New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-21
LOCAL MISCELLANY.
FINANCIAL ELEMENTS.


rng CHESAPEAKE AND OHIO FUNDING scHEME-ThE
MIDLAND OBSERVATION-DISCLOSURES a MAcfs
STATEMENT.
The stock market was quiet yesterday, with
suebt fluctuations. At the close prcos were steady
The greatest variation was in Cleveland Coluinbus'
Cucinna and Indianapolis which declined IRON 81 10
70 ON runor tho contest with the present dreo
ton had been given w aud a compromise ehected IL
afterward rose to "a authoritative contradiction
OF the report
In railroad bonds the largest transactions were in
Chesapeake and Ohio Firsts Of which 900 changed
hands, tho prics psying advanced from IS TO ST
Messrs Fisk Hatch that the proposition OF the
Company fund the entire floating deot OF the Com
pany aud portion OF the interest on its mortgage
debt TO be paid out OF the net earnings OF the road mas
been agreed TO by large majority OF the Donnhoaers
bs proposition embraces the issue OF seven per cent
tweuty.year income bonds to the amount OF saooooo
to be used in retiring the floating deot ana III iundhs
the interest will accrue on its six per cent ponds 70
and including May 1875 and also the interest that VIII
accrue on it's seven per cent bonds to and inciudhR
July l. 1875. The income bonds pfinciPa'
and interest are payable out OF the net earnings VI 'uo
road interest semi-apnuay, ana are dated OCT 1910
All holders Of six per cent bonds, having coupons az
ached are to surrender to the Company all coupons duo
on or before May 1875 and to receive therefor the race
value thereof less interest to Oct 1, 1873, in income
bonds as above described the rate OF s. cents on s
All holders OF registered six per cent bonds having
coupons detached are to to the Railroad Company
all interest that will accrue TO May l. 1872
and TO receive the value or amount thereof
less interest to Oct 1, 1873, In income bonus
All holders OF seven per cent bonds uaViuR
coupons attached surrender to the Company all
coupons due on before July L. 1916, and to receive
therefor the face value thereof, less interest TO
Oct. l. 1873, in income bonds. All holders OF seven
per cent registered bonds having coupons de-
tached are TO assign TO the Railroad COMPANY
all interest that will accrue thereon 70
July l. 1876 and TO receive the value or amount thereo
less interest to Oct 1, 1879 in income bonds on Tue
other hand. effort ia making by some oohunouoi' "
combine in opposition the above plan and numerous
response, have been made to a call signed by H. j.
Clarke Of No 1913 Pearlst asking holders OF hrst mort
gage gold bonds TO send him their addresses ana 'no
amount OF their bonds. Mr. Clarke told TRIBUNE re-
porter Yesterday that he thought he already had the
names OF enough bondhoders TO form successiu oppo
sition to the plan proposed by theiCompany
The arguments for and against the COMMITTED pan
for the reorganization OF the New-York and osweso
Midland Railroad Compapy have been published In THE
TRmusE as gathered Its friends aud opponents
Messrs. Heidebsch, Frank " Co. OF NO % EAona'ho
place who represent foreign holders OF nrst mo'saso
bonds TO the amount OF t20Oo0Oo. have lssueu pam
INLET 10 American bondholders OF the same CLASS "s
nsi cooperation for the protection OF their own e'
and in opposition to the plan OF the Committee inoi
objections are the same as those heretofore son' ~
,be interests OF inferior and unsecured creditors are
considered equally with those OF the first mortgage
creditors. They add:
The injustice OF these proposals shows ina tn,e
tie chance for the first mortgage bondh0ders 70 pro
tect their interests In common scheme OF
and that they must take independents acton Inc con
tract under which they advanced money 10 the rosa
does not reouire them In any pan OF eorkan
zation which would involve any uncertainty apout .uo
fnre prosperity OF the Company, nor yet I'D sacnco
their own interests for others should prove contrary
ton able and willing 10 by tne Ioau, uo,
closure sale, for amount suinceht 70 sa s 'no
claims under first mortgage there WOuu tnen DC no
for rhe first mortgage creditors to become the
and undertake q reorganization But rather
than submit any loss from The SAFE reaiLhg Tess han
first lien, IL would Oe
Interest to undertake the purchase themselves Tor
there can question about the aDlty OF tue roau 70
earn the interest upon moderate cost. even shoulu
further outlays needed to complete lts faclntIes
And the necessity the first mortgages becoming the
purchasers Is the greater from the act tnat the re-
ceivers would take up portion OF the proceeds vi
the foreclosure. = .
at noon yesterday at the once OF Isaac Dayton at NO
saa broadway About 200 creditors present. The
insovent firm were represented by their attorney VIM
G. Barrett statement OF the aff,irs Of the firm was
presented and explained by Mr. Tappan. the assignee
in bankruptcy. proposition made to pay ilist
dividend OF IS per cent March with an assurance
that second dividend would be paid as soon as money
could be realized their securities The proposition
was acceded to- only small creditor dissenting The
following Is the statement submitted;
.ooo,- 40
Balances due banks and soOZ'so'iss
Balance. iue et' dealers 'tOoo'3So -
itsl $4,000, excess Si,iOi 1ol.. 0i'Ot ~ oloooi 30
49, - al 2l3 $40 AZ