New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-09-10

Bos1ox. September 2. 1874

~
President Of the Reading kaToai Company which wa
first published 10 he Courier and Enquirer has been repoo
nshed in several Of the Boston papers Of today Is ie
ter is intended TO be passed OF Official denial BY The
Directors the Company Of the tn OF tie gave ana mo-
meni Of the IN su;utou wheh they control
my fret intention TO pone replying n de.sl 20
this production uDul ter had sposed oi ne
circular which had been sei ont a. ioreunhef 10 piePae
the way for hi. oeoePuvr sno svssSe oebeh1 ps'' 0
lOcklnl though tie New-iork and Other he"sPepes'
mi rts very ocnpsis Mt had BEEN IreIaied
for he extensive pg5oatOn OF mis- defence ana ne sra
,aneoas Of editorial euoges q me company ana
- peo.pcls Ia come Of these articles the cuaTges q
fsAooa preferred by The Presidents letter, aie .ehoed
without inquiry examination. by the reporters oil The
ueu,tapels think proper, therefore, 10 deal wh THIS
docueni once and to make Us esasions and cecepiOns
sDd uut. clear before TAXING up HE contents Ci s pre-
deces.or
Win tbs view, purpose to examine lie several po,
don, as ey been presented the public and dispose
OF each panc aud dens II iorw ard
the reader follow me closely for sha leave be-
hind attus essential 10 Ano. ed se every point here
Issue ARD # co hot sustain myself in9mpuaBuy iaets
must nave los Their weight, and ne puohe nino Us oi
.And hfst saws NJ, Taeker the suggestion ihai mort
gage lieu Of pain bonds WIN
view preference to tie English BOND ooiaers 'epy
your enquiry s subject thal tne su so = u'y
and wiiuly i,i.e. Ttai Ia such ming hA' o" ''"' "
nece,ssrv In looking tins denial, to see hs
tha, .ugee.ol' real m order {" appreciate I" "ha
dcnla -sll ahOuuit
ia tser Of January 8, 1874 there wss inserted az
account of he mortgages On we ' 90 ,b ueeng Of
hs,s - IA yepsrt suyprsssed and another,
I'M h, s,e D. Pc aus general n the same language
,,,tt,,, u nd his staleInsnt Of the am unit OF
49,, . - .fY okea out, and the report 30 prini
ed as ex,oi no''sages i.'s W o ne 'a'''" "
,hso ..eg- nj tlat actually on INT IV1-
90 r. OF tl. report revealing the iOihl
w ~ 80 ,o.d occurred lUsi ss the company had
VI IA a. So,,s,ion Of the mortgage loan, called
- - 1avsbe IN 1860 BY THIS suppression, hey
we "s' ~ 49, Pcss ibe TACT such subscribers 70
~e'e 80 s ,,v vhed to It, tat The hfst loan
.~er neeoaed-tie per cent loan vi 100, Of
.ss secured by mortgage and had he first eia IN
tn-eH /
sdgaa.ags which was Dot apparent uh st1 inc puD-ca
ion OF subsequent report IL permitted ne'-oi Ger
tsaly appearances strongly iEeoe 10 nai c"nc'uVuo
Drns ceraia Eug.h holders Of The sier.ns oonds 81 io
anG give ul-in possession OF PRIOR mo''sae'' "' ~
knO~ le0Ce OF Tire putAci &C FL.
Oa inspecting he Tr,asurer statement report Of Janu'
sryi8s IL vhca they le igages are inserted We lnd
an extraordinary incfcHie OF ihe unceo oeOti anu w e
nid,f of .ie amount Of accommodating bonds we observe
rea oinnuon Of the per cent stei Ink 'ohn Of o'y Pay
Ic. There IL no slus on Whatever 10 WI
stance. ami no intrsi"h OF teuucDn VI an, PEAL ID -
debt IN tie Ody Of the report, and We are c0npehsu -
Official guide" - -
Tsers- my precise language On tins subject charged
that In sterling plan 1888 mad been diminished IL
sDounf vls H.. sterling mortgage bonds of ls45-cun.
out the loan OF 1914 genera known here Where na ioal
vas uego lated, the ms mortgage, but whch ~ II
fact The joegthhad undergone simultaneous increase
suited moreover tsl there Was no Official ede " le mo
tve AMI that We were Compelled 10 seek al e~P'an"oi
p'e suy,e-ted an xpaa.tion That the active member,
Of The ard BENZ agents Of English holders they had
probably tsken responsibility 10 change the common
bonds Of English friends and issue TO them IN pec'
loan Begutialed in New-YOrk and Boston In 1874"
The Pesoelt Of the Company now ayets laal lhs SUI
gssOn wiliuy alss but he does not deny me lac's
nor does he ventufc explain them The pubic ema
lust ignorant the nature and motive OF lhs ransacuo'
as ever with information 10 guide ne, but nat "nch
rave gwen and which cannot be dspuied-l mat one re
port Vas suppressed aud another concealns some vi W
mortgage on be road, was issued IN its place -
Thal the Company just then negotiated loan III bosioI
and New York winch was understood Ia Oe secured uy
mortgage 1874.
