The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-18
TIE ATLANTIC AND GREAT WESTERN
RAILROAD.
Report Of the English Commission ON tho
Situation mud Prospects Of the Undertaking.

Report Of the English Commission ON tho
Situation nnd Prospects Of the Undertaking.
From the London Times, Oct Al
The report OF the Committee OF Investigation appointed
by the bondholders and creditors OF the Atlantic and
Great Western Railroad Company. at their meeting
the 5th Of March last with whom Mr. Oowel, behalf
OF the Dutch and other Continental interests SUBJ
seQueniy stated that they had made the line
Its situation, capabilities aud prospects, and the affairs
OF the company generally the subject OF careful and
tinued inquiry and investigation. Two OF the com.
mit,ee, MIR. Cave aud Mr.. Oewei, separately visited
America, and each for several weeks engaged in
examining the line, ITS connections and business,
and sMr +. II. Trevithick, the engineer previously
sent out by the committee, had been upon the line
about four months and his very valuable report, con-
tanning the fullest information open for tho inspec
ton Of all Interested At No 8 Westminster Chambers
Victoria street The committee bound TO say with
entire frankness that they had found the condition of
the properly much than had been anticipated
The , railway was never thoroughly completed the
left too narrow, while some OF the valleys
were only crossed by tres,les The ballast and
workshops very insufficient and the work
ing equipment too heavy for the superstructure. The
proper renewal maintenance, and repairs OF the limo
deteroated UNTIL at the close OF last winter was IN
very bad condition. Al the time the railway
not without great merit aud IN the best judy
ment OF the committee, II II were now in CON-
pete ORDER " could at be made TO
the interest on most of ~ mortgage debt,
with every prospect OF continuous increase OF its traffic
and profits Until however, tho railway could be put
Ia order IL OF be worked a lees profit and
with less favorable results than otherwise might be OBJ
to complete the line and put II in proper
pair date Of April last estimated by Mr. Trevi
thick at about 81 900, 600 The committee found the
tsrn OF Of railways in America less In many
than those CHARGED for ike service upon railways
In England, and the ares FOR passengers being limited
by law, now. when paid In deprecated currency,
quite inadequate for fast trains: white the less perfect
conditions OF the lines aud the Increased cost OF labor
and much OF the materials combined TO increase the me-
cessary working expenses OF . line 10 America Upon
the LIST Of April last the line passed into the hands OF
the receiver. and with . new administration com
vp h>yr tamt Vfta. hA
ing about 81 900 900 Of divisional bonds and the cou-
pous 50 900 900 OF Consolidated bonds nstl-
was situated to enforce the mortgages on the railway,
with the view OF obtanns possession OF the property
for the benefit Of al bondhod~ In the order Of their
priority and, Y necessary OF bringing u to sale The
COMMITTEE had nothing TO do with initiating these pro-
cesdngs but being satisfied after careful inquiry, that
beneat OF ali classes OF creditors thsv rave 70 tho pro
ce dnss and 10 the selection and appointment OF the
receiver their foil concurrence Major General r B.
Potter was at the end OF March appointed receiver.
After MAINTAINING aud working line and putting II In
repair the receiver was 10 for the requisite stores
nv, sna .ns sapensss o. sne prooeedngs ana
be distributed among the bondhoders in accordance with
Their respective proriues. IL was = matter OF much
satisfaction TO the COMMITTEES that this great railway
should have been transferred 20 the protection of tho
courts With so little DELAY licstion They referred with
satisfaction TO the condition Of the road "a con.
trusted with ito state wnen the entered upon
duties and they bound that far the 70.
suits OF the past sir months we're gratifying evi.
ton The property OF the company consisted OF the
name line 70 New York state. 40 mes ditto In Penn.
syivania e2 miles; ditto in Onto gao miles the Frank.
lin branch was 80 miles IN length tue hshoning Cleye
land ana Hubbard branches under lease for years
81 miles and silver creek branch, 8 miles Total
length, 6OI1s miles. The only connections to which
reference need DO made with New York over the
Erie Road and with the West the Cncinn att Ham.
iton and Dayton and Ohio and Mississippi Railways.
Harmonious relations we're preserved with ali ID ESQ
psniss aud there was no reason to spprehend any din
Guilty in that respect The committee felt that when
the line fairly 10 order steady and substantial in.
crease n the earnings might reasonably be expected
the com pietion OF the Lincoln branch alone would
place large and profitable coal ,rafc upon tho road
From the LIST OF Ap last 10 The 3is OF March next the
gross trsic would probably reach IS Tao 600 q very
satisfactory amount under all the circumstances The
estimates probable future earnings and expen.
dure tue road nj the Offices and might be Ia.
spected The future policy Of the company would be
directed 20 the cultivation Of such business only ss
yielded fair return and he calculations Of toe
mtteo based upon present working expend ture
Or ~ rer cent exclusive Of rent and lakes, slosct
10 considerable reduction IN tho future, As to the
carsly no committee give account ~ the various
ciasse ~ bvraa nad otter securities forming the capital
Of the contrary 10 Ne order ~ the LEGAL puortes The
FRA monsares, having interest payable IN curfcncs,
amounted " s',l.9,fVVi 1bc second nofiAases, also