AMERICAN RAILWAYS.
THE report of the deputation of English bondholders and shareholders in the New York and Erie Railway Company, which went to America, was delivered in a meeting at the London Tavern on Tuesday last, and the purport of their account is beat expressed in the fact that the shares of the company, which have stood at 6 were next day firm at 9 to 11. In our number for the 29th of March in the present year we noticed this rail-
way as being among the examples of substantial enterprise in the United States. Whatever mistakes may have been made in the management during the earlier stages, those now appear to be a matter of the past. The unanimity of the meeting on Tuesday was nothing but the consequence, first of the knowledge that such past events have been completely and satisfac- torily disposed of; and secondly, that the peculiar advantages of the railway itself are so substantial and so obvious, that those who retain an interest in it must necessarily be greatly benefited, while some of them can only retain it by limn uanimity which they now display.
" It is very portant," says Satterthwaite's Circular, " that all holders of the securities of this company who intend to assent to the proposed arrangement should signify the same at once ; and we cannot too strongly impress on all the holders of unsecured bonds and shares that, unless they accede to the plan by the 1st January next, they will be deprived of the benefits accruing to those who assent to the plan, and in case of a sale run the risk of a total forfeiture of their interest in the company. It is also very important that the holders of the various mortgage bonds should assent to the terms proposed, and at once hand in the coupons asked for. We shall be happy to attend to the carrying out the scheme for such of our friends as may entrust us with their bonds and coupons, for which we shall hand them a receipt signed by Mr. William Evans, who is appointed a commissioner in London by the trustees and the board, under seal of the company for the purposes specified in the propositions."
As many of our readers know, the value of New York and Erie will be considerably enhanced by the construction of an entirely new railway, which is in fact the key to an immense traffic in that part of the United States, since it is a junction which has been greatly wanted : it is the At- lantic and Great Western Railroad. This line will connect the New York and Erie with the Oregon and Mississipi road, and will thus form the com- pletion of a continuous western road of 1200 miles straight away to St. Louis, making the one direct road to the Far West. Independently of its own eraffic, therefore, this junction, as it were, vivifies the traffic of the two great lines, which will thus, it may be said, become at once its feeders, and sharers in its prosperity. A guarantee for the speedy completion of this important road is the fact that the contractor for it is M. Salamanca, the well-known banker, and the most energetic man in Spain.
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