3 That they aaerward called in portion ofile plain ser
ing bonds 1889 issued sterling bonds covered by IN
mortgage OF e45 and taking precedence OF the mortgage
Th,se tn facts. The President charges ma e sug
gesuon" that his wss done for The benefit OF he fig
hOders-whch was never asserted by me- ~ -
as probable cxpsnaOnis "wiuliy iaisei out hs uOe'
not state for whose benefit was done.
The Question remains for him TO answer. Uhot com
bonds called u and yho got the mortgage bond'
which issued under date OF 1915
The o.fer and essential fact which Is the things pc
s~~sy caTgedthe suppression OF the report and the con
aesen' o. s~ prior mortgages when negotiating The new
my possession substantial P'do'a copy ofhe gina
and FPessed Tepo,t The President passes by the poy
chare's ana asseiis superstition.
We are ho%eysr SUI appseaehng he truth though W
policy .ileuce and evasion But though opposed only b.
an indivdusl-and he mere monomaniac'-they VIII hn'
that easily alarmed by difficulties, or baled by
opposition Wesfe sseAing Tho ru,h and every
and every bpndoder may depend on H. we snail reach
eventually IT We only per.eyere as men o'gn' 10 ID soo'
now pass The Presidents remark Take in the
place, the allegation that line Company are daily sen,
bonds IN the market. Not bond has been sold m The mar
act since the annu. repOrL'
|
OF TIA. controversy canno Ind that It has ever beer
charged minated that hey selling bonds IN the mar
kei" II Is possible that hose particular words have beer
somew used but they have, the fac escaped my re
colec iou ana the words now elude my obsefvanon But
nevertheless whatever was the particular form Of expires
son. the IDEA Intended be conveyed and frequently
pressed in plain language is hi--hs the Company are
working at continual loss, and adding day by dIy 4
t'eU aet IA meeting aeU current fen'es, aad acof1ml
sstsreh
Ths object Of the denial however though the Presden
bss guarded himself 10y these three words, I'm The narke
b. doubted II nren led TO belief TINT h
company doing prohIsble work. and are not @gsntn
Thi- then point to discuss and will take no dat
IN it, examination but those which flrpshed by the Com
'r-poht, ana Their own estmaes-iase as shall pre-
senty chow that the President himself believes their
esn"er 10 ue-ahd prove hot TINS language Is deception
IN gross receipts from the transportation Of coal mer
chandsc and passengers from The date of the as report
The Of jay seven months, have been about >ic 900
Ia the same period their utays, according 10 their owl
estimates ana reports, nave been
rosS months Interest due January about $50 60
Toeooiron purchased SOo................ 800
10 six locomotives 900. .;.'.....,.,..,' f'~V
mated IN The repon fDec. al 9icoo per annum, ,
To nov " Of $50 ION. Of coal sc
eodini To Mr fuckers" anxious belief" 50 cents 1850
Ioinc'denia expenses The same aslastS ear though
months 1000
Making necessary payments from Dec to July Sos 30
The aggregate receipts in the same time weIe.. 4o7w
Leaving deficit in round numbers OF 5ocoo
10 be Ia'd b. bonds or some other sort Of paper.
To this however. is sull 10 be added
To completion of whsrvcs ~ Richmond tsee Report
To outstanding claims due Dec (see ReporLl....
prem 'ufi- 10 bpancl.
To drawbacks 10 dealers OBSERVATION-DISCLOSURES.
To probable ioss I'M the settlement of Locks and Ca
mas, ComFanys claim for SIS 600 due IN June
st .st..t....
This wa. the state Of things on the first OF july ana wi
The exception Of the premiums and draw hacks, taken 81
recily from The cowpany's statement They fac,
which they cannot contradict.
Daring ih year their common bonds have been sold al
sver~se o. about Co. and these Liabilities. We exclude en-
irey A. those which estimate from their state
nens could h.ve been qdsed for lees Than S75pa
The reader 81. then Judge wheher err IN saying that The
could not az be- hquideird for 100000 OF bonds, an
o1nef paper that has company issue.
Ine difficulty OF this division uf tie subject, which r.
nShs Tor TIC president 10 sin Hoe .oss these hi7s
seen radfor Admitting Thai bonds have been sold II
mems Net Il Is needul okn0~ ~hetber these calls have o.
nave not been met, by selling -m ofthe market b,
P<ag''f them Win ISrtcs who sell them they think pro
pe' ga oy Issuing Ffomsery nsies which have seen AMI
gres. amounts,
There however stands the fact n, asb has been great
e. and ne company Aaye money. IosV hass fhs
10" neXt point which Mr. fuckers letter is addressed