Principal or Interest.In the state of affairs they believe the most agreeable mode of procedure is for such an arrangement to be made as will secure the Bondholders from further risk or loss and at the same time not impair the prospective rights of the Stockholders.The importance of this Road to the State cannot be too highly estimated. Heavy losses have already occurred from the absence of our communications with the interior of this State and other States which the completion of the road may recover, whilst its operations would open new sources of supply and of trad, and infuse new life and energy into our business relations.The Bondholders do not intend to ignore any advantages which may result to the Stockholders from the future success of the Road. If no higher motive existed their interests would impel them to adopt such measures as would ensure its prosperity. It is because their interest are virtually concurred- because if the Road was under their control they could provide the capital and means necessary for its speedy reconstruction and future operations, and liquidate the liens represented by the Bondholders and because such a course is so manifestly founded in justice and equity that they are satisfied its affairs in the main should be committed to them.Keeping in view therefore that the Road is in fact owned by the Bondholders and
