The New York herald., 1875-02-27
WALL STREET NOTES.

MORE LIQUIDATION TOLEDO AND wABAsH-M
IMPENDING cR1sIs-GARRErT AND THE MORE
NORTHERN RAILWAY KNGs-OUR ExEMPLARs
AT ALBANY-THE WEST TAKING WATER
FUTURE GOLD SALES.
The market yesterday was generally quiet, with.
out sensational aspects. The street, however,
ha0 matter enough to digest, which Is suif1clent
to explain its reserve First was the announce.
ment tnat 'he second consolidated mortgage
bondholders OF the Toledo and Wabash road had
commenced suit against the company in fore
closure. These bondholders represent a claim
against the company or $2,1s6,ooo, bearing
seven per cent gold interest. OF course
1t Is understood that ir the foreclosure 10
forced the parties pressing 1t must provide for the
previous liens. In this case the previous mort.
cages yet unpaid reach the figure OF 81, 900 900,
with interest payable at seven per cent currency,
excepting 81, 900 at ten per cent The company
pay also seven per cent per annum, currency.
upon bonded debt ofleased lines amounting TO
81, 6,94o. The nrst consolidated mortgage 10
SIS ,ooo. 600, Of which only $2,eloooo has been
issued. The company has also additional obltgA-
tions amounting to $l,70o,o00.
AN IMPENDING CRISIS
Attention has been called before to the conflict
now going on between Garrett. OF the Baltimore
aud Ohio Rallroad ana the railway kings OF our
more nortaern section. such as vanderbllr, Scott
aud Jewett The street is, in fact. becoming an
Interested party In this fight, inasmuch as the
persistence OF the Baltimore man Is likely to AFFECT
ralroad values lurther nortn. Garrett Is what
Artemus Ward would describe as "a persistent
cuss, and possesses the advantage 10 this con.
fct OF controlling road that IL thoroughly hlgn
and dry. Enthusiastically directed by the pure spirit
OF railway enterprise, wholly without water. Per
contra his rivals are loaded down with this agent
OF aduteration, which has been SO successlully
1t Is said that Garrett means serIoas
business and the Street Is correspondin9ly
anxious. He has unques tionaby great rivals, but
when one stops to contrast at period ike tnis
''nard pan" with paper promises tnat III you call
tue d You @ oe % saore 20 saa
Ohio which has debt less than one-thlrd oil tne
cost Of s construction 1s ana eqIpmea1 b s;n;n ann
two-nlrds 1t Will ue seen what It's strength is In
contendlng with Its watered opponents iurther
norm. kegreuuy It IS sad, hnt financial truths
Will permeate the thickest blanket.
TIE LEGISLATURES TAKING A HAND IN.
a bill was introduced into the Assembly yester
day wnicn proposed 10 srop ''gamollng In STOCK
and gold" Ii IT mad been in Congie-s tnat
measure with such title ndd been considered one
mi2ht suppose tnat that eminent body mad sought
to relieve the fatigue OF protracted night session
be IN earnest when IL proposes to say
No person shall be admitted 10 vote any shares Of
stock belonging or hypothecat.d 70 the CORPORATION 10
med to- to vote any Stock shall tisn
be or or p a se q
ed 10 vote & on any & hrss wseh shall % been
vote thereon At the election then to be held. nor upon
shares which he shall have previously contracted
sell transfer after the election upon any condition.
agreement understanding whatever
Another DILL on the same subject proposes the
classIfica ton OF members OF poafd5 or directors
so tnat one-third oil the board may be elected each
year. each member, after the tnIrd annual elec-
ton, hold oiice or three years; tnat the trans
fer OF books snail be produced to test tue qualh-
cations o. voters at eacn election: that no voles
shall be cast except those vi persons whose names
stand on the books as STOCK owners.
AN ECHO FROM THE WEST.
u1,a IN M In
echoed Wall street yesterday, out Without sup
plying uetnlto results. IL was generally accepted.
however that the State would Ontract Its oppo.
silion and consent to give the rail Dads an oppor.
tunIty TO earn operating expenses over ana above
interest oDIgations. Tne street accepted this
better disposition cheerlully, hoping or dividends
in the iuture. Tne encouraging feature IN the
case was the admission OF the State that 'some
one had undered."
GOLD SALES.
Private advIces from washington say that We
may get through March without selling gold. but
viii probably have to resume sucn Treasury sales
in Anr