects:
THE CORNER IN CORN.
New YORK, August I.-Frankln Edison,
President of the Produce Exchange, says
the Chicago corner in corn had not infu-
enccd the market in this c.ty, where corn
was sold yesterday at 7S 70 cents per
bushel, although its freight from Chicago
cost l3 cents. lie says no combination
couli ever hold monopoly OF grain in this
country fur any length oi lime, for the rea-
sons that the couatry was too large and
capital required too vast; Tie trade il
this city, NJ. Ed>on believed, could be af-
fected by the Chicago corner only in the
event of q reaction in price forcing large
quantities Of corn on the markets and
thereby causing a sudden depression. If
heavy losses resulted they coull affect only
parties III Chicago.
Members Of the firm Of Jessie lIoyt y
&c. said they simply ucted as Commission
Merchants for the Chicago combination
which was small one, mt was very power
!ul, and was confined entirely to Chicago.
THE OATS CORNER.
Mr. El-on, in relation to the corner in
oat-, says dispatches iIom persons iLteu-
ding to fOrw ard oats had been received in
lhi. city from Toronto, Canada, Washing
ton and Saratoga counter, and from num-
berS at other points where the supply Was
DOT supposed to be large, nnd 10 IL short
time the price here would be lower til III
before the corner.