, 1879-01-19

in such a state OF preservation that it can
be put in shape Tor the ties and ironing at Il
small expenditure per mile. Thus, should it be
determined to commence operations in the
spring, the ruad can be completed for traffic to
East Troy By early fall. FROM that point it
will be Guilt to Dubuque By easy stages. It is
also contemplated to build spur southwark to
tue Illinois coa-iclds, in order to supply the
Milwaukee manufacturing establishments ut
lower price titan they are now compelled to
pay. The line Of the proposed road passes
through rich agricultural region, and eau be
operated at profit from The date of compile
tion. AS originally planned, the road was to be
a narrow-gauge, but now it is altogether likely
that the ordinary gauge will be adopted. The
intention is to make a city terminus in the
Mcnomonee Valley, and dpck-room is already
bcspoKen along the line of the South Meuomo-
nee Canal.
FOREIGN THROUGH RATES.
The action. Of the ssAigh Joints nat their late
meeting in New York regarding the ratl and
ocean-steamer rates is not likely to bring about
any beneficial result, and It is generally admit
ted that it will be impossible to make uniform
rail and ocean rates as long as the steamers are
compelled to make regular trips ,and need a
certain amount of freight Tor ballast The
agreement made at New York is to the effect
that the through rail and occan-srcauler rates
should be the same by all the seaports, and
equal to the New York rates by freight steamer,
plus the railroad rate to New York, the steamer
rate to be reported daily in order to give the
basis for the through rate. Thus, If the
steamer rate OH -four from New York
to Liverpool should be Is Cd, or g
cents, per barrel Feb. /, then tile
rate from Chicago to Liverpool that day will
be S1.30 BY Portland, Boston, New York, phi1a-
de!phia, or Baltimore, as the Chicago-Sew York
rate is now 70 cents barrel. Should. then, the
steamer rate IRON Baltimore to Liverpool be
the same as from New York that day. the rail-
road will receive 70 cents per barrel on that
flour instead of G4 cents, as on consignmcnts to"
Baltimore. And should the steamer rate from
Boston be the same as from New York that
day, the rai-rate TO Boston will bc 70 cents in-
stead Of 50 cents. This is effort by the rail-
road companies to Dcutralizc the differences in
rates that may be caused by the competition OF
the steamers at the different ports,-a CONNIE
tition which it will, doubtless, not be possible
10 prevent. The Rai'road Gazette, in commenting
on this matter, says the complaint usun1y is that
the steamers carry to and from other places for
much lower rates than from New York, often
not being able to get cargoes otherwise. This,
probably, could be left to regulate Itself were it
not that it gives occasion Tor cuts in the rail
rates, which are frequently much greater than
those in the steamer rates. The steamer rates
might safelyb be left to regulate themselves, be-
rate at will, and in the long run they will not 20
to the port which yields them less profit thun
the average, while the railroad unfortunately
cannot change its terminus from Halifax to
New York or from Batimorc to Boston.
THE ST. LOUIS, IRON MOUNTAIN e.
SOUTHERN.
The following summary is given By the Com
1ncrctal aud Financial Chronicle Of the scheme
presented to the stock and bondholders Of tue
ST. Louis, Iron Mountain s. Southern Railroad:
The points of material interest in the agreement
for funding, ETC., Arc as follows:
The agreement is dated Nov. 27, 1878, and sub
scribed by five sets OF parties. viz: the holders Of
mortgage bonds; the holders Of STOCK; Robert
Leno1 Kennedy, Samuel G. Ward. Thomas Allen.
trustees Of the stock trust; the Farmers Loan s.
Trust Company; and the st. Louis, Iron Mountain
g. Southern Railway Company.
i is recited that the Company intends to pay in
full the coupons maturing on and after July l,
1879, on the several Glasses OF defauted divisional
mortgage bonds viz J: the st. Louis s Iron Mount
bonos the Cairo, Arkausas l. Texas bonds, and the
Cairo & Fulton drst-mortgagc bonds; nut that only
Que half Of the interest on these bonds maturing
aud prior to June l, 1879 will be paid in cash.
The subscribing bondholders agree to deposit |
with Che Union Trust Company the fundcd-inttrest |
and unpaid coupons belonging to their
mortgage bonds, and to receive in exchange there
'or iirst~pro:erEcd income bonds, bearing per
cent interest, payable annually OH March !, out Of
he net surplus income of tue preceding calendar
Iear. and mutaring at the same date as the bonds
or the arrears in interest which they Issued.
The interest on these lrst-prefcrrcd income bonds
8 TO be parable after the interest on the several
divisional mortgage bonds. and to be accumu1ative;
he interest certificates and coupons for which !
hey are issued are not to tie canceed. but held as
ecur1ty for the execution of the agreement rs
The subscribing bondholders who hold consoli- |
lated mortgage bonds agree to deposit them with
be Union Trust Company. and 70 receive in ex-
r YrfA nfnrTn irr1
caring per cent interest, payable annually out |
I the net surplus income remaining after tine paJ- |
ome one bonds. nd aida. and aceumuavs. M Tie Consolidated
,ortyage bonds are not to be cancccd. but kept as
ecurlty for the execution OF the agreement as
The subscribing boudholders agree to transfer
heir stock to the Trustees, who shnll have tine
nsoIute right to vote upon the same until one year
hen the Company shalt have paid the fn,l inter-
st due and accumulated on said first and sccond-
referred income bonds, provided @ rt*o % tllst tae
ltercst accrued during the year on snch bonds.
The instrument will not be bindinsupon the snn-
,ripers thereto unless. before jan 10, ls1o; II
.ast S0per cent Of the outstanding coupons anu
'rtGcates for which first -prefcrEed income bonds
ent of the consolidated mortgage bonds. anuby
,c holders Of ut least so pcr cent OF the cSpltal
ock, nor unless su"h amounts OF interest certlti-
l,es, coupons bonds, and stuck certificates are
:tuaily deposited with The trust companies before
IN. Is. Provision is made, however, that the
ustces may extend the time to date not
ter. than March l, 1870, and may
.duce the subscriptions required to an
mount not less than - per cent OF the ontstand-
lg coupons anu certificates, 90 per cent Of the
1nsolidated mortgage bonds, rs per cent OF the |
ock, with like effect as it such reduced amounts !
I'd extended time had been those originally pro-
dcd. When by the execution Of the conditions
the agreement 1t shali buve become binding upon |
e subscrinees thereto IN the required amounts. |
le pending suit to fo.eclose the consolidated |
ortgase will be discontinued.
The list of Directors proposed to be elected |
ands as follows: Thomas Allen, Samuel L.
ard, II. 6. 1Ia1quand, Henry Z. Pelcw, Joseph
Lowrie. n. II. Eeckwith, Henry Wheleu, G. II. !
arshall. r. B. Nintarn. 6. s. Morrison. LEcius
uckermau, r ]. Lakeland, and Ethan A. Hitch !
,ck.
DIVIDEND.
MONTGOMERY, Ala, Jan. lS.-The Mobile q
ontgomery Railroad has declared SEMI
1nual dividend Of 2H per cent.
ITEMS.
The managers of the Chicago & Northwest
n Railroad, to accommodate the people who J
re- on their line between here and Highland
ssk, and to give them an opportunity to attend
e opera, have decided to hold the Highland |