New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-05-21

Since Jan. I....saa7,2a s49e2o,ss9 sI6s.s. 4Oe
The reorganization Of the Pittsburgh, Fort Wayne,
and Chicago Railroad Company has been consum'
mated This line, extending from Pittsburgh 70
Chicago distance Of 400 miles, consisted originally
OF three separate and distinct corporations viz: the
Ohio and Pennsylvania Ohio and Indiana and Fort
Wayne and Chicago, each Of these corporations hav-
ing created large mortgage debts while thus distinct
In the year 1856 they were, by vote Of the share
holders, consolidated into one, under the name of
the Pittsburgh, Fort Wayne and Chicago Railroad
Company, legal authority 80 to do having first been
obtained from the several States through which tho
line passes. The consolidated company also made u
mortgage debt subject TO the prior mortgages on the
sections.
Soon after the consolidation, the road became
greatly embarrassed by the debts contracted in the
completion Of the line unable to pay its interest and
10 keep the line in repair. On application of the
mortgage creditors, TO it from destruction, the
whole concern was put into the hands OF receiver
who operated the same for nearly two Year,, apply
ing the net revenues TO it's improvement.
La the Fall of 1859 the mortgage creditors, at "a
meeting held in New-York for that purpose, ap-
pointed j. +. ID. Lanier, Saml. J. Tllden, and L.
II. Meyer Of New-York, j. Edgar Thomson Of
Philadelphia, and Saml. Hanna Of Indiana
their agents, to protect their interests with full
powers to act according to their own Judgment in the
premises. After lopg delay DEGREES of foreclosures
were had under the mortgages in the United States
Courts in each Of tho States through which the road
passes, under and by virtue Of these decreeS the
tire road, with all its machinery cars statons and
all things thereto apperaining sold on the oath
Oct, 1861. The above named gentlemen became
the purchasers taking possession on the the lot Now
following Prior to the sale plan for the reconstrac-
ton or reorganization Of the road was agreed to by
nearly al! parties in interest.
In virtue of powers given by recent laws passed
for that end by the States Of Pennsylvania, Ohio,
Indiana and Illinois, new corporation was formed
in February last, under the name Of the Pittsburgh,
Fort Wayne, and Chicago Railway Company. A
Board Of Directors was then chosen, consisting Of
10 persons by vote of the bond holders they only
being entitled to vote at the first electon hereafter
they vote In common with the shareholders, ten
votes for each bond of $1,000. Experienced and
competent men were elected having Q large pecuni.
ary interest in the road To this new corporation
the purchaser above named conveyed the entire line
and a things pertaining thereto by proper deed and
put them in possession thereof the Ist Of May,
the Committee having operated the road just Fix
months, Mr. Lanier as Chairman Of the Committee
acting as President.
The new Corporation having first executed and
delivered to the Commiee their first mortgage bonds
TO the amount Of s. $50 O00 secured by first trust
or mortgage on the entire road ind all the property
Of the Company 10 be by the Committee given over
ia payment thereof 10 tho holders Of first mortgage