New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-07-11

Report "a now presented was as 10 the duration OF
the powers Of the Receiver. He had embodied Inn
iision in amendment 10 the fourth resolution, Of
fered by Mr.. Mann, which he read:
Hoese That the ,pyontmen, Of Receive g e9si,
l., Monday December next which time IN the event thl
tie pan shall Be c0ncGued In by the various parties M m
sI. Tie S ss a'n AnS en or .e ~ 1 i M5a
Ssy cDrobor either party shall be At liberty % move or Or
may then he made for against such appointment
Mr.. Howard Of New Brunswick rose to request
stock vote.
The question wss taken and lost
The amondnen, was lost-l6 to II.
Mr. Mann said that in view of the feelings OF the
stockholders IN OHIO il mig h be well 10 reconsider the
matter lie saw no reason for rejecting the amend
ment. II could DO no possible harm TO interests mere
The vote was reconsidsred.
Mr.. Camp said tina, the road was IN possession OF
the stockholders. They were then contesung IN the
Ohio Courts with the Trustees of the First Mortgage
Bonds; Il was but proper that regard should be
shown 10 their wishes.
Mr. Stansbury Of Ohio said that be was counsel Tor
the Trustees on the First Mortgage; that was hrs only
interest in tie road This question OF the duration OF
the Receivers office he regarded merely as matter
Of punctiliO. In Ohio they said they were Wiling 10
surrender the road 20 q Receiver only as means 10
bring about this agreement. But If the agreement
should not be brought about they wanted the road 70
revert 10 the present possessors. As couse Tor the
Fir, Mortgage Bondhoders he was quite willing that
thew should limit the duration OF this eceiYersip, Icl
lie was sure that any Court IN Ono would 1--WE over
the custody Of the road TO tie bondhoders. THIS he
ceiyer however, must receive the road as running
road and he must receive the cooperation of all tho
present employees. With the stockholders aud the
EMPLOYEES, with every hagman opposed To num- nc
could do nothing al all He hoped therefore that the
wishes of gentlemen from OHIO would be acceded 70
and the amendment adopted.
The an eudment was adopted.
Mr. Hill of New Brunswick said that he represented
$4,000 Of the first mortgage bonds, and he dd not
see how il would be for the interest of his constituents
=. Il -
explanations. .,.,,..
Mr. Mann said that the property was rot probably
worth 50 400 coo at present II they went TO law he
had no doubt but that the property would come to the
bondhoders in the of Yeas, but 10 dapdated
state and they would have 10 carry on the operations
of the road in an enemy's country by me adoPuoh
of that agreement they would rid the road OF all debts
other than their own, and they would make the Oohds
available and afx 10 them some certain velue
Mr. Camp of Ohio said that the mortgage of the
gentlemen from New Brunswick only upon go
miles of road. If the agreement went into elect he
would have the whole road as security.
Mr. Palmer of New Brunswick vented TO know
what kind of bond he to have in place OF the
very good one which he row held.
Mir Siarsbury said that the question was very
pcrtircnt one. The management OF the road resided
In 81 $50 600 Of stock owned mostly in Ohio. The mo-
mont this plan went into operation thus stock would DC
reduced 10 S5O7 eco ont OF 81 100 600 OF stock IN all
Those who were now bondholders and had nothing TO
say in the management of the road would then nave
the controlling power. What were the first ooadhoh-
ers TO gain They would gain mortgage on the
whole road And were they certain that this road #
brought to sale with all the machinery swept off by
pendipg claims would bring enough TO pay the first
mortgage bonds in full Even il il did where were
they going to get their psyi Would not be better
for them TO make some sacrifice Tie thought that
this arrangement saved all interests secured all inter-
ests He would venture to say tnat 1t would increase
the value of these bonds at least 25 to so per cent As
TO tho second mortgage bonds he considered them
worth nothing at present He thought that TINS az
rapgement would secure alike the interests OF all par
t,s to the greatest possible degree.
The resolutions were then read and passed sepa-
rately by a large majority.
made the report to be hlled
Mr. Howell of New Brunswick, recommended that
SEPARATE meetings of the first and second bOndhoders
should be called and that the Committee call such
meetings Mt their discretion.
The Committee were recommended.
The Precedent stated that it would be proper for
every bondholder present to leave his address, and
list was made out.
The meeting then adjourned.