New-York tribune., 1877-09-15

fsri,ine railways are patient and long suherlhg
class of people The Canada Southern Railway
Comnanv defaulted in the payment OF the coupons
,n its first mortgage bonds in January, lSf4' since
bicb time not dollar of interest has been paid py
tho company Yet its bOnd-holders make no ell
forts to establish their rights to the property ana
leave il under the control of those WHO
have no ioint interest with them Ii Is true theY
have been living in hopes ard expectation that some
sort of an arrangement would be made oy ""'cn "
new and smaller issue of bonds, to replace the
original ones. would be guaranteed b. the Central
o,J Hudson COMPANY. But il now seems that nego-
,,,ti,,s 10 that cfect-wmch have been IN progress
sipce 1S75-have been abandoned. In the meah-
time II is alleged that the road has been run eh'e
ly m the interest Of Central and Hudson Whhe lhe
boad-holdcrs IN their present position are PoNer'ss
20 protect themselves. The sure and only way ouV
:; i m Immediate foreclosure. If the property eau
not nay the interest its bonds, the bohd-oiuers
viii he no worse of 10y being the real owners 'i lhe
r.sd instead Of its creditors while as owners they
co, manage il for their own interest Among
numerous other cases in point, j. that oi the Enc
Railway. which ceased, in June. 1879, to pay
i,..rst ON over Sf1 600 900 ofits bonded indebted
re.s The accrued interest on this now exceeds
Se 900 OOO. II is true the floating" debt of the
co,,naf,y has bsen somewhat reduced, but against
tb.s reduction stand the Receivers certificates for
81 500 600 which take precedence even OF the hrSt
mortgage bonds Yet in the face OF this evident III
ability of the Erie Railway to earn interest on the
Sl1.O00.O0O of bonds, IN default, that winch IS a
pubc necessity. an immediate sale Of the property
and reconstruction on real value-ls delayed DY Il
uan for reconstruction. winch does not reduce
the flcc of the debt and attempts To preserve the
stock Ii does not seem rcasonaDle 70 eNi"ct tha =
RAILWAY qr other cor Grafton, Nllch during me HUSH
fines of S6G u S73, could not prepare tsc1 Tor
storm by reduction of liabilities, can carry success
fully In the future the same load under which Il al
ready has broken. With Erie reorgauHed ON OASIS
apprlvimate 10 It's value Ncw-1Ork would possess
one railway with interests Identical with lts own
and the compauy's future prosperity might ne as
sured A rcOrgauiza ion any other basis Is ikelN
TO prove advantageous to only one set OF sltcd'"iS
al The expense Of the public.
Again to-day. The stock market opened WIN con- cor
siderable excitement, and for SNORT tilIc u,iiI9
looked pleasant. The coal shares took the lea9 NJ
wand Delaware. IackawauDa ana western sclliy
al 1880; Delaware aud lludSo1 az 40 to' p anu
Morris and Essex at IJa l64. Later u,GIo Wis "
decline lu Delaware LaCkaWahhA ANA western ~
ASIo with a subsequcut recovery 20 1910, Delaware
and Hudson selling at 4f7Sd c4e, anu MOTIFS ;tU
Essex at 10. 1t Is now conceded that more codl Is
briuc mined than there is market Tor, ana
II is proved by the Weakening OF prccSlu IIsl hands
Therefore il is clear that If the TWO DCla"aIcs
should begin 90 name; the Pilee oI c""i "p,l "ty
drop 70 below cost Hence, thc lCsluoi o lhtse tWo
companies seems to be particularly unfortunate. II
they DO not mine, they cannot meet hlst chatSe5,
and If they mine at loss their end - only hastied
Tho General market finally closed al ab0nt the low
est pticcs Of the dly, with Lake shore particularly
weak and the II. Pauls OF both CLASSES cXcepti0hay
strong The Hannibal and -. Joseph stocks To-
day made one Of their periodical upward jumps
The common selling 12'4014 ga 1925 ana the
urcferIed at 2SG3l4a3Ols. Ilns sudden move
Inent was unexplained, but Is supposed 20 nave
some reference TO the annual election of directors
for which the books must close IN few days
Western Union not active, altn0ugn huctda-
fling between S1SidS2 and 81 '1sG II .. Expresses
were strong with sales Of Adams NJ to 100. and
american al oZi2.