The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-07-11

and ssndussy City Railroad Company, the Columbus
ana Lake Erie Railroad Company, aud the Huron add
Oxforf Railroad Compsny-aIl being FACILITATED
under the nans Of the sandusky Msnseld and Newark
Railroad Company-teld meeting yesterday Tuesday,
in pursuaace of adjournment at wnic there a
epressn taion OF tbs various interests to re-
pot opoc the Plan proposed by committee the part
the r.ctors Of sale sspdushy Mansfield and Newark
RAILROAD Company for the adjustment OF ths financial
e,fhcu.t of said eempsry.
he pan CT at Jus at referred TO In as fol 0ws
To the cost OF the by general consent to
s2aQ0 go, to be rspreseat-o folio ws:rns amount
waa a. ne only morga.e eins after Paying $2s oc0
original boDcs due July 1861 be sxchaoged new
bcnes on the whole line Gas pr r-port) ooo for
the bsls1te OF all debts and stohst0ck To be issued
81 lloGt total 81 4o0,Oee 10 issdsd folio
To hoiots Ct second teage Columbus ana Eie
rcces $50 bonds stocss ~ 90 cents th- par
hoiesrs OF Mansfield and Sand SKY City consolidated add
secoGo ortgase 10 per oeat, So TO holders OF Huron
ao.uDg c.bs SO; old STOCK M.nsasld ana sAudaiky
CITY. arc Huron and Oxford road "a stoak Coluu
ana Ls.e tis read, consolidate, as rhs holders Of
drst wos1ssse Mansa.id aua saodu.ky City and Huroa
and Oatort and OF COLUMBUS and Lake Erie hrs. mott
to be appropriated $40 oe pay unfunded deD labor
ere, Materials taxes Sc The interests the
bends Except inst mortgage ciassed as floating debt
AID pa d IA stock AZ TO cent?.
The committee report
Tat they satisfied that necessary
Tor all parties inter.ted the Ioao, and that with
6cstuos and additions, state, tue plan pro
possa ouyat adopted re atoms and add,
uoEs ss-l That all ;he nc. Ct bonds under ethee
OF the hist mortgages, submit TO a r.lnqusbmsnt of
two y.srs interest on the bonds held BY them J. That
Al existing mortgages and h- boaas except the S2i
G rSssDg o. sas srsn, .o,igsss aus IN July
be Issued . now series OF bouds 70 oe secured by a
me.tsass Of the entire road aad equipments, equal 10
amount to the outstsndn bonds secure by the first
mortgages Of the three divisions, which, series Of
b. nds shsi Tear interest at tns rate psr cent per
cipa. Of aid oe nes psyatie years with the privi
iese Of Conversion int the capita. the compa
by. To be issued for rhs sole purpose OF exchange
collar cr dollar, for the onis by aid frss
nortsgss g. That there b. paid ia foil out of the oct
esrsg OF the road, the tsxss cue and paid, claims
for later and materials uopsis the ga 900 o.iy,a.
torde, 6us july 1855, and The interest tbs
company or by such unoeastsa personal security a.
shstia tIevent the creoifor rom submitting to
to meet ell the claims TO be psid full shall not
exceed $ss, 600. That alter 1857 sinking fund bs
created tor tie redemption o tbe bonds and that
ten cert the net arpual s.rniugs atsr Mt
Of interest, be set apart for that pur pose s. tnat
receiver Be appointed IN tie pending ia Erie
county Ohio, with pewer TO tsse possession OF and
msnsge ,he .ntrs road and all ta Ep2urtepsuoss and
properly oappoint snd all the employees OF the
comps ny, other than the President ana directors; 70
receive ire and bits due the pany: up
prcprse the recei;ts to repsifs and EXPENSES - dis
charge tie claims PROVIDED for pay the balance OF
the Acatiug debit that ~oole property
shall % represented BY sum Dot exceeding 400 200
0t0 approx rated tao floating csst
the subject to ,urtter directions and with lob
stttr powers 80 TO tbe Court uay seem fe
The ram mitee also presented ttaemept OF the in.
