The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-03

and January ~ last the cripts on che line
they pound sterling - being equs 70 50
The working expenses N 1866 sxtythree per cenc
in 1888, seventy three per cent. and TO NAY lsos,
seyenty-nve per cent but the working expenses had
since been reduced sixy-ssven per cent the traffic
receipts for the twenty Ave days September amounted
$3.50 o52. showing decrease o y43 600 The receipts
thu remaining Gve days just received amounted
ana ,os me GO ss Sys .. ys
operations In America depressed; there was how
ever plentiful harvest In the West and they expected
very large increase or trac from that As TO
the Jbabs future traffic. tbs committee mad made es.
mates OF what might be expect d from low data: but
would BE- very much larger than the committees estl
mated II had been suggested that they should defer
the interest on the consolidated bonds for i've years
instead OF -FOUR years. ns proposed but the
committee believed that four years would DO
long enoush. II the nov Lisbon linz completed
they would derive la'ge source OF coal traffic from
II over their line aud therefore would do let
that line fall into olner hands The estimated traffic
from the coal Inc would DO about $4,000 900
mum, VIII CHI Won b. carried their line. The
wetern rac increasing every hour, and there
10 aoao. thst before tho fourth year from tue lss Of
cover all claims question had boon raised to the
legal OF tue consoda cd bonds but the committee
had no doubt whatever that they were src ly ega As
the alleged ovessue OF bonds they every
70 believe that divisional bonds had not been I'll issued
but they had not vet been able that fur
certainty; they believed, however that there
overssue. There no doubt that the $S7s,000
soidated bonds would be recognized A portion OF
divisional bonds payable in sterling. He then
planned that great oh ec of the committee OF nves
tgaon to act arbators in respect Of the vafi
classes OF debenure. divisional bond and other hold
and TO propose sucn settlement would be fair
and equitable TO all parties concsrned He believed that
the proposition they had submitted In the
port OF the COMMITTEES, and II the nesting
approved It, they would .ppy % the Amsri.
the various questions Of equity between the
various holdings and gave the reasons which induced
by moving formal resolutions 70 tbs effect that the
report the Committee Of Investigation be recsived
aud adopted, authorizing the committee to take the
requisite steps carry out the plan therein proposed
with such notifications III any, might be found advi
sable and recommending all casses OF creditors 10 con-
cur in any action which might be found necessary;
requesting the committee TO apply 10 the American
to authorize the receiver defrat out Of the
by for aud incident to the Investigation including
sum to be fixed BY the courts a. remuneration
order to carry the proposed arrange ments the
Committee OF Investigation 70 continue In Office
committee o. administration with full power 70 make
the affairs OF the undertaking In the interest Of all
classes Of creditors, and for the maintenance OF
agency London at the expense Of the undertaking.;
and also 10 make such applications to the American
courts and Legislatures and otherwise TO act the
Mr.. 1. CAVE. M. p. seconded tns resolutions
Mr. RIDsDALE, as divisional bondholder, wished TO
know what security or prospect they had that At inc
them. He said he wan ed more information the sub
ject and then went into the question Of the leases,
them deal with. He commended that resolutions
they could to at that meeting would affect the di.
visional bondnoIders one iota. They would hold
Mr. WALLIS read protest against any attempt TO de.
prive the bondhods Of the payment Of Their interest
Mr. THORPE. dobenture holder. thought they could
not have their affairs in better hands shan thoss Of the
committee. America was so rich and mad so.many re-
sources that it was only matter Of time and good
management 10 mako their securities and property Of
Mr. Gsrny, bondholdsr, fully concurred in the pro-
uoit tla
Mr. HoRE could not understand how 1t that an
entirely railway should now want E4o0, 000.or
they had received from eminent railway
authorities that the road was well and solidy con-
struccd
Mr. WRIGHT expressed himself entirely satisfied with
the proposition Of the Committee OF Investigation.
MI. CAVE, N. p. said he would make the state
mcnt referred to by the chairman. He was very
largely interested in the undertaking divisional
bondholder He thought Mr. Rdsdae might rely
leave the interests he represented to the committee
The consolidated bonds would before the leases
aud the preference shares after them proposition
had been made for selling the road but tho purchaser
would have 10 make ali needul repairs and renewals
and to keep It up In an efficient state for pubic traffic
before they could get any money out Of IT for other
profit he regretted they had got possession Of
it. The lease OF the Cattawissa line had not been con-
were willing to modify tho terms and he was in favor
OF alliance with that company. The company had
west OF them, and they must take steps sooner
later to their share OF the through traffic.
As to the Franklin branch lease Of $4,000 .
year, Mr.. McHenry had assigned half tho amount
70 Mr.. Kennard, tho engineer, but MI: McIenry
had never received any rent on that account As
to the Buffalo extension line, which was not made,
Mcssrs Wells and Fargo had made cut line into
Buffalo, and he believed the OF 1t would be quite
nesd not M make line 70 Su H,ns
other questions he said he would give them rapid
view Of their property There were four Great Western
railways running from the Atlantic toward the Pacific
where they would terminate some day. As to trahic
there could DO doubt OF II the Atlantic and Great
Western. He could compare their line TO other In
England than that Of the Great Northern II was as
large and must sooner or aler become valuable He
proposed to ges the control o. the line He then ad
issuing bonds al discount, had cost double what Il
line the other end had been made parallel another
line which had very little traffic and II that had
done they could have saved rs per cent OF their
outlay. The head Office built on piles, at
great expense, IN swamp; % benefit somebody.
extra ines about one-haf Of 1t went Ia that way. On
the main line the cuttings and embankmonts too
narrow, the rails hemlock sleepers instead OF
wooden bridges uncovered and dilapidatsd esses
were used TO support the line 10 place OF embankments
and were being replaced By the latter The engines and
sheds The cattle trucks were too light and they had
none Of the traffic The railway had been reduced TO
of the line, but that had now been remeded The
Board had been most improperly constituted che
thereby and the revenue was curtaiIed Five dollars
ton was paid Tor COAL which could have been had for
81 IS elsewhere Agents selling tickets had commits.
sion Of twelve and q half per cent, which had TO be
shared BY others 10 the compauys service The through
rates charged were only half the charged other
lines Tho tc to the line frequently rejected un-
less certain foes paid to officials TO
It, The guards OF the trains took fares from pas
senges after the trans left the stations and gcner-
ally helped themselves. In case . guard who
was promoted 10 higher place recommended his sue
cessor TO stop one hundred and nity dollars month
from the receipts llected for his employers He
OF opinion that At lest four hundred thousand dollars
year might be saved from abstraction by looking after
the working OF the traffic He had obtained undeniabls
proofs OF misappropriation They had now manager
who was looking after these things but not without
great personal risk. Three million head OF cattle were
brought from the West BY the other lines but the
pany had no share Of that rac, although their proper
ton would be one-fourh Of t. The receipts and traffic
on the line could therefore, be greatly Increased. He
warned all parties interested IN the company 10 keep
together and not 70 part with their bonds and stocks
American gsntlsmsn were buying mp largely. One had
given an order for the purchase Of four hundred
thousand pounds worth, and gentleman in tho room
held commissions 10 buy up millions of dollars worth of
s1nt~ hcua nrt~n