debtrS ness OF the company, sto.ing an amount OF
50 65b tso the length Of road beng lz6 miles They
so gave the craft Of an agreement contaning thu
viz ices o. the plan proposed
Mr.. ABIJAu MANU-. Jr beng acq aanted with the pur-
port ~ tbs report previous to ia pr.sertaoa had
fafed acre. OF Iesolutous conformity with the
eomnst 'stiops which he would present. to brpg
the bus properly oef'rs the meeting Ee presented
the foilo~irR resolutions
RESOLVED That this meeting do adopt and approve ofthe
by the mmitee and recommend the plan of
ad3us'mept with hs ropased report
That the FORM of contract reported by the committee DO
adopted sud the parties present will no~ proceed 20 sign
.ss fs nd to Tie, The asss s;,s.
sns
fntb0m 10 confer :, oice upon him. Ioa.muchas the
and sonissns .tsnson meeting further REQUEST
that biz com pentatcn be sufficiently liberal to insure the
IL had 20 dopS: that il the nda.ou. Of the
COMMITTEES carried o,t the result would be to give
value to the property Of the bond AMI stocx
hoiser, The parties ia.e+rtsd ali sides had been
ted before the making OF he report and although
not without much explan.t,oos In some cases they
generally seemed TO acauscs IN hs views OF the com
men wsre all Influenced BY matters Of persooai in
tsret, and every must see the Of al ad
jusueo and the par.c liar oeae6ts of tbs post
porea 1t present. tbs sssoni ponds are OF no value.
There s mutual sscridcs the first bonds are nov OF
market If this plan Is carried out, they will again
vortn ana the holders are wiling to make small sac
s to sh to ss bend
Ing the Iesidue with The stockhocsrs thy have no
ea'm ti the debts are paid, and yet the boocholdera
Offer 10 give ,hsm hke advantage TO tho benefits
Mr CAxr, OF Ohio offered in behalf Of the Board Of
Directors. Amendment 10 the resolutions; in doing
he pretspd Of rssolusions passed By the board
iastrucua him in this course
and sss following bic and
wsseas It'll snown ~ tho sosrd tina. an adjourned
uss.as e,sdtsI and ssS.i boiler, Of .h, os%p.9y
s' iSh day %. July '
s'sss III
ha sse sppontsd to TO ssd saosGned
S..,as I'll lSssssly, .%ons s.s,. .ai,ss rsssHassd
the Court Common ssuasy ohs,, 10 the
ms ssss s'sis
''a rropoea app iesment ana the
a purposes the Esard 10 rs.,i'n thereto
and sas 70 s
hn ;. Tiers BE- differences opinion
Ess,,'s. H.. s:sss p.ss? dsissd.n il ii.
ss.$ ar;s
81 ss Is ss a: s'i s.
s:s A sss re ss s
bs, aid .sisu,ssd nssns 70 b held Sser,;ss
yol and esHass.iaa Win
" sss ss ss1d isd .a's
. the p''d before s 3, WG G NV york On tho
J. ". spRACuE Secretary.
He accordingly proposed that the appointment
ce.ur be erly until the fret Monday IN December.
MIR HOW'LL, of New Brunsvicx, proposes that all
votes re taken in proportion 10 stock. Lost.
T. emo ment Of Mr.. Camp vas then put and lost
Mr. Mann again rose In view OF the feeling In Ohio,
& thought IL would &c yell reconsider the vote
conc ate the kind fevsngs of those sbten
nLo In interest He said he had objection to
Rrvfoluton iuicpg the term the receiver 10 Decem
pouid Mt worst only put things into ta.r present.
ths,e. lie moved the reconsideration, which vas
rice.
Hen Nr SraSsBuRy, OF Ohio followed As counsel
fer the trustees under the frat mortgage bones he
should sdse compliance with these resolutions. lie
teDtudn TO be merely paper settlement rs to the
Limitation for he did Io becve that any Judge would
awe TIE soch holders possessoa Of property
put into the hands Of receiver without some good
existing cause.
The question on the amendment was then